Amended and Restated Limited Partnership Agreement



 Exhibit 10.23 
 EXECUTION COPY 
  
  
  
 EVERCORE MEXICO PARTNERS II, L.P.

 An Ontario Limited Partnership 
 Amended and Restated 
 Limited Partnership Agreement 
 Dated as of December 18, 2008 
  
  
  







 NOTICE 
 NEITHER EVERCORE MEXICO PARTNERS II, L.P. NOR THE LIMITED PARTNER INTERESTS THEREIN HAVE BEEN OR WILL BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE U.S. INVESTMENT PARTNERSHIP ACT OF 1940, AS AMENDED, THE SECURITIES
LAWS OF ANY OF THE STATES OF THE UNITED STATES OR THE SECURITIES LAWS OF ANY FOREIGN JURISDICTION. 
 THE DELIVERY OF THIS LIMITED PARTNERSHIP AGREEMENT
SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY OFFER, SOLICITATION OR SALE OF LIMITED PARTNER INTERESTS IN EVERCORE MEXICO PARTNERS II, L.P. IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION
OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER, SOLICITATION OR SALE. 
 THE LIMITED PARTNER INTERESTS IN EVERCORE
MEXICO PARTNERS II, L.P. ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER APPLICABLE FEDERAL, STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT
IN ACCORDANCE WITH THE REQUIREMENTS AND CONDITIONS SET FORTH IN THIS LIMITED PARTNERSHIP AGREEMENT. 







 TABLE OF CONTENTS 
  


					
	 	  	 	  	Page
		  	ARTICLE I DEFINITIONS	  	
			
	SECTION 1.1	  	Definitions	  	1
	SECTION 1.2	  	Terms Generally	  	13
			
		  	ARTICLE II GENERAL PROVISIONS	  	
	SECTION 2.1	  	Formation	  	13
	SECTION 2.2	  	Partners	  	14
	SECTION 2.3	  	Name	  	14
	SECTION 2.4	  	Liability of the Partners Generally	  	14
	SECTION 2.5	  	Term	  	15
	SECTION 2.6	  	Purpose; Powers	  	15
	SECTION 2.7	  	Principal Place of Business	  	16
	SECTION 2.8	  	Office	  	17
	SECTION 2.9	  	Admission of Limited Partners	  	17
			
		  	ARTICLE III MANAGEMENT AND OPERATION OF THE PARTNERSHIP	  	
			
	SECTION 3.1	  	General Partner	  	17
	SECTION 3.2	  	Exculpation and Indemnification	  	18
	SECTION 3.3	  	Officers	  	19
			
		  	ARTICLE IV DISTRIBUTIONS	  	
			
	SECTION 4.1	  	Distributions — General Principles and Definitions	  	20
	SECTION 4.2	  	Amounts and Priority of Distributions	  	21
	SECTION 4.3	  	Certain Adjustments in Profit Sharing Percentages	  	21
	SECTION 4.4	  	Repurchase Rights Following Termination of Employment and Default with Respect to Capital Contributions	  	22
	SECTION 4.5	  	Holdback Account; Payment of Give-Back Obligation to the Fund	  	24
			
		  	 ARTICLE V CAPITAL CONTRIBUTIONS AND CAPITAL COMMITMENTS;
 ALLOCATIONS; EXPENSES
	  	
			
	SECTION 5.1	  	Capital Contributions	  	27
	SECTION 5.2	  	Capital Accounts	  	29
	SECTION 5.3	  	Allocations of Profits and Losses	  	29
	SECTION 5.4	  	Special Allocations	  	29
	SECTION 5.5	  	Tax Allocations	  	31
	SECTION 5.6	  	Tax Advances	  	31
	SECTION 5.7	  	Expenses	  	32

  

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 Table of Contents 
 (Continued) 
  

					
	 	  	 	  	Page
		  	ARTICLE VI BOOKS AND REPORTS; TAX MATTERS	  	
			
	SECTION 6.1	  	General Accounting Matters	  	32
	SECTION 6.2	  	Fiscal Year	  	33
	SECTION 6.3	  	Certain Tax Matters	  	33
			
		  	ARTICLE VII DISSOLUTION	  	
			
	SECTION 7.1	  	Dissolution	  	33
	SECTION 7.2	  	Winding-up	  	34
	SECTION 7.3	  	Final Distribution	  	34
	SECTION 7.4	  	No Obligation to Restore Capital Accounts	  	34
			
		  	ARTICLE VIII TRANSFER OF PARTNERS’ INTERESTS	  	
			
	SECTION 8.1	  	Transfer of Partnership Interests	  	34
			
		  	ARTICLE IX ADDITIONAL PARTNERS	  	
			
	SECTION 9.1	  	Admission of Additional Partners	  	35
			
		  	ARTICLE X MISCELLANEOUS	  	
			
	SECTION 10.1	  	Arbitration; Waiver of Partition/Action for Accounting	  	36
	SECTION 10.2	  	Successors and Assigns	  	36
	SECTION 10.3	  	Other Covenants of the Partners	  	37
	SECTION 10.4	  	Notices	  	38
	SECTION 10.5	  	Counterparts	  	38
	SECTION 10.6	  	Entire Agreement	  	38
	SECTION 10.7	  	Amendments; Power of Attorney	  	38
	SECTION 10.8	  	Titles	  	39
	SECTION 10.9	  	Representations and Warranties	  	39
	SECTION 10.10	  	Division of Property	  	41
	SECTION 10.11	  	Other Covenants of the Partners	  	42
	SECTION 10.12	  	Severability	  	42
	SECTION 10.13	  	Irreparable Harm	  	42
	SECTION 10.14	  	Partnership Tax Treatment	  	43
	SECTION 10.15	  	Joint and Several Liability of EPI Limited Partners and Family	  	43
	SECTION 10.16	  	Consistent Treatment for Family Related Limited Partners	  	43
		
	Annex A     Names and Addresses of General Partner and Limited Partners of the Partnership	  	

  

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 This AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT of EVERCORE MEXICO PARTNERS II L.P., a limited
partnership organized under the laws of the Province of Ontario, Canada (the “Partnership”), dated as of December 18, 2008 (the “Effective Date”), is entered into by and among Evercore Mexico GP Holdings LLC, a
Delaware limited liability company (the “General Partner”), Evercore Mexico Management II, L.L.C., a Delaware limited liability company as the organizational limited partner (the “Organizational Limited Partner”),
the limited partners named in Annex A hereto and such other parties which may from time to time be admitted as limited partners in accordance with this agreement (the “Limited Partners”). 
 WHEREAS, the Partnership was formed pursuant to a Declaration of Limited Partnership, which was executed by the General Partner and filed for recordation
in the office of the Registrar under the Limited Partnerships Act (Ontario) on September 24, 2007 and the entering into a Limited Partnership Agreement dated as of September 11, 2007 between the General Partner and the
Organizational Limited Partner; and 
 WHEREAS, the parties hereto desire to enter into this Amended and Restated Limited Partnership
Agreement of the Partnership to permit the withdrawal of the Organizational Limited Partner and the admission of the Limited Partners and further to make the modifications hereinafter set forth; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.1 Definitions. 
 Unless the context otherwise requires, the following terms shall
have the following meanings for purposes of this Agreement: 
 “Act” means the Limited Partnerships
Act (Ontario) as amended from time to time. 
 “Adjusted Capital Account Balance” means, with respect to
any Partner, the balance in such Partner’s Capital Account adjusted (i) by taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6); and
(ii) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704 2(i)(5) and any amounts such Partner is
obligated to restore pursuant to any provision of this Agreement. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be
interpreted consistently therewith. 
  

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 “Affiliate” has the meaning set forth in the Fund Partnership Agreement.

 “After-Tax Capital Proceeds” attributable to any distribution of Capital Proceeds means the difference
between (a) the amount of such distribution of Capital Proceeds minus (b) the product of (i) the taxable income related to such Capital Proceeds and (ii) the Assumed Income Tax Rate. 
 “After-Tax Carried Interest Amount” with respect to any Partner means an amount equal to: 
 (a) the amount of any Carried Interest Proceeds distributed or deemed distributed to such Partner (including any amounts placed on behalf
of such Partner into the Holdback Account pursuant to Section 4.5(a)), minus 
 (b) the Income Tax Amount with
respect to such Carried Interest Proceeds. 
 “Agreement” means this Amended and Restated Limited Partnership
Agreement of the Partnership, including annexes hereto, as it may be amended, supplemented, modified or restated from time to time. 
 “Alternative Investment Vehicle” has the meaning set forth in the Fund Partnership Agreement. 
 “Assignee” has the meaning set forth in Section 8.1(b). 
 “Assumed Income Tax
Rate” means the highest effective marginal combined U.S. Federal, state and local income tax rate for a Fiscal Year prescribed for an individual residing in New York, New York (taking into account (a) the deductibility of state and
local income taxes for Federal income tax purposes assuming the limitation described in Section 68(a)(2) of the Code applies and (b) the character of the applicable income (e.g., long-term or short-term capital gain or ordinary or
exempt)). 
 “Business Day” means a day which is not a Saturday, Sunday or a day on which banks in New York
City are closed. 
 “Canadian-Resident Person” means an individual or entity that is resident in Canada for
the purposes of the Income Tax Act (Canada) or the Corporations Act (Ontario) and any successor legislation thereto. 
 “Capital Account” has the meaning set forth in Section 5.2. 
 “Capital
Commitment” means, as of any date, with respect to any Partner, an amount equal to such Partner’s Profit Sharing Percentage multiplied by the General Partner Capital Commitment as of such date, which amount shall be set forth in the
books and records of the Partnership, including in the Record of Limited Partners. 
  

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 “Capital Proceeds” has the meaning set forth in Section 4.1(c)(ii).

 “Carried Interest” has the meaning set forth in the Fund Partnership Agreement. 
 “Carried Interest Give Back Percentage” shall mean, for any Partner, the percentage determined by dividing (i) the
After-Tax Carried Interest Amount with respect to such Partner by (ii) the aggregate After-Tax Carried Interest Amounts with respect to all Partners. 
 “Carried Interest Proceeds” has the meaning set forth in Section 4.1(c)(iii). 
 “Carrying Value” means, with respect to any asset of the Partnership or any entity treated as a partnership for U.S. Federal income tax purposes in which it invests, the asset’s adjusted basis for U.S. Federal income
tax purposes, except that the Carrying Values of all such assets shall be adjusted to equal their respective fair market values (as reasonably determined by the General Partner in a manner consistent with determinations thereof for the Fund) in
accordance with the rules set forth in Treasury Regulations Section 1.704 1(b)(2)(iv)(f), except as otherwise provided herein, immediately prior to: (a) the date of the acquisition of any additional Interest by any new or existing Partner
in exchange for more than a de minimis capital contribution to the Partnership, (b) the date of the distribution of more than a de minimis amount of Partnership property (other than a pro rata distribution) to a Partner or
(c) the date of a grant of any additional Interest to any new or existing Partner as consideration for the provision of services to or for the benefit of the Partnership; provided that adjustments pursuant to clauses (a), (b) and
(c) above shall be made only if the General Partner in good faith determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners. The Carrying Value of any asset distributed to any
Partner shall be adjusted immediately prior to such distribution to equal its fair market value. The Carrying Value of any asset contributed by a Partner to the Partnership will be the fair market value of the asset as of the date of its
contribution thereto. In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits and
Losses” rather than the amount of depreciation determined for U.S. Federal income tax purposes. 
 “Cause” means the occurrence or existence of any of the following with respect to an EPI Limited Partner: 
 (a) breach of (after giving effect to any applicable grace periods) any of such Partner’s or any of his or her Family Related Limited Partners’ material obligations under (i) this Agreement (including such 

  

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Partner’s or any of his or her Family Related Limited Partners’ obligations pursuant to Sections 5.1(a), 10.3 and 10.11 (without giving effect to
any modification thereof pursuant to Section 10.12)), (ii) any Fund Partnership Agreement (including such Partner’s or any of his or her Family Related Limited Partners’ obligations to make capital contributions pursuant to the
terms of such Fund Partnership Agreement) or (iii) the stockholders agreement, certificate of incorporation, by-laws, limited liability company agreement, limited partnership agreement or equivalent documents of EPI, the Investment Advisor, the
Investment Manager or any of their respective Affiliates; 
 (b) the conviction of, or plea of guilty or nolo
contendere by, such Partner in respect of any felony; 
 (c) the perpetration by such Partner of fraud against the
Partnership, the Investment Advisor, the Investment Manager, the Fund, EPI, any Portfolio Company or any of their respective Affiliates; 
 (d) the willful and continued failure by such Partner to substantially perform such Partner’s duties with EPI, the Investment Advisor, the Investment Manager, the Partnership or any of their respective Affiliates
in such Partner’s position on a full-time basis (other than any such failure resulting from such Partner’s death or Permanent Disability), provided that an act, or a failure to act, on such Partner’s part shall be deemed
“willful” only if done, or omitted to be done, by him not in good faith or without a reasonable belief that such Partner’s action or omission was in or not opposed to the best interests of EPI, the Investment Advisor, the Investment
Manager, the Partnership and the Fund; 
 (e) any willful misconduct which could have, or could reasonably be expected to
have, an adverse effect in any material respect on (i) such Partner’s ability to function as an employee or consultant of EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates, taking into account the
services required of such Partner or (ii) the business and/or reputation of the Partnership, the Fund, EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates; or 
 (f) any conduct by such Partner constituting “Disabling Conduct” as defined in any Fund Partnership Agreement. 
 All determinations of Cause shall be made by the General Partner. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 
 “Covered Person” has the meaning set forth in Section 3.2(a). 
  

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 “Creditable Foreign Tax” means a foreign tax paid or accrued for United
States federal income tax purposes by the Partnership, in either case to the extent that such tax is eligible for credit under Section 901(a) of the Code. A foreign tax is a creditable foreign tax for these purposes without regard to whether a
partner receiving an allocation of such foreign tax elects to claim a credit for such amount. This definition is intended to be consistent with the definition of “creditable foreign tax” in temporary treasury Regulations
Section 1.704-1T(b)(4)(xi)(b), and shall be interpreted consistently therewith. 
 “Declaration of Limited
Partnership” means the Declaration of Limited Partnership of the Partnership which was executed by the General Partner and filled in the office of the Registrar under the Act on September 24, 2007, and all subsequent amendments thereto
and restatements thereof. 
 “Default Interest Rate” shall mean the lower of (i) the sum of (a) the
rate of interest per annum publicly announced from time to time by J.P. Morgan Chase as its prime rate and (b) 5%, and (ii) the highest rate of interest permitted under applicable law. 
 “Defaulted Amount” has the meaning set forth in Section 4.5(c)(ii). 
 “Defaulting Partner” has the meaning set forth in Section 5.1(b). 
 “Effective Date” has the meaning set forth in the preamble to this Agreement. 
 “EPI” means Evercore Partners Inc. 
 “EPI Limited Partner” means each of William O. Hiltz, Pedro Aspe, and Kathleen G. Reiland and any other individual
admitted to the Partnership by the General Partner as an EPI Limited Partner in accordance with the provisions of this Agreement, in each case for so long as such person remains an EPI Limited Partner hereunder. Once an EPI Limited Partner ceases to
be employed by or, in the case of an Operating Executive, a consultant to, any of EPI, the Investment Adviser, the Investment Manager or any of their respective Affiliates, such EPI Limited Partner shall automatically cease to be a EPI Limited
Partner and shall become a Special Limited Partner. 
 “Estimated Income Tax Amount” has the meaning set
forth in Section 4.5(e). 
 “Excess Income Tax Amount” has the meaning set forth in Section 4.5(e).

 “Fair Market Value” means as to any asset, unless otherwise specified, the fair market value of such asset
determined on a basis consistent with the Fund Partnership Agreement and otherwise as reasonably determined by the General Partner. 
  

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 “Family Related Limited Partner” means, with respect to any EPI Limited
Partner, any Partner who is a member of such EPI Limited Partner’s family or any Partner which is a trust, partnership or other entity formed by such EPI Limited Partner for investment by or for the benefit of members of such EPI Limited
Partner’s family, such EPI Limited Partner’s other relatives or charitable organizations. 
 “Fiscal
Year” has the meaning set forth in Section 6.3. 
 “Fund” means Evercore Mexico Capital
Partners II L.P., an Ontario limited partnership, any Parallel Investment Vehicle (as defined in the Fund Partnership Agreements) and, where the context so requires, any Alternative Investment Vehicle formed pursuant to the Fund Partnership
Agreement. 
 “Fund Investment” means an investment by the Fund. 
 “Fund Partnership Agreement” means the amended and restated agreement of limited partnership of the Fund, dated as of
December 18, 2007, as may be further amended or modified from time to time. 
 “Funded Private Equity
Investments” as of any date of determination means Private Equity Investments the capital contributions for which were made prior to such date. 
 “General Partner” means Evercore Mexico GP Holdings LLC, the general partner of the partnership, and any successors in such capacity. 
 “General Partner Capital Commitment” means the aggregate capital commitment of the Partnership to the Fund, as such
amount may increase from time to time. 
 “Give-Back Amount” has the meaning set forth in
Section 4.5(c)(i)(A). 
 “Give-Back Obligation” means any amount the Partnership is required to return
to the Fund pursuant to Section 7.3 of the Fund Partnership Agreement. 
 “GP Holdings” means Evercore
GP Holdings L.L.C. 
 “Holdback Account” has the meaning set forth in Section 4.5(a). 
 “Holdback Partner” has the meaning set forth in Section 4.5(e). 
 “Holdback Percentage” of a Partner means the designated percentage of the Carried Interest Proceeds allocated to such
Partner, which shall initially be as set forth in such Partner’s Terms Letter. 
  

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 “Income Tax Amount” means, with respect to Carried Interest Proceeds
distributed or deemed distributed to a Partner (including amounts credited to such Partner’s sub-accounts in the Holdback Account pursuant to Section 4.5(a)), the amount of income tax assumed to be imposed on allocations of taxable income
related to such Carried Interest Proceeds (including taxes that would be borne by a Partner assuming an immediate sale of securities initially received in kind pursuant to Section 7.4(b) of the Fund Partnership Agreement), with such income tax
calculated by assuming that (i) the tax rate imposed is the Assumed Income Tax Rate in effect in the Fiscal Year of any such allocation and (ii) capital losses from the disposition of a Private Equity Investment allocated to such Partner
relating to Carried Interest Proceeds (“Capital Losses”) shall reduce capital gains from the Disposition of a Private Equity Investment allocated to such Partner relating to Carried Interest Proceeds (“Capital Gains”) only to the
extent of the amount of Capital Gains recognized in the Fiscal Year of the recognition of a Capital Loss or a subsequent Fiscal Year (only to the extent that Capital Gain may properly offset such Capital Loss), reduced by the amount of any tax
benefit actually realized by such Partner (or, if such Partner is treated as a partnership for federal income tax purposes, its direct or indirect owners) in the year in which the Partnership is required to make a payment of a Give-Back Amount,
which tax benefit is attributable solely to the making of such payment (or adjustment) and which benefit shall be determined assuming the only items of income, gain, loss, deduction or credit of such Partner (or, if such Partner is treated as a
partnership for federal income tax purposes, its direct or indirect owners) are attributable to such Partner’s investment in the Partnership. 
 “Initial Closing Date” means the date established by the General Partner for the admission to the Partnership of the initial Limited Partners other than the Organizational Limited Partner. 

“Interest” means the entire partnership interest owned by a Partner in the Partnership at any particular time,
including the right of such Partner to any and all benefits to which a Partner may be entitled as provided in this Agreement, together with the obligations of such Partner to comply with all the terms and provisions of this Agreement. 
 “Investment Advisor” means Administradora Evercore, S.C., a Mexican sociedad civil, or any successor thereto as
investment advisor to the Fund. 
 “Investment Advisory Agreement” means the Investment Advisory Agreement,
dated as of December 18, 2007, between the Partnership, the Investment Advisor and the Investment Manager as amended or modified from time to time. 
 “Investment Management Agreement” means the Investment Management Agreement dated as of the date hereof between the Partnership, as general partner on behalf of the Fund, and the Investment Manager.

 “Investment Manager” means Evercore Mexico Management II, L.L.C., a limited liability company organized
under the laws of the State of Delaware. 
  

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 “Issuance Items” has the meaning set forth in Section 5.4(g).

 “Limited Partner” means, at any time, any Person who is at such time a limited partner of the Partnership
and shown as such on the books and records of the Partnership (other than the Organizational Limited Partner), including EPI Limited Partners, Family Related Limited Partners and Special Limited Partners and shall not include any Person who is a
Canadian-Resident Person. 
 “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations
Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership for a fiscal year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that fiscal year, determined according to the
provisions of Treasury Regulations Section 1.704-2(c). 
 “Operating Executives” means any person
admitted to the Partnership as such in accordance with the provisions of this Agreement. 
 “Operating
Reserve” means such amount as is determined by the General Partner in good faith to be necessary or prudent for the Partnership to maintain in cash or Temporary Investments in order to satisfy the Partnership’s accrued expenses and
otherwise to meet the operational needs of the Partnership’s business. 
 “Organizational Limited
Partner” means Evercore Mexico Management II, L.L.C., a limited liability company organized under the laws of the State of Delaware. 
 “Parallel Investment Vehicle” means any investment vehicle organized to make all or any category of investments in Portfolio Companies in parallel with the Partnership, as described in
Section 5.4 of the Fund Partnership Agreement. 
 “Participation Agreement” means the Participation
Agreement among the EPI Limited Partners and their Family Related Limited Partners relating to the allocation of certain distributions from the Partnership and certain of its Affiliates into common pools, as amended from time to time. 
 “Partner” means each of the persons listed as a Partner in Annex A hereto and any person admitted to the Partnership as
an additional or substituted partner of the Partnership in accordance with the provisions of this Agreement and the Act. 
 “Partner Nonrecourse Debt Minimum Gain” means an amount with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result
if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 
  

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 “Partner Nonrecourse Deductions” has the meaning ascribed to the term
“partner nonrecourse deductions” set forth in Treasury Regulations Section 1.704-2(i)(2). 
 “Partnership” means Evercore Mexico Partners II, L.P., an Ontario limited partnership. 
 “Partnership Minimum Gain” has the meaning ascribed to the term as set forth in Treasury Regulations Section 1.704-2(b)(2) and 1.704-2(d). 
 “Permanent Disability” with respect to any person means a reasonable determination by the General Partner that such
person has been unable to perform the important duties of his or her employment or, in the case of an Operating Executive, consultancy with EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates on a full-time
basis for a period of 180 consecutive days and is reasonably likely to continue to be unable to do so, because of (a) an accidental bodily loss or harm or (b) an illness or disease. For this purpose, “full-time” shall mean at
least 30 hours per week. All determinations of Permanent Disability shall be made by the General Partner . 
 “Person” means any individual, partnership, corporation, trust or other entity. 
 “Portfolio Company” has the meaning set forth in the Fund Partnership Agreement. 
 “Private
Equity Investment” has the meaning set forth in the Fund Partnership Agreement. 
 “Proceeding” has
the meaning set forth in the Fund Partnership Agreement. 
 “Process Agent” has the meaning set forth in
Section 2.1(b). 
 “Profits” and “Losses” means, for each Fiscal Year or other period,
the taxable income or loss of the Partnership, or particular items thereof, determined in accordance with the accounting method used by the Partnership for federal income tax purposes with the following adjustments: (a) all items of income,
gain, loss or deduction allocated pursuant to Section 5.4 shall not be taken into account in computing such taxable income or loss; (b) any income of the Partnership that is exempt from federal income taxation and not otherwise taken into
account in computing Profits and Losses shall be added to such taxable income or loss; (c) if the Carrying Value of any asset differs from its adjusted tax basis for federal income tax purposes, any gain or loss resulting from a disposition of
such asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value, the amount of
the adjustment shall be included as gain or loss in computing such taxable income or loss; (e) if 

  

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the Carrying Value of any asset differs from its adjusted tax basis for federal income tax purposes, the amount of depreciation, amortization or cost
recovery deductions with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio to such Carrying Value as the federal income tax depreciation, amortization or other cost recovery
deductions bears to such adjusted tax basis (provided that if the federal income tax depreciation, amortization or other cost recovery deduction is zero, the General Partner may use any reasonable method for purposes of determining depreciation,
amortization or other cost recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not properly capitalizable
and not otherwise taken into account in computing Profits and Losses pursuant to this definition shall be treated as deductible items. 
 “Profit Sharing Percentage” of a Partner means the percentage interest of such Partner in Carried Interest Proceeds to be distributed to the Partners from the Carried Interest earned by the
Partnership from the Fund. The Profit Sharing Percentage of a Partner initially shall be as set forth in the Terms Letter between the Partnership and such Partner. 
 “Recalculated Income Tax Amount” has the meaning set forth in Section 4.5(e). 
 “Record of Limited Partners” means the current record of the Limited Partners maintained by the General Partner and kept
at the Partnership’s office in Ontario, stating for each Limited Partner, its name, address, amount of Capital Commitment and any other information required by the Act. 
 “Registrar” means a public servant of the Ontario Ministry of Public Services. 
 “Repurchased Capital Contributions” means, with respect to any Partner, (i) an amount equal to the portion of the
aggregate capital contributions made by such Partner to the Partnership, on or prior to the Termination Date, in respect of a particular Private Equity Investment that relates to the Repurchase Percentage of such Partner’s Profit Sharing
Percentage, net of (ii) any Capital Proceeds received by such Partner in respect of such capital contributions referred to in the foregoing clause (i) on or prior to the Termination Date. 
 “Repurchase Notice” has the meaning set forth in Section 4.4(c). 
 “Repurchase Percentage” means, with respect to any Partner, the relevant percentage set forth in this Agreement and such
Partner’s Terms Letter. 
 “Repurchase Price” means, with respect to any Partner, the aggregate amount
of all portions of the Repurchase Price payable with respect to all Unfunded Private Equity Investments and Funded Private Equity Investments; the portion of the Repurchase Price payable with respect to a particular Private Equity Investment shall
mean: 
 (a) if the aggregate amount of the Capital Proceeds received by the Partnership in respect of such Repurchased
Capital Contributions after the Termination Date (if any) exceeds the Repurchased Capital Contributions, then 
  

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 (i) the Repurchased Capital Contributions, plus 
 (ii) the amount by which the aggregate amount of the Capital Proceeds received by the Partnership in respect of such Repurchased Capital
Contributions after the Termination Date (if any) exceeds the Repurchased Capital Contributions, minus 
 (iii) the aggregate
amount of any portion of the Repurchase Price previously paid to such Partner after the Termination Date with respect to such Private Equity Investment. 
 (b) if the aggregate amount of the Capital Proceeds received by the Partnership in respect of such Repurchased Capital Contributions after the Termination Date (if any) is less than or equal to the Repurchased Capital
Contributions, then 
 (i) the Repurchased Capital Contributions, minus 
 (ii) the amount by which the Repurchased Capital Contributions exceeds the aggregate amount of the Capital Proceeds received by the
Partnership in respect of such Repurchased Capital Contributions after the Termination Date (if any), minus 
 (iii) the
aggregate amount of any portion of the Repurchase Price previously paid to such Partner after the Termination Date with respect to such Private Equity Investment. 
 “Securities” means any of the following, whether readily marketable or not: (a) capital stock, foreign securities,
shares or units of beneficial interest in a trust, partnership interests, warrants, bonds, notes, debentures, whether subordinated, convertible or otherwise, no-load mutual funds, money market funds, commercial paper, certificates of deposit, bank
debt, trade claims, obligations of the United States, any State thereof, any foreign country or political subdivision thereof and instrumentalities of any of them, bankers’ acceptances, trust receipts and other obligations, and evidences of
indebtedness or other instruments commonly referred to as securities of whatever kind or nature of any person, corporation, government or entity whatsoever, (b) rights and options 

  

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relating thereto, and (c) options, futures contracts, options on futures contracts, forward contracts, “spot” transactions and swap
arrangements involving securities indices or other indices, financial instruments, interest rates, currencies and commodities. 
 “Securities Act” has the meaning set forth in Section 10.9(c)(vii). 
 “Special Limited
Partner” means any EPI Limited Partner who has ceased to be employed or, in the case of an Operating Executive, retained as a consultant by any of EPI, the Investment Advisor, the Investment Manager or any of their Respective Affiliates.

 “Tax Advances” has the meaning set forth in Section 5.6. 
 “Tax Matters Partner” has the meaning set forth in Section 6.4. 
 “Temporary Investments” means (a) United States government and agency obligations maturing within three years,
(b) commercial paper rated not lower than A 1 by Standard & Poor’s Corporation or P 1 by Moody’s Investor Services, Inc. with maturities of not more than nine (9) months, (c) interest bearing deposits in banks
having one of the ratings referred to above, maturing within one year, (d) municipal bonds and other tax-exempt securities rated not lower than AA by Standard & Poor’s Corporation or Aa by Moody’s Investor Services, Inc. with
maturities of not more than one year and (e) money market mutual funds the assets of which are reasonably believed by the General Partner to consist primarily of items described in one or more of the foregoing clauses (a), (b), (c) or (d),
or (f) any other investments as the General Partner may determine. 
 “Temporary Investment Proceeds”
has the meaning set forth in Section 4.1(c)(i). 
 “Termination Date” has the meaning set forth in
Section 4.4(a). 
 “Terms Letter” means, with respect to any Partner, the letter agreement between the
Partnership and such Partner setting forth, among other matters, (a) such Partner’s Profit Sharing Percentage applicable to Private Equity Investments, (b) such Partner’s Holdback Percentage, (c) the Repurchase Percentage of
such Partner’s Profit Sharing Percentage following the termination of employment or, in the case of an Operative Executive, consultancy of such Partner (or in the case of a Family Related Limited Partner, its associated EPI Limited Partner)
with EPI, the Investment Advisor, the Investment Manager and their respective Affiliates, or otherwise and (d) the conditions to such Partner’s post-employment Profit Sharing Percentage, if any. 
 “Transfer” means any assignment, sale, exchange, transfer, pledge, encumbrance, hypothecation or other disposition of all
or any part of an Interest. 
  

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 “Treasury Regulations” means the regulations promulgated by the U.S.
Treasury Department under the Code, and unless the context otherwise specifies means the final regulations. 
 “Unfunded Private Equity Investments” means, as of any date of determination, any Private Equity Investments which the Fund will make in the future but for which capital contributions have not been made to the Fund as of
such date. 
 “Unpaid Capital Commitment” means, with respect to any Partner as of any date, an amount equal
to (a) the Capital Commitment of such Partner as of such date, minus (b) the aggregate amount of capital contributions made by such Partner to the Partnership on or prior to such date pursuant to Section 5.1(a)(i) or (ii),
plus (c) any amounts of Capital Proceeds distributed to the Partner, other than a Partner whose Capital Commitment has been reduced to zero, to the extent that when such amounts were received by the Partnership, it increased the
Partnership’s “Unfunded Capital Commitment” (as defined in the Fund Partnership Agreement) and plus or minus, as the case may be, (d) any adjustments to such Partner’s Unpaid Capital Commitment on or prior to
such date pursuant to Section 5.1 (to the extent applicable). 
 SECTION 1.2 Terms Generally. 
 The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The term “person” includes individuals, partnerships, limited liability companies, joint ventures, corporations, trusts, governments (or agencies or political
subdivisions thereof) and other associations and entities. Unless the context requires otherwise, the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. 
 ARTICLE II 
 General Provisions 
 SECTION 2.1 Formation. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario, and the federal laws of Canada applicable
therein. In particular, the Partnership is formed pursuant to the Act, and the rights and liabilities of the Partners and the restrictions, limitations and prohibitions applicable to the Partners, shall be as provided therein, except as herein
otherwise expressly provided. If, nevertheless, it shall be determined by a court of competent jurisdiction that any provision or wording of this Agreement shall be invalid or unenforceable under such Act or other applicable law, such invalidity or
unenforceability shall not invalidate the entire Agreement. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it enforceable or valid within the 

  

 13 








 
requirements of the Act or other applicable law, and, in the event such term or provision cannot be so limited, this Agreement shall be construed to omit
such invalid or unenforceable provisions. 
 (b) Each party hereto irrevocably submits to the exclusive jurisdiction of the courts of
competent jurisdiction in the Province of Ontario in respect of any action or proceeding relating in any way to this Agreement. The parties shall not raise any objection to the venue of any proceedings in any such court, including the objection that
the proceedings have been brought in an inconvenient forum. The General Partner irrevocably appoints Osler, Hoskin & Harcourt LLP (the “Process Agent”), with an office on the date of this Agreement at Box 50, 1 First
Canadian Place, Toronto, Ontario, Canada M5X 1B8, as its agent to receive on behalf of it service of copies of the statement of claim and any other process which may be served in any such action or proceeding. Such service may be made by delivering
a copy of such process to the General Partner in care of the Process Agent at the Process Agent’s most recent address in Toronto as set out herein, and the General Partner irrevocably authorizes and directs the Process Agent to accept such
service on its behalf. A final judgment in any such action or proceeding may be enforced in other jurisdictions by suit on the judgment or in any other manner specified by law and shall not be re-litigated on the merits. 
 SECTION 2.2 Partners. 
 Annex
A attached hereto contains the name and address of each Partner as of the Effective Date. The General Partner is authorized to revise Annex A from time to time to reflect the admission or withdrawal of a Partner in accordance with the terms of this
Agreement and the Act and other modifications to or changes in the information set forth therein. As of the Effective Date, GP Holdings has been admitted as a Limited Partner with a Profit Sharing Percentage equal to 50% of the aggregate Profit
Sharing Percentage. 
 SECTION 2.3 Name. 
 The Partnership shall conduct its activities under the name of “Evercore Mexico Partners II L.P.” The Partnership’s business may be conducted under any other name or names as the General Partner may
determine, in accordance with the Act. The General Partner shall give prompt notice of any such name change to each Limited Partner. 
 SECTION 2.4 Liability of the Partners Generally. 
 (a) Except as provided in this Agreement and to the extent
permitted by the Act, the General Partner shall have the liabilities of a general partner as provided in the Act. 
 (b) Except as expressly
provided in this Agreement and the Act, no Limited Partner (or former Limited Partner) shall be obligated to make any contribution of capital to the Partnership or have any liability for the debts and obligations of the Partnership. 
  

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 SECTION 2.5 Term. 
 The term of the Partnership commenced upon the filing of the Declaration of Limited Partnership in the office of the Registrar. The existence of the
Partnership shall continue unless and until the Partnership is dissolved, wound up and terminated in accordance with Article VII. No Partner shall have the right, and each Partner hereby agrees not to, withdraw from the Partnership, nor to dissolve,
terminate or liquidate, or to petition a court for the dissolution, termination or liquidation of the Partnership, in each case except as expressly provided in this Agreement or the Act; and, except with the consent of the General Partner in its
sole and absolute discretion, no Partner at any time shall have the right to petition or to take any action to subject Partnership assets or any part thereof to the authority of any court or other governmental body in connection with any bankruptcy,
insolvency, receivership or similar proceeding, except as permitted in the Act. 
 SECTION 2.6 Purpose; Powers. 
 (a) The purpose of the Partnership shall be, directly or indirectly through subsidiaries or Affiliates, (i) to serve as a general partner of the
Fund and as a general partner or in a similar capacity for other investment partnerships formed pursuant to the Fund Partnership Agreement, perform the functions required of a general partner of the Fund and as a general partner or in a similar
capacity for such other investment partnerships and make capital contributions thereto, (ii) to provide investment management services to other investment vehicles and accounts formed pursuant to the Fund Partnership Agreement, (iii) to
engage in any other lawful business under the Act and applicable law that the General Partner determines the Partnership shall engage in and (iv) to do all things necessary or incidental thereto. 
 (b) In furtherance of its purposes, the Partnership shall have all powers necessary, suitable or convenient for the accomplishment of its purposes, alone
or with others, including the following: 
 (i) to render investment and asset management services to the Fund and other
persons; 
 (ii) to hold, receive, mortgage, pledge, transfer, exchange, otherwise dispose of, grant options with respect to
and otherwise deal in and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to all Securities and other property; 
 (iii) to invest and reinvest cash assets of the Partnership in any investments, including the Fund and Temporary Investments; 

(iv) to have and maintain one or more offices outside Canada, or to the extent necessary to comply with the requirements of the Act,
within the Province of Ontario and, in connection therewith, to rent or acquire office space, engage personnel and do such other acts and things as may be advisable or necessary in connection with the maintenance of such office or offices;

 (v) to open, maintain and close bank accounts and draw checks and other orders for the payment of moneys and to open,
maintain and close accounts with brokers, custodians and others; 
  

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 (vi) to engage accountants, auditors, custodians, consultants, attorneys and any and all
other agents and assistants, both professional and nonprofessional, including Partners and their Affiliates, and to compensate them as may be necessary or advisable; provided that the Partnership shall not have any paid employees; 
 (vii) to form or cause to be formed and to own the stock of one or more corporations, whether foreign or domestic, and to form or cause to
be formed and to participate in partnerships and joint ventures, whether foreign or domestic; 
 (viii) to enter into, make
and perform all contracts, agreements and other undertakings as may be deemed necessary or advisable or incident to carrying out its purposes; 
 (ix) to sue, prosecute, settle or compromise all claims against third parties, to compromise, settle or accept judgment of claims against the Partnership, and to execute all documents and make all representations,
admissions and waivers in connection therewith; 
 (x) to borrow money from any person or to guarantee loans or other
extensions of credit for any purpose; 
 (xi) to make loans and extend other forms of credit; 
 (xii) to distribute, subject to the terms of this Agreement and the Act, at any time and from time to time to Partners cash or investments
or other property of the Partnership, or any combination thereof; 
 (xiii) to take such other actions necessary or incidental
thereto as may be permitted under applicable law; and 
 (xiv) to enter into and perform any agency cross transaction in which
EPI or any other Affiliate of the General Partner acts as broker for both the Partnership and a party on the other side of the transaction and any agency transaction in which the Partnership is a principal and in which any Affiliate of the General
Partner acts as broker for the party on the other side of the transaction. 
 To the extent possible, the activities contemplated by this
Section 2.6 shall be conducted outside of Canada. 
 SECTION 2.7 Principal Place of Business. 
 The Partnership shall maintain its principal place of business at, and its business shall be conducted from, c/o Evercore Partners Inc., 55 East 52nd
Street, 43rd Floor, New York, NY 10055, USA, or such other place as the General Partner shall determine. The activities of the Partnership will generally be carried out from the principal business office of the General Partner and any other places
as determined by the General Partner, subject to Section 3.1(e). The activities of the Partnership shall generally be carried out from the principal business office of the General Partner. The General Partner will promptly give written notice
of any change of such address to the Limited Partners. 
  

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 SECTION 2.8 Office. 
 The Partnership shall maintain an office in the Province of Ontario, Canada, and the name and address of such office in the Province of Ontario, Canada
is, Osler, Hoskin & Harcourt LLP, 100 King Street West, Suite 6600, Toronto, Ontario, Canada M5X 1B8, or such other office location in Ontario as the General Partner shall determine. 
 SECTION 2.9 Admission of Limited Partners 
 (a) On the Initial Closing Date, upon the admission of Persons subscribing for Interests as Limited Partners to the Partnership, the Organizational Limited Partner shall withdraw from the Partnership and shall be entitled to receive the
return of its capital contribution without interest or deduction. 
 (b) On the Initial Closing Date, each Person whose subscription for an
Interest has been accepted by the General Partner shall, upon execution and delivery of the Terms Letters and this Agreement, become a Limited Partner and shall be shown as such on the books and records of the Partnership. 
 (c) The General Partner may in its discretion allow other Persons to be admitted as additional Limited Partners or allow any Partner to increase its
Capital Commitment. 
 ARTICLE III 
 Management and Operation of the Partnership 
 SECTION 3.1 General Partner. 
 (a) The management, control and operation of the Partnership shall be vested exclusively in the General Partner. The General Partner shall have the sole
power and authority on behalf of and in the name of the Partnership to carry out any and all of the objects and purposes and exercise any and all of the powers of the Partnership contemplated by Section 2.6 and to perform all acts which it may
deem necessary or advisable in connection therewith. The General Partner shall not take any action that would subject any Limited Partner to liability for the debts and obligations of the Partnership. The Limited Partners shall have no part in the
management, control or operation of the Partnership and shall have no authority or right to act on behalf of the Partnership in connection with any matter. No Limited Partner shall (i) execute any document that binds, or purports to bind, the
Partnership or a Partner other than itself; or (ii) hold itself out as having the power or authority to bind the Partnership or a Partner other than itself. Except as otherwise provided herein or as required under the Act, the Limited Partners
shall not have voting rights with respect to any Partnership matters. 
 (b) The Partners agree that all actions made or taken by the General
Partner on behalf of the Partnership shall bind the Partnership, the Limited Partners and their respective successors, assigns and personal representatives. Persons dealing with the Partnership are entitled to rely conclusively upon the power and
authority of the General Partner as herein set forth. 
  

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 (c) The General Partner may delegate to any Person or Persons all or any of the powers, rights,
privileges, duties and discretion vested in it in this Article III and such delegation may be made upon such terms and conditions as the General Partner shall determine; provided that no such delegation shall modify the obligations or
liabilities of the General Partner as general partner of the Partnership under the Act and under this Agreement, or shall cause the Partnership to be deemed to be engaged in a trade or business in any jurisdiction for local income tax purposes; and
provided further that no such delegation shall cause the Partnership to be deemed to be engaged in a trade or business in Canada for Canadian income tax purposes nor shall any delegation be made to a Canadian-Resident Person. 
 (d) To the fullest extent permitted by applicable law, the General Partner (or any other Affiliate of the General Partner) is hereby authorized to
(i) purchase property from, sell property to, lend money or otherwise deal with any Affiliates, any Limited Partner, the Partnership, any of its portfolio companies or any Affiliates of any of the foregoing Persons, (ii) obtain services
from any Partner or any Affiliate of any Partner and (iii) otherwise cause or permit the Partnership, its portfolio companies and Affiliates to enter into any such transaction. 
 (e) The General Partner agrees to use commercially reasonable best efforts to ensure that the Partnership is not engaged, or deemed engaged, in a trade
or business in Canada for Canadian income tax purposes and is not otherwise subject to taxation on a net income basis in Canada. 
 SECTION 3.2 Exculpation and Indemnification. 
 (a) Notwithstanding any other terms of this Agreement, whether express
or implied, or any obligation or duty at law or in equity, no Partner nor any of its officers, directors, shareholders, members, partners, employees, representatives or agents nor any officer, employee, representative or agent of the Partnership or
its Affiliates (individually, a “Covered Person” and collectively, the “Covered Persons”) shall be liable to the Partnership or any other Partner for (i) any act or omission taken or suffered by such Covered
Person in connection with the Partnership or otherwise in connection with this Agreement, any related document or the matters contemplated hereby or thereby, unless such act or omission resulted from fraud, bad faith, willful misconduct, gross
negligence, a violation of applicable securities laws or a willful material uncured breach of this Agreement, the Investment Advisory Agreement, the Investment Management Agreement, the Fund Partnership Agreement or any related document by such
Covered Person, or (ii) any mistake, negligence, dishonesty or bad faith of any broker or other agent of the Partnership unless such Covered Person was responsible for the selection or monitoring of such broker or agent and acted in such
capacity with gross negligence, and except that nothing herein shall constitute a waiver or limitation of any rights which a Partner or the General Partner, on behalf of the Partnership, may have under applicable securities laws or of any rights
under other laws which as a matter of law may not be waived. 
 (b) To the fullest extent permitted by law, the Partnership shall indemnify
and save harmless (but only to the extent of its assets) each Covered Person from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements,
as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim) of any 

  

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nature whatsoever, known or unknown, liquidated or unliquidated, arising from any and all claims, demands, actions, suits or proceedings, civil, criminal,
administrative or investigative, in which the Covered Person may be involved, or threatened to be involved, as a party or otherwise, which relates to or arises out of or in connection with the Partnership, its property, its business or affairs,
including acting as a director or the equivalent of a company any securities of which are or were a Private Equity Investment; provided that a Covered Person shall be entitled to indemnification hereunder only to the extent that such Covered
Person’s conduct did not constitute fraud, bad faith, willful misconduct, gross negligence or a willful material uncured breach of this Agreement, the Investment Advisory Agreement, the Investment Management Agreement, the Fund Partnership
Agreement or any related document by such Covered Person, and nothing herein shall constitute a waiver or limitation of any rights which a Partner or the General Partner, on behalf of the Partnership, may have under applicable securities laws or of
rights under other laws which as a matter of law may not be waived. To the fullest extent permitted by law, expenses (including legal fees) incurred by a Covered Person in defense or settlement of any claim, demand, action, suit or proceeding may,
with the approval of the General Partner, from time to time, be advanced by the Partnership prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Partnership of a written undertaking by or on behalf of
the Covered Person to repay such amount to the extent that it shall be determined that the Covered Person is not entitled to be indemnified as authorized hereunder. 
 (c) The right of any Covered Person to the indemnification provided herein shall be cumulative of, and in addition to, any and all rights to which such Covered Person may otherwise be entitled by contract or as a
matter of law or equity and shall extend to such Covered Person’s successors, assigns and legal representatives. 
 (d) To the extent
that, at law or in equity, a Partner has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to another Partner, such Partner acting under this Agreement shall not be liable to the Partnership or to any such
other Partner for his or her good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of a Partner otherwise existing at law or in equity, are
agreed by the Partners to modify to that extent such other duties and liabilities of such Partner. 
 (e) Whenever in this Agreement a person
is permitted or required to make a decision (i) in his or her “sole discretion,” “sole and absolute discretion” or “discretion” or under a grant of similar authority or latitude, the person shall be entitled to
consider any interests and factors as it desires, including its own interests, or (ii) in its “good faith” or under another express standard, the person shall act under such express standard and shall not be subject to any other or
different standards imposed by this Agreement or any other agreement contemplated herein or by relevant provisions of law or in equity or otherwise. 
 SECTION 3.3 Officers. 
 Subject to the direction of the General Partner, the day-to-day
administration of the business of the Partnership may be carried out by employees and agents of the General Partner who may be designated as officers, with titles including but not limited to “founder,” “chairman,”
“vice-chairman,” “principal,” “president,” “vice president,” “treasurer,” “assistant 

  

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treasurer,” “secretary,” “assistant secretary,” “general manager,” “senior managing director,” “managing
director,” “director,” “chief operating officer,” “and “chief financial officer,” as and to the extent authorized by the General Partner. The officers of the Partnership shall have such titles and powers and
perform such duties as shall be determined from time to time by the General Partner and otherwise as shall customarily pertain to such offices. Any number of offices may be held by the same person. Where such employees or agents administer the
business of the Partnership, such administration shall be conducted outside of Canada to the extent possible. 
 ARTICLE IV 

Distributions 
 SECTION 4.1
Distributions — General Principles and Definitions. 
 (a) Except as otherwise expressly provided in this Article IV or in
Article VII of this Agreement or as permitted under the Act, no Partner shall have the right to withdraw capital from the Partnership or to receive any distribution or return of any capital contribution. Notwithstanding any provision to the contrary
contained in this Agreement, the Partnership shall not be required to make a distribution to a Partner on account of such Partner’s interest in the Partnership if such distribution would violate the Act or any other applicable law. 

(b) Distributions pursuant to this Article IV may be made in cash or in Securities, provided that distributions of Carried Interest Proceeds and
Capital Proceeds shall be made to the extent practicable in the same form and proportions as such Carried Interest Proceeds and Capital Proceeds are received by the Partnership from the Fund. Distributions of Securities shall be made in the same
manner as if cash in an amount equal to the Fair Market Value of such Securities were to be distributed. Distributions consisting of both cash and Securities shall be made, to the extent practicable, in the same proportions of cash and Securities to
each Partner receiving such distributions. To the extent practicable, distributions consisting of or including Securities shall be made in a manner such that each Partner entitled to receive such a distribution shall receive Securities with the same
rights attendant thereto (including registration, voting and anti-dilution rights) as the other Partners receiving such Securities in any concurrent distribution. 
 (i) (i) Temporary Investment Proceeds” means income from sources other than the Fund or Private Equity Investments, net of
Partnership expenses and reserves for Partnership expenses allocable thereto. 
 (ii) “Capital Proceeds” with
respect to the Partnership or any other person means the distributions and proceeds to the Partnership or such other person from the Fund or Private Equity Investments other than Carried Interest Proceeds, including distributions and proceeds
representing the return (whether of current income or disposition proceeds) in respect of having made capital contributions for such Private Equity Investments, net of Partnership expenses and reserves for Partnership expenses allocable thereto.

  

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 (iii) “Carried Interest Proceeds” with respect to the Partnership or any
other person means the distributions and proceeds to the Partnership or such other person of Carried Interest (including any amounts placed on behalf of such other person into the Holdback Account pursuant to Section 4.5(a) hereof). 

(d) Subject to Section 4.5 and to the maintenance of the Operating Reserve, distributions to the Partners of Capital Proceeds and Carried
Interest Proceeds shall be made as soon as practicable after the date such Capital Proceeds and Carried Interest Proceeds are received by the Partnership. Subject to the maintenance of the Operating Reserve, Temporary Investment Proceeds shall be
distributed on an annual basis, or at such times as determined in the sole and absolute discretion of the General Partner. 
 SECTION
4.2 Amounts and Priority of Distributions. 
 (a) Treatment of Capital Proceeds. Each distribution of Capital Proceeds from
a Private Equity Investment shall be made to the Partners in proportion to their respective capital contributions through the Partnership for such Private Equity Investment; provided that in order to avoid duplicative distributions, with
respect to Special Limited Partners, for purposes of calculating any distribution of Capital Proceeds from a Private Equity Investment pursuant to this Section 4.2(a), the amount of the capital contributions made by such Special Limited Partner
through the Partnership for such Private Equity Investment shall be reduced by the amount of the Repurchased Capital Contributions with respect to such Private Equity Investment. 
 (b) Treatment of Carried Interest Proceeds. Subject to Section 4.5, any Carried Interest Proceeds shall be paid to the Partners in proportion
to their respective Profit Sharing Percentages as of the date of such Partners’ distribution (taking into account adjustments as provided herein, including the repurchase rights provided in Section 4.4). 
 (c) Treatment of Temporary Investment Proceeds. Each distribution of Temporary Investment Proceeds shall be distributed among the Partners in
proportion to their respective proportionate interests in the Partnership property or funds that produced such Temporary Investment Proceeds, as reasonably determined by the General Partner. 
 SECTION 4.3 Certain Adjustments in Profit Sharing Percentages. 
 (a) Increases in Profit Sharing Percentages of Partners Following Various Events Specified in Section 4.4. The amount, if any, by which the
Profit Sharing Percentage of a Partner is reduced pursuant to Section 4.4 shall be reallocated among the other Partners (other than GP Holdings) in proportion to their existing Profit Sharing Percentages or in such other manner and in such
other amounts (which need not be proportionate) as the General Partner shall determine. 
 (b) Restriction on Reduction in Profit Sharing
Percentages. Except as provided in a Partner’s Terms Letter or in Sections 4.3(c) and 4.4 herein, the Profit Sharing Percentage of any Partner and his or her Family Related Limited Partners shall not be reduced without his or her consent.
Except as provided in a Special Limited Partner’s Terms Letter or other agreement with the Partnership regarding the termination of such Special Limited Partner’s employment or consultancy, or pursuant to Section 4.3(c) or 4.4 hereof,
the Profit Sharing 

  

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Percentage of a Special Limited Partner shall not be subject to reduction. The Profit Sharing Percentage of GP Holdings shall not be subject to reduction or
increase. For the avoidance of doubt, any adjustments in Profit Sharing Percentages pursuant to Section 4.3(c) shall not be considered “reductions” in Profit Sharing Percentages for purposes of this Section 4.3(b). 
 (c) Adjustments to Profit Sharing Percentages Due to Issuance of Interests. In the event of the admission of any person as an additional Partner
pursuant to Section 9.1 or the issuance of any Interest to any existing Partner and any Family Related Limited Partner, the Profit Sharing Percentage allocated to such Partner in connection therewith shall reduce the Profit Sharing Percentages
of all other Partners (other than GP Holdings) pro rata based upon their Profit Sharing Percentages immediately prior to such admission or issuance; provided that the General Partner may, in its sole and absolute discretion determine
that this provision shall not apply to one or more Partners in any given instance. The allocation of the Profit Sharing Percentage to GP Holdings has reduced the Profit Sharing Percentages as of the Effective Date of all EPI Limited Partners pro
rata based upon their Profit Sharing Percentages immediately prior to the admission of GP Holdings as a Limited Partner. 
 (d) The General
Partner shall cause the books and records of the Partnership to reflect the Profit Sharing Percentage of each Partner as adjusted pursuant to this Agreement from time to time. 
 SECTION 4.4 Repurchase Rights Following Termination of Employment and Default with Respect to Capital Contributions. 
 (a) Repurchase Right Following Termination of Employment. Following the termination of employment or, in the case of an Operating Executive,
consultancy of a Partner with EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates (the “Termination Date”), the General Partner, on behalf of the Partnership, shall have the right, but not the
obligation, to repurchase all or a portion of the Repurchase Percentage of such Partner’s Profit Sharing Percentage as of the Termination Date (subject to pro rata dilution pursuant to Section 4.3(c)) for the Repurchase Price, in
accordance with the provisions of, and solely to the extent set forth in, this Agreement and such Partner’s Terms Letter; provided that (i) such Partner’s right to any Profit Sharing Percentage following such Partner’s
Termination Date, and the Partnership’s obligation to make any payments to such Partner following such Partner’s Termination Date, is expressly subject to the conditions set forth in such Partner’s Terms Letter (including the
Partnership’s right to repurchase all or a portion of such Partner’s Profit Sharing Percentage not previously repurchased in the event that such Partner fails to satisfy any of the conditions to such Partner’s post-employment Profit
Sharing Percentage) and (ii) such Partner may be obligated to repay to the Partnership any payments received by such Partner from the Partnership following termination of such Partner’s employment or consultancy in respect of any Profit
Sharing Percentage not repurchased by the Partnership upon violation of any of the conditions set forth in such Partner’s Terms Letter. A Partner shall remain obligated for further capital contributions with respect to such Partner’s
Profit Sharing Percentage and shall be responsible for such Partner’s (A) Give-Back Amount and (B) share of other returns of distributions with respect to any Funded Private Equity Investments realized prior to the date of
determination and any portion of such Partner’s Profit Sharing Percentage not repurchased. For the avoidance of doubt, this Section 4.4(a) shall not apply with respect to GP Holdings. 
  

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 (b) Repurchase Right Following Default in Capital Contributions. If a Partner defaults with
respect to such Partner’s obligation to make capital contributions pursuant to Section 5.1(a) below, the General Partner, on behalf of the Partnership, shall have the right, but not the obligation, to repurchase such defaulting
Partner’s entire Profit Sharing Percentage as of the date of default (i.e., the Repurchase Percentage shall be deemed to equal 100%) for the Repurchase Price; provided that a default shall not be deemed to have occurred until a ten day
period immediately following the initial failure by such Partner to make such capital contribution shall have expired; and provided further, that any such Partner shall reimburse each other Partner for any funds advanced by such other Partner
to cover any capital contributions owed by the defaulting Partner to the Partnership, together with interest thereon at a per annum rate equal to the Default Interest Rate on the principal amount of the funds advanced, until such other Partner shall
have been reimbursed for all such funds advanced on behalf of the defaulting Partner, together with all such interest due thereon. 
 (c) The
repurchase rights set forth in this Section 4.4 may be exercised by notice provided by the Partnership to the applicable Partner (a “Repurchase Notice”), specifying the percentage of the Profit Sharing Percentage which is to be
repurchased. A Repurchase Notice shall be given by the Partnership to the applicable Partner within 90 days after such Partner’s default or termination of employment, as the case may be. Upon receipt of a Repurchase Notice, the Partner who
receives such Repurchase Notice shall be obligated to sell to the Partnership or its designee the Repurchase Percentage specified by the Partnership in the Repurchase Notice. With respect to any repurchase of a Partner’s Profit Sharing
Percentage pursuant to this Section 4.4, the Partnership shall record in its books and records the Repurchase Price owed by the Partnership to such Partner. The Repurchase Price shall be payable in installments. Each such installment shall be
payable upon the distribution of Capital Proceeds to Partners pursuant to Section 4.1 in respect of a particular Private Equity Investment, and the amount of each such installment shall equal the portion of the Repurchase Price payable at such
time with respect to such Private Equity Investment. In lieu of the foregoing, the General Partner, on behalf of the Partnership, may, with the consent of the applicable Partner, pay the Repurchase Price to such Partner on such Partner’s
Termination Date, to the extent that such Repurchase Price is then determinable; to the extent that all or a portion of such Repurchase Price is not then determinable, the General Partner, on behalf of the Partnership, may pay the remainder of such
Repurchase Price to such Partner at such times that the Repurchase Price would otherwise be paid in accordance with this Section 4.4. 
 (d) Notwithstanding anything to the contrary in this Section 4.4 and the Terms Letters, the General Partner in its sole and absolute discretion may agree to vary in any manner more favorable to a Partner the amount by which such
Partner’s Profit Sharing Percentage would be reduced by the operation of the provisions of this Section 4.4 and the Terms Letters. 
 (e) The provisions and remedies in this Section 4.4 are not exclusive, and each such provision or remedy shall be cumulative and in addition to every other right, power or remedy whether conferred herein or now or hereafter available
at law or in equity or by statute or otherwise. Each Partner acknowledges by his or her execution hereof that such Partner has been admitted to the Partnership in reliance upon such Partner’s agreements hereunder, that the Partnership and the
other Partners may have no adequate remedy at law for a breach hereof and that damages resulting from a breach hereof may be impossible to ascertain at the time hereof or of such breach. 
  

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 SECTION 4.5 Holdback Account; Payment of Give-Back Obligation to the Fund. 
 (a) Establishment of the Holdback Account. The Partnership shall establish a separate account (the “Holdback Account”) with a
sub-account for each Partner. Except as provided in this Section 4.5, in lieu of distributing to the Partners the Carried Interest Proceeds to which they are otherwise entitled hereunder, the Partnership shall retain such Carried Interest
Proceeds and shall credit the sub-account of each such Partner in the Holdback Account with the amount of Carried Interest Proceeds otherwise distributable to such Partner, in an amount equal to the product of such Partner’s Carried Interest
Proceeds multiplied by such Partner’s Holdback Percentage. Subject to Section 4.5(b), in the event that an EPI Limited Partner ceases to be employed or retained as a consultant by any of EPI, the Investment Advisor, the Investment Manager
or any of their respective Affiliates and, thereby, becomes a Special Limited Partner, his or her Holdback Percentage, and the Holdback Percentage of his or her Family Related Limited Partners, shall be adjusted to equal 100%. 
 (b) Distributions out of the Holdback Account. (i) The General Partner in its sole and absolute discretion may determine to distribute to any
Partner all or any portion of the amounts in such Partner’s sub-account in the Holdback Account and/or terminate the requirement that such Partner’s distributions of Carried Interest Proceeds be placed in the Holdback Account, subject to
such conditions, undertakings, guarantees, security, credit support and/or other provisions, as the General Partner in its sole and absolute discretion at that time may deem necessary or advisable, without regard as to whether similar or different
requirements have been established with respect to other Partners. 
 (ii) An amount equal to the interest or other amounts
earned on the funds in the Holdback Account may be released and paid to the Partners in proportion to their respective interests in the Holdback Account as determined from time to time by the General Partner. 
 (c) Payment of Give-Back Obligation to the Fund. (i) If at any time the General Partner, on behalf of the Partnership, is still required to
contribute any portion of the Give-Back Obligation to the Fund, then: 
 (A) there shall be deducted against each
Partner’s sub-account in the Holdback Account an amount (such Partner’s “Give-Back Amount”) which equals (I) the product of (x) such Partner’s Carried Interest Give Back Percentage and (y) the portion
of the Give-Back Obligation that the General Partner, on behalf of the Partnership, is still required to contribute to the Fund, 
 (B) each Partner shall promptly contribute to the Partnership an amount equal to the excess, if any, of (I) such Partner’s Give-Back Amount over (II) the amount of such Partner’s sub-account, if any, in the Holdback Account,
and 
  

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 (C) the portion of the Give-Back Obligation shall be paid out of the funds deducted or
contributed pursuant to clauses (A) and (B) above. 
 (ii) The General Partner, on behalf of the Partnership, shall
be entitled to collect interest on the amount which any Partner has failed to timely pay pursuant to this Section 4.5(c) from the date such amount was to have been paid to the date of payment in full at a rate equal to the Default Interest
Rate. Any Partner defaulting on his or her obligation to contribute to the Partnership any amount pursuant to this Section 4.5(c) shall be obligated to reimburse the Partnership for all reasonable attorney’s fees and expenses and all other
costs and expenses incurred by the Partnership in enforcing against such Partner such obligation. The General Partner, on behalf of the Partnership, shall have the right to set-off as appropriate and apply against such Partner’s obligation to
make such contribution, any default interest accruing thereon and such Partner’s reimbursement obligations hereunder, any amounts otherwise payable to such Partner by the General Partner, on behalf of the Partnership, or any other Affiliate
thereof (including amounts unrelated to Carried Interest Proceeds, such as returns of capital, profit thereon and dividends, as well as employee salary or bonus). In addition, subject to Sections 10.17 and 10.19, in the event that any Partner
defaults on his or her obligation to contribute to the Partnership any amount pursuant to this Section 4.5(c) (a “Defaulted Amount”), each Partner shall be required to contribute an amount which equals the product of
(I) the percentage obtained by dividing (x) such Partner’s Give-Back Amount by (y) the aggregate amount of Give-Back Amounts of all Partners and (II) the Defaulted Amount; provided that in no event shall any Partner be
obligated to contribute an amount in excess of 125% of such Partner’s Give-Back Amount. The General Partner may determine in its sole discretion to reimburse to any Partner who has contributed a portion of a Defaulted Amount any amounts
collected, pursuant to the Partnership’s right of set-off or otherwise, from the defaulting Partner. 
 (iii) A
Partner’s obligation to make payments under this Section 4.5 shall survive the termination of the Partnership, termination of such Partner’s employment or consultancy with EPI, the Investment Advisor, the Investment Manager or any of
their respective Affiliates and such Partner’s withdrawal from the Partnership, so that for purposes of this Section 4.5 a former Partner shall continue to be treated as a Partner. 
 (d) Release of Funds in Holdback Account; Contingent Liabilities. Any amounts remaining in a Partner’s sub-account in the Holdback Account
after deduction of any amounts required by Section 4.5(c) shall be distributed to such Partner as promptly as practicable following the date of determination of the Give-Back Obligation; provided that if there is any Proceeding then
pending or any other liability or claim then outstanding against the Partnership or any Fund and the General Partner in its sole and absolute discretion determines that such amounts in the Holdback Account may be necessary to satisfy the
Partners’ share of any obligation arising out of such Proceeding, liability or claim, then the General Partner shall so notify the Partners and, in that event, such amounts, or the portion thereof specified by the General Partner in such
notice, shall be retained in the Holdback Account until such time or times as the General Partner in its sole and absolute discretion determines that such amounts may be distributed to the Partners. 
  

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 (e) Tax Matters Relating to the Holdback Account. To the extent determined by the General Partner
from time to time in its sole discretion, on an estimated tax payment date for a Partner on behalf of whom amounts are placed in the Holdback Account (a “Holdback Partner”) in any year, the General Partner, on behalf of the
Partnership, may make a cash advance against distributions of Carried Interest Proceeds to such Holdback Partner to the extent distributions actually received by such Holdback Partner (net of amounts placed in the Holdback Account) are not
sufficient for such Holdback Partner to pay when due estimated income tax imposed on it, calculated using the Assumed Income Tax Rate (the “Estimated Income Tax Amount”). Amounts of Carried Interest Proceeds otherwise distributable
to a Holdback Partner pursuant to Section 4.2(b) shall be reduced by the amount of any Estimated Income Tax Amounts distributed to such Holdback Partner pursuant to this Section 4.5(e) until all such Estimated Income Tax Amounts are
restored. As promptly as reasonably practicable following the end of the fiscal year of the Partnership to which such Carried Interest Proceeds are attributable, the General Partner, on behalf of the Partnership, shall calculate, with respect to
each Holdback Partner who has received a distribution of an Estimated Income Tax Amount, the product of (x) the actual taxable income allocable in respect of the Carried Interest Proceeds attributable to such Holdback Partner in such year less
the cumulative taxable loss that has been allocated to such Holdback Partner to the extent such loss has not previously reduced taxable income pursuant to this provision and (y) the Assumed Income Tax Rate (the “Recalculated Income Tax
Amount”). If any Holdback Partner has received distributions under this Section 4.5(e) or Section 4.5(b) for such year which are less than the Recalculated Income Tax Amount, as determined by the General Partner in its sole
discretion, the General Partner, on behalf of the Partnership, may distribute to such Holdback Partner the amount of such deficiency, together with any penalties or interest assessed that are attributable to a differential between the Estimated
Income Tax Amount and the Recalculated Income Tax Amount, out of the funds in the Holdback Account on the due date for the filing of such Holdback Partner’s tax return for such year. If any Holdback Partner has received distributions of
aggregate Estimated Income Tax Amounts in excess of the Recalculated Income Tax Amount (such excess, the “Excess Income Tax Amount”), such Holdback Partner shall as promptly as practicable (and, in any event, within 90 days of such
notice) contribute to the Partnership the amount specified in such notice, without interest thereon, for credit to the Holdback Account; provided that, until such Excess Income Tax Amount is repaid in full, to the fullest extent provided at
law or in equity, the Partnership shall have a security interest in all rights, title and interest in and to such Partner’s interest in the Partnership, and, notwithstanding anything to the contrary contained in this Agreement, the Partnership
shall not be obligated to make any further payment or distribution to such Partner until such Excess Income Tax Amount shall have been repaid. The General Partner, on behalf of the Partnership, shall have the right to set-off as appropriate and
apply against such Partner’s obligation to make such contribution pursuant to this Section 4.5(e) the obligations of the Partnership to distribute funds pursuant to this Section 4.5(e) and any amounts otherwise payable to such Partner
by the Partnership or any other Affiliate thereof (including amounts unrelated to Estimated Income Tax Amounts and Excess Income Tax Amounts, such as returns of capital, profit thereon and dividends, as well as employee salary or bonus). 

 

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 ARTICLE V 
 Capital Contributions and Capital Commitments; Allocations; Expenses 
 SECTION 5.1 Capital
Contributions. 
 (a) (i) Capital Calls for Contributions to Fund. At least five Business Days prior to each date
on which the General Partner, on behalf of the Partnership, is required to make a capital contribution pursuant to the Fund Partnership Agreement, each Partner shall make a capital contribution to the Partnership in immediately available funds in an
amount equal to the product of (A) the amount of such capital contribution to be made by the Partnership and (B) a fraction the numerator of which shall be the Unpaid Capital Commitment of such Partner and the denominator of which shall be
the Unpaid Capital Commitments of all Partners; provided that no default shall be deemed to have occurred hereunder until the date on which the General Partner, on behalf of the Partnership, is required to make such capital contribution. The
General Partner shall give each Partner at least five Business Days prior notice of the amount to be contributed by such Partner pursuant to this Section 5.1(a)(i). Any amount so contributed shall reduce such Partner’s Unpaid Capital
Commitment. The General Partner, on behalf of the Partnership, may invest, until such capital contributions are made to the Fund, any funds received by it from a Partner pursuant to this Section 5.1(a)(i) in the manner determined by the General
Partner. Any interest earned thereon shall be for the account of such Partner and shall be distributed to such Partner promptly following the date on which such capital contributions are made to the extent that the General Partner determines in good
faith that such interest is not required to pay expenses of the Partnership. 
 (ii) Other Capital Calls. The General
Partner may determine in its sole and absolute discretion at any time or from time to time that the Partnership requires additional capital to meet its obligations for extraordinary expenses such as litigation expenses, or other expenses of the
Partnership. In the event the General Partner issues such a capital call, each Partner shall make a capital contribution to the Partnership in immediately available funds in an amount equal to the product of (A) the amount of such required
capital and (B) such Partner’s Profit Sharing Percentage; provided that the General Partner may calculate the capital contributions to be made by the Partners with respect to such expenses on any other basis (including on the basis
of Unpaid Capital Commitments and/or requiring certain, but not all, Partners to make capital contributions for extraordinary expenses) if the General Partner determines in good faith that such other basis is clearly more equitable; provided,
further, that no Partner shall be required to make a capital contribution pursuant to this Section 5.1(a)(ii) in an amount greater than its Unpaid Capital Commitment. The General Partner shall give each Partner at least five Business
Days prior notice of the amount to be contributed by such Partner pursuant to this Section 5.1(a)(ii). Any amount so contributed by a Partner shall reduce such Partner’s Unpaid Capital Commitment. The General Partner, on behalf of the
Partnership, may determine, in its sole discretion, to advance funds out of the Operating Reserve to any Partner to fund such Partner’s capital contributions. 
  

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 (iii) Returns of Distributions. If at any time the General Partner in its sole and
absolute discretion determines that the Partnership cannot meet its obligations for extraordinary expenses such as litigation expenses, including as a result of a Section 9.2 Liability (as defined in the Fund Partnership Agreement) the General
Partner may require each Partner and former Partner to return distributions made to such Partner hereunder for the purpose of meeting such Partner’s pro rata share (based on the Partners’ After-Tax Carried Interest Amounts) of such
obligations in an amount up to, but in no event in excess of, the aggregate amount of distributions actually received by such Partner from the Partnership. The General Partner shall give each Partner and former Partner at least five Business Days
prior notice of the amount to be contributed by such Partner pursuant to this Section 5.1(a)(iii). The General Partner may require returns of distributions pursuant to this Section 5.1(a)(iii) without regard to whether a call for capital
contributions could be made pursuant to Section 5.1(a)(ii). Notwithstanding the foregoing, no Partner shall be required to return distributions under this Section 5.1(a)(iii) other than for obligations arising primarily from activities of
the Partnership during the period of such Partner’s (or in the case of a Family Related Limited Partner, its associated EPI Limited Partner’s) employment with, or retention by, EPI, the Investment Advisor, the Investment Manager or any of
their respective Affiliates. 
 (b) Consequences of Capital Call Default. In the event that a Partner defaults with respect to such
Partner’s obligation to make capital contributions or return distributions pursuant to Section 5.1(a) (such Partner being sometimes referred to herein as a “Defaulting Partner”), the General Partner at its option may
(i) require other Partners to make such capital contribution in proportion to their respective Profit Sharing Percentages, or on any other basis (including on the basis of Unpaid Capital Commitments and/or requiring certain, but not all,
Partners to make capital contributions) if the General Partner determines in good faith that such other basis is clearly more equitable, or (ii) arrange for the amount of such capital contribution to be advanced on behalf of such Defaulting
Partner on such terms as the General Partner shall determine in its sole and absolute discretion to be fair and equitable, which may include provision for security as provided below. Each Partner hereby grants to the Partnership a right of set-off
and a security interest, effective upon such Partner becoming a Defaulting Partner, in all accounts receivable and other rights to receive payment (other than in respect of employee salary or bonus) from the Partnership or any of its Affiliates and
agrees that, upon the effectiveness of such security interest, the General Partner, on behalf of the Partnership, may sell, collect or otherwise realize upon such collateral. 
 (c) A Partner’s Unpaid Capital Commitment will be adjusted proportionately with adjustments (including to zero) in Profit Sharing Percentages. Any
adjustment of the Capital Commitment of a Partner shall be reflected on the books and records of the Partnership. If at any time the Profit Sharing Percentage and Unpaid Capital Commitment of a Partner are reduced to zero and such Partner has not
made a capital contribution to the Partnership, the General Partner may remove such Partner as a Partner of the Partnership. 
 (d) Except as
provided in this Section 5.1, no Partner shall be required to make capital contributions to the Partnership. 
  

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 SECTION 5.2 Capital Accounts. 
 A separate capital account (a “Capital Account”) shall be established and maintained for each Partner. The Capital Account of each
Partner shall be credited with such Partner’s capital contributions, if any, to the Partnership, all Profits allocated to such Partner pursuant to Section 5.3 and any items of income or gain which are specially allocated pursuant to
Section 5.4; and shall be debited with all Losses allocated to such Partner pursuant to Section 5.3, any items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.4, and all cash and the
Carrying Value of any property (net of liabilities assumed by such Partner and the liabilities to which such property is subject) distributed by the Partnership to such Partner. To the extent not provided for in the preceding sentence, the Capital
Accounts of the Partners shall be adjusted and maintained in accordance with the rules of Treasury Regulations Section 1.704-1(b)(2)(iv), as the same may be amended or revised. Any references in any section of this Agreement to the Capital
Account of a Partner shall be deemed to refer to such Capital Account as the same may be credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this
Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest. 
 SECTION 5.3 Allocations of Profits and Losses. 
 Except as otherwise provided in this Agreement, Profits and Losses
and to the extent necessary, individual items of income, gain, loss or deduction of the Partnership shall be allocated among the Partners in a manner such that the Capital Account of each Partner, after giving effect to the special allocations set
forth in Sections 5.4(b), (c), (d), (e), (f), (g), (h) and (i) and immediately after making such allocation, is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made to such Partner pursuant to
Section 7.3 if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their respective Carrying Values, all Partnership liabilities were satisfied (limited with respect to each nonrecourse liability to the
Carrying Value of the assets securing such liability), and the net assets of the Partnership were distributed in accordance with Section 7.3 to the Partners immediately after making such allocation, minus (ii) such Partner’s share of
Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets, minus (iii) such Partner’s obligations in respect of any Give-Back Obligation. 
 SECTION 5.4 Special Allocations. 
 Notwithstanding any other provision in this Article V: 
 (a) Minimum Gain Chargeback. If there is a net decrease in
Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially
allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g)
and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f). This Section 5.4(a) is intended to comply with the minimum gain chargeback requirements in such Treasury
Regulations Sections and shall be interpreted consistently therewith; including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 
  

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 (b) Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or
distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the deficit
balance in such Partner’s Adjusted Capital Account Balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this Section 5.4(b) shall be made only to the extent that
a Partner would have a deficit Adjusted Capital Account Balance in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if this Section 5.4(b) were not in this Agreement. This
Section 5.4(b) is intended to comply with the “qualified income offset” requirement of the Code and shall be interpreted consistently therewith. 
 (c) Gross Income Allocation. If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any,
pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner
shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.4(c) shall be made only if and to the extent that a Partner
would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.4(b) and this Section 5.4(c) were not in this Agreement. 
 (d) Payee Allocation. In the event any payment to any person that is treated by the Partnership as the payment of an expense is recharacterized by
a taxing authority as a Partnership distribution to the payee as a Partner, such payee shall be specially allocated an amount of Partnership gross income and gain as quickly as possible equal to the amount of the distribution. 
 (e) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Capital Account
balances. 
 (f) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to the
Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(j). 
 (g) Allocations Relating to Taxable Issuance of Partnership Interests. Any income, gain, loss, or deduction realized as a direct or indirect
result of the issuance (or deemed issuance) of an Interest to a Partner (the “Issuance Items”) shall be allocated among the Partners so that, to the extent possible, the net amount of such Issuance Items, together with all other
allocations under this Agreement to each Partner, shall be equal to the net amount that would have been allocated to each such Partner if the Issuance Items had not been realized. 
 (h) Creditable Foreign Taxes. Creditable Foreign Taxes for any taxable period attributable to the Partnership, or an entity owned directly or
indirectly by the Partnership, shall be allocated to the Partners in proportion to the Partners’ distributive shares of income 

  

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(including income allocated pursuant to Section 704(c) of the Code) to which the Creditable Foreign Tax relates (under principles of Treasury
Regulations Section 1.904-6). The provisions of this Section 5.4(h) are intended to comply with the provisions of Temporary Treasury Regulations Section 1.704-1T(b)(4)(xi), and shall be interpreted consistently therewith. 

SECTION 5.5 Tax Allocations. 
 For income tax purposes, each item of income, gain, loss and deduction of the Partnership shall be allocated among the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated
for Capital Account purposes; provided that in the case of any asset the Carrying Value of which differs from its adjusted tax basis for United States federal income tax purposes, income, gain, loss and deduction with respect to such asset
shall be allocated solely for income tax purposes in accordance with the principles of Sections 704(b) and (c) of the Code (in any manner determined by the General Partner) so as to take account of the difference between Carrying Value and
adjusted basis of such asset; provided, further, that the Partnership shall use the traditional method (as such term is defined in Treas. Reg. section 1.704-3(b)(1)) for all Section 704(c) allocations and “reverse Section 704(c)”
allocations. Notwithstanding the foregoing, the Tax Matters Partner shall make such allocations for tax purposes as may be needed to ensure that allocations are in accordance with the interests of the Partners, within the meaning of the Code and
Treasury Regulations. 
 SECTION 5.6 Tax Advances. 
 To the extent the Partnership is required by law to withhold or to make tax payments on behalf of or with respect to any Partner or the Partnership is
subjected to tax itself by reason of the status of any Partner (“Tax Advances”), the General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall, at the
option of the General Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions
which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. Whenever the General Partner selects option
(ii) pursuant to the preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Agreement such Partner shall be treated as having received all distributions (whether before or upon liquidation) unreduced by
the amount of such Tax Advance. The Partnership shall also have the right to set-off as appropriate and apply against such Partner’s obligation to repay Tax Advances any amounts otherwise payable to such Partner by any Affiliate of the
Partnership (including amounts such as returns of capital, profit thereon and dividends, but not employee salary or bonus). Each Partner hereby agrees to indemnify and hold harmless the Partnership and the other Partners from and against any
liability (including, without limitation, any liability for taxes, penalties, additions to tax or interest) with respect to income attributable to or distributions or other payments to such Partner. 
  

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 SECTION 5.7 Expenses. 
 Except as otherwise agreed to by the Partners, the Partnership shall bear and be responsible for all expenses incurred in connection with the operation
of the Partnership. The General Partner may cause the Partnership to borrow from any Affiliate on such terms as the General Partner may reasonably determine for the payment of expenses, and may cause the Partnership to pay expenses and repay
borrowings from any source of funds of the Partnership as the General Partner may determine. 
 ARTICLE VI 
 Books and Reports; Tax Matters 
 SECTION 6.1 General Accounting Matters. 
 (a) The General Partner shall keep or cause to be kept books and records
pertaining to the Partnership’s business showing all of its assets and liabilities, receipts and disbursements, Profits and Losses, Partners’ Capital Accounts and all transactions entered into by the Partnership, including the Record of
Limited Partners. Such books and records of the Partnership shall be kept by the General Partner at its principal place of business and at the Partnership’s office in Ontario and shall be available for inspection by any Partner or the estate or
other legal representative thereof during normal business hours; provided that to the fullest extent permitted by law, other than as provided in Section 6.1(b) below, the General Partner may withhold access of any Partner (or the estate or
other legal representative thereof) to information regarding the affairs of the Partnership to the extent that the General Partner reasonably determines that it is in the interests of the Partnership to withhold such access for reasons of
confidentiality, but may not withhold access to any such information from the professional advisors of any such Partner (or the estate or other legal representative thereof) who need access to such information for purposes of monitoring compliance
with the provisions hereof if such professional advisors agree to comply with such measures as the General Partner may reasonably impose to preserve the confidentiality of such information from such Partner (or the estate or other legal
representative thereof). The Partnership’s books of account shall be maintained in United States dollars and kept on the tax basis method of accounting in accordance with principles established by the General Partner and otherwise in accordance
with United States generally accepted accounting principles and on a basis consistent with the books of account of the Fund. 
 (b) As soon
as is practicable after the close of each Fiscal Year, a copy of the financial statements of the Partnership shall be furnished to each Partner and shall include, as of the end of such Fiscal Year: 
 (i) a statement of net assets of the Partnership; 
 (ii) a statement of income or loss and a statement of Partners’ capital; and 
 (iii) a statement of changes in cash flow of the Partnership. 
 In addition, each person that was a Partner at any time during a Fiscal Year shall be supplied with such information as may be reasonably required to
enable such Partner to prepare its Federal, state, local and foreign income tax returns based upon such person’s status as 

  

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a Partner, such other information as such Person may reasonably request for the purpose of applying for withholding taxes and a statement as to such
Partner’s Capital Account as at the close of such Fiscal Year. 
 SECTION 6.2 Fiscal Year. 
 The Fiscal Year of the Partnership for financial statement and tax purposes shall begin January 1st and end on December 31st of each year,
except for short taxable years in the years of the Partnership’s formation and termination and as otherwise required by Code. 
 SECTION 6.3 N 6.3 Certain Tax Matters. 
 The General Partner shall prepare or cause to be prepared all Federal, state
and local, as well as foreign, if any, tax returns of the Partnership for each year for which such returns are required to be filed and shall file or cause such returns to be timely filed. The General Partner shall determine the appropriate
treatment of each item of income, gain, loss, deduction and credit of the Partnership and the accounting methods and conventions under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of any
such item or any other method or procedure related to the preparation of such tax returns. The General Partner may cause the Partnership to make or refrain from making any and all elections permitted by such tax laws. The Partnership and each
Partner hereby designate the General Partner (or such other Partner as the General Partner may designate) as the “tax matters partner” for purposes of Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Tax
Matters Partner will take no action which is reasonably expected to have a material adverse effect on one or more of the Partners unless such action is approved by the General Partner. The Tax Matters Partner will be responsible for notifying all
Partners of ongoing proceedings, both administrative and judicial, and will represent the Partnership throughout any such proceeding. The Partners will furnish the Tax Matters Partner with such information as it may reasonably request to provide the
Internal Revenue Service with sufficient information to allow proper notice to the Partners. The Tax Matters Partner will not bind any other Partner to any extension of the statute of limitations or to a settlement agreement without such
Partner’s written consent which consent shall not be unreasonably withheld. The Tax Matters Partner shall take such action as may be necessary to cause each other Partner to become a “notice partner” within the meaning of section 6223
of the Code. 
 ARTICLE VII 
 Dissolution 
 SECTION 7.1 Dissolution. 
 The Partnership shall be dissolved and subsequently terminated upon a determination by the General Partner to dissolve the Partnership at any time
following the dissolution and termination of the Fund. Subject to the Act, the death, retirement, dissolution, resignation, expulsion or bankruptcy of any Partner shall not cause the dissolution of the Partnership, and following any such event the
remaining Partners shall have the right to continue the business of the Partnership. 
  

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 SECTION 7.2 Winding-up. 
 When the Partnership is dissolved, the business and property of the Partnership shall be wound up and liquidated by the General Partner. The General
Partner shall use its best efforts to reduce to cash and cash equivalent items such assets of the Partnership as the General Partner shall deem it advisable to sell and to obtain fair value for such assets (taking into account applicable tax, legal
and business considerations). 
 SECTION 7.3 Final Distribution. 
 (a) Within 120 calendar days after the effective date of dissolution of the Partnership (or such later date as the General Partner shall determine), the
assets of the Partnership shall be distributed to satisfy all creditors of the Partnership (including the payment of expenses of the winding-up, liquidation and dissolution of the Partnership), including Partners who are creditors of the
Partnership, to the extent otherwise permitted by law, either by the payment thereof or the making of reasonable provision therefor (including the establishment of reserves, in amounts established by the General Partner). 
 (b) The remaining assets, if any, of the Partnership shall be applied and distributed pro rata to the Partners until each such Partner receives an
amount equal to the amount of its capital balance as reflected on the books and records of the Partnership. 
 SECTION 7.4 No
Obligation to Restore Capital Accounts. 
 Except as provided in Section 4.5 and Section 5.1(a)(iii) and as may otherwise be
required by law, no Partner whose Capital Account balance is a negative or deficit amount (either during the existence of the Partnership or upon liquidation) shall have any obligation to return any amounts previously distributed to such Partner or
to contribute cash or other assets to the Partnership to restore or make up the deficit in such Partner’s impaired Capital Account. 
 ARTICLE VIII 
 Transfer of Partners’ Interests 
 SECTION 8.1 Transfer of Partnership Interests. 
 (a) No Partner may, directly or indirectly, Transfer such Partner’s interest in the Partnership without advance notice to and the prior consent of the General Partner, which consent may be given or withheld in
the General Partner’s sole and absolute discretion. Notwithstanding the foregoing, no consent shall be necessary in the case of a Transfer by an EPI Limited Partner upon her or his death, to her or his estate or heirs, and in which event such
interest shall nevertheless be deemed to be held by the initial holder thereof for purposes of determining consequences under Sections 4.4 and 4.5, unless the General Partner reasonably determines upon advice of counsel that such Transfer would
materially increase the likelihood 

  

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that either the Partnership would be subject to the registration requirements of the Investment Company Act of 1940, as amended, or jeopardize the status of
the Partnership as a partnership for federal income tax purposes. 
 (b) Upon a Limited Partner’s Transfer of all or any part of such
Limited Partner’s Interest in the Partnership to any person under Section 8.1(a) (including an Affiliate of such Partner or a permitted transferee under Section 8.1(a)) (the “Assignee”), such Assignee shall be
admitted as a substitute Limited Partner in lieu of such transferor Partner only with the written consent of the General Partner which consent may be given or withheld in its sole and absolute discretion. 
 (c) Unless an Assignee is admitted as a substitute Limited Partner in accordance with Section 8.1(b) and the Act, a Transfer by a Limited Partner of
all or any part of such Limited Partner’s interest in the Partnership shall not release such Limited Partner from any of such Limited Partner’s obligations or liabilities (including, without limitation, such Partner’s obligations to
make capital contributions hereunder and such Limited Partner’s liability therefor), or limit the General Partner’s rights with respect to such Limited Partner, of any nature whatsoever arising under this Agreement, and such Assignee shall
be entitled only to allocations and distributions with respect to its Interest and shall have no right to any accounting or information concerning the affairs of the Partnership and shall not have any of the other rights of a Limited Partner under
this Agreement. 
 (d) Any purported Transfer by a Partner of all or any part of its interest in the Partnership in violation of this Article
VIII shall be null and void and of no force or effect. 
 ARTICLE IX 
 Additional Partners 
 SECTION 9.1 Admission of Additional
Partners. 
 (a) A person may be admitted subsequent to the date hereof as an additional Partner with the consent of the General Partner
and upon amendment of the Record of Limited Partners by the General Partner. Upon the admission of any additional Partner, such Partner may be allocated a Profit Sharing Percentage as agreed to by the General Partner. 
 (b) Concurrently with the admission of any substitute or additional Partner, the General Partner shall forthwith cause any necessary papers to be filed
and recorded and notice to be given wherever and to the extent required showing the substitution of such transferee as a substitute Partner in place of the transferor Partner, or as an admission of an additional Partner. The admission of any person
as a substitute or additional Partner shall be conditioned upon such person’s written acceptance and adoption of all the terms and provisions of this Agreement. 
  

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 ARTICLE X 
 Miscellaneous 
 SECTION 10.1 Arbitration; Waiver of Partition/Action for Accounting.

 Any dispute, controversy or claim arising out of or relating to this Agreement or to the Partnership’s affairs or the rights or
interests of the Partners including, but not limited to, the validity, interpretation, performance, breach or termination of this Agreement, whether arising during the Partnership term or at or after its termination or during or after the
liquidation of the Partnership, shall be settled exclusively by arbitration in New York City by three neutral arbitrators in accordance with the International Arbitration Rules then obtaining of the American Arbitration Association. If the parties
to any such controversy are unable to agree upon such arbitrators, then the arbitrators shall be appointed in accordance with such rules. The parties consent to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of
Ontario in respect of any action or proceeding relating in any way to this Agreement. The parties shall not raise any objection to the venue of any proceedings in any such court, including the objection that the proceedings have been brought in an
inconvenient forum. The General Partner irrevocably appoints Osler, Hoskin & Harcourt LLP (the “Process Agent”), with an office on the date of this Agreement at Box 50, 1 First Canadian Place, Toronto, Ontario, Canada M5X
1B8, as its agent to receive on behalf of it service of copies of the statement of claim and any other process which may be served in any such action or proceeding. Such service may be made by delivering a copy of such process to the General Partner
in care of the Process Agent at the Process Agent’s most recent address in Toronto as set out herein, and the General Partner irrevocably authorizes and directs the Process Agent to accept such service on its behalf. A final judgment in any
such action or proceeding may be enforced in other jurisdictions by suit on the judgment or in any other manner specified by law and shall not be re-litigated on the merits. 
 SECTION 10.2 Successors and Assigns. 
 This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns and, in particular, the estate of a deceased Partner shall remain liable for all of such Partner’s
obligations hereunder to the extent that such obligations are not expressly affected by such Partner’s death under the terms hereof. Any Partner who is entitled to a post-employment Profit Sharing Percentage following termination of such
Partner’s employment or, in the case of an Operating Executive, consultancy of a Partner with EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates may assign, at the time of such termination of employment,
his or her right to receive all or a portion of such post-employment Profit Sharing Percentage to a trust, partnership or other entity for investment by or for the benefit of partners of such Partner’s family or for charitable purposes;
provided that no such assignment shall be permitted in the event that such assignment would, or would be reasonably expected to, result in an adverse impact on the Partnership or its Affiliates or on any other Partner of the Partnership. 

 

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 SECTION 10.3 Other Covenants of the Partners. 
 (a) By executing this Agreement, each Partner expressly agrees, at all times during the term of the Partnership and thereafter and whether or not at the
time a Partner of the Partnership or an employee of EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates, without the consent of the General Partner, to maintain the confidentiality of, and not to disclose to any
person, any material information relating to the business, financial results, clients or affairs of the Partnership that shall not be generally known to the public, except (a) to such Partner’s professional advisers who are bound by a
confidentiality obligation to the same extent set forth herein, (b) as required for any arbitration proceeding pursuant to Section 10.1 or as required by law, by rule or regulation having the force of law, by any regulatory or
self-regulatory organization having jurisdiction or by process of law, (c) as required by the Act or (d) as is reasonably necessary in the best interests of the business of the Partnership and the Fund. Each Partner that is an entity shall
cause its owners to comply with the provisions of this Section 10.3. The provisions of this Section 10.3 shall survive the termination of the Partnership. Notwithstanding anything in this Agreement to the contrary, to comply with Treasury
Regulation Section 1.6011-4(b)(3)(i), each Partner may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the Partnership or any transactions undertaken by the
Partnership. 
 (b) Each EPI Limited Partner acknowledges that a breach of his or her obligations under this Section 10.3 (for the
avoidance of doubt, determined without giving effect to any modification pursuant to Section 10.12) shall constitute an event of Cause with the consequences specified pursuant to Section 4.4. 
  

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 SECTION 10.4 Notices. Whenever notice is required or permitted by this Agreement to be given, such
notice shall be in writing (including cable, telex, facsimile or similar writing) and shall be given to any Partner at its address or telex or facsimile number shown in the Partnership’s books and records. Each such notice shall be effective
(i) if given by telex or facsimile, upon electronic confirmation of receipt and (ii) if given by any other means, when delivered to and receipted for at the address of such Partner, as the case may be, specified as aforesaid. 

SECTION 10.5 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute a single
instrument. 
 SECTION 10.6 Entire Agreement.This Agreement, together with the separate written agreements referenced herein,
embodies the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set
forth or referred to herein. Except as expressly provided herein, this Agreement and such separate written agreements supersede all prior agreements and understandings between the parties with respect to such subject matter. This Agreement does not
create any right of employment on the part of any Partner and no Partner shall have any right (implied or otherwise) to be paid any amount hereunder except as expressly provided for herein. The parties hereto acknowledge that the Partnership,
without any further act or approval of any Partner, may enter into side letters or other writings with EPI Limited Partners or Special Limited Partners (including without limitation the Participation Agreement, any Terms Letter and any agreement
regarding the termination of a Partner’s employment or consultancy) which have the effect of establishing rights under, or altering or supplementing, the terms of, this Agreement. The parties hereto agree that any rights established, or any
terms of the Agreement altered or supplemented, in such a side letter or other writing entered into by the Partnership with a Partner shall govern with respect to such Partner notwithstanding any other provision of this Agreement. 
 SECTION 10.7 Amendments; Power of Attorney. 
 (a) This Agreement may be amended or modified with the consent by the General Partner; provided that no such amendment shall (i) increase any Partner’s relative share of capital contributions, reduce
its share of the Partnership’s distributions, income and gains, or increase its share of the Partnership’s losses without the written consent of each Partner so affected (for the avoidance of doubt, adjustments in Profit Sharing
Percentages and capital interests in the Partnership effected in accordance with the provisions of this Agreement shall not be deemed to be amendments or modifications of this Agreement for this purpose), or (ii) amend this Section 10.7
without the consent of each Partner. 
 (b) Each Limited Partner hereby grants to each General Partner an irrevocable power of attorney to
consent to any amendment or modification of this Agreement duly adopted pursuant to Section 10.7(a) and to execute any instrument, certificate or writing evidencing the taking of any action which has been approved in accordance with the
provisions of this Agreement. 
  

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 (c) The General Partner may unilaterally amend this Agreement on or before the effective date of the
final regulations, as determined by the General Partner in its sole discretion, to (i) authorize and direct the election of a safe harbor under Treas. Reg. Section 1.83-3(l) (or any similar provision) under which the fair market value of a
partnership interest that is transferred in connection with the performance of services is treated as being equal to the liquidation value of that interest, (ii) provide for an agreement by the Partnership and each of its Partners to comply
with all of the requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the IRS with respect to such election) with respect to all partnership interests transferred in connection with the performance of
services while the election remains effective, (iii) provide for the allocation of items of income, gains, deductions and losses required by the final regulations similar to Proposed Regulation Section 1.704-1(b)(4)(xii)(b) and (c), and
(iv) provide for any other related amendments. 
 SECTION 10.8 Titles. 
 Section titles are for descriptive purposes only and shall not control or alter the meaning of this Agreement as set forth in the text hereof.

 SECTION 10.9 Representations and Warranties. 
 (a) Each Partner which is not a natural person represents, warrants and covenants to the other Partners that such Partner is duly formed and validly existing under the laws of the jurisdiction of its organization with
full power and authority to perform its obligations hereunder and that the execution, delivery and performance of this Agreement has been duly authorized by such Partner. 
 (b) Each Partner who is a natural person represents, warrants and covenants to the other Partners that such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations
hereunder. 
 (c) Each Partner represents, warrants and covenants to the other Partners that: 
 (i) this Agreement has been duly executed and delivered by such Partner and constitutes the valid and legally binding agreement of such
Partner enforceable in accordance with its terms against such Partner subject to the effect of bankruptcy, insolvency, moratorium and other similar laws relating to creditors’ rights generally, by general equitable principles and by an implied
covenant of good faith and fair dealing; 
 (ii) the execution and delivery of this Agreement by such Partner and the
performance of its duties and obligations hereunder do not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of
indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which such Partner or any Affiliate is a party or by which it or any Affiliate is bound or to which its or any Affiliate’s properties are
subject, or require any authorization or approval under or pursuant to any of the foregoing which has not been obtained, or violate any statute, regulation, law, order, writ, injunction, judgment or decree to which such Partner or any Affiliate is
subject; 
  

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 (iii) such Partner is not in default (nor has any event occurred which with notice, lapse
of time, or both, would constitute a default) in the performance of any obligation, agreement or condition contained in any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement,
or any license, permit, franchise or certificate, to which it is a party or by which it is bound or to which the properties of it are subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to
which it is subject, which default or violation would materially adversely affect such Partner’s ability to carry out its obligations under this Agreement; 
 (iv) there is no litigation, investigation or other proceeding pending or, to the knowledge of such Partner, threatened against such
Partner or any of its Affiliates as to which there is a reasonable possibility of an adverse determination and which, if adversely determined, would materially adversely affect such Partner’s ability to carry out its obligations under this
Agreement; 
 (v) no consent, approval or authorization of, or filing, registration or qualification with, any court or
governmental authority on the part of such Partner is required for the execution and delivery of this Agreement by such Partner, and, except as may be required under applicable securities and commodities laws in connection with the registration of
the Partnership or such Partner, the performance of its obligations and duties hereunder; 
 (vi) such Partner is acquiring
its interest in the Partnership for such Partner’s own account for investment purposes only and not with a view to resale or distribution; 
 (vii) such Partner understands that such interests in the Partnership have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), the securities laws of any state thereof or
the securities laws of any other jurisdiction, nor is such registration contemplated; 
 (viii) such Partner understands and
agrees further that, subject to the limited rights set forth in this Agreement, its interest in the Partnership must be held indefinitely unless such interest is subsequently registered under the Securities Act, the securities laws of any state and
the securities laws of any other jurisdiction or an exemption from registration under the Securities Act and these laws covering the sale of such interests is available; that even if such an exemption is available, the assignability and
transferability of its interests in the Partnership will be governed by this Agreement, which imposes substantial restrictions on transfer; that legends stating that its interests in the Partnership have not been registered under the Securities Act
and these laws and setting out or referring to the restrictions on the transferability and resale of the Interests will be placed on all documents evidencing such Interests, if any; 
 (ix) such Partner has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in interests in the Partnership, is able to bear the risk of loss of an investment in such interests and understands the risks of, and other considerations relating to, a purchase of interests in the Partnership; 
  

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 (x) such Partner’s overall commitment to the Partnership and other investments which
are not readily marketable is not disproportionate to such Partner’s net worth and such Partner has no need for immediate liquidity in such Partner’s investment in its interests in the Partnership; and 
 (xi) such Partner has carefully read this Agreement and, to the full satisfaction of such Partner, such Partner has been furnished any
materials such Partner has requested relating to the Partnership and the Fund and the offering of interests in the Partnership, has consulted to the extent deemed appropriate by such Partner with such Partner’s own advisors as to the financial,
tax, legal and related matters concerning an investment in the Partnership and such Partner has been afforded the opportunity to ask questions of representatives of the Partnership concerning the terms and conditions of the offering and to obtain
any additional information necessary to verify the accuracy of any representations or information provided to such Partner and to make an informed investment decision with respect to an investment in the Partnership. 
 (d) All of the representations, warranties and covenants made under this Section 10.9 shall be deemed to be made on a continuing basis during the
term of the Partnership and shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. Each Partner agrees to notify the Investment Committee promptly upon becoming aware of a breach in
any of his or her representations, warranties and covenants hereunder. 
 SECTION 10.10 Division of Property. 
 In the event of a property settlement or separation agreement between a Partner and his or her spouse, such Partner agrees that he or she shall use his
or her reasonable efforts to retain all of his or her Interest in the Partnership and shall reimburse his or her spouse for any Interest he or she may have in the Partnership out of funds, assets or proceeds separate and distinct from his or her
interest in the Partnership. To the extent that such Partner is unable, despite his or her exercise of reasonable efforts, to retain all of his or her Interest in the Partnership, such Partner shall use reasonable efforts to assign to his or her
spouse only the right to share in profits and losses, to receive distribution or distributions, and to receive allocation of income, gain, loss, deduction or credit or similar item to which the assigning Partner was entitled, to the extent assigned,
with the assigning Partner remaining entitled to exercise all rights and powers of a Partner hereunder. Notwithstanding the foregoing, if a spouse or former spouse of a Partner acquires an Interest in the Partnership as a Partner as a result of any
such proposed settlement or separation agreement, such spouse or former spouse shall be entitled only to allocation and distributions with respect to his or her Interest and shall have no right to information concerning the affairs of the
Partnership and shall not have any other rights of a Partner under this Agreement. 
  

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 SECTION 10.11 Other Covenants of the Partners. 
 (a) In consideration for being admitted as a Partner hereunder, each EPI Limited Partner hereby acknowledges that (i) he or she is bound by the
provisions set forth in such Partner’s agreements with EPI, the Investment Advisor, the Investment Manager or any of their Affiliates regarding post-employment covenants and (ii) a breach of his or her obligations thereunder or under this
Section 10.11 shall constitute an event of Cause. 
 (b) In the event that any EPI Limited Partner’s employment or, in the case of
an Operating Executive, consultancy with EPI, the Investment Advisor, the Investment Manager or any of their Affiliates is terminated for any reason, except as required by law or legal process, the Partnership and such Partner agree to refrain from
making any comments or statements in the media or to the press or to any individual or entity with whom EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates has a business relationship or others, which could be
likely to adversely affect (i) such Partner’s future employment or such Partner’s personal or professional reputation, in the case of comments or statements by the Partnership, or (ii) the conduct of the business of the
Partnership or any of its Affiliates, or any of their plans or prospects, or the business reputation of the Partnership or any of its Affiliates, or any of their respective employees, in the case of comments or statements by such Partner. For
purposes of this Section 10.11(b), no comment or statement shall be deemed to be a comment or statement of the Partnership unless it is an official comment or statement of the Partnership or a comment or statement by any then EPI Limited
Partner. The General Partner shall use its reasonable best efforts to cause all personnel of the Partnership and its Affiliates to comply with the provisions of this Section 10.11(b). 
 (c) Each EPI Limited Partner acknowledges that a breach of his or her obligations under this Section 10.11 (for the avoidance of doubt, determined
without giving effect to any modification pursuant to Section 10.12) shall constitute an event of Cause with the consequences specified pursuant to Section 4.4. 
 SECTION 10.12 Severability. 
 In the event that any provision of this Agreement, including the
post-employment covenants set forth in Sections 10.3 and 10.11 hereof and in each of the Partner’s respective Terms Letters, shall be held or deemed to be invalid, illegal or unenforceable in any jurisdiction, for any reason, the invalidity of
that provision shall not have the effect of rendering the provision in question unenforceable in any other jurisdiction or in any other case or of rendering any other provisions herein unenforceable. Instead, in such an event, the remainder of this
Agreement shall be construed as if not containing the particular invalid or unenforceable provision or provisions, and the rights and obligations of the parties shall be enforced accordingly; and the invalid provision shall be substituted with a
valid provision which most closely approximates the intent and the economic effect of the invalid provision and which would be enforceable to the maximum extent permitted in such jurisdiction or in such case. 
 SECTION 10.13 Irreparable Harm. 
 Each of the Partners hereby agrees that a failure to comply with the provisions of Section 10.11 of this Agreement would cause irreparable harm to the Partnership, and, therefore, the Partnership shall be entitled to an injunction and
other equitable relief in the event of any such failure to comply with the provisions of Section 10.11. 
  

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 SECTION 10.14 Partnership Tax Treatment. 
 The Partners intend for the Partnership to be treated as a partnership for U.S. federal income tax purposes and no election to the contrary shall be
made. 
 SECTION 10.15 Joint and Several Liability of EPI Limited Partners and Family. 
 Each EPI Limited Partner and his or her respective Family Related Limited Partners hereby agree to be jointly and severally liable for any obligations of
such EPI Limited Partner and his or her respective Family Related Limited Partners hereunder. 
 SECTION 10.16 Consistent Treatment
for Family Related Limited Partners. 
 For purposes of this Agreement, in the case of any Family Related Limited Partner, (i) the
termination of the employment or, in the case of an Operating Executive, consultancy with EPI, the Investment Advisor, the Investment Manager or any of their respective Affiliates of the EPI Limited Partner with which such Family Related Limited
Partner is associated may, in the sole discretion of the General Partner, be deemed a termination of employment of such Family Related Limited Partner, with the same character as the character of such EPI Limited Partner’s termination (e.g.,
with or without Cause, etc.), and (ii) the rights of the Partnership to repurchase a Family Related Limited Partner’s Profit Sharing Percentage pursuant to Section 4.4 shall be the same as the rights of the Partnership with respect to
its associated EPI Limited Partner. 
  

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

  

			
	General Partner:
	
	Evercore Mexico GP Holdings LLC
		
	By:	 	/s/ Puneet Gulati
		 	Name: Puneet Gulati
		 	Title:   CFO


  

			
	Organizational Limited Partner:
	
	Evercore Mexico Management II, L.L.C.
		
	By:	 	/s/ Puneet Gulati
		 	Name: Puneet Gulati
		 	Title:   CFO


  

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