Document:

Document

Exhibit 10.25
Execution Version
FIRST AMENDMENT TO EMPLOYMENT 
AND RESTRICTIVE COVENANT AGREEMENT 
            THIS FIRST AMENDMENT (this “Amendment”) to that certain Employment and Restrictive Covenant Agreement, dated December 23, 2020 (the “Employment Agreement”), by and between Michael Rees (“Executive”) and Blue Owl Capital Inc. (formerly known as Altimar Acquisition Corporation) (the “Company”), is effective as of February 25, 2022.  Capitalized terms used but not otherwise defined herein have the meaning given to them in the Employment Agreement.
            WHEREAS, pursuant to Section 12(g) of the Employment Agreement, the Employment Agreement may be amended by a written agreement signed by the parties; and
WHEREAS, the Company and Executive desire to amend the Employment Agreement in accordance with the terms and conditions set forth in this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the Employment Agreement is hereby amended as follows:
1.Amendment. The first sentence of Section 3(b) of the Employment Agreement is hereby null and void and of no further force or effect and replaced in its entirety with the following: 
“In addition to the Base Compensation, and subject to the limitations set forth in Section 2.3(b) of the Investor Rights Agreement, for each calendar year during the Employment Term (pro-rated for any partial calendar year), Executive will be entitled to additional compensation in an amount per annum equal to the excess, if any, of (i) 1.33% of the Management Fee Revenue over (ii) the Base Compensation (“Additional Compensation”), and payment of a portion of such Additional Compensation may, if offered by the Company and then elected by Executive, be in the form of Class P Units of Blue Owl Holdings and Blue Owl Carry (as such units are defined in the agreements of limited partnership of each such entity as modified by the implementing documentation, the “Class P Units”) and the remainder of any such Additional Compensation shall be in the form of cash; provided, that (x) for 2022, not less than 20% of such Additional Compensation shall be payable in Class P Units and (y) for any periods subsequent to 2022 the proportional amounts of such Additional Compensation payable in cash and Class P Units, if any, shall be subject to further Board approval and to subsequent consent as required under the Investor Rights Agreement of the Company, dated as of May 19, 2021 (it being agreed that, for the avoidance of doubt, in the event that such Board approval or such consent under the Investor Rights Agreement is not obtained for any future years after 2022, the Additional Compensation for such future years shall be payable solely in cash).”
2.The Employment Agreement shall otherwise remain in full force and effect and shall not be deemed amended or modified in any way, except as expressly set forth herein.  To the extent that a conflict arises between the terms of the Employment Agreement and this Amendment, the terms of this Amendment will prevail.
3.The Employment Agreement, as amended by this Amendment, embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof.  No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in the Employment Agreement, as amended by this Amendment.  This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same instrument.

The parties have executed this First Amendment to the Employment and Restrictive Covenant Agreement as of the date first above written.
						
	COMPANY:
		
	BLUE OWL CAPITAL INC.
		
	By:	/s/ Alan Kirshenbaum
	Name:	Alan Kirshenbaum
	Title:	Chief Financial Officer and Chief Accounting Officer
		
		
	EXECUTIVE:
		
	/s/ Michael Rees
	Michael ReesDocument

Exhibit 10.13              
                                  
[WORKDAY LOGO]

June 30, 2014

Barbara Larson
[address]

Dear Barbara,

Workday, Inc. ("Workday") is happy to offer you a position as Senior Director, Corporate FP&A reporting to Gabe Cortes. Your planned start date is Monday, July 14, 2014 with an initial starting salary of $190,000 per year, which is payable according to Workday's payroll cycle, and subject to applicable federal and state taxes. In addition, you will be eligible to participate in a variable ("incentive") compensation plan, targeted at 25% annually. This plan, including terms and conditions, shall be confirmed shortly after you commence employment.

Workday will offer you a one-time Hiring Bonus of $75,000. This will be paid out within your first 30 days in accordance with the Company's standard payroll procedures. To receive the hiring bonus, you must be employed by Workday and in good standing on the day of the payment. All amounts discussed herein are subject to applicable withholding taxes and may be subject to repayment if you choose to leave the Company within one year of your original commencement date.

Subject to the approval of the Company's Board of Directors or its Compensation Committee, you will be granted restricted stock units (RSUs) of the Company's Class A Common Stock with an approximate value of $750,000 USD. The number of shares will be determined by dividing the USD value above by the trailing simple moving average stock price of Workday Class A common stock for the 20 day period immediately preceding the Date of Grant. You will vest in these shares at the rate of 1/4 of the RSU shares after 12 months of continuous service from your vesting start date, then in equal quarterly installments of 1/16th of the total RSU shares, fully vesting in 4 years from your vesting start date. Your vesting start date will be the 15th of the month your RSU grant is approved. Your RSU grant will be subject to the terms and conditions applicable to stock granted under the Company's 2012 Equity Incentive Plan (the "Plan"), as described in the Plan and the applicable Restricted Stock Unit Agreement.

Your employment with Workday is "at-will", meaning either you or Workday may terminate your employment at any time, for any reason or no reason, with or without notice. There is no promise by Workday that your employment will continue for a set period of time or that your employment will be terminated only under particular circumstances. Any exception to this at-will employment policy can only be made in writing by the President of Workday. In particular, this at-will employment policy cannot be modified by any statements, express or implied, contained in any employment handbook, application, memoranda, policy, procedure, or other materials or statements provided to you in connection with your employment. This offer and your start date are contingent upon successfully completing and passing all applicable background checks.

Workday has its own way of doing business and its own unique, independently developed proprietary technology. We have neither the need nor desire to make any unauthorized use of any intellectual property or confidential information belonging to or developed by others. Workday understands the importance of protecting its own intellectual property and confidential information, and respects the intellectual property and confidential information developed by other companies. We fully expect that each person who accepts a position with us will hold themselves to these same standards. No employee should reference, use or bring into the workplace any material that contains intellectual property or confidential information belonging to a previous employer or any other third party.

This job offer is contingent upon your acceptance of Workday's Proprietary Information and Inventions Agreement and must be returned with this signed letter by Tuesday, July 1, 2014. Like all Workday employees, you are also required, as a condition of your continued employment, to comply with Workday's Employee Handbook as it may be updated and/or revised periodically.

												
				Sincerely,
		 		/s/ Grant D. Bassett
		 		Grant Bassett
		 		VP, Talent

The foregoing is accepted and correctly states our arrangement.

						
	By:	 /s/ Barbara Larson
	Dated:	  6/30/2014Document

 Exhibit 10.14

[WORKDAY LOGO]

June 3, 2010

Doug Robinson
[address]

Dear Doug,

Workday, Inc. (the "Company") is pleased to offer you employment as Regional Sales Director, West.

Your employment with the Company shall commence on June 28, 2010 with an initial starting salary at a rate of $160,000 per year, which shall be payable in accordance with the Company's standard payroll procedures. In addition, your variable ("incentive") compensation shall target $170,000 per year "at plan." The sales plan, including terms and conditions, shall be confirmed shortly after commencing employment. Subject to the approval of the Company's Board of Directors or its Compensation Committee, you will be granted an option to purchase 25,000 shares of the Company's Common Stock Option. The exercise price per share will be equal to the fair market value per share on the date the Option is granted or on your first day of employment, whichever is later. You will vest in 20% of the Option shares after 12 months of continuous service, and the balance will vest in equal quarterly installments over the next 16 quarters of continuous service. The Option will be subject to the terms and conditions applicable to options granted under the Company's 2005 Stock Plan (the "Plan"), as described in the Plan and the applicable Stock Option Agreement. As a regular employee of the Company, you will also be eligible to participate in a number of Company-sponsored benefits and programs, as may be established by the Company and in effect from time to time.

Please be advised that your employment with the Company will be "at-will", which means that either you or the Company may terminate your employment at any time, for any reason or no reason, with or without notice. There is no promise by the Company that your employment will continue for a set period of time or that your employment will be terminated only under particular circumstances. Any exception to this policy of employment at-will shall only be made in writing by the President of the Company. In particular, this policy of at-will employment shall not be modified by any statements, express or implied, contained in any employment handbook, application, memoranda, policy, procedure, or other materials or statements provided to you in connection with your employment. This offer is contingent upon satisfactory completion of all applicable background checks.

The Company has its own way of doing business, and its own unique, independently developed proprietary technology. We have neither the need nor desire to make any unauthorized use of any intellectual property or confidential information belonging to or developed by others. The Company also understands the importance of protecting its own intellectual property and confidential information, and respects the intellectual property and confidential information developed by other companies. We fully expect that each person who accepts employment with us will hold themselves to these same standards. No employee should use or bring into the workplace any material that contains intellectual property or confidential information belonging to a previous employer or any other third party.

This offer of employment is contingent upon your execution of the Company's standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. Like all Company employees, you will also be required, as a condition of your continued employment with the Company to comply with the terms of the Company's Employee Handbook as it may be updated and/or revised from time to time.

I look forward to an enjoyable business relationship. Welcome aboard!
												
				Sincerely,
		 		/s/ Michael A. Stankey
		 		Michael Stankey, President & COO

The foregoing is accepted and correctly states our arrangement.

						
	By:	/s/ Doug Robinson
	Dated:	 6/11/2010

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]