Management Change/Compensation Form 8 K

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 6, 2025, John Frank resigned from the board of directors (the "Board") of Oaktree Acquisition Corp. III Life Sciences (the "Company"). In connection with Mr. Frank's resignation, the Board appointed (i) Aman Kumar, currently a director of the Company, as the new chairman of the Board, and (ii) Zaid Pardesi, the Company's Chief Executive Officer, as a director of the Company. Mr. Pardesi will serve on the Board as a Class III director whose term will expire at the Company's third annual meeting of shareholders. Mr. Frank's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

There are no arrangements or understandings between Mr. Pardesi and any other persons pursuant to which Mr. Pardesi was appointed as director of the Company. There are also no family relationships between Mr. Pardesi and any director or executive officer of the Company. As previously disclosed in the Company's final prospectus (the "Final Prospectus"), filed with the U.S. Securities and Exchange Commission on October 24, 2024 in connection with the consummation of the Company's initial public offering (the "Initial Public Offering"), Zaid Pardesi and Aman Kumar may be considered to have a material interest in Oaktree Acquisition Holdings III LS, LLC (the "Sponsor"), which entered into a series of transactions with the Company in connection with the Initial Public Offering. Mr. Pardesi has no direct or indirect interest in any transaction or proposed transaction that was not previously disclosed pursuant to Item 404(a) of Regulation S-K under the section "Certain Relationships and Related Party Transactions" in the Final Prospectus.

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