Document:

EX-4.2

 Exhibit 4.2 

SECOND SUPPLEMENTAL INDENTURE 

Dated as of October 7, 2021 

Supplementing that Certain 

INDENTURE 
 Dated as of
June 10, 2021 
 Among 

BLUE OWL FINANCE LLC, 
 THE
GUARANTOR PARTIES HERETO 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
  

 
  

 
 4.125% Senior
Notes due 2051 
  
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Issuance of Securities
	  	 	1	 
	 SECTION 1.1 Issuance of Notes; Principal Amount; Maturity; Title
	  	 	1	 
	 SECTION 1.2 Interest
	  	 	2	 
	 SECTION 1.3 Relationship with Base Indenture
	  	 	3	 
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	 	3	 
	 SECTION 2.1 Definitions
	  	 	3	 
		
	 ARTICLE III Security Forms
	  	 	7	 
	 SECTION 3.1 Form Generally
	  	 	7	 
	 SECTION 3.2 Form of Note
	  	 	8	 
		
	 ARTICLE IV Remedies
	  	 	19	 
	 SECTION 4.1 Events of Default
	  	 	19	 
	 SECTION 4.2 Waiver of Past Defaults
	  	 	19	 
		
	 ARTICLE V Redemption of Securities
	  	 	20	 
	 SECTION 5.1 Optional Redemption
	  	 	20	 
		
	 ARTICLE VI Particular Covenants
	  	 	20	 
	 SECTION 6.1 Liens
	  	 	20	 
	 SECTION 6.2 Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	20	 
	 SECTION 6.3 Financial Reports
	  	 	22	 
		
	 ARTICLE VII Supplemental Indentures
	  	 	23	 
	 SECTION 7.1 Supplemental Indentures without Consent of Holders of Notes
	  	 	23	 
	 SECTION 7.2 Supplemental Indentures with Consent of Holders of Notes
	  	 	23	 
		
	 ARTICLE VIII Defeasance
	  	 	24	 
	 SECTION 8.1 Covenant Defeasance
	  	 	24	 
		
	 ARTICLE IX Miscellaneous
	  	 	25	 
	 SECTION 9.1 Execution as Supplemental Indenture
	  	 	25	 
	 SECTION 9.2 Not Responsible for Recitals or Issuance of Notes
	  	 	25	 
	 SECTION 9.3 Separability Clause
	  	 	25	 
	 SECTION 9.4 Successors and Assigns
	  	 	25	 
	 SECTION 9.5 Execution and Counterparts
	  	 	25	 
	 SECTION 9.6 Governing Law
	  	 	26	 

  
 - i - 

 This Second Supplemental Indenture, dated as of October 7, 2021 (the “Second
Supplemental Indenture”), among Blue Owl Finance LLC, a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 399 Park Avenue, 38th Floor, New York, NY 10022 (the
“Company”), the Guarantors party hereto, Wilmington Trust, National Association, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the “Trustee”), and solely for the purposes of
Section 6.3 of this Second Supplemental Indenture, Blue Owl Capital Inc., supplements that certain Indenture, dated as of June 10, 2021, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture”
and subject to Section 1.3 hereof, together with this Second Supplemental Indenture, the “Indenture”). 
 RECITALS
OF THE COMPANY 
 The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for
the issuance from time to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in
Sections 201 and 301 of the Base Indenture, and the Guarantees thereof by the Guarantors; and Section 901 of the Base Indenture provides, among other things, that the Company, the Guarantors and the Trustee may enter into indentures
supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Base Indenture and (b) adding to or changing any of the
provisions to the Base Indenture in certain circumstances. 
 The Company desires to create a series of Securities designated as its
“4.125% Senior Notes due 2051” pursuant to the terms of this Second Supplemental Indenture. 
 The Company has duly authorized the
execution and delivery of this Second Supplemental Indenture and the Notes (as defined herein) to be issued from time to time, as provided for in the Indenture. 

Each Guarantor has duly authorized its Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and
delivery of this Second Supplemental Indenture. 
 All things necessary have been done to make this Second Supplemental Indenture a valid
and legally binding agreement of the Company, in accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered and under the Indenture and duly issued by the Company, the valid and legally binding
obligations of the Company. 
 All things necessary have been done to make the Guarantees, upon execution and delivery of this Second
Supplemental Indenture, the valid and legally binding obligations of each Guarantor and to make this Second Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. 

ARTICLE I 
 Issuance of
Securities 
 SECTION 1.1 Issuance of Notes; Principal Amount; Maturity; Title. 

(1) On October 7, 2021, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the
Initial Notes (as defined herein) substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this
Second Supplemental Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or
Depositary therefor or as may, consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. 

 (2) The Initial Notes to be issued pursuant to the Indenture shall be issued
in the aggregate principal amount of $350,000,000 and shall mature on October 7, 2051 (the “Stated Maturity”), unless the Notes are redeemed or repurchased prior to that date as described in Sections 5.1 and 6.2. The aggregate
principal amount of Initial Notes Outstanding at any time may not exceed $350,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to
Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Company may without the consent of the
Holders, issue additional Notes hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers as the Initial Notes, but such additional Notes may be offered at a different
offering price or have a different issue date, initial interest accrual or initial interest payment date (“Additional Notes”); provided that if any Additional Notes are not fungible with the Initial Notes for U.S. federal
income tax purposes, such Additional Notes shall not have the same CUSIP number as the Initial Notes; provided further that such Additional Notes issued pursuant to Regulation S under the Securities Act may initially be issued under a
temporary CUSIP during the applicable Restricted Period. 
 (3) The Notes shall be issued only in fully registered form
without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (4) Pursuant to
the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated as the “4.125% Senior Notes due 2051” of the Company (as amended or supplemented from time to time, that are
issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the “Notes”), which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 

SECTION 1.2 Interest. 

(1) Interest on a Note will accrue at the per annum rate of 4.125%, from and including the date specified on the face of such
Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year comprised of twelve 30-day months. 
 (2) The Company shall pay interest on the Notes semi-annually in arrears
on April 7 and October 7 of each year (each, an “Interest Payment Date”), commencing April 7, 2022. 

(3) Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes after the close of business on
the Regular Record Date (as defined herein). 
 (4) Amounts due on the Stated Maturity or earlier Redemption Date of the
Notes will be payable at the Corporate Trust Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry
form to DTC in immediately available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in effect

  
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from time to time. The Trustee will initially act as Paying Agent for payments with respect to the Notes. The Company may at any time designate additional Paying Agents or rescind the designation
of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose
any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. All moneys paid by the Company to a
Paying Agent for the payment of principal, premium, interest, additional amounts or Redemption Price on Notes which remain unclaimed at the end of two years after such principal, interest or premium has become due and payable will be repaid to the
Company upon request, and the Holder of such Notes thereafter may look only to the Company for payment thereof. 
 (5) If any
Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls on a day that is not a Business Day in The City of New York or in the jurisdiction of the Place of Payment, the Company shall make the required
payment of principal, premium, if any, and/or interest or Repurchase Price in connection with a Change of Control Repurchase Event on the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the
amount so payable for the period from and after that Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price Payment Date, as the case may be, to such next succeeding Business Day. 

SECTION 1.3 Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Second Supplemental
Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Second Supplemental Indenture, the provisions of this Second Supplemental Indenture will govern and be controlling. 

ARTICLE II 
 Definitions and
Other Provisions of General Application 
 SECTION 2.1 Definitions. 

For all purposes of this Second Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this Second
Supplemental Indenture otherwise requires): 
 (1) any reference to an “Article” or a “Section” refers to
an Article or a Section, as the case may be, of this Second Supplemental Indenture; 
 (2) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Second Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(3) “including” means including without limitation; 

(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture. 

  
 3 

 The terms defined in this Section 2.1 (except as herein otherwise expressly provided or
unless the context of this Second Supplemental Indenture otherwise requires) for all purposes of this Second Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.1. All other
terms used in this Second Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Second Supplemental Indenture otherwise
requires), have the respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Second Supplemental Indenture as originally executed; provided that any term that is defined in both the Base Indenture and
this Second Supplemental Indenture shall have the meaning assigned to such term in this Second Supplemental Indenture. 

“Additional Notes” has the meaning specified in Section 1.1(2). 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered as a result of a Change of Control to below
Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of
the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating
Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred as a result of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Change of
Control” means the occurrence of the following: 
  

	 	(1)	 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Credit Group to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor
provision), other than to a Continuing Blue Owl Entity; or 

  

	 	(2)	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing Blue Owl Entity, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a controlling interest in (i) the Corporation or (ii) one or more Guarantors comprising all or substantially all of the assets of the Credit
Group and (B) entitled to receive a Majority Economic Interest in connection with such transaction. 

“Change of Control Offer” has the meaning specified in Section 6.2(1). 

  
 4 

 “Change of Control Repurchase Event” means the occurrence of a Change of
Control and a related Below Investment Grade Rating Event. 
 “Clearstream” means Clearstream Banking, S.A. 

“Commission” means the Securities and Exchange Commission or any successor entity. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with
respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date or, if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation. 

“Continuing Blue Owl Entity” means any entity that, immediately following any relevant date of determination, is directly or
indirectly controlled by one or more persons who, as of any date of determination (i) each have devoted substantially all of his or her business and professional time to the activities of the Credit Parties and/or their Subsidiaries or
affiliated funds and investment vehicles during the 12-month period immediately preceding such date and (ii) directly or indirectly control a majority of the voting stock (or other similar interests) in
the Corporation or any successor entity. 
 “Covenant Defeasance” has the meaning specified in Section 8.1. 

“DTC” means The Depository Trust Company, a New York corporation. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

“Event of Default” has the meaning specified in Section 4.1. 

“Fitch” means Fitch Ratings, Inc. or any successor thereto. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Initial Notes” means Notes in an aggregate principal amount of up to $350,000,000 initially issued under this Second
Supplemental Indenture in accordance with Section 1.1(2). 
 “Interest Payment Date” has the meaning specified in
Section 1.2(2). 
 “Investment Grade” means a rating of BBB- or better by
S&P (or its equivalent under any successor rating categories of S&P) and BBB- or better from Fitch (or its equivalent under any successor rating categories of Fitch) (or, in each case, if such Rating
Agency ceases to rate the notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Issue Date” means October 7, 2021. 

“Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity distributions or partner
allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in the Credit Group (other
than entities within the Credit Group). 

  
 5 

 “Maturity Date” means October 7, 2051. 

“Notes” has the meaning specified in Section 1.1(4). 

“Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at
the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation; provided that such liens are not created or incurred in connection with such transaction and
do not extend to any other Subsidiary, (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith, (c) other liens of a
similar nature as those described above, (d) liens existing on the date hereof and (e) any lien that renews, extends, replaces or refunds any lien permitted hereby without increasing the principal of the indebtedness secured thereby. 

“Rating Agency” means: 
  

	 	•	 	 each of Fitch and S&P; and 

 

	 	•	 	 if either Fitch or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) the Exchange Act selected by the Company as a replacement agency for Fitch or S&P, or
both, as the case may be. 

 “Reference Treasury Dealer” means each of BofA Securities, Inc., Goldman
Sachs & Co. LLC and J.P Morgan Securities LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors; provided that if BofA Securities, Inc., Goldman Sachs & Co. LLC and
J.P Morgan Securities LLC or their respective affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary
Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury
Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date. 
 “Registrar” means the
Security Registrar for the Notes, which shall initially be Wilmington Trust, National Association, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. 

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means the March 27 or
September 27, as applicable, immediately preceding the relevant Interest Payment Date (whether or not a Business Day). 

“Regulation S Permanent Global Note” has the meaning specified in Section 3.1(3). 

“Regulation S Temporary Global Note” has the meaning specified in Section 3.1(3). 

“Repurchase Price” has the meaning specified in Section 6.2(1). 

  
 6 

 “Repurchase Price Payment Date” has the meaning specified in
Section 6.2(3)(iii). 
 “Restricted Period” with respect to any Notes, means the period of 40 consecutive days
beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be
promptly given by the Company to the Trustee, and (b) the Issue Date, and with respect to any Additional Notes, it means the comparable period of 40 consecutive days. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or
any successor thereto. 
 “Stated Maturity” has the meaning specified in Section 1.1(2). 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 ARTICLE III 
 Security
Forms 
 SECTION 3.1 Form Generally. 

(1) The Notes shall be in substantially the form set forth in Section 3.2 of this Article III, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Second Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefore or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution
thereof. All Notes shall be in fully registered form. 
 (2) The Notes shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. 

(3) Upon their original issuance, the Notes sold pursuant to Rule 144a under the Securities Act shall be issued in the form of
one or more Global Securities in definitive, fully registered form without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC, as
Depositary, or its nominee, and deposited with the Trustee, as custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants, including
Clearstream and the Euroclear System. 
 Notes sold pursuant to Regulation S under the Securities Act initially shall be represented by one
or more Global Securities in fully registered, global form without interest coupons (collectively, the “Regulation S Temporary Global Note”), which shall be registered in the name of the Depository or the nominee of the Depository for the
accounts of designated agents holding on behalf of Euroclear or Clearstream. 

  
 7 

 Following the termination of the Restricted Period, beneficial interests in the Regulation S
Temporary Global Note shall be exchanged for beneficial interests in a permanent Global Security (the “Regulation S Permanent Global Note”) pursuant to the applicable procedures of the Depository. Simultaneously with the authentication of
the Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

SECTION 3.2 Form of Note. 

[FORM OF FACE OF NOTE] 

[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: 

THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER
ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLUE OWL FINANCE LLC OR ANY AFFILIATE OF BLUE OWL FINANCE LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLUE OWL FINANCE LLC OR BLUE
OWL CAPITAL HOLDINGS LP, BLUE OWL CAPITAL CARRY LP, OWL ROCK CAPITAL GROUP LLC, DYAL CAPITAL HOLDINGS LLC, OWL ROCK CAPITAL GP HOLDINGS LP OR DYAL GP HOLDINGS LLC OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLUE OWL FINANCE LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE 

  
 8 

 
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER
THE SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT
HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A
FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLUE OWL FINANCE LLC OR ANY AFFILIATE OF BLUE OWL FINANCE LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLUE OWL FINANCE LLC OR
BLUE OWL CAPITAL HOLDINGS LP, BLUE OWL CAPITAL CARRY LP, OWL ROCK CAPITAL GROUP LLC, DYAL CAPITAL HOLDINGS LLC, OWL ROCK CAPITAL GP HOLDINGS LP OR DYAL GP HOLDINGS LLC OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED
INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLUE OWL FINANCE LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE
HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 9 

 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]. 
 [THE FOLLOWING
LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

  
 10 

 BLUE OWL FINANCE LLC 

4.125% SENIOR NOTE DUE 2051 
  

			
	 No.
	  	Principal Amount (US)$

 CUSIP NO. 
 Blue
Owl Finance LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Second Supplemental Indenture referred
to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of            United States Dollars
(U.S.$    )         on October 7, 2051 and to pay interest thereon, from October 7, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for to but excluding the next Interest Payment Date, which shall be April 7 and October 7 of each year, commencing April 7, 2022, at the per annum rate of 4.125%, or as such rate may be adjusted pursuant to the terms hereof,
per annum, until the principal hereof is paid or made available for payment. 
 The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Second Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest (whether or not a
Business Day). Except as otherwise provided in the Second Supplemental Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior
to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as more fully provided in the Second Supplemental Indenture.
Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Payment of principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control
Repurchase Event will be made at the Corporate Trust Office, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Securities, the
Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the Company will make such payments by wire transfer of
immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has furnished wire instructions in writing to the Trustee no
later than 15 days prior to the relevant payment date. If a Holder of a certificated Note (i) does not furnish such wire instructions as provided in the preceding sentence or (ii) holds U.S. $5,000,000 or less aggregate principal amount of
Notes, the Company will make such payments by mailing a check to such Holder’s registered address. 
 Reference is hereby made to the
further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	Blue Owl Finance LLC
		
	By:	 	 
	Name:
	Title:

  
 12 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated:
                                         
                                        

WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 as Trustee 

By:
                                         
                                         
   
 Authorized Signatory 
 [FORM
OF REVERSE OF NOTE] 
  

	1.	 Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its
“4.125% Senior Notes due 2051” (herein called the “Notes”), issued under a Second Supplemental Indenture, dated as of October 7, 2021 (the “Second Supplemental Indenture”), to an indenture, dated as
of June 10, 2021 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the Second Supplemental Indenture, collectively, the
“Indenture”), among the Company, the Guarantors and Wilmington Trust, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $350,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306,
906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Second Supplemental Indenture pursuant to which this Note is issued
provides that Additional Notes may be issued thereunder. 

 All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. In the event of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 

 

	2.	 Optional Redemption. At any time or from time to time, prior to the Maturity, the Company may at its
option redeem all or a part of the Notes upon not more than 60 nor less than 30 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum,
determined by the Company, of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual
basis (assuming a 360-day year consisting of twelve 30- day months) at the Treasury Rate plus 35 basis points, plus in each case accrued and unpaid interest thereon, if
any, to, but excluding, the Redemption Date; provided, however, that if the Company redeems any Notes on or after April 7, 2051 (the date falling six months prior to the Stated Maturity), the Redemption Price will be equal to 100% of the
aggregate principal amount of any Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date. 

  
 13 

	3.	 Change of Control Repurchase Event. If a Change of Control Repurchase Event occurs, unless the Company
has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes
repurchased, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Second Supplemental Indenture. 

  

	4.	 Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an
interest in this Note, including an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in
accordance with the Applicable Procedures. 

  

	5.	 Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the
Notes may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and
interest on the Notes shall terminate. 

 No Holder of Notes shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium,
if any, or interest on such Notes in accordance with its terms), unless (i) such Holder has previously given written notice to the Trustee of an Event of Default and the continuance thereto with respect to the Notes, specifying an Event of
Default, as required under the Indenture; (ii) the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
in its own name as Trustee under the Indenture; (iii) such Holder or Holders have offered, and if requested, provided to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such
request; (iv) the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under the Indenture, except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders. 

The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and
premium, if any, or interest hereon, on or after the respective due dates expressed herein. 
  

	6.	 Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of at least a
majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the
Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note.
Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the
Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

 

  
 14 

	7.	 Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein
set forth, at the option of the Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the
Holder, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note
presented or surrendered for registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection therewith. 

 Prior to due presentment of
this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee shall treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or
not such Note be overdue, and neither the Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 

 

	8.	 Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and
severallyand fully and unconditionally guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the
circumstances specified in the Base Indenture. 

  

	9.	 Governing Law. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM (= tenant in common) 

TEN ENT (= tenants by the entireties (Cust)) 

  
 15 

 JT TEN (= joint tenants with right of survivorship and not as tenants in common) 

UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act ) 

Additional abbreviations may also be used though not in the above list. 

  
 16 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

			
	 (I) or (we) assign and transfer 
this 
Note to:
	  	
		  	  
  

(Insert assignee’s last name
  

		  	  
 (Insert assignee’s soc. sec. or tax I.D. no.)

 

	
	
	  

	
	
	  

	
	
	  

	
	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint ________________, as agent, to transfer this Note on the books of the Company. The agent may
substitute another to act for him. 
 In connection with the assignment of the Notes evidenced by this certificate occurring prior to the date that is one
year or six months, as the case may be (as specified in Rule 144(d) under the Securities Act), after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any affiliate
of the Company, the undersigned confirms that such Notes are being: 
 CHECK ONE BOX BELOW: 

 

	 	1.	 ☐ acquired for the undersigned’s own account, without transfer; or 

 

	 	2.	 ☐ transferred to the Company; or 

 

	 	3.	 ☐ transferred pursuant to and in compliance with Rule 144A promulgated under the Securities Act of 1933,
as amended (the “Securities Act”); or 

  

	 	4.	 ☐ transferred pursuant to an effective registration statement under the Securities Act; or

  

	 	5.	 ☐ transferred pursuance to and in compliance with Regulation S promulgated under the Securities Act; or

  

	 	6.	 ☐ transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3), or (7) under the Securities Act) that, prior to such transfer, furnished the Trustee with a signed letter containing certain representations and agreements relating to the transfer; or 

  
 17 

	 	7.	 ☐ transferred pursuant to another available exemption from the registration requirements of the
Securities Act. 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by
this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of the Notes, in its
sole discretion, such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144A promulgated under the Securities Act. 
  

							
	Dated:	 	   
	 	Signature:	 	   

	
	Signature Guarantee:

					
	   
	 	  
	 	   

	(Signature must be guaranteed)	 	Signature

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act. 

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A promulgated under the
Securities Act and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying
upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Dated:	 	   
	 	Signature:	 	   

  
 18 

 [SCHEDULE OF INCREASES AND DECREASES IN THE GLOBAL NOTE 

Blue Owl Finance LLC 
 4.125% Senior
Note due 2051 
 The initial principal amount of this Note is $______. The following increases or decreases in this Note have been made:

  

																	
	 Date
	  	Amount of
decrease in
Principal
Amount of
this Note	 	  	Amount of
increase in
Principal
Amount of
this Note	 	  	Principal
Amount of
this Note
following such
decrease or
increase	 	  	Signature of
authorized
signatory of
Trustee](1)	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

	 	(1)	 Insert for Global Securities only 

ARTICLE IV 
 Remedies 

SECTION 4.1 Events of Default. 

“Event of Default” means, wherever used herein with respect to the Notes, any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (1) an Event of Default pursuant to Section 501 of the Base Indenture; or 

(2) the Company’s failure to pay or causing to pay the Repurchase Price when due in connection with a Change of Control
Repurchase Event. 
 SECTION 4.2 Waiver of Past Defaults. 

Section 512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 512 in the
Base Indenture shall instead be deemed to refer to this Section 4.2. 
 Subject to Section 502 of the Base Indenture, the Holders
of not less than a majority in aggregate principal amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder and any Event of Default arising therefrom, with respect to the Notes and its
consequences, except a Default 
 (1) in the payment of the principal of or premium, if any, or interest on any Note or the
Repurchase Price in connection with a Change of Control Repurchase Event; or 
 (2) in respect of a covenant or provision
hereof or of the Base Indenture which under Article VII hereof or under Article 9 of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 

  
 19 

 Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Second Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

ARTICLE V 
 Redemption of
Securities 
 SECTION 5.1 Optional Redemption. 

The Notes will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a Redemption Price equal to
the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum, determined by the Company, of the present values of the remaining scheduled payments of principal and interest on any Notes being redeemed
(exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 35 basis points, plus in each case accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date; provided, however, that if the Company redeems any Notes on or after April 7, 2051
(the date falling six months prior to the Stated Maturity), the Redemption Price will be equal to 100% of the aggregate principal amount of any Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption
Date. 
 Any redemption of the Notes under this Section 5.1 shall be in accordance with Article 11 of the Base Indenture (Redemption of
Securities). 
 ARTICLE VI 

Particular Covenants 

SECTION 6.1 Liens. 
 The
Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than
Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by
merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or
guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge,
mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities for so long as such other indebtedness is so secured. This Section 6.1 shall not limit the ability of the Credit Parties or
their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit participating equity interests of the Credit Parties and their respective Subsidiaries. 

SECTION 6.2 Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event. 

(1) If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes pursuant to Article V, the
Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus any accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of repurchase (the “Repurchase Price”). 

(2) In connection with any Change of Control related to a Change of Control Repurchase Event and any particular reduction in the rating on the
Notes, the Company shall request from the Rating Agency or Rating Agencies, as the case may be, each such Rating Agency’s written confirmation that such reduction in 

  
 20 

 
the rating on the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or
not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly deliver an Officer’s Certificate to the Trustee certifying as to whether or not such confirmation has
been received or denied. 
 (3) Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to
any Change of Control, but after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the Trustee. Such notice shall state: 

(i) a description of the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event;

 (ii) that the Change of Control Offer is being made pursuant to this Section 6.2; 

(iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be a Business Day that is
no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Repurchase Price Payment Date”); and 

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control 
 Repurchase Event occurring on or prior to the payment date specified in the notice. 

(4) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 
 (5) On the Repurchase Price Payment Date, the
Company shall, to the extent lawful: 
 (i) accept for payment all Notes or portions of Notes properly tendered pursuant to
the Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Repurchase Price in respect of all
Notes or portions of Notes properly tendered and being repurchased; and 

  
 21 

 (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

The Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Company shall
execute and the Trustee shall promptly authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes
surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. 

(6) Notwithstanding the foregoing, the Company shall not be required to make an offer to repurchase the Notes upon a Change of
Control Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the
Notes properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 5.2; provided that the Company has not failed to pay the Redemption Price on the
Redemption Date. 
 SECTION 6.3 Financial Reports 

Section 704 of the Base Indenture shall apply to the reports, information, and documents delivered under this Section 6.3. 

(1) For so long as the Corporation is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act,
the Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the Corporation files the
same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the
Corporation may file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. In connection with any annual report or quarterly report of the Corporation , the Company will provide (or cause its Affiliates to
provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), an unaudited reconciliation indicating any material differences between the financial information of
the Corporation and the financial information of the Company and the Guarantors on a combined and consolidated basis, taken as a whole, provided that, the requirement to deliver such unaudited reconciliation shall not be applicable at any time the
Corporation guarantees the Notes. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not filed any such reports, reconciliations, information, documents and other reports with the
Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and until it shall have received written notice from the Company to the contrary. 

(2) For so long as any of the Notes remain Outstanding and have not become freely tradeable without restrictions by non-affiliates of the Credit Parties pursuant to Rule 144 under the Securities Act, the Company shall, or shall cause its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act; provided, however, that if any time the Corporation no longer directly or indirectly controls the Credit Parties, such information shall
be provided for either (1) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the Credit Parties (in each case, as if such rule applied to such Person). The
Company will, or will cause its affiliates to, make the above information and reports available to securities analysts and prospective investors upon request. 

  
 22 

 ARTICLE VII 

Supplemental Indentures 

SECTION 7.1 Supplemental Indentures without Consent of Holders of Notes. 

For the purposes of the Base Indenture and this Second Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency in
this Second Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Second Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering memorandum dated
September 30, 2021, shall be deemed to adversely affect the interests of the Holders of any Notes. 
 SECTION 7.2 Supplemental
Indentures with Consent of Holders of Notes. 
 Section 902 of the Base Indenture shall not apply to the Notes, and, with respect
to the Notes, any reference to Section 902 in the Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the
consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of
said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Note affected thereby: 
 (1) change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Note; 
 (2) reduce the principal amount of any Note which would be due and payable upon a
declaration of acceleration of the Stated Maturity thereof pursuant to Section 502 and Section 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; 

(4) reduce any premium payable upon the redemption of or change the date on which any Note may or must be redeemed; 

(5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is payable; 

(6) impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date); 
 (7) reduce the percentage in principal amount of
the Outstanding Notes the consent of whose Holders is required for modification or amendment of this Second Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain
provisions of the Base Indenture or this Second Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Second Supplemental Indenture 

  
 23 

 (8) modify any of the provisions of this Section 7.2 or
Section 512 or Section 1005 of the Base Indenture, except to increase any such percentage or to provide that certain other provisions of this Second Supplemental Indenture cannot be modified or waived without the consent of the Holder of
each Outstanding Note affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section 7.2 and Section 1005 of the Base Indenture, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 

(9) subordinate the Notes or any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such
Guarantor; 
 (10) modify the terms of any Guarantee in a manner adverse to the Holders of the Notes; 

or 

(11) modify clauses (1) through (10) above. 

It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 In addition, the Holders of at least a majority in
aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 and Article 8 of the Base Indenture. 

ARTICLE VIII 
 Defeasance

 SECTION 8.1 Covenant Defeasance. 

Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1303 in
the Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the Company’s exercise of its option, if any, to
have this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective obligations and any covenants provided pursuant to
Article VI of this Second Supplemental Indenture and Section 301(18), Section 801, Section 901(1), Section 901(12) and Section 1402 of the Base Indenture for the benefit of the Holders of such Notes and (2) the
occurrence of any event specified in Section 501(4) and Section 501(8) of the Base Indenture and Section 4.1(2) of the Second Supplemental Indenture shall be deemed not to be or result in an Event of Default, in each case with respect
to such Notes and the related Guarantees as provided in Section 1303 of the Base Indenture on and after the date the conditions set forth in Section 1304 of the Base Indenture are satisfied (hereinafter called “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other
document, but the remainder of the Base Indenture, this Second Supplemental Indenture and such Notes and Guarantees shall be unaffected thereby. 

  
 24 

 ARTICLE IX 

Miscellaneous 
 SECTION 9.1
Execution as Supplemental Indenture. 
 This Second Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Base Indenture and this Second Supplemental Indenture and the Base Indenture shall henceforth be read together, and any conflict between the Base Indenture and this Second Supplemental Indenture shall be resolved as provided in
Section 1.3 of this Second Supplemental Indenture. 
 SECTION 9.2 Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture or of the Securities or
the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

SECTION 9.3 Separability Clause. 

In case any provision in this Second Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 9.4 Successors and
Assigns. 
 All covenants and agreements in this Second Supplemental Indenture by the Company and the Guarantors shall bind their
respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Second Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 9.5 Execution and Counterparts. 

This Second Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Second
Supplemental Indenture or any document to be signed in connection with this Second Supplemental Indenture shall be deemed to include electronic signatures (including, without limitation, any .pdf file, .jpeg file or any other electronic or image
file, or any other “electronic signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company
and reasonably available at no undue burden or expense to the Trustee), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical
delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means provided that, notwithstanding anything herein to the
contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to reasonable procedures approved by the Trustee. The Company also hereby
acknowledges that the Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with
respect thereto. This exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto
and may be used in lieu of the original Second Supplemental Indenture and signature pages for all purposes. 

  
 25 

 SECTION 9.6 Governing Law. 

This Second Supplemental Indenture shall be governed by, and construed in accordance with, the internal laws of the State of New York. 

[Signature Pages Follow] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed all as of the day and year first above written. 
  

			
	BLUE OWL FINANCE LLC
		
	By:	 	/s/ Neena A. Reddy

 
			
	 Name:
	 	Neena A. Reddy
	 Title:
	 	General Counsel and Secretary
	
	 BLUE OWL CAPITAL HOLDINGS LP, as Guarantor

			
		
	By:	 	/s/ Neena A. Reddy

 
			
	 Name:
	 	Neena A. Reddy
	 Title:
	 	General Counsel and Secretary

 
			
	
	 BLUE OWL CAPITAL CARRY LP, as
Guarantor

 
			
		
	By:	 	/s/ Neena A. Reddy

 
			
	 Name:
	 	Neena A. Reddy
	 Title:
	 	General Counsel and Secretary

 
			
	
	 OWL ROCK CAPITAL GROUP LLC, as
Guarantor

 
			
		
	By:	 	/s/ Neena A. Reddy

 
			
	 Name:
	 	Neena A. Reddy
	 Title:
	 	General Counsel and Secretary

 
			
	
	 DYAL CAPITAL HOLDINGS LLC, as
Guarantor

 
			
		
	By:	 	/s/ Neena A. Reddy

 
			
	 Name:
	 	Neena A. Reddy
	 Title:
	 	General Counsel and Secretary

  
 Signature Page to
Second Supplemental 

 
			
	OWL ROCK CAPITAL GP HOLDINGS LP, as Guarantor
		
	By:	 	/s/ Neena A. Reddy
	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary
	
	DYAL GP HOLDINGS LLC, as Guarantor
		
	By:	 	/s/ Neena A. Reddy
	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary

 Solely for the purposes of Section 6.3 of this Second Supplemental Indenture: 

 

			
	BLUE OWL CAPITAL INC.
		
	By:	 	/s/ Neena A. Reddy
	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary

  
 Signature Page to
Second Supplemental Indenture 

 
			
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Nedine P. Sutton
	Name:	 	Nedine P. Sutton
	Title:	 	Vice President

  
 Signature Page to
Second Supplemental IndentureDocument

Exhibit 10.1

TRANSPHORM, INC.

NOTE AMENDMENT AND CONVERSION AGREEMENT

This NOTE AMENDMENT AND CONVERSION AGREEMENT (the “Agreement”) is made effective as of October 4, 2021 (the “Effective Date”), by and between Transphorm, Inc., a Delaware corporation (the “Company” or the “Parent”), Transphorm Technology, Inc., a Delaware corporation (the “Subsidiary”) and Yaskawa Electric Corporation (the “Holder”). Unless otherwise defined herein, capitalized terms shall have the meanings set forth in that certain Subordinated Convertible Promissory Note dated October 4, 2017 (as amended by that certain Waiver, Consent and Amendment Agreement dated March 16, 2018 and that certain Consent, Guaranty and Amendment Agreement dated February 10, 2020, the “Note”), in the principal amount of $15,000,000, issued to the Holder.

WHEREAS, the Company, the Subsidiary and the Holder desire to amend the Note as set forth herein to reduce the Conversion Price of the Note and remove the limitation on the maximum number of shares of Conversion Stock that may be issued upon conversion of the Note.

WHEREAS, pursuant to Section 4 of the Note and the terms and conditions of this Agreement, the Holder desires to voluntarily convert the outstanding principal amount and all accrued and unpaid interest on the Note into fully paid and non-assessable shares of Company Common Stock.

NOW, THEREFORE, in exchange for the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

ARTICLE I.

Amendment and Conversion of the Note

Section 1.01    Amendment of the Note. Section 4(a) of the Note is hereby amended in its entirety to read as follows:

“(a)            Investor has the right, at Investor’s option, at any time prior to payment in full of the principal amount of this Note to convert all or a portion of the outstanding principal amount of this Note and all accrued and unpaid interest on this Note into that number of fully paid and non-assessable shares of Conversion Stock equal to (x) the amount of outstanding principal and accrued and unpaid interest being converted, divided by (y) the Conversion Price.

(i)  “Conversion Stock” shall mean the common stock of the Parent, par value $0.0001 per share (the “Company Common Stock”).

(ii) “Conversion Price” shall mean $5.00.”

Section 1.02    Conversion of the Note. Subject to the terms and conditions of this Agreement and immediately upon the Effective Date, the Holder hereby elects to convert the outstanding principal amount (plus accrued but unpaid interest) under the Note, which as of the Effective Date equals $15,600,000 (the “Aggregate Amount”), into fully paid and non-assessable shares of Company Common Stock at a conversion price of $5.00 per share, such that the Note will convert into 3,120,000 shares of Company Common Stock (the “Note Conversion”). Notwithstanding the foregoing, no fractional shares shall be issued upon conversion of the Note. The Holder hereby waives any right to receive payment in lieu of any fractional shares. Promptly following the Effective Date, the Company shall instruct its transfer agent to issue a book-entry entitlement for the number of shares of Company Common Stock issued to the Holder pursuant to the Note Conversion. This Agreement constitutes an amendment to the Note and shall supersede all terms of the Note that are inconsistent with the terms of this Agreement.

Section 1.03    Mechanics of Conversion. As of the Effective Date, the Holder agrees that (a) the Note is hereby cancelled in its entirety, (b) all amounts due under the Note will have been paid in full pursuant to the Note Conversion, (c) the Note is surrendered and all rights, title and interest arising under the Note are hereby cancelled, 

released, extinguished and of no further force and effect, (d) the right to receive payment in lieu of fractional shares is hereby waived and no such payment is due, (e) the Holder agrees that the shares of Company Common Stock referred to in Section 1.02 constitute all of the shares of the Company’s capital stock to which the Holder is entitled as a result of the Note Conversion, including with respect to all accrued interest thereunder through the Effective Date, and the Holder accepts the rights granted in this Agreement in full satisfaction and accord, and in substitution of any rights granted to the Holder in the Note, and (f) the surrender, cancellation, release and extinguishment of the Note is effective whether or not the Note is returned to the Company for cancellation.

Section 1.04    Waiver of Event of Default. Any Event of Default (including any and all rights and remedies that result therefrom) that have occurred or may have occurred pursuant to the Note on or prior to the Effective Date of this Agreement are hereby irrevocably and forever waived.

Section 1.05    Release of Obligations. Upon the Note Conversion, the Company and the Subsidiary shall be forever released from all of their obligations and liabilities under the Note.

Section 1.06    Further Assurances. From and after the date of this Agreement, upon the request of the Company, the Holder shall execute and deliver such instruments, documents, or other writings as may be commercially reasonable or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

Section 1.07    Warrants. Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge and confirm that (a) the Company shall, as agreed with the Holder, issue the warrant to the Holder pursuant to the WARRANT TO PURCHASE SHARES OF COMMON STOCK OF TRANSPHORM, INC. (the “Warrant”), as attached hereto, (b) the Holder will elect to exercise the Warrant pursuant thereto in lieu of the conversion hereunder, and (c) this Agreement and the Warrant constitute the agreement among the parties on the conversion to or purchase of Company Common Stock in satisfaction of the Aggregate Amount.

ARTICLE II.
 
Miscellaneous

Section 2.01    Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of Delaware as applied to agreements entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law which would result in the application of the laws of another jurisdiction.

Section 2.02    Successors and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

Section 2.03    Entire Agreement; Amendment. This Agreement and the other documents delivered pursuant hereto, inter alia, the Warrant, constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof.  Neither this Agreement and the Warrant, nor any term hereof and thereof, may be amended, waived, discharged or terminated other than by a written instrument signed by the Company and the Holder.

Section 2.04    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

Section 2.05    Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

Section 2.06    Effect of Agreement. This Agreement constitutes an amendment to the Note and shall supersede all terms of the Note that are inconsistent with the terms of this Agreement.

The foregoing Agreement is hereby executed as of the date first above written.

									
		TRANSPHORM, INC.
		By:	/s/ Cameron McAulay
		Name:	Cameron McAulay
		Title:	Chief Financial Officer
			
		TRANSPHORM TECHNOLOGY, INC.
		By:	/s/ Cameron McAulay
		Name:	Cameron McAulay
		Title:	Chief Financial Officer
			
		YASKAWA ELECTRIC CORPORATION
		By:	/s/ Yasushi Ichiki
		Name:	Yasushi Ichiki
		Title:	Executive Officer,
			Deputy General Manager,
			Corporate Planning & Finance Division

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