Oaktree Capital Group, LLC 6.625% PFD UT A Form 4 Change in insider ownership

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Oaktree GCP Fund Delaware Holdings, L.P.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IMPEL PHARMACEUTICALS INC [ IMPL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrants	$0.01	11/30/2023		J⁽¹⁾		445,294⁽²⁾⁽³⁾		⁽⁴⁾	⁽⁴⁾	Common Stock	445,294	⁽¹⁾	3,117,057⁽⁵⁾⁽⁶⁾	I	See Footnote⁽⁷⁾⁽⁸⁾

1. Name and Address of Reporting Person^*

Oaktree GCP Fund Delaware Holdings, L.P.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Oaktree Diversified Income Fund Inc.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Oaktree AZ Strategic Lending Fund, L.P.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Oaktree Loan Acquisition Fund, L.P.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Oaktree LSL Fund Holdings EURRC S.a.r.l.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Oaktree LSL Fund Delaware Holdings EURRC, L.P.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Oaktree PRE Life Sciences Fund, L.P.

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Oaktree Capital Group, LLC

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Atlas OCM Holdings, LLC

(Last)

(First)

(Middle)

333 S. GRAND AVENUE,

28TH FLOOR

(Street)

LOS ANGELES

90071

(City)

(State)

(Zip)

Explanation of Responses:

1. In connection with the achievement of a strategic milestone, the Issuer drew $2.5 million loans (of which the Reporting Persons funded $1.875 million) and issued the reported securities to the Reporting Persons.

2. The reported amount reflects (i) 4,880 Warrants issued to Oaktree-TCDRS Strategic Credit, LLC, (ii) 3,946 Warrants issued to Oaktree-Forrest Multi-Strategy, LLC, (iii) 2,374 Warrants issued to Oaktree-TBMR Strategic Credit Fund C, LLC, (iv) 3,718 Warrants issued to Oaktree-TBMR Strategic Credit Fund F, LLC, (v) 6,070 Warrants issued to Oaktree-TBMR Strategic Credit Fund G, LLC, (vi) 6,110 Warrants issued to Oaktree-TSE 16 Strategic Credit, LLC, (vii) 1,808 Warrants issued to INPRS Strategic Credit Holdings, LLC, (viii) 30,578 Warrants issued to Oaktree Gilead Investment Fund AIF (Delaware), L.P., (ix) 116,748 Warrants issued to Oaktree Specialty Lending Corporation, (x) 2,716 Warrants issued to Oaktree GCP Fund Delaware Holdings, L.P., (xi) 8,914 Warrants issued to Oaktree Diversified Income Fund Inc., (xii) 58,080 Warrants issued to Oaktree AZ Strategic Lending Fund, L.P.,

3. (continued from Footnote 2) (xiii) 84,914 Warrants issued to Oaktree LSL Fund Holdings EURRC S.a r.l., (xiv) 33,966 Warrants issued to Oaktree LSL Fund Delaware Holdings EURRC, L.P., (xv) 38,014 Warrants issued to Oaktree PRE Life Sciences Fund, L.P., and (xvi) 42,458 Warrants issued to Oaktree Strategic Credit Fund.

4. The Warrants are exercisable at any time prior to the earlier to occur of: (a) the seventh anniversary of the date of issuance or (b) a change of control. Prior to the reported issuance, 1,335,881 Warrants were issued on September 5, 2023, 445,293 Warrants were issued on October 2, 2023, 445,295 Warrants were issued on October 6, 2023, 222,647 Warrants were issued on November 3, 2023, and 222,647 Warrants were issued on November 10, 2023.

5. The reported amount reflects (i) 34,162 Warrants held directly by Oaktree-TCDRS Strategic Credit, LLC, (ii) 27,619 Warrants held directly by Oaktree-Forrest Multi-Strategy, LLC, (iii) 16,615 Warrants held directly by Oaktree-TBMR Strategic Credit Fund C, LLC, (iv) 26,027 Warrants held directly by Oaktree-TBMR Strategic Credit Fund F, LLC, (v) 42,487 Warrants held directly by Oaktree-TBMR Strategic Credit Fund G, LLC, (vi) 42,767 Warrants held directly by Oaktree-TSE 16 Strategic Credit, LLC, (vii) 12,655 Warrants held directly by INPRS Strategic Credit Holdings, LLC, (viii) 214,048 Warrants held directly by Oaktree Gilead Investment Fund AIF (Delaware), L.P., (ix) 817,232 Warrants held directly by Oaktree Specialty Lending Corporation, (x) 19,013 Warrants held directly by Oaktree GCP Fund Delaware Holdings, L.P., (xi) 62,402 Warrants held directly by Oaktree Diversified Income Fund Inc., (xii) 406,558 Warrants held directly by Oaktree AZ Strategic Lending Fund, L.P.,

6. (continued from Footnote 5) (xiii) 135,861 Warrants held directly by Oaktree Loan Acquisition Fund, L.P., (xiv) 458,532 Warrants held directly by Oaktree LSL Fund Holdings EURRC S.a r.l., (xv) 237,767 Warrants held directly by Oaktree LSL Fund Delaware Holdings EURRC, L.P., (xvi) 266,102 Warrants held directly by Oaktree PRE Life Sciences Fund, L.P. (each of the foregoing, an "Atlas Entity," and together, the "Atlas Entities"), and (xvii) 297,210 Warrants held directly by Oaktree Strategic Credit Fund (together with the Atlas Entities, the "Oaktree Holders," and each an "Oaktree Holder").

7. Oaktree Capital Group, LLC, in its capacity as the indirect manager of Oaktree Strategic Credit Fund, may be deemed to beneficially own the Warrants held directly by Oaktree Strategic Credit Fund. Atlas OCM Holdings, LLC, in its capacity as the indirect manager of the Atlas Entities, may be deemed to beneficially own the Warrants held directly by the Atlas Entities. Brookfield Corporation, in its capacity as the indirect owner of the class A units of Oaktree Capital Group, LLC, may be deemed to beneficially own the Warrants held directly by Oaktree Strategic Credit Fund. BAM Partners Trust, in its capacity as the sole owner of Class B Limited Voting Shares of Brookfield Corporation, may be deemed to beneficially own the Warrants held directly by Oaktree Strategic Credit Fund. Brookfield Asset Management ULC, in its capacity as the indirect owner of Class A units of Atlas OCM Holdings, LLC, may be deemed to beneficially own the Warrants held directly by the Atlas Entities.

8. Neither the filing of this Form 4 nor any of its contents shall be deemed to constitute an admission by any of the Reporting Persons that it is the beneficial owner of any of the Warrants referred to herein for the purposes of Section 16 of the Securities and Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed by each Reporting Person, other than each Oaktree Holder with respect to securities reported as directly held by such Oaktree Holder.

Remarks:

Form 2 of 3.

	Oaktree GCP Fund Delaware Holdings, L.P., By: Oaktree Global Credit Plus Fund GP, L.P., Its: GP, By: Oaktree Global Credit Plus Fund GP Ltd., Its: GP, By: Oaktree Capital Management, L.P., Its: Director, /s/ Henry Orren, Senior Vice President	12/04/2023
	Oaktree Diversified Income Fund, Inc., By: Oaktree Fund Advisers, LLC, Its: Investment Adviser, /s/ Henry Orren, Senior Vice President	12/04/2023
	Oaktree AZ Strategic Lending Fund, L.P., By: Oaktree AZ Strategic Lending Fund GP, L.P., Its: GP, By: Oaktree Fund GP IIA, LLC, Its: GP, By: Oaktree Fund GP II, L.P., Its: Managing Member, /s/ Henry Orren, Authorized Signatory	12/04/2023
	Oaktree Loan Acquisition Fund, L.P., By: Oaktree Fund GP IIA, LLC, Its: GP, By: Oaktree Fund GP II, L.P., Its: Managing Member, /s/ Henry Orren, Authorized Signatory	12/04/2023
	Oaktree LSL Fund Holdings EURRC S.a r.l., /s/ Martin Eckel, Manager	12/04/2023
	Oaktree LSL Fund Delaware Holdings EURRC, L.P., By: Oaktree Life Sciences Lending Fund GP, L.P., Its: GP, By: Oaktree Life Sciences Lending Fund GP Ltd., Its: GP, By: Oaktree Capital Management, L.P., Its: Director, /s/ Henry Orren, SVP	12/04/2023
	Oaktree PRE Life Sciences, L.P., By: Oaktree PRE Life Sciences Fund GP, L.P., Its: GP, By: Oaktree Fund GP IIA, LLC, Its: GP, By: Oaktree Fund GP II, L.P., Its: Managing Member, /s/ Henry Orren, Authorized Signatory	12/04/2023
	Oaktree Capital Group, LLC, /s/ Henry Orren, Senior Vice President	12/04/2023
	Atlas OCM Holdings, LLC, /s/ Henry Orren, Senior Vice President	12/04/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) Form 4Change in insider ownership