Document:

Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan

 Exhibit 10.8 
 Originally Adopted October 23, 2007 
 As Amended and Restated as of
March 10, 2011 
 APOLLO GLOBAL MANAGEMENT, LLC 

2007 OMNIBUS EQUITY INCENTIVE PLAN 
 Section 1. Purpose of Plan. 
 The name of this plan is the Apollo
Global Management, LLC 2007 Omnibus Equity Incentive Plan. The purpose of the Plan is to provide additional incentive to selected employees, directors, and other service providers of the Company, its Subsidiaries or Affiliates (as hereinafter
defined) whose contributions are integral to the growth and success of the Company’s business, in order to strengthen the commitment of such persons to the Company and its Subsidiaries and Affiliates, motivate such persons to faithfully and
diligently perform their responsibilities and attract and retain competent and dedicated persons whose efforts shall result in the long-term growth and profitability of the Company. To accomplish such purposes, the Plan provides that the Company may
(or may cause a Subsidiary or Affiliate to) grant (a) Options, (b) Share Appreciation Rights, (c) Awards of Restricted Shares, Restricted Share Units, Performance Shares, unrestricted Shares or Other Share-Based Awards, or
(d) any combination of the foregoing. 
 Section 2. Definitions. 

For purposes of the Plan, the following terms shall be defined as set forth below: 

(a) “Administrator” means the Board, or if and to the extent the Board does not administer the Plan, the Committee in
accordance with Section 3 hereof. 
 (b) “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, “control” means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 (c) “AOG” means the Apollo Operating Group. 
 (d) “AOG
Unit” refers to a unit in the Apollo Operating Group, which represents one limited partnership interest in each of the limited partnerships that comprise the Apollo Operating Group and any securities issued or issuable in exchange for or
with respect to such AOG Units (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification, recapitalization, merger, consolidation or other reorganization. 

(e) “Apollo Operating Group” means (i) Apollo Management Holdings, L.P., a Delaware limited partnership, Apollo
Principal Holdings I, L.P., a Delaware limited partnership, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo Principal Holdings III, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings IV, L.P., a
Cayman Islands exempted limited partnership, and any successors thereto or other entities formed to serve as holding vehicles for Apollo carry vehicles, management companies or other entities formed to engage in the asset management business
(including alternative asset management) and (ii) any such Apollo carry vehicles, management companies or other entities formed to engage in the asset management business (including alternative asset management) and receiving management fees,
incentive fees, fees paid by Portfolio Companies, carry or other remuneration which are not Subsidiaries of the Persons described in clause (i), excluding any Funds and any Portfolio Companies. 

(f) “Award” means, individually or collectively, any Option, Share Appreciation Right, Restricted Share, Restricted
Share Unit, Performance Share, unrestricted Share or Other Share-Based Award granted under the Plan. 

 (g) “Award Agreement” means any written agreement, contract or other
instrument or document evidencing an Award. 
 (h) A “Beneficial Owner” of a security is a Person who directly
or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security, and/or (ii) investment power, which
includes the power to dispose, or to direct the disposition of, such security. The term “Beneficially Own” shall have a correlative meaning. 
 (i) “Board” means AGM Management, LLC, a Delaware limited liability company and the sole manager of the Company, except that at such time as AGM Management, LLC ceases to have all
management powers over the business and affairs of the Company in accordance with Section 6.1 of the LLC Agreement, the Board shall mean the Board of Directors of the Company. 

(j) “Cause” means, unless otherwise provided in an applicable Award Agreement, a termination of employment or service,
based upon a finding by the Company, acting in good faith, after the occurrence of any of the following: (1) the Participant is convicted or charged with a criminal offense; (2) the Participant’s intentional violation of law in
connection with any transaction involving the purchase, sale, loan or other disposition of, or the rendering of investment advice with respect to, any security, futures or forward contract, insurance contract, debt instrument, financial instrument
or currency; (3) the Participant’s dishonesty, bad faith, gross negligence, willful misconduct, fraud or willful or reckless disregard of duties in connection with the performance of any services on behalf of the Company or any of its
Affiliates or the Participant’s engagement in conduct which is injurious to the Company or any of its Affiliates, monetarily or otherwise; (4) the Participant’s intentional failure to comply with any reasonable directive by a
supervisor in connection with the performance of any services on behalf of the Company of any of its Affiliates; (5) the Participant’s intentional breach of any material provision of an Award Agreement or any other agreements of the
Company or any of its Affiliates; (6) the Participant’s material violation of any written policies adopted by the Company or any of its Affiliates governing the conduct of persons performing services on behalf of the Company or such
Affiliate or the Participant’s non-adherence to Apollo’s policies and procedures or other applicable Apollo compliance manuals; (7) the taking of or omission to take any action that has caused or substantially contributed to a
material deterioration in the business or reputation of the Company or any of its Affiliates, or that was otherwise materially disruptive of their business or affairs; provided, however, that the term Cause shall not include for this purpose
any mistake of judgment made in good faith with respect to any transaction respecting a portfolio investment or account managed by the Company; (8) the failure by the Participant to devote a significant portion of time to performing services as
an agent of the Company without the prior written consent of the Company, other than by reason of death or Disability; (9) the obtaining by the Participant of any material improper personal benefit as a result of a breach by the Participant of
any covenant or agreement (including, without limitation, a breach by the Participant of the Company’s code of ethics or a material breach by the Participant of other written policies furnished to the Participant relating to personal investment
transactions or of any covenant, agreement, representation or warranty contained in any limited partnership agreement); or (10) the Participant’s suspension or other disciplinary action against the Participant by an applicable regulatory
authority; provided, however, that if a failure, breach, violation or action or omission described in any of clauses (4) to (7) is capable of being cured, the Participant has failed to do so after being given notice and a reasonable
opportunity to cure. As used in this definition, “material” means “more than de minimis.” 
 (k)
“Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) distribution (whether in
the form of cash, Shares, or other property), share split or reverse share split, (iii) combination or exchange of shares, (iv) other change in structure, or (v) declaration of a distribution,

  
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which the Administrator determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate. 

(l) “Class A Shares” means the Class A Shares of the Company. 

(m) “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to
a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 
 (n) “Committee” means the Board or any committee or subcommittee the Board may appoint to administer the Plan from time to time. Unless otherwise determined by the Board, the Committee
shall be composed entirely of individuals who meet the qualifications of an “outside director” within the meaning of Section 162(m) of the Code, a “non-employee director” within the meaning of Rule 16b-3 under the Exchange
Act and any other qualifications required by the applicable stock exchange on which the Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall
be exercised by the Committee. Except as otherwise provided in the LLC Agreement, as amended from time to time, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a
quorum is duly constituted or by unanimous written consent of the Committee’s members. 
 (o) “Company”
means Apollo Global Management, LLC, a Delaware limited liability company, and any successors thereto. 
 (p)
“Consultant” means a consultant or advisor who is a natural person, engaged to render bona fide services to the Company or any Subsidiary. 
 (q) “Disability” shall have the meaning provided under Section 409A(a)(2)(C) of the Code. Notwithstanding the foregoing or any other provision of this Plan, the definition of
Disability (or any analogous term) in an Award Agreement shall supersede the foregoing definition; provided, however, that if no definition of Disability or any analogous term is set forth in such agreement, the foregoing definition shall
apply. 
 (r) “Eligible Recipient” means an employee, director, partner or Consultant of the Company, any
Subsidiary or Affiliate, who has been selected as an eligible participant by the Administrator. 
 (s) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 

(t) “Exercise Price” means the per share price (if any) at which a holder of an Award granted hereunder may purchase the
Shares issuable upon exercise of such Award. 
 (u) “Fair Market Value” as of a particular date shall mean the
fair market value as determined by the Administrator in its sole discretion; provided, however, (i) if the Share or other security is admitted to trading on a national securities exchange, on the private over-the-counter market for
Tradable Unregistered Equity Securities developed by Goldman, Sachs & Co. (“GS TrUE”) or on a substantially similar over-the-counter market, the fair market value on any date shall be the closing sale price reported on such
date, or (ii) if the Share or other security is then traded in an over-the-counter market that, as determined by the Administrator in its sole discretion, is not substantially similar to GS TrUE, the fair market value on any date shall be the
average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on which there was a sale of such share in such market. 

  
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 (v) “Fund” means any pooled investment vehicle or similar entity sponsored
or managed by the Company or any of its Subsidiaries. 
 (w) “Investment” shall mean any investment (or similar
term describing the results of the deployment of capital) as defined in the governing document of any Fund managed (directly or indirectly) by a member of the Apollo Operating Group. 

(x) “LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of Apollo Global Management, LLC,
as amended from time to time. 
 (y) “LTIP Units” means Awards issued with respect to AOG Units, as more fully
described in Section 10. 
 (z) “Option” means an option to purchase Shares granted pursuant to
Section 7 hereof. 
 (aa) “Other Share-Based Awards” means a right or other interest granted to a
Participant under the Plan that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares, including but not limited to restricted units, distribution equivalent rights, LTIP Units or
performance units, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms or conditions as permitted under the Plan. 

(bb) “Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s
authority in Section 3 below, to receive grants of Options, Share Appreciation Rights, Awards of Restricted Shares, Awards of unrestricted Shares, Restricted Share Units, Performance Shares, Other Share-Based Awards or any combination of the
foregoing, and upon his or her death, his or her successors, heirs, executors and administrators, as the case may be. 
 (cc)
“Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings including operating income, earnings before or after taxes, earnings before or after interest, depreciation, amortization,
or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income, after-tax income, or economic net income; (iii) earnings per Share (basic or diluted); (iv) operating profit;
(v) distributable earnings; (vi) revenue, revenue growth or rate of revenue growth; (vii) return on assets (gross or net), return on investment, return on capital, or return on equity; (vii) returns on sales or revenues;
(ix) operating expenses; (x) share price appreciation; (xi) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital;
(xii) implementation or completion of critical projects or processes; (xiii) economic value created; (xiv) cumulative earnings per share growth; (xv) operating margin or profit margin; (xvi) Share price or total shareholder
return; (xvii) cost targets, reductions and savings, productivity and efficiencies; (xviii) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion,
investor satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons;
(xix) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans, the negotiation of transactions, the development of long term business goals, formation of joint ventures,
research or development collaborations, and the completion of other corporate transactions; and (xx) any combination of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of
attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company, a Subsidiary or Affiliate, or a division or strategic
business unit of the Company, or may be applied to the performance of 

  
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the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance
below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made
(or at which full vesting shall occur). Each of the foregoing Performance Goals shall not be required to be determined in accordance with generally accepted accounting principles and shall be subject to certification by the Committee;
provided that the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of
the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the
disposal of a segment of a business or related to a change in accounting principles. 
 (dd) “Performance
Shares” means Shares that are subject to restrictions based upon the attainment of specified performance objectives granted pursuant to Section 9 below. 
 (ee) “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental Entity or
other entity. 
 (ff) “Plan” means this Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan, as
the same may be amended, modified or supplemented from time to time. 
 (gg) “Portfolio Company” means any
Person in which any Fund owns an Investment. 
 (hh) “Restricted Shares” means Shares subject to certain
restrictions granted pursuant to Section 9 below. 
 (ii) “Restricted Share Units” means the right to
receive Shares at the end of a specified period, or upon specified dates, granted pursuant to Section 9 below. 
 (jj)
“Retirement” means a termination of a Participant’s employment, other than for Cause, on or after attainment of age 65. 
 (kk) “SEC” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act. 

(ll) “Section 409A” means Section 409A of the Code and U.S. Department of Treasury regulations and interpretative
guidance issued thereunder. 
 (mm) “Securities Act” means the Securities Act of 1933, as amended, supplemented
or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 (nn)
“Shares” means the Company’s Class A Shares (as specified in the applicable Award Agreement) reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation or
other reorganization) security. 
 (oo) “Share Appreciation Right” means the right pursuant to an Award granted
under Section 8 below to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Share Appreciation Right or portion thereof is surrendered, of the Shares covered by

  
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such right or such portion thereof, over (ii) the aggregate Exercise Price of such right or such portion thereof. 
 (pp) “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise controls, directly or indirectly, more
than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such Person. 
 Section 3. Administration. 
 (a) The Plan shall be administered by the
Administrator and shall be administered in accordance with the requirements of Section 162(m) of the Code (but only to the extent necessary and desirable to maintain qualification of Awards under the Plan under Section 162(m) of the Code)
and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule 16b-3”). 
 (b) Pursuant to the terms of
the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation: 

(1) to select those Eligible Recipients who shall be Participants; 

(2) to determine whether and to what extent Options, Share Appreciation Rights, Awards of Restricted Shares, Restricted
Share Units, Performance Shares, Other Share-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants; 
 (3) to determine the number of Shares to be covered by each Award granted hereunder; 
 (4) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Options, Share Appreciation Rights, Awards of Restricted
Shares, Restricted Share Units, Performance Shares, Other Share-Based Awards or any combination of the foregoing granted hereunder (including, but not limited to, (i) the restrictions applicable to Awards and the conditions under which
restrictions applicable to such Awards shall lapse, (ii) the performance goals and periods applicable to Awards of Performance Shares, (iii) the Exercise Price, if any, of Awards, (iv) the vesting schedule (and, for unit Awards, Share
issuance schedule) applicable to Awards, (v) the terms upon which Awards may be forfeited, (vi) the number of Shares subject to Awards, and (vii) any amendments or modifications to the terms and conditions of outstanding Awards,
including, but not limited to reducing the Exercise Price of such Awards, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards); 

(5) to determine the Fair Market Value with respect to any Award; 

(6) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting
a termination of the Participant’s employment for purposes of Options granted under the Plan; 
 (7) to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 
 (8) to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise

  
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supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan;

 (9) to delegate its authority, in whole or in part, under this Section 3 to two or more individuals
(who may or may not be members of the Board), subject to the requirements of applicable law or any stock exchange on which the Shares are traded; 
 (10) to determine the manner and timing of sales or other dispositions of Shares received pursuant to an Award, including by requiring that any such disposition occur on a date or dates designated by the
Company or Administrator and/or pursuant to a block trade; and 
 (11) to determine at any time whether, to what
extent and under what circumstances and method or methods (including in the form of cash or other property) Awards may be settled by the Company or any of its Subsidiaries or Affiliates. In the event of such determination, references to the Company
shall be deemed to be references to the applicable Subsidiary or Affiliate for purposes of the Plan as appropriate. 
 (c) All
decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the
Company or any Subsidiary or Affiliate acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination or interpretation taken or made in good faith with respect to the Plan, and all members of the
Board or the Committee and each and any officer or employee of the Company and of any Subsidiary or Affiliate acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any
such action, omission, determination or interpretation. 
 Section 4. Shares Reserved for Issuance Under the Plan.

 (a) Subject to Section 5 hereof, the maximum number of Shares that may be delivered pursuant to Awards granted under
the Plan (the “Share Limit”) shall be 95,000,000 Shares, subject to adjustment as provided herein. Notwithstanding the foregoing, the Share Limit shall be increased on the first day of each fiscal year beginning in calendar year
2012 by a number of Class A Shares equal to (x) the amount (if any) by which (i) 15% of the number of outstanding Class A shares of the Company and those AOG Units that are exchangeable for Class A Shares of the Company on a
fully converted and diluted basis on the last day of the immediately preceding fiscal year exceeds (ii) the number of Class A Shares then reserved and available for issuance under the Plan (i.e., subject to outstanding Awards or
available for new Awards), or (y) such lesser amount by which the Administrator may decide to increase the number of Class A Shares as of such date. From and after such time as the Plan is subject to Code Section 162(m), the aggregate
Awards granted during any fiscal year to any single individual who is likely to be a “covered employee” as defined under Code Section 162(m) shall not exceed (i) 10,000,000 shares subject to Options or Share Appreciation Rights
or (ii) 10,000,000 shares subject to Restricted Shares, Restricted Share Units, Performance Shares, unrestricted Shares or Other Share-Based Awards. Determinations made in respect of the limitation set forth in the immediately preceding
sentence shall be made in a manner consistent with Section 162(m) of the Code. 
 (b) Shares issued under the Plan may, in
whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company or an Affiliate or Subsidiary in the open market, in private transactions or otherwise. If any Shares subject to an Award are
forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Participant, the Shares with respect to such Award shall, to the extent of any such

  
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forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for outstanding or new Awards under the Plan. 

Section 5. Equitable Adjustments. 
 In the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, in the manner to be determined by the Administrator, in (i) the
aggregate number of Shares reserved for issuance under the Plan and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar or fiscal year, (ii) the kind, number and Exercise Price subject to
outstanding Options and Share Appreciation Rights granted under the Plan, and (iii) the kind, number and purchase price of Shares subject to outstanding Awards of Restricted Shares, Restricted Share Units, Performance Shares, unrestricted
shares or Other Share-Based Awards granted under the Plan; provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Equitable substitutions or adjustments shall also be made if the Administrator
determines in its sole discretion that such adjustment is necessary in order to avoid an adverse impact on the value of any outstanding Award granted hereunder. Without limiting the generality of the foregoing, in connection with a Change in
Capitalization, the Administrator shall take such action as is necessary to adjust the outstanding Awards to reflect the Change in Capitalization, including, but not limited to, the cancellation of any outstanding Award granted hereunder in exchange
for payment in cash or other property of the aggregate Fair Market Value of the Shares covered by such Award under the circumstances (to the extent then vested), reduced by the aggregate Exercise Price or purchase price thereof, if any. The
Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive. 

Section 6. Eligibility. 
 The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible Recipients. 

Section 7. Options. 
 (a) General. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its
discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option granted thereunder. The provisions of each Option need not be the
same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this
Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement. 

(b) Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole
discretion at the time of grant, provided that the Exercise Price of any Option intended to qualify as performance-based compensation under Section 162(m) of the Code shall not be less than 100% of the Fair Market Value of the Shares on
the date of grant. 
 (c) Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option
shall be exercisable more than ten years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the
Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. 

  
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 (d) Exercisability. Each Option shall be exercisable at such time or times and
subject to such terms and conditions, including the attainment of preestablished corporate performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be
exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the
contrary contained herein, an Option may not be exercised for a fraction of a share. 
 (e) Method of Exercise. Options
may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its
equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received
under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which, (x) in the case of
unrestricted Shares acquired upon exercise of an Option, have been held by the Participant for such period as may be established from time to time by the Administrator in order to avoid adverse accounting treatment under applicable accounting
principles, and (y) have a Fair Market Value on the date of surrender equal to the aggregate option price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and
permitted by applicable law or (iv) any combination of the foregoing. 
 (f) Rights as Shareholder. A Participant
shall have no rights to distributions or any other rights of a shareholder with respect to the Shares subject to an Option until the Participant has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements
of Section 13 hereof and, if requested, has given the representation described in paragraph (b) of Section 14 hereof or in the applicable Award Agreement. 
 (g) Transfers of Options. Except as otherwise determined by the Administrator, no Option granted under the Plan shall be transferable by a Participant other than by the laws of descent and
distribution. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during the period
the Participant is under a legal disability, by the Participant’s guardian or legal representative. The Administrator may, in its sole discretion, subject to applicable law, permit the gratuitous transfer during a Participant’s lifetime of
an Option, (i) by gift to a member of the Participant’s immediate family, (ii) by transfer by instrument to a trust for the benefit of such immediate family members, or (iii) to a partnership or limited liability company in which
such family members are the only partners or members; provided, however, that, in addition to such other terms and conditions as the Administrator may determine in connection with any such transfer, no transferee may further assign, sell,
hypothecate or otherwise transfer the transferred Option, in whole or in part, other than by operation of the laws of descent and distribution. Each permitted transferee shall agree to be bound by the provisions of this Plan and the applicable Award
Agreement. 
 (h) Termination of Employment or Service. 

(1) Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant
with the Company or any Subsidiary or Affiliate shall terminate for any reason other than Cause, Retirement, Disability, or death, (A) if such termination occurs before the effectiveness of the registration of the Company’s Shares in
accordance with the Securities Act, Options granted to Participants, whether vested or unvested, shall be forfeited and be terminated and cancelled with no consideration therefor; and (B) if such termination occurs after the effectiveness of
the registration of the Company’s Shares in 

  
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accordance with the Securities Act, then (x) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the
date that is 90 days after such termination, on which date they shall expire, and (y) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on
the date of such termination. The 90-day period described in this Section 7(h)(1) shall be extended to one year after the date of such termination in the event of the Participant’s death during such 90-day period. Notwithstanding the
foregoing, no Option shall be exercisable after the expiration of its term. 
 (2) Unless the applicable Award
Agreement provides otherwise, in the event that the employment or service of a Participant with the Company or any Subsidiary shall terminate on account of the Retirement, Disability, or death of the Participant, (A) Options granted to such
Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable until the date that is one year after such termination, on which date they shall expire and (B) Options granted to such Participant,
to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.

 (3) In the event of the termination of a Participant’s employment or service for Cause, all outstanding
Options granted to such Participant shall expire at the commencement of business on the date of such termination. 

Section 8. Share Appreciation Rights. 
 (a) General. Share Appreciation Rights may be granted either alone (“Standalone Rights”) or in conjunction with all or part of any other Award granted under the Plan
(“Tandem Rights”). Tandem Rights may be granted either at or after the time of the grant of such Award. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Share Appreciation
Rights shall be made, the number of Shares to be awarded, the price per share, and all other conditions of Share Appreciation Rights. Notwithstanding the foregoing, no Tandem Right may be granted for more shares than are subject to the Award to
which it relates and any Share Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of Shares on the date of grant. The provisions of Share Appreciation Rights need not be the same with respect to each
Participant. Share Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the
Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 
 (b) Awards. The
prospective recipient of a Share Appreciation Right shall not have any rights with respect to such Award, unless and until such recipient has executed an Award Agreement and delivered a fully executed copy thereof to the Company, within a period of
60 days (or such other period as the Administrator may specify) after the award date. Participants who are granted Share Appreciation Rights shall have no rights as shareholders of the Company with respect to the grant or exercise of such rights.

  
 10 

 (c) Exercisability. 

(1) Share Appreciation Rights that are Standalone Rights (“Standalone Share Appreciation Rights”) shall
be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after grant. 
 (2) Share Appreciation Rights that are Tandem Rights (“Tandem Share Appreciation Rights”) shall be exercisable only at such time or times and to the extent that the Awards to which they
relate shall be exercisable in accordance with the provisions of Section 7 above and this Section 8 of the Plan. 

(d) Payment Upon Exercise. 
 (1) Upon the exercise of a Standalone Share Appreciation Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair Market
Value of a Share as of the date of exercise over the price per share specified in the Standalone Share Appreciation Right (which price shall be no less than 100% of the Fair Market Value of such Share on the date of grant) multiplied by the number
of Shares in respect of which the Standalone Share Appreciation Right is being exercised, with the Administrator having the right to determine the form of payment. 

(2) A Tandem Right may be exercised by a Participant by surrendering the applicable portion of the related Award. Upon
such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair Market Value of a Share as of the date of exercise over the Exercise Price specified
in the related Award (which price shall be no less than 100% of the Fair Market Value of a Share on the date of grant) multiplied by the number of Shares in respect of which the Tandem Share Appreciation Right is being exercised, with the
Administrator having the right to determine the form of payment. Awards that have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Tandem Rights have been so exercised. 

(3) Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in
cash (or in any combination of Shares and cash). 
 (e) Non-Transferability. 

(1) Standalone Share Appreciation Rights shall be transferable only when and to the extent that an Award would be
transferable under Section 7 of the Plan. 
 (2) Tandem Share Appreciation Rights shall be transferable only
when and to the extent that the underlying Award would be transferable under Section 7 of the Plan. 
 (f) Termination
of Employment or Service. 
 (1) In the event of the termination of employment or service with the Company,
any Subsidiary or any Affiliate of a Participant who has been granted one or more Standalone Share Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Administrator at or after grant. 
 (2) In the event of the termination of employment or service with the Company
or any Subsidiary of a Participant who has been granted one or more Tandem Share 

  
 11 

 
Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options. 

(g) Term. 
 (1) The term of each Standalone Share Appreciation Right shall be fixed by the Administrator, but no Standalone Share Appreciation Right shall be exercisable more than ten years after the date such right
is granted. 
 (2) The term of each Tandem Share Appreciation Right shall be the term of the Award to which it
relates, but no Tandem Share Appreciation Right shall be exercisable more than ten years after the date such right is granted. 

Section 9. Restricted Shares, Restricted Share Units and Performance Shares. 

(a) General. Awards of Restricted Shares, Restricted Share Units or Performance Shares may be issued either alone or in addition to
other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, Awards of Restricted Shares, Restricted Share Units or Performance Shares shall be made; the number of Shares to
be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares, Restricted Share Units or Performance Shares; the “Restricted Period” (as defined in the applicable Award Agreement), if any,
applicable to Awards of Restricted Shares or Restricted Share Units; the performance objectives applicable to Awards of Restricted Shares, Restricted Share Units or Performance Shares; and all other conditions of Awards of Restricted Shares,
Restricted Share Units and Performance Shares. The Administrator may also condition the grant of the award of Restricted Shares, Restricted Share Units or Performance Shares upon the exercise of Options, or upon such other criteria as the
Administrator may determine, in its sole discretion. If the restrictions, performance objectives and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her shares of Restricted Shares, Restricted
Share Units or Performance Shares. The provisions of Awards of Restricted Shares, Restricted Share Units or Performance Shares need not be the same with respect to each Participant. 

(b) Awards and Certificates. The prospective recipient of Awards of Restricted Shares, Restricted Share Units or Performance
Shares shall not have any rights with respect to any such Award, unless and until such recipient has executed an Award Agreement and delivered a fully executed copy thereof to the Company, within a period of sixty days (or such other period as the
Administrator may specify) after the award date. Except as otherwise provided below in this Section 9, (i) each Participant who is granted an Award of Restricted Shares or Performance Shares shall be issued a share certificate in respect
of such shares of Restricted Shares or Performance Shares (or such other appropriate evidence of ownership, including book entry, as determined by the Administrator), and (ii) such certificate (or other evidence of ownership) shall be
registered in the name of the Participant, and, if appropriate, shall bear a legend referring to the terms, conditions, and restrictions applicable to any such Award. 

(1) The Company may require that any share certificates evidencing Restricted Shares or Performance Shares granted
hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any Award of Restricted Shares or Performance Shares, the Participant shall have delivered a power of attorney, endorsed in
blank, relating to the Shares covered by such Award. 
 (2) With respect to Awards of Restricted Share Units, at
such times as are indicated in the applicable Award Agreement, share certificates (or such other appropriate 

  
 12 

 
evidence of ownership, including book entry, as determined by the Administrator) in respect of such shares of Restricted Share Units shall be delivered to the Participant, or his legal
representative, in a number equal to the number of Shares the Participant is entitled to be issued pursuant to the terms of the Award Agreement. 
 (c) Restrictions and Conditions. Awards of Restricted Shares, Restricted Share Units and Performance Shares granted pursuant to this Section 9 shall be subject to the following restrictions
and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter: 
 (1) Subject to the provisions of the Plan and except as otherwise provided in the Restricted Shares Award Agreement, Restricted Share Units Award Agreement or Performance Shares Award Agreement, as
appropriate, governing any such Award, during such period as may be set by the Administrator commencing on the date of grant, the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Shares, Restricted Share
Units or Performance Shares awarded under the Plan; provided, however, that the Administrator may, in its sole discretion, provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in
part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain performance related goals, the Participant’s termination of employment or
service as a director, partner or Consultant of the Company or any Subsidiary or Affiliate, the Participant’s death or Disability. 
 (2) Except as otherwise provided in the applicable Award Agreement, the Participant shall generally not have the rights of a shareholder with respect to Shares subject to Awards of Restricted Share Units
until such Shares are issued in accordance with the terms of the Award Agreement. Except as may be provided in the applicable Award Agreement, the Participant shall generally have the rights of a shareholder of the Company with respect to Restricted
Shares or Performance Shares; provided, however, that unless otherwise provided in the Award Agreement, the Participant shall not have rights to any distributions declared on unvested Restricted Shares or Performance Shares. 

(3) The rights of Participants granted Awards of Restricted Shares, Restricted Share Units or Performance Shares upon
termination of employment or service as a director or Consultant to the Company or to any Subsidiary or Affiliate terminates for any reason during the Restricted Period shall be set forth in the Award Agreement and subject to the Plan. 

Section 10. Other Share-Based Awards. 
 (a) The Administrator is authorized to grant Awards to Participants in the form of Other Share-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced
by an Award Agreement, including, but not limited to, Awards of LTIP Units, Awards of restricted units and Awards that are valued in whole or in part by reference to Shares, including Awards valued by reference to book value, fair value or
performance of a Subsidiary, partner interests or AOG Units, including distribution equivalent rights and performance units. Other Share-Based Awards may be granted as free-standing Awards or in tandem with other Awards under the Plan. The
Administrator shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including any Performance Goals and performance periods. The Administrator may, in its sole discretion,
provide for the lapse of restrictions applicable to Other Share-Based Awards in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its
sole discretion, including, but not limited to, the attainment of certain performance related goals, the Participant’s 

  
 13 

 
termination of employment or service as a director or Consultant to the Company or any Subsidiary or Affiliate, the Participant’s death or Disability. Shares or other securities or property
delivered pursuant to an Award in the nature of a purchase right granted under this Section 10 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other
Awards, notes or other property, as the Administrator shall determine, subject to any required corporate action. The Administrator may, in its sole discretion, settle such Other Share-Based Awards for cash or other property as appropriate.

 (b) LTIP Units may be granted as free-standing Awards or in tandem with other Awards under the Plan, and may be valued by
reference to the Shares, and will be subject to such other conditions and restrictions as the Administrator, in its sole and absolute discretion, may determine, including, but not limited to, continued employment or service, computation of financial
metrics and/or achievement of pre-established performance goals and objectives. LTIP Unit Awards, whether vested or unvested, may entitle the participant to receive, currently or on a deferred or contingent basis, distributions or distribution
equivalent payments with respect to the number of Shares corresponding to the LTIP Unit or other distributions from AOG and the Administrator may provide in the applicable Award Agreement that such amounts (if any) shall be deemed to have been
reinvested in additional Shares or LTIP Units. The LTIP Units granted under the Plan, subject to such terms and conditions as may be determined by the Administrator in its sole and absolute discretion, including, but not limited to the conversion
ratio, may be exchanged for Shares in accordance with applicable Company agreement(s) governing such exchanges. LTIP units may be structured as “profits interests,” “capital interests” or other types of interests for federal
income tax purposes. The Administrator has the authority to determine the number of Shares underlying an Award of LTIP Units in light of all applicable circumstances, including performance-based vesting conditions, operating partnership
“capital account allocations,” partnership agreements with respect to Apollo Operating Group, the Code, or value accretion factors and conversion ratios. 
 (c) To the extent that the Plan is subject to Section 162(m) of the Code, no payment shall be made to a “covered employee” (within the meaning of Section 162(m) of the Code) prior to
the certification by the Committee that the Performance Goals have been attained. The Committee may establish such other rules applicable to the Other Share-Based Awards, provided, however, that in the event that the Plan is subject to
Section 162(m) of the Code, such rules shall be in compliance with Section 162(m) of the Code. Any rules contained herein that apply by reason of Section 162(m) of the Code shall not be binding on the Administrator during any period
in which Section 162(m) of the Code does not apply to the Plan. 
 Section 11. Amendment and Termination.

 The Board may amend, alter or terminate the Plan, but, subject to Sections 5 and 17 of the Plan, no amendment, alteration,
or termination shall be made that would materially impair the rights of a Participant under any Award theretofore granted without the Participant’s consent. Unless the Board determines otherwise, the Board shall obtain approval of the
Company’s shareholders for any amendment that would require such approval in order to satisfy the requirements of Section 162(m) of the Code, any rules of the stock exchange on which the Shares are traded or other law, in each case to the
extent applicable. The Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Sections 5 and 17, no such amendment shall materially impair the rights of any Participant without his or her
consent. Notwithstanding the foregoing, a Participant’s consent shall not be required to the extent the Board or Administrator (as applicable) in its sole discretion, determines that an amendment, alteration or termination is required or
advisable (i) in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of any accounting standard or to correct an administrative error, or (ii) to ensure compliance with the Dodd-Frank
Wall Street Reform 

  
 14 

 
and Consumer Protection Act or Section 10D of the Exchange Act, or any rules or regulations promulgated thereunder. 
 Section 12. Unfunded Status of Plan. 
 The Plan is intended to
constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a
general creditor of the Company. 
 Section 13. Withholding Taxes. 

Each Participant shall, no later than the date as of which the value of an Award first becomes subject to tax for U.S. federal, state or
local income or other tax purposes and/or for any non-U.S. tax purposes, pay to the Company or any of its Subsidiaries or Affiliates (as determined by the Administrator), or make arrangements satisfactory to the Administrator regarding payment of,
any taxes of any kind required by law to be withheld or accounted for by the Company or any of its Subsidiaries or Affiliates with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such
payments or arrangements, and the Company or its Subsidiaries or Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Whenever cash is to be paid
pursuant to an Award granted hereunder, the Company or its Subsidiaries or Affiliates shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements (or local taxes required to be
accounted for by the Company or its Subsidiaries or Affiliates) related thereto. Whenever Shares are to be delivered pursuant to an Award or taxes otherwise become due with respect to an Award, the Company shall have the right to require the
Participant to remit to the Company or its Subsidiaries or Affiliates in cash an amount sufficient to satisfy any federal, state and local withholding tax requirements (or local taxes required to be accounted for by the Company or its Subsidiaries
or Affiliates) related thereto. In addition, the Company or its Subsidiaries or Affiliates may elect to satisfy the foregoing requirement by withholding from delivery Shares having a value equal to the minimum amount of tax required to be withheld
or paid (or, with the approval of the Administrator, such method may be elected by a Participant, or the Participant may deliver already owned unrestricted Shares). Such shares shall be valued at their Fair Market Value on the date that the amount
of tax to be withheld or paid is determined. Solely for this purpose, fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an Award. The Company,
its Subsidiaries or Affiliates may also use any other method or procedure of obtaining the necessary payment or proceeds, as permitted by law, to satisfy their withholding or other tax obligations with respect to any Option or other Award and the
Participant shall comply with any reasonable requests made by the Company, its Subsidiaries or Affiliates to complete and execute documentation necessary to implement such method or procedure. 

Section 14. General Provisions. 
 (a) Compliance with Law. Shares shall not be issued pursuant to the exercise of any Award granted hereunder unless the exercise of such Award and the issuance and delivery of such Shares pursuant
thereto shall comply with all relevant rules and provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the requirements of any stock
exchange upon which the Shares may then be listed, and the requirements for the treatment intended by the Company under applicable accounting rules, and shall be further subject to the approval of the Administrator with respect to such compliance.
The Company shall be under no obligation to register the Shares pursuant to the Securities Act or any other federal or state securities laws. Any disposition of Shares received pursuant to an Award shall be subject to compliance with the foregoing
rules, requirements and laws, as determined by the Administrator. 

  
 15 

 (b) Legending and Other Considerations. The Administrator may require each person
acquiring Shares to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. The certificates for such Shares may include any legend that the Administrator deems appropriate
to reflect any restrictions on transfer which the Administrator determines, in its sole discretion, arise under applicable securities laws or are otherwise applicable. All certificates for Shares delivered under the Plan shall be subject to such
stop-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares may then be listed, and any
applicable federal or state securities law, and the Administrator may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. 

(c) Lock-Up Agreements. The Administrator may require a Participant receiving Shares pursuant to the Plan, as a condition
precedent to receipt of such Shares, to enter into a shareholder agreement or “lock-up” agreement in such form as the Committee shall determine is necessary or desirable to further the Company’s interests. 

(d) No Right to Continued Service. The adoption of the Plan shall not confer upon any Eligible Recipient any right to continued
employment or service with the Company or any Subsidiary or Affiliate, as the case may be, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment or service of any of its Eligible
Recipients at any time. 
 (e) Governing Law; Venue; Waiver of Jury Trial. The Plan and all Awards shall be governed by,
interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State of
Delaware. The agreed venue for the resolution of disputes relating to an Award Agreement or the Plan, if any, shall be set forth in the applicable Award Agreement. Unless otherwise specifically provided by explicit reference to the jury waiver
provision in this Section 14(e) in an applicable Award Agreement, each Participant, TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT THE PARTICIPANT WILL NOT ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THE PLAN OR ANY AWARD AGREEMENT, WHETHER AT THE EFFECTIVE DATE OR THEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, AND AGREES THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR THE PARTICIPANT MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS
AFFILIATES, ON THE ONE HAND, AND THE PARTICIPANT, ON THE OTHER HAND, IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THE PLAN OR ANY AWARD AGREEMENT, AND THAT ANY SUCH PROCEEDING WILL INSTEAD BE
TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 (f) Certain Changes in Employment
Status. Unless otherwise specifically provided in the applicable Award Agreement, an Award shall be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial
disability or other changes in the employment status of a Participant, in the discretion of the Administrator. The Administrator shall follow any applicable written policies (if any) of the Company, its Subsidiaries or

  
 16 

 
Affiliates, including such rules, guidelines and practices as may be adopted pursuant to Section 3 hereof, as they may be in effect from time to time, with regard to such matters.

 (g) Notices. All notices, requests, consents and other communications with respect to the Plan or any Award Agreement
to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 14(g)) or by a nationally
recognized overnight courier. If to the Company, such notice shall be sent to Apollo Global Management, LLC, Attention: Global Head of Human Resources, 9 West 57th St. 41st Floor, New York, NY 10019. If to a Participant, such notice shall be
delivered by hand or sent to the last home address on file with the Company. 
 (h) Regional Variation. The Administrator
reserves the right to authorize the establishment of, and to grant Awards pursuant to, annexes, sub-plans or other supplementary documentation as the Administrator deems appropriate in light of local laws, rules and customs. 

(i) Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to any Award by
electronic means or to request the Participant’s consent to participate in the Plan by electronic means. Each Participant, by accepting an Award, thereby consents to receive such documents by electronic delivery and, if requested, to
participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company. 
 Section 15. Effective Date. 
 The Plan became effective upon adoption
by the Board and approval by the shareholders as of October 23, 2007 (the “Effective Date”). The Plan as amended and restated as of March 10, 2011 was adopted by the Board and approved by the shareholders as of such date.

 Section 16. Term of Plan. 
 No Award shall be granted pursuant to the Plan on or after the tenth anniversary of March 10, 2011, but Awards theretofore granted may extend beyond that date. 

Section 17. Section 409A. 
 To the extent applicable, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A, including without limitation any such regulations or other guidance that may be
issued after the Effective Date. Notwithstanding other provisions of the Plan or any Award Agreements thereunder, it is intended that no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that
would result in the imposition of an additional U.S. tax under Section 409A upon a Participant. In the event that it is reasonably determined by the Administrator that, as a result of Section 409A, payments in respect of any Award under
the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award Agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A, the Company may
take whatever actions the Administrator determines necessary or advisable to comply with, or exempt the Plan and Award Agreement from the requirements of, Section 409A. Furthermore, to the extent necessary to avoid the imposition of an
additional tax under Section 409A, any payment of “deferred compensation” by the Company or any Subsidiary or Affiliate (whether pursuant to the Plan or otherwise) arising solely due to a “separation from service” (and not
by reason of the lapse of a “substantial risk of forfeiture”), as such terms are used in Section 409A, to a Participant who is a “specified employee” as defined in Code Section 409A(a)(2)(B)(i) and Treasury Regulation
§1.409A-1(i)(1), shall be delayed (to the extent otherwise payable prior to such date) and paid on the first day following the six-month period beginning on the date of the Participant’s separation from service under

  
 17 

 
Section 409A (or, if earlier, upon the Participant’s death). Neither the Company, the Administrator nor any employee, director, advisor or representative of the Company or of any of its
Affiliates shall have any liability to Participants with respect to this Section 17. 
 [END OF PLAN] 

  
 18Employment Agreement with Leon D. Black

 Exhibit 10.14 
 APOLLO GLOBAL MANAGEMENT, LLC 
 EMPLOYMENT, NON-COMPETITION AND
NON-SOLICITATION AGREEMENT 
 THIS EMPLOYMENT, NON-COMPETITION AND NON-SOLICITATION AGREEMENT
(“Agreement”) is made and entered into as of July 13, 2007, by and between Apollo Global Management, LLC, a Delaware limited liability company (the “Company”), and Leon D. Black (“Executive”).
Where the context permits, references to “the Company” shall include the Company and any successor of the Company. Capitalized terms used herein that are not defined in the paragraph in which they first appear are defined in
Section 5(b) or in the Agreement Among Principals. 
 W I T N E S S E T H: 

WHEREAS, the Company desires to secure the services of Executive for the benefit of the Company and its Affiliates (as defined
below) from and after the date hereof; and 
 WHEREAS, Executive desires to provide such services. 

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein contained, together with other good and
valuable consideration the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 
 1.
SERVICES AND DUTIES. From and after the date hereof (the “Effective Date”), Executive shall be employed by the Company in the capacity of its Chairman and Chief Executive Officer. Executive shall be a full-time employee of
the Company and shall dedicate substantially all of Executive’s working time to the Company and its Affiliates and shall have no other employment and no other business ventures which either are undisclosed to the Company or conflict with
Executive’s duties under this Agreement. Executive will perform such duties as are required by the Company from time to time and normally associated with Executive’s position, together with such additional duties, commensurate with
Executive’s positions with the Company and with its Affiliates, as may be assigned to Executive from time to time by the Governing Body. The “Governing Body” means AGM Management, LLC for so long as it is designated as the
principal governing body of the Company pursuant to the Shareholders Agreement and thereafter, the Board. Notwithstanding the foregoing, nothing herein shall prohibit Executive from (i) subject to prior approval of the Governing Body, accepting
directorships unrelated to the Company that do not give rise to any conflicts of interest with the Company or its Affiliates, (ii) engaging in charitable and civic activities, so long as such outside interests do not interfere with the
performance of Executive’s duties hereunder, or (iii) engaging in investment activities expressly permitted by Exhibit A hereto. 
 2. TERM. Executive’s employment under the terms and conditions of this Agreement will commence on the Effective Date. The term of this Agreement (the “Term”) shall commence on
the Effective Date and end on the fifth anniversary thereof. If the Term expires and Executive is employed by the Company thereafter, unless a new employment agreement has been entered into such employment shall be “at-will.”
Notwithstanding the foregoing provisions of this Section 2, Executive will have the right to voluntarily terminate his employment with the Company at any time, any such termination being effective on the date on which a written notice
thereof is delivered to the Company. 

 3. COMPENSATION. 

(a) Base Salary. In consideration of Executive’s full and faithful satisfaction of Executive’s duties
under this Agreement, the Company agrees to pay to Executive a salary in the amount of one hundred thousand dollars ($100,000.00) per annum (the “Base Salary”), payable in such installments as the Company pays its similarly placed
employees (but not less frequently than each calendar month), subject to usual and customary deductions for withholding taxes and similar charges, and customary employee contributions to the health, welfare and retirement programs in which Executive
is enrolled from time to time. 
 (b) Withholding. All taxable compensation payable to Executive pursuant
to this Section 3 or otherwise pursuant to this Agreement shall be subject to customary withholding taxes and such other excise or employment taxes as are required under Federal law or the applicable law of any state or governmental body
to be collected with respect to compensation paid by the Company to an employee. 
 4. BENEFITS AND EXPENSE
REIMBURSEMENT. 
 (a) Retirement and Welfare Benefits. During the Term, Executive will be entitled to
all the usual benefits offered to employees at Executive’s level, including sick time and participation in the Company’s medical, dental and insurance programs, subject to the applicable limitations and requirements imposed by the terms of
such benefit plans, in each case in accordance with the terms of such plans as in effect from time to time. Nothing in this Section 4, however, shall require the Company to maintain any benefit plan or provide any type or level of
benefits to its employees, including Executive. 
 (b) Vacation/Paid Time Off. Executive will be entitled
to vacation and paid time off (“PTO”) each year on the most favorable basis afforded to any employee pursuant to the Company’s policies as in effect from time to time. 

(c) Reimbursement of Expenses. The Company shall reimburse Executive for any expenses reasonably incurred by
Executive in furtherance of Executive’s duties hereunder, including travel, meals and accommodations, upon submission by Executive of vouchers or receipts and in compliance with such rules and policies relating thereto as the Company may from
time to time adopt. 
 5. TERMINATION. Executive’s employment shall be terminated at the earliest to occur of
(i) the date on which the Governing Body delivers written notice that Executive is being terminated as a result of a Disability (as defined below), or (ii) the date of Executive’s death. In addition, Executive’s employment with
the Company may be terminated (i) by the Company for Cause (as defined below), effective on the date on which a written notice to such effect is delivered to Executive; or (ii) by Executive at any time, effective on the date on which a
written notice to such effect is delivered to the Company. For the avoidance of doubt, this Agreement does not address the consequences of termination of Executive’s employment, if any, to the equity interests in the Company or its Affiliates
held by Executive or members of his Group. 

  
 2 

 (a) Termination by the Company with Cause or by Reason of Death or
Disability or a Termination by Executive. If Executive’s employment with the Company is terminated by the Company with Cause or is terminated voluntarily by Executive or by reason of Executive’s death or Disability, Executive shall not
be entitled to any further compensation or benefits other than accrued but unpaid Base Salary (payable as provided in Section 3(a) hereof) and accrued and unused PTO pay through the date of such termination. 

(b) Definitions. For purposes of this Agreement: 

“Affiliate” means an affiliate of the Company (or other referenced entity, as the case may be) as defined
in Rule 405 promulgated under the Securities Act of 1933, as amended. 
 “Agreement Among
Principals” means the Agreement Among Principals, dated as of the date hereof, by and among Leon D. Black, Marc J. Rowan, Joshua J. Harris, Black Family Partners, L.P., MJR Foundation LLC, AP Professional Holdings, L.P. and BRH Holdings,
L.P., as may be amended, modified, or supplemented from time to time. 
 “Cause” means
(i) a final, non-appealable conviction of or plea of nolo contendere to a felony prohibiting Executive from continuing to provide services as an investment professional to the Company due to legal restriction or physical confinement; or
(ii) ceasing to be eligible to continue performing services as an investment professional on behalf of the Company or any of its material subsidiaries, in each case, pursuant to a final, non-appealable legal restriction (such as a final,
non-appealable injunction, but expressly excluding a preliminary injunction or other provisional restriction). 

“Covered Business” has the meaning ascribed to it in the amended and restated exempted limited
partnership agreement of BRH Holdings, L.P., a Cayman Islands exempted limited partnership. 

“Disability” shall refer to any physical or mental incapacity which prevents Executive from carrying out
all or substantially all of his duties under this Agreement for any period of one hundred eighty (180) consecutive days or any aggregate period of eight (8) months in any 12-month period, as determined, in its sole discretion, by a
majority of the members of the Governing Body, including a majority of the Continuing Principals who are members of the Governing Body. 
 “Group” shall mean with respect to Executive, Executive and (i) Executive’s spouse, (ii) a lineal descendant of Executive’s parents, the spouse of any such descendant
or a lineal descendent of any such spouse, (iii) a Charitable Institution solely controlled by Executive and other members of his Group, (iv) a trustee of a trust (whether inter vivos or testamentary), all of the current
beneficiaries and presumptive remaindermen of which are one or more of Executive and persons described in clauses (i) through (iii) of this definition, (v) a corporation, limited liability company or partnership, of which all of

  
 3 

 
the outstanding shares of capital stock or interests therein are owned by one or more of Executive and Persons described in clauses (i) through (iv) of this definition, (vi) an
individual mandated under a qualified domestic relations order, or (vii) a legal or personal representative of Executive in the event of his death or Disability. For purposes of this definition, (x) “lineal descendants” shall not
include individuals adopted after attaining the age of eighteen (18) years and such adopted Person’s descendants; and (y) “presumptive remaindermen” shall refer to those Persons entitled to a share of a trust’s assets
if it were then to terminate. No Executive shall ever be a member of the Group of another Principal. 

“Manager” means AGM Management, LLC, a Delaware limited liability company. 

“Shareholders Agreement” means the Shareholders Agreement, dated as of the date hereof, by and among the
Company, AP Professional Holdings, L.P., Leon D. Black, Marc J. Rowan, Joshua J. Harris, Black Family Partners, L.P. and MJR Foundation LLC. 
 “Subsidiary” means a subsidiary of the Company (or other referenced entity, as the case may be) as defined in Rule 405 promulgated under the Securities Act of 1933, as amended.

 (c) Resignation as Officer or Director. Upon the termination of employment for any reason, Executive
shall resign each position (if any) that Executive then holds as an officer or director of the Company or any of its Subsidiaries and Portfolio Companies. 
 (d) Cause and Disability. The parties acknowledge that there may be a delay between an act or omission that may constitute Cause or a condition that may result in a Disability, on the one hand, and
the effective date of Executive’s resulting employment termination for Cause or by reason of Disability, on the other hand. Accordingly, during the pendency of Executive’s potential employment termination for Cause or by reason of
Disability, the Governing Body may temporarily appoint a Senior Professional to perform the functional responsibilities and duties of Executive until Cause or Disability definitively occurs or is determined not to have occurred; provided,
however, (a) the Governing Body may so appoint a Senior Professional only if Executive is unable to perform his responsibilities and duties to the Company (or such successor thereto or such other entity controlled by the Company or its
successor as may be Executive’s employer at such time), or, as a matter of fiduciary duty, should be prohibited from performing his responsibilities and duties, and (b) during such period Executive shall continue to serve on the Executive
Committee unless otherwise prohibited from doing so pursuant to the Agreement Among Principals. 
 (e)
Section 409A. To the extent required to avoid the imposition of tax under Section 409A of the Code (“Section 409A”), if Executive is a “specified employee” for purposes of Section 409A, amounts that
would otherwise be payable under this Section 5 during the six-month period immediately following the employment termination date shall instead be paid on the first business day after the date that is six months following
Executive’s “separation from service” within the meaning of Section 409A, or, if earlier, the date of Executive’s death. 

  
 4 

 6. RESTRICTIVE COVENANTS. The parties agree that the restrictive covenants set forth
in Exhibit A hereto (the “Restrictive Covenants”) are incorporated herein by reference and shall be deemed to be contained herein. Executive understands, acknowledges and agrees that the Restrictive Covenants apply
(i) during his employment under this Agreement, during any period of employment by (x) the Company or (y) any Affiliate following the termination of this Agreement or the expiration of the Term, and (ii), as provided in Exhibit
A hereto, during the periods specified following termination of his employment by the Company and by any Affiliate which may have employed him. 
 7. ASSIGNMENT. This Agreement, and all of the terms and conditions hereof, shall bind the Company and its successors and assigns and shall bind Executive and Executive’s heirs, executors and
administrators. No transfer or assignment of this Agreement shall release the Company from any obligation to Executive hereunder. Neither this Agreement, nor any of the Company’s rights or obligations hereunder, may be assigned or are otherwise
subject to hypothecation by Executive. The Company may assign the rights and obligations of the Company hereunder, in whole or in part, to any of the Company’s Subsidiaries or Affiliates, or to any other successor or assign in connection with
the sale of all or substantially all of the Company’s assets or equity or in connection with any merger, acquisition and/or reorganization, provided the assignee assumes the obligations of the Company hereunder. 

8. GENERAL. 
 (a) Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of one business day following personal delivery (including personal delivery by
telecopy or telex), or the third business day after mailing by first class mail to the recipient at the address indicated below: 
 To the Company: 
 Apollo Global Management, LLC 

9 West 57th Street 
 43rd Floor

 New York, NY 10019 
 Attention: General Counsel 
 To Executive at the location set
forth in the Company’s records 
 or to such other address or to the attention of such other Person as the recipient party may have
specified by prior written notice to the sending party. 
 (b) Severability. The provisions of this
Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person
or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order 

  
 5 

 
to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such
provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other
jurisdiction. 
 (c) Entire Agreement. This document, together with its attached exhibits, constitutes the
final, complete, and exclusive embodiment of the entire agreement and understanding between the parties related to the subject matter hereof and supersedes and preempts any prior or contemporaneous understandings, agreements, or representations by
or between the parties, written or oral. Notwithstanding the immediately preceding sentence, this Agreement does not supersede or preempt the Shareholders Agreement, the Agreement Among Principals, the Exchange Agreement, the exempted limited
partnership agreement of AP Professional Holdings, L.P., the exempted limited partnership agreement of BRH Holdings, L.P., or any other agreement to which Executive may be, or may become, a party in connection with the IPO, including, without
limitation, agreements described in the registration statement for the IPO. 
 (d) Counterparts. This
Agreement may be executed on separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same agreement. 

(e) Amendments. No amendments or other modifications to this Agreement may be made except by a writing signed by
each party hereto. Other than as described in the Strategic Agreement, no amendment or waiver of this Agreement requires the consent of any individual, partnership, corporation or other entity not a party to this Agreement. Nothing in this
Agreement, express or implied, is intended to confer upon any third person any rights or remedies under or by reason of this Agreement. 
 (f) Survivorship. The provisions of this Agreement necessary to carry out the intention of the parties as expressed herein (including, without limitation, the Restrictive Covenants provided in
Section 6 hereof and Exhibit A hereto) shall survive the termination or expiration of the Term. 
 (g) Waiver. The waiver by either party of the other party’s prompt and complete performance, or breach or violation, of any provision of this Agreement shall not operate nor be construed as a
waiver of any subsequent breach or violation, and the failure by any party hereto to exercise any right or remedy which it may possess hereunder shall not operate nor be construed as a bar to the exercise of such right or remedy by such party upon
the occurrence of any subsequent breach or violation. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing waiver unless
specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

  
 6 

 (h) Captions. The captions of this Agreement are for convenience and
reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision hereof. 
 (i) Construction. The parties acknowledge that this Agreement is the result of arm’s-length negotiations between sophisticated parties, each afforded representation by legal counsel. Each and
every provision of this Agreement shall be construed as though both parties participated equally in the drafting of the same, and any rule of construction that a document shall be construed against the drafting party shall not be applicable to this
Agreement. 
 (j) Arbitration. 

(i) Except as contemplated in Section 8(k) hereof, the parties hereto agree that any dispute, controversy or
claim arising out of or relating to this Agreement, whether based on contract, tort, statute or other legal or equitable theory (including without limitation, any claim of fraud, intentional misconduct, misrepresentation or fraudulent inducement or
any question of validity or effect of this Agreement including this clause) or the breach or termination hereof (the “Dispute”), shall be resolved in binding arbitration in accordance with the following provisions: 

 

	 	A.	Such Dispute shall be resolved by binding arbitration to be conducted before JAMS in accordance with the provisions of JAMS’ Comprehensive Arbitration Rules and
Procedures as in effect at the time of the arbitration. 

  

	 	B.	The arbitration shall be held before a panel of three arbitrators appointed by JAMS, in accordance with its rules, who are not Affiliates of any party to such
arbitration and do not have any potential for bias or conflict of interest with respect any of the parties hereto, directly or indirectly, by virtue of any direct or indirect financial interest, family relationship or close friendship.

  

	 	C.	Such arbitration shall be held at such place as the arbitrators appointed by JAMS may determine within New York, New York, or such other location to which the parties
hereto may agree. 

  

	 	D.	The arbitrators shall have the authority, taking into account the parties’ desire that any arbitration proceeding hereunder be reasonably expedited and efficient,
to permit the parties hereto to conduct discovery. Any such discovery shall be (i) guided generally by but be no broader than permitted under the United States Federal Rules of Civil Procedure (the “FRCP”), and
(ii) subject to the arbitrators and the parties hereto entering into a mutually acceptable confidentiality agreement. 

  

	 	E.	 The arbitrators shall have the authority to issue subpoenas for the attendance of witnesses and for the production of records and other

  
 7 

	 	 
evidence at any hearing and may administer oaths. Any such subpoena must be served in the manner for service of subpoenas under the FRCP and enforced in the manner for enforcement of subpoenas
under the FRCP. 

  

	 	F.	The arbitrators’ decision and award in any such arbitration shall be made by majority vote and delivered within thirty (30) calendar days of the conclusion of
the evidentiary hearings. In addition, the arbitrators shall have the authority to award injunctive relief to any of the parties. 

  

	 	G.	The arbitrators’ decision shall be in writing and shall be as brief as possible and will include the basis for the arbitrators’ decision. A record of the
arbitration proceeding shall be kept. 

  

	 	H.	Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

 

	 	I.	The parties shall share equally all expenses of JAMS (including those of the arbitrators) incurred in connection with any arbitration. Notwithstanding the foregoing, if
the arbitrators determine that any party’s claim or position was frivolous, such party shall reimburse the other parties to such arbitration for all reasonable expenses incurred (including reasonable legal fees and expenses) in connection with
such arbitration. 

  

	 	J.	The parties hereto agree to participate in any arbitration in good faith. 

(ii) If JAMS is unable or unwilling to commence arbitration with regard to any such Dispute within thirty
(30) calendar days after the parties have met the requirements for commencement as set forth in Rule 5 of the JAMS Comprehensive Arbitration Rules and Procedures, then the Disputes shall be resolved by binding arbitration, in accordance with
the International Arbitration Rules of the American Arbitration Association (the “AAA”), before a panel of three arbitrators who shall be selected jointly by the parties involved in such Dispute, or if the parties cannot agree on
the selection of the arbitrators, shall be selected by the AAA (provided that any arbitrators selected by the AAA shall meet the requirements of Section 8(j)(i)(B) above). Any such arbitration shall be subject to the provisions of
Section 8(j)(i)(C) through 8(j)(i)(J) above (as if the AAA were JAMS). If the AAA is unable or unwilling to commence such arbitration within thirty (30) calendar days after the parties have met the requirements for such
commencement set forth in the aforementioned rules, then either party may seek resolution of such Dispute through litigation in accordance with Sections 8(k) and 8(l). 

(iii) Except as may be necessary to enter judgment upon the award or to the extent required by applicable law, all claims,
defenses and proceedings (including, 

  
 8 

 
without limiting the generality of the foregoing, the existence of the controversy and the fact that there is an arbitration proceeding) shall be treated in a confidential manner by the
arbitrators, the parties and their counsel, and each of their agents, and employees and all others acting on behalf of or in concert with them. Without limiting the generality of the foregoing, no one shall divulge to any Person not directly
involved in the arbitration the contents of the pleadings, papers, orders, hearings, trials, or awards in the arbitration, except as may be necessary to enter judgment upon an award or as required by applicable law. Any court proceedings relating to
the arbitration hereunder, including, without limiting the generality of the foregoing, to prevent or compel arbitration or to confirm, correct, vacate or otherwise enforce an arbitration award, shall be filed under seal with the court, to the
extent permitted by law. 
 (k) Governing Law; Equitable Remedies. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event that any of the provisions of
Section 6 or Exhibit A of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and
other equitable remedies to prevent breaches of Section 6 or Exhibit A of this Agreement and to enforce specifically the terms and provisions thereof in any of the Selected Courts (as defined below), this being in addition to any
other remedy to which they are entitled at law or in equity. In such event, any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party further agrees that, in the
event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance pursuant to this Section 8(k), it will not assert the defense that a remedy at law would be adequate.

 (l) Consent to Jurisdiction. It is the desire and intent of the parties hereto that any disputes or
controversies arising under or in connection with this Agreement be resolved pursuant to arbitration in accordance with Section 8(j); provided, however, that, to the extent that Section 8(j) is held to be invalid or
unenforceable for any reason, and the result is that the parties hereto are precluded from resolving any claim arising under or in connection with this Agreement pursuant to the terms of Section 8(j) (after giving effect to the terms of
Section 8(b), the following provisions of this Section 8(l) shall govern the resolution of all disputes or controversies arising under this Agreement. With respect to any suit, action or proceeding
(“Proceeding”) arising out of or relating to this Agreement or any transaction contemplated hereby each of the parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction of (A) the United States District
Court for the Southern District of New York or (B) in the event that such court lacks jurisdiction to hear the claim, the state courts of New York located in the borough of Manhattan, New York City (the “Selected Courts”) and
waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding other than before one of the Selected Courts; provided,
however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the Selected Courts; (b) consents to service of process in any Proceeding by
the mailing of copies thereof by registered or certified mail, 

  
 9 

 
postage prepaid, or by recognized international express carrier or delivery service, to their respective addresses referred to in Section 8(a) hereof; provided, however, that
nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law; and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT
(WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT
TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

(m) Third Party Beneficiaries. Except as expressly provided herein, nothing in this Agreement shall confer any
rights or remedies upon any Person other than the parties hereto. In any provision of the Agreement which provides rights or remedies to, or permits the assignment of rights to, Affiliates or Subsidiaries of the Company, the terms
“Affiliates” and “Subsidiaries” shall be construed to exclude any Fund or Portfolio Company. 
 (n) Indemnification. 
 (i) To the fullest extent permitted
by law but subject to the limitations expressly provided in this Agreement, Executive shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including
legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or
investigative, and whether formal or informal and including appeals, in which Executive may be involved, or is threatened to be involved, as a party or otherwise, by reason of his activities in connection with the establishment, management or
operations of any Covered Business, whether arising from acts or omissions to act occurring before or after the date of this Agreement; provided, however, that Executive shall not be indemnified and held harmless if there has been a
final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which Executive is seeking indemnification pursuant to this Section 8(n), Executive acted in bad faith or
engaged in fraud or willful misconduct. Notwithstanding the preceding sentence, except as otherwise provided in Section 8(n)(ix), the Company shall be required to indemnify Executive in connection with any action, suit or proceeding (or
part thereof) commenced by Executive only if the commencement of such action, suit or proceeding (or part thereof) by Executive was authorized by the Company in its sole discretion. 

  
 10 

 (ii) To the fullest extent permitted by law, expenses (including legal fees
and expenses) incurred by Executive in appearing at, participating in or defending any indemnifiable claim, demand, action, suit or proceeding pursuant to Section 8(n) shall, from time to time, be advanced by the Company prior to a final
and non-appealable determination that Executive is not entitled to be indemnified upon receipt by the Company of an undertaking by or on behalf of Executive to repay such amount if it ultimately shall be determined that Executive is not entitled to
be indemnified pursuant to this Section 8(n). Notwithstanding the immediately preceding sentence, except as otherwise provided in Section 8(n)(ix), the Company shall be required to indemnify an Executive pursuant to the
immediately preceding sentence in connection with any action, suit or proceeding (or part thereof) commenced by Executive only if the commencement of such action, suit or proceeding (or part thereof) by Executive was authorized by the Company in its
sole discretion. 
 (iii) The indemnification provided by this Section 8(n) shall be in addition to
any other rights to which Executive may be entitled under any agreement, as a matter of law, in equity or otherwise, both as to actions in Executive’s capacity as Executive and as to actions in any other capacity, and shall continue as to
Executive if he has ceased to serve in such capacity. 
 (iv) Any indemnification pursuant to this
Section 8(n) shall be made only out of the assets of the Company. In no event may Executive subject the members of the Company to personal liability by reason of the indemnification provisions set forth in this Agreement. 

(v) Executive shall not be denied indemnification in whole or in part under this Section 8(n) because
Executive had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement, the Agreement Among Principals or the Limited Liability Company Agreement of
the Company. 
 (vi) The provisions of this Section 8(n) are for the benefit of Executive and his
heirs, successors, assigns, executors and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (vii) Executive shall, in the performance of his duties, be fully protected in relying in good faith upon the records of the Company and on such information, opinions, reports or statements presented to
the Company by any of the officers, directors or employees of the Company, or committees of the Board, or by any other Person as to matters Executive, as the case may be, reasonably believes are within such other Person’s professional or expert
competence. 
 (viii) No amendment, modification or repeal of this Section 8(n) or any provision
hereof shall in any manner terminate, reduce or impair the right of Executive to be indemnified by the Company, nor the obligations of the Company to indemnify Executive under and in accordance with the provisions of this Section 8(n) as
in effect immediately prior to such amendment, modification or repeal with respect to claims 

  
 11 

 
arising from or relating to matters occurring, in whole or-in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

(ix) If a claim for indemnification (following the final disposition of the action, suit or proceeding for which
indemnification is being sought) or advancement of expenses under this Section 8(n) is not paid in full within thirty (30) days after a written claim therefor by Executive has been received by the Company, Executive may file suit to
recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expenses of prosecuting such claim, including reasonable attorneys’ fees. 

(o) Liability of Indemnified Persons. Notwithstanding anything to the contrary herein, Executive shall not be
liable to the Company or any other Persons who have acquired interests in the Company securities, for any losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest,
settlements or other amounts arising as a result of any act or omission of Executive, or for any breach of contract (including breach of this Agreement) or any breach of duties (including breach of fiduciary duties) whether arising hereunder, at
law, in equity or otherwise, unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter in question, Executive acted in bad faith or engaged in fraud or willful
misconduct. Any amendment, modification or repeal of this Section 8(o) or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of Executive under this Section 8(o) as
in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may
arise or be asserted. 
 [Signature page follows] 

  
 12 

 IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY, the parties hereto have
executed and delivered this Agreement as of the year and date first above written. 
  

			
	APOLLO GLOBAL MANAGEMENT, LLC
		
	By:	 	 AGM Management, LLC,
 its
Manager

		
	By:	 	 BRH Holdings GP, Ltd.,
 its
Sole Member

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President
		
		 	 /s/ Leon D. Black

		 	Leon D. Black

 [Employment Agreement]

 Exhibit A 
 Restrictive Covenants 
 Executive understands, acknowledges and agrees
that, by virtue of his equity interest in the Company and/or its Affiliates, his previous services to the Company and its Affiliates, and his employment by the Company pursuant to this Agreement, directly or indirectly, he acquired, had access to,
or was otherwise exposed to, and shall acquire, have access to or be otherwise exposed to confidential information of the Company and its Affiliates (the Confidential Information, as defined below) and he has met and developed relationships with,
and will meet and develop relationships with, the Company’s potential and existing financing sources, capital market intermediaries, investors, employees and consultants. 
 The Company and its Affiliates are engaged throughout the United States and the world in the business of raising, managing, investing the assets of and making investments in private equity funds, hedge
funds, publicly traded alternative investment vehicles and other alternative asset investment vehicles (the “Business”). Executive acknowledges that (i) the Business is global in nature and Executive is among the limited number
of individuals leading the Business, (ii) the Company is entering into this Agreement, with all its provisions including the Restrictive Covenants, in preparation for the IPO, (iii) the Restrictive Covenants are an essential part of the
Company’s preparation for the IPO, (iv) he has been fully advised by counsel in connection with the negotiation of this Agreement and the Restrictive Covenants, (v) he is familiar with the laws which govern the enforceability of
restrictive covenants in the jurisdictions where the Business is carried on, and agrees that these Restrictive Covenants, including, without limitation, the non-competition covenant, are reasonable, valid and enforceable in the context of the IPO
and this Agreement, (vi) compliance with the Restrictive Covenants, including, without limitation, the non-competition covenant, will not create any hardship for Executive as he has independent means and sufficient income, including the
payments to be made from the proceeds of the transactions identified on Exhibit B, to be fully self-supporting without competing with the Company in the Business or violating any of the Restrictive Covenants, and (vii) neither the
transactions identified on Exhibit B hereto nor the IPO would proceed without the benefit of this Agreement and each of the Restrictive Covenants. Nothing contained in this Exhibit A shall limit any common law or statutory obligation
that Executive may have to the Company or any of its Affiliates. 
 A. Non-competition. Executive agrees that during the
period of his employment with the Company (or any Affiliate) and during the Restricted Period, Executive shall not, directly or indirectly, either as a principal, agent, employee, employer, consultant, partner, member, shareholder of a closely held
corporation or shareholder in excess of five percent of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any business
that is a Competing Business (as defined below), either in the United States or in any other place in the world where the Company or any of its Affiliates, successors or assigns engages in the Business. Notwithstanding anything to the contrary
contained in this Clause A of this Exhibit A, investments described in Clause F of this Exhibit A are permitted. Solely for purposes of this Exhibit A: “Competing Business” means any alternative
asset management business (other than the Business of the Company, its successors or assigns or Affiliates) Primarily for Third Party 

  
 A-1

 
capital that advises, manages or invests the assets of and/or makes investments in private equity funds, hedge funds, collateralized debt obligation funds, business development corporations,
special purpose acquisition companies or other alternative asset investment vehicles, or the Persons who manage, advise or own such investment vehicles. “Primarily” means with respect to more than 50% of the capital in question.
“Third Party” means a Person other than Executive or any member of Executive’s Group. “Restricted Period” means, the period commencing on the date hereof and ending on the first anniversary of the termination
of Executive’s employment with the Company or any of its Affiliates. 
 B. Non-solicitation of Employees, Etc.
Executive agrees that during the period of his employment with the Company (or any Affiliate) and during the Restricted Period, Executive shall not, directly or indirectly, (i) solicit or induce any officer, director, employee, agent or
consultant of the Company or any of its successors, assigns or Affiliates to terminate his, her or its employment or other relationship with the Company or its successors, assigns or Affiliates for the purpose of associating with any Competing
Business, or otherwise encourage any such Person to leave or sever his, her or its employment or other relationship with the Company or its successors, assigns or Affiliates, for any other reason, or (ii) hire any such individual who, at the
time of hire, Executive knows left the employ of the Company or any of its Affiliates during the immediately preceding 12 months. This provision shall not prohibit Executive from soliciting or hiring the Persons serving as his personal assistant or
assistants at or prior to the time of his departure. For purposes of these Clauses B and C of this Exhibit A, “Affiliates” shall not include any Portfolio Company. 

C. Non-solicitation of Investors, Etc. Executive agrees that during the period of his employment with the Company (or any
Affiliate) and during the Restricted Period, Executive shall not, directly or indirectly, solicit or induce any investors, financing sources or capital market intermediaries of the Company or its successors, assigns or Affiliates to terminate (or
diminish in any respect) his, her or its relationship with the Company or its successors, assigns or Affiliates. Nothing in this paragraph applies to those investors, financing sources, or capital market intermediaries who did not conduct business
with the Company, or its successors, assigns or Affiliates during Executive’s employment with, or the period in which Executive held, directly or indirectly, an ownership interest in, the Company or any Affiliate. 

D. Confidentiality. Executive agrees to be bound by Section 5.8 (“Confidential Information”) of the
Agreement Among Principals. 
 E. Disparaging Comments. Executive agrees that he shall not, directly or indirectly, make
or ratify any statement, public or private, oral or written, to any Person that disparages, either professionally or personally, the Company or any of its Affiliates, past and present, and each of them, as well as its and their trustees, directors,
officers, members, managers, partners, agents, attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them. The Company agrees that it shall not, and it shall ensure that its Continuing
Principals shall not, directly or indirectly, make or ratify any statement, public or private, oral or written, to any Person that disparages Executive, either professionally or personally. The obligations under this paragraph shall not apply to
(i) disclosures compelled by applicable law or order of any court or (ii) any statements or disclosures reasonably necessary to be made directly in connection with any legal proceeding, arbitration or investigation, whether or not
compelled (but subject to any confidentiality agreements or orders that may govern such proceeding, arbitration or investigation). 

  
 A-2

 F. Competing Activities. Prior to his termination hereunder, Executive shall devote
substantially all of his business time to the Apollo Operating Group and its Subsidiaries. 
 (1) Without the approval of the
Governing Body (excluding any vote held by Executive), neither Executive, nor any member of Executive’s Group (each, an “Interested Party”) shall at any time prior to Executive’s termination acquire a Financial Interest
(as defined below) in (i) any Person in which any member of the Apollo Operating Group or any Subsidiary of the Apollo Operating Group holds an Investment or (ii) any potential Investment actively under consideration by any member of the
Apollo Operating Group or any Subsidiary of the Apollo Operating Group. This provision shall not apply to any Financial Interest acquired prior to the date hereof or the date such investment is first described in clauses (i) or (ii) of the
preceding sentence. As used herein, “Financial Interest” means the ownership of securities or rights to acquire securities or the right to receive compensation as an officer or employee in or from a Person. The foregoing limitation
shall not apply to investments described in Clause F(2)(b) of this Exhibit A, even if such funds or accounts invest in (i) any Person in which Apollo or any of its Subsidiaries or any Fund holds an investment interest or
(ii) any potential investment actively under consideration by any member of the Apollo Operating Group or any Subsidiary of the Apollo Operating Group. Without the approval of the Governing Body, prior to Executive’s termination, Executive
shall not actively participate in the management of any business, other than (i) a business of the Apollo Operating Group or a member or Subsidiary thereof or any Person in which a member or Subsidiary of the Apollo Operating Group holds an
Investment on behalf of the Apollo Operating Group, (ii) a business described in Clause F(2)(a) of this Exhibit A and (iii) board level participation in a business described in Clause F(2)(d) of this Exhibit A.
For the avoidance of doubt, a “business” in the preceding sentence shall not include volunteer work for any charitable, cultural, educational or philanthropic organization. 

(2) At all times prior to Executive’s termination, Executive shall not, nor shall any member of Executive’s Group, make any
personal investment in a Covered Investment (as defined below) other than: 
 (a) investments which are either
(x) investments made (or legally committed to be made) on or prior to April 1, 2007 or (y) follow-on investments to the investments described in clause (x) or investments made to refinance the investments described in clause (x);

 (b) passive investments in private equity funds, mutual funds, hedge funds and other managed accounts (but not investments
in the manager of such funds or accounts) in which the Interested Party does not control or have advance or contemporaneous knowledge of investment recommendations or decisions, even if such funds or accounts make investments similar to the
Investments made by any Fund; 
 (c) passive ownership of less than 5% of the outstanding publicly traded equity securities of
any issuer; 

  
 A-3

 (d) investments in private companies of less than $75 million (per company or group of
affiliated companies operating as one business); 
 (e) any other investment so long as (x) such investment has been
previously disclosed to the Governing Body, (y) the Governing Body (which shall be by unanimous consent of the executive committee of the Manager so long as AGM Management, LLC functions as the “Governing Body”) determines that the
consummation of such investment by Executive is not prohibited by the governing documents of any Fund, and (z) the Governing Body (which shall be by unanimous consent of the executive committee of the Manager so long as AGM Management, LLC
functions as the “Governing Body”) determines that (A) it is not advisable for any Fund to make such investment or (B) the investment does not comport with the intent of any Fund, and accordingly, Executive’s consummation of
the investment does not raise any appearance of impropriety; 
 provided, however, that in no event shall Executive make, or
assist a member of his Group in making, any investment that conflicts with Apollo’s then-current code of ethics or any trading policies of Apollo (it being understood that the terms and restrictions of any such policy may be more restrictive
than required by applicable law). Compliance with the code of ethics and any trading policy of Apollo will generally require disclosure of such potential personal investment to the general counsel of Apollo or his designee. Nothing contained in this
Clause F of this Exhibit A or elsewhere in this Agreement or the Agreement Among Principals shall restrict or diminish (x) Executive’s disclosure obligations pursuant to the code of ethics of Apollo or as may otherwise be
required to comply with applicable laws or (y) Executive’s obligations pursuant to any employment contract with Apollo or its Subsidiaries. As used herein, “Covered Investment” means (i) a private equity or
equity-linked investment in a (x) leveraged buy-out, management buy-out, leveraged recapitalization or other substantially similar transaction or (y) a private equity growth investment or other substantially similar transaction;
(ii) an investment in any Person who raises, manages or advises private equity funds, hedge funds, collateralized debt obligation funds, business development companies (as defined in the 40 Act), other publicly traded alternative investment
vehicles, managed accounts or other alternative asset investment vehicles; or (iii) any other investment that is consistent with the investment focus of any Fund. 
 (3) Executive hereby agrees to promptly disclose to the Governing Body any potential conflict of interest (as set forth in this Clause F of this Exhibit A) upon becoming consciously aware of
such conflict or potential conflict. 
 (4) All directors’ and other fees payable to Executive after January 1, 2007
or equity incentives granted to Executive after January 1, 2007 by a Portfolio Company shall be transferred to Apollo or its designee without any additional consideration therefor. Other than the compensation set forth herein and the ownership
of AOG Units and Class A Shares on the date hereof, Executive will not accept any compensation, director fees, other fees or equity interests from the Company or any of its Subsidiaries. 

G. Continuing Obligations to the Company and its Affiliates. In addition, commencing on the Effective Date, Executive will
cooperate in all reasonable respects with the Company and its Affiliates in connection with any and all existing or future litigation, actions or proceedings (whether civil, criminal, administrative, regulatory or otherwise) brought by or

  
 A-4

 
against the Company or any of its Affiliates, to the extent the Company reasonably deems Executive’s cooperation necessary. Executive shall be reimbursed for all out-of-pocket expenses
incurred by him as a result of such cooperation. 
 H. Acknowledgement. Executive agrees and acknowledges that each
Restrictive Covenant herein is reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company and its Affiliates, imposes no undue hardship on Executive, is not injurious to the public, and
that any violation of any of these Restrictive Covenants shall be specifically enforceable in any court with jurisdiction upon short notice. Executive agrees and acknowledges that a portion of the compensation paid to Executive under the Agreement
to which this Exhibit A is attached will be paid in consideration of the covenants contained in this Exhibit A, the sufficiency of which consideration is hereby acknowledged. If any provision of this Exhibit A as applied to
Executive or to any circumstance is adjudged by a court to be invalid or unenforceable, the same shall in no way affect any other circumstance or the validity or enforceability of any other provision of this Exhibit A. If the scope of any
such provision, or any part thereof, is too broad to permit enforcement of such provision to its full extent, Executive agrees that the court making such determination shall have the power to reduce the duration and/or area of such provision, and/or
to delete specific words or phrases, to the extent necessary to permit enforcement, and, in its reduced form, such provision shall then be enforceable and shall be enforced. Executive agrees and acknowledges that the breach of this Exhibit A
will cause irreparable injury to the Company and upon breach of any provision of this Exhibit A, the Company shall be entitled to injunctive relief, specific performance or other equitable relief; provided, however, that
this shall in no way limit any other remedies which the Company may have (including, without limitation, the right to seek monetary damages). Each of the covenants in this Exhibit A shall be construed as an agreement independent of any other
provisions in the Agreement to which it is attached, other than the consideration for such covenant provided in the Agreement. 

  
 A-5

 Exhibit B 
 The transactions contemplated by (i) the Strategic Agreement, dated the date hereof, among the Company, APOC Holdings Ltd., CalPERS, and the other parties thereto, and (ii) the Contribution
Agreement. 

  
 B-1

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