Form of Employment Agreement between Registrant and Pedro Aspe



 Exhibit 10.8 
 FORM OF 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (the “Agreement”) dated as of
[                    ], 2006 (the “Effective Date”) by and between Evercore Partners Inc. (the “Company”), Evercore, L.P. (the
“Partnership”) (Company and Partnership, each and collectively, “Employer”) and Pedro Aspe (the “Executive”). 
 The Employer desires to employ Executive in the positions set forth below and to enter into an agreement embodying the terms of such employment; and 
 Executive desires to commence such employment and enter into such an agreement. 
 In consideration of the
promises and mutual covenants set forth herein and for other good and valuable consideration, the parties agree as follows: 
 1. Term of
Employment. Subject to the provisions of Section 7 of this Agreement, Executive shall be employed by the Employer for a period commencing on the Effective Date and ending on the third anniversary of the Effective Date (the “Term”)
on the terms and subject to the conditions set forth in this Agreement; provided, however, that commencing with the third anniversary of the Effective Date and on each anniversary thereof (each an “Extension Date”), the Term
shall be automatically extended for an additional one-year period, unless the Employer or Executive provides the other party hereto 60 days prior written notice before the next Extension Date that the Term shall not be so extended. For purposes of
this Agreement, “Employment Term” shall mean the period of time that Executive is employed hereunder during the Term. 
 2.
Position. 
 a. During the Employment Term, Executive shall serve as Senior Managing Director of the Partnership. In such positions,
Executive shall have the authority commensurate with such positions and such duties, commensurate with such positions, as shall be determined from time to time by the co-Chief Executive Officers of the Employer (the “co-CEOs”), and
Executive shall report directly to the co-CEOs. Also during the Employment Term, Executive shall serve, to the extent elected, as the Co-Chairman of the Board of Directors of the Company (the “Board). In addition, Executive will serve as CEO of
the Company’s principal Mexican operating subsidiary, it being understood that he will have the authority and responsibilities of a Senior Managing Director within the Employer organization and will report to the Co-CEOs. 
 b. During the Employment Term, Executive will devote Executive’s full business time and best efforts to the performance of Executive’s duties
hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or materially interfere with the rendition of such services either directly or indirectly, without the prior written
consent of the Board; provided that nothing herein shall preclude Executive (w) from managing Executive’s personal investments, (x) from being employed part-time at an academic institution on the terms described in Schedule A
hereto, (y)







 from continuing to serve on any board of directors, or as trustee, of any business corporation or any charitable
organization on which Executive serves as of the Effective Date and which have been previously disclosed to the Employer and (z) subject to the prior approval of the Board (which shall not be unreasonably withheld), from accepting appointment
to or continuing to serve on any board of directors or trustees of any business corporation or any charitable organization; provided in each case, and in the aggregate, that such activities do not conflict or materially interfere with the
performance of Executive’s duties hereunder or conflict with Section 8 of this Agreement. 
 c. The parties hereby acknowledge
that, while Executive is employed hereunder by both the Partnership and the Company, it is anticipated that all of Executive’s business time and effort will be devoted to services for the Partnership. Consequently, subject to future adjustment
as necessary from time to time to reflect the accurate allocation of time and effort expended by the Executive for the Company and Partnership, respectively, all of Executive’s compensation hereunder shall be allocated as compensation for work
performed on behalf of the Partnership 
 3. Base Salary. During the Employment Term, the Employer shall pay Executive a base salary
at the annual rate of U.S. $500,000, payable in regular installments in accordance with the Employer’s usual payment practices. Executive shall be entitled to such increases in Executive’s base salary, if any, as may be determined from
time to time in the sole discretion of the Board. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.” Executive’s Base Salary may not, in any event, be decreased below
$500,000. 
 4. Annual Bonus. 
 a. Guaranteed Annual Bonus. With respect to each Fiscal Year occurring during the Employment Term, the Employer shall pay Executive a guaranteed annual bonus award equal to U.S. $500,000 (the “Guaranteed Annual Bonus”) on
March 1 of each calendar year immediately following the calendar year in which the Fiscal Year in respect of which the Guaranteed Annual Bonus is payable ends, so long as Executive remains employed with the Employer on such date. 
 b. Profit Annual Bonus. With respect to each Fiscal Year during the Employment Term, Executive shall be entitled to earn an annual bonus award
(“Profit Annual Bonus”) such that his total compensation hereunder for such Fiscal Year (including Base Salary, Guaranteed Annual Bonus and Profit Annual Bonus) shall be equal to a percentage of the average total cash compensation earned
by the co-CEOs for such Fiscal Year, calculated by multiplying the average of the total cash compensation earned by the two co-CEOs for the Fiscal Year (the “Average Compensation”) by the Fraction (as hereinafter defined), but in any event
the total compensation paid to the Executive shall never be less that the sum of his Base Salary and Guaranteed Annual Bonus. The term “Fraction” shall mean a fraction, the numerator of which is equal to the number of limited partnership
units of Evercore L.P. (“Units”) held, directly or indirectly, by Executive at the time of the IPO, and the denominator of which will be equal to the product of (x) 0.5 times (y) the number of shares of Class A common stock
of the Employer (“Common Stock”) and Units, collectively, that the co-CEOs hold, collectively, 
  

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 directly or indirectly, at the time of the IPO. For purposes of this Agreement, “IPO” shall mean the initial
public offering of Common Stock pursuant to a registration statement on a Form S-1 filed with the Securities and Exchange Commission. In the event one of the co-CEOs ceases to serve as co-CEO, the Average Compensation hereunder shall be deemed to
equal the total cash compensation earned by the Employer’s Chief Executive Officer for the applicable Fiscal Year. The Profit Annual Bonus for each such Fiscal Year, if any, shall be paid to Executive on March 1 of each calendar year
immediately following the calendar year in which the Fiscal Year in respect of which the Profit Annual Bonus is payable ends, so long as Executive remains employed with the Employer through such March 1; provided that the Employer will
delay the payment of the Profit Annual Bonus in respect of any Fiscal Year with respect to which the Employer reasonably anticipates that the Employer’s deduction with respect to such payment otherwise would be limited or eliminated by
application of Section 162(m) of the Internal Revenue Code of 1986, as amended in which case such unpaid Profit Annual Bonus amounts (the “Deferred Amounts”) will be made upon the earlier of (x) the earliest date at which the
Employer reasonably anticipates that the deduction of the payment of such Deferred Amounts will not be limited or eliminated by application of Section 162(m) of the Internal Revenue Code or (y) the calendar year in which the
Executive’s employment with the Employer is terminated. Deferred Amounts shall accrue interest at the prime rate, plus 1%. 
 5.
Employee Benefits. 
 a. During the Employment Term, Executive shall be entitled to participate in all employee benefit programs of
the Employer and its affiliates maintained for the benefit of employees of the Employer on a basis which is no less favorable than is generally provided to other Senior Managing Directors of the Employer (collectively, the “Employee
Benefits”). 
 b. Tax Gross-Up Payment. If it shall be determined that any payment to Executive pursuant to this Agreement or
any other payment or benefit from the Employer or its affiliates would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then Executive shall receive a gross-up payment
pursuant to Exhibit A attached hereto. 
 6. Business Expenses. During the Employment Term, (i) reasonable business
expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Employer in accordance with Employer policies applicable to other Senior Managing Directors of the Employer, and (ii) Executive
shall be entitled to receive such perquisites as are generally provided to other Senior Managing Directors of the Employer in accordance with the then current policies and practices of the Employer. 
 7. Termination. The Employment Term and Executive’s employment hereunder may be terminated by either party at any time and for any reason;
provided that Executive will be required to give the Employer at least 60 days advance written notice of any resignation of Executive’s employment. Notwithstanding any other provision of this Agreement, the provisions of this
Section 7 shall exclusively govern Executive’s rights upon termination of employment with the Employer and its affiliates. 
  

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 a. By the Employer For Cause or By Executive Resignation Without Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Employer for Cause (as defined below) and shall terminate
automatically upon Executive’s resignation without Good Reason (as defined in Section 7(c)). 
 For purposes of this Agreement,
“Cause” shall have the same meaning as such term is defined in the Evercore Limited Partnership Agreement (the “LP Agreement”), which as of the date hereof means the occurrence or existence of any of the following: 
 (A) a breach of any of Executive’s material obligations under the governing agreements of any of the entities which comprise the
Employer and its affiliates of which Executive is a partner, member or stockholder; 
 (B) the conviction of, or plea of
guilty or nolo contendere by, Executive in respect of any felony; 
 (C) the perpetration by Executive of fraud
against the Employer; 
 (D) the willful and continued failure by Executive to substantially perform Executive’s duties
with the Employer in Executive’s position on a full-time basis (other than any such failure resulting from Executive’s death or permanent disability (as such term is defined under any long-term disability plan maintained for
Executive’s benefit by the Employer), provided that an act, or a failure to act, on Executive’s part shall be deemed “willful” only if done, or omitted to be done, by Executive not in good faith or without a reasonable belief
that Executive’s action or omission was in or not opposed to the best interests of the Employer; or 
 (E) any willful
misconduct which could have, or could reasonably be expected to have, an adverse effect in any material respect on (i) Executive’s ability to function as an employee of the Employer, taking into account the services required of Executive
or (ii) the business and/or reputation of the Employer. 
 Notwithstanding the foregoing, in the event that the definition of
“Cause” as set forth in the L.P. Agreement is modified at any time after the date of this Agreement with respect to substantially all partners thereof, the definition of “Cause” as defined herein shall be deemed modified to the
same extent, and effective as of the same date, as such definition of “Cause” as set forth in either such applicable partnership agreement. 
 Notwithstanding the foregoing, for purposes of this Agreement, in the case of clauses (A), (D) and (E), Cause shall not exist if, such breach or misconduct, if capable of being cured, shall have been cured by
Executive within 10 business days after receipt of written notice thereof from the Employer. Any termination for Cause shall be effected by a resolution of the majority of the members of the Board. Prior to the effectiveness of any such termination,
Executive shall be afforded an opportunity to meet with the Board, upon reasonable notice under the circumstances, and explain and defend any action or omission alleged to constitute grounds for a termination for Cause, provided that the Board may
suspend Executive from his duties 
  

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 hereunder prior to such opportunity and such suspension shall not constitute a breach of this Agreement by the Employer
or otherwise form the basis for a termination for Good Reason. If Executive has, and utilizes, such opportunity to be heard, the Board shall promptly reaffirm that grounds for a termination for Cause exist or reinstate Executive to his position
hereunder. 
 (ii) If Executive’s employment is terminated by the Employer for Cause or if Executive resigns without Good Reason (which
shall not include a termination of employment due to Executive’s death or Disability (as such term is defined in Section 7(b)(i) below)), Executive shall be entitled to receive: 
 (A) any Base Salary earned but unpaid through the date of termination; 
 (B) reimbursement, within 60 days following submission by Executive to the Company of appropriate supporting documentation, for any
unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the date of Executive’s termination; provided claims for such reimbursement (accompanied by appropriate supporting documentation) are
submitted to the Company within 90 days following the date of Executive’s termination of employment; 
 (C) any unpaid
Deferred Amounts; and 
 (D) such Employee Benefits, if any, as to which Executive may be entitled under the employee benefit
plans of the Employer and its affiliates (the payments and benefits described in clauses (A), (B), (C) and (D) hereof being referred to as the “Accrued Rights”). 
 Following the termination of Executive’s employment by the Employer for Cause or resignation by Executive without Good Reason, except as set forth
in this Section 7(a)(ii) and Section 9(a)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 b. Disability or Death. 
 (i) The Employment Term and Executive’s employment hereunder shall
terminate upon Executive’s death and may be terminated by the Employer if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six consecutive months or for an aggregate of nine months in any 24
consecutive month period to perform Executive’s duties (such incapacity is hereinafter referred to as “Disability”). Any question as to the existence of the Disability of Executive as to which Executive and the Employer cannot agree
shall be determined in writing by a qualified independent physician mutually acceptable to Executive and the Employer. If Executive and the Employer cannot agree as to a qualified independent physician, each shall appoint such a physician and those
two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Employer and Executive shall be final and conclusive for all purposes of the Agreement. 
  

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 (ii) Upon termination of Executive’s employment hereunder due to either death or Disability,
Executive or Executive’s estate (as the case may be) shall be entitled to receive: 
 (A) the Accrued Rights;

 (B) a lump sum payment equal to Executive’s earned but unpaid Guaranteed Annual Bonus, if any, payable in respect of
the Fiscal Year immediately preceding the Fiscal Year in which the termination occurs, payable when the Guaranteed Annual Bonus would have otherwise been payable had Executive’s employment not terminated; 
 (C) a lump sum payment equal to a pro-rated portion of the Guaranteed Annual Bonus, calculated based on the number of months (and any
fraction thereof) Executive is employed during the Fiscal Year in which a termination of employment occurs and in respect of which the Guaranteed Annual Bonus is payable, relative to 12 months; 
 (D) a lump sum payment equal to Executive’s earned but unpaid Profit Annual Bonus, if any, in respect of the Fiscal Year immediately
preceding the Fiscal Year in which the termination occurs, payable when the Profit Annual Bonus would have otherwise been payable had Executive’s employment not terminated; and 
 (E) a lump sum payment equal to a pro-rated portion of the Executive’s Profit Annual Bonus, calculated based on the number of months
(and any fraction thereof) Executive is employed during the Fiscal Year in which a termination of employment occurs and in respect of which the Profit Annual Bonus is payable, relative to 12 months. 
 Following Executive’s termination of employment due to death or Disability, except as set forth in this Section 7(b)(ii) and
Section 9(a)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 c. By
the Employer Without Cause or Resignation by Executive for Good Reason. 
 (i) The Employment Term and Executive’s employment
hereunder may be terminated by the Employer without Cause (which (x) shall include the Employer’s election not to extend the Employment Term pursuant to Section 1 of this Agreement and (y) shall not include a termination of
employment due to Executive’s death or Disability) or by Executive’s resignation for Good Reason (each, a “Qualifying Termination”). 
 (ii) For purposes of this Agreement, “Good Reason” shall mean (A) the failure of the Employer to pay or cause to be paid Executive’s Base Salary, Guaranteed Annual Bonus or Profit Annual Bonus (to
the extent earned in accordance with the terms of any applicable annual bonus or annual incentive arrangement), if any, when due, (B) the failure to elect or re-elect Executive as a member of the Board, (C) any diminution in
Executive’s title or any material diminution in Executive’s authority or responsibilities as in effect from time to 
  

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 time, or (D) the Employer’s failure to provide Executive with any of the employee benefits or perquisites on
the basis set forth in Sections 5 or 6 of this Agreement; provided that any of the events described in clauses (A), (B), (C) and (D) of this Section 7(c)(ii) shall constitute Good Reason only if the Employer fails to cure such
event within 30 days after receipt from Executive of written notice of the event which constitutes Good Reason; provided, further, that “Good Reason” shall cease to exist for an event on the 60th day following the later of
its occurrence or Executive’s knowledge thereof, unless Executive has given the Employer written notice thereof prior to such date. 
 (iii) If Executive’s employment terminates due to a Qualifying Termination, Executive shall be entitled to receive: 
 (A) the Accrued Rights; 
 (B) a lump sum payment equal to Executive’s earned but unpaid Guaranteed Annual
Bonus, if any, payable in respect of the Fiscal Year immediately preceding the Fiscal Year in which the termination occurs, payable when the Guaranteed Annual Bonus would have otherwise been payable had Executive’s employment not terminated;

 (C) a lump sum payment equal to a pro-rated portion of the Guaranteed Annual Bonus, calculated based on the number of
months (and any fraction thereof) Executive is employed during the Fiscal Year in which a termination of employment occurs and in respect of which the Guaranteed Annual Bonus is payable, relative to 12 months; 
 (D) a lump sum payment equal to Executive’s earned but unpaid, if any, Profit Annual Bonus in respect of the Fiscal Year immediately
preceding the Fiscal Year in which the termination occurs, payable when the Profit Annual Bonus would have otherwise been payable had Executive’s employment not terminated; 
 (E) a lump sum payment equal to a pro-rated portion of the Executive’s Profit Annual Bonus, calculated based on the number of months
(and any fraction thereof) Executive is employed during the Fiscal Year in which a termination of employment occurs and in respect of which the Profit Annual Bonus is payable, relative to 12 months; and 
 (F) subject to Executive’s continued compliance with the provisions of the Employee Agreement (as defined in Section 8 of this
Agreement), a lump sum payment equal to: 
 (I) if the Qualifying Termination occurs prior to a Change in Control (as defined
in the Evercore Partners Inc. 2005 Stock Incentive Plan or any successor plan thereto), a cash lump sum within 15 days of such termination in an amount equal to two times the greater of: (x) the sum of (1) Executive’s then Base
Salary, (2) the Guaranteed Annual Bonus and (3) the average Profit Annual Bonus earned by Executive for the three most recently completed Fiscal Years (or, if less, the number of completed Fiscal Years since the Effective Date) (the
“Average Profit Annual 
  

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 Bonus”) and (y) the average amount of the annual cash compensation (base salaries, guaranteed
bonuses, and profit annual bonuses) payable by the Employer to the two co-CEOs in the most recently completed Fiscal Year, multiplied by the Fraction (the “Average Cash Compensation”), provided that, the aggregate amount described
in this clause (I) shall be reduced by the present value of any other cash severance or termination benefits payable to Executive under any other plans, programs or arrangements of the Employer or its affiliates; or 
 (II) if the Qualifying Termination occurs on the date of, or following, a Change in Control, a cash lump sum within 15 days of such
termination in an amount equal to three times the greater of (x) the sum of (1) Executive’s then Base Salary, (2) the Guaranteed Annual Bonus and (3) the Average Profit Annual Bonus and (y) the Average Cash
Compensation; provided that (A) any termination of employment by the Employer without Cause within six months prior to the occurrence of a Change in Control shall be deemed to be a termination of employment on the date of such Change in
Control and (B) the aggregate amount described in this clause (II) shall be reduced by the present value of any other cash severance or termination benefits payable to Executive under any other plans, programs or arrangements of the Employer or
its affiliates; and 
 (G) continued coverage for Executive and Executive’s spouse and dependents under the group
health insurance plans of the Employer and its affiliates in which Executive was participating at the time of such termination for two years following such termination (three years if such termination occurs within six months prior to, on the date
of, or following, a Change in Control), subject to payment by Executive of the same premiums Executive would have paid during such period of coverage if Executive were an active employee of the Employer and its affiliates; provided that if
the Employer is unable to provide such coverage to Executive under the terms of its group health insurance plans for any portion of such period or the provision of such benefits would otherwise violate any law or regulation or result in unfavorable
tax treatment, the Employer may in lieu of providing such coverage pay to Executive an amount equal to the premium (on a fully grossed up basis) that would otherwise be paid by active employees for such coverage during such period (without giving
effect to any Employer subsidy thereof). 
 Following Executive’s termination of employment by the Employer due to a Qualifying
Termination, except as set forth in this Section 7(c)(iii) and Section 9(a)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 d. Expiration of Employment Term. 
 (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term pursuant to Section 1 of this Agreement, unless Executive’s employment is earlier terminated pursuant to
paragraphs (a), (b) or (c) of this Section 7, Executive’s termination of employment hereunder (whether or not Executive continues as an employee of the Employer thereafter) shall be deemed to occur on the close of 
  

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 business on the day immediately preceding the next scheduled Extension Date. In the event Executive elects not to extend
the Term, Executive shall only be entitled to receive the Accrued Rights. In the event the Employer elects not to extend the Term, such election shall be treated as a termination by the Employer without Cause and Executive shall be entitled to
receive payments and benefits pursuant to Section 7(c)(iii) of this Agreement. 
 Following such termination of Executive’s
employment hereunder as a result of either party’s election not to extend the Term, except as set forth in this Section 7(d)(i) and Section 9(a)(ii), Executive shall have no further rights to any compensation or any other benefits
under this Agreement. 
 (ii) Continued Employment Beyond the Expiration of the Employment Term. Unless the parties otherwise agree
in writing, continuation of Executive’s employment with the Employer beyond the expiration of the Term shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement and Executive’s
employment may thereafter be terminated at will by either Executive or the Employer; provided that the provisions of Sections 8, 9 and 10 of this Agreement shall survive any termination of this Agreement or Executive’s termination of
employment hereunder. 
 e. Notice of Termination. Any purported termination of employment by the Employer or by Executive (other
than due to Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 9(h) hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice
which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated.

 8. Restrictive Covenants. 
 Executive acknowledges and recognizes the highly competitive nature of the business of the Employer and its affiliates and accordingly agrees that Executive shall execute, and hereby agrees to be bound by, the Employer’s
Confidentiality, Non-Solicitation and Proprietary Information Agreement in the form attached hereto as Exhibit A (the “Employee Agreement”). 
 9. Miscellaneous. 
 a. Governing Law; Arbitration. 
 (i) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws
principles thereof. 
 (ii) Any disputes arising under or in connection with this Agreement shall be resolved by binding arbitration, to be
held in New York, New York, in accordance with the rules and procedures of the American Arbitration Association. Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Each party shall bear his
or its own costs of the arbitration or litigation. In the event that the arbitrator determines that Executive has prevailed on substantially all issues in dispute in the arbitration, the Employer 
  

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 shall bear all costs and expenses of Executive with respect to the arbitration (including reasonable attorneys’ fees
and disbursements of Executive’s counsel); provided, however, that Executive shall bear all costs and expenses of the Employer or any of its affiliates with respect to the arbitration (including reasonable attorneys’ fees and
disbursements of the Employer’s counsel) in the event that the arbitrator determines that Executive’s claims in the dispute were, in the aggregate, frivolous or otherwise taken in bad faith. 
 b. Entire Agreement; Amendments. Except as set forth in the Employee Agreement, this Agreement contains the entire understanding of the parties
with respect to the employment (or any termination thereof) of Executive by the Employer, and supersedes, and Executive shall no longer be legally bound by, any post-employment restrictive covenants and conditions to the receipt of post-employment
payments contained in (i) any terms letter between Executive and the Employer or any of its affiliates entered into prior to the date of this Agreement, (ii) any letter agreement relating to the offer of employment between Executive and
the Employer or any of its affiliates entered into prior to the date of this Agreement and (iii) any partnership agreement, limited liability Employer agreement, stockholders agreement or similar arrangement or understanding between Executive
and the Employer or any of its affiliates entered into prior to the date of this Agreement. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other
than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 
 c. No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right
thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
 d. Severability. In the event that
any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

 e. Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by
Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Employer to a person or entity which is an
affiliate or a successor in interest to substantially all of the business operations of the Employer. Upon such assignment, the rights and obligations of the Employer hereunder shall become the rights and obligations of such affiliate or successor
person or entity. 
 f. Set Off/No Mitigation. The Employer’s obligation to pay Executive the amounts provided and to make the
arrangements provided hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Employer or its affiliates. Executive shall not be required to mitigate the amount of any payment provided for pursuant to
this Agreement by seeking other employment and no amounts payable hereunder shall be reduced or offset due to any employment of the Executive. 
  

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 g. Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding
upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 h.
Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it
has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing
in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 If to the Employer: 
 55 East 52nd Street,
43rd Floor 
 New York, New York 10055 
 Attention: General Counsel 
 If to Executive: 
 To the most recent
address of Executive set forth in the personnel records of the Employer. 
 i. Prior Agreements. This Agreement supersedes all prior
agreements and understandings (including verbal agreements) between Executive and the Employer and/or its affiliates regarding the terms and conditions of Executive’s employment with the Employer and/or its affiliates. 
 j. Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from
any action or proceeding) which relates to events occurring during Executive’s employment hereunder. This provision shall survive any termination of this Agreement. 
 k. Withholding Taxes. The Employer may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

 l. Section 409A. Notwithstanding any other provision of this Agreement or certain compensation and benefit plans of the
Employer or its affiliates, any payments or benefits due under this Agreement or such plans upon or in connection with a termination of Executive’s employment shall be deferred and paid no earlier than 6 months following such termination of
Executive’s employment, if, and only to the extent, required to comply with Section 409A of the Code. 
 m. Counterparts.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
  

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 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

			
	EVERCORE PARTNERS INC.
		
	By:	 	  
	Title:	 	  
	
	EVERCORE L.P.
		
	By:	 	  
	Title:	 	  
	
	  
	
	PEDRO ASPE


  

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 EXHIBIT A 
 Gross-Up Payment 
 In the event the provisions of Section 5(b) of the Agreement to which this
Exhibit A is a part shall become applicable, then the following provisions shall apply: 
 (a) If it shall be determined that any amount,
right or benefit paid, distributed or treated as paid or distributed by the Employer or any of its affiliates to or for Executive’s benefit (other than any amounts payable pursuant to this Exhibit A) (a “Payment”) would be subject to
the excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, collectively, the “Excise
Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) equal to the amount necessary such that after payment by Executive of all federal, state and local taxes (including any interest or
penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and the Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments. It is agreed that Executive shall claim a foreign tax credit under Section 901 of the Code, for any creditable taxes paid pursuant to the laws of Mexico (or any other foreign
jurisdiction) with respect to such Excise Tax or Gross Up Payment and that the Gross Up Payment shall be decreased by the amount in which the Executive’s tax liability (in Mexico or any other foreign jurisdiction) is reduced due to the payment
of United States federal income tax on the Gross Up Payment or the payment of the Excise Tax. 
 (b) All determinations required to be made
under this Exhibit A, including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by the Employer’s independent auditors (the
“Auditor”). The Auditor shall provide detailed supporting calculations to both the Employer and Executive within 15 business days of the receipt of notice from Executive or the Employer that there has been a Payment, or such earlier time
as is requested by the Employer. All fees and expenses of the Auditor shall be paid by the Employer. Any Gross-Up Payment, as determined pursuant to this Exhibit A, shall be paid by the Employer to Executive (or to the Internal Revenue Service or
other applicable taxing authority on Executive’s behalf) within five days of the receipt of the Auditor’s determination. All determinations made by the Auditor shall be binding upon the Employer and Executive; provided that
following any payment of a Gross-Up Payment to Executive (or to the Internal Revenue Service or other applicable taxing authority on Executive’s behalf), the Employer may require Executive to sue for a refund of all or any portion of the Excise
Taxes paid on Executive’s behalf, in which event the provisions of paragraph (c) below shall apply. As a result of uncertainty regarding the application of Section 4999 of the Code hereunder, it is possible that the Internal Revenue
Service may assert that Excise Taxes are due that were not included in the Auditor’s calculation of the Gross-Up Payments (an “Underpayment”). In the event that the Employer exhausts its remedies pursuant to this Exhibit A and
Executive thereafter is required to make a payment of any Excise Tax, the Auditor shall determine the amount of the Underpayment that has occurred and any additional Gross-Up Payments that are due as a result thereof shall be promptly paid by the
Employer to Executive (or to the Internal Revenue Service or other applicable taxing authority on Executive’s behalf). 
  

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 (c) Executive shall notify the Employer in writing of any claim by the Internal Revenue Service that, if
successful, would require the payment by the Employer of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after Executive receives written notification of such claim and shall apprise
the Employer of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which Executive gives such notice to the
Employer (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Employer notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive
shall: (i) give the Employer all information reasonably requested by the Employer relating to such claim; (ii) take such action in connection with contesting such claim as the Employer shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Employer and ceasing all efforts to contest such claim; (iii) cooperate with the Employer in good faith in order
to effectively contest such claim; and (iv) permit the Employer to participate in any proceeding relating to such claim; provided, however, that the Employer shall bear and pay directly all reasonable costs and expenses (including
additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as
a result of such representation and payment of costs and expense. Without limiting the foregoing provisions of this Exhibit A, the Employer shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or
forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim
in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Employer shall determine and direct;
provided, however, that if the Employer directs Executive to pay such claim and sue for a refund, the Employer shall advance the amount of such payment to Executive, on an interest-free basis, and shall indemnify and hold Executive
harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided
that any extension of the statute of limitations relating to payment of taxes for Executive’s taxable year with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the
Employer’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal
Revenue Service or any other taxing authority. 
 (d) If, after Executive’s receipt of an amount advanced by the Employer pursuant to
this Exhibit A, Executive becomes entitled to receive any refund with respect to such claim, Executive shall promptly pay to the Employer the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto).
If, after Executive’s receipt of an amount advanced by the Employer pursuant to this Exhibit A, a determination is made that 
  

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 Executive shall not be entitled to any refund with respect to such claim and the Employer does not notify Executive in
writing of its intent to contest such denial of refund prior to the expiration of 30 days after the Employer’s receipt of notice of such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of
such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  

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