Document:

Exhibit 10.1

 

SHARE PURCHASE AGREEMENT

by and between

SUMITOMO MITSUI BANKING CORPORATION

and

ARES MANAGEMENT CORPORATION

March 27, 2020

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
	 
	Definitions
	 
	1.1	Definitions	2
	1.2	Other Defined Terms	6
	 	 	 
	Article II
	 
	Purchase and Sale of the Securities
	 
	2.1	Closing	7
	 	 	 
	Article III
	 
	Representations and Warranties of the Company
	 
	3.1	Organization and Power	7
	3.2	Authorization	8
	3.3	The Shares	8
	3.4	Capitalization	8
	3.5	No Conflict	9
	3.6	Consents	9
	3.7	SEC Documents; Financial Statements	9
	3.8	Disclosure and Accounting Controls	10
	3.9	Independent Accountants	10
	3.10	Litigation	10
	3.11	Title to Properties	10
	3.12	Intellectual Property	11
	3.13	No Undisclosed Relationships	11
	3.14	Permits	11
	3.15	Labor Matters	11
	3.16	Environmental Compliance	11
	3.17	Compliance with ERISA	12
	3.18	Taxes	12
	3.19	Insurance	12
	3.20	No Unlawful Payments	12
	3.21	Compliance with Anti-Money Laundering Laws	13
	3.22	No Conflicts with Sanctions Laws	13
	3.23	No Restrictions on Subsidiaries	13
	3.24	Securities Law Exemptions	14
	3.25	Absence of Certain Changes	14

 

    

     

    

 

	3.26	No Defaults	14
	3.27	Brokers	14
	3.28	NYSE	15
	3.29	Investment Company Act	15
	3.30	Investment Advisers Act	15
	3.31	Sarbanes-Oxley Act	15
	3.32	No Downgrade	15
	3.33	No Other Representations and Warranties	16
	 	 	 
	Article IV
	 
	Representations and Warranties of the Investor
	 
	4.1	Organization	16
	4.2	Authorization	16
	4.3	No Conflict	16
	4.4	Consents	16
	4.5	Brokers	17
	4.6	Purchase Entirely for Own Account	17
	4.7	Investor Status	17
	4.8	Information	17
	4.9	Securities Not Registered	17
	4.10	No Other Representations or Warranties	18
	 	 	 
	Article V
	 
	Covenants
	 
	5.1	Public Announcements	18
	5.2	Amended and Restated Charter	19
	5.3	Efforts	19
	5.4	Post-Closing Covenants	19
	 	 	 
	Article VI
	 
	Conditions PRECEDENT
	 
	6.1	Mutual Conditions of Closing	19
	6.2	Conditions to the Obligation of the Investor to Consummate the Closing	19
	6.3	Conditions to the Obligations of the Company to Consummate the Closing	21
	 	 	 
	Article VII
	 
	Termination
	 
	7.1	Conditions of Termination	21
	7.2	Effect of Termination	22

 

    ii

     

    

 

	Article VIII
	 
	Miscellaneous Provisions
	 
	8.1	Survival	22
	8.2	Interpretation	23
	8.3	Notices	23
	8.4	Severability	24
	8.5	Governing Law; Jurisdiction; WAIVER OF JURY TRIAL	25
	8.6	Delays or Omissions; Waiver	25
	8.7	Specific Performance	26
	8.8	Fees; Expenses	26
	8.9	Assignment	26
	8.10	No Third Party Beneficiaries	26
	8.11	Counterparts	26
	8.12	Entire Agreement; Amendments	27
	8.13	Drafting	27
	 	 	 
	EXHIBITS
	 
	Exhibit A	Form of Amended and Restated Charter	 
	Exhibit B	Form of Investor Rights Agreement	 
	Exhibit C	Form of Stockholder Written Consent	 
	Exhibit D	Wire Information	 
	Exhibit E	Form of AST Acknowledgement Letter	 
	Exhibit F	Form of Opinion	 

 

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SHARE PURCHASE AGREEMENT

 

SHARE PURCHASE AGREEMENT (this “Agreement”),
dated as of March 27, 2020, by and between Sumitomo Mitsui Banking Corporation, a Japanese joint stock company (the “Investor”),
and Ares Management Corporation, a Delaware corporation (the “Company”).

 

WHEREAS, the Investor and the Company desire
to collaborate across three areas which are expected to strengthen the existing businesses of the Company and the Investor and
their respective Affiliates’ and enhance each such Person’s ability to support its clients’ needs on a global
basis. In connection therewith, the Investor and the Company plan to: (i) enter into a strategic distribution agreement to market
the Company’s investment products to the Investor’s clients in the Japanese market, (ii) utilize the Investor’s
and its Affiliates’ capital to make investments that will support the launch of certain new businesses, and accelerate the
advancement of certain existing platforms, of the Company, with a particular focus on private credit markets, and (iii) coordinate
on certain capital markets financing activities in the US and Asian leveraged finance markets;

 

WHEREAS, the Investor and the Company intend
to enter into, on the Closing Date, the Investor Rights Agreement whereby the Company and the Investor will agree to certain matters
with respect to the Investor’s investment in the Company;

 

WHEREAS, the Investor desires to purchase
from the Company, and the Company desires to issue and sell to the Investor, 12,130,540 shares (the “Shares”)
of newly issued Class A Common Stock, par value $0.01 per share, of the Company (“Common
Stock”), on the terms and subject to the conditions contained in this Agreement (such purchase and sale of the
Shares, the “Share Purchase”);

 

WHEREAS, the Investor and the Company desire
to make certain representations, warranties, covenants and agreements in connection with the Share Purchase; and

 

WHEREAS, each of the Investor and the Company
has approved the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby
by it in accordance with applicable Law, upon the terms and conditions contained herein.

 

    

     

    

 

NOW THEREFORE, in consideration of the mutual
agreements, representations, warranties and covenants herein contained, the parties agree as follows:

 

Article I

 

Definitions

 

1.1             
Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 

“Action”
shall mean any legal, governmental or regulatory investigation, action, suit, litigation, arbitration, administrative proceeding
or other proceeding by or before any Governmental Entity.

 

“Advisers
Act” shall mean the Investment Advisers Act of 1940, 15 USC § 80b-1 et seq., as amended, and the rules, regulations
and interpretations promulgated thereunder.

 

“Affiliate”
shall mean, 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, such specified Person. Notwithstanding the foregoing, (a) the Company and the
Investor shall not be deemed to be Affiliates of each other and (b) any portfolio company or investment of, or special purpose
entity formed to acquire any portfolio company or investment of the Ares Funds shall not be deemed to be an Affiliate of the Company,
or the Investor.

 

“Amended
and Restated Charter” means the amended and restated certificate of incorporation of the Company, substantially
in the form attached to this Agreement as Exhibit A.

 

“Amended
and Restated Charter Requirements” shall mean: (i) the filing of a Definitive Information Statement on Schedule 14C
relating to the Amended and Restated Charter with the SEC (the “Information
Statement”) and (ii) the expiration of the twenty (20) calendar day period following the filing of the Information
Statement.

 

“AOG Class A Unit” shall
mean an “Ares Operating Group Unit” as defined in the Certificate of Incorporation.

 

“Ares
Equity Incentive Plan” shall mean the Ares 2014 Equity Incentive Plan described in the SEC Reports.

 

“Ares
Funds” shall mean, collectively, all Funds (excluding their portfolio companies and investments and all special
purpose entities formed to acquire any such portfolio companies and investments, including collateralized loan obligations) (i)
sponsored or promoted by the Company or any of its Subsidiaries or (ii) for which the Company or any of its Subsidiaries acts as
(A) a general partner or managing member (or in a similar capacity) or (B) an investment adviser or investment manager.

 

“Ares
Operating Group Partnerships” shall mean Ares Holdings L.P., a Delaware limited partnership, Ares Offshore Holdings
L.P., a Cayman Islands exempted limited partnership and Ares Investments L.P., a Delaware limited partnership.

 

“AST”
shall mean American Stock Transfer & Trust Company, LLC.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business
Day” shall mean any day, other than a Saturday, Sunday and any day which is a legal holiday under the laws of
the State of New York or Tokyo, Japan, or is a day on which banking institutions located in the State of New York or Tokyo, Japan
are authorized or required by Law or other governmental action to close.

 

“Class
C Common Stock” shall mean the Company’s Class C common stock, $0.01 par value per share.

 

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“control”
(including the terms “controlling,”
 “controlled by” and “under
common control with”) with respect to any Person shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management policies of such Person, whether through the ownership of Equity Securities,
by contract or otherwise.

 

“Delaware
Secretary” means the Secretary of State for the State of Delaware.

 

“Equity
Securities” shall mean, with respect to any Person, (i) shares of stock, partnership interests or limited liability
company interests (however designated, whether voting or non-voting) (“Capital
Stock”) or other equity or voting interest in, such Person, (ii) any securities convertible into or exchangeable
for shares of Capital Stock of, or other equity or voting interest in, such Person, and (iii) options, warrants, rights or other
commitments or agreements to acquire from such Person, or that obligates such Person to issue, any Capital Stock of, or other equity
or voting interest in, or any securities convertible into or exchangeable for shares of Capital Stock of, or other equity or voting
interest in, such Person.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and all of the rules and regulations of the SEC
promulgated thereunder.

 

“Fund”
shall mean any collective investment vehicle (whether open-ended or closed-ended) including an investment company, a general or
limited partnership, a trust and any other business entity or investment vehicle organized in any jurisdiction that provides for
management fees or “carried interest” (or other similar profits allocations) to be borne by investors therein; provided
that “Fund” shall not include any investment vehicle or account for which the Company or any of its Subsidiaries would
not be deemed an Affiliate.

 

“GAAP”
shall mean U.S. generally accepted accounting principles.

 

“Governmental
Entity” means any (a) international, supranational, national, provincial, regional, federal, state, municipal,
local or other government, (b) administrative, regulatory or self-regulatory agency, commission, body, task force or other authority
(including any securities exchange, banking institution or other self-regulatory organization in the securities, financial services,
investment or commodity industries, including NYSE), (c) quasi-governmental or private body exercising any regulatory, Tax or other
governmental authority, (d) other Person that is treated as a “government entity” under the Advisers Act or (e) instrumentality,
subdivision, court, tribunal or judicial or arbitral body of any Person described in the foregoing clauses (a) through (d).

 

“Intentional
Fraud” with respect to a party means (i) an intentional misrepresentation by such party with respect to the making
of the representations and warranties of such party as expressly set forth in this Agreement with the intent by such party that
the other party to this Agreement rely on such misrepresentation to such other party’s material detriment and (ii) such other
party reasonably relies on, and suffers losses as a result of, such misrepresentation.

 

“Investor
Rights Agreement” shall mean the Investor Rights Agreement, dated as of the Closing Date, by and between the Company
and the Investor, substantially in the form attached to this Agreement as Exhibit B.

 

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“Law”
shall mean any applicable law, statute, code, ordinance, rule, regulation, or agency requirement of any Governmental Entity, including
common law.

 

“Lien”
shall mean any lien, charge, pledge, security interest, restriction, or other encumbrance.

 

“Material
Adverse Effect” shall mean any change, event, effect, occurrence or circumstance (each, an “Effect”)
that, individually or taken together with all other Effects that have occurred prior to, and are continuing as of, the date of
determination of the occurrence of the Material Adverse Effect, (A) has a material adverse effect on the business, properties,
management, financial position, partners’ or members’ capital, shareholders’ equity, results of operations of
the Company and its Subsidiaries taken as a whole or (B) would reasonably be expected to prevent or materially delay or materially
impede the ability of the Company to perform its obligations under this Agreement, including consummation of the Share Purchase,
effecting the Class C Issuance and the other transactions contemplated by this Agreement. Notwithstanding the foregoing, solely
for purposes of the foregoing clause (A), the term “Material Adverse Effect” shall exclude any such Effect directly
or indirectly resulting from, relating to or arising from: (a) changes in global, United States or foreign (i) national or regional
economic, financial, regulatory or political conditions or events or (ii) credit, debt, financial, banking, energy or capital markets
or in interest or exchange rates or (b) national or international disasters, acts of God, sabotage, war, any military conflict,
outbreak of hostilities or acts of terrorism, or any escalation or worsening thereof, epidemics, pandemics or disease outbreak
(including the COVID-19 virus), except, with respect to clauses (a) and (b), to the extent that the impact of such Effect
is disproportionately adverse to the Company and its Subsidiaries, taken as a whole, relative to other similarly situated alternative
asset management companies.

 

“NYSE”
shall mean the New York Stock Exchange.

 

“Order”
shall mean any writ, judgment, decree (including a consent decree), injunction, settlement, cease-and-desist order or similar order
or enforcement action of any Governmental Entity (in each case, whether preliminary or final).

 

“Organizational
Document” shall mean, as applicable, an entity’s agreement or certificate of limited partnership, limited
liability company agreement, certificate of formation, certificate or articles of incorporation, bylaws or other similar organizational
documents.

 

“Person”
shall mean any individual, corporation, limited liability company, limited or general partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, Governmental Entity, or other “Person” as contemplated by
Section 13(d) of the Exchange Act.

 

“Representatives”
shall mean, with respect to any Person, such Person’s Affiliates and such Person’s and each such Affiliate’s
respective directors, officers, employees, managers,

 

trustees, principals, stockholders, members, general or limited
partners, accountants, attorneys, consultants, advisors, agents and other representatives.

 

“SEC”
shall mean the U.S. Securities and Exchange Commission.

 

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“SEC
Reports” shall mean (i) the Company’s Form 10-K for the fiscal year ended December 31, 2019, filed on February
28, 2020, and (ii) the portions of the Company’s Definitive Proxy Statement on Schedule 14A that are incorporated by
reference into the Company’s Form 10-K for the fiscal year ended December 31, 2018.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and all of the rules and regulations promulgated of the
SEC thereunder.

 

“SSG
Transaction” shall mean the contemplated acquisition, in a single transaction, of a majority of the Capital Stock
of SSG Capital Holdings Limited and certain of its affiliated entities by one or more Subsidiaries of the Company.

 

“Stockholder
Written Consent” shall mean the written consent of Ares Owners Holdings L.P. and Ares Voting LLC, substantially
in the form attached hereto as Exhibit C, irrevocably approving and adopting the Amended and Restated Charter in accordance
with the Organizational Documents of the Company and the General Corporation Law of the State of Delaware (the “DGCL”).

 

“Subsidiary”
shall mean, with respect to any Person, any other Person of which at least a majority of the securities or ownership interests
having by their terms ordinary voting power to elect a majority of the board of directors or managers (or other similar governing
body) is directly or indirectly owned or controlled by such Person and/or by one or more of its Subsidiaries. Notwithstanding the
forgoing, the Subsidiaries of the Company shall not include the Ares Funds or their portfolio companies or investments, or special
purpose entities formed to acquire any such portfolio companies or investments, including collateralized loan obligations.

 

“Tax
Returns” shall mean returns, reports, information statements, claims for refund, declarations of estimated Taxes
and similar filings, including any schedule or attachment thereto and any amendment thereof, with respect to Taxes filed or required
to be filed with the Internal Revenue Service of the United States or any other taxing authority.

 

“Taxes”
shall mean any and all taxes, levies, fees, imposts, duties and charges of whatever kind (including any interest, penalties or
additions to the tax imposed in connection therewith or with respect thereto) imposed by any Governmental Entity, including taxes
imposed on, or measured by, income, franchise, profits or gross receipts, and any ad valorem, value added, sales, use, service,
real or personal property, Equity Security, license, payroll, withholding, employment, social security, workers’ compensation,
unemployment compensation, utility, severance, production, excise, stamp, occupation, premium, windfall profits, transfer and gains
taxes and customs or duties.

 

    5

     

    

 

1.2             
Other Defined Terms. In addition, the following terms shall have the meanings ascribed to them in the corresponding
Section of this Agreement:

  

	Agreement	 	Preamble
	Ares Operating Group Units	 	3.4 (c)
	Bankruptcy and Equity Exception	 	3.2
	CFTRA	 	3.21
	Class C Issuance	 	6.2 (d)
	Closing	 	2.1 (a)
	Closing Date	 	2.1 (a)
	Code	 	3.17
	Common Stock	 	Recitals
	Company	 	Preamble
	Consent	 	3.6
	Delaware Court	 	8.5 (b)
	Delaware RULPA	 	3.4 (b)
	Environmental Laws	 	3.16
	ERISA	 	3.17
	ERISA Affiliate	 	3.17
	Investment Company Act	 	3.29
	Investor	 	Preamble
	Investor Adverse Effect	 	6.3(b), 4.3
	Other Anti-Money Laundering Laws	 	3.21
	Outside Date	 	7.1
	Plan	 	3.17
	Preliminary Information Statement	 	5.2
	SEC Documents	 	3.7 (a)
	Share Purchase	 	Recitals
	Shares	 	Recitals
	Transaction Litigation	 	8.5 (a)

 

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Article II

 

Purchase
and Sale of the Securities

 

2.1             
Closing.

 

(a)              
The closing of the Share Purchase (the “Closing”)
shall take place (i) remotely via the exchange of documents and signatures at 8:00 a.m. (New York City time) on the second (2nd)
Business Day immediately following the date of this Agreement, subject to the satisfaction or, to the extent permitted by applicable
Law, waiver by the party or parties entitled to the benefit thereof of the conditions set forth in Article VI (other
than those conditions that by their terms are to be satisfied at the Closing or on the Closing Date, but subject to the satisfaction
or, to the extent permitted by applicable Law, waiver by the party or parties entitled to the benefit thereof of those conditions
at the Closing) or (ii) at such other place, time or date as may be mutually agreed upon in writing by the parties (the date on
which the Closing takes place being the “Closing
Date”).

 

(b)              
At the Closing:

 

(i)                
The Company will issue, sell, transfer and deliver to the Investor all the Shares, which Shares shall be issued, sold, transferred
and delivered with full legal and beneficial title and ownership, free and clear of all Liens (other than those arising under applicable
securities Laws, the Investor Rights Agreement or as a result of the actions of the Investor) together with all rights attached
thereto, and the Investor shall deliver, or cause to be delivered, to the Company, an aggregate purchase price equal to $383,810,300
to the account set forth on Exhibit D by wire transfer of immediately available funds; and

 

(ii)             
the Company shall (A) instruct AST, or cause AST to be instructed, to create a book-entry account for the Investor and credit
the Investor’s account with the Shares, (B) deliver to the Investor evidence reasonably satisfactory to the Investor of the
foregoing and that the Shares have been issued to the Investor in book-entry form and (C) take all other actions as may be necessary
to issue, sell, transfer and deliver to the Investor all the Shares in book-entry form.

 

Article III

 

Representations
and Warranties of the Company

 

The Company hereby represents and warrants,
as of the date of this Agreement and as of the Closing Date (except to the extent that any representation or warranty is expressly
made as of an earlier date, in which case such representation or warranty needs only be true and correct as of such earlier date),
to the Investor as follows. Each representation and warranty contained in this Article III is subject to, and qualified
by, the disclosures in the SEC Documents (other than any disclosures in any SEC Documents contained in (i) the “Risk Factors”
or “Forward-Looking Statements” sections or (ii) other forward-looking statements to the extent that they are predictive
or forward-looking in nature).

 

3.1             
Organization and Power. The Company and each of its Subsidiaries and each of the Ares Funds (a) have been duly organized
and are validly existing and in good standing (to the extent such concept exists in the jurisdiction in question) under the laws
of their respective jurisdictions of organization, (b) are duly qualified to do business and are in good standing in each jurisdiction
in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification,
and (c) have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which
they are engaged, except, in each case (except, in the case of clause (a), in respect of the Company), where the failure
to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have or reasonably
be expected to have a Material Adverse Effect. The Company does not own or control, directly or indirectly, any corporation, association
or other entity other than (i) the subsidiaries listed in Exhibit 21.1 to the Company’s Form 10-K for the
fiscal year ended December 31, 2019, (ii) subsidiaries omitted from Exhibit 21.1 that, if considered in the aggregate
as a single subsidiary, would not constitute a “significant subsidiary” of the Company as defined in Rule 1-02(w)
of Regulation S-X or (iii) the Ares Funds or their portfolio companies or investments or special purpose entities formed
to acquire any such portfolio companies or investments, including collateralized loan obligations.

 

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3.2             
Authorization. The Company has full right, power and authority to execute and deliver this Agreement and to perform
its obligations hereunder, including consummation of the purchase and sale of the Shares, the filing of the Amended and Restated
Charter with the Delaware Secretary (subject to receipt of the Stockholder Written Consent and satisfaction of the Amended and
Restated Charter Requirements) and to effect the Class C Issuance. All action required to be taken for the due and proper authorization,
execution and delivery by it of this Agreement and the due and proper authorization of the consummation by it of the transactions
contemplated hereby has been duly and validly taken and, assuming due execution and delivery by the Investor, this Agreement constitutes
a valid and binding agreement of the Company enforceable against the Company in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting
creditors’ rights and to general equity principles (the “Bankruptcy
and Equity Exception”). This Agreement has been duly authorized, executed and delivered by the Company.

 

3.3             
The Shares. The Shares have been duly authorized and, when issued in accordance with the terms of this Agreement,
will be validly issued, fully paid and non-assessable. The issuance of the Shares will not be subject to any right of first refusal,
preemptive rights, co-sale rights or other similar rights.

 

3.4             
Capitalization.

 

(a)              
As of March 26, 2020, the issued and outstanding Capital Stock of the Company consisted of the following: (i) 120,231,891
shares of Common Stock, (ii) 1,000 shares of Class B common stock, par value $0.01 per share, (iii) 1 share of Class C Common Stock
(which is held by Ares Voting LLC) and (iv) 12,400,000 shares of 7.00% Series A Preferred Stock, $0.01 par value per share. As
of March 26, 2020, there are 115,199,621 AOG Class A Units issued and outstanding, other than those issued and outstanding AOG
Class A Units held by the Company and its Subsidiaries. All of the outstanding shares of Capital Stock have been duly authorized
and validly issued, and are fully paid and non-assessable. Except as otherwise disclosed in the SEC Reports or as set forth in
the Investor Rights Agreement, there are no restrictions upon the voting or transfer of any Shares pursuant to any agreement or
instrument to which any of the Company or any of its Subsidiaries is a party or by which any of such entities may be bound.

 

(b)               Except
as would not reasonably be expected to have a Material Adverse Effect, all of the outstanding shares of Equity Securities of
each Subsidiary that are owned, directly or indirectly, by the Company (i) have been duly and validly authorized and
issued and are fully paid (in the case of any Subsidiaries that are organized as limited liability companies, limited
partnerships or other business entities, to the extent required under the applicable limited liability company, limited
partnership or other organizational agreement) and non-assessable (except in the case of interests held by general partners
or similar entities under the applicable laws of other jurisdictions, and in the case of any Subsidiaries that are organized
as limited liability companies, as such non-assessability may be affected by Section 18-607 or Section 18-804 of
the Delaware Limited Liability Company Act or similar provisions under the applicable laws of other jurisdictions or the
applicable limited liability company agreement and, in the case of any Subsidiaries that are organized as limited
partnerships, as such non-assessability may be affected by Section 17-607 or Section 17-804 of the Delaware Revised
Uniform Limited Partnership Act (the “Delaware
RULPA”) or similar provisions under the applicable laws of other jurisdictions or the applicable limited
partnership agreement) and (ii) are owned, directly or indirectly by the Company, free and clear of any Liens.

 

(c)              
All of the outstanding partnership units, and the partnership interests represented thereby, of each of the Ares Operating
Group Partnerships (collectively, the “Ares
Operating Group Units”) have been duly and validly authorized and issued and the holders thereof will have no
obligation to make payments or contributions to the Ares Operating Group Partnerships solely by reason of their ownership of such
Ares Operating Group Units (except in the case of interests held by general partners or similar entities under the applicable laws
of other jurisdictions and as such non-assessability may be affected by Section 17-607 or Section 17-804 of the Delaware
RULPA or similar provisions under the applicable laws of other jurisdictions or the applicable partnership agreements of the Ares
Operating Group Partnerships). All Ares Operating Group Units that are owned directly or indirectly by Ares Holdings Inc., a Delaware
corporation, Ares Offshore Holdings, Ltd., a Cayman Islands limited company, Ares AI Holdings L.P., a Delaware limited partnership,
and the Company, as described in the SEC Reports, are owned free and clear of any Liens.

 

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(d)              
Except (i) as described in the SEC Reports, (ii) in connection with the SSG Transaction, or (iii) for issuances under the
Ares 2014 Equity Incentive Plan, there are no preemptive rights or other rights to subscribe for or to purchase, any Equity Securities
of the Company or any of the Ares Operating Group Partnerships, as applicable, and there are no outstanding options, warrants or
other securities exercisable for, or any other securities convertible into or exchangeable for, any securities of the Company or
any of the Ares Operating Group Partnerships.

 

3.5              No
Conflict. The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares
pursuant to this Agreement by the Company and the consummation of the purchase and sale of the Shares and the other
transactions contemplated by this Agreement, including filing of the Amended and Restated Charter with the Delaware Secretary
(subject to receipt of the Stockholder Written Consent and satisfaction of the Amended and Restated Charter Requirements) and
the Class C Issuance, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, or result in the creation or imposition of, any Liens upon any property or assets of the Company
or any of the Ares Operating Group Partnerships pursuant to any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of the Ares Operating Group Partnerships is a party, or by which the
Company or any of the Ares Operating Group Partnerships are bound, or to which any of the property or assets of the Company
or any of the Ares Operating Group Partnerships is subject, (ii) result in any violation of the provisions of the
Organizational Documents of the Company or any of the Ares Operating Group Partnerships or (iii) result in the violation of
any Law or Order, except in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default
that would not, individually or in the aggregate, have or reasonably be expected to have a Material Adverse Effect.

 

3.6             
Consents. No consent, approval, authorization, order, license, registration or qualification of or with any Governmental
Entity (any of the foregoing being a “Consent”)
is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and
the consummation of the transactions contemplated by this Agreement, including filing of the Amended and Restated Charter with
the Delaware Secretary and the Class C Issuance, except, (a) in the case of the Amended and Restated Charter, for receipt of the
Stockholder Written Consent and the Amended and Restated Charter Requirements and (b) in each case, for such Consents (i) as may
be required under applicable state securities laws in connection with the Share Purchase by the Investor or (ii) the absence of
which would not, individually or in the aggregate, have or reasonably be expected to have a Material Adverse Effect.

 

3.7             
SEC Documents; Financial Statements.

 

(a)              
Each of the documents filed by the Company with the SEC (the “SEC
Documents”) since January 1, 2017, as of its respective filing date, complied in all material respects with the
requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated
thereunder applicable to such SEC Document. Except to the extent that information contained in any SEC Document has been revised
or superseded by a later filed SEC Document filed and publicly available prior to the date of this Agreement, as of their respective
filing dates, none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading.

 

(b)              
The consolidated financial statements and the related notes thereto of the Company and its consolidated Subsidiaries included
or incorporated by reference in the SEC Reports present fairly in all material respects the financial position of the Company and
its consolidated Subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows
for the periods specified. Such consolidated financial statements have been prepared in conformity with U.S. GAAP applied on a
consistent basis throughout the periods covered thereby; and the other financial information included or incorporated by reference
in the SEC Reports has been derived from the accounting records of the Company and its consolidated Subsidiaries, presents fairly
in all material respects the information shown thereby, and has been compiled on a basis consistent in all material respects with
that of the audited financial statements included or incorporated by reference in the SEC Reports.

 

    9

     

    

 

3.8             
Disclosure and Accounting Controls.

 

(a)               The
Company maintains a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange
Act) that has been designed to ensure that information required to be disclosed by the Company in reports that it files or
submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and
communicated to the Company’s management as appropriate to allow timely decisions regarding required disclosure. The
Company and its Subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as
required by Rule 13a-15 of the Exchange Act.

 

(b)              
The Company maintains systems of internal accounting controls sufficient to provide reasonable assurance that (i) transactions
are (A) executed in accordance with management’s general or specific authorizations and (B) recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain asset accountability, (ii) access to assets is permitted
only in accordance with management’s general or specific authorization, (iii) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (iv) interactive
data in eXtensible Business Reporting Language included or incorporated by reference in each of the SEC Reports is prepared in
all material respects in accordance with the SEC’s rules and guidelines applicable thereto. Except as disclosed in the SEC
Reports, since the end of the Company’s predecessors’ most recent audited fiscal year, there has been no change in
the Company’s or its predecessors’ internal control over financial reporting that has materially adversely affected,
or is reasonably likely to materially adversely affect, the Company’s internal control over financial reporting. Except as
disclosed in the SEC Reports, the Company is not aware of any material weakness in its internal controls over financial reporting.

 

3.9             
Independent Accountants. Ernst & Young LLP, who has certified certain financial statements of the Company and
its consolidated subsidiaries included or incorporated by reference in the SEC Reports is, and was during the periods covered by
such reports, an independent registered public accounting firm with respect to the entities purported to be covered thereby within
the applicable rules and regulations adopted by the SEC and the Public Company Accounting Oversight Board (United States) and as
required by the Securities Act.

 

3.10         
Litigation. Except as (a) described in the SEC Reports or (b) disclosed to the Investor or its Representatives in
writing prior to the date of this Agreement, there are no Actions pending to which the Company or any Ares Operating Group Partnership
is or may be a party or to which any property or assets of the Company or any Ares Operating Group Partnership is or, to the knowledge
of the Company, may become subject that, individually or in the aggregate, if determined adversely to the Company or any of its
Subsidiaries, have or would reasonably be expected to have a Material Adverse Effect. No Actions are, to the knowledge of the Company,
threatened in writing or contemplated by any Governmental Entity or threatened in writing by any other Person, in each case, except
for those which would not, individually or in the aggregate, have or reasonably be expected to have a Material Adverse Effect.

 

3.11         
Title to Properties. Except as disclosed in the SEC Reports, the Company and its Subsidiaries have good and marketable
title to, or have valid and marketable rights to lease or otherwise use, all items of real and personal property and assets that
are material to the respective businesses of the Company and its Subsidiaries, in each case free and clear of all Liens and defects
and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of such
property by the Company and its Subsidiaries or (ii) would not, individually or in the aggregate, have or reasonably be expected
to have a Material Adverse Effect.

 

    10

     

    

 

3.12         
Intellectual Property. The Company and its Subsidiaries own or possess, or can acquire on reasonable terms adequate
rights to use, all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service
mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures) necessary for the conduct of their respective businesses as currently conducted,
except where the failure to own or possess such rights would not, individually or in the aggregate, have or reasonably be expected
to have a Material Adverse Effect. The Company and its Subsidiaries have not received any notice of any claim of infringement,
misappropriation or conflict with the asserted rights of others in connection with its patents, patent rights, licenses, inventions,
trademarks, service marks, trade names, copyrights and know-how, which would, individually or in the aggregate, have or reasonably
be expected to have a Material Adverse Effect.

 

3.13         
No Undisclosed Relationships. No relationship, direct or indirect, exists between or among any of the Company and
its Subsidiaries or any Ares Fund, on the one hand, and any related person (as defined in Item 404 of Regulation S-K under the
Securities Act) thereof, on the other, that is required to be described in the SEC Reports and that is not so described in the
SEC Reports.

 

3.14         
Permits. The Company and its Subsidiaries possess all licenses, certificates, permits and other authorizations issued
by, and have made all declarations and filings with, the appropriate Governmental Entities that are necessary for the ownership
or lease of their respective properties or the conduct of their respective businesses as described in the SEC Reports, except where
the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect. Except as
described in the SEC Reports or as would not, individually or in the aggregate, have or reasonably be expected to have a Material
Adverse Effect, neither the Company nor any of its Subsidiaries has received written notice of any revocation or modification of
any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit
or authorization will not be renewed in the ordinary course.

 

3.15         
Labor Matters. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists
or, to the knowledge of the Company, is contemplated or threatened, and the Company and the Ares Operating Group Partnerships are
not aware of any existing or imminent labor disturbance by, or dispute with, the employees of the Company’s or any of its
Subsidiaries’ principal suppliers, contractors or customers, except, in each case, as would not reasonably be expected to
have a Material Adverse Effect.

 

3.16          Environmental
Compliance. The Company and its Subsidiaries (a) are in compliance with any and all applicable federal, state, local and
foreign laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental
Laws”), (b) have received all permits, licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses and (c) are in compliance with all terms of any such permit,
license or approval, except where failure to receive or comply with such permits, licenses or other approvals or comply with
such Environmental Laws or would not, individually or in the aggregate, have or reasonably be expected to have a Material
Adverse Effect.

 

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3.17         
Compliance with ERISA. Except as would not, individually or in the aggregate, have or reasonably be expected to have
a Material Adverse Effect, (i) each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”),
that is subject to Title IV of ERISA (each, a “Plan”)
and is maintained, administered or contributed to by the Company or any of its Affiliates, that together with the Company would
be deemed a “single employer” within the meaning of Section 4001(b)(1) of ERISA (each, an “ERISA
Affiliate”) for employees or former employees of the Company and its ERISA Affiliates, other than a “multiemployer
plan” within the meaning of Section 3(37) of ERISA has been maintained in compliance with its terms and the requirements
of all applicable statutes, orders, rules and regulations, including ERISA and the Internal Revenue Code of 1986, as amended (the
 “Code”),
(ii) the Company, each member of its controlled group and each Ares Fund are, and at all times have been, in compliance with ERISA,
(iii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, excluding transactions
effected pursuant to a class, statutory or administrative exemption, has occurred with respect to any such Plan or with respect
to the Company, any member of its controlled group or any Ares Fund, (iv) for each such Plan that is subject to the funding rules
of Section 412 of the Code or Section 302 of ERISA, the minimum funding standard of Section 412 of the Code has been satisfied
(without taking into account any waiver thereof), (v) no “reportable event” (within the meaning of Section 4043(c)
of ERISA) has occurred with respect to any such Plan for which the Company would have material liability, other than events for
which the 30-day notice period has been waived, and (vi) neither the Company nor any of its ERISA Affiliates has incurred or reasonably
expects to incur any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit
Guaranty Corporation, in the ordinary course and without default) with respect to any such Plan.

 

3.18         
Taxes. Except as otherwise disclosed in the SEC Reports or as would not, individually or in the aggregate, have or
reasonably be expected to have a Material Adverse Effect: (i) the Company and its Subsidiaries and the Ares Funds have paid
(A) all Taxes required to be paid by them through the Closing Date, except for Taxes being contested in good faith by appropriate
proceedings for which adequate reserves are maintained in accordance with GAAP in the consolidated financial statements and the
related notes thereto of the Company and its consolidated Subsidiaries and (B) any and all assessments, fines, interest, fees and
penalties levied against them or any of them to the extent that any of the foregoing has become due and payable through the Closing
Date, (ii) the Company and its Subsidiaries and the Ares Funds have filed (or requested valid extensions thereof) all Tax Returns
required to be filed through the Closing Date, (iii) there is no Tax deficiency that has been, or would reasonably be expected
to be, asserted against any of the Company or its Subsidiaries, any of the Ares Funds or any of their respective properties or
assets, and (iv) there are no Tax audits or investigations currently ongoing with respect to the Company, its Subsidiaries,
or the any of the Ares Funds, of which the Company or its Subsidiaries have written notice.

 

3.19         
Insurance. (a) The Company and its Subsidiaries have insurance covering their respective properties, operations,
personnel and businesses, which insurance is in such amounts and insures against such losses and risks as the Company reasonably
believes to be commercially reasonable and customary for the businesses in which they are engaged; and (b) neither the Company
nor any of its Subsidiaries has (i) received notice from any insurer or agent of such insurer that capital improvements or other
expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will
not be able to renew its existing insurance coverage as and when such coverage expires, or to obtain similar coverage at reasonable
cost from similar insurers as may be necessary to continue its business, except in the case of each of clauses (a) and b), as would
not have or reasonably be expected to have a Material Adverse Effect.

 

3.20         
No Unlawful Payments. Neither the Company nor any of its Subsidiaries or any of the Ares Funds, nor, to the knowledge
of the Company, any director, officer agent, employee or other person associated with or acting on behalf of any of the Company
or any of its Subsidiaries or any of the Ares Funds has (i) used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity, (ii) made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds, (iii) violated or is in violation of any provision of the Foreign Corrupt
Practices Act of 1977, as amended or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.
None of the proceeds from the sale of the Shares will be used in a way that would have led to a breach of the Company’s representations
in Section 3.20 (i) to (iv) had such proceeds been used in such way prior to or on the Closing Date.

 

    12

     

    

 

3.21         
Compliance with Anti-Money Laundering Laws. The operations of the Company and its Subsidiaries and the Ares Funds
are, and have been conducted at all times in compliance with, (i) applicable financial recordkeeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended (the “CFTRA”),
and (ii) all applicable money laundering statutes, applicable rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any other governmental agency (collectively, the “Other
Anti-Money Laundering Laws”) having jurisdiction over any of the Company or any of its Subsidiaries or any of
the Ares Funds; and no Action involving any of the Company or any of its Subsidiaries or any of the Ares Funds with respect to
the CFTRA or Other Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. None of the proceeds
from the sale of the Shares will be used in violation of the CFTRA or Other Anti-Money Laundering Laws having jurisdiction over
any of the Company or any of its Subsidiaries or any of the Ares Funds.

 

3.22         
No Conflicts with Sanctions Laws. None of the Company or its Subsidiaries, the Ares Funds or, to the knowledge of
the Company, any of their respective directors, officers, agents, employees or Affiliates is currently subject to any sanctions
administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United National Security Council,
the European Union or Her Majesty’s Treasury, and none of the proceeds from the sale of the Shares will be used in violation
of any of the foregoing sanction laws.

 

3.23         
No Restrictions on Subsidiaries. No Subsidiary of the Company is currently prohibited, directly or indirectly, under
any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any
other distribution on such Subsidiary’s Capital Stock, from repaying to the Company any loans or advances to such Subsidiary
from the Company or from transferring any of such Subsidiary’s properties or assets to the Company or any other Subsidiary
of the Company, except as disclosed in the SEC Reports or as would not reasonably be expected to materially reduce the distributions
to be received by the Ares Operating Group Partnerships, taken as a whole, from their direct and indirect Subsidiaries.

 

    13

     

    

 

3.24         
Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Investor in this Agreement,
it is not necessary under applicable Law, in connection with the issuance and sale of the Shares to the Investor, for the Company
to register the Shares under the Securities Act.

 

3.25         
Absence of Certain Changes. Since December 31, 2019, (a) there has not been any Material Adverse Effect, and (b)
except as disclosed to the Investor or its Representatives in writing prior to the date of this Agreement, neither the Company
nor any of its Subsidiaries has entered into any transaction or agreement that is material to the Company and its Subsidiaries,
taken as a whole, or incurred any liability or obligation, direct or contingent, that is material to the Company and its Subsidiaries,
taken as a whole, excluding, for purposes of this clause (b), (i) any liabilities or obligations, direct or contingent, resulting
from, relating to or arising from epidemics, pandemics or disease outbreaks, (including the COVID-19 virus), including all related
impacts therefrom on economic, financial or energy market conditions, and (ii) the SSG Transaction.

 

3.26         
No Defaults. Neither the Company nor any of its Subsidiaries is: (a) in violation of its charter or bylaws or similar
Organizational Documents; (b) in default, and no event has occurred that, with notice or lapse of time or both, would constitute
such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed
of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which
the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries
is subject; or (c) in violation of any Law or Order, except, in the case of (i) the foregoing clause (a) (solely as to the
Company’s Subsidiaries), for any such violation that would not be material to the Company and its Subsidiaries, taken as
a whole, and (ii) the foregoing clauses (b) and (c), for any such default or violation that would not, individually or in
the aggregate, have or reasonably be expected to have a Material Adverse Effect.

 

3.27         
Brokers. The Company has not retained, utilized or been represented by any broker, investment banker, financial advisor
or finder in connection with the transactions contemplated by this Agreement whose fees or expenses the Investor could be required
to pay.

 

    14

     

    

 

3.28          NYSE.
Shares of the Common Stock are registered pursuant to Section 12(b) of the Exchange Act and are listed on NYSE. There is no
Action (i) pending by the Company, (ii) pending by any other Person and for which the Company has received written notice
prior to the date of this Agreement or (iii) to the knowledge of the Company, pending or threatened by any other Person
otherwise to terminate the registration of the Common Stock under the Exchange Act or to delist the Common Stock from NYSE.
The Company has not received any notification that the SEC or NYSE is currently contemplating terminating such registration
or listing. The issuance and sale of the Shares and the performance by the Company of its other obligations hereunder does
not and will not contravene NYSE rules or regulations or require any vote of the shareholders of the Company under the NYSE
rules or regulations (except for the receipt of the Stockholder Written Consent).

 

3.29         
Investment Company Act. Each of the Company and its Subsidiaries is not, and, immediately after giving effect to
the sale of the Shares pursuant to this Agreement by the Company, none of them will be, required to register as an “investment
company” or an entity “controlled” by an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder (collectively, the “Investment
Company Act”).

 

3.30         
Investment Advisers Act. Each of the Company and its Subsidiaries and the Ares Funds (i) that is required to
be in compliance with, or registered, licensed or qualified pursuant to, the Investment Advisers Act of 1940, as amended, and the
rules and regulations promulgated thereunder, the Investment Company Act, and the rules and regulations promulgated thereunder,
or the U.K. Financial Services and Markets Act 2000 and the rules and regulations promulgated thereunder, is in compliance with,
or registered, licensed or qualified pursuant to, such laws, rules and regulations (and such registration, license or qualification
is in full force and effect), to the extent applicable, except as disclosed in the SEC Reports or where the failure to be in such
compliance or so registered, licensed or qualified would not, individually or in the aggregate, have or reasonably be expected
to have a Material Adverse Effect or (ii) that is required to be registered, licensed or qualified as a broker-dealer or as
a commodity trading advisor, a commodity pool operator or a futures commission merchant or any or all of the foregoing, as applicable,
is so registered, licensed or qualified in each jurisdiction where the conduct of its business requires such registration, license
or qualification (and such registration, license or qualification is in full force and effect), and is in compliance with all applicable
laws requiring any such registration, licensing or qualification, except as disclosed in the SEC Reports or where the failure to
be so registered, licensed, qualified or in compliance would not, individually or in the aggregate, have or reasonably be expected
to have a Material Adverse Effect.

 

3.31         
Sarbanes-Oxley Act. The Company and its Subsidiaries are in material compliance with all provisions of the Sarbanes-Oxley
Act of 2002, as amended and the rules and regulations promulgated in connection therewith that are then in effect and with which
the Company and its Subsidiaries are required to comply.

 

3.32         
No Downgrade. Since December 31, 2019, no downgrading has occurred in the rating accorded any debt securities or
preferred stock of, or guaranteed by, the Company, any of the Ares Operating Group Partnerships or Ares Finance Co. LLC that is
rated by a “nationally recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of
the Exchange Act, and no such organization has publicly announced that it has under surveillance or review with possible negative
implications, or has changed its outlook with respect to, its rating of any such debt securities or preferred stock (other than
an announcement with positive implications of a possible upgrading).

 

    15

     

    

 

3.33         
No Other Representations and Warranties. Except for the representations and warranties contained in Article IV
and any schedules or certificates delivered in connection herewith, the Company (i) acknowledges that the Investor has made no
other representation or warranty, express or implied, written or oral, and (ii) to the maximum extent permitted by applicable Law,
disclaims any such representation or warranty, whether by the Investor or any other Person, with respect to the Investor or with
respect to any other information provided to or made available to the Company or any of its Representatives in connection with
the transactions contemplated hereby.

 

Article IV

 

Representations
and Warranties of the Investor

 

The Investor hereby represents and warrants,
as of the date of this Agreement and as of the Closing Date (except to the extent that any representation or warranty is expressly
made as of an earlier date, in which case such representation or warranty needs only be true and correct as of such earlier date),
to the Company as follows:

 

4.1             
Organization. The Investor is a legal entity duly organized, validly existing and in good standing under the Laws
of the jurisdiction of its organization.

 

4.2             
Authorization. The Investor has full right, power and authority to execute and deliver this Agreement and to perform
its obligations hereunder. All action required to be taken for the due and proper authorization, execution and delivery by it of
this Agreement and the due and proper authorization of the consummation by it of the transactions contemplated hereby has been
duly and validly taken and, assuming due execution and delivery by the Company, this Agreement constitutes a valid and binding
agreement of the Investor enforceable against the Investor in accordance with its terms, subject to the Bankruptcy and Equity Exception.
This Agreement has been duly authorized, executed and delivered by the Investor.

 

4.3             
No Conflict. The execution, delivery and performance of this Agreement by the Investor, the purchase of the Shares,
and the consummation of the other transactions contemplated hereby, do not and will not (i) conflict with or result in a breach
or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any
Lien upon any property or assets of the Investor or any of its Subsidiaries pursuant to any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which the Investor or any of its Subsidiaries is a party or by which the Investor
or any of its Subsidiaries is bound or to which any of the property or assets of the Investor or any of its Subsidiaries is subject,
(ii) result in any violation of the provisions of the Organizational Documents of the Investor or any of its Subsidiaries or (iii)
result in the violation of any Law or Order, except, in the case of each of clauses (i) and (iii), as would not, individually
or in the aggregate, reasonably be expected to prevent or materially delay or materially impede the ability of the Investor to
perform its obligations under this Agreement (a “Investor
Adverse Effect”).

 

4.4              Consents.
No Consent is required for the execution, delivery and performance by the Investor in connection with the execution, delivery
or performance of this Agreement and the consummation of the transactions contemplated hereby, except for such Consents the
failure of which to make or obtain would not, individually or in the aggregate, have or reasonably be expected to have an
Investor Adverse Effect.

 

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4.5             
Brokers. The Investor has not retained, utilized or been represented by any broker or finder in connection with the
transactions contemplated by this Agreement whose fees the Company could be required to pay.

 

4.6             
Purchase Entirely for Own Account. The Investor (a) is acquiring the Shares for its own account solely for the purpose
of investment, not as nominee or agent, and not with a view to, or for sale in connection with, any distribution of the Shares
in violation of the Securities Act, (b) has no present intention of selling, granting any participation in, or otherwise distributing
the same and (c) has no present agreement, undertaking, arrangement, obligation or commitment providing for the disposition of
the Shares.

 

4.7             
Investor Status. The Investor is an “accredited investor” as defined in Rule 501 of Regulation D promulgated
under the Securities Act.

 

4.8             
Information. The Investor and its Representatives, if any, have been furnished with all materials relating to the
business, finances and operations of the Company and materials relating to the offer and sale of the Shares that have been requested
by it. The Investor and its Representatives, if any, have been afforded the opportunity to ask questions of the Company. Neither
such inquiries nor any other due diligence investigations conducted by the Investor or its Representatives, if any, shall modify,
amend or affect the Investor’s right to rely on the Company’s representations and warranties contained herein. The
Investor understands that its investment in the Shares involves a high degree of risk. The Investor has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of
the Shares.

 

4.9             
Securities Not Registered.

 

(a)              
The Investor understands that the Shares will not have been registered pursuant to the Securities Act or any applicable
state securities laws, that the Shares will be characterized as “restricted securities” under federal securities laws,
and that under such laws and applicable regulations the Shares cannot be sold or otherwise disposed of without registration under
the Securities Act or an exemption therefrom.

 

(b)              
The Investor understands that any book-entry shares notations evidencing the Shares and any securities issued in respect
thereof or in exchange therefor, will bear the following legends (or substantially similar legends) to the extent applicable (along
with any other legends that may be required under applicable Law):

 

“THIS SECURITY MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR AN APPLICABLE EXEMPTION THEREFROM.

 

THE HOLDER OF THIS SECURITY AGREES FOR THE
BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO ANY
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 OR REGULATION S UNDER THE SECURITIES ACT
(IF AVAILABLE), (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (III) TO THE COMPANY OR ANY OF
ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT INVESTOR OF THIS SECURITY FROM
IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.”

 

    17

     

    

 

4.10         
No Other Representations or Warranties. The Investor has (a) conducted its own independent inquiry and (b) relied
only upon the advice of its own legal counsel, accountant, financial and other advisors and the representations and warranties
contained in Article III in determining the legal, tax, financial and other consequences of this Agreement and the
transactions contemplated hereby for the Investor. Except for the representations and warranties contained in Article III
and any certificates delivered in connection herewith, the Investor (i) acknowledges that the Company has made no other representation
or warranty, express or implied, written or oral, and (ii) to the maximum extent permitted by applicable Law, disclaims the existence
of, reliance upon or inducement by, any such representation or warranty, whether by the Company or any other Person, with respect
to the Company or with respect to any other information (including pro forma financial information, financial projections or other
forward-looking statements) provided to or made available to the Investor or any of its Representatives in connection with the
transactions contemplated hereby.

 

Article V

 

Covenants

 

5.1              Public
Announcements. The initial press release to be issued with respect to the transactions contemplated by this Agreement
shall be in the form heretofore agreed to by the Investor and the Company. Except with respect to any dispute between the
parties regarding this Agreement or the transactions contemplated hereby, the Investor and the Company shall provide an
opportunity for the other party to review and comment upon any press release or other public statements or any filings with
any third party or any Governmental Entity relating to this Agreement or the transactions contemplated hereby, including the
Share Purchase, and shall not, and shall not permit any of their Affiliates to, issue any such press release or make any such
public statement or filing prior to providing such opportunity to review and comment. Notwithstanding the foregoing, nothing
in this Section 5.1 shall restrict or limit the right or ability of either party from engaging in, or require
disclosure to or consultation with the other party in connection with engaging in, (i) the making of such public statements
or filings as such party may reasonably determine are required by applicable Law, Governmental Entity, court process or by
obligations pursuant to any listing agreement with any national securities exchange or national securities quotation system,
(ii) communications with rating agencies and regulators, including with the Federal Reserve Board, or (iii) the making of
internal announcements to their respective employees or other public communications, in either case, that are consistent in
all material respects with the prior public disclosures regarding the transactions contemplated by this Agreement.

 

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5.2             
Amended and Restated Charter. Promptly following the date of this Agreement, the Company shall use its commercially
reasonable efforts to obtain the approval of the Amended and Restated Charter by the holders of a majority of the voting power
of the Outstanding Designated Stock (as defined in the Company’s Certificate of Incorporation). Promptly following the Closing,
the Company shall use its commercially reasonable efforts to file a Preliminary Information Statement on Schedule 14C relating
to the Amended and Restated Charter (the “Preliminary
Information Statement”) with the SEC. Promptly following the 10-day period following the filing with the SEC of
the Preliminary Information Statement provided for in Rule 14c-5 under the Exchange Act, the Company shall use its commercially
reasonable efforts to file the Information Statement with the SEC. Promptly following the expiration of the 20-calendar day period
following the filing of the Information Statement, the Company shall execute and deliver to the Delaware Secretary the Amended
and Restated Charter.

 

5.3             
Efforts. Subject to the terms and conditions set forth in this Agreement, the Investor and the Company shall cooperate
with each other and use (and shall cause their respective Affiliates to use) their respective commercially reasonable efforts to
take or cause to be taken all actions, and to do or cause to be done, all things reasonably necessary, proper or advisable on their
part under this Agreement and applicable Law, to consummate the transactions contemplated under this Agreement as promptly as practicable.

 

5.4             
Post-Closing Covenants. From the Closing until such time as the Amended and Restated Charter is duly executed and
delivered to the Delaware Secretary and effective under the DGCL, the Company shall not (and shall cause its Subsidiaries not to)
take any action that would or would reasonably be expected to result in the Investor’s “voting percentage” (as
that concept is calculated and interpreted pursuant to 12 C.F.R. 225.2(u) or in any successor regulation or published interpretation
of the Federal Reserve Board then in effect for purposes of the Bank Holding Company Act of 1956, as amended, and all related rules,
regulations and published guidance) of the Company to exceed 4.90%, including any buy-back or repurchase of Common Stock by the
Company.

 

Article VI

 

Conditions
PRECEDENT

 

6.1             
Mutual Conditions of Closing. The obligations of the Company and the Investor to consummate the transactions to be
consummated at the Closing is subject to the satisfaction, or mutual written waiver, of the following conditions precedent:

 

(a)              
There shall not be any Law or Order in effect that enjoins, prohibits, prevents or materially alters the terms of the transactions
contemplated by this Agreement.

 

(b)              
There shall not be any Action pending by any Governmental Entity of competent jurisdiction that seeks any Order that would
reasonably be expected to enjoin, prohibit, prevent or materially alter the terms of the transactions contemplated by this Agreement.

 

6.2             
Conditions to the Obligation of the Investor to Consummate the Closing. The obligation of the Investor to consummate
the transactions to be consummated at the Closing, and to purchase and pay for the Shares pursuant to this Agreement, is subject
to the satisfaction, or due waiver in writing by the Investor, of the following conditions:

 

(a)              
the Company shall have performed and complied in all material respects with all of the covenants and agreements contained
in this Agreement that are required to be performed or complied with by it on or prior to the Closing Date;

 

    19

     

    

 

(b)              
the representations and warranties of the Company contained in (i) Article III (other than those representations
and warranties contained in the first sentence of Section 3.1(a) (solely in respect of the Company) and Sections 3.2,
3.3, 3.5(ii), 3.25(a) and 3.27) shall be true, complete and correct, determined without regarding to
any qualification as to materiality or “Material Adverse Effect,” at and as of the date of this Agreement and at and
as of the Closing Date as though made at and as of the Closing Date (except in the case of representations and warranties that
are made as of a specified date, which shall be true, complete and correct, determined without regarding to any qualification as
to materiality or “Material Adverse Effect,” at and as of as of such specified date), except, in each case, for such
failures to be true, complete and correct as would not, individually or in the aggregate, have or reasonably be expected to have
a Material Adverse Effect; (ii) the first sentence of Section 3.1(a) (solely in respect of the Company) and Sections 3.2,
3.3, 3.5(ii) and 3.27 shall be true, complete and correct in all respects at and as of the date of this Agreement
and at and as of the Closing Date as though made at and as of the Closing Date (except in the case of representations and warranties
that are made as of a specified date, which shall be true, complete and correct, at and as of as of such specified date), except,
in each case, for de minimis failures to be true, complete and correct; and (iii) Section 3.25(a) shall be true,
complete and correct in all respects at and as of the date of this Agreement and at and as of the Closing Date as though made at
and as of the Closing Date;

 

(c)              
the Company shall have delivered to the Investor a certificate, dated as of the Closing Date, executed by the Chief Executive
Officer of the Company, to the effect that the conditions set forth in Sections 6.2(a) and (b) have been satisfied;

 

(d)              
the Investor shall have received an acknowledgement from AST, substantially in the form attached to this Agreement as Exhibit E,
that (i) AST has been instructed by the Company to create a book-entry account for the Investor and credit the Investor’s
account with the Shares and (ii) the Company has issued 115,199,620 shares of Class C Common Stock to Ares Voting LLC (the “Class
C Issuance”);

 

(e)              
the Company shall have delivered to the Investor the Investor Rights Agreement, duly executed by the Company;

 

(f)               
the Investor shall have received an executed opinion from counsel for the Company, dated as of the Closing Date, in the
form attached to this Agreement as Exhibit F;

 

(g)              
the Investor shall have received evidence reasonably satisfactory to the Investor that the Company shall have (i) filed
a supplemental listing application with the NYSE with respect to the issuance of the Shares and (ii) the Shares have been approved
for listing on the NYSE; and

 

(h)              
the Investor shall have received the duly executed Stockholder Written Consent.

 

    20

     

    

 

6.3             
Conditions to the Obligations of the Company to Consummate the Closing. The obligation of the Company to consummate
the transactions to be consummated at the Closing, and to sell to the Investor the Shares pursuant to this Agreement, is subject
to the satisfaction of the following conditions:

 

(a)              
the Investor shall have performed and complied in all material respects with all of the covenants and agreements contained
in this Agreement that are required to be performed or complied with by it on or prior to the Closing Dates;

 

(b)              
the representations and warranties of the Investor contained in (i) Article IV (other than those representations
and warranties contained in Sections 4.1, 4.2, 4.3(ii) and 4.5) shall be true, complete and correct,
determined without regarding to any qualification as to materiality or “Investor
Adverse Effect” at and as of the date of this Agreement and at and as of the Closing Date as though made at and
as of the Closing Date (except in the case of representations and warranties that are made as of a specified date, which shall
be true, complete and correct, determined without regarding to any qualification as to materiality or “Investor Adverse Effect,”
at and as of as of such specified date), except for such failures to be true, complete and correct as would not, individually or
in the aggregate, have or reasonably be expected to have an Investor Adverse Effect; and (ii) Sections 4.1, 4.2,
4.3(ii) and 4.5 shall be true, complete and correct in all respects at and as of the date of this Agreement and at
and as of the Closing Date as though made at and as of the Closing Date (except in the case of representations and warranties that
are made as of a specified date, which shall be true, complete and correct, at and as of as of such specified date), except for
de minimis failures to be true, complete and correct;

 

(c)              
the Investor shall have delivered to the Company a certificate, dated the Closing Date and executed by a duly authorized
officer of the Investor, to the effect that the conditions set forth in Sections 6.3(a) and (b) have been satisfied;
and

 

(d)              
the Investor shall have delivered to the Company the Investor Rights Agreement, duly executed by the Investor.

 

Article VII

 

Termination

 

7.1             
Conditions of Termination. Notwithstanding anything to the contrary contained herein, this Agreement may be terminated
at any time before the Closing: (a) by the mutual written consent of the Company and the Investor, (b) by either the Company or
the Investor if the Closing shall not have occurred on or before April 9, 2020 (the “Outside
Date”), (c) by the Company if (i) the Investor shall have breached any representation, warranty, covenant or agreement
of the Investor set forth in this Agreement, (ii) such breach or misrepresentation is not cured or capable of being cured by the
Outside Date, and (iii) such breach or misrepresentation would cause any of the conditions set forth in Section 6.3(a)
or (b) not to be satisfied, (d) by the Investor if (i) the Company shall have breached any representation, warranty, covenant
or agreement of the Company set forth in this Agreement, (ii) such breach or misrepresentation is not cured or capable of being
cured by the Outside Date, and (iii) such breach or misrepresentation would cause any of the conditions set forth in Section 6.2(a)
or (b) not to be satisfied or (e) by the Investor if a duly executed copy of the Stockholder Written Consent shall not have
been delivered to the Investor by 5:00 p.m., New York City time, on March 30, 2020. Notwithstanding the foregoing, the right to
terminate this Agreement pursuant to the preceding clause (b) shall not be available to a party whose failure to fulfill any
obligation under this Agreement shall have been the principal cause of, or shall have primarily resulted in, the failure of the
Closing to occur on or prior to such date.

 

    21

     

    

 

7.2             
Effect of Termination. In the event of any termination pursuant to Section 7.1, this Agreement shall
become null and void and have no further effect, with no liability on the part of the Company or the Investor or their respective
Affiliates or Representatives, with respect to this Agreement, except (a) for the terms of this Section 7.2 and Article VIII
which shall survive the termination of this Agreement, (b) nothing in this Section 7.2 shall relieve any party from
liability or damages incurred or suffered by any other party resulting or arising from any willful and intentional (x) breach of
any representation or warranty of such first party or (y) failure of such first party to perform a covenant herein or (c) for fraud.

 

Article VIII

 

Miscellaneous
Provisions

 

8.1             
Survival. The (i) representations and warranties set forth in the first sentence of Section 3.1, Sections 3.2,
3.3, 3.5(ii),  3.27, 4.1, 4.2, 4.3(ii) and 4.5 shall survive the execution and
delivery of this Agreement and the Closing indefinitely, (ii) representations and warranties set forth in the second sentence
of Section 3.7(a), including any rights arising out of any breach of such representations and warranties, shall survive
the execution and delivery of this Agreement and the Closing for a period of twenty four (24) months following the Closing Date
and shall thereafter terminate and (iii) all other representations and warranties set forth in this Agreement and/or in any certificate,
statement or instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such representations
and warranties, shall terminate effective as of Closing Date and shall not survive the Closing, in each case, regardless of any
investigation made by or on behalf of the Company or the Investor. The covenants made in this Agreement shall survive the Closing
indefinitely until fully performed in accordance with their terms, and remain operative and in full force and effect in accordance
with their terms, regardless of acceptance of any of the Shares and payment therefor and repayment, conversion or repurchase thereof.
From and after the Closing, (A) the right to bring a claim arising out of a breach of any representation (subject to the survival
periods set forth above) is the sole and exclusive remedy of the parties with respect to any and all rights, claims and causes
of action resulting from, arising out of or relating to this Agreement or the Share Purchase (whether at law or equity, in contract,
in tort or otherwise) and (B) each party waives, to the fullest extent permitted under applicable Law, any and all other rights,
claims and causes of action resulting from, arising out of or relating to, this Agreement or the Share Purchase that it may have
against the other party or their Representatives (whether at law or equity, in contract, in tort or otherwise). The foregoing
sentence shall not preclude any party from seeking any remedy, or asserting any right, claim or cause of action, (x) with respect
to covenants made in this Agreement until fully performed in accordance with their terms, (y) pursuant to the Investor Rights
Agreement or (z) with respect to Intentional Fraud.

 

    22

     

    

 

8.2             
Interpretation. Except as the context otherwise requires, the terms “either,” “or,” “neither,”
 “nor,” and “any” when used in this Agreement are not exclusive. The words “hereof,” “herein”
and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole and
not to any particular provision of this Agreement, and section and subsection references are to this Agreement unless otherwise
specified. The headings in this Agreement are included for convenience of reference only and will not limit or otherwise affect
the meaning or interpretation of this Agreement. All references to any Article, Section, subsection, clause or Exhibit are to the
corresponding Article, Section, subsection or clause of, or Exhibit to, this Agreement. References to a party or the parties means
a party to this Agreement or the parties to this Agreement, unless the context otherwise requires. Whenever the words “include,”
 “includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without
limitation.” The phrases “the date of this Agreement,” “the date hereof” and terms of similar import,
unless the context otherwise requires, will be deemed to refer to the date set forth in the first paragraph of this Agreement.
The meanings given to terms defined herein will be equally applicable to both the singular and plural forms of such terms. The
term “dollars” and character “$”means United States dollars. All matters to be agreed to by any party must
be agreed to in writing by such party unless otherwise indicated herein. Except as otherwise specified herein, references to agreements,
policies, standards, guidelines or instruments, or to statutes or regulations, are to such agreements, policies, standards, guidelines
or instruments, or statutes or regulations, as amended or supplemented from time to time (or to successors thereto). All references
in this Agreement to the Subsidiaries of a Person shall be deemed to include all direct and indirect Subsidiaries of such Person,
unless otherwise indicated or the context otherwise requires. References to “days” shall refer to calendar days unless
Business Days are specified. References to any party shall include such party’s successors and permitted assigns. Accounting
terms not otherwise defined have the meaning assigned to them in accordance with United States GAAP. The word “extent”
in the phrase “to the extent” shall mean the degree to which a subject or other theory extends, and such phrase shall
not mean “if.”

 

8.3              Notices.
All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be deemed
delivered (a) three (3) Business Days after being sent by registered or certified mail, return receipt requested, postage
prepaid, (b) one (1) Business Day after being sent via a reputable nationwide overnight courier service guaranteeing next
business day delivery or (c) on the date of delivery if delivered personally or (d) on the date of delivery if delivered via
facsimile or e-mail (if confirmation of transmission is received by the sender or no failure message is generated), in each
case to the intended recipient as set forth below:

 

(a)          
if to the Company, addressed as follows:

 

Ares Management Corporation

2000 Avenue of the Stars

12th Floor

Los Angeles, CA 90067

Attention: Naseem Sagati Aghili, General Counsel

Email: nsagati@aresmgmt.com

 

    23

     

    

 

with copies (which shall not constitute notice) to:

 

Kirkland & Ellis LLP

2049 Century Park East

Suite 3700

Los Angeles, California 90067

Attention: Jonathan Benloulou, P.C.; Pippa Bond, P.C.

Fax: (310) 552-5900

Email:      jonathan.benloulou@kirkland.com,

                 pippa.bond@kirkland.com

 

(b)              
if to the Investor, addressed as follows:

 

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, NY 10172, U.S.A.

Attn:       Daisuke Tanaka

               Tomohiro
Homma

               Atsushi Kubo

Email:     Daisuke_Tanaka_ny@smbcgroup.com

               Tomohiro_Homma@smbcgroup.com

               Atsushi_Kubo@smbcgroup.com

 

with copies (which shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West, 401 9th Avenue

New York, New York 10001

Attention:          Sven G. Mickisch

                           Michael J. Zeidel

Email:                Sven.Mickisch@skadden.com

                           Michael.Zeidel@skadden.com

 

Any party may change the address to which notices, requests,
consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this
Section 8.3. Legal counsel for any party (as specified in this Section 8.3) may send to any other party
any notices, requests, demands or other communications required or permitted to be given under this Agreement by such party on
behalf of such party.

 

8.4             
Severability. In the event that any provision of this Agreement, or the application thereof, becomes, or is declared
by a court of competent jurisdiction to be, illegal, void or unenforceable, the remainder of this Agreement will continue in full
force and effect and the application of such provision to other persons or circumstances will be interpreted so as reasonably to
effect the intent of the parties. The parties further agree to replace such void or unenforceable provision of this Agreement with
a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such
void or unenforceable provision.

 

    24

     

    

 

8.5             
Governing Law; Jurisdiction; WAIVER OF JURY TRIAL.

 

(a)              
This Agreement, and all claims or causes of action (whether in contract, tort or otherwise) that may be based upon, arise
out of or relate to this Agreement, or the negotiation, execution, administration, performance or enforcement of this Agreement
(“Transaction Litigation”),
shall be governed by and enforced and construed in accordance with the Laws of the State of Delaware (including its statute of
limitations), regardless of the Laws that might otherwise govern under applicable principles of conflicts of law thereof.

 

(b)              
Each of the parties irrevocably (i) agrees that any action, suit, proceeding or counterclaim brought by any party arising
out of or based upon any Transaction Litigation shall be instituted in the Court of Chancery of the State of Delaware (provided,
that if jurisdiction is not then available in such court, then any such action, suit, proceeding or counterclaim shall be brought
in any federal court located in the State of Delaware or in any other Delaware state court) (any of the foregoing Delaware courts,
a “Delaware Court”);
(ii) waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of
venue of any such proceeding; and (iii) submits to the non-exclusive jurisdiction of a Delaware Court in any such action, suit,
proceeding or counterclaim. Any final and nonappealable judgment against any party in any Transaction Litigation shall be conclusive
and may be enforced in any other jurisdiction within or outside the United States by suit on judgment, a certified copy of which
shall be conclusive evidence of the fact and amount of such judgment.

 

(c)               EACH
OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY TRANSACTION LITIGATION. EACH PARTY AGREES AND
ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IF THERE IS ANY TRANSACTION LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (IV) THE OTHER PARTY HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATES IN THIS SECTION 8.5(c).

 

8.6             
Delays or Omissions; Waiver. No delay or omission to exercise any right, power, or remedy accruing to a party upon
any breach or default of another party under this Agreement shall impair any such right, power, or remedy of such party, nor shall
it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default
thereafter occurring. Nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any
one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or
condition or as a waiver of any other term, provision or condition of this Agreement. Any agreement on the part of a party or the
parties to any waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party or parties, as
applicable, from whom such waiver is sought. Any delay in exercising any right under this Agreement shall not constitute a waiver
of such right.

 

    25

     

    

 

8.7             
Specific Performance. The parties agree that the obligations imposed on them in this Agreement are special, unique
and of an extraordinary character, and that irreparable damages for which money damages, even if available, would not be an adequate
remedy, would occur in the event that the parties do not perform the provisions of this Agreement in accordance with its specified
terms or otherwise breach such provisions. The parties acknowledge and agree that the parties shall be entitled to an injunction,
specific performance and other equitable relief to prevent or restrain breaches or threatened breaches of this Agreement and to
enforce specifically the terms and provisions hereof. The rights in this Section 8.7 are in addition to any other remedy
to which a party may be entitled at law or in equity, and the exercise by a party of one remedy shall not preclude the exercise
of any other remedy. The parties further agree to waive any requirement for the securing or posting of any bond or other security
in connection with the obtaining of any such injunctive or other equitable relief. Each of the parties agrees that it will not
oppose the granting of an injunction, specific performance and other equitable relief as provided herein on the basis that (x)
any party has an adequate remedy at law or (y) an award of specific performance is not an appropriate remedy for any reason at
law or equity.

 

8.8             
Fees; Expenses. All fees and expenses incurred in connection with this Agreement and the transactions contemplated
hereby and thereby shall be paid by the party incurring them, whether or not the transactions contemplated hereby and thereby are
consummated.

 

8.9             
Assignment. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of Law or otherwise by either of the parties without the prior written consent of the
other party. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and permitted assigns. Any purported assignment other than in compliance with the
terms hereof shall be void ab initio.

 

8.10          No
Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties and their
respective successors and permitted assigns. This Agreement does not create any rights, claims or benefits inuring to any
Person that is not a party to this Agreement nor create or establish any third party beneficiary hereto. Without limiting the
foregoing, the representations and warranties in this Agreement are the product of negotiations among the parties and are for
the sole benefit of the parties. In some instances, the representations and warranties in this Agreement may represent an
allocation among the parties of risks associated with particular matters regardless of the knowledge of either of the
parties. Consequently, Persons other than the parties to this Agreement may not rely upon the representations and warranties
in this Agreement as characterizations of actual facts or circumstances as of the date of this Agreement or as of any other
date.

 

8.11         
Counterparts. This Agreement may be executed and delivered (including by facsimile or electronic transmission) in
any number of counterparts, and by the different parties in separate counterparts, each of which when executed shall be deemed
an original, but all of which taken together shall constitute a single instrument.

 

    26

     

    

 

8.12         
Entire Agreement; Amendments. This Agreement and the documents and instruments and other agreements among the parties
to this Agreement as contemplated by or referred to herein, including Exhibit A and Exhibit B, constitute
the entire agreement between the parties respecting the subject matter hereof and supersede all prior agreements, negotiations,
understandings, representations and statements respecting the subject matter hereof, whether written or oral. No modification,
alteration or change in any of the terms of this Agreement shall be valid or binding upon the parties unless made in writing and
duly executed by the Company and the Investor.

 

8.13         
Drafting. Each of the parties acknowledges that it has (a) been represented by independent counsel of its choice
throughout all negotiations that have preceded the execution of this Agreement and (b) executed the same with consent and upon
the advice of said independent counsel. The parties have participated jointly in the negotiation and drafting of this Agreement.
Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any of the provisions of this Agreement.

 

[Remainder of the Page Intentionally
Left Blank]

 

    27

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed by their duly appointed officers as of the date first above written.

	 	 
	 	INVESTOR:
	 	 
	 	SUMITOMO MITSUI BANKING 

CORPORATION
	 	 
	 	By:	      /s/ Yoshihiro Hyakutome
	 	   Name: Yoshihiro Hyakutome
	 	   Title:   Managing Executive Officer

               CEO,
    Americas Division
	 	 
	 	COMPANY:
	 	 
	 	ARES MANAGEMENT CORPORATION
	 	 
	 	By:	      /s/ Michael J Arougheti
	 	  Name: Michael J Arougheti
	 	  Title:   Chief Executive Officer

 

[Signature Page
to Share Purchase Agreement]

 

     

     

    

 

Exhibit A

 

Form of Amended and Restated Charter

 

(see attached)

 

     

     

    

 

Exhibit B

 

Form of Investor Rights Agreement

 

(see attached)

 

     

     

    

 

Exhibit C

 

Form of Stockholder Written Consent

 

(see attached)

 

     

     

    

 

Exhibit D

 

Wire Information

 

     

     

    

 

Exhibit E

 

AST Acknowledgement Letter

 

(see attached)

 

     

     

    

 

Exhibit F

 

Form of Opinion

 

(see attached)Exhibit 10.2

 

INVESTOR RIGHTS AGREEMENT

 

BY AND BETWEEN

 

SUMITOMO MITSUI BANKING CORPORATION

 

AND

 

ARES MANAGEMENT CORPORATION

 

Dated as of [March 31], 2020

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article 1

 Definitions
	 
	Section 1.01.   Certain Defined Terms	1
	Section 1.02.   Construction	8
	Article 2 

Share Ownership
	 
	Section 2.01.   Mandatory Exchange of Class A Common Stock and Nonvoting Stock	9
	Section 2.02.   Voluntary Exchange of Subject Shares	9
	Section 2.03.   Nonvoting Stock	9
	Section 2.04.   Application of Agreement to Additional Securities	10
	Article 3 

Transfer Restrictions
	 
	Section 3.01.   General Transfer Restrictions	10
	Section 3.02.   Special Transfer Restrictions	11
	Section 3.03.   Regulatory Hardship Transfer	11
	Section 3.04.   Binding Effect on Transferees	12
	Section 3.05.   Charter Provisions	12
	Article 4 

Board of Directors
	 
	Section 4.01.   Board Observer	12
	Section 4.02.   Director Designation Right	14
	Section 4.03.   Corporate Opportunities	15
	Article 5 

Registration Rights
	 
	Section 5.01.   Shelf Registration	16
	Section 5.02.   Demand Registration	17
	Section 5.03.   Withdrawal Rights	17
	Section 5.04.   Registration Procedures	18
	Section 5.05.   Registration Expenses	24
	Section 5.06.   Indemnification	25
	Article 6

 Other Covenants
	 
	Section 6.01.   Avoidance of Regulation Under the BHCA	27

 

    i 

     

    

 

	Section 6.02.   Information Rights	28
	Section 6.03.   Business Alliance	28
	Section 6.04.   Rule 144 Reporting	29
	Section 6.05.   Class C Common Stock	29
	Section 6.06.   Confidentiality	30
	Section 6.07.   Cooperation on Regulatory Matters.	31
	Article 7 

Miscellaneous
	 
	Section 7.01.   Headings	32
	Section 7.02.   Entire Agreement	32
	Section 7.03.   Further Actions; Cooperation	32
	Section 7.04.   Notices	32
	Section 7.05.   Applicable Law	33
	Section 7.06.   Severability	33
	Section 7.07.   Successors and Assigns	34
	Section 7.08.   Amendments	34
	Section 7.09.   Waiver	34
	Section 7.10.   Counterparts	34
	Section 7.11.   Governing Law; Jurisdiction; WAIVER OF JURY TRIAL	34
	Section 7.12.   Injunctive Relief	35
	Section 7.13.   Termination	35
	Section 7.14.   Inconsistency	36

 

EXHIBITS

 

Exhibit A – Form of Board Agreement

 

Exhibit B – Form of Joinder Agreement

 

    ii 

     

    

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”)
is entered into as of [March 31], 2020, by and between Sumitomo Mitsui Banking Corporation, a Japanese joint stock company (the
 “Investor”), and Ares Management Corporation,
a Delaware corporation (the “Company”). Unless
otherwise indicated, references to articles, exhibits and sections shall be to articles, exhibits and sections of this Agreement.

 

WHEREAS, prior to the execution of this
Agreement, the parties hereto entered into that certain Share Purchase Agreement (the “Purchase Agreement”),
dated as of March 27, 2020, by and between the Investor and the Company pursuant to which, on the date hereof, the Investor is
acquiring from the Company newly issued shares of Class A Common Stock (as defined below) (the “Shares” and,
together with any shares of Class A Common Stock and Nonvoting Stock that are Beneficially Owned by the Stockholders at any applicable
time, whether acquired or obtained by acquisition, purchase, dividend, exchange, conversion, issuance, stock split or otherwise,
the “Subject Shares”) in consideration for an investment by the Investor in the Company (such transaction, the
 “Investment Transaction”);

 

WHEREAS, as a result of the Investment Transaction,
the Investor will become the Beneficial Owner of the Shares; and

 

WHEREAS, the parties hereto desire to enter
into this Agreement to establish certain arrangements and rights of the Stockholders, including with respect to the Subject Shares.

 

NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Article 1

Definitions

 

Section 1.01.     
Certain Defined Terms. For purposes of this Agreement, the following terms shall have the respective meanings set
forth or as referenced below:

 

“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 such specified Person. Notwithstanding the foregoing, (i) neither the Company
nor any of its Subsidiaries shall be deemed to be an Affiliate of the Stockholders or their Affiliates, (ii) neither the Stockholders
nor any of their Affiliates shall be deemed to be an Affiliate of the Company or any of its Affiliates and (iii) no portfolio company
or investment or special purpose entity formed to acquire any such portfolio company or investment of the Ares Funds shall be deemed
to be an Affiliate of the Company or any of its Affiliates or any Stockholder or any of its Affiliates.

 

“Agreement”
shall have the meaning assigned to it in the preamble.

 

    1

     

    

 

“Ares Funds” means, collectively,
all Funds (excluding their portfolio companies and investments and all special purpose entities formed to acquire any such portfolio
companies and investments, including collateralized loan obligations) (i) sponsored or promoted by the Company or any of its Subsidiaries
or (ii) for which the Company or any of its Subsidiaries acts as (A) a general partner or managing member (or in a similar capacity)
or (B) an investment adviser or investment manager.

 

“Ares Operating Group Partnerships”
shall mean Ares Holdings L.P., a Delaware limited partnership, Ares Offshore Holdings L.P., a Cayman Islands exempted limited partnership
and Ares Investments L.P., a Delaware limited partnership.

 

“Ares
Operating Group Unit” shall have the meaning assigned to it in the Certificate of Incorporation.

 

“Ares Ownership Condition”
shall have the meaning assigned to it in the Certificate of Incorporation, as of the date of this Agreement. “Amended
and Restated Charter” means the Amended and Restated Certificate of Incorporation of the Company, substantially in the
form attached to the Share Purchase Agreement as Exhibit A thereto.

 

“AST”
means the American Stock Transfer & Trust Company, LLC.

 

“Beneficial
Owner” or any variation thereof, including “Beneficial Ownership,” “Beneficially Owns”
and “Beneficially Owned,” shall have the meaning ascribed to it in Rule 13d-3 of the Exchange Act.

 

“BHCA”
means the Bank Holding Company Act of 1956, as amended, and all related rules, regulations and published guidance.

 

“Board”
means the board of directors of the Company.

 

“Board Agreement” means
a confidentiality and board participation agreement to be executed and delivered by and between the Company, on the one hand, and
an Observer or a Stockholder Designee (as defined in Section 4.02), as applicable, on the other hand, in form and substance substantially
consistent with Exhibit A.

 

“Business
Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York, USA
or Tokyo, Japan are authorized or required by applicable laws to close.

 

“Bylaws”
means the bylaws of the Company, as may be amended, supplemented and/or restated from time to time.

 

“Certificate
of Incorporation” means the certificate of incorporation of the Company, as may be amended, supplemented and/or
restated from time to time, including following the filing of the Amended and Restated Charter with (and acceptance thereof by)
the Delaware Secretary, the Amended and Restated Charter.

 

    2

     

    

 

“Change of Control” means
any (i) merger, reorganization, consolidation, tender offer, self-tender, exchange offer, stock acquisition, business combination
or other similar transaction or series of related transactions to which the Company or its Affiliates is a party, as a result of
which the holders of the Company Stock outstanding immediately prior to such transaction or transactions would cease to Beneficially
Own a majority of the voting power of all shares of capital stock or other securities of the surviving Person (or, if such surviving
Person is a Subsidiary of another Person, of such other Person constituting the ultimate parent thereof) that are then entitled
to vote generally in the election of directors (and not solely upon the occurrence and during the continuation of certain specified
events) immediately after such transaction or transactions, (ii) sale or other transfer or disposition of a majority or greater
of the Company’s consolidated assets (including Ares Operating Group Units or capital stock of Subsidiaries of the Company)
to another Person that is not an Affiliate, or (iii) approval by the stockholders of the Company of any plan of liquidation or
dissolution of the Company.

 

“Class
A Common Stock” means the Company’s Class A common stock, $0.01 par value per share.

 

“Class
B Common Stock” means the Company’s Class B common stock, $0.01 par value per share.

 

“Class
C Common Stock” means the Company’s Class C common stock, $0.01 par value per share.

 

“Commission”
means the United States Securities and Exchange Commission or any successor agency.

 

“Company”
shall have the meaning assigned to it in the preamble.

 

“Company
Securities” means any (i) shares of Company Stock and (ii) other securities convertible into or exercisable or
exchangeable for shares of Company Stock, including the Ares Operating Group Units (whether or not currently so convertible, exercisable
or exchangeable or only convertible, exercisable or exchangeable upon the passage of time, the satisfaction of any conditions,
the occurrence of any action, change, circumstance or event or any combination of the foregoing).

 

“Company
Stock” means, collectively, the Class A Common Stock, the Class B Common Stock, the Class C Common Stock and any
Nonvoting Stock.

 

“Confidential
Information” shall have the meaning assigned to it in Section 6.06(a).

 

“control” (including
the correlative meanings of the terms “controlling,” “controlled by” and “under
common control with”), as used with respect to any Person means the power to, directly or indirectly, direct or cause
the direction of the affairs of management of such Person, whether through the ownership of voting securities, by the right to
appoint a majority of the members of such Person’s board of directors or managers (or other similar governing body), by contract
or otherwise.

 

“Control
Event” shall have the meaning assigned to it in Section 6.01(a).

 

    3

     

    

 

“Corporate Opportunity”
shall have the meaning assigned to it in Section 4.03.

 

“Delaware
Court” shall have the meaning assigned to it in Section 7.11(a).

 

“Delaware Secretary”
means the Secretary of State for the State of Delaware.

 

“Demand
Registration” shall have the meaning assigned to it in Section 5.02.

 

“Demand
Registration Statement” shall have the meaning assigned to it in Section 5.02.

 

“Demanding
Holder” shall have the meaning assigned to it in Section 5.02.

 

“Director”
means any member of the Board (other than any advisory, emeritus, honorary or non-voting observer member of the Board).

 

“Director
Designation Right” shall have the meaning assigned to it in Section 4.02(a).

 

“Director Designation
Right Event” shall have the meaning assigned to it in Section 4.02(a).

 

“Economic
Ownership Percentage” means, with respect to the Stockholders, at any time, the quotient, expressed as a percentage,
of (i) the total number of Subject Shares owned by the Stockholders divided by (ii) the total number of Ares Operating Group
Units. “Economic Ownership Percentage” shall be subject to appropriate adjustment for any unit or stock split, or dividend,
distribution, reclassification, subdivision, reorganization, recapitalization or similar event with respect to the Company or any
of the issuers of Ares Operating Group Units.

 

“Exchange”
shall have the meaning assigned to it in Section 2.01.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Event” means
any action, change, circumstance, occurrence or event that results, or could reasonably be expected to result, in the Stockholders
and any other affiliate of the Stockholders for purposes of the BHCA, in the aggregate, Holding Company Securities representing
more than the Voting Percentage Limit.

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System.

 

“Filings”
means any (a) annual, quarterly and current reports and other documents filed or furnished by the Company or any of its Subsidiaries
under the Exchange Act; (b) annual reports to stockholders, annual and quarterly statutory statements of the Company or any of
its Subsidiaries; and (c) registration statements, prospectuses documents filed or furnished by the Company or any of its Subsidiaries
under the Securities Act (other than any registration statement, any Issuer Free Writing Prospectus, any prospectus or preliminary
prospectus or any amendment thereof or supplement thereto to the extent that Section 5.06(a) of this Agreement applies).

 

    4

     

    

 

“FINRA”
means the Financial Industry Regulatory Authority or any successor agency.

 

“Fund” means any collective
investment vehicle (whether open-ended or closed-ended), including an investment company, a general or limited partnership, a trust
and any other business entity or investment vehicle organized in any jurisdiction that provides for management fees or “carried
interest” (or other similar profits allocations) to be borne by investors therein.

 

“Hold”
or “Held” and any derivation thereof, means ownership, control, or the power to vote, as those terms or phrases
are construed for purposes of the BHCA.

 

“HSR
Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and
the rules and regulations promulgated thereunder.

 

“Independent Committee”
shall have the meaning assigned to it in Section 4.01(a).

 

“Initial
Shares” means, collectively, the Shares and any shares of Nonvoting Stock into which the Shares are converted
or exchanged, whether in one or multiple conversions or exchanges, in accordance with the terms of this Agreement, so long as such
Shares or any shares of Nonvoting Stock into which such Shares are converted or exchanged are Beneficially Owned or Held by the
Investor, any other Stockholder or any other affiliate of the Stockholders for purposes of the BHCA.

 

“Inspectors”
shall have the meaning assigned to it in Section 5.04(a)(viii).

 

“Investment Transaction”
shall have the meaning assigned to it in the Recitals.

 

“Investor”
shall have the meaning assigned to it in the preamble.

 

“Issuer
Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities
Act.

 

“Joinder Agreement” means
a joinder to this Agreement, in form and substance substantially consistent with Exhibit B.

 

“Losses”
shall have the meaning assigned to it in Section 5.06(a)(i).

 

“Nonvoting
Stock” means the class of nonvoting common stock of the Company authorized pursuant to the Amended and Restated
Charter.

 

“Observer”
shall have the meaning assigned to it in Section 4.01(a).

 

“Offering
Expenses” shall have the meaning assigned to it in Section 5.05(a).

 

“Permitted
Transferee” means, with respect to the Investor or any other Stockholder, any wholly owned Subsidiary of Sumitomo
Mitsui Financial Group, Inc. or the Investor, that becomes a party to this Agreement by delivering an executed Joinder Agreement
to the Company.

 

    5

     

    

 

“Person”
means any individual, firm, corporation, partnership, limited liability company or other entity, and shall include any successor
(by merger or otherwise) of such entity.

 

“Records”
shall have the meaning assigned to it in Section 5.04(a)(viii).

 

“Registrable
Amount” means a number of shares of Class A Common Stock and Nonvoting Stock such that the aggregate gross proceeds
of an offering of such shares of Class A Common Stock and Nonvoting Stock would reasonably be expected to generate sale proceeds
for the holders thereof (in the aggregate) of equal to or greater than $50 million.

 

“Registrable
Securities” means any Subject Shares. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when (i) a registration statement registering such securities under the Securities Act has been declared
effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration
statement or (ii) such securities are sold in accordance with Rule 144 (or any successor provision) promulgated under the Securities
Act and any restrictive legend is removed therefrom.

 

“Registration
Expenses” shall have the meaning assigned to it in Section 5.05(a).

 

“Regulatory
Hardship” shall have the meaning assigned to it in Section 3.03(a).

 

“Regulatory
Hardship Transfer” shall have the meaning assigned to it in Section 3.03(b).

 

“Representatives” with
respect to any Person means such Person’s Affiliates, and the directors, officers, employees, financial and legal advisors,
accountants, consultants and other representatives of such Person and its Affiliates.

 

“Requested
Information” shall have the meaning assigned to it in Section 5.06(d)(iii).

 

“Requesting
Holder” shall have the meaning assigned to it in Section 5.02.

 

“Rule
144” shall have the meaning assigned to it in Section 6.04(a).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Selling
Holders” shall have the meaning assigned to it in Section 5.04(a)(i).

 

“Share
Purchase Agreement” shall have the meaning assigned to it in the Recitals.

 

“Shelf
Notice” shall have the meaning assigned to it in Section 5.01(a).

 

“Shelf
Registration” shall have the meaning assigned to it in Section 5.01(a).

 

“Shelf
Registration Effectiveness Period” shall have the meaning assigned to it in Section 5.01(a).

 

    6

     

    

 

“Shelf
Registration Statement” shall have the meaning assigned to it in Section 5.01(a).

 

“Shelf
Takedown Notice” shall have the meaning assigned to it in Section 5.01(e).

 

“Shelf
Underwritten Offering” shall have the meaning assigned to it in Section 5.01(e).

 

“Stockholder”
means the Investor and each Permitted Transferee for so long as any such Person owns Subject Shares.

 

“Subject
Shares” shall have the meaning assigned to it in the Recitals.

 

“Subsidiary”
means with respect to any Person (i) a corporation, fifty percent (50%) or more of the voting or capital stock of which is, directly
or indirectly owned by such Person, (ii) any other partnership, joint venture, association, joint stock company, trust, unincorporated
organization or other entity in which such Person, directly or indirectly, owns fifty percent (50%) or more of the equity economic
interest thereof or has the power to elect or direct the election of fifty percent (50%) or more of the members of the governing
body of such entity or otherwise has control over such entity (e.g., as the managing partner of a partnership), or (iii) any entities
that would be considered subsidiaries of such Person within the meaning of Regulation S-K or Regulation S-X of the Commission.
Notwithstanding the foregoing, the Subsidiaries of the Company shall not include the Ares Funds or their portfolio companies or
investments, or special purpose entities formed to acquire any such portfolio companies or investments, including collateralized
loan obligations.

 

“Suspension
Period” shall have the meaning assigned to it in Section 5.01(d).

 

“Transaction Litigation”
shall have the meaning assigned to it in Section 7.05.

 

“Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, hypothecate, encumber, or similarly dispose of (by merger, disposition,
operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement
or understanding with respect to the sale, transfer, assignment, or similar disposition of (by merger, disposition, operation
of law or otherwise), any Company Securities or any interest in any Company Securities, including in any hedging, derivative,
swap, securities lending or similar agreements, arrangements or understandings or other agreement that transfers, in whole or
in part, any of the economic consequences of ownership of any Company Securities. The direct or indirect Transfer of any securities
of a Person that owns a security or any interest therein shall be deemed to be a Transfer by such Person of such security or any
interest therein. Notwithstanding the foregoing: (a) a merger, amalgamation, plan of arrangement or consolidation or similar business
combination transaction in which any Stockholder is a constituent entity shall not be deemed to be a Transfer of any Company Securities
or any interest in any Company Securities Beneficially Owned by such Stockholder or any of its wholly owned Subsidiaries so long
as (i) the surviving Person of such transaction remains subject to, and bound by, the obligations of such Stockholder under this
Agreement and (ii) the Initial Shares Beneficially Owned by such Stockholder and any of its wholly owned Subsidiaries represent
ten percent (10)% or less of the total assets (based on the carrying value of such Initial Shares) of such Stockholder and its
wholly owned Subsidiaries, taken as a whole, immediately prior to entry into a definitive agreement in respect of such transaction
and (b) the sale, transfer, assignment or similar disposition of equity interests or other securities of Sumitomo Mitsui
Financial Group, Inc. or any of its wholly owned Subsidiaries shall not be deemed to be a Transfer of any Company Securities or
any interest in any Company Securities Beneficially Owned by such Stockholder or any of its wholly owned Subsidiaries so long
as the Initial Shares Beneficially Owned by Sumitomo Mitsui Financial Group, Inc. or such Subsidiaries, as applicable, and any
of its wholly owned Subsidiaries represent ten percent (10)% or less of the total assets (based on the carrying value of such
Initial Shares) of Sumitomo Mitsui Financial Group, Inc. or its Subsidiaries, as applicable, and any of its wholly owned Subsidiaries,
taken as a whole, immediately prior to entry into a definitive agreement in respect of such transaction.

 

    7

     

    

 

“Transfer
Exceptions” shall have the meaning assigned to it in Section 3.02(a).

 

“Underwriting
Agreement” means any underwriting agreement between the Company and the underwriters named therein.

 

“Underwritten
Offering” means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public,
whether in a marketed transaction or in an overnight or block trade.

 

“Voluntary Exchange Event”
shall have the meaning assigned to it in Section 2.02(a).

 

“Voting
Percentage Limit” means, as of any given time, a “voting percentage” (as that concept is calculated
and interpreted pursuant to 12 C.F.R. 225.2(u) or in any successor regulation or published interpretation of the Federal Reserve
Board then in effect for purposes of the BHCA) of 4.90%.

 

Section 1.02.      Construction.
For the purposes of this Agreement (i) words (including capitalized terms defined herein) in the singular shall be held to
include the plural and vice versa and words (including capitalized terms defined herein) of one gender shall be held to
include other genders as the context requires; (ii) the terms “hereof,” “hereunder,”
 “hereto,” “herein” and “herewith” and words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and section
and subsection references are to this Agreement unless otherwise specified; (iii) the word “including” and words
of similar import when used in this Agreement means “including, without limitation”; (iv) all references to any
period of days shall be deemed to be to the relevant number of calendar days unless otherwise specified; (v) all references
herein to “$” or dollars shall refer to
United States dollars, unless otherwise specified; (vi) Person shall be deemed to “Beneficially Own” securities
if such Person is deemed to be a “beneficial owner” within the meaning of Rules 13d-3 and 13d-5 under the
Exchange Act’ (vii) except as the context otherwise requires, the terms “either,” “or,”
 “neither,” “nor,” and “any” when used in this Agreement are not exclusive; (viii) all
references to any Article, Section, subsection, clause, or Exhibit are to the corresponding Article, Section, subsection or
clause of, or Exhibit to, this Agreement; (ix) except as otherwise specified herein, references to agreements, contracts,
policies, standards, guidelines or instruments, or to statutes or regulations, are to such agreements, contracts, policies,
standards, guidelines or instruments, or statutes or regulations, as amended or supplemented from time to time (or to
successors thereto); (xi) all references herein to the Subsidiaries of a Person shall be deemed to include all direct and
indirect Subsidiaries of such Person, unless otherwise indicated or the context otherwise requires; (xii) the word
 “extent” in the phrase “to the extent” means the degree to which a subject or other theory extends,
and such phrase shall not mean “if”; (xiii) references to any party to this Agreement shall include such
party’s successors and permitted assigns; (xiv) accounting terms not otherwise defined have the meaning assigned to
them in accordance with United States generally accepted accounting principles.

 

    8

     

    

 

Article 2

Share Ownership

 

Section 2.01.     
Mandatory Exchange of Class A Common Stock and Nonvoting Stock. If, at any time, any Stockholder or the Company becomes
aware of any pending, proposed or contemplated Exchange Event, then (i) such Stockholder or the Company, as applicable, shall promptly
provide written notice to the other parties of such Exchange Event and (ii) prior to the consummation of the Exchange Event, effect
an exchange whereby each share of Class A Common Stock Held by the Stockholders and their affiliates (for purposes of the BHCA)
in excess of the Voting Percentage Limit is exchanged for an equal number of shares of Nonvoting Stock (any such exchange, together
with any exchange pursuant to Section 2.02, an “Exchange”).
Any Exchange shall be subject to satisfaction of all requirements under applicable laws, rules and regulations, and each of the
Stockholders and the Company shall use their respective commercially reasonable efforts to promptly satisfy all such requirements.
In connection with an Exchange, the Stockholders shall have the sole right to determine which shares of Class A Common Stock of
the Stockholders shall be so Exchanged.

 

Section 2.02.     
Voluntary Exchange of Subject Shares.

 

(a)              
Upon at least fifteen (15) Business Days’ prior written notice from a Stockholder, the Company shall effect an Exchange
of all or part of the Class A Common Shares Held by the Stockholders (each, a “Voluntary
Exchange Event”) for an equal number of shares of Nonvoting Stock. Notwithstanding the foregoing, the Company
shall not be required to effect a Voluntary Exchange Event if effecting such Voluntary Exchange Event would reasonably be expected
to have adverse consequences (other than that are de minimis) to the Company or its stockholders (including making it reasonably
less likely that any of the Company’s equity securities would not be included on (or remain on) any stock or exchange index),
as reasonably determined by the Company in good faith. Any such Exchange shall be subject to satisfaction of all requirements under
applicable laws, rules and regulations, and each of the Stockholders and the Company shall use their respective commercially reasonable
efforts to promptly satisfy all such requirements.

 

(b)              
Any notice requesting an Exchange delivered pursuant to this Section 2.02 shall contain the number of shares
of Class A Common Stock Held by the Stockholders that it or they desire to be subject to an Exchange.

 

Section 2.03.     
Nonvoting Stock.

 

(a)               All
shares of Nonvoting Stock issued as part of an Exchange (whether pursuant to Section 2.01 or Section 2.02)
shall be (i) validly issued, fully paid and non-assessable, (ii) free of preemptive or similar rights and (iii) free of any
lien or adverse claim created by the Company (other than Transfer restrictions arising under this Agreement or applicable
securities laws or the Certificate of Incorporation). The Company shall bear all costs and expenses incurred by the Company
in connection with, and any issuance tax resulting from, an Exchange. The Company shall promptly deliver to the applicable
Stockholders evidence of shares in book-entry registered in the name of the applicable Stockholder, representing the
applicable number of shares of Nonvoting Stock issued in the Exchange for the shares of Class A Common Stock so exchanged by
such Stockholder.

 

    9

     

    

 

(b)              
The Company shall reserve for issuance out of its authorized but unissued shares of Class A Common Stock, that number of
shares of Class A Common Stock into which the issued and outstanding shares of Nonvoting Stock are convertible (in all cases, subject
to and in accordance with expectations and requirements of the Federal Reserve Board regarding the transfer and conversion of non-voting
securities for purposes of the BHCA).

 

(c)              
The Company represents and warrants to the Stockholders that, on the date of this Agreement, other than the Amended and
Restated Charter Requirements (as defined in the Purchase Agreement), the receipt of the Stockholder Written Consent (as defined
in the Purchase Agreement) and the filing of the Amended and Restated Charter with (and acceptance thereof by) the Delaware Secretary,
(A) no consent, approval, authorization, order, license, registration or qualification of or with any governmental agency or authority
of competent jurisdiction is required for the Company to perform its obligations under this Article 2 and (B) such
performance shall not result in any violation of the provisions of the Certificate of Incorporation, Bylaws, or similar constitutive
or organizational documents of the Company.

 

Section 2.04.     
Application of Agreement to Additional Securities.

 

(a)              
Any additional Class A Common Stock or Nonvoting Stock of which any Stockholder acquires Beneficial Ownership following
the date of this Agreement shall be “Subject Shares” and subject to the restrictions and commitments contained in this
Agreement as fully as if such Class A Common Stock or Nonvoting Stock were Beneficially Owned by the Investor as of the date hereof.

 

(b)              
In the event that a majority of the Class A Common Stock or Nonvoting Stock on a given date are converted or exchanged into
any other capital stock on such date (whether of the Company, an Affiliate of the Company or otherwise), all references herein
to Class A Common Stock or Nonvoting Stock shall be deemed to mean the capital stock into which such shares of Class A Common Stock
or Nonvoting Stock are converted of exchanged.

 

Article 3

Transfer Restrictions

 

Section 3.01.     
General Transfer Restrictions. The right of any Stockholder to Transfer any Subject Shares is subject to the restrictions
set forth in this Article 3, and no Transfer by any Stockholder of any Subject Shares may be effected except in compliance
with this Article 3. Any attempted Transfer in violation of this Agreement shall be of no effect and null and void,
regardless of whether the purported transferee has any actual or constructive knowledge of the Transfer restrictions set
forth in this Agreement, and shall not be recorded on the stock transfer books of the Company.

 

    10

     

    

 

Section 3.02.     
Special Transfer Restrictions.

 

(a)              
No Stockholder shall Transfer any Initial Shares, other than Transfers (i) pursuant to an Exchange, (ii) to a Permitted
Transferee, (iii) pursuant to a Regulatory Hardship Transfer in accordance with Section 3.03, (iv) pursuant to any
sale, merger, consolidation, acquisition (including by way of tender offer or exchange offer or share exchange), recapitalization
or other business combination involving the Company or any of its Subsidiaries, or (v) with the prior written consent of the Company
(the foregoing exceptions in Section 3.02(a)(i)-(v), collectively, the “Transfer
Exceptions”). The Investor has advised the Company that it may consider certain hedging transactions for a portion
of its Initial Shares for risk management purposes, which hedging transactions may be a Transfer of such portion of the Initial
Shares. The Company will reasonably consider in good faith whether to consent to any such Transfer.

 

(b)              
Notwithstanding Section 3.02(a):

 

(i)                
following the [two-year anniversary of the date hereof], the Stockholders may Transfer up to 33.33% of the Initial
Shares;

 

(ii)               
following the [three-year anniversary of the date hereof], the Stockholders may Transfer up to 66.66% of the Initial
Shares;

 

(iii)              
following the [four-year anniversary of the date hereof], the Stockholders may Transfer any or all of the Initial
Shares; and

 

(iv)             
the Stockholders may Transfer any or all of the Initial Shares in the event (and at and following the time) that the Company
or any of its Affiliates enters into a definitive agreement that contemplates a transaction or transactions the consummation or
completion of which would reasonably be expected (at the time of announcement or any time thereafter) to result in the Ares
Ownership Condition no longer being satisfied.

 

(c)              
In addition to the requirements of Sections 3.02(a), no Stockholder shall Transfer any shares of Nonvoting Stock
unless such Transfer complies with the terms of this Agreement and the Certificate of Incorporation.

 

Section 3.03.     
Regulatory Hardship Transfer.

 

(a)              
If any Stockholder (i) determines in good faith and based on the reasonable advice of external counsel (such counsel to
be a law firm possessing recognized expertise with respect to applicable laws and regulations in the applicable jurisdiction(s)
at issue) that continuing to Hold all or any of the Subject Shares would be inconsistent with, violate or breach any applicable
laws or regulations or (ii) receives a directive or request from any governmental agency or authority of competent jurisdiction
to Transfer all or any of its Subject Shares (either of clauses (i) or (ii), a “Regulatory
Hardship”), then the Stockholders shall promptly notify the Company of such Regulatory Hardship. Such notice
shall describe the nature of the Regulatory Hardship in reasonable detail. Such description need not include information
that is not permitted by applicable laws or regulations to be disclosed. To the extent permitted by law and practicable under
the circumstances, the applicable party shall use commercially reasonable efforts to obtain permission from the appropriate governmental
agency or authority of competent jurisdiction to disclose such information to the other party.

 

    11

     

    

 

(b)              
Following the occurrence of a Regulatory Hardship or a Control Event, the Stockholders shall have the right to Transfer
(such Transfer, a “Regulatory Hardship Transfer”)
only such portion of the Subject Shares that is required to be Transferred to remediate or eliminate such Regulatory Hardship or
Control Event to any third-party purchaser without being subject to any restrictions on Transfer set forth in this Article 3.

 

Section 3.04.     
Binding Effect on Transferees. A Permitted Transferee (and no other Person) shall become a Stockholder under this
Agreement, without any further action by the Company, following a transfer by the Investor (or any other Stockholder) of Subject
Shares to such Permitted Transferee upon the execution by such Permitted Transferee (and delivery to the Company) of a Joinder
Agreement.

 

Section 3.05.     
Charter Provisions. The Company shall use its commercially reasonable efforts to take or cause to be taken all lawful
action necessary or appropriate (including any amendment to the Certificate of Incorporation and/or the Bylaws) to ensure that
the Certificate of Incorporation and the Bylaws do not contain any provisions that would (x) add restrictions to the transferability
of the Subject Shares, which restrictions are beyond those then provided for in the Amended and Restated Charter, the Bylaws, this
Agreement or applicable securities laws, (y) nullify any of the rights of the Stockholders arising under this Agreement or (z)
have a materially disproportionate and adverse effect on any Stockholder as compared to other stockholders of the Company, in each
case, unless such provision is expressly approved in advance in writing by the Stockholders that own a majority of the Company
Securities owned by all Stockholders.

 

Article 4

Board of Directors

 

Section 4.01.     
Board Observer.

 

(a)              
For so long as the Stockholders (x) Beneficially Own, in the aggregate, at least two-thirds (2/3) of the Initial Shares
and (y) do not have a Director Designation Right, (i) the Stockholders shall have the right to (A) appoint one (1) non-voting
representative (the “Observer”) to attend (at the Observer’s option, in person or via remote access,
including telephonically) all meetings of the Board (and all committees thereof on which independent directors of the Company
serve (collectively, the “Independent Committees”)), (B) change the Observer so appointed at any time upon
written notice to the Company and (C) upon the resignation, removal or replacement of the Observer for any reason, to appoint
another Observer and (ii) the Company shall provide the Observer with copies of all notices, consents, resolutions, minutes or
other written materials provided or made available to the Board (or to any Independent Committee) as set forth in the Board Agreement.
The Stockholders shall cease to have any right or entitlement to appoint an Observer from and after the first instance in which
the Stockholders cease to Beneficially Own, in the aggregate, at least two-thirds (2/3) of the Initial Shares.

 

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(b)              
Prior to the right of the Observer to attend any meeting of the Board (or any Independent Committee) or receive the information
contemplated in Section 4.01(a)(ii), the Observer shall execute and deliver to the Company a Board Agreement.

 

(c)              
Notwithstanding anything to the contrary in this Agreement or the Board Agreement, the
Company may exclude such Observer from access to any portions of materials or attendance at any portion of any meetings
of the Board (or any Independent Committee) to the extent that such (i) access or attendance
would reasonably be expected to jeopardize the attorney-client privilege of the Company, any of its Affiliates or the Ares
Funds, (ii) access or attendance would reasonably be expected to violate any confidentiality obligation owed to any unaffiliated
third party by the Company, any of its Affiliates or the Ares Funds, (iii) materials
or meetings relates to (A) the Company’s, the Ares Funds’ or any of their respective Affiliates’ relationship,
contractual or otherwise, with any of the Stockholders or any of their respective Affiliates or (B) any actual or potential transactions
between or involving the Company, the Ares Funds or any of their respective Affiliates, on the one hand, and any of the Stockholders
or any of their respective Affiliates, on the other hand, or (iv) such exclusion is necessary to avoid an actual or reasonably
likely conflict of interest. Notwithstanding the foregoing, the Company shall use commercially reasonable efforts to make other
arrangements (including redacting information or making substitute disclosure arrangements) that would enable disclosure to the
Observer to occur without (A) in the case of the foregoing clause (i), jeopardizing such privilege, (B) in the case of the
foregoing clause (ii), violating such confidentiality obligations, or (C) in the case of the foregoing clause (iv), creating
an actual or reasonably likely conflict of interest.

 

(d)              
Notwithstanding anything in this Agreement to the contrary, the Observer must be reasonably
acceptable to the Company and may not be a Person who (i) has been removed for cause from the Board, (ii) has ever been
convicted of a felony or equivalent crime (which conviction was not subsequently overturned) under the laws of any jurisdiction,
(iii) is or has been subject to any permanent injunction on serving on the board of directors (or similar governing body) of publicly
listed companies in the United States for violation of any United States federal or state securities law, (iv) has been determined
by any governmental or quasi-governmental agency or authority of competent jurisdiction, or is reasonably likely pursuant to applicable
law, regulation or listing authority rules, to be ineligible to serve on a board of directors (or similar governing body) of publicly
listed companies or (v) is employed by, is engaged as a consultant for, or serves as a director (or similar position) for, any
competitor of the Company. The Company acknowledges that the individual identified by the Investor in writing as the Observer as
of the date of the Purchase Agreement is acceptable to the Company.

 

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Section 4.02.     
Director Designation Right.

 

(a)               In
the event that the aggregate Economic Ownership Percentage of the Stockholders is equal to or greater than ten percent (10%)
(a “Director Designation Right Event”),
the Stockholders that own a majority of the Company Securities owned by all Stockholders shall have the right to designate
one (1) individual to be nominated for election as a Director (such individual, a “Stockholder Designee”
and such right, the “Director Designation Right”).
Notwithstanding the foregoing, such Stockholders shall not exercise the Director Designation Right in the event that doing so
would require the Stockholders or their Affiliates to submit and file notification obligations of the HSR Act in respect of
the investment in the Company by the Stockholders until such time as such submission and filing shall have occurred and any
applicable waiting period under the HSR Act relating to such filing shall have expired or been terminated. In the event that,
following a Director Designation Right Event, the aggregate Economic Ownership Percentage of the Stockholders decreases below
ten percent (10%) as a result of (i) Transfers of Company Securities by the Stockholders (other than to a Permitted
Transferee), the Stockholders shall cause the Director designated by it or them to promptly resign as a Director of the Board
or (ii) any other action, change, circumstance, occurrence or event (including share issuances by the Company), the Investor
shall retain the Director Designation Right for a period of six (6) months following such other action, change, circumstance,
occurrence or event, and, thereafter, the Stockholders shall cause the Director designated by it or them to promptly resign
as a Director of the Board. The loss of the Director Designation Right in one or more instances (regardless of the reason)
shall not prevent or preclude the Stockholders from obtaining and exercising the Director Designation Right in the future in
the event of a subsequent Director Designation Right Event. Notwithstanding the foregoing, the Stockholders shall cease to
have any right to obtain or exercise the Director Designation Right from and after the first instance in which the
Stockholders cease to Beneficially Own, in the aggregate, at least two-thirds (2/3) of the Initial Shares.

 

(b)              
At any time that the Stockholders are entitled to the Director Designation Right:

 

(i)                
the Company shall take all reasonable actions within its control (subject to any applicable laws or securities exchange
or equivalent listing requirements) to effectuate the provisions of this Section 4.02 and to cause the election or
appointment of the individual designated by the Stockholders pursuant to Section 4.02(a), which shall include the Company
(i) including such designee in the slate of nominees recommended by the Board for election at any meeting of stockholders of the
Company at which Directors are to be elected to the Board and (ii) nominating, recommending and using its commercially reasonable
efforts to solicit from its stockholders eligible to vote for the election of Directors proxies in favor of the election of such
designee in the same manner and to the same extent it solicits proxies in favor of other candidates nominated for election by the
Board; and

 

(ii)             
in the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any Director
who has been designated by the Stockholders pursuant to Section 4.02(a) (other than as a result of a failure of such
Director who has been nominated for election as a Director to be re-elected at any meeting of stockholders of the Company at which
Directors are to be elected to the Board), subject to Section 4.02(d), the Company shall take all reasonable actions
within its control (subject to any applicable laws or securities exchange or equivalent listing requirements) to cause the vacancy
created thereby to be filled as promptly as practicable by a new designee of the Stockholders, including by appointment to the
Board by the Directors (to the extent permitted by the Certificate of Incorporation and Bylaws and applicable law).

 

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(c)              
Prior to (or substantially concurrently with) the Company taking any actions to appoint or nominate a Stockholder Designee,
such Stockholder Designee shall execute and deliver to the Company a Board Agreement.

 

(d)              
Notwithstanding anything in this Agreement to the contrary, the Stockholder Designee must be reasonably acceptable to the
Company and may not be a Person who (i) has been removed for cause from the Board, (ii)
has ever been convicted of a felony or equivalent crime (which conviction was not subsequently overturned) under the laws of any
jurisdiction, (iii) is or has been subject to any permanent injunction on serving on the board of directors (or similar governing
body) of publicly listed companies in the United States for violation of any United States federal or state securities law, (iv)
has been determined by any governmental or quasi-governmental agency or authority of competent jurisdiction, or is reasonably likely
pursuant to applicable law, regulation or listing authority rules, to be ineligible to serve on a board of directors (or similar
governing body) of publicly listed companies or (v) is employed by, is engaged as a consultant for, or serves as a director (or
similar position) for, any competitor of the Company.

 

Section 4.03.     
Corporate Opportunities. To the maximum extent permitted by applicable law, the Company hereby renounces any interest
or expectancy in, or any right to be offered an opportunity to participate in, any business opportunities or classes or categories
of business opportunities (each, a “Corporate Opportunity”) that are developed by or presented to an Observer
or Stockholder Designee (other than any Corporate Opportunity presented to such Observer or Stockholder Designee in connection
with his or her capacity as such), even if such Corporate Opportunity is one that the Company, any of the Company’s Subsidiaries,
any Ares Fund or any of their respective Affiliates might reasonably be deemed to have pursued or had the ability or desire to
pursue if granted the opportunity to do so. Except for a Corporate Opportunity presented to an Observer or Stockholder Designee
in connection with his or her capacity as such, no Observer or Stockholder Designee shall have any duty to communicate or offer
any Corporate Opportunity to the Company, any of the Company’s Subsidiaries, any Ares Fund or any of their respective Affiliates.
Notwithstanding the foregoing, an Observer or Stockholder Designee who is offered or presented a Corporate Opportunity in his or
her capacity as an Observer or Stockholder Designee, as applicable, shall be obligated to communicate such Corporate Opportunity
to the Company, and none of such Observer or Stockholder Designee, the Stockholders nor any of their respective Affiliates shall
pursue such opportunity unless the Board has adopted a resolution expressly waiving such opportunity on behalf of the Company.

 

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Article 5

Registration Rights

 

Section 5.01.     
Shelf Registration.

 

(a)              
Subject to Section 5.01(d), the Investor or any of its Permitted Transferees (in each case, if it is a Stockholder
under this Agreement) may by written notice delivered (which notice can be delivered at any time after the eleven (11) month anniversary
of the date hereof) to the Company (the “Shelf Notice”) require the Company to, with respect to all or, if
the amount to be registered is equal to or greater than the Registrable Amount, any portion of the Registrable Securities, (a)
as promptly as practicable (but no later than forty-five (45) days after the date the Shelf Notice is delivered) prepare and file
a registration statement on Form S-3 (or a supplement to an existing effective registration statement to the extent the Company
is legally able to do so) or a successor form as permitted by Rule 415 of the Securities Act (or such other similar rule as is
then applicable) (the “Shelf Registration Statement”) for the public resale of such Registrable Securities
then outstanding on a delayed or continuous basis (the “Shelf Registration”) and (b) if such Shelf Registration
Statement has not theretofore been declared effective or is not automatically effective upon such filing, use commercially reasonable
efforts to cause such Shelf Registration Statement to become and be declared effective by the Commission no later than sixty (60)
days after such filing date and in any event as soon as practicable after such filing. The Company shall use commercially reasonable
efforts to cause each Shelf Registration Statement filed pursuant to this Section 5.01(a) to be continuously effective,
supplemented, amended or replaced to the extent necessary to ensure that it is available for the resale of all Registrable Securities
Beneficially Owned by the Investor (or any of its Permitted Transferees) and any other Persons that at the time of the Shelf Notice
meet the definition of a “Stockholder” (as such term is used herein) who elect to participate therein as provided
in Section 5.01(c) until the earlier of (i) all Registrable Securities covered by the Shelf Registration Statement
having been distributed in the manner set forth and as contemplated in such Shelf Registration Statement and (ii) such time as
the Stockholders, together, Beneficially Own less than a Registrable Amount (the “Shelf Registration Effectiveness Period”).
So long as the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) at the time of filing
of the Shelf Registration Statement with the Commission, such Shelf Registration Statement shall be designated by the Company
as an automatic Shelf Registration Statement.

 

(b)              
If, at any time, a Shelf Registration ceases to be effective, the Company shall use its commercially reasonable efforts
to file and use its commercially reasonable efforts to cause to become effective a new “evergreen” Shelf Registration
Statement providing for an offering to be made on a continuous basis of all of the Registrable Securities of the holders. Such
Shelf Registration Statement shall be filed on Form S-3 or, if Form S-3 is unavailable to the Company, on Form S-1 following a
Demand Registration in the manner contemplated by Section 5.02.

 

(c)              
As promptly as practicable but in no event later than ten (10) Business Days after receipt of a Shelf Notice pursuant to
Section 5.01(a), the Company will deliver written notice thereof to each Stockholder. Each Stockholder may elect to
participate in the Shelf Registration Statement by delivering to the Company (not later than five (5) Business Days after delivery
of such notice by the Company) a written request to so participate.

 

(d)              
Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to time,
by providing notice to the Stockholders who elected to participate in the Shelf Registration Statement or to the Demanding Holders,
as applicable, to (i) delay the filing or effectiveness of any registration statement or prospectus or (ii) require such Stockholders
to suspend the use of the prospectus for sales of Registrable Securities under any registration statement for a reasonable period
of time not to exceed ninety (90) days in succession or one hundred and fifty (150) days in the aggregate in any twelve-month
period and not more than twice in such twelve-month period (a “Suspension
Period”) if the Board determines in good faith and in its reasonable judgment that it is required to disclose
in such registration statement or prospectus material, non-public information that the Company has a bona fide business purpose
for preserving as confidential. Immediately upon receipt of such notice, the Stockholders covered by such registration statement
shall suspend the use of the prospectus until the requisite changes to the prospectus have been made as required below. Any Suspension
Period shall terminate at such time as the public disclosure of such information is made. After the expiration of any Suspension
Period and without any further request from a Stockholder, the Company shall as promptly as practicable prepare a post-effective
amendment or supplement to such registration statement or prospectus, or any document incorporated therein by reference, or file
any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the
prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company shall not allow the use of
any other registration statement or file any new registration statement during any Suspension Period.

 

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(e)              
At any time, and from time-to-time, during the Shelf Registration Effectiveness Period (except during a Suspension Period),
each of the Investor or any of its Permitted Transferees (in each case, if it is a Stockholder hereunder) may deliver a notice
(a “Shelf Takedown Notice”) to notify the Company of their intent to sell Registrable Securities covered by
the Shelf Registration Statement (in whole or in part) in an Underwritten Offering (a “Shelf
Underwritten Offering”). Notwithstanding the foregoing, the Company (i) shall not be obligated to participate
in more than two (2) marketed underwritten offerings during any twelve (12) month period and (ii) may take such actions (including
deferring a Shelf Underwritten Offering) as it deems necessary or appropriate to comply with its policies regarding trading windows
or otherwise to coordinate the timing of such Shelf Underwritten Offering with the Company’s earnings releases and Commission
reporting obligations (provided such actions are applied consistently to the Investor and any other Persons otherwise generally
subject to policies regarding trading windows). Such Shelf Takedown Notice shall specify (x) the aggregate number of Registrable
Securities requested to be registered in such Shelf Underwritten Offering and (y) the identity of the Stockholder(s) requesting
such Shelf Underwritten Offering. Upon receipt by the Company of such notice, the Company shall promptly comply with the applicable
provisions of this Agreement, including those provisions of Section 5.04 relating the Company’s obligation to
make Filings with the Commission, assist in the preparation and filing with the Commission of prospectus supplements and amendments
to the Shelf Registration Statement, participate in “road shows,” agree to customary “lock-up” agreements
with respect to the Company’s securities and obtain “comfort” letters, and the Company shall take such other
actions as necessary or appropriate to permit the consummation of such Shelf Underwritten Offering as promptly as practicable.
Each Shelf Underwritten Offering shall be for the sale of a number of Registrable Securities equal to or greater than the Registrable
Amount. In any Shelf Underwritten Offering, the Stockholders participating in such Shelf Underwritten Offering that hold a majority
of the Registrable Securities included in such Shelf Underwritten Offering shall select the investment bank(s) and managers that
will serve as lead or co-managing underwriters with respect to the offering of such Registrable Securities, which shall be reasonably
acceptable to the Company.

 

Section 5.02.     
Demand Registration. Subject to the provisions of Section 5.01(d), if the Company is ineligible to use
a Shelf Registration Statement or if the Shelf Registration Statement is otherwise unavailable to the Company, the Stockholders
(the “Demanding Holders”) may make a written demand that the Company promptly prepare and file a registration
statement (a “Demand Registration Statement”) under the Securities Act of all or part of their Registrable
Securities having an anticipated aggregate offering price of the value of all the Registrable Securities owned by the Stockholders,
which written demand shall describe the amount and type of security to be included in such Demand Registration Statement and the
intended method(s) of distribution thereof, which may include delayed distribution pursuant to Rule 415 under the Securities Act
(such written demand a “Demand Registration”). Each Demand Registration shall be for the sale of a number of
Registrable Securities equal to or greater than the Registrable Amount. The Company shall, within ten (10) Business Days after
receipt of the Demand Registration, notify, in writing, all other Stockholders, if any, of such demand, and each holder of Registrable
Securities who thereafter wishes to include all or a portion of such holder’s Registrable Securities in a Demand Registration
(each such holder that includes all or a portion of such holder’s Registrable Securities in such Demand Registration, a
 “Requesting Holder”) shall so notify the Company, in writing, within five (5) Business Days after the receipt
by such other Stockholders of the notice from the Company. Upon receipt by the Company of any such written notification from a
Requesting Holder(s), such Requesting Holder(s) shall be entitled to have their Registrable Securities included in such Demand
Registration and the Company shall effect, as soon thereafter as practicable, the registration of all Registrable Securities requested
by the Demanding Holder(s) and Requesting Holder(s) pursuant to such Demand Registration, including by filing a Demand Registration
Statement relating thereto as soon as practicable, but not more than sixty (60) days immediately after the Company’s
receipt of the Demand Registration. Under no circumstances shall the Company be obligated to obtain effectiveness of more than
one (1) Demand Registration Statement under this Section 5.02 with respect to any or all Registrable Securities
within any twelve (12) month period; provided that a Demand Registration shall not count against this limitation unless
and until (i) the Demand Registration Statement has been declared effective by the Commission, (ii) the Company has complied with
all of its obligations under this Agreement with respect thereto, and (iii) the Demand Registration Statement has remained effective
for the Shelf Registration Effectiveness Period; provided, further, that if, after such Demand Registration Statement
has been declared effective, an offering of Registrable Securities pursuant to a Demand Registration is subsequently interfered
with by any stop order or injunction of the Commission, federal or state court or any other governmental agency, then the Demand
Registration Statement shall be deemed not to have been declared effective, unless and until, such stop order or injunction is
removed, rescinded or otherwise terminated; provided, further, that the Company shall not be obligated or required
to file another Demand Registration Statement until the Demand Registration Statement that has been previously filed with respect
to a Demand Registration becomes effective or is subsequently terminated.

 

Section 5.03.     
Withdrawal Rights. Any Stockholder having notified or directed the Company to include any or all of its Registrable
Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction
with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect
to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall
not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable
Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to
the Registrable Securities not so withdrawn.

 

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Section 5.04.     
Registration Procedures. (a) If and whenever the Company is required to use commercially reasonable efforts to effect
the registration of any Registrable Securities under the Securities Act as provided in Sections 5.01 and 5.02,
the Company shall as promptly as practicable (in each case, to the extent applicable):

 

(i)                
prepare and file with the Commission a registration statement to effect such registration, use commercially reasonable efforts
to cause such registration statement to become effective as promptly as practicable, and thereafter use commercially reasonable
efforts to cause such registration statement to remain effective pursuant to the terms of this Agreement; provided, however,
that the Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the
effective date of the registration statement relating thereto; provided, further, that before filing such registration
statement or any amendments thereto, the Company will furnish to the counsel selected by the holders of Registrable Securities
which are to be included in such registration (“Selling Holders”)
copies of all such documents proposed to be filed, which documents will be subject to the review of and comment by such counsel
(it being understood that counsel to the Selling Holders will conduct its review and provide any comments promptly);

 

(ii)             
prepare and file with the Commission such amendments (including post-effective amendments) and supplements to such registration
statement and the prospectus used in connection therewith and any Exchange Act reports incorporated by reference therein as may
be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement until the earlier of such time as all of such securities
have been disposed of in accordance with the intended methods of disposition by the Selling Holder(s) set forth in such registration
statement or (A) in the case of a Demand Registration pursuant to Section 5.02, the expiration of sixty (60) days after
such registration statement becomes effective or (B) in the case of a Shelf Registration pursuant to Section 5.01,
the Shelf Registration Effectiveness Period;

 

(iii)           
furnish to each Selling Holder and each underwriter, if any, of the securities being sold by such Selling Holder such number
of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits),
such number of copies of the prospectus contained in such registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements
of the Securities Act, and any Issuer Free Writing Prospectus and such other documents as such Selling Holder and underwriter,
if any, may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned
by such Selling Holder;

 

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(iv)            
use commercially reasonable efforts to register or qualify such Registrable Securities covered by such registration statement
under such other securities laws or blue sky laws of such jurisdictions as any Selling Holder and any underwriter of the securities
being sold by such Selling Holder shall reasonably request, and take any other action which may be reasonably necessary or advisable
to enable such Selling Holder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such Selling Holder, except that the Company shall not for any such purpose be required to qualify generally to do business
as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iv) be obligated
to be so qualified, to subject itself to taxation in any such jurisdiction or to file a general consent to service of process
in any such jurisdiction;

 

(v)              
use commercially reasonable efforts to cause such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable
efforts to cause such Registrable Securities to be listed on the New York Stock Exchange or the Nasdaq Stock Market;

 

(vi)            
use commercially reasonable efforts to cause such Registrable Securities covered by such registration statement to be registered
with or approved by such other governmental agency or authority of competent jurisdiction as may be necessary to enable the Selling
Holder(s) thereof to consummate the disposition of such Registrable Securities;

 

(vii)         
in connection with an Underwritten Offering, obtain for each Selling Holder and underwriter:

 

(A)            
an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings
(including customary negative assurances) and such other matters as may be reasonably requested by such Selling Holder and underwriters,
and

 

(B)             
a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for receipt of
a “comfort” letter specified in AU Section 634 of the AICPA Professional Standards, an “agreed upon procedures”
letter) signed by the independent registered public accountants who have certified the Company’s financial statements included
in such registration statement (and, if necessary, any other independent registered public accountant of any business acquired
by the Company from which financial statements and financial data are, or are required to be, included in the registration statement);

 

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(viii)       
promptly make available for inspection by any Selling Holder, any underwriter participating in any disposition pursuant
to any registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Holder
or underwriter (collectively, the “Inspectors”),
all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be reasonably necessary to enable such Selling Holder or underwriter to exercise their due diligence responsibility,
and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection
with such registration statement promptly; provided that, (1) unless the disclosure of such Records is necessary to avoid
or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena
or other order from a court of competent jurisdiction, the Company shall not be required to provide any information under this
clause (viii) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the
Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either (A) the Company has
requested and been granted from the Commission confidential treatment of such information contained in any filing with the Commission
or documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that such Records are
confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or
(ii) such holder of Registrable Securities requesting such information agrees, and causes each of its Inspectors, to enter into
a confidentiality agreement on terms reasonably acceptable to the Company; (2) each holder of Registrable Securities agrees that
it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company
and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential;
and (3) to the extent practicable, the foregoing inspection and information gathering shall be coordinated on behalf of the Selling
Holders participating in such offering by one law firm designated by and on behalf of such Selling Holders, which counsel the
Company reasonably determines to be acceptable;

 

(ix)            
promptly notify in writing each Selling Holder and the underwriters, if any, of the following events:

 

(A)            
the filing of the registration statement, the prospectus or any prospectus supplement related thereto, any Issuer Free Writing
Prospectus or post-effective amendment to the registration statement, and, with respect to the registration statement or any post-effective
amendment thereto, when the same has become effective;

 

(B)             
any request by the Commission for amendments or supplements to the registration statement or the prospectus or for additional
information;

 

(C)             
the issuance by the Commission of any stop order suspending the effectiveness of the registration statement or the initiation
of any proceedings by any Person for that purpose;

 

(D)            
when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the registration
statement; and

 

(E)              the
receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such
purpose;

 

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(x)              
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and, at the request of any Selling Holder, promptly
prepare and furnish to such Selling Holder a reasonable number of copies of a supplement to or an amendment of such prospectus
as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading;

 

(xi)            
use commercially reasonable efforts to obtain the withdrawal of any order or to fulfill any request suspending the effectiveness
of such registration statement;

 

(xii)         
cooperate with any Selling Holder and any underwriter and the managing underwriter to facilitate the timely preparation
and delivery of certificates or security entitlements (which shall not bear any restrictive legends unless required under applicable
law), if necessary or appropriate, representing securities sold under any registration statement, and enable such securities to
be in such denominations and registered in such names as the managing underwriter or such Selling Holder may request and keep available
and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of
such certificates as necessary or appropriate;

 

(xiii)       
have appropriate officers of the Company prepare and make presentations at any “road shows” and before analysts
and rating agencies, as the case may be, take other actions to obtain ratings for any Registrable Securities (if they are eligible
to be rated) and otherwise use its commercially reasonable efforts to cooperate as reasonably requested by the Selling Holders
and the underwriters in the offering, marketing or selling of the Registrable Securities;

 

(xiv)        
have appropriate officers of the Company, and cause representatives of the Company’s independent registered public
accountants, to participate in any due diligence discussions reasonably requested by any Selling Holder or any underwriter;

 

(xv)          
if requested by any underwriter, agree, and cause the Company and any directors or officers of the Company to agree, to
be bound by customary “lock-up” agreements restricting the ability to dispose of Company Securities; provided
that (A) the Company and any directors or officers of the Company shall not be required to enter into any lock-up agreement unless
requested by the underwriters, if any, in an underwritten offering; and (B) unless the Selling Holders, collectively, own less
than three percent (3%) of the Company following such transaction, such agreement shall be on terms substantially similar to that
entered into by the holders selling Registrable Securities, and (C) in any event, such agreement shall not include a lock-up period
longer than ninety (90) days from the date of the final prospectus relating to such offering;

 

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(xvi)        
if requested by any Selling Holders or any underwriter, promptly incorporate in the registration statement or any prospectus,
pursuant to a supplement or post-effective amendment if necessary, such information as such Selling Holders may reasonably request
to have included therein, including information relating to the “Plan of Distribution” of the Registrable Securities;

 

(xvii)     
cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation
by any underwriter that is required to be undertaken in accordance with the rules and regulations of the FINRA;

 

(xviii)   
otherwise use commercially reasonable efforts to cooperate as reasonably requested by the Selling Holders and the underwriters
in the offering, marketing or selling of the Registrable Securities;

 

(xix)        
otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission and
all reporting requirements under the rules and regulations of the Exchange Act; and

 

(xx)          
use commercially reasonable efforts to take any action requested by the Selling Holders, including any action described
in clauses (i) through (xix) above to prepare for and facilitate any “over-night deal” or other proposed sale
of Registrable Securities over a limited timeframe.

 

The Company may require each Selling Holder
and each underwriter, if any, to furnish the Company in writing such information regarding each Selling Holder or underwriter and
the distribution of such Registrable Securities as the Company may from time to time reasonably request to complete or amend the
information required by such registration statement.

 

(b)              
Without limiting any of the foregoing, in the event that the offering of Registrable Securities is to be made by or through
an underwriter, the Company shall enter into an Underwriting Agreement with a managing underwriter or underwriters containing representations,
warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company
contained herein) by an issuer of common stock in underwriting agreements with respect to offerings of common stock for the account
of, or on behalf of, such issuers. In connection with any offering of Registrable Securities registered pursuant to this Agreement,
the Company shall furnish to the underwriter, if any (or, if no underwriter, the Selling Holder), unlegended certificates representing
ownership of the Registrable Securities being sold (unless, in the Company’s sole discretion, such Registrable Securities
are to be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form), in such denominations
as requested and instruct any transfer agent and registrar of the Registrable Securities to release any stop transfer order with
respect thereto.

 

    22

     

    

 

(c)              
Each Selling Holder agrees that upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 5.04(a)(x), such Selling Holder shall forthwith discontinue such Selling Holder’s disposition of Registrable
Securities pursuant to the applicable registration statement and prospectus relating thereto until such Selling Holder is advised
in writing by the Company that such Selling Holder may resume such disposition and such Selling Holder has received copies of the
supplemented or amended prospectus contemplated by Section 5.04(a)(x) and, if so directed by the Company, such Selling
Holder shall deliver to the Company, at the Company’s expense, all copies, other than permanent file copies, then in such
Selling Holder’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable
Securities. In the event the Company shall give such notice, any applicable sixty (60) day period during which such registration
statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date
of giving of a notice regarding the happening of an event of the kind described in Section 5.04(a)(ix) to the date
when all such Selling Holders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed
with the Commission.

 

(d)              
If the sole or managing underwriter of a public offering pursuant to a Demand Registration or Shelf Underwritten Offering
advises the Company that the number of Registrable Securities to be included exceeds the number of Registrable Securities that
can be sold in such offering without adversely affecting the distribution of the securities being offered, the price that shall
be paid in such offering or the marketability thereof, the Company shall include in such registration the greatest number of Registrable
Securities proposed to be registered by the Holders, which in the opinion of such underwriters can be sold in such offering without
adversely affecting the distribution of the securities being offered, the price that shall be paid in such offering or the marketability
thereof, ratably among the Holders requesting registration, based on the respective amounts of Registrable Securities held by each
such Holder.

 

(e)              
Except in the case of a Demand Registration or Shelf Underwritten Offering, if the sole or managing underwriter of a registration
advises the Company in writing that in its opinion the number of Registrable Securities and other securities requested to be included
exceeds the number of Registrable Securities and other securities which can be sold in such offering without adversely affecting
the distribution of the securities being offered, the price that shall be paid in such offering or the marketability thereof, the
Company shall include in such registration the Registrable Securities and other securities of the Company in the following order
of priority:

 

(i)                
first, to the Company for its own account; and

 

(ii)             
second, to the Holders requesting such registration, ratably among such Holders based on the respective amounts of Registrable
Securities held by each such Holder.

 

(iii)           
Upon delivering a request under this Section 5.04, a Holder shall, if requested by the Company, execute and deliver
execute such agreements as the Company may reasonably request to facilitate such registration.

 

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(f)               
Each Holder agrees that in connection with an underwritten offering made pursuant to this Section 5 (whether
or not such Holder is participating in such registration), if (i) requested by the Company or the managing underwriter or underwriters
of such underwritten offering and (ii) all directors and officers of the Company agree to be bound by the same restrictions with
respect to any capital stock of the Company held by such directors and officers (other than those included in the registration),
such Holder shall not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable
Securities or other capital stock of the Company (other than those included in the registration) without the prior written consent
of the Company or such underwriters, as the case may be, for such period of time as the Company or such underwriters may specify;
provided that such period of time shall not exceed the shorter of (x) ninety (90) days following the effective date of the
applicable offering and (y) such other period as the underwriters may require of the Company; provided, further,
that if any director or officer of the Company is provided with the prior written consent of the Company or such underwriters,
as the case may be, to engage in any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any capital
stock of the Company any capital stock of the Company held by such directors and officers (other than those included in the registration),
then such consent will also be simultaneously provided to each Holder with respect to a corresponding number of Registrable Securities
held by such Holder.

 

Section 5.05.     
Registration Expenses. (a) All expenses incident to the Company’s performance of, or compliance with, its obligations
under this Agreement including (i)(A) all registration and filing fees, all fees and expenses of compliance with securities and
 “blue sky” laws, (B) all fees and expenses associated with filings required to be made with FINRA (including, if applicable,
the fees and expenses of any “qualified independent underwriter” as such term is defined in NASD Rule 2720 or the equivalent
rule incorporated into the FINRA rulebook), (C) all fees and expenses of compliance with securities and “blue sky”
laws, (D) all printing (including expenses of printing certificates, if any, for the Registrable Securities in a form eligible
for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses and Issuer Free Writing
Prospectuses is requested by a holder of Registrable Securities) and copying expenses, (E) all messenger and delivery expenses,
(F) all fees and expenses of the Company’s independent certified public accountants and counsel (including with respect to
 “comfort” letters, “agreed-upon procedures” letter and opinions) and (G) fees and expenses of one (1) counsel
for the Stockholders selling in such registration (which firm shall be selected by the Stockholders selling in such registration
that hold a majority of the Registrable Securities included in such registration) (collectively, the “Registration
Expenses”) and (ii) any expenses described in clauses (i)(A) through (G) above incurred in connection with
the marketing and sale of Registrable Securities (“Offering Expenses”)
shall be borne by the Company, regardless of whether a registration is effected, marketing is commenced or sale is made. The Company
will pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting
duties, the expense of any annual audit and the expense of any liability insurance) and the expenses and fees for listing the securities
to be registered on each securities exchange and included in each established over-the-counter market on which similar securities
issued by the Company are then listed or traded.

 

(b)               Each
Selling Holder shall pay its portion of all (i) underwriting fees, discounts and commissions, (ii) legal fees for counsel to
the Selling Holders and (iii) and transfer taxes, if any, relating to the sale of such Selling Holder’s Registrable
Securities pursuant to any registration.

 

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Section 5.06.     
Indemnification.

 

(a)              
Registration Statement Indemnification.

 

(i)                
The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Selling Holder, its officers,
directors, employees, managers, members, partners and Affiliates, and each underwriter in an Underwritten Offering from and against
any and all losses, claims, damages, liabilities and expenses (including reasonable and documented expenses of investigation and
reasonable and documented attorneys’ fees and expenses) (collectively, the “Losses”)
caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, any Issuer Free Writing Prospectus, any prospectus or preliminary prospectus or any amendment thereof or
supplement thereto or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as the same are
caused by any information furnished in writing to the Company by (i) a Selling Holder or (ii) an underwriter expressly for use
therein.

 

(ii)             
In connection with any registration statement in which a holder of Registrable Securities is participating, each such Selling
Holder will furnish to the Company in writing information regarding such Selling Holder’s ownership of Registrable Securities
and its intended method of distribution thereof and, to the extent permitted by applicable law, shall, severally and not jointly,
indemnify the Company, its directors, officers, employees and agents and each Person who controls (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act) the Company or such other indemnified Person and each underwriter
in an Underwritten Offering against all Losses caused by any untrue statement of material fact contained in the registration statement,
any Issuer Free Writing Prospectus, any prospectus or preliminary prospectus or any amendment thereof or supplement thereto or
any omission of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, but only to the extent that such untrue statement or omission is made in reliance upon
the information furnished in writing to the Company by such Selling Holder expressly for use therein; provided, however,
that each Selling Holder’s obligation to indemnify the Company hereunder shall, to the extent more than one Selling Holder
is subject to the same indemnification obligation, be apportioned between each Selling Holder based upon the net amount received
by each Selling Holder from the sale of Registrable Securities, as compared to the total net amount received by all of the Selling
Holders of Registrable Securities sold pursuant to such registration statement. Notwithstanding the foregoing, no Selling Holder
shall be liable to the Company for amounts in excess of the lesser of (i) such apportionment and (ii) the net amount received by
such holder in the offering giving rise to such liability.

 

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(b)              
Contribution. If recovery is held by a court of competent jurisdiction to be unavailable under the foregoing indemnification
provisions for any reason or reasons other than as specified therein, any Person who would otherwise be entitled to indemnification
by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with respect to which such Person
would be entitled to such indemnification but for such reason or reasons. In determining the amount of contribution to which the
respective Persons are entitled, there shall be considered the Persons’ relative knowledge and access to information concerning
the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and
other equitable considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable
if the amount of such contribution were determined by pro rata or per capita allocation. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found
guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Holder or transferee thereof shall be required
to make a contribution in excess of the net amount received by such holder from its sale of Registrable Securities in connection
with the offering that gave rise to the contribution obligation.

 

(c)              
Procedure.

 

(i)                
Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification. Notwithstanding the foregoing, the failure to give such notice shall not release
the indemnifying party from its obligation, except to the extent that the indemnifying party has suffered actual detriment by such
failure to provide such notice on a timely basis.

 

(ii)             
In any case in which any such action is brought against any indemnified party, and it notifies an indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory
to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party will not (so long as it shall continue to have the right to defend, contest, litigate
and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal
or other expense subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs
of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds
that there may be defenses available to it which are different from or in addition to the defenses available to such indemnifying
party or (ii) the indemnifying party shall have failed within a reasonable period of time to assume such defense and the indemnified
party is or is reasonably likely to be prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed
by the indemnifying party for the expenses incurred in connection with retaining separate legal counsel). The indemnifying party
shall lose its right to defend, contest, litigate and settle a matter if it shall fail to diligently contest such matter.

 

    26

     

    

 

(d)              
Other Matters.

 

(i)                
The indemnity and contribution agreements contained in this Section 5.06 shall remain operative and in full
force and effect, regardless of (i) any investigation made by or on behalf of any indemnitee, the Company, its directors or officers,
or any Person controlling the Company, and (ii) any termination of this Agreement.

 

(ii)             
The parties hereto shall, and shall cause their respective Subsidiaries to, cooperate with each other in a reasonable manner
with respect to access to unprivileged information and similar matters in connection with any indemnification claim made pursuant
to this Section 5.06. The provisions of this Section 5.06 are for the benefit of, and are intended to create
third-party beneficiary rights in favor of, each of the indemnified parties referred to herein.

 

(iii)           
Not less than three (3) days before the expected filing date of each registration statement pursuant to this Agreement,
the Company shall notify each Stockholder who has timely provided the requisite notice hereunder entitling the Stockholder to register
Registrable Securities in such registration statement of the information, documents and instruments from such Stockholder that
the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to,
a questionnaire, custody agreement, power of attorney, lock-up letter and underwriting agreement (the “Requested
Information”). If the Company has not received, on or before the day before the expected filing date, the Requested
Information from such Stockholder, the Company may file the Registration Statement without including Registrable Securities of
such Stockholder. The failure to so include in any registration statement the Registrable Securities of a Stockholder (with regard
to that registration statement) shall not in and of itself result in any liability on the part of the Company to such Stockholder.

 

(iv)            
The indemnification and contribution provided pursuant to this Agreement shall be a continuing right to indemnification
and shall survive the registration and sale of any securities by any Person entitled to indemnification and contribution hereunder
and the expiration or termination of this Agreement.

 

(v)              
Notwithstanding anything to the contrary in this Agreement, to the extent that the provisions on indemnification and contribution
contained in the underwriting agreement entered into in connection with any underwritten public offering are in conflict with this
Article 5, the provisions in such underwriting agreement shall control.

 

Article 6

Other Covenants

 

Section 6.01.     
Avoidance of Regulation Under the BHCA.

 

(a)              
Notwithstanding anything in this Agreement to the contrary, no Stockholder shall acquire additional Company Securities
if such acquisition could reasonably be expected to result in (i) the Company becoming subject to the BHCA because the Company
is or would be controlled (for purposes of the BHCA) by any Stockholder or any of its affiliates (for purposes of the BHCA) for
purposes of the BHCA (a “Control Event”), or (ii) the Stockholders and any of their affiliates (for purposes
of the BHCA), in the aggregate, Holding Company Securities representing more than the Voting Percentage Limit.

 

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(b)              
If any Stockholder or the Company becomes aware of any existing, pending, proposed or contemplated action, change, circumstance,
occurrence or event that could reasonably be expected to result in a Control Event, then such party shall promptly give notice
to the other parties to this Agreement of such action, change, circumstance, occurrence or event. Such notice shall include a reasonably
detailed description for the basis of its belief that such action, change, circumstance, occurrence or event would reasonably be
expected to result in a Control Event. Such description need not include information that is not permitted by applicable laws or
regulations to be disclosed. To the extent permitted by law and practicable under the circumstances, the applicable party shall
use commercially reasonable efforts to obtain permission from the appropriate governmental agency or authority of competent jurisdiction
to disclose such information to the other party. Promptly following delivery of such notice and, assuming an Exchange will not
eliminate or avoid a Control Event, the Stockholders will take all actions reasonably required to eliminate or avoid such Control
Event, including undertaking a Regulatory Hardship Transfer.

 

Section 6.02.     
Information Rights. For so long as the Stockholders Beneficially Own, in the aggregate, at least one-third (1/3)
of the Initial Shares, the Company shall:

 

(a)              
provide the Stockholders information concerning the Company and its Subsidiaries that relates to the matters described in
Section 6.03 as the Stockholders may reasonably request (in each case, in a manner so as to not (x) unreasonably interfere
in any material respect with the normal business operations of the Company or its Subsidiaries or (y) require the Company or its
Subsidiaries to incur any material cost not reimbursed by the Stockholders); and

 

(b)              
cause members of its senior management to meet with members of the senior management of the Stockholders (in person or via
remote access, including telephonically, as agreed by the parties) to provide the Stockholders with a presentation regarding developments
relating to the business and operations of the Company and its Subsidiaries and to respond to questions from the Stockholders;
provided that the Company and its Subsidiaries shall not be required to provide senior management presentations pursuant
to this Section 6.02(b) more than once during any fiscal year of the Company.

 

Section 6.03.     
Business Alliance. The Investor and the Company desire to collaborate across three areas which are expected to strengthen
the existing businesses of the Company and the Investor and their respective Affiliates’ and enhance each such Person’s
ability to support its clients’ needs on a global basis. In connection therewith, the Investor and the Company plan to:
(i) enter into a strategic distribution agreement to market the Company’s investment products to the Investor’s clients
in the Japanese market, (ii) utilize the Investor’s and its Affiliates’ capital to make investments that will support
the launch of certain new businesses, and accelerate the advancement of certain existing platforms, of the Company, with a particular
focus on private credit markets and (iii) coordinate on certain capital markets financing activities in the US and Asian leveraged
finance markets. This Section 6.03 is intended solely as a basis for further discussion and is not intended to be
and does not constitute a legally binding obligation on any Person. It is understood that this Section 6.03 does not
constitute an offer or commitment on the part of the Company or any of its Affiliates or the Investor or any of its Affiliates
to negotiate with the other party or its Affiliates or to enter into any subsequent agreement, in each case, on these or any other
terms at any future time.

 

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Section 6.04.     
Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission
that may permit the sale of the Subject Shares to the public without registration, the Company agrees to use its commercially reasonable
efforts to:

 

(a)              
make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144
under the Securities Act (“Rule 144”) (or any similar provision then in effect), at all times;

 

(b)              
file with the Commission in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act at all times;

 

(c)              
furnish (i) if accurate, forthwith upon request, a written statement of the Company that it has complied with the reporting
requirements of Rule 144 (or any similar provision then in effect) and (ii) unless otherwise available via the Commission’s
EDGAR filing system, to the Stockholders (upon request) a copy of the most recent annual or quarterly report of the Company, and
such other reports and documents so filed as the Stockholders may reasonably request in availing themselves of any rule or regulation
of the Commission allowing the Stockholders to sell any such securities without registration; and

 

(d)              
if at any time there is in place an effective registration statement to cover the sale of all or any portion of the Subject
Shares, or if the Subject Shares may be sold such that a restrictive legend is not required under applicable requirements of the
Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission), then the Company
agrees that at such time as any restrictive legend is no longer required, it will upon the request of the Stockholder, promptly
provide AST with a legal opinion issued by the Company’s legal counsel (at the Company’s sole cost and expense) in
form and substance that is acceptable to AST that the Subject Shares are not required to bear a restrictive legend and shall instruct
AST to promptly remove any such legends from the Subject Shares.

 

Section 6.05.     
Class C Common Stock. The Company shall not effect any reverse stock split or share cancellation or take any other
action that would decrease the amount of issued and outstanding shares of Class C Common Stock (whether existing on or following
the date of this Agreement) to a number that is less than the number of Ares Operating Group Units directly or indirectly owned
by the Company without the prior written consent of the Stockholders that own a majority of the Company Securities owned by all
Stockholders (such consent not to be unreasonably withheld, conditioned or delayed if effecting such reverse stock split or share
cancellation or taking any such other action would not reasonably be expected to result in an Exchange Event). The foregoing shall
not prohibit or restrict the Company from retiring or cancelling any shares of Class C Common Stock in the event a corresponding
number of Ares Operating Group Units Beneficially Owned by any Person (other than by the Company) are converted or exchanged into
shares of Class A Common Stock.

 

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Section 6.06.     
Confidentiality.

 

(a)              
Without limiting any other confidentiality obligation any Stockholder may have to the Company, any of the Company’s
Subsidiaries, any Ares Fund or any of their respective Affiliates, each Stockholder shall (and shall (x) cause each of its Affiliates
and controlled Representatives to, and (y) request and direct that its non-controlled Representatives) not disclose to any Person
(other than its Representatives who have a need to know such information and the Company, any of the Company’s Subsidiaries,
any Ares Fund or any of their respective Affiliates) any: (i) information provided by or on behalf of the Company, any Ares Fund
or any of their respective Representatives to such Stockholder or any of its Representatives in connection with (A) such Stockholder’s
investment in the Company, (B) such Stockholder’s rights under this Agreement or (C) such Stockholder’s, or any of
its Affiliates’ evaluation of any of its existing or potential investments in the Company, any Ares Fund or any of their
respective Affiliates or (ii) any Information (as defined in the applicable Board Agreement) provided by or on behalf of the Observer
or Stockholder Designee to such Stockholder (the information described in clause (i) and (ii), collectively, “Confidential
Information”). Confidential Information will not include any information that (I) was known by the Investor or its Affiliates
on a non-confidential basis prior to the date of this Agreement, (II) is or becomes generally available to the public, other than
as a result of a disclosure by (x) a Stockholder or any of its Representatives in violation of this Agreement or (y) an Observer
or Stockholder Designee in violation of a Board Agreement, (III) was independently generated by such Stockholder without the use
of Confidential Information or (IV) is or becomes available or known to such Stockholder from a source (other than the Company,
any Ares Fund or any Representative of any of the foregoing) that, to the Stockholder’s knowledge, is not bound by a confidentiality
agreement or other obligation of confidentiality with respect to such information.

 

(b)              
If any Stockholder is compelled, requested or required (orally or in writing) by a regulatory authority, applicable law,
regulation, oral questions, requests for information or documents, interrogatories, subpoena, court order, deposition, administrative
proceeding, inspection, audit, civil investigative demand, formal or informal investigation by any governmental agency or authority
of competent jurisdiction or other similar legal process to disclose any Confidential Information, to the extent permitted by
applicable law and practicable under the circumstances, such Stockholder shall provide to Company in writing (including via email)
prompt notice of any such request or requirement so that Company may, at the Company’s cost and expense, intervene and seek
an appropriate protective order or waive certain of such Stockholder’s obligations under this Agreement. If no protective
order is obtained (or, if the protective order that is obtained does not relieve such Stockholder from his or her duty or obligation
of disclosure), such Stockholder (i) may disclose that portion of Confidential Information that such Stockholder reasonably believes
it is compelled, requested or required to disclose and (ii) will use its commercially reasonable efforts to request assurances
that confidential treatment will be accorded such Confidential Information. Nothing in this Agreement shall prevent any Stockholder
from disclosing any Confidential Information to any bank or financial governmental agency or authority of competent jurisdiction
(including the Federal Reserve Board or the Financial Services Agency of Japan) with jurisdiction over such Stockholder or any
of its affiliates (for purposes of the BHCA), which such disclosure is reasonably necessary to respond to a request or requirement
of (including in connection with any audit or examination of or filing with) such bank or financial governmental authority or
agency and, accordingly, the obligations of confidentiality and non-disclosure set out herein shall not apply to any such disclosure;
provided that, promptly following such disclosure, subject to applicable law and the directions of the applicable bank
or financial governmental authority or agency, the applicable Stockholder shall provide notice to the Company of any such disclosure
in response to such a request or requirement that specifically targets the Company, any of the Company’s Subsidiaries, any
Ares Fund or any of their respective Representatives.

 

    30

     

    

 

(c)              
Each Stockholder acknowledges and agrees that (i) the Confidential Information may not be complete, (ii) the Company is
not providing any representations or warranties to the Stockholders with respect to the Confidential Information, (iii) the provision
of Confidential Information shall not in and of itself be construed as or constitute an admission or agreement that such Confidential
Information is material to the Company or its Subsidiaries and (iv) the Company shall not have any liability to any Stockholder
or any of their respective Representatives relating to or resulting from the use or non-use of the Confidential Information, other
than as expressly provided for in a separate written agreement between the Company and any Stockholder or any of its Representatives.
Each Stockholder acknowledges that possession of Confidential Information may constitute the possession of material non-public
information with respect to one or more Persons and may preclude such Stockholder and others who receive such Confidential Information
from (or on behalf of) any Stockholder from buying or selling publicly traded securities with respect to the applicable Persons.

 

(d)              
All Confidential Information is and shall remain the property of the Company. No license, copyright or similar right is
granted with respect to any of the Confidential Information or any other information provided to any Stockholder by, or on behalf
of, the Company or any of its Representatives.

 

Section 6.07.     
Cooperation on Regulatory Matters. To the extent permitted by applicable law, each Stockholder shall (and shall (x)
cause each of its Affiliates and controlled Representatives to, and (y) request and direct that its non-controlled Representatives)
use commercially reasonable efforts to promptly provide all documentation and information that has been reasonably requested by
the Company that is requested of the Company, any Subsidiary of the Company, any Ares Fund or any portfolio company or investment
thereof by any governmental or quasi-governmental agency or authority of competent jurisdiction (or otherwise required by any applicable
laws, rules and regulations). Each Stockholder shall use commercially reasonable efforts to reasonably cooperate with the Company
in connection with the Company’s, the Ares Funds’, and their respective Affiliates’ and portfolio companies’
or investments’ compliance with laws, rules and regulations applicable to their respective businesses to the extent related
to the Stockholders’ Beneficial Ownership of the Subject Shares and the Stockholders’ rights arising under this Agreement.

 

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Article 7

Miscellaneous

 

Section 7.01.     
Headings. The headings in this Agreement are for convenience of reference only and shall not control or affect the
meaning or construction of any provisions hereof.

 

Section 7.02.     
Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter contained herein, and there are no restrictions, promises, representations, warranties, covenants, conditions
or undertakings with respect to the subject matter hereof, other than those expressly set forth or referred to herein. This Agreement
supersedes and preempts all prior agreements and understandings between the parties hereto, written or oral, with respect to the
subject matter hereof.

 

Section 7.03.     
Further Actions; Cooperation. Each of the parties hereto agrees to use its commercially reasonable efforts to take,
or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other parties in doing,
all things necessary, proper or advisable to give effect to the transactions contemplated by this Agreement.

 

Section 7.04.     
Notices. All notices, requests, consents and other communications to any party hereto under this agreement shall
be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile, electronic mail, nationally
recognized overnight courier or first class registered or certified mail, return receipt requested, postage prepaid, addressed
to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this
Agreement or in writing by such party to the other parties:

 

if to the Investor, to:

 

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, NY 10172, U.S.A.

Attn:      Daisuke Tanaka

Tomohiro Homma

Atsushi Kubo

Email:    Daisuke_Tanaka_ny@smbcgroup.com

Tomohiro_Homma@smbcgroup.com

Atsushi_Kubo@smbcgroup.com

 

with a copy (which shall not constitute notice) to:

 

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West, 401 9th Avenue

New York, NY 10001

Attn:       Sven Mickisch

Email:    sven.mickisch@skadden.com

 

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If to the Company, to:

 

Ares Management Corporation

2000 Avenue of the Stars

12th Floor

Los Angeles, CA 90067

Attention: Naseem Sagati Aghili, General Counsel

Email: nsagati@aresmgmt.com

 

with a copy (which shall not constitute notice) to:

 

Kirkland & Ellis LLP

2049 Century Park East

Suite 3700

Los Angeles, CA 90067

Fax: (310) 552-5900

Email: jonathan.benloulou@kirkland.com, pippa.bond@kirkland.com

Attn: Jonathan Benloulou, P.C.; Pippa Bond, P.C.

 

If to a Stockholder that is not the Investor,
then to the address set forth in a Joinder Agreement of such Stockholder.

 

All such notices, requests, consents and
other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties
at the above addresses or sent by facsimile or electronic mail (if no failure message is generated), to the email addresses or
facsimile numbers specified above (or at such other electronic mail address or facsimile number for a party as shall be specified
by like notice). Any party may change the address to which notices, requests, consents or other communications hereunder are to
be delivered by giving the other parties notice in the manner set forth in this Section 7.04. Legal counsel for any
party may send to any other party any notices, requests, demands or other communications required or permitted to be given under
this Agreement by such party.

 

Section 7.05.     
Applicable Law. This Agreement, and all claims or causes of action (whether in contract, tort or statute) that may
be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (“Transaction
Litigation”), shall be governed by and enforced and construed in accordance with the Laws of the State of Delaware (including
its statute of limitations), regardless of the Laws that might otherwise govern under applicable principles of conflicts of law
thereof.

 

Section 7.06.     
Severability. The provisions of this Agreement are independent of and separable from each other. The invalidity,
illegality or unenforceability of one or more of the provisions of this Agreement in any jurisdiction shall not affect the validity,
legality or enforceability of the remainder of this Agreement, including any such provisions, in any other jurisdiction, it being
intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable
law. The parties hereto shall endeavor in good faith negotiations to replace any invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provision, as applicable.

 

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Section 7.07.     
Successors and Assigns. Except as otherwise provided herein, all the terms and provisions of this Agreement shall
be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the
parties hereto. No Stockholder shall assign any of its rights under this Agreement to any Person other than a Permitted Transferee.
Each Permitted Transferee who becomes a Stockholder under this Agreement shall be subject to all of the terms of this Agreement,
and by taking and holding such Subject Shares, such Person shall be entitled to receive the benefits of and be conclusively deemed
to have agreed to be bound by and to comply with all of the obligations, terms and provisions of this Agreement. Notwithstanding
the foregoing, no transfer of rights permitted under this Agreement shall be binding upon or obligate the Company unless and until,
if required under Section 3.04, the Company shall have received written notice of such transfer and an executed Joinder
Agreement from the Permitted Transferee provided for in Section 3.04. The Company may not assign any of its rights
or obligations under this Agreement without the prior written consent of the Stockholders that own a majority of the Company Securities
owned by the Stockholders. Any assignment attempted or effected without obtaining such required consent shall be null and void.
Notwithstanding the foregoing, no assignee of the Company shall have any rights granted under this Agreement until such Person
shall acknowledge its rights and obligations under this Agreement by a signed written statement of such Person’s acceptance
of such rights and obligations.

 

Section 7.08.     
Amendments. This Agreement may not be amended, restated, modified or supplemented unless such amendment, restatement,
modification or supplement is in writing and signed by the Stockholders that own a majority of the Company Securities owned by
the Stockholders and the Company.

 

Section 7.09.     
Waiver. The failure of a party to this Agreement at any time or times to require performance of any provision hereof
shall in no manner affect its right at a later time to enforce the same. No waiver by a party of any condition or of any breach
of any term, covenant, representation or warranty contained in this Agreement shall be effective unless in a writing signed by
the party against whom the waiver is to be effective. No waiver in any one or more instances shall be deemed to be a further or
continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other
term, covenant, representation or warranty.

 

Section 7.10.     
Counterparts. This Agreement may be executed by facsimile or by email with .pdf attachments in two or more counterparts,
each of which shall be deemed an original but all of which shall constitute one and the same Agreement.

 

Section 7.11.     
Governing Law; Jurisdiction; WAIVER OF JURY TRIAL.

 

(a)              
Each of the parties hereto irrevocably and unconditionally (a) agrees that any Transaction Litigation shall be instituted
in the Court of Chancery of the State of Delaware (provided that if jurisdiction is not then available in such court, then
any such legal suit, action, proceeding or counterclaim shall be brought in any federal court located in the State of Delaware
or in any other Delaware state court) (any of the foregoing Delaware courts, a “Delaware Court”); (b) waives,
to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any such legal
suit, action, proceeding or counterclaim; and (c) submits to the non-exclusive jurisdiction of a Delaware Court in any such legal
suit, action, proceeding or counterclaim. Any final and nonappealable judgment against any party in any Transaction Litigation
shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on judgment, a certified
copy of which shall be conclusive evidence of the fact and amount of such judgment.

 

    34

     

    

 

(b)              
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY TRANSACTION LITIGATION. EACH PARTY AGREES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IF THERE IS ANY TRANSACTIONAL LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY;
AND (IV) EACH OTHER PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATES
IN THIS SECTION 7.11(b).

 

Section 7.12.     
Injunctive Relief. Each party hereto acknowledges and agrees that a violation of any of the terms of this Agreement
will cause the other parties irreparable injury for which an adequate remedy at law is not available. Therefore, the parties hereto
agree that, in addition to any other remedy to which they are entitled at law or in equity, each party shall be entitled to seek
an injunction, restraining order, specific performance or other equitable relief from any court of competent jurisdiction, restraining
any party from committing any violations of the provisions of this Agreement, without the need to post a bond or prove the inadequacy
of monetary damages.

 

Section 7.13.     
Termination.

 

(a)              
The terms of this Agreement shall terminate, and be of no further force or effect (i) upon the mutual consent of all of
the parties hereto, (ii) at such time as all Stockholders party to this Agreement cease to own any Subject Shares and (iii) with
respect to any Stockholder, at such time as such Stockholder ceases to own any Subject Shares. The Stockholders party to this Agreement
shall notify the Company when they cease to own any Subject Shares.

 

(b)              
In the event of a Change of Control as a result of which the Company shall not be the surviving Person, (i) Article 4
and Section 6.02 shall terminate and be of no further force or effect and (ii) the Company shall cause proper provision
to be made so that the surviving Person (or, if such surviving Person is a Subsidiary of another Person, of such other Person constituting
the ultimate parent thereof) assumes the obligations of the Company set forth in this Agreement (other than Article 4
and Section 6.02) in respect of any shares of capital stock into which all or a portion of the Subject Shares are or
may be converted or exchanged in the Change of Control.

 

    35

     

    

 

(c)              
Notwithstanding a termination of this Agreement (or certain provisions herein) in accordance with Section 7.13(a)
or Section 7.13(b)(i), the following shall survive the termination of this Agreement: (i) the provisions of Section 5.05,
Section 5.06, Section 7.05, Section 7.11 and this Section 7.13; (ii) the rights
with respect to the breach of any provision hereof by any party to this Agreement; and (iii) any registration rights vested or
obligations accrued as of the date of termination of this Agreement to the extent, in the case of registration rights so vested,
if the Investor or its Permitted Transferee ceases to meet the definition of a “Stockholder” under this Agreement subsequent
to the vesting of such registration rights as a result of action taken by the Company.

 

Section 7.14.     
Inconsistency. The parties to this Agreement agree and acknowledge that, to the extent any terms and provisions of
this Agreement are in any way inconsistent with or in conflict with any term, condition or provision of the Purchase Agreement,
the terms and provisions of this Agreement shall govern and control to the extent necessary to resolve such inconsistency or conflict
as between the Investor and the Company.

 

[Remainder of this page intentionally
left blank]

 

    36

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed and delivered by their duly appointed officers as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	Sumitomo
    Mitsui Banking 

    Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	COMPANY:
	 	 
	 	ARES MANAGEMENT 

    CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

Exhibit A

 

Form of Board Agreement

 

(See attached)

 

     

     

    

 

Exhibit B

 

Form of Joinder Agreement

 

[DATE]

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