This is an adapter that provides a hotshoe – or rather cold shoe – on the left side in front of the camera to hold the red dot EE-1 from Olympus. This way you can view through the EVF and the red dot simultaniously, and the position close to the lens minimizes the parallax between the red dot and the lens. All controls of the EE-1 and the camera stay accessible. Tested with Olympus tele lenses 40-150/2.8 and 300/4 - plus MC14. Bigger lenses might collide or hard to mount.
On the camera side it needs to be attached to a BOEM modular base plate from Really Right Stuff (tested only with the Olympus variants for the Olympus OM-D M1, M5, M5.2), using the 1/4"UNC screw that is also used to attch the vertical base plate. Of course the vertical plate and the adapter can not be attached simultaniously.
Note that you have to insert the Olympus EE-1 into the adapter shoe before attaching the adapter to the BOEM base plate, as you can't slide the EE-1 in when the adapter is mounted. The upside of this is that the EE-1 can't get out of the adapter.
When used with the tripod adapter of the 300/4, you'll need to rotate the tripod collar before attaching the lens (see last photo). The EE-1 touches the adapter slightly in that scenario, but there shouldn't be much tension here.
Olympus, Really Right Stuff, OM-D, EE-1, BOEM and all other brand names and trademarks are all brands and trademarks belonging to their respective owners.