Document:

EX-10.7

 Exhibit 10.7 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”), effective as of February 1, 2021, is made and entered into by and
between Wood Hill Opportunity Corp., a Cayman Islands exempted company (the “Company”), Elliott Associates, L.P., a Delaware limited partnership (“Elliott Associates”) and Elliott International, L.P., a Cayman islands limited
partnership (“Elliott International”, and, together with Elliott Associates, the “Buyers”). 
 RECITALS: 

WHEREAS, the Buyers wish to subscribe for an aggregate of 10,062,500 Class B ordinary shares (the “Shares”), allocated
to each Buyer in accordance with the percentage set forth opposite such Buyer’s name on Schedule I, par value $0.0001 per share, of the Company, and the Company wishes to issue the Shares to the Buyers in the manner set forth on
Schedule I, on the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and
for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 The terms defined in this Article I shall have for all purposes of this Agreement the respective meanings set forth below:

 “Agreement” shall have the meaning set forth in the preamble to this Agreement. 

“Buyers” shall have the meaning set forth in the preamble to this Agreement. 

“Class B ordinary shares” shall have the meaning set forth in the recitals to this Agreement. 

“Closing” shall have the meaning set forth in Section 2.3 of this Agreement. 

“Closing Date” shall have the meaning set forth in Section 2.3 of this Agreement. 

“Company” shall have the meaning set forth in the preamble to this Agreement. 

“Consent” means any consent, approval, notification, waiver, or other similar action that is necessary or convenient. 

“Governmental Body” shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other
similar recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar powers or authority. 

“Law” shall mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other
similar authority enacted, adopted, promulgated or applied by any Governmental Body. 
 “Lien” shall mean a mortgage, deed of
trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or
preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the
filing of any document under the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or other Liens incurred in the Company’s ordinary course of business or (ii) Liens for
taxes incurred but not yet due. 
  

 “Order” shall mean an order, ruling, decision, award, judgment, injunction or
other similar determination or finding by, before or under the supervision of any Governmental Body or arbitrator. 
 “Permit”
shall mean a permit, license, certificate, waiver, notice or similar authorization. 
 “Purchase Price” shall have the meaning set
forth in Section 2.2 of this Agreement. 
 “SEC” shall mean the United States Securities and Exchange
Commission. 
 “Securities Act” shall mean the United States Securities Act of 1933, as amended, or any successor federal statute,
and the applicable rules and regulations promulgated and in effect from time to time thereunder. 
 “Shares” shall have the
meaning set forth in the recitals to this Agreement. 
 ARTICLE II 

PURCHASE OF THE SHARES 

Section 2.1 Purchase and Sale of the Shares. Subject to the terms and conditions hereof and in reliance upon the representations
and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall issue to the Buyers, and the Buyers shall subscribe for the Shares, in each case allocated to each Buyer in
accordance with the percentage set forth opposite such Buyer’s name on Schedule I, in consideration of the payment of the Purchase Price noted herein. 

Section 2.2 Purchase Price. As payment in full for the Shares being purchased under this Agreement and against issue of such
Shares, prior to the execution hereof, the Buyers shall pay, or cause to be paid, the aggregate amount of $25,000 to, payable by the Buyers in accordance with the percentage set forth opposite such Buyer’s name on Schedule I, and at the
direction of the Company, by wire transfer of immediately available funds to an account designated by the Company or by such other method as may be reasonably acceptable to the Company (the “Purchase Price”). 

Section 2.3 Closing. The closing of the purchase and sale of the Shares (the “Closing”) shall be held on the date of
this Agreement (“Closing Date”) at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017, or such other place as may be agreed upon by the parties hereto. 

Section 2.4 Closing Deliveries. All actions taken at the Closing shall be deemed to have been taken simultaneously. 

(a) Buyer Deliveries. At the Closing the Buyers shall deliver to the Company the Purchase Price. 

(b) Company Deliveries. At the Closing, or within a reasonable time after the Closing, the Company shall issue to the Buyers, allocated
to each Buyer in accordance with the percentage set forth opposite such Buyer’s name on Schedule I, the Shares and make the necessary entries in the Register of Members of the Company. 

Section 2.5 Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional
actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement. 

 Section 2.6 Legend. Any certificate evidencing the Shares and any certificate
issued in exchange for or upon the transfer of any Shares shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.” 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY AND THE SPONSOR. COPIES OF SUCH AGREEMENT MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT
CHARGE.” 
 Section 2.7 Surrender. The Buyers hereby irrevocably surrenders to the Company for cancellation and for nil
consideration the one Class B ordinary share standing in his name in the register of members of the Company. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE BUYER 

Each Buyer represents and warrants that the statements contained in this ARTICLE III are correct and complete as of the date of this
Agreement. 
 Section 3.1 Investment Representations. 

(a) Such Buyer has received, has thoroughly read, is familiar with and understands the contents of this Agreement. 

(b) Such Buyer hereby acknowledges that an investment in the Shares involves certain significant risks. Such Buyer acknowledges that there is a
substantial risk that it will lose all or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite period of time. Such Buyer has no need for liquidity in its investment in the Shares
for the foreseeable future and is able to bear the risk of that investment for an indefinite period. Such Buyer understands that there presently is no public market for the Shares and none is anticipated to develop in the foreseeable future. Such
Buyer’s present financial condition is such that such Buyer is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness.
Such Buyer’s overall commitment to investments which are not readily marketable is not disproportionate to his net worth and the investment in the Company will not cause such overall commitment to become excessive. 

(c) Such Buyer acknowledges that the Shares have not been and will not be registered under the Securities Act, or any state securities act, and
are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration of the Shares thereunder. Reliance on such exemptions, where
applicable, is predicated in part on the accuracy of such Buyer’s representations and warranties set forth herein. Such Buyer acknowledges and hereby agrees that the Shares will not be transferable under any circumstances unless such Buyer
either registers the Shares in accordance with federal and state securities laws or finds and complies with an available exemption under such laws. Accordingly, such Buyer hereby acknowledges that there can be no assurance that it will be able to
liquidate its investment in the Company. 
 (d) There are substantial risk factors pertaining to an investment in the Company. Such Buyer
acknowledges that it has read the information set forth above regarding certain of such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from the fact that the Company is an entity with
limited operating history and financial resources; and such Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss thereof. 

 (e) Such Buyer has been given the opportunity to (i) ask questions of and receive
answers from the Company and its designated representatives concerning the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company
possesses or can acquire without unreasonable effort or expense that is necessary to assist such Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company. Such Buyer further represents and warrants that,
prior to signing this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an investment in the
Company. Such Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects. 

(f) Such Buyer understands that no federal, state or other governmental authority has made any recommendation, findings or determination
relating to the merits of an investment in the Company. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Section 4.1 Incorporation and Good Standing. The Company is an exempted company duly incorporated, validly existing, and in good
standing under the laws of the Cayman Islands. 
 Section 4.2 Power and Authority; Enforceability. This Agreement constitutes
the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The
Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized,
executed, and delivered by, and is enforceable against, the Company. 
 Section 4.3 No Violation; Necessary Approvals. Neither
the execution and delivery of this Agreement by the Company, nor the consummation or performance by the Company of any of the transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a
breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of its assets are
subject, or any provision of the Company’s organizational documents as in effect on the Closing Date, (b) result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under
any contract or organizational document to which the Company is a party or by which it is bound; or (d) require any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other
filings with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights
of first refusal, preferential purchase or similar rights with respect to any of the Shares. 
 Section 4.4 Authorization of the
Shares. The Shares have been duly authorized and, when issued in accordance with this Agreement, the Shares will be duly and validly issued, fully paid and non-assessable Class B ordinary shares of
the Company and will be free and clear of all Liens and claims, other than restrictions on transfer imposed by the Securities Act and applicable state securities laws. 

 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Entire Agreement. This Agreement, together with any certificates, documents, instruments and writings that are
delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or
oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 
 Section 5.2
Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. 

Section 5.3 Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall be void and ineffectual and shall not operate to transfer or
assign any interest or title to the purported assignee. 
 Section 5.4 Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY
AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE
PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT. 
 Section 5.5 Counterparts. This Agreement may be executed in
two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 

Section 5.6 Headings. The article and section headings contained in this Agreement are inserted for convenience only and will not
affect in any way the meaning or interpretation of this Agreement. 
 Section 5.7 Governing Law. This Agreement, the entire
relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of
Delaware, without giving effect to its choice of laws principles. 
 Section 5.8 Amendments. This Agreement may not be amended,
modified or waived as to any particular provision, except by a written instrument executed by the parties hereto. 

 Section 5.9 Severability. The provisions of this Agreement will be deemed
severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance,
is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the
provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

Section 5.10 Expenses. Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and
expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal
counsel and accountants. 
 Section 5.11 Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless the
context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter
genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant. 
 Section 5.12 Waiver. No waiver by any party hereto of
any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way
any rights arising because of any prior or subsequent occurrence. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as
of the date first set forth above. 
  

			
	COMPANY:
	
	WOOD HILL OPPORTUNITY CORP.
		
	By:	 	 /s/ Elliot Greenberg

	Name:	 	Elliot Greenberg
	Title:	 	Director
	
	 BUYERS:
  

ELLIOTT INTERNATIONAL, L.P.

		
	By:	 	 /s/ Elliot Greenberg

	Name:	 	Elliot Greenberg
	Title:	 	Vice President
	
	ELLIOTT ASSOCIATES, L.P.
		
	By:	 	 /s/ Elliot Greenberg

	Name:	 	Elliot Greenberg
	Title:	 	Vice President

 Schedule I 

Allocation Percentage 
 Elliott
International, L.P. – 70% 
 Elliott Associates, L.P. – 30%EXHIBIT 10.33

       

      

      

      RESTRICTED HOLDINGS UNIT GRANT CERTIFICATE

      UNDER THE AMENDED AND RESTATED KKR & CO. INC. 2019 EQUITY INCENTIVE PLAN

        (EXECUTIVE – MARKET CONDITION)

      

      

      Pursuant to this Restricted Holdings Unit Grant Certificate, the Restricted Holdings Unit Agreement (as attached hereto) (the “Restricted Holdings Unit Agreement”)

        and the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (as may be amended from time to time, the “Plan”): (i) KKR Group Partnership L.P., a Cayman Islands exempted limited partnership (“KKR Group Partnership”), hereby issues the number of unvested profits interests in KKR Group Partnership, in the form of KKR Group Partnership Class P units (“Class P Units”),

        set forth below to KKR Holdings II L.P., a Cayman Islands exempted limited partnership (“Holdings II”); (ii) Holdings II hereby issues an equal number of unvested profits interests in Holdings II, in the form
        of Holdings II Class A units (“Holdings II Units” and, together with the related Class P Units (or Class A Units upon automatic conversion, as applicable), “Restricted Units”),

        to the Grantee; and (iii) KKR & Co. Inc. (the “Corporation”) hereby grants an equal number of stock exchange rights (“SERs” and, together with the related
        Restricted Units, the “Restricted Holdings Units” or “RHUs”) to the Grantee.  The RHUs are subject to all of the terms and conditions set forth herein, and in the
        Limited Partnership Agreement of KKR Group Partnership, the Limited Partnership Agreement of Holdings II and the Restricted Holdings Unit Agreement, as applicable.  Capitalized terms not otherwise defined herein shall have the meaning set forth in
        the Restricted Holdings Unit Agreement (including Appendix A to the Restricted Holdings Unit Agreement) and the Plan.

       

      
        	
                Grantee:

              	
                Participant Name

              	 
	 	 	 
	
                Grant Date:

              	
                Grant Date

              	 
	 	 	 
	
                Number of RHUs:

              	
                Number of Units Granted

              	 
	 	 	 
	
                Vesting:

              	
                The Restricted Units granted hereunder shall become vested in accordance with the vesting terms set forth below and other terms and conditions contained in the attached Restricted Holdings Unit Agreement.

                 

                

                1)    Service Condition for Vesting

                 

                  

                Provided that the applicable Price Condition (as defined below) has been achieved, the applicable percentage of the Restricted Units set forth in Section 2 below shall vest subject to the Grantee’s
                  continued Employment through and at the close of business on the Vesting Date (as defined below) (the “Service Condition”). Any RHUs that do not vest on the Vesting Date shall immediately be
                  forfeited as of such date.

                 

              	 
	
                Vesting Date

              	 	 

        

        

        
          
            

        

        	

              	
                2)     Price Condition for Vesting

                 

                  

                The “Price Condition” shall be achieved with respect to the maximum percentage of the Restricted Units set forth below when the average Closing Price (as defined below) per share of Common Stock
                  during a period of twenty (20) consecutive trading days meets or exceeds the applicable “Price Target” on or prior to the Vesting Date, in each case, as specified in the chart below: 

                

                 

                

              	 
	
                Cumulative Percentage of Restricted

                 Units that Satisfy the Price Condition

              	
                Price Target

              	 
	
                % 

                

              	
                $

              	 
	
                % 

                

              	
                $

              	 
	
                % 

                

              	
                $

              	 
	
                % 

              	
                $

              	 
	% 	
                $

              	 
	 	 	 
	
                For purposes of this Restricted Holdings Unit Grant Certificate, “Closing Price” for any trading day shall mean the closing price per share of the Corporation’s
                  Common Stock reported on the NYSE (or, if not listed on the NYSE, the principal securities exchange on which such shares are listed).  If such shares are not listed on any securities exchange, the Closing Price shall be the fair market
                  value thereof as reasonably determined by the Administrator.

                 

                In the event of any extraordinary stock distribution, stock split, stock combination, recapitalization, rights offering, split-up, spin-off or similar event that constitutes an “equity restructuring” (as
                  defined under Financial Accounting Standards Board (FASB) Accounting Standards Codification 718) with respect to the shares, the Administrator shall, in the manner determined appropriate or desirable by the Administrator and without
                  liability to any person, adjust any or all of (x) the Price Target, (y) the number of Restricted Units, and (z) any other term applicable to the RHUs.

              	 
	 	 	 
	
                Post-Vesting Transfer

                 Restrictions under Section

                 3.3 of the Restricted

                 Holdings Unit Agreement:

              	
                ☐  Applicable     ☐  Inapplicable

                 	 
	 	 	 
	
                Minimum Retained

                 Ownership Percentage

                

                under Section 3.4 of the 

                Restricted Holdings Unit

                 Agreement:

              	
                ☐  Applicable     ☐  Inapplicable

                 

                Minimum Retained Ownership Percentage if applicable: 25%

                 

              	 

        

        

        

      

      *          *          *

       

      
        
          

      

      THE UNDERSIGNED GRANTEE ACKNOWLEDGES RECEIPT OF THIS RESTRICTED HOLDINGS UNIT GRANT CERTIFICATE, THE RESTRICTED HOLDINGS UNIT AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF
        RESTRICTED HOLDINGS UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS RESTRICTED HOLDINGS UNIT GRANT CERTIFICATE, THE RESTRICTED HOLDINGS UNIT AGREEMENT AND THE PLAN.

      

      

      	
              KKR GROUP PARTNERSHIP L.P.,

              by KKR Group Holdings Corp, its general partner

            	 	
              GRANTEE

            
	 	 	
              
                Electronic Signature

              

            
	
              By:

            	 	
              Name: Participant Name

            
	
              Title:

            	 	
              Grant Acceptance Date: Grant Acceptance Date

            
	 	 	 
	
              KKR HOLDINGS II L.P.,

                by KKR Group Holdings Corp, its general partner

            	 	 
	 	 	 
	
              By:

            	 	 
	
              Title:

            	 	 

      	 	 
	
              KKR & CO. INC.

            	 
	 	 
	
              By:

            	 
	
              Title:

            	 

       

      

      
        
          

      

      
      RESTRICTED HOLDINGS UNIT AGREEMENT

        UNDER THE AMENDED AND RESTATED KKR & CO. INC. 2019 EQUITY INCENTIVE PLAN

      (EXECUTIVE – MARKET CONDITION)

      

      

      Pursuant to the Restricted Holdings Unit Grant Certificate (the “RHU Grant Certificate”) delivered to the Grantee (as defined in the RHU Grant Certificate),
        and subject to the terms of this Restricted Holdings Unit Agreement (this “Agreement”), the Limited Partnership Agreement of KKR Group Partnership (as defined below), the Limited Partnership Agreement of
        Holdings II (as defined below) and the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (as amended from time to time, the “Plan”), KKR & Co. Inc. (the “Corporation”),

        KKR Holdings II L.P. (“Holdings II”), KKR Group Partnership L.P. (“KKR Group Partnership”) and the Grantee agree as follows.  The RHU Grant Certificate is incorporated
        into and deemed a part of this Agreement.

      

      

      This Agreement sets forth the terms and conditions of one or more tandem awards of (i) unvested profits interests in KKR Group Partnership, pursuant to the Limited Partnership Agreement of KKR
        Group Partnership, in the form of KKR Group Partnership Class P units (“Class P Units”), (ii) unvested profits interests in Holdings II, pursuant to the Limited Partnership Agreement of Holdings II, in the
        form of Holdings II Class A units (“Holdings II Units” and, together with the related Class P Units (or Class A Units upon automatic conversion, as applicable), “Restricted
          Units”) and (iii) stock exchange rights (“SERs”) issued by the Corporation pursuant to the Plan.  Each tandem award of Class P Units, Holdings II Units and SERs is herein referred to as a “Restricted Holdings Unit” or an “RHU.”  The Limited Partnership Agreement of KKR Group Partnership and the Limited Partnership Agreement of Holdings II are herein referred
        to as the “Operating Agreements.” Capitalized terms not otherwise defined herein or in Appendix A (attached hereto) shall have the meaning set forth in the Plan.

       

      ARTICLE I

        GRANT OF RESTRICTED HOLDINGS UNITS

       

      
        Section 1.1.   Grant of Restricted Holdings Units.

      

       

      Subject to the terms and conditions set forth herein and in the Operating Agreements and the Plan, (i) KKR Group Partnership hereby grants to Holdings II the number of Class P Units set forth in
        the RHU Grant Certificate, (ii) Holdings II hereby grants to the Grantee the number of Holdings II Units set forth in the RHU Grant Certificate and (iii) the Corporation hereby grants to the Grantee the number of SERs set forth in the RHU Grant
        Certificate.  The grant of RHUs hereunder is conditioned upon the Grantee’s (a) execution of a supplement to the Limited Partnership Agreement of Holdings II, attached hereto as Appendix C and (b) agreement to and compliance with the provisions of
        the confidentiality and restrictive covenant agreement, attached hereto as Appendix D (the “Confidentiality and Restrictive Covenant Agreement”) and incorporated herein by reference. The “Grant Acceptance Date” is the date on which the Grantee accepted the grant of RHUs and concurrently agreed to become bound by the terms of the RHU Grant Certificate, this Agreement and the Plan, as designated on
        the signature page(s) hereto.

       

      ARTICLE II

        VESTING AND EXCHANGE OF RESTRICTED HOLDINGS UNITS

       

      
        Section 2.1.   Vesting of Restricted Units.

      

       

      	

            	(a)	
              Subject to the terms and conditions contained herein and in the Operating Agreements, the Restricted Units shall vest as provided in the RHU Grant Certificate and this Section 2.1.

            

       

      	

            	(i)	
              Restricted Units will be eligible to vest on the date that both the Service Condition and the Price Condition with respect to such Restricted Units have been achieved, with the number of Restricted Units that vest on any such Vesting
                Date being equal to the cumulative percentage of Restricted Units that have met the Price Condition on such Vesting Date, and any Restricted Unit that fails to satisfy the Price Condition by the close of business on the Vesting Date shall
                be canceled and forfeited without any consideration.

            

       

      	

            	(ii)	
              If, prior to the date the Restricted Units are vested or such Restricted Units otherwise terminate and are forfeited:

            

       

      
        1

        
          

      

      	

            	(A)	
              the Grantee’s Employment terminates due to the Grantee’s Retirement, then the Service Condition shall be waived for Restricted Units granted hereunder in an amount equal to (a) the applicable cumulative percentage of Restricted Units
                that satisfied the Price Condition at the time of the Grantee’s notice of Retirement or actual Retirement (as determined by the Administrator in its sole discretion) multiplied by (b) the total
                number of Restricted Units granted hereunder prorated to reflect the number of full years of service such Grantee provided from May 1, 2021 through the date of such notice or Retirement or actual Retirement, as applicable, and such
                Restricted Units shall become vested as of such date;

            

       

      	

            	(B)	
              the Grantee dies or experiences a Disability, then the Service Condition shall be waived for Restricted Units granted hereunder in an amount equal to (a) the applicable cumulative percentage of Restricted Units that satisfied the Price
                Condition at the time of the Grantee’s death or Disability (as determined by the Administrator in its sole discretion) multiplied by (b) the total number of Restricted Units granted hereunder
                prorated to reflect the number of full years of service such Grantee provided from May 1, 2021 through the date of death or Disability, as applicable; provided that, all such Restricted Units for
                which the Service Condition is waived shall become vested on the date of the Grantee’s death or Disability; provided further that the Administrator in its sole discretion, may waive the Service
                Condition for all Restricted Units granted hereunder for the Grantee who dies or experiences a Disability prior to the Vesting Date, in which case all remaining unvested Restricted Units granted hereunder shall remain outstanding and
                eligible to vest until the Vesting Date, to the extent the applicable Price Conditions are thereafter satisfied with respect thereto, as if such Grantee’s Employment had continued until the Vesting Date and any remaining Restricted Units
                that vest in accordance with this Section 2.1(a)(ii)(B) shall become vested on the date the applicable Price Condition is achieved. Any determination of the Grantee’s death or Disability shall be determined by the Administrator in its sole
                discretion; and

            

       

      	

            	(C)	
              a Change in Control occurs prior to any termination of the Grantee’s Employment, then all or any portion of any unvested Restricted Units may be vested, subject to the discretion of the Administrator and, if so determined a vesting
                event, the date of the consummation of the Change in Control shall be deemed the “Vesting Date” for all purposes under this Agreement.

            

       

      Notwithstanding the foregoing, if the Corporation receives an opinion of counsel that there has been a legal judgment or legal development in the Grantee’s jurisdiction that would likely result in
        the favorable treatment applicable to the Restricted Units upon Retirement pursuant to this Section 2.1(a)(ii) being deemed unlawful or discriminatory, then the Corporation will not apply the favorable treatment at the time the Grantee’s Employment
        terminates due to the Grantee’s Retirement under clause (A) above, and the Restricted Units will be treated as set forth in Section 2.1(a)(i), 2.1(b), 2.1(c) or the other provisions of this Section 2.1(a)(ii), as applicable.

       

      
        2

        
          

      

      	

            	(b)	
              If the Grantee’s Employment terminates prior to the Vesting Date for any reason other than due to the Grantee’s death, Disability or Retirement, all then unvested Restricted Units and all corresponding SERs shall immediately terminate
                and be forfeited without consideration, and no exchange of such unvested Restricted Units for shares of Common Stock pursuant to Section 2.2 shall occur; provided that for Exempt Grantees whose
                Employment terminates prior the Vesting Date, the Service Condition shall be waived for Restricted Units granted hereunder in an amount equal to (a) the applicable cumulative percentage of Restricted Units that satisfied the Price Condition
                at the time of the Grantee’s notice of termination or actual termination of Employment (as determined by the Administrator in its sole discretion) multiplied by (b) the total number of Restricted
                Units granted hereunder prorated to reflect the number of full years of service such Grantee provided from May 1, 2021 through the date of such notice of termination or actual termination, as applicable; provided further that, all such Restricted Units for which the Service Condition is waived shall become vested on the date of such notice of termination or actual termination, as applicable.

            

       

      “Exempt Grantee” means any Grantee whose termination of Employment was involuntary without Cause or due to reasons outside such Grantee’s control, as determined by the Co-Chief
        Executive Officers and the Co-Presidents of the Corporation, acting in their sole discretion and by majority vote.

       

      	

            	(c)	
              Unless otherwise agreed in writing between the Grantee and the Corporation or as otherwise determined by the Administrator in its sole discretion at the time of grant or otherwise, the right to vest in the Restricted Units, if any, will
                terminate effective as of the date that the Grantee is no longer actively providing services (even if still considered employed or engaged under local Law) and will not be extended by any notice period mandated under local Law (e.g., active
                Employment would not include a period of “garden leave” or similar period pursuant to local Law) (a “Service Termination”), and all unvested Restricted Units and corresponding SERs shall immediately
                be forfeited upon such date.

            

       

      	

            	(d)	
              Once a Class P Unit is vested and becomes an Equitized Class P Series Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership), it shall be automatically converted into a Class A Unit pursuant to the terms of the
                Limited Partnership Agreement of KKR Group Partnership.

            

       

      	

            	(e)	
              Notwithstanding anything herein to the contrary, any Restricted Units that vest prior to the Vesting Date pursuant to Sections 2.1(a)(ii)(A) or (B) or Section 2.1(b) hereof shall be deemed to be unvested Restricted Units, and shall not
                be “vested” or “vest”, until the Vesting Date for all other purposes under this Agreement and applicable organizational documents (including the Operating Agreements).

            

       

      
        Section 2.2.   Exercise of SERs and Exchange of Restricted Units.

      

       

      	

            	(a)	
              To the extent that a Holdings II Unit becomes vested and the related Class P Unit has become a vested and Equitized Class P Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership) and automatically converted to a
                Class A Unit pursuant to the terms of the Limited Partnership Agreement of KKR Group Partnership (subject to Section 2.1(e)), the Grantee may elect to exercise the corresponding SER to (i) receive from Holdings II a Class A Unit underlying
                the Holdings II Unit in connection with the redemption thereof, and (ii) exchange such Class A Unit for a share of Common Stock, in each case, on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit
                distributions and reclassifications (the “Exchange”); provided that, if the Grantee is a limited partner of KKR Holdings L.P., the Administrator, in its sole
                discretion, may require the Grantee to exchange all of the Grantee’s vested Holdings II Units prior to exchanging any units of KKR Holdings L.P. held by the Grantee in the Exchange.  Restricted Units may be Exchanged on a quarterly basis,
                pursuant to the exchange procedures set forth in the Exchange Agreement, as such exchange procedures would apply to a “KKR Holdings Affiliated Person” (as defined therein), which exchange procedures shall apply to the Exchanges contemplated
                in this Section 2.2 as if directly incorporated into this Agreement.  The Administrator shall have the sole discretion to impose policies and procedures for any Exchange and any sale of shares of Common Stock received by the Grantee in the
                Exchange.  The date on which any Restricted Unit is to be Exchanged hereunder is referred to as an “Exchange Date.”

            

       

      
        3

        
          

      

      	

            	(b)	
              On any Exchange Date, each vested Holdings II Unit subject to the Exchange shall be cancelled and each related Class A Unit shall be transferred to the Corporation or its designated subsidiary in exchange for the Corporation delivering,
                or causing to be delivered by the Designated Service Recipient, to the Grantee either (i) the number of shares of Common Stock equal to the number of Restricted Units that are subject to the Exchange on such Exchange Date pursuant to
                Section 2.2(a), subject to customary conversion rate adjustments for splits, unit distributions and reclassifications or (ii) an amount of cash, denominated in U.S. dollars, equal to the Fair Market Value of the foregoing number of shares
                of Common Stock (a “Cash Payment”).  The Administrator may elect in its sole discretion whether to Exchange the Restricted Units for shares of Common Stock or for a Cash Payment.  The delivery of
                shares of Common Stock or Cash Payment to the Grantee shall be made as soon as administratively practicable on or following the applicable Exchange Date (or next permissible trading window of Common Stock).  Any of the foregoing payments or
                deliveries shall in all instances be subject to Sections 4.4 and 4.6.

            

       

      	

            	(c)	
              Subject to the provisions of this Article II relating to the number of shares of Common Stock that are to be delivered or Cash Payment that is to be paid on any applicable delivery date and solely to the extent permitted under Section
                409A, if applicable, the Corporation may impose such other conditions and procedures in relation to such delivery or payment as it may reasonably determine, including with respect to the Exchange.

            

       

      	

            	(d)	
              To the extent (i) the Grantee’s Employment terminates or the Grantee undergoes a Service Termination, in either case, for any reason, and (ii) any Holdings II Unit becomes, or has become, vested and the related Class P Unit becomes, or
                has become, a vested and Equitized Class P Series Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership) and automatically converted to a Class A Unit pursuant to the terms of the Limited Partnership Agreement of
                KKR Group Partnership (subject to Section 2.1(e)), the Administrator may, in its sole discretion, elect to exercise the corresponding SER and force an Exchange without any action on the part of the Grantee or the Grantee’s consent (a “Forced Exchange”).  In the event of a Forced Exchange, each vested Holdings II Unit subject to the Exchange shall be cancelled and each related Class A Unit shall be transferred to the Corporation or its
                designated subsidiary in exchange for the Corporation delivering, or causing to be delivered by the Designated Service Recipient, to the Grantee either (A) the number of shares of Common Stock equal to the number of Restricted Units that
                are subject to the Exchange on such Exchange Date pursuant to this Section 2.2(d), subject to customary conversion rate adjustments for splits, unit distributions and reclassifications or (B) a Cash Payment, as determined by the
                Administrator, in its sole discretion.  The delivery of shares of Common Stock or Cash Payment to the Grantee shall be made as soon as administratively practicable on or following the applicable Exchange Date (or next permissible trading
                window of Common Stock).  Any of the foregoing payments or deliveries shall in all instances be subject to Sections 4.4 and 4.6.

            

       

      Section 2.3.   Dividend and Distribution Payments. The RHUs granted to the Grantee
        hereunder do not include the right to receive any dividend payments with respect to the Common Stock. Any Distribution paid by KKR Group Partnership to
        Holdings II with respect to Class A Units  held by Holdings II shall be allocated and payable by Holdings II to the Grantee of the Restricted Units corresponding to such Class A Units as provided in the Operating Agreements (subject to Section
        2.1(e)).

       

      ARTICLE III

        RESTRICTIONS ON TRANSFERS AND OTHER LIMITATIONS

       

      Section 3.1.   Transfer Restrictions on Holdings II Units and Stock Exchange Rights.

       

      	

            	(a)	
              The Grantee may not Transfer all or any portion of the Grantee’s Holdings II Units or SERs to any Person (including to any Permitted Transferee) without the prior written consent of the Administrator, which consent may be given or
                withheld, or made subject to such conditions (including the receipt of such legal or tax opinions and other documents that the Corporation may require) as determined by the Administrator.

            

       

      
        4

        
          

      

      	

            	(b)	
              Prior to a Transfer of any Holdings II Units or SERs to any Person that the Administrator consents to, such Person must consent in writing to be bound by this Agreement and deliver such consent to the Administrator.

            

       

      	

            	(c)	
              Any purported Transfer of Holdings II Units or SERs that is not in accordance with this Section 3.1 or which would cause Holdings II or the KKR Group Partnership to be treated as a “publicly traded partnership”, as defined in Section
                7704 of the U.S. Internal Revenue Code of 1986, as amended, is null and void.

            

       

      	

            	(d)	
              Transfers of Holdings II Units shall be subject to further conditions and/or restrictions, if any, set forth in the Limited Partnership Agreement of Holdings II.

            

       

      Section 3.2.   Confidentiality and Restrictive Covenant Agreement. The Grantee acknowledges and agrees that the Grantee is bound by and will comply with the Confidentiality and Restrictive Covenant Agreement contained in Appendix D and any other similar agreements that the Grantee
        has entered into with the Designated Service Recipient, the Corporation, KKR Holdings L.P., KKR Associates Holdings L.P., or any other member of the KKR Group, as applicable, as such agreements may be amended from time to time.  If the Grantee is a
        limited partner of KKR Holdings L.P. or KKR Associates Holdings L.P., the Grantee further acknowledges and agrees that references to a Confidentiality and Restrictive Covenant Agreement in the limited partnership agreements of KKR Holdings L.P. and
        KKR Associates Holdings L.P. shall be deemed to include the Confidentiality and Restrictive Covenant Agreement contained in Appendix D hereto.

       

      Section 3.3.    Post-Vesting Transfer Restrictions.

       

      The provisions of this Section 3.3 and any references to a Transfer-Restricted Unit shall not be applicable to the Holdings II Units or SERs granted to the Grantee hereunder if so indicated on the RHU Grant
        Certificate.

       

      	

            	(a)	
              The Grantee may not Transfer or Exchange all or any portion of the Grantee’s Transfer-Restricted Units (as defined below) (including to any Permitted Transferee) without the prior written consent of the Administrator, which consent may
                be given or withheld, or made subject to such conditions (including the receipt of such legal or tax opinions and other documents that the Corporation may require) as determined by the Administrator. Any permitted Transfer pursuant to this
                Section 3.3(a) shall be made in accordance with Section 3.1.  No Class A Unit or Class P Unit corresponding to a Transfer-Restricted Unit may be exchanged for a share of Common Stock pursuant to the Exchange.

            

       

      	

            	(b)	
              A “Transfer-Restricted Unit” refers to all Holdings II Units and corresponding SERs held by the Grantee until (i) the first anniversary of the applicable Vesting Date, in the case of 50% of such
                Holdings II Units and corresponding SERs and (ii) the second anniversary of such Vesting Date, in the case of the remaining 50% of such  Holdings II Units and corresponding SERs; provided that if
                the Grantee has given or been given notice of termination of Grantee’s Employment, then the Administrator, in its sole discretion, may direct that any Holdings II Units and corresponding SERs that is then Transfer Restricted Units shall
                continue to be Transfer Restricted Units until the expiration of the later to occur of the Non-Compete Period (as defined in Appendix D) or the Non-Solicit Period (as defined in Appendix D) applicable to the Grantee, unless an earlier date
                is selected by the Administrator, in its sole discretion.

            

       

      
        5

        
          

      

      	

            	(c)	
              If the Grantee breaches in any significant or intentional manner, as determined by the Administrator in its sole discretion, any of the Grantee’s covenants in Appendix D, the Administrator, in its sole discretion, may direct that the
                Grantee forfeit all or a portion of the Transfer-Restricted Units held by the Grantee, in which case all related Class P Units (or Class A Units upon automatic conversion) held by Holdings II shall also be forfeited. If (x) the Grantee
                gives notice of termination of the Grantee’s Employment for any reason during the period of time beginning on the Grant Date and ending on the one year anniversary of the Grant Date and (y) the Co-Chief Executive Officers and the
                Co-Presidents of the Corporation determine, acting in their sole discretion and by majority vote, that the Corporation would not have granted RHUs to the Grantee had the Corporation known that the Grantee’s Employment would terminate in
                such manner, the Administrator in its sole discretion, may direct that the Grantee forfeit all or a portion of the Transfer-Restricted Units that are held by the Grantee pursuant to this Agreement (but not other grant agreements) in respect
                of any Restricted Units that are immediately vested as of the Grant Date, in which case all related Class P Units (or Class A Units upon automatic conversion) held by Holdings II shall also be forfeited. If the Grantee’s Employment is
                terminated for Cause, as determined by the Administrator in its sole discretion, all Transfer-Restricted Units held by the Grantee shall automatically be forfeited together with all related Class P Units (or Class A Units upon automatic
                conversion) held by Holdings II, unless otherwise determined by the Administrator, in its sole discretion.  The Grantee hereby consents and agrees to immediately surrender and deliver such Transfer-Restricted Units to the Corporation, or
                its designee, without the payment of any consideration, receipt of any further notice or fulfillment of any other condition.  Any forfeiture of Transfer-Restricted Units pursuant to this Section 3.3(c) shall require no additional procedures
                on the part of the Corporation, Holdings II, KKR Group Partnership or any of their Affiliates.

            

       

      	

            	(d)	
              Any purported Transfer or Exchange of Transfer-Restricted Units that is not in accordance with this Section 3.3 is null and void.  In the event of a property settlement or separation agreement between the Grantee and his or her spouse,
                the Grantee agrees that he or she shall use reasonable efforts to retain all of his or her Holdings II Units and SERs and shall reimburse his or her spouse for any interest he or she may have under this Agreement out of funds, assets or
                proceeds separate and distinct from his or her interest under this Agreement.

            

       

      Section 3.4.   Minimum Retained Ownership Requirement.

       

      The provisions of this Section 3.4 shall not be applicable to the Holdings II Units or SERs granted to the Grantee hereunder if so indicated on the RHU Grant Certificate.

      

      

      	

            	(a)	
              For so long as the Grantee retains his or her Employment, the Grantee (collectively with all Permitted Transferees, if applicable) must continuously hold an aggregate number of Common Stock Equivalents (defined below) that is at least
                equal to the Minimum Retained Ownership Percentage of the cumulative amount of (x) all Holdings II Units granted to the Grantee under this Agreement and (y) all other Holdings II Units subject to a minimum retained ownership requirement
                that have been or are hereafter granted to the Grantee under the Operating Agreements and the Plan, in each case, that have become vested pursuant to Section 2 (or similar provision in any other applicable grant agreement), prior to any
                Exchange permitted by Section 2.2 (or similar provision in any other applicable grant agreement).

            

      

      

      	

            	(b)	
              “Common Stock Equivalents” means any combination of: (i) Holdings II Units that are or become vested pursuant to Section 2 of this Agreement (even if they are Transfer-Restricted Units) but not
                exchanged and shares of Common Stock delivered upon Exchange of such Holdings II Units and not designated for sale and (ii) Holdings II Units subject to a minimum retained ownership requirement granted to the Grantee under the Operating
                Agreements and the Plan that are or become vested pursuant to a provision similar to Section 2 to this Agreement (even if a provision similar to the transfer restrictions on the Transfer-Restricted Units has not yet been satisfied) but not
                exchanged and shares of Common Stock delivered upon Exchange of such Holdings II Units and not designated for sale.

            

       

      	

            	(c)	
              Any purported Transfer or Exchange of any Holdings II Units or Common Stock that would result in a violation of this Section 3.4 is null and void. Notwithstanding anything to the contrary contained in this Agreement (including, without
                limitation, Section 4.8) this Section 3.4 shall survive any termination of this Agreement.

            

       

      
        6

        
          

      

      Section 3.5.   Waiver of Restrictions.  The Administrator may, from time to time, waive
        the provisions of Section 3.3 or Section 3.4 of this Agreement, subject to the imposition of any conditions or further requirements, as determined by the Administrator in its sole discretion.  Without limiting the foregoing, to the extent the
        Administrator waives the application of Section 3.3 or Section 3.4, (i) equivalent restrictions on the Grantee’s other equity, if any, held in KKR Holdings L.P., the Corporation or any of their respective Affiliates (or any of their respective
        equity incentive plans) may be imposed and (ii) the Grantee hereby consents in advance to the imposition of such equivalent restrictions for purposes of the governing documents of Grantee’s other equity, if any, held in KKR Holdings L.P., the
        Corporation or any of their respective Affiliates (or any of their respective equity incentive plans).

      

      

      ARTICLE IV

        MISCELLANEOUS

       

      Section 4.1.   Governing Law. This Agreement and RHU Grant Certificate shall be governed
        by, and construed in accordance with, the laws of the State of New York, United States of America, without giving effect to any otherwise governing principles of conflicts of law that would apply the Laws of another jurisdiction.

       

      Section 4.2.   Operating Agreements and Plan.  In the event of a conflict or
        inconsistency between the terms and provisions of the Operating Agreements or the Plan and the provisions of this Agreement, the Operating Agreements or the Plan, as applicable, shall govern and control.

       

      Section 4.3.   Arbitration. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE U.S. FEDERAL AND STATE COURTS
        LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 4.3, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO
        OR CONCERNING THIS AGREEMENT.  Any controversy or claim arising out of or relating to this Agreement (or the breach thereof) shall be settled by arbitration conducted by a single arbitrator in New York, New York in accordance with the then-existing
        Rules of Arbitration of the International Chamber of Commerce.  If the parties to the dispute fail to agree on the selection of an arbitrator within 30 days of the receipt of the request for arbitration, the International Chamber of Commerce shall
        make the appointment.  The arbitrator shall be a lawyer and shall conduct the proceedings in the English language. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.  The arbitrators shall
        have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction. However, either party may, without inconsistency with this arbitration
        provision, bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling the other party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, or enforcing an
        arbitration award. The Grantee irrevocably appoints the Secretary or General Counsel of the Corporation as such Grantee’s agent for service of process in connection with any such action or proceeding and agrees that service of process upon such
        agent, who shall promptly advise such Grantee of any such service of process, shall be deemed in every respect effective service of process upon the Grantee in any such action or proceeding. Except as necessary in court proceedings to enforce this
        arbitration provision or an award rendered hereunder, to obtain interim relief or as otherwise required by law, neither a party nor an arbitrator may disclose the content or results of any arbitration hereunder without the prior written consent of
        the Corporation and the Grantee, other than general statements.

       

      Section 4.4.   Remedies; Recoupment; Right to Set-Off.

       

      	

            	(a)	
              The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies.  Said rights and remedies are given in addition
                to any other rights the parties may have by Law or under the terms of any other applicable agreement.

            

      

      

      	

            	(b)	
              To the extent required or advisable, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules promulgated thereunder and any other similar Laws including, as applicable, but not limited to the European
                Directives 2011/61/EU, 2013/36/EU and 2014/91/EU, the Administrator may specify in any other document or a policy to be incorporated into this Agreement by reference, that the Grantee’s rights, payments, and benefits with respect to RHUs
                awarded hereunder and/or Common Stock delivered to the Grantee in respect of RHUs awarded hereunder shall be subject to reduction, cancellation, forfeiture or recoupment.

            

       

      
        7

        
          

      

      	

            	(c)	
              The Grantee further acknowledges and agrees that KKR Group shall have the right to clawback, forfeit, cancel, recoup, reduce or set-off any distribution or payment that is due or payable (or that the Administrator reasonably determines
                may become due or payable) to the Grantee pursuant to any agreement with the KKR Group (including but not limited to partnership agreements of KKR Holdings L.P., KKR Holdings II L.P. and KKR Associates Holdings L.P.) or otherwise for the
                purpose of fulfilling any present or future obligation or liability of whatever nature (whether matured or unmatured, absolute or contingent) that the Grantee has to make (or that the Administrator reasonably determines may become such an
                obligation or liability to make) any payment or contribution to the KKR Group, regardless of whether the payment or contribution is currently due or payable, or may become due or payable in the future, whether in advance of or without
                adjudication (provided that the Administrator must act in good faith when determining any contribution or payment that may become due or payable as a result of damage to the KKR Group arising from a
                breach by Grantee of any of Grantee’s written agreements with the KKR Group or other wrongdoing), and notwithstanding any other agreements between the Grantee and the KKR Group entered into prior to the date hereof.

            

       

      Section 4.5.   Amendments and Waivers.

       

      	

            	(a)	
              This Agreement (including the RHU Grant Certificate and Appendices A through E attached hereto, as applicable) may be amended, supplemented, waived or modified only in accordance with Section 4(b) of the Plan or Section 13 of the Plan,
                as applicable, or as may be required for purposes of compliance or enforceability with applicable local Law; provided, however, that the RHU Grant
                Certificate shall be deemed amended from time to time to reflect any adjustments provided for in the Operating Agreements or the Plan.

            

       

      	

            	(b)	
              No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise
                thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

            

       

      Section 4.6.   Withholding.

       

      (a)         The provisions of Section 4(d) of the Plan are incorporated herein by reference and made a part hereof. Regardless of any action the Corporation or
        the Designated Service Recipient takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to the Grantee’s participation in the Plan and legally applicable to the Grantee (“Tax-Related Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and may exceed the amount, if any, actually withheld by the
        Corporation or the Designated Service Recipient.  The Grantee further acknowledges that the Corporation and/or the Designated Service Recipient (1) make no representations or undertakings regarding the treatment of any Tax-Related Items and (2) are
        under no obligation to structure the terms of the RHUs to reduce or eliminate the Grantee’s liability for Tax-Related Items or achieve any particular tax result. The Corporation may refuse to issue or deliver
        Common Stock, the Cash Payment or the proceeds of the sale of Common Stock, if the Grantee fails to comply with the Grantee’s obligations in connection with the Tax-Related Items as set forth in this Section 4.6.

       

      (b)          Prior to any relevant taxable or tax withholding event, as applicable, the Grantee will pay or make adequate arrangements satisfactory to the
        Corporation and/or the Designated Service Recipient to satisfy all Tax-Related Items.  In this regard, the Grantee authorizes the Corporation and/or the Designated Service Recipient to satisfy the obligations with regard to all Tax-Related Items,
        if any, by one or a combination of the following:

       

      	

            	(i)	
              withholding from the Cash Payment, the Grantee’s wages or other cash compensation paid to the Grantee by the Corporation and/or the Designated Service Recipient; or

            

       

      	

            	(ii)	
              withholding from proceeds of the sale of Common Stock delivered upon the Exchange either through a voluntary sale or through a mandatory sale arranged by the Corporation (on the Grantee’s behalf pursuant to this authorization); or

            

       

      
        8

        
          

      

      	

            	(iii)	
              withholding in Common Stock to be delivered upon the Exchange.

            

       

      The Corporation may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates in the Grantee’s
        jurisdiction(s), in which case the Grantee may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Common Stock.  If the obligation for Tax-Related Items is satisfied by withholding in Common
        Stock, the Grantee is deemed to have been issued the full number of shares of Common Stock subject to the Exchange, notwithstanding that a number of shares of Common Stock are held back solely for the purpose of paying the Tax-Related Items.
        Finally, the Grantee shall pay to the Corporation or the Designated Service Recipient any amount of Tax-Related Items that the Corporation or the Designated Service Recipient may be required to withhold or account for as a result of the Grantee’s
        participation in the Plan that cannot be satisfied by the means previously described. The Grantee’s liability for Tax-Related items, if any, will survive the Grantee’s withdrawal from Holdings II or Transfer of any RHUs.

       

      Section 4.7.   Notices. All notices, requests, claims, demands and other communications
        hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax or by registered or certified mail (postage prepaid, return receipt requested) to the
        respective parties at the following addresses (or at such other address for a party as shall be specified):

       

      	

            	(a)	
              If to the Corporation, to:

            

       

      KKR & Co. Inc.

        30 Hudson Yards, Suite 7500

        New York, New York 10001

      U.S.A.

        Attention: General Counsel and Secretary

       

      	

            	(b)	
              If to the KKR Group Partnership, to:

            

       

      KKR Group Partnership L.P.

        30 Hudson Yards, Suite 7500

        New York, New York 10001

      U.S.A.

        Attention: General Counsel and Secretary

       

      	

            	(c)	
              If to Holdings II, to:

            

       

      KKR Holdings II L.P.

        30 Hudson Yards, Suite 7500

        New York, New York 10001

      U.S.A.

        Attention: General Counsel and Secretary

       

      	

            	(d)	
              If to the Grantee, to the most recent address for the Grantee in the books and records of the Corporation or the Designated Service Recipient, as applicable.

            

       

      Section 4.8.   Entire Agreement; Termination of Agreement; Survival.

       

      	

            	(a)	
              This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written, pertaining thereto. The Grantee
                acknowledges that the grant of RHUs provided for under this Agreement is in full satisfaction of any and all grants of equity or equity-based awards that representatives of the Corporation or its Affiliates, on or prior to the date hereof,
                may have informed the Grantee that such Grantee is entitled to receive.

            

       

      
        9

        
          

      

      	

            	(b)	
              This Agreement shall terminate when the Grantee and all Permitted Transferees cease to hold any of the RHUs that have been granted hereunder. Notwithstanding anything to the contrary herein, this Article IV shall survive any termination
                of this Agreement.

            

       

      Section 4.9.   Severability. If any term or other provision of this Agreement is held to
        be invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
        transactions is not affected in any manner materially adverse to any party.  Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
        Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

       

      Section 4.10.   Binding Effect. This
        Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns.

       

      Section 4.11.   Appendices. Appendices A, B, C, D and E constitute part of this
        Agreement.  Notwithstanding the provisions of this Article IV, the provisions of Sections 9 through 18 (inclusive) of Appendix D shall govern solely with respect to, and shall be applicable only to the interpretation, administration and enforcement
        of the provisions of Appendix D, but not to any other provisions of this Agreement or any other Appendix. 

       

      Section 4.12.   Further Assurances. The Grantee shall perform all other acts and
        execute and deliver all other documents as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

       

      Section 4.13.   Section 409A; Employment with Designated Service Recipient.

       

      	

            	(a)	
              This Section 4.13(a) applies to Grantees who are U.S. tax residents (such as, a U.S. citizen, green card holder or a U.S. tax resident under the substantial presence test) to the extent applicable.  All references to any “separation from
                service” or termination of the Employment of or the services to be provided by the Grantee, shall be deemed to refer to a “separation from service” within the meaning of Section 409A, if applicable.  Notwithstanding anything herein to the
                contrary, (i) if at the time of the Grantee’s termination of Employment the Grantee is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or delivery of Common Stock otherwise
                payable or provided hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then, to the extent that Section 409A applies to the RHUs, the Corporation
                will defer the commencement of the payment of any such payments or delivery hereunder (without any reduction in such payments or delivery of Common Stock ultimately paid or provided to the Grantee) until the date that is six months
                following the Grantee’s termination of Employment (or the earliest date as is permitted under Section 409A) and (ii) if any other payments or other deliveries due to the Grantee hereunder could cause the application of an accelerated or
                additional tax under Section 409A, such payments or other deliveries shall be deferred if deferral will make such payment or other delivery compliant under Section 409A, or otherwise such payment or other delivery shall be restructured, to
                the extent possible, in a manner, determined by the Administrator, that does not cause such an accelerated or additional tax.  The Corporation shall use commercially reasonable efforts to implement the provisions of this Section 4.13(a) in
                good faith; provided that none of the Corporation, the Administrator nor any of the Corporation’s or KKR Group’s, as applicable, employees, directors or
                representatives shall have any liability to the Grantee with respect to this Section 4.13(a).

            

       

      	

            	(b)	
              Nothing in this Agreement shall be deemed to obligate the Corporation, Designated Service Recipient or any other member of the KKR Group, as applicable, to employ the Grantee in any capacity whatsoever or to prohibit or restrict the
                Corporation, Designated Service Recipient or any other member of the KKR Group, as applicable, from terminating the Grantee’s Employment at any time or for any reason whatsoever, with or without Cause.

            

       

      Section 4.14.   Counterparts. This Agreement may be executed and delivered (including by
        facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and
        the same agreement.  Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Agreement.

       

      [Rest of page intentionally left blank]

       

      
        10

        
          

      

      IN WITNESS WHEREOF, the Corporation, KKR Group Partnership and Holdings II have executed this Agreement as of the date specified under the signature of the Grantee.

       

      	
              KKR & Co. Inc.

            	 
	 	 
	
              By:

            	 	

            
	
              

              

            	
              
                Name:

              

            	 
	

            	
              Title:

            	 
	 	 

      	
              KKR Group Partnership L.P.

            
	 
	
              By: KKR Group Holdings Corp.,

            
	
              its general partner

            
	 

      	
              By:

            	 	 
	
              

              

            	
              Name:

            	 
	
              

              

            	
              Title:

            	 

      	 	 
	
              KKR Holdings II L.P.

            	 
	
              By: KKR Group Holdings Corp.,

            	 
	
              its general partner

            	 
	 	 
	
              By:

            	 	 
	
              

              

            	
              Name:

            	 
	
              

              

            	
              Title:

            	 

      

      

      
        11

        
          

      

      IN WITNESS WHEREOF, the undersigned Grantee has caused this counterpart signature page to this Agreement to be duly executed as of the
        date specified under the signature of the Grantee.

       

      “GRANTEE”

       

      Electronic Signature

      

      

      Name: Participant Name

      

        Grant Acceptance Date: Grant Acceptance Date

       

      
        12

        
          

      

      
      APPENDIX A

        

        DEFINITIONS

       

      In addition to the defined terms set forth in the Plan, the following terms shall have the following meanings for purposes of the Agreement:

       

       “Cause” means, with respect to the Grantee, the occurrence or existence of any of the following as determined fairly on an informed basis and in good faith by the
        Administrator: (i) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct by the Grantee against any member of the KKR Group (including the Corporation) or a Portfolio Company (as defined below), (ii) a Regulatory Violation
        that has a material adverse effect on (x) the business of any member of the KKR Group or (y) the ability of the Grantee to function as an employee, associate or in any similar capacity (including consultant) with respect to the KKR Group, taking
        into account the services required of the Grantee and the nature of the business of the KKR Group, or (iii) a material breach by the Grantee of a material provision of any Written Policies & Agreements or the deliberate failure by the Grantee
        to perform the Grantee’s duties to the KKR Group, provided that in the case of this clause (iii), the Grantee has been given written notice of such breach or failure within 45 days of the KKR Group becoming
        aware of such breach or failure and, where such breach or failure is curable, the Grantee has failed to cure such breach or failure within (A) 15 days of receiving notice thereof or (B) such longer period of time, not to exceed 30 days, as may be
        reasonably necessary to cure such breach or failure provided that the Grantee is then working diligently to cure such breach or failure; and provided further, that
        if such breach or failure is not capable of being cured, the notice given to the Grantee may contain a date of termination that is earlier than 15 days after the date of such notice.

       

      “Class A Units” means the Class A Units of KKR Group Partnership under the Limited Partnership Agreement of KKR Group Partnership.

       

      “Designated Service Recipient” means any member of the KKR Group that employs the Grantee or with which the Grantee is similarly associated.

       

      “Disability” means, as to any Person, such Person’s inability to perform in all material respects such Person’s duties and responsibilities to the KKR Group by reason of a
        physical or mental disability or infirmity which inability is reasonably expected to be permanent and has continued (i) for a period of six consecutive months or (ii) such shorter period as the Administrator may reasonably determine in its sole
        discretion.

       

      “Employment” means the Grantee’s employment (including any similar association determined by the Administrator to constitute employment for purposes of this Agreement) with the
        Designated Service Recipient or any other member of the KKR Group.

       

      “Exchange Agreement” means the Third Amended and Restated Exchange Agreement, dated as of January 1, 2020, among KKR Group Partnership, KKR Holdings L.P., the Corporation, and KKR Group Holdings Corp., as
        amended from time to time, or such other exchange agreement entered into from time to time by the Corporation, or any successor thereto, and KKR Group Partnership.

       

      “Group Partnership” means KKR Group Partnership, along with its successor and any other legal entity designated in the future
          as a “Group Partnership” by the Corporation.

       

      “KKR Group” means (i) the Corporation and KKR Management LLP (and its successors), (ii) any direct or indirect subsidiaries of the Corporation, including but not limited to the
        Group Partnership and its direct and indirect subsidiaries (not including Portfolio Companies), (iii) KKR Holdings L.P., KKR Associates Holdings L.P. and KKR Associates Reserve L.P., their respective general partners, and the direct or indirect
        subsidiaries of KKR Holdings L.P., KKR Associates Holdings L.P. and KKR Associates Reserve L.P., respectively, and (iv) any investment fund, account or vehicle that is managed, advised or sponsored by any member of the KKR Group (the “Funds”).

       

      “Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order issued or promulgated by any national,
        supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority therefrom with jurisdiction over the Corporation or any Grantee, as the case may be.

       

      
        A-1

        
          

      

      “Limited Partnership Agreement of Holdings II” means the Limited Partnership Agreement of Holdings II, dated as of January 1, 2020, as
        amended from time to time.

       

      “Limited Partnership Agreement of KKR Group Partnership” means the Third Amended and Restated Limited Partnership Agreement of KKR Group Partnership, dated as of January 1,
        2020, as amended from time to time.

       

      “Minimum Retained Ownership Percentage” means the percentage set forth on the RHU Grant Certificate.

       

      “Permitted Transferee” means (A) any person who is a “family member” of the Grantee, as such term is used in the instructions to Form S-8 under the Securities Act of 1933, as
        amended, or any successor form of registration statement promulgated by the Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Grantee
        and his or her Immediate Family Members; (C) a partnership or limited liability company whose only partners or stockholders are the Grantee and his or her Immediate Family Members;  (D) a beneficiary to whom donations are eligible to be treated as
        “charitable contributions” for federal income tax purposes; or (E) any other Person the Administrator consents to.

       

      “Person” means any individual, corporation, partnership, limited liability company, trust, joint stock company, business trust, unincorporated association, joint venture, governmental authority or other
        entity of any nature whatsoever.

       

      “Portfolio Company” means any portfolio companies, joint ventures or affiliated investments that are held as such by the KKR Group.

       

      “Regulatory Violation” means, with respect to the Grantee (i) a conviction of the Grantee based on a trial or by an accepted plea of guilt or nolo

          contendere of any felony or misdemeanor crime involving moral turpitude, false statements, misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery, (ii) a final determination by any court of competent
        jurisdiction or governmental regulatory body (or an admission by the Grantee in any settlement agreement) that the Grantee has violated any U.S. federal or state or comparable non-U.S. securities laws, rules or regulations or (iii) a final
        determination by self-regulatory organization having authority with respect to U.S. federal or state or comparable non-U.S. securities laws, rules or regulations (or an admission by the Grantee in any settlement agreement) that the Grantee has
        violated the written rules of such self-regulatory organization that are applicable to any member of the KKR Group.

       

      “Retirement” means the resignation by the Grantee of the Grantee’s Employment with the KKR Group (other than for Cause), on or after the date that the Grantee’s age, plus the
        Grantee’s years of Employment with the KKR Group, equals at least 80.

       

      “RHU Grant Certificate” means the RHU Grant Certificate delivered to the Grantee and attached to this Agreement, as the same may be modified pursuant to Section 4.5(a) of the
        Agreement.

       

      “Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as the same may be amended from time to time, and the applicable regulations, including temporary
        regulations, promulgated under such Section, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

       

      “Transfer” or “Transferred” means with respect to any RHUs or Common Stock, as applicable, any (i) sale, assignment, transfer or other
        disposition thereof or any interests therein or rights attached thereto, whether voluntarily or by operation of Law, including but not limited to an Exchange, or (ii) creation or placement of any mortgage, claim, lien, encumbrance, conditional
        sales or other title retention agreement, right of first refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title of any nature whatsoever.

       

      “Vesting Date” means, with respect to any RHU, the date set forth in the RHU Grant Certificate as the “Vesting Date.”

       

      “Written Policies & Agreements” means the written policies of the KKR Group included in its employee manual, code of ethics and confidential information and information
        barrier policies and procedures and other documents relating to the Grantee’s Employment with the KKR Group, as applicable, and any agreements between the Grantee and a member of the KKR Group relating to the Grantee’s Employment with the KKR
        Group, including but not limited to an employment agreement, if any, and the Confidentiality and Restrictive Covenant Agreement.

       

      

      A-2

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