Document:

Amended and restated Employment Agreement - Joseph F. Azrack

 Exhibit 10.40 
 Apollo Global Real Estate Management, L.P. 
 9 West 57th St. 43rd Floor 

New York, NY 10019 
 June 1, 2012 
 Personal and Confidential 

Mr. Joseph F. Azrack 
 24 West 11th
Street 
 New York, NY 10011 
 Dear
Joe: 
 This letter agreement (this “Agreement”) amends and restates the terms of your employment with Apollo
Global Real Estate Management, L.P. (the “Company”). 
  

	1.	 Position. Unless terminated earlier in accordance with the terms hereof, you shall remain in your position as Managing Partner of the
Company through December 31, 2012 (the “Initial Term”). The Initial Term shall be extended until such time, if any, that either party elects to transition you from Managing Partner to Chairman of the Company
(“Chairman”) in accordance with the terms set forth below (the period, if any, in which you continue to serve as Managing Partner following the conclusion of the Initial Term shall be referred to as the “Renewal
Term”). The Company may elect to transition you to the position of Chairman at any time following the conclusion of the Initial Term. You may elect to transition to the position of Chairman at any time following June 30, 2013 (the
period, if any, in which you will serve as Chairman shall be referred to as the “Additional Term”). During the Term and the Renewal Term, if any, you shall be required to devote all of your business time and attention to the
performance of your duties as Managing Partner. In the event that you become Chairman, your duties shall be: (a) to devote such time to AGRE U.S. Real Estate Fund, L.P. (the “AGRE Fund”), any parallel funds and other investment
vehicles as is required to manage the AGRE Fund’s investments keeping with the description of your role and responsibilities as described in the private placement memorandum for the AGRE Fund; (b) to devote such time to Apollo GSS Holdings
(Cayman), L.P. (the “Partnership”) as is necessary to manage and operate the Partnership and to promote fully the interests of the Partnership; (c) the representation of the Company on the Board of Directors of Apollo
Commercial Real Estate Finance, Inc. (“ARI”) and Atrium European Real Estate; (d) membership on and participation in AGRE Investment Committee meetings; (e) consultation and AGRE employee mentoring from time to time, as
needed; and (f) such other duties as are mutually agreed by the parties. Subject to approval of Apollo Global Management, LLC’s (“Apollo”) compliance department, you shall be permitted to serve on two unaffiliated boards
of directors of companies in the real estate business provided you give the Company notice of your intent to do so and such company is not directly competitive with Apollo or its affiliates. For the avoidance of doubt, the Company may elect to
terminate your 

	 	
employment at any time with or without Cause (as such term is defined the Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan, as amended from time to time, the
“Plan”). 

  

	2.	Compensation. Effective as of the date hereof and through the remainder of the Initial Term and any Renewal Term, you shall be entitled to receive a base
pay at the annual rate of $1,000,000 (the “Base Pay”), less all applicable withholdings, which Base Pay shall be paid in accordance with the Company’s normal payroll practices. Provided that you remain employed with the Company
through December 31, 2012 or in the event that the Company terminates your employment without Cause or you terminate with “Good Reason” (as defined below) prior to December 31, 2012, the Company shall pay you the amount by
which $1,000,000 exceeds the amount of Base Pay paid to you from January 1, 2012 through December 31, 2012 after taking into account applicable withholdings (the “Special Payment”). The Special Payment shall be paid at the
same as the 2012 Apollo bonus payments, which is typically the December 15 payroll and in any event no later than December 31, 2012 (or such later time as to comply with Section 7 below). During the Additional Term, if any, you shall
be entitled to Base Pay at the annual rate of $350,000, less all applicable withholdings, which Base Pay shall be paid in accordance with the Company’s normal payroll practices. For purposes hereof “Good Reason” shall mean
(a) your removal as Managing Partner during the Initial Term; (b) a change in your reporting structure during the Initial Term such that you no longer report to Apollo’s Executive Committee; (c) the failure of the Plan’s
administrator to approve a grant of any restricted share units to which you may be entitled to under the terms of this Agreement; (d) the Company’s failure to pay you any compensation owed under the terms of this Agreement; or (e) a
requirement to relocate your principal office to a location outside of metropolitan New York; provided, however, that you many not terminate your employment for “Good Reason” unless (x) you provide written notice to the Company of
such event within 90 days of its initial occurrence, which notice describes the event that has occurred, (y) the Company fails to remedy the event within 30 days after receiving such notice, and (z) you terminate your service to the
Company within 90 days after the conclusion of such 30 day remediation period. 

  

	3.	Incentive Awards:

(a) You shall continue to vest in any unvested restricted share units of Apollo and any unvested restricted stock units of ARI previously
granted to you pursuant to the terms of the Restricted Share Unit Award Agreement dated September 30, 2008 between you and Apollo Global Management, LLC (the “2008 Award”), the Restricted Share Unit Award Agreement dated
March 15, 2010 between you and Apollo Global Management, LLC (the “2010 Award”), the Restricted Stock Unit Award Agreement dated March 23, 2010 between you and ARI (the “March 2010 ARI Award”), the
Restricted Share Unit Award Agreement between you and Apollo Global Management, LLC awarded on February 15, 2011 (the “February 2011 Award”), the Restricted Share Unit Award Agreement dated March 15, 2011 between you and
Apollo Global Management, LLC (the “March 2011 Award”) and the Restricted Stock Unit Award Agreement dated August 4, 2011 between you and ARI (the “August 2011 ARI Award,” and together with the 2008 Award, the
2009 Award, the 2010 Award, the March 2010 ARI Award, the February 2011 Award and the March 2011 Award the “RSU Award Agreements”) through the date of your 

 
termination of employment with the Company. Thereafter, all unvested RSUs will automatically be forfeited in accordance with the terms of the RSU Award Agreements. Notwithstanding the foregoing
and notwithstanding any provision of the RSU Award Agreements, you shall immediately vest in all unvested RSUs covered by the 2008 Award, the 2010 Award, the February 2011 Award, and the March 2011 Award in the event that (i) the Company
terminates your employment without Cause (or you terminate with Good Reason) prior to December 31, 2013; or (ii) you remain employed with the Company through December 31, 2013. In addition, the Company shall recommend to the committee
that administers the Apollo Commercial Real Estate Finance, Inc. 2009 Equity Incentive Plan, that you immediately vest in all unvested RSUs covered by the March 2010 ARI Award and the August 2011 ARI Award in the event that (i) the Company
terminates your employment without Cause (or you terminate with Good Reason) prior to December 31, 2013; or (ii) you remained employed with the Company through December 31, 2013. 

(b) Pursuant to a Restricted Share Unit Award Agreement between you and Apollo Global Management, LLC, on or about June 30, 2012, you
shall be awarded 204,166 restricted stock units of Apollo Global Management, LLC (the “APO RSUs”). The APO RSUs shall vest over a four (4) year period as follows (i) 4/16 shall vest on March 31, 2013; and
(ii) the remainder of the APO RSUs will vest in equal installments on the last day of each of the next 12 calendar quarters thereafter, provided that you remain in continuous service with the Company or its affiliates through each such
vesting date. Except as provided below, any unvested APO RSUs will automatically be forfeited as of your date of termination. Notwithstanding the foregoing, in the event that the Company terminates your employment without Cause (or you terminate
with Good Reason) prior to December 31, 2013, you shall immediately vest in any unvested APO RSUs that would have otherwise vested had your employment terminated on December 31, 2013. Thereafter, any unvested APO RSUs will automatically be
forfeited. 
 (c) You shall be eligible to be granted additional RSUs (the “Additional RSUs”) shown below on the
last day of the calendar quarter in which the corresponding level of AUM first attained provided that such levels of AUM are first attained during either the Initial Term or the Renewal Term: 

 

			
	 Number of Additional RSUs
	  	 AUM

	204,167	  	$4,166,666,667
	204,167	  	$5,000,000,000

 The Additional RSUs will be granted pursuant to the Plan and shall vest over a four (4) year period
as follows (i) 4/16 shall on the first anniversary of such grant; and (ii) the remainder of the Additional RSUs will vest in equal installments on the last day of each of the next 12 calendar quarters thereafter, provided that you
remain in continuous service with the Company or its affiliates through each such vesting date. Any unvested Additional RSUs as of the date of your termination of employment will automatically be forfeited. “AUM” means assets under
management of the Apollo real estate business in 

 
current and identified managed accounts and debt securities as set forth on Schedule A attached hereto managed solely by real estate team members and replacements of such accounts for such
investors for which management fees are paid, provided, however, that assets under management will be discounted based on the following level of management fee earned on such assets: 

 

			
	Base management fee 3 1:00%	  	100% AUM credit
	Base management fee between 0.50% 3 1.00%	  	50% AUM credit
	Base management fee between 0.25% 3 0.50%	  	25% AUM credit
	Base management fee 3 0.25%	  	5% AUM credit

  

	4.	Carry Points. 

 (a)
You acknowledge and agree that you have been previously allocated 160 points of carried interest (the “Initial AGRE Carry Points”) in AGRE U.S. Real Estate Advisors, L.P., the general partner of AGRE Fund. For the avoidance of
doubt, the Initial AGRE Carry Points vest on monthly basis at the rate of 1/60 per month and began vesting on September 1, 2011. In connection with the execution of this Agreement, you shall be allocated an additional 40 points of carried
interest in the AGRE Fund (the “Additional AGRE Carry Points,” and together with the Initial AGRE Carry Points, the “AGRE Points”). The Additional AGRE Carry Points shall also be deemed to have begun vesting on
September 1, 2011 in the same manner and on the same basis as the Initial AGRE Carry Points. Upon your termination of employment for any reason, any portion of the AGRE Points that are unvested shall immediately be forfeited. You shall retain
that portion of your AGRE Points that has vested as of your service termination date and you shall receive distributions thereon, including in connection with dispositions or other liquidity events applicable to the investments made by the AGRE Fund
with respect to your vested AGRE Points except in the event your employment is terminated for Cause in which event your right to receive any future distributions shall immediately cease. In addition, you shall be subject to a clawback in accordance
with the applicable fund documents. Notwithstanding the foregoing, in the event that (i) the Company terminates your employment without Cause (or you terminate with Good Reason) prior to December 31, 2013; or (ii) you remain employed
with the Company through December 31, 2013, the number of vested AGRE Points as of your termination date shall be equal to the number of AGRE Points in which you would have otherwise vested had your employment been terminated on June 30,
2014 (unless you continue to be employed past June 30, 2014, in which case you shall continue to vest in the AGRE Points until the date of your termination of employment). Thereafter, any unvested AGRE Points will automatically be forfeited.

 (b) In connection with the execution of this Agreement, you will be allocated 12.5% of the 40% of carried interest points that
will be allocated to the management team in connection with European co-investment deals (the “European Transactions ”) that are originated by Roger Orf and that are closed between January 1, 2012 and December 31, 2012
(the “European Points”). Your rights and obligations with respect to the European Points, including with respect to vesting, will be governed in accordance with the respective governing documents for point allocations.
Notwithstanding the foregoing, in the event that (i) the Company terminates your employment without Cause (or you 

 
terminate with Good Reason) prior to December 31, 2013; or (ii) you remain employed with the Company through December 31, 2013, the number of vested European Points as of your
termination date shall be equal to the number of European Points in which you would have otherwise vested had your employment terminated on June 30, 2014 (unless you continue to be employed past June 30, 2014, in which case you shall
continue to vest in the European Points until the date of your termination of employment). Thereafter, any unvested European Points will automatically be forfeited. 
 (c) Provided that you are employed with the Company on the date that it allocates carried interest points in connection with the closing of the AGRE Asia Pacific Fund I (the “Asia Fund”),
the Company shall allocate to you 12.5% of the 40% of carried interest points that will be allocated to the management team of the Asia Fund (the “Asia Points”). The Asia Points shall vest on a monthly basis at the rate of
1/60 per month over the course of five years from the time such points are allocated. Upon your termination of employment for any reason, any portion of the Asia Points that are unvested shall immediately be forfeited. You shall retain that
portion of your Asia Points that has vested as of your service termination date and you shall receive distributions thereon, including in connection with dispositions or other liquidity events applicable to the investments made by the Asia Fund,
with respect to your vested Asia Points except in the event your employment is terminated for Cause in which event your right to receive any future distributions shall immediately cease. In addition, you shall be subject to a clawback in accordance
with the applicable fund documents. Notwithstanding the foregoing, in the event that (i) the Company terminates your employment without Cause (or you terminate with Good Reason) prior to December 31, 2013; or (ii) you remain employed
with the Company through December 31, 2013, the number of vested Asia Points as of your termination date shall be equal to the number of Asia Points in which you would have otherwise have vested had your employment terminated on June 30,
2014, (unless you continue to be employed past June 30, 2014, in which case you shall continue to vest in the Asia Points until the date of your termination of employment). Thereafter, any unvested Asia Points will automatically be forfeited.

 (d) The Company presently anticipates allocating 40% of the carried interest points to the management team responsible for
managing the investments of Citi Property Investor (the “CPI Investments”) such allocations to be made on or before December 31, 2012. Provided that you remain employed on the date of such allocations, the Company may, in its
sole discretion, allocate to you carried interest points in such fund. 
 Other than as specifically set forth herein, you
acknowledge and agree that you have no right, contractual or otherwise, to receive any incentive fees, management fees or carried interest points in any other affiliated investment fund or managed account of the Company or any of its affiliates.

  

	5.	 Co-Investment. You acknowledge and agree that you are presently obligated to co-invest in AGRE USREF Co-Investors (A), L.P.
(“AGRE Co-Investors”) in proportion to your share of the total carried interest multiplied by the equity commitment of the Company and its affiliates. Notwithstanding the foregoing, upon the termination of your employment, your
obligation to contribute your pro rata portion of capital to AGRE Co-Investors for any deals that close from and after your date of termination shall be based on 

	 	
the number of your carried interest points that have vested as of such date. For the avoidance of doubt, if the total number of points that have vested are 50 and the total number of points that
have been allocated to you are 200, your co-investment funding obligations would be (50/200 or) 25% of your total co-investment commitment for any deals that close from and after the date of your termination of employment. To the extent that you
have invested more than the required amount, the Company shall cause AGRE Co-Investors to return capital to you for the difference within 60 days of your termination. You further acknowledge and agree that you shall be required to contribute capital
to the co-investment vehicle established in connection with the European Fund, the Asia Fund and the CPI Investments in proportion to your vested share of the total carried interest in the same manner. 

 

	6.	Restricted Covenants. Except as specifically modified herein, the restrictive covenants set forth on Exhibit B of any of the RSU Award Agreements remain
in full force and effect. Notwithstanding the foregoing, for the purpose of subparagraph (b) of Exhibit B to any of the RSU Award Agreements, the definition of “Protected Period” shall mean, except with respect to
KKR & Co. L.P., the Carlyle Group, Bain Capital, The Blackstone Group, L.P., Oaktree Capital Management, Starwood Capital Group, Colony Capital, LLC, Westbrook Real Estate Partners, Angelo Gordon & Co., AREA Property Investors, and
Walton Street Capital, LLC, together with all of their respective subsidiaries, affiliates and investment funds, the later of (x) September 30, 2013; or (y) ninety (90) days following the date that you cease providing any
services to the Company or any of its affiliates. 

  

	7.	Release. The Special Payment as well as the Company’s obligation to accelerate and/or continue to vest your incentive awards and carried interest
points pursuant to Sections 3 and 4 hereof are expressly conditioned upon your delivery to the Company of a general release of claims for the benefit of the Company and its affiliates and related persons in a form satisfactory to the Company, with
such release becoming effective and irrevocable prior to the sixtieth (60th) day following the date of your termination of employment. If such 60 day period begins in one taxable year and ends in a later taxable year, the Special Payment will
be in the later taxable year. The form of release is attached hereto as Exhibit A. 

  

	8.	Office. During the Term and the Additional Term, your primary office location shall be the Company’s offices in New York City. At any time following
the conclusion of the Term, the Company may relocate you from your present office to an office within the real estate department, provided that you will be entitled to administrative support necessary to the conduct of your specified duties as
Chairman. 

  

	9.	Benefits. During your continued employment with the Company, you will continue to be entitled to participate in the various group health, disability and
life insurance plans and other benefit programs as may generally be offered to similarly situated executives from time to time, provided that your available paid vacation will not be less than four (4) weeks in each calendar year (subject to
the Company’s vacation policy as in effect from time to time regarding any limits on the ability to carry forward to a subsequent year accrued but unused vacation). 

	10.	Notice Entitlement. On written notice to you, the Company may terminate your service as a partner (which, in any case, will also terminate your
employment, if you are then an employee) with or without Cause, it being understood that such a termination shall not be a breach by the Company or any of its affiliates of their agreements hereunder or otherwise. The period of notice that we will
give you to terminate your service as a partner without Cause is 30 days. The Company may terminate your service as a partner for Cause without notice. The minimum period of notice that you are required to give us to terminate your service as a
partner is 30 days. We reserve the right to require you to not be in the Company’s offices and/or not to undertake all or any of your duties and/or not to contact the Company’s clients, colleagues or advisors during all or part of any
period of notice of your termination of service. Should we exercise this right, your terms and conditions of service and duties of fidelity and confidentiality to us remain in full force and effect. 

 

	11.	Payment in Lieu of Notice. The Company reserves the right to pay you in the event of a termination without Cause or in the event that you resign your
employment. 

  

	12.	Non-Disparagement. You and the Company’s senior executives (specifically Leon Black, Marc Rowan, Josh Harris, Marc Spilker, John Suydam, James Zelter
and Gene Donnelly) agree that you and the Company will not, whether during your employment or thereafter, directly or indirectly, make or ratify any statement, public or private, oral or written, to any person that disparages the business reputation
of you or the Company or any of directors, officers, partners and successors, past and present, and each of them. 

  

	13.	Compliance. You understand that your continued service will be subject to, among other things, your adherence to the Company’s policies and
procedures and other applicable compliance manuals, copies of which have previously been made available to you. 

  

	14.	Confidentiality. You will maintain the confidentiality of this Agreement (and any related understandings, including your compensation arrangements and
amounts) at all times and will not discuss such matters with any person other than your spouse, accountant, financial and tax advisors or attorney, except that you may make such disclosure (i) to the extent necessary with respect to any
litigation, arbitration or mediation involving this Agreement, or (ii) when disclosure is required by law or by any court or arbitrator with apparent jurisdiction to order you to disclose or make accessible any information. You shall be
provided an opportunity to review any internal or external announcement regarding your departure from the Company or change in position prior to its publication. Subject to approval of the compliance department, upon your separation from the
Company, you shall be entitled to retain copies (whether in hard copy or electronic copy) of your Microsoft Outlook contacts and your personal files, and you will be entitled to keep your mobile phone number (with you assuming monthly contract
fees). 

  

	15.	 Indemnification. During the Term and thereafter, the Company agrees to, and agrees to cause Apollo Management Holdings, L.P. to,
indemnify and hold you and your heirs and representatives harmless, to the same extent applicable to similarly situated executives, against any and all damages, claims, costs, liabilities, losses and expenses (including reasonable attorneys’
fees) as a result of any claim or proceeding, or threatened claim or proceeding, against you that arises out of or relates to your service as an officer, director, partner or employee, as the case may be, of the Company, any of its affiliates or
other entity 

	 	
at the request of the Company or any of its affiliates. During the Term and thereafter, you shall continue to be covered under the Company’s respective directors’ and officers’
liability policy(s) to same extent as similarly situated executives. 

  

	16.	Choice of Law; Arbitration; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of New York
(without regard to any conflicts of laws principles thereof that would give effect to the laws of another jurisdiction), and any dispute or controversy arising out of or relating to this Agreement or your employment, other than injunctive relief as
provided in this Agreement, will be settled exclusively by arbitration, conducted before a single arbitrator in New York, New York (applying New York law) in accordance with, and pursuant to, the National Rules for the Resolution of Employment
Disputes of the American Arbitration Association (“AAA”). The decision of the arbitrator will be final and binding upon the parties hereto. Any arbitral award may be entered as a judgment or order in any court of competent jurisdiction.
Either party may commence litigation in court to obtain injunctive relief in aid of arbitration, to compel arbitration, or to confirm or vacate an award, to the extent authorized by the Federal Arbitration Act or the New York Arbitration Act. The
Company and you will share the AAA administrative fees, the arbitrator’s fee and expenses. Each party shall be responsible for such party’s attorneys’ fees. IF THIS AGREEMENT TO ARBITRATE IS HELD INVALID OR UNENFORCEABLE THEN, TO
THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, YOU AND WE HEREBY WAIVE AND COVENANT THAT YOU AND WE 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 MATTERS CONTEMPLATED HEREBY, WHETHER NOW OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREE THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR YOU 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 YOU, ON THE OTHER HAND, IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY
PROCEEDING WHATSOEVER BETWEEN SUCH PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THAT ANY PROCEEDING PROPERLY HEARD BY A COURT UNDER THIS AGREEMENT WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A
JURY. 

  

	17.	 Section 409A. This Agreement is intended to comply with (or be exempt from) Section 409A of the Internal revenue Code, as
amended (“Section 409A”), and any payment to you hereunder shall be considered a separate payment. Notwithstanding any provision in this Agreement, if on the date of your separation of service, within the meaning of
Section 409A (the “Separation Date”), you are “specified employee” as defined in Section 409A, then to the extent any amount payable under this Agreement on account of such separation constitutes the payment of
nonqualified deferred compensation, within the meaning of Section 409A, that under the terms of this Agreement would be payable prior to the six-month anniversary of the Separation Date, such payment shall be delayed, so as not to

	 	
trigger penalties under Section 409A until the earlier to occur of (x) the six-month anniversary of the Separation Date and (B) the date of your death. For purposes of determining
the timing of payments to you following termination of employment, all references to such termination shall meant the Separation Date. Nothing contained herein is intended to constitute a guarantee of your personal tax treatment.

  

	18.	Miscellaneous. This Agreement may not be modified, amended or waived unless in a writing signed by the undersigned parties. Any notice required hereunder
shall be made in writing, as applicable, to the Company in care of its general counsel at his principal office location or to you at your principal office location or home address most recently on file with the Company, such notice to be deemed
effective on the earlier of receipt or two days after it is issued. This Agreement may not be assigned by the parties other than as expressly provided herein. This Agreement may be executed through the use of separate signature pages or in any
number of counterparts, including via facsimile or pdf, with the same effect as if the parties executing such counterparts had executed one counterpart. 

 [Continues on next page] 

 The effectiveness of these terms is subject to your execution and return of this Agreement
on or before June 8, 2012. This Agreement, the RSU Award Agreements, The First Amended and Restated Limited Partnership Agreement of AGRE U.S. Real Estate Advisors, L.P., and The First Amended and Restated Limited Partnership Agreement of
Apollo AGRE USREF Co-Investors (A), L.P. constitute the entire agreement between the parties in relation to its subject matter and supersedes any previous agreement or understanding between the parties relating thereto, including, without
limitation, the letter agreement dated June 2, 2008 between you and the Company, all of which are hereby cancelled, and you confirm that in signing this Agreement you have not relied on any warranty, representation, assurance or promise of any
kind whatsoever other than as are expressly set out in this Agreement or in the plans and documents referenced herein. 
  

	
	Sincerely,
	
	/s/ Lisa Barse Berstein
	
	Lisa Barse Bernstein
	Global Head of Human Resources

  

	
	Read, Accepted and Agreed to:
	
	 /s/ Joseph F. Azrack

	Joseph F. Azrack

 Dated: June 1, 2012 

  
 10Separation Agreement - Eugene Donnelly

 Exhibit 10.41 

July 2, 2012 
 Personal and Confidential 
 Eugene Donnelly 

60 Tuckahoe Road 
 Eaton, CT 06612 

Dear Gene: 
 This letter will confirm the
following terms in connection with the transition of your responsibilities as Chief Financial Officer of Apollo Global Management, LLC (together with its affiliated investment companies, the “Company”) and your separation from the
Company. The Company and you agree that this letter (this “Agreement”) represents the full and complete agreement concerning the transition of your current responsibilities and separation from employment with the Company.

  

	1.	Current Position: Unless your employment is terminated by the Company for Cause (as that term is defined in the Apollo Global Management, LLC 2007 Omnibus
Equity Incentive Plan) or by reason of your death or Disability (as defined in the letter agreement dated May 13, 2010 between you and the Company (as amended, the “2010 Letter Agreement”)), you shall remain in your current
position as the Company’s Chief Financial Officer until the Company files a Form 10-Q with the Securities and Exchange Commission for the period ending June 30, 2012 (the “Term”). During the Term, you shall continue to
devote all of your full business time and attention to the performance of your duties as Chief Financial Officer of the Company and you shall continue to receive your current base salary and to participate in the Company’s health and welfare
plans on the same terms and conditions as of the date hereof. 

  

	2.	Transition Period: Commencing immediately following the completion of the Term (the “Transition Date”) and through December 31, 2012
(the “Transition Period”), you shall remain a full time senior adviser to the Company and you shall assist the Company in the transition of your current responsibilities to your successor, assist in the Company’s implementation
of its new PeopleSoft software program, supervise the completion of the Company’s Sarbanes-Oxley certification, testing and implementation and perform other such duties as the Company may from time to time reasonably request and that are
consistent with a senior advisory role. During the Transition Period, you will be required on a substantially regular basis to report to the Company’s offices, although you will not be required to be in the office full time. Notwithstanding the
forgoing, after November 15, 2012, you shall not be required to devote your full business time to the Company and shall only be required to report to the Company’s offices as is reasonably necessary to perform your duties hereunder. The
Company will continue to pay you your base salary at the rate in effect as of the date hereof through November 15, 2012 (unless your employment is terminated for Cause or due to your resignation, death or Disability) and you will continue to
participate in the Company’s health and welfare plans on the same terms and conditions as of the date hereof through the last date of your employment with the Company (expected to be December 31, 2012, unless sooner terminated in
accordance with the terms of the Agreement, the “Separation Date”). You will not earn any vacation time following the Transition Date. 

	3.	2012 Bonus: Except as set forth below and provided that you execute the Release of Claims in the form attached as Exhibit A (the “Release of
Claims”), which must be submitted on the Separation Date and not revoked within the 7-day revocation period provided therein, the Company shall pay you a bonus for services performed through the Transition Period in an amount equal to
$1,487,500 (the “2012 Bonus”), such payment to be made on or about January 15, 2013. Notwithstanding the foregoing, in the event that the Company terminates your employment for Cause or if you resign for any reason or your
employment terminates due to your death or Disability prior to November 15, 2012, the Company shall have no obligation to pay you the 2012 Bonus and you will be entitled to receive only the base salary earned as of the Separation Date.

  

	4.	AGM Incentive Pool Payments: On August 4, 2011, you were awarded a contingent profits interest in the Company’s affiliate, AGM Incentive Pool,
L.P. (the “Incentive Pool”), pursuant to the AGM Incentive Participation Plan (the “AGM Incentive Plan”). On or prior to December 31, 2012, the Incentive Pool may make discretionary distributions to you at our
request. To the extent that it makes any such distributions to you in recognition of the services you perform during the 2012 year and ending on the Separation Date, then the amount of the 2012 Bonus then due pursuant to this Agreement shall be
reduced by an equivalent amount. For the avoidance of doubt, your interest in the Incentive Pool will be forfeited without consideration immediately following any payment to you in respect of the 2012 year. 

 

	5.	Employee Benefits: 

  

	 	(i)	Your employee benefits will terminate on the Separation Date 

  

	 	(ii)	Following the termination of your employee benefits, you will be eligible to continue your health care coverage pursuant to the provisions of the Consolidated Omnibus
Reconciliation Act of 1985 (“COBRA”), and the requirements and limitations thereof. If you elect continued coverage under COBRA, you are responsible for paying the cost of such continuation coverage in an amount up to 102% of the premium.
You will receive information about continuing your health coverage under COBRA in a later mailing, including a form by which you may elect continued coverage. 

 

	6.	 RSU Awards: You shall continue to vest in any unvested restricted share units of the Company previously granted to you pursuant to
the terms of the Restricted Share Unit Award Agreement dated September 30, 2010 between you and the Company (the “2010 Award”), the Restricted Share Unit Award Agreement dated March 15, 2011 between you and the Company
(the “March 2011 Award”), the Restricted Share Unit Award Agreement dated October 14, 2011 between you and the Company (the “October 2011 Award”), and the Restricted Share Unit Award Agreement dated
December 28, 2011 between you and the Company (the “December 2011 Award” and together with the 2010 Award and the March 2011 Award and the October 2011 Award, the “RSU Award Agreements,” and each an
“RSU Award Agreement”), through the Separation Date; provided, however, that any terms of the 2010 Award or the October 2011 Award providing for acceleration of vesting upon a termination without Cause or for Good Reason are hereby
null and void. Except as provided in the immediately preceding sentence, any RSUs granted to you under the 2010 Award, March 2011 Award, the October 2011 Award and the December 2011 Award which have vested on, or prior to, the Separation Date shall
subsist in accordance with the terms of the award agreements. Notwithstanding the foregoing or anything to the contrary contained in an RSU Award Agreement, subject to (i) your continued employment with the Company through the end of the
Transition Period (except that this requirement will be waived if the Company terminates your employment without Cause); and (ii) the execution and non-revocation of the Release of Claims, you shall vest in 25% of any RSUs that are unvested as
of the Separation Date. For the avoidance of doubt, an additional (i) 

  
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70,000 unvested RSUs granted pursuant to the 2010 Award shall vest pursuant to the immediately preceding sentence; (ii) 3,541 unvested RSUs granted pursuant to the March 2011 Award shall
vest pursuant to the immediately preceding sentence; (iii) 16,042 unvested RSUs granted pursuant to the October 2011 Award shall vest pursuant to the immediately preceding sentence; and (iv) 4,595 unvested RSUs granted pursuant to the
December 2011 Award shall vest pursuant to the immediately preceding sentence. Pursuant to the Company’s Share Ownership Policy, you will be permitted to sell any shares issued to you on or after the 90th day following the Separation Date. 

 

	7.	Post Employment Restrictions: Except as specifically modified herein, you acknowledge and agree that you will continue to abide by and comply with each of
the covenants set forth in (x) the paragraphs entitled “No Solicitation or Competition” and “Nondisparagement” in the 2010 Letter Agreement; and (y) Exhibit B to the 2010 RSU Award, all of which remain in full force and
effect. Notwithstanding the foregoing, commencing on April 30, 2013, the definition of “Competitive Business” (as such term is defined in the 2010 Letter Agreement) shall specifically exclude any alternative asset manager whose assets
under management are less than $12.5 billion as of the date that you commence employment with such business. 

  

	8.	 Office. The Company may relocate you from your present office on the 43rd floor of 9 West 57th Street, New York, New York to an office at 730 Fifth Avenue, New
York, New York or in the Company’s office in Purchase, New York. The Company shall provide you with your current administrative assistant through the Separation Date and shall not terminate her employment without cause prior to
December 31, 2012. 

  

	9.	Release: In consideration for the payments, benefits and other covenants contained herein, you voluntarily, knowingly and willingly release and forever
discharge the Company, its subsidiaries, affiliates and parents, together with each of those entities’ respective officers, directors, shareholders, employees, agents, fiduciaries and administrators (collectively, the “Releasees”)
from any and all claims and rights of any nature whatsoever which you now have or in the future may have against them. This release includes, but is not limited to, any rights or claims relating in any way to your employment relationship with the
Company or any of the other Releasees or the termination thereof, the 2010 Letter Agreement (including any claim that you have Good Reason to resign your employment, as such term is defined in the 2010 Letter Agreement), any contract claims (express
or implied, written or oral), or any rights or claims under any statute, including, without limitation, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act, the Rehabilitation
Act of 1973 (including Section 504 thereof), Title VII of the 1964 Civil Rights Act, the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Civil Rights Act of 1991, the Equal Pay Act, the National Labor Relations Act, the Worker Adjustment
and Retraining Notification Act, the New York State Human Rights Law, the New York City Human Rights Law, and the Employee Retirement Income Security Act of 1974, all as amended, and any other federal, state or local law. This release specifically
includes, but is not limited to, any claims based upon the right to the payment of wages, bonuses, severance, vacation, pension benefits, 401(k) Plan benefits, stock benefits or any other employee benefits, or any other rights arising under federal,
state or local laws prohibiting discrimination and/or harassment on the basis of race, color, age, religion, sexual orientation, religious creed, sex, national origin, ancestry, alienage, citizenship, nationality, mental or physical disability,
denial of family and medical care leave, medical condition (including cancer and genetic characteristics), marital status, military status, gender identity, harassment or any other basis prohibited by law. 

 

	10.	 No Claims Filed: As a condition of the Company entering into this Agreement, you further represent that you have not filed against the
Company or any of the other Releasees, any complaints or lawsuits with any court prior to the date hereof. You understand that by signing this Agreement, 

  
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you waive your right to any monetary recovery in connection with a local, state or federal governmental agency proceeding and you waive your right to file a claim seeking monetary damages in any
court. This Agreement does not: (i) prohibit or restrict you from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal Employment Opportunity Commission or any other governmental authority with
responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of this Agreement or its underlying facts,
or (ii) require you to notify the Company of such communications or inquiry. 

  

	11.	Prior Agreement: You acknowledge and agree that the 2010 Letter Agreement is of no further force and effect and that neither party shall have any further
rights or obligations pursuant to the 2010 Letter Agreement other than those paragraphs entitled “No Solicitation or Competition,” “Nondisparagement” and “Remedies, Severability,” each of which specifically survive.

  

	12.	No Admission of Wrongdoing: By entering into this Agreement, neither you nor the Company nor any of the Company’s officers, agents or employees,
admit any wrongdoing or violation of any law. 

  

	13.	Certification of Disclosures: You hereby represent that all information that you have disclosed or certified to the Company or any governmental authority,
including, without limitation, the Securities and Exchange Commission, was true and correct at the time that such information was disclosed or certified. You further represent that you are not aware of any information of which you had knowledge and
that would be required to be disclosed pursuant to any applicable law or regulation to the Company or any governmental authority or in any public filing that has not been previously disclosed. 

 

	14.	No Negative Statements: You agree not to make, or cause to be made, any negative or disparaging statements about, or to intentionally do anything that
damages, the Company, or the Releasees, or, collectively, the services, reputation, financial status, business relationships, or any of the directors, officers and employees of the Company and the Releasees. The Company similarly agrees that it will
direct its senior officers, Executive Committee members, directors and partners not to make, or cause to be made, any negative or disparaging statements about, or to intentionally do anything that damages your reputation, financial status or
business relationships. In addition, neither party shall issue any public statement or speak or communicate in any manner with any media outlet regarding the transition of your responsibilities or your separation from the Company except as otherwise
required by law. You agree to refer all requests for references or other information regarding your employment to Lisa Barse Bernstein, Global Head of Human Resources. 

 

	15.	Breach of this Agreement: You promise to abide by the terms and conditions in this Agreement, and you understand that if you do not, the Company shall be
entitled to attorneys’ fees and any other damages incurred due to such breach, except that this provision will not apply if you file a lawsuit challenging the validity of this Agreement. 

 

	16.	Severability: If at any time, after the date of the execution of this Agreement any court or administrative agency finds that any provision of this
Agreement is illegal, void, or unenforceable, that provision will no longer have any force and effect. However, the provision’s illegality or unenforceability will not impair the enforceability of any other provision of this Agreement.

  

	17.	Changes to the Agreement: This Agreement may not be changed unless the changes are in writing and signed by you and an authorized representative of the
Company. 

  
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	18.	Choice of Law; Arbitration; Waiver of Jury Trial: This letter agreement shall be governed by and construed in accordance with the laws of the State of New
York (without regard to any conflicts of laws principles thereof that would give effect to the laws of another jurisdiction), and any dispute or controversy arising out of or relating to this letter agreement or your employment, other than
injunctive relief as provided in this letter agreement and the 2010 Letter Agreement, will be settled exclusively by arbitration, conducted before a single arbitrator in New York, New York (applying New York law) in accordance with, and pursuant to,
the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA”). The decision of the arbitrator will be final and binding upon the parties hereto. Any arbitral award may be entered as
a judgment or order in any court of competent jurisdiction. Either party may commence litigation in court to obtain injunctive relief in aid of arbitration, to compel arbitration, or to confirm or vacate an award, to the extent authorized by
the Federal Arbitration Act or the New York Arbitration Act. The Company and you will share the AAA administrative fees, the arbitrator’s fee and expenses. Each party shall be responsible for such party’s attorneys’
fees. IF THIS AGREEMENT TO ARBITRATE IS HELD INVALID OR UNENFORCEABLE THEN, TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, YOU AND WE HEREBY WAIVE AND COVENANT THAT YOU AND WE 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 MATTERS CONTEMPLATED HEREBY, WHETHER NOW OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, AND AGREE THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR YOU 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 YOU, ON THE OTHER HAND, IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN SUCH PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THAT ANY PROCEEDING PROPERLY HEARD BY A COURT UNDER THIS AGREEMENT
WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

  

	19.	Entire Agreement: This Agreement and the RSU Award Agreements constitute the entire agreement between you and the Company and supersede all other
agreements between you and the Company, including the 2010 Letter Agreement, except the paragraphs entitled “No Solicitation or Competition,” “Nondisparagement” and “Remedies, Severability,” which specifically survive.
In addition, nothing herein shall not relieve you of any contractual or common law obligations to maintain the Company’s confidential, proprietary and trade secret information as confidential and not to use such information for your benefit or
the benefit of any third party. 

  

	20.	Waiver: By signing this Agreement, you acknowledge that: 

 

	 	a)	You have carefully read and understand this Agreement; 

  

	 	b)	The Company advised you to consult with an attorney and/or any other advisors of your choice before signing this Agreement; 

 

	 	c)	You have been given twenty-one (21) days to consider your rights and obligations under this Agreement and to consult with an attorney about both;

  
 5 

	 	d)	You understand that this Agreement is LEGALLY BINDING and by signing it you give up certain rights; 

 

	 	e)	You have voluntarily chosen to enter into this Agreement and have not been forced or pressured in any way to sign it; 

 

	 	f)	You acknowledge and agree that the payments and benefits set forth in Paragraph 2 of this Agreement are contingent on execution of this Agreement, which releases all of
your claims against the Company, and you KNOWINGLY AND VOLUNTARILY AGREE TO RELEASE the Company, the Releasees and their respective shareholders officers, directors or employees from any and all claims you may have, known or unknown, in
exchange for the benefits you have obtained by signing, and that these benefits are in addition to any benefit you would have otherwise received if you did not sign this Agreement; 

 

	 	g)	You have seven (7) days after you sign this Agreement to revoke it by notifying the Company in writing. The Agreement will not become effective or enforceable
until the seven (7) day revocation period has expired; 

  

	 	h)	This Agreement includes a WAIVER OF ALL RIGHTS AND CLAIMS you may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621 et
seq.); and 

  

	 	i)	This Agreement does not waive any rights or claims that may arise after this Agreement becomes effective, which is seven (7) days after you sign it, provided that
you do not exercise you right to revoke this Agreement. 

  

	21.	Return of Signed Agreement: You should return the signed Agreement to me on or before the date that is 21 days following the date hereof.

  

	
	Sincerely,
	
	/s/ Lisa Barse Bernstein
	
	Lisa Barse Bernstein
	Global Head of Human Resources

  

			
	Read, Accepted and Agreed to:
	
	 /s/ Eugene Donnelly

	Eugene Donnelly
	Dated:	 	July 2, 2012

  
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