Document:

ares_EX_10_30

		

			Exhibit 10.30

		

		

			 

		

			

					

						 

					

					

						 

				
	

					

						 

					

					

						 

				
	

					

						

					

					

						CONFIDENTIAL

				
	

					

						 

					

					

						[FUND NAME]

				
	

					

						 

					

					

						20[●] Participation Award

				

		

			 

		

		
			ARES MANAGEMENT LLC
		

		
			 
		

		
			MEMORANDUM
		

		
			 
		

		
			_________, 20[●]
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						TO:

					
					
						[EMPLOYEE NAME]

				
	
					
						 

					
					
						 

				
	
					
						FROM:

					
					
						Ares Management LLC 

				
	
					
						 

					
					
						 

				
	
					
						RE:

					
					
						Profit Participation Interest Related to [FUND NAME] 

				

		
			 
		

		
			This Memorandum confirms the award to you for the period commencing on January 1, 20[●] and ending December 31, 20[●] (the “Award Period”) of a profit participation interest (the “Participation Interest”) related to the “performance fees” earned during the Award Period attributable to the investment activities of [FUND NAME] (the “Fund”) during the Award Period (the “Performance Fee”), to the extent such Performance Fee is actually paid to and received by the general partner and/or the manager of the Fund (the “General Partner”).  Notwithstanding the foregoing, the Performance Fee does not include any “performance fees” that would otherwise be attributable to investments in the Fund by any investors who are not subject to paying such performance fees, including the affiliates, partners, members or accounts of Ares Management LLC, including the General Partner (the “Affiliate Investment”).
		

		
			 
		

		
			This Memorandum should be retained in your files for future reference.
		

		
			 
		

		
			The Participation Interest is based on the Performance Fees earned during the Award Period to the extent actually paid to and received by the General Partner (other than, as noted above, the Performance Fee attributable to any Affiliate Investment).  The Participation Interest will be determined as and when the Performance Fee is actually paid to and received by the General Partner without reference to any accrued or deferred performance allocations or performance fees (each a “Payment Determination Date”) and, subject to the terms set forth below, will be payable so long as (i) you remain employed in good standing by and actively associated with an Ares Management Entity1 and/or, to the extent applicable, you do not otherwise become a Retired Partner or Retired Member (whether for or without cause, including by disability or death) of an Ares Management Entity as of the payment date and (ii) you have not otherwise notified an Ares Management Entity of your intent to resign as an employee of and/or, to the extent applicable, become a Retired Partner or Retired Member of an Ares Management Entity as of the payment date.
		

		
			 
		

		
			We note the following with respect to the Fund, the General Partner and the Participation Interest. 
		

		
			 
		

		

			
	
			
				 1
			

			
	
			
			For reference, an “Ares Management Entity” means any of Ares Management LLC (“Ares”) or its affiliates, including its affiliated employment or employee ownership entities, affiliated investment management entities, general partner entities, carry vehicles or investment vehicles of the foregoing, but excluding portfolio companies of such affiliated investment vehicles.  The term “Retired Partner” or “Retired Member” shall have the meaning given such term (or similar term) in the constituent agreement with respect to the applicable Ares Management Entity and generally means such time as one is no longer actively providing services or involved in the affairs of an Ares Management Entity.

		
			 
		

		
			 
		

		 

		

			Page 1 of 5

		

 

			

					

						 

					

					

						 

				
	

					

						 

					

					

						 

				
	

					

						

					

					

						CONFIDENTIAL

				
	

					

						 

					

					

						[FUND NAME]

				
	

					

						 

					

					

						20[●] Participation Award

				

		

			 

		

			
	
			
				 1.
			

			
	
			
			In connection with the investment management services provided by the General Partner and its affiliates to the Fund, the General Partner receives (i) annual base management and/or advisory fees, including any fees structured as a priority profit share (the “Base Fees”) and (ii) a Performance Fee based on the investment performance of the Fund.  The Participation Interest is not subject to vesting, and will be determined solely in relation to the Performance Fee as and when actually paid to and received by the General Partner and exclusive of and without reference to the Base Fees (which are not a part of this award) and/or any Performance Fee paid to and received by the General Partner from the Fund attributable to any Affiliate Investment.

		
			 
		

			
	
			
				 2.
			

			
	
			
			The Participation Interest as referenced herein will be represented by a number of “points” out of an aggregate of [●] “points” (individually and collectively, “Points”) initially representing [●]% of the Performance Fee actually paid to and received from time to time by the General Partner.  Ares may, in its discretion, increase or decrease the aggregate number of Points at any time (which could dilute or accrete your Participation Interest).  Distributions paid to and received by the General Partner with respect to the Performance Fee will be paid by the General Partner pro rata to holders of Points (subject to Paragraphs 4 and 7 below) based on the number of Points then held by each holder at the time of distribution.

		
			 
		

			
	
			
				 3.
			

			
	
			
			The Participation Interest will not entitle you to any corporate governance rights, voting rights, inspection rights or other rights in the General Partner, the Fund, Ares or any other Ares Management Entity. 

		
			 
		

			
	
			
				 4.
			

			
	
			
			The Participation Interest is dependent on the Performance Fee being paid to and received by the General Partner with respect to which there is no assurance, notwithstanding the performance of the Fund.  Moreover, notwithstanding that the General Partner may receive a Performance Fee related to the Fund’s aggregate investment capital/portfolio, it is understood that the determination of the Participation Interest will be made exclusive of any Performance Fee (or portion thereof) attributable to any Affiliate Investment.  Ares may, in its discretion, elect to defer any Performance Fee that is allocated to the General Partner.  Further, the General Partner and certain other Ares Management Entities are subject to certain contractual limitations that may restrict any payments to you with respect to the Participation Interest. 

		
			 
		

			
	
			
				 5.
			

			
	
			
			The award of the Participation Interest to you, as represented by Points, will be determined on an annual or more frequent basis as referenced in your award notice.  The award as set forth on Schedule I hereto, shall be effective only for the Performance Fee attributable to the Fund during the Award Period to the extent such Performance Fee is actually paid to and received by the General Partner.

		
			 
		

			
	
			
				 6.
			

			
	
			
			To the extent, if any, that it is determined that the General Partner is required to make a clawback payment with respect to the Fund pursuant to the terms of the Amended and Restated Limited Partnership Agreement (the “Partnership Agreement”), you, as a holder of a Participation Interest, shall be required to return amounts of Performance Fee previously received in respect of your Participation Interest to the General Partner for ultimate distribution to the partners of the Fund in an amount equal to your Share of such Clawback Payment.  For purposes of this Memorandum, “Share” shall mean, with respect to any Clawback Payment, your pro rata portion of such payment calculated based on the 

		
			
		

		
			

		 

		

			Page 2 of 5

		

 

			

					

						 

					

					

						 

				
	

					

						 

					

					

						 

				
	

					

						

					

					

						CONFIDENTIAL

				
	

					

						 

					

					

						[FUND NAME]

				
	

					

						 

					

					

						20[●] Participation Award

				

		

			 

		

cumulative amount of payments of Performance Fee made to you in respect of you Participation Interest during the Award Period prior to the date of determination of such Clawback Payment divided by the aggregate amount of payments of Performance Fee made to all holders of Participation Interests prior to the date of determination of such Clawback Payment and “Clawback Payment” shall mean an amount equal to the portion of any payment required to be made by the holders of Participation Interests to the General Partner in respect of its clawback obligations pursuant to the Partnership Agreement.  In furtherance of the foregoing obligations in this Section 6, you must sign and return the guarantee attached hereto as Schedule II in order to be eligible to receive any payments in respect of your Participation Interest.  The obligations set forth in this Section 6 shall continue to apply to you if you cease to be employed by or actively associated with the Ares Management Entities.
		

		
			 
		

			
	
			
				 7.
			

			
	
			
			The Participation Interest is not subject to any vesting, is not transferable and constitutes an unsecured obligation of Ares.  You understand that your Participation Interest may change from one Award Period to another Award Period or at any time as determined by Ares.  Ares’ obligation to make payments related to your Participation Interest is contingent upon (i) your continued employment, good standing and active association with and/or, to the extent applicable, you not otherwise becoming a Retired Partner or Retired Member (whether for or without cause, including by disability or death) of an Ares Management Entity as of the payment date and (ii) you not having notified Ares of your intent to resign as an employee of and/or, to the extent applicable, become a Retired Partner or Retired Member of an Ares Management Entity as of the payment date.  Payment with respect to your Participation Interest will be completed on or before March 15th of the calendar year following the calendar year in which the Payment Determination Date occurs.

		
			 
		

			
	
			
				 8.
			

			
	
			
			You recognize and understand that the award of Points as referenced herein is not a guarantee of employment or any other assurance that your employment or the terms of your employment will continue; the award of Points is an independent determination and your Participation Interest will be subject to your continued active association with an Ares Management Entity as discussed herein.  Nothing in this Memorandum shall change the nature of your employment with the relevant Ares Management Entity.

		
			 
		

			
	
			
				 9.
			

			
	
			
			You recognize and understand that any payments with respect to Points held by you will be treated as ordinary compensation income for applicable tax purposes and, accordingly, will be subject to all applicable withholding taxes on compensation.

		
			 
		

			
	
			
				 10.
			

			
	
			
			By accepting this Memorandum and the Participation Interest granted herein you agree to the terms and conditions set forth in this Memorandum.

		
			 
		

			
	
			
				 11.
			

			
	
			
			This notice of award shall be governed by and construed in accordance with [JURISDICTION] law irrespective of conflicts of laws principles that would require the application of the laws of another jurisdiction.

		
			 
		

		
			[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
		

		
			
		

		
			

		 

		

			Page 3 of 5

		

 

			

					

						 

					

					

						 

				
	

					

						 

					

					

						 

				
	

					

						

					

					

						CONFIDENTIAL

				
	

					

						 

					

					

						[FUND NAME]

				
	

					

						 

					

					

						20[●] Participation Award

				

		

			 

		

SCHEDULE I
		

		
			 
		

		
			ARES MANAGEMENT LLC
		

		
			 
		

		
			AWARD OF PROFIT PARTICIPATION INTERESTS RELATED TO 
		

		
			 
		

		
			[FUND NAME]
		

		
			 
		

		
			 
		

		
			Award of Points
		

		
			 
		

		
			 
		

		
			The following sets forth the number of Points awarded to you for the period commencing on January 1, 20[●] and ending on December 31, 20[●] respecting a profit participation interest related to the Performance Fee paid to and received by the General Partner related to the investment activities of [FUND NAME], as described more fully in the accompanying Memorandum.  Points are not transferable and have no voting or other governance rights and distributions, if any, thereon are subject to a continued active association with an Ares Management Entity as described in the Memorandum.  Capitalized terms not otherwise defined herein have the meanings given to such terms in the Memorandum.  
		

		
			 
		

		
			 
		

		
			Points
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Recipient:           [EMPLOYEE NAME]

		
			 
		

			
	
			
				 ·
			

			
	
			
			Total Points awarded for the Award Period January 1, 20[●] through December 31, 20[●]:

		
			 
		

		
			[●] Points (out of [●] Points)
		

		
			 
		

		
			 
		

		
			Confirmed by:
		

		
			 
		

		
			Ares Management LLC
		

		
			 
		

		
			 
		

			
					
						By:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Authorized Signatory

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Page 4 of 5

		

 

			

					

						 

					

					

						 

				
	

					

						 

					

					

						 

				
	

					

						

					

					

						CONFIDENTIAL

				
	

					

						 

					

					

						[FUND NAME]

				
	

					

						 

					

					

						20[●] Participation Award

				

		

			 

		

SCHEDULE II
		

		
			 
		

		
			Guarantee
		

		
			 
		

		
			[FORM OF GUARANTEE]
		

		 

		

			Page 5 of 5ares_EX_10_31

		
			Exhibit 10.31
		

		
			FORM OF RESTRICTED UNIT AGREEMENT
PURSUANT TO THE
ARES MANAGEMENT, L.P. 2014 EQUITY INCENTIVE PLAN

		

		
			This Agreement (the “Agreement”) is entered into as of              (the “Grant Date”), by and between Ares Management, L.P., a Delaware limited partnership (the “Partnership”), and             (the “Participant”).  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Ares Management, L.P. 2014 Equity Incentive Plan (the “Plan”).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Partnership has adopted the Plan, a copy of which has been delivered to the Participant, which is administered by the Committee; and
		

		
			WHEREAS, pursuant to Article VII of the Plan, the Committee may grant Other Unit-Based Awards to Service Providers under the Plan, including restricted units that represent the right to receive Common Units; and
		

		
			WHEREAS, the Participant is a Service Provider under the Plan.
		

		
			NOW, THEREFORE, the parties agree as follows:
		

			
	
			
				 1.   
			

			
	
			
			Grant of Restricted Units.  

		
			Subject to the restrictions and other conditions set forth herein, the Committee hereby grants to the Participant the right to receive           Common Units (the “Restricted Units”) as of the Grant Date.  Each Restricted Unit is an Other Unit-Based Award under the Plan that represents an unfunded, unsecured right of the Participant to receive a Common Unit on the Delivery Dates specified in Section 2 herein.
		

			
	
			
				 2.   
			

			
	
			
			Vesting and Payment.

		
			(a)       Except as expressly provided in Section 2(b) herein, the Restricted Units shall vest and be paid in four equal installments on each of the first four anniversaries of the Grant Date (the “Delivery Dates”); provided that the Participant has not had a Termination prior to such Delivery Date.
		

		
			(b)       Except as expressly provided in this Section 2(b), all unvested Restricted Units will be forfeited without compensation on the Participant’s Termination for any reason.  If the Participant incurs a Termination (i) by the Partnership without Cause, (ii) on account of Participant’s death or Disability, (iii) by the Participant as a retirement after the Participant has attained age 65 (a “Retirement”) or (iv) by the Participant as an early retirement at a time when (x) the Participant has at least five years of service to the Partnership and/or its Affiliates and (y) the Participant’s age plus such years of service equals at least 65 (an “Early Retirement”), then the Restricted Units shall vest on such Termination and shall be paid in equal installments on the remaining Delivery Dates.  Notwithstanding the foregoing, if at any time the Participant breaches any agreement with the Partnership or its Affiliates, in each case, as determined by the Committee in its sole discretion, all vested and unvested Restricted Units will be forfeited by the Participant without compensation.    
		

		
			
		

		 

 

		
			(c)       The Partnership shall, on an applicable Delivery Date, deliver (or cause to be delivered) to the Participant one Common Unit with respect to each vested and outstanding Restricted Unit payable on such Delivery Date, as settlement of such Restricted Unit and each such Restricted Unit shall thereafter be cancelled.
		

			
	
			
				 3.   
			

			
	
			
			Distribution Equivalents.  

		
			The Participant will have the right to receive an amount in cash equal to (i) the amount of any distribution paid with respect to a Common Unit multiplied by (ii) the number of Restricted Units held by the Participant, at the time such distributions are paid to holders of Common Units.   
		

			
	
			
				 4.   
			

			
	
			
			Restricted Unit Transfer Restrictions.  

		
			Unless otherwise determined by the Committee, Restricted Units may not be Transferred by the Participant other than by will or by the laws of descent and distribution, and any other purported Transfer shall be void and unenforceable against the Partnership and its Affiliates.
		

			
	
			
				 5.   
			

			
	
			
			Change in Control.  

		
			The Restricted Units shall not vest upon a Change in Control unless otherwise determined by the Committee.
		

			
	
			
				 6.   
			

			
	
			
			Rights as a Unitholder.  

		
			The Participant shall have no rights as a unitholder with respect to Common Units covered by Restricted Units.
		

			
	
			
				 7.   
			

			
	
			
			Provisions of Plan Control.  

		
			This Agreement is subject to all the terms, conditions and provisions of the Plan, including the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference. If and to the extent that this Agreement conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.
		

			
	
			
				 8.   
			

			
	
			
			Notices.  

		
			All notices, demands or requests made pursuant to, under or by virtue of this Agreement must be in writing and sent to the party to which the notice, demand or request is being made:
		

		
			(a)       unless otherwise specified by the Partnership in a notice delivered by the Partnership in accordance with this section, any notice required to be delivered to the Partnership shall be properly delivered if delivered to:
		

		
			Ares Management, L.P.
2000 Avenue of the Stars, 12th Floor
Los Angeles, CA 90067
Attention: General Counsel
		

		
			(b)       If to the Participant, to the address on file with the Partnership.
		

		
			Any notice, demand or request, if made in accordance with this section shall be deemed to have been duly given:  (i) when delivered in person; (ii) three days after being sent by United
		

		
			

		 

		

			2

		

 

States mail, or foreign equivalent; or (iii) on the first business day following the date of deposit if delivered by a nationally or internationally recognized overnight delivery service.
		

			
	
			
				 9.   
			

			
	
			
			No Right to Employment or Services.  

		
			This Agreement is not an agreement of employment or services.  None of this Agreement, the Plan or the grant of Restricted Units shall (a) obligate the Partnership to employ or otherwise retain, or to continue to employ or otherwise retain, the Participant for any specific time period or (b) modify or limit in any respect the Partnership’s or its Affiliates’ right to terminate or modify the Participant’s employment, services or compensation.
		

			
	
			
				 10.   
			

			
	
			
			Transfer of Personal Data.  

		
			The Participant authorizes, agrees and unambiguously consents to the transmission by the Partnership of any personal data information related to the Restricted Units awarded under this Agreement, for legitimate business purposes (including, without limitation, the administration of the Plan) out of the Participant’s home country and including to countries with less data protection than the data protection provided by the Participant’s home country.  This authorization/consent is freely given by the Participant.
		

			
	
			
				 11.   
			

			
	
			
			Withholding.

		
			The Participant hereby authorizes the Partnership, or an Affiliate thereof to which the Participant provides services, to satisfy applicable income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items (“Tax-Related Items”), with respect to any issuance, transfer, or other taxable event under this Agreement or the Plan by withholding from the proceeds of the sale of Common Units acquired upon settlement of the Restricted Units either through a voluntary sale authorized by the Partnership or through a mandatory sale arranged by the Partnership or any of its Affiliates on the Participant’s behalf pursuant to this authorization, to cover the amount of such Tax Related Items.  The Participant further authorizes the Partnership or the applicable Affiliate to take such action as may be necessary in the opinion of the Partnership or the applicable Affiliate to withhold from any compensation or other amount owing to the Participant to satisfy all obligations for the payment of such Tax-Related Items. Without limiting the foregoing, the Committee may, from time to time, permit the Participant to make arrangements prior to any Delivery Date described herein to pay the applicable Tax-Related Items in a manner prescribed by the Committee prior to the applicable Delivery Date, including by cash, check, bank draft or money order.  The Participant acknowledges that, regardless of any action taken by the Partnership or any of its Affiliates the ultimate liability for all Tax-Related Items, is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Partnership or any of its Affiliates. The Partnership may refuse to issue or deliver the Common Units or the proceeds from the sale of Common Units, if the Participant fails to comply with his or her obligations in connection with the Tax-Related Items.
		

			
	
			
				 12.   
			

			
	
			
			Dispute Resolution.  

		
			(a)       The exclusive remedy for determining any and all disputes, claims or causes of action, in law or equity, arising out of or related to this Agreement, or the breach, termination, enforcement, interpretation or validity thereof will, to the fullest extent permitted by law, be determined by: (i) the dispute resolution provisions in any employment, consulting agreement, or similar agreement, between the Partnership or any of its Affiliates and the
		

		
			
		

		 

		

			3

		

 

		
			Participant or, if none, (ii) the Partnership’s or any of its Affiliates’ mandatory dispute resolution procedures as may be in effect from time to time with respect to matters arising out of or relating to Participant’s employment or service with the Partnership or, if none, (iii) by final, binding and confidential arbitration in [Los Angeles, California][New York, New York], before one arbitrator, conducted by the Judicial Arbitration and Mediation Services/Endispute, Inc. (“JAMS”), or its successor.  If disputes are settled pursuant to prong (iii) of this Section 12,  Section 12(b) shall apply.
		

		
			(b)       Disputes shall be resolved in accordance with the Federal Arbitration Act, 9 U.S.C. §§1–16, and JAMS’ Employment Arbitration Rules and Procedures then in effect.  The arbitrator will have the same, but no greater, remedial authority than would a court of law and shall issue a written decision including the arbitrator’s essential findings and conclusions and a statement of the award.  Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.  This agreement to resolve any disputes by binding arbitration extends to claims by or against the Partnership or any of its Affiliates or any of their respective past or present representatives and applies to claims arising out of federal, state and local laws, including claims of alleged discrimination on any basis, as well as to claims arising under the common law.  The prevailing party in any such arbitration proceeding, as determined by the arbitrator, or in any proceeding to enforce the arbitration award, will be entitled, to the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including the arbitrator’s compensation), expenses and attorneys’ fees.  If no party entirely prevails in such arbitration or proceeding, the arbitrator or court shall apportion an award of such fees based on the relative success of each party.  In the event of a conflict between this provision and any provision in the applicable rules of JAMS, the provisions of this Agreement will prevail.
		

			
	
			
				 13.   
			

			
	
			
			Section 409A.  

		
			The Restricted Units are intended to comply with the applicable requirements of Section 409A and shall be limited, construed and interpreted in accordance with such intent; provided, that the Partnership does not guarantee to the Participant any particular tax treatment of the Restricted Units.  In no event whatsoever shall the Partnership be liable for any additional tax, interest or penalties that may be imposed on the Participant by Section 409A or any damages for failing to comply with Section 409A.
		

			
	
			
				 14.   
			

			
	
			
			Miscellaneous.  

		
			(a)       Successors.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, legal representatives, successors and assigns.
		

		
			(b)       Governing Law.  All matters arising out of or relating to this Agreement and the transactions contemplated hereby, including its validity, interpretation, construction, performance and enforcement, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws.
		

		
			(c)       Counterparts; Electronic Acceptance.  This Agreement may be executed in one or more counterparts (including by facsimile or electronic transmission), all of which taken together shall constitute one contract.  Alternatively, this Agreement may be granted to and accepted by the Participant electronically.
		

		
			(d)       Interpretation.  Unless a clear contrary intention appears: (i) the defined terms herein shall apply equally to both the singular and plural forms of such terms; (ii) reference
		

		
			
		

		 

		

			4

		

 

		
			to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are not prohibited by the Plan or the Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually; (iii) any pronoun shall include the corresponding masculine, feminine and neuter forms; (iv) reference to any agreement, document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (v) reference to any law, rule or regulation means such law, rule or regulation as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any law, rule or regulation means that provision of such law, rule or regulation from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; (vi) “hereunder,” “hereof,” “hereto,”  and words of similar import shall be deemed references to the Agreement as a whole and not to any particular article, section or other provision hereof; (vii) numbered or lettered articles, sections and subsections herein contained refer to articles, sections and subsections of the Agreement; (viii) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; (ix) “or” is used in the inclusive sense of “and/or”; (x) references to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules or amendments thereto; and (xi) reference to dollars or $ shall be deemed to refer to U.S. dollars.    
		

		
			(e)       No Strict Construction.  This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.
		

		
			(f)       Waiver.  The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.
		

			
	
			
				 15.   
			

			
	
			
			Language.

		
			If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 
		

		
			 
		

			
	
			
				 16.   
			

			
	
			
			NO Acquired Rights.  

		
			THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT: (A) THE PARTNERSHIP MAY TERMINATE OR AMEND THE PLAN AT ANY TIME; (B) THE AWARD OF RESTRICTED UNITS MADE UNDER THIS AGREEMENT IS COMPLETELY INDEPENDENT OF ANY OTHER AWARD OR GRANT AND IS MADE AT THE SOLE DISCRETION OF THE PARTNERSHIP; (C) NO PAST GRANTS OR AWARDS (INCLUDING THE RESTRICTED UNITS AWARDED HEREUNDER) GIVE THE PARTICIPANT ANY RIGHT TO ANY GRANTS OR AWARDS IN THE FUTURE WHATSOEVER; (D) THE PLAN AND THE AGREEMENT DO NOT FORM PART OF THE TERMS OF THE PARTICIPANT’S EMPLOYMENT; AND (E) BY PARTICIPATING IN
		

		
			
		

		
			

		 

		

			5

		

 

THE PLAN AND RECEIVING AN AWARD PURSUANT TO THIS AGREEMENT, THE PARTICIPANT WAIVES ALL RIGHTS TO COMPENSATION FOR ANY LOSS IN RELATION TO THE PLAN OR THIS AGREEMENT, INCLUDING ANY LOSS OF RIGHTS IN ANY CIRCUMSTANCES INCLUDING TERMINATION OF EMPLOYMENT.
		

		
			 
		

		
			[Remainder of This Page Intentionally Left Blank]
		

		
			
		

		
			

		 

		

			6

		

 

IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ARES MANAGEMENT, L.P.

				
	
					
						 

					
					
						By: Ares Management GP LLC, its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

				
	
					
						 

					
					
						Title:

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Participant Name:

					
					
						 

				

		
			 
		

		 

		

			7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]