Document:

Employment Agreement with Gene Donnelly

 Exhibit 10.37 

 

 

 May 13, 2010 
 Personal and Confidential 
 Eugene Donnelly 

[Address on File with Company] 
 Dear Gene:

 We are please to confirm the following terms in connection with your employment with Apollo Global Management, LLC (together
with its affiliated investment management companies, the “Company”). Unless otherwise defined herein, capitalized terms shall have the meaning set forth at the end of this letter. 

 

	•	 	 Position & Reporting. You will be employed as the Chief Financial Officer of the Company. You will be a member of the Senior Management
Committee and you will report to the Executive Committee of the Board of Directors. 

  

	•	 	 Annual Base Salary. You will be entitled to an annual base salary (“Base Salary”) at the rate of $1,000,000 which Base Salary
shall accrue day to day and be paid in accordance with the Company’s normal payroll practices applicable to similarly situated employees. 

  

	•	 	 Annual Bonus. You will be eligible to receive an annual bonus payment (“Bonus”) in an amount to be determined by the Company in
its discretion. Your target annual Bonus will be 170% of your Base Salary. The actual Bonus payable to you may be greater or less depending upon your performance and the performance of the Company. Notwithstanding the foregoing, for services
provided in 2010, your guaranteed Bonus will be $1,700,000 (the “2010 Bonus”). The 2010 Bonus as well as subsequent annual bonuses will be paid in accordance with the Company’s Incentive Program (as defined below) and shall be paid
when bonuses are generally paid to other similarly situated employees, provided that you are employed on the payment date. 

  

	•	 	 Plan Grant. On the last day of the calendar quarter that includes the Start Date, you shall be granted (the “Plan Grant”)
restricted share units (“RSUs”) covering 500,000 Class A shares of Apollo Global Management, LLC under the Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan (the “Plan”), subject to approval by
the Committee that administers the Plan. Each RSU shall be granted pursuant to the Plan and shall be subject to such other terms and documentation as generally apply to Plan participants including your continued employment through each vesting date;
however, your RSU award shall provide for two quarters of additional vesting in the event the Company terminates your employment without Cause, you resign for Good Reason, or your employment is terminated due to your death or Disability. A draft
form of the RSU award agreement is attached hereto as Exhibit A. The RSUs will vest over a period of 6 years, as follows: (i) the first 24 % of the grant will vest on September 30, 2011; and (ii) the remaining balance will vest
in 19 substantially equal quarterly installments thereafter. 

  

	•	 	 Incentive Program. Up to 20% of your 2010 Bonus will be deferred and payable pursuant to the Company’s incentive compensation program (the
“Incentive Program”) as in effect for such year. For future years, a portion of your total compensation for services performed each year will be 

  

 

 

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payable, to the same extent as applicable to similarly situated employees of the Company generally, as determined by the Company prior to the start of such year. Presently, it is anticipated that
the percentage of your total compensation that will be deferred is as follows: 

  

					
		 	10% of compensation to $500,000
		 	20% of compensation from $500,001 to $1,000,000
		 	25% of compensation from $1,000,001 to $2,000,000
		 	30% of compensation in excess of $2,000,001

 The Company reserves the right to change the foregoing schedule at any time to the extent permitted under Section 409A of the U.S. Tax Code. Any amounts payable under the Incentive Program will be
subject to payment in the form of equity of Apollo Global Management, LLC or an affiliate and shall vest in 3 equal annual installments commencing on the last day of the year following the year in which the services were performed, which vesting
shall be contingent on your continued service as an employee on each vesting date. All amounts that vest shall be paid within the short-term deferral period provided under U.S. Treas. Reg. §1.409A-1(b)(4). 

 

	•	 	 Start Date; Assurances. Your period of continuous employment with the Company shall begin on or about July 6, 2010 (or such other date on
which you commence employment with the Company) (the “Start Date”). You represent that (i) you are not a party to any agreement that would prohibit you from entering into employment with the Company; (ii) no trade secret
or proprietary information belonging to your previous employer will be disclosed by you at the Company and that no such information, whether in the form of documents (electronic or otherwise), memoranda, software, etc., will be retained by you or
brought with you to the Company; and (iii) you have brought to the Company’s attention and provided it with a copy of any agreement that may impact your future employment with the Company or performing the services contemplated, including
but not limited to any non-disclosure, non-competition, non-solicitation or invention assignment agreements containing future work restrictions. 

  

	•	 	 Notice Entitlement. The Company may terminate your employment with or without Cause. The period of notice that we will give you to terminate
your employment without Cause is 90 days. The Company may terminate your employment for Cause without notice. You agree to give the Company 90 days notice should you decide to leave the Company for any reason. We reserve the right to require you to
not be in the Company’s offices and/or not to undertake all or any of your duties and/or not to contact Company clients, colleagues or advisors (unless otherwise instructed) during all or part of any period of notice of your termination of
service. During any such period, you remain a service provider to the Company with all duties of fidelity and confidentiality to the Company and subject to all terms and conditions of your employment and should not be employed or engaged in any
other business. 

  

	•	 	 Payment in lieu of notice. Subject to the “Compliance” section below, we reserve the right to pay you in lieu of notice on a
termination without Cause, or resignation by you. 

  

	•	 	 Severance. If your employment is terminated by the Company without Cause (and other than due to your death or Disability) or by you for Good
Reason, then you shall receive severance payments for 6 months commencing on the 60th day from and after the effective date of the termination of your employment (the “Termination Date”), provided that you deliver to the
Company a general release of claims for the benefit of the Company and its affiliates and related persons in a form reasonably requested by the Company and such release becomes effective and irrevocable prior to the 60th day following the
Termination Date. Such severance amounts shall be paid at the same rate and on the same schedule as your Base Salary as in effect on the Termination Date. Other than set forth herein, you will not be entitled to any additional payments in the event
of your termination of employment, 

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including, without limitation, the payment of any Bonus. 

Any termination of the your employment triggering payment of benefits under this paragraph must constitute a “separation from
service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of the your employment does not constitute a separation of service
under Section 409A(a)(2)(A)(i) of the United States Tax Code (the “Code”) and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by you to the Company at the time your
employment terminates), any benefits payable under this paragraph that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service under
Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this paragraph shall not cause any forfeiture of benefits on your part, but shall only act as a delay until such time as a “separation
from service” occurs. Further, if you are a “specified employee” (as that term is used in Section 409A of the Code and regulations and other guidance issued thereunder) on the date your separation from service becomes effective
and the payment of the amounts described in this paragraph constitute non-qualified deferred compensation, the payment of which would result in penalties under Section 409A of the Code, then such payments shall be delayed until the business day
following the 6-month anniversary of the date your separation from service becomes effective, but only to the extent necessary to avoid such penalties under Section 409A of the Code. On the business day following the 6-month anniversary of the
date your separation from service becomes effective, the Company shall pay you in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have paid you prior to that date under this paragraph. It is
intended that each installment of the payments and benefits provided under this paragraph shall be treated as a separate “payment” for purposes of Section 409A of the Code. Neither the Company nor you shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A of the Code. 
 Your termination of employment other than by the Company without Cause or by you for Good Reason shall be deemed circumstances of forfeiture pursuant to which you are not entitled to the compensation
provided under this paragraph as a result of a Separation from Service. The Company may, however, in its sole discretion, waive the forfeiture provisions and pay you the compensation provided under this paragraph on any Separation from Service.

  

	•	 	 Benefits. From the Start Date, you will be entitled to participate in the various group health, disability and life insurance plans and other
employee programs, including sick and vacation time, as generally are offered to similarly situated employees from time to time. Specifically, with respect to vacation, you will be entitled to 4 weeks of vacation per year subject to applicable
Company policies. No more than five days of accrued but unused vacation shall be carried forward past the end of any calendar year. 

  

	•	 	 Employment in Good Standing; Compliance. While we certainly look forward to a mutually rewarding association, as you can appreciate the Company
is subject to and has various compliance procedures in place. As such, you understand that your continued employment will be subject to, among other things, your continued employment in good standing which will include your adherence to the
Company’s policies and procedures and other applicable compliance manuals, copies of which will be separately made available to you. 

  

	•	 	 Confidentiality. You will maintain the confidentiality of this letter agreement (and any related understandings, including your compensation
arrangements and amounts) at all times and will not discuss such matters with any person other than your spouse, accountant, financial and tax advisors or attorney, except that you may make such disclosure (i) to the extent necessary with
respect to any 

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litigation, arbitration or mediation involving this letter agreement, including, but not limited to, the enforcement of this letter agreement, or (ii) when disclosure is required by law or
by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent jurisdiction to order you to disclose or make accessible any information. 

 

	•	 	 No Solicitation or Competition. In consideration of the above, during your employment with or provision of services to the Company and for 12
months thereafter, you shall not directly or indirectly (including through another person) (a) induce or attempt to induce: (i) any employee of the Company or any of its affiliates to leave the employment of the Company or such affiliate
or (ii) any person who was an employee of the Company or its affiliates within the previous 12 months, to take up employment or engagement in a similar capacity with a Competitive Business, or in any way interfere with the relationship between
the Company or any such affiliate, on the one hand, and any employee thereof, on the other hand, (b) on behalf of a Competitive Business employ or engage any person who was an employee of the Company or any affiliate of the Company within the
preceding 12 months, or (c) solicit any customer, supplier, investor or other business relation of the Company or any affiliate of the Company with whom you have dealt during the 12 months prior to your employment termination or in respect of
whom you were, on termination of employment, in possession of, Confidential Information, to reduce or cease doing business with the Company or such affiliate. You further agree that, during your employment with or provision of services to the
Company and for 6 months thereafter, you will not directly or indirectly (including through another person) (a) engage in any Competitive Business for your own account, (b) enter the employ of, or render any services to, any person engaged
in any Competitive Business, or (c) acquire a material financial interest in any Competitive Business. Nothing herein shall, however, prohibit you from being a passive owner of not more than 2% of the outstanding stock of any class of a company
or corporation that is publicly quoted or listed, so long as you have no active participation in the business of such company or corporation. As used in this letter agreement: (i) “person” means an individual, a corporation,
limited liability company, partnership, association, trust or any other entity; and (ii) activity undertaken “directly or indirectly” includes any direct or indirect ownership or profit participation interest in such
enterprise, whether as an owner or a stockholder, member, partner, joint venturer of or otherwise, and includes any direct or indirect participation in such enterprise as an employee, consultant, director, officer, licensor of technology or
otherwise. 

  

	•	 	 Subsequent Engagement. Notwithstanding anything to the contrary contained herein, while you are employed by the Company, prior to accepting (or
entering into a written understanding that provides for your) employment or consulting engagement with any person or entity unrelated to the Company, you will provide (i) written notice to the Company of such offer; your acceptance of any such
offer before seven (7) days have elapsed following such notice shall be treated as a termination by the Company for Cause, and (ii) a copy of the paragraph entitled “No Solicitation or Competition” herein to any such prospective
employer or service recipient, with a copy provided simultaneously to the Company. You shall promptly notify the Company of your acceptance of employment with, or agreement to provide substantial services to, any entity unrelated to the Company for
9 months from and after your employment termination date. 

  

	•	 	 Nondisparagement. You agree that you will not, whether during your employment or thereafter, directly or indirectly, make or ratify any
statement, public or private, oral or written, to any person that disparages, either professionally or personally, the Company or any of its affiliates, past and present, and each of them, as well as its and their trustees, directors, officers,
members, managers, . partners, agents, attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them. 

 

	•	 	 Remedies; Severability. Because your services are unique and you have had and will have access during the course of your employment to
Confidential Information, money damages would be an 

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inadequate remedy for any breach of the foregoing confidentiality, solicitation and competition provisions (the “Protective Covenants”). Therefore, in the event of a breach or
threatened breach of any provision of a Protective Covenant, the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor at law or in equity, (a) apply to any court of competent jurisdiction
for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security) and/or (b) cease any continuation of benefits to you otherwise called
for by this letter agreement. If any provision of this letter agreement shall be held invalid, illegal or unenforceable in any jurisdiction for any reason, including, without limitation, the duration of such provision, its geographical scope or the
extent of the activities prohibited or required by it, then, to the fullest extent permitted by law, (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry
out the intent of the parties hereto as nearly as may be possible, (b) such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision hereof, and (c) any court or arbitrator
having jurisdiction thereover shall have the power to reform such provision to the extent necessary for such provision to be enforceable under applicable law. You hereby acknowledge and agree with the Company that (x) each of the Protective
Covenants is an entirely separate, severable and independent covenant and restriction on you; (y) the duration, extent and application of each of the Protective Covenants is no greater than is necessary for the protection of the goodwill and
trade connections of the business of the Company; and (z) in the event that any restriction on you contained in the Protective Covenants shall be found void but would be valid if some part thereof were deleted such restrictions shall apply with
any such deletion as may be necessary to make it valid and effective. 

  

	•	 	 Choice of Law; Forum; Waiver of Jury Trial. This letter agreement shall be governed by and construed in accordance with the laws of the State of
New York (without regard to any conflicts of laws principles thereof that would give effect to the laws of another jurisdiction), and the parties submit to the exclusive jurisdiction of the federal and slate courts of New York, New York (Borough of
Manhattan) in relation to any dispute arising in connection herewith. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, YOU HEREBY WAIVE, AND COVENANT THAT YOU WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY
RIGHT TO TRIAL BY JURY TN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS LETTER OR ANY MATTERS CONTEMPLATED HEREBY, WHETHER NOW OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREE THAT ANY OF
THE COMPANY OR ANY OF ITS AFFILIATES OR YOU MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS AFFILIATES, ON THE ONE HAND, AND YOU, ON THE OTHER HAND,
IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN SUCH PARTIES RELATING TO YOUR EMPLOYMENT OR THIS LETTER AGREEMENT, AND THAT ANY SUCH PROCEEDING WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A
JUDGE SITTING WITHOUT A JURY. 

  

	•	 	 Miscellaneous. The effectiveness of this letter is conditioned on verification of your past employment, education, and compensation, and
satisfactory references. This letter agreement may not be modified, amended or waived unless in a writing signed by the undersigned parties. Any notice required hereunder shall be made in writing, as applicable, to the Company in care of the general
counsel at his principal office location, with a copy to the Global Head of Human Resources at her principal office location, or to you at your principal office location or home address most recently on file with the Company, such notice to be
deemed effective on the earlier of receipt or two days after it is issued. This letter agreement may not be assigned by the parties other than as 

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expressly provided herein. This letter agreement may be executed through the use of separate signature pages or in any number of counterparts, with the same effect as if the parties executing
such counterparts had executed one counterpart. 

 {Continues on next page] 

 The effectiveness of these terms is subject to your execution and return of this letter
agreement on or before June 30, 2010 and on completion of a satisfactory background and reference check. This letter agreement constitutes the entire agreement between the parties in relation to its subject matter and supersedes any previous
agreement or understanding between the parties relating thereto, all of which are hereby cancelled, and you confirm that in signing this letter agreement you have not relied on any warranty, representation, assurance or promise of any kind
whatsoever other than as are expressly set out in this letter agreement or in the plans and documents referenced herein. 
  

	
	Sincerely,
	
	 /s/ Lisa Bernstein

	Lisa Bernstein
	Global Head of Human Resources

  

	
	Agreed and Accepted:
	
	 /s/ Eugene Donnelly

	Eugene Donnelly
	
	Date: 5-21-10

 Page 2 
  

 Additional Definitions 
 “Cause” means a termination of your employment, based upon a finding by the Company, acting in good faith, after the occurrence of any of the following: (a) you are convicted or
charged with a criminal offense; (b) your intentional violation of law in connection with any transaction involving the purchase, sale, loan or other disposition of, or the rendering of investment advice with respect to, any security, futures
or forward contract, insurance contract, debt instrument, financial instrument or currency; (c) your dishonesty, bad faith, gross negligence, willful misconduct, fraud or willful or reckless disregard of duties in connection with the
performance of any services on behalf of the Company or any of its affiliates or your engagement in conduct which is injurious to the Company, monetarily or otherwise; (d) your intentional failure to comply with any reasonable directive by a
supervisor in connection with the performance of any services on behalf of the Company; (e) your intentional breach of any material provision of this document or any other agreements of the Company or any of its affiliates; (f) your
material violation of any written policies adopted by the Company or its affiliates governing the conduct of persons performing services on behalf of the Company or such affiliate or your non-adherence to the Company’s policies and procedures
or other applicable Company compliance manuals; (g) the taking of or omission to take any action that has caused or substantially contributed to a material deterioration in the business or reputation of the Company or any of its affiliates, or
that was otherwise materially disruptive of their business or affairs; provided, however, that the term Cause shall not include for this purpose any mistake of judgment made in good faith with respect to any transaction respecting a
portfolio investment for an account managed by the Company; (h) the failure by you to devote a significant portion of time to performing services as an agent of the Company without the prior written consent of the Company, other than by reason
of death or Disability; (i) the obtaining by you of any material improper personal benefit as a result of a breach by you of any covenant or agreement (including, without limitation, a breach by you of the Company’s code of ethics or a
material breach by you of other written policies furnished to you relating to personal investment transactions or of any covenant, agreement, representation or warranty contained in any limited partnership agreement); or (j) your suspension or
other disciplinary action against you by an applicable regulatory authority; provided, however, that if a failure, breach, violation or action or omission described in any of clauses (d) to (g) is capable of being cured, you
have failed to do so after being given notice and a reasonable opportunity to cure. As used in this definition, “material” means “more than de minimis.” 
 “Competitive Business” means a business operating in any jurisdiction in which a Company-affiliated fund or account, the Company, or another Company-affiliated management company, manages
or owns investments, which business manages or invests in assets substantially similar to those an Company-affiliated fund or account, the Company or such management company directly or indirectly manages or invests in and with which you have been
involved (other than de minimis) at any time during your employment. 
 “Confidential Information” means information that is
not generally known to the public and that is used, developed or obtained by the Company in connection with its business, including, without limitation, information, observations and data obtained by you while employed by the Company or any of its
predecessors (including those obtained prior to the date hereof) concerning the business or affairs of the Company (or such predecessors) or any affiliate thereof, fees, costs and pricing structures, investment performance, analyses, and new
developments, compensation terms, levels, and arrangements, customer, client and investor information, customer, client and investor lists, all technology and trade secrets, investments and potential investments, and all similar and related
information in whatever form. Confidential Information will not include any information previously published in a form generally available to the public. Confidential Information will be deemed published only if all material features comprising such
information have been published in combination. 

  
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 Page 3 
  

 “Disability” means (i) you are not able to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than] 2 months, you are receiving income replacement benefits for a period of not less than 3 months
under an accident or health plan covering employees of the Company. The determination of whether or not a Disability exists for purposes of this letter agreement shall be made by the Company upon receipt and in reliance on competent medical advice
from one or more individuals, selected by the Company, who are qualified to give such professional medical advice. 
 “Good
Reason” means, without your consent, (i) a material diminution or your duties, (ii) the permanent relocation of your principal work location outside of the New York City metropolitan area, or (iii) the Company’s failure
to pay when due a material amount due under this letter agreement, which failure constitutes a material breach of this letter agreement; provided, however, that the foregoing shall constitute Good Reason only if (x) you provide written notice
of your employment termination within 30 days after the initial occurrence of the Good Reason condition, describing such condition in reasonable detail, and (y) you provide the Company with 30 days to remedy the Good Reason condition following
such notice and the Company fails to do so. Any resignation for Good Reason must occur within 90 days after you provide the notice to the Company described in clause (x) of the immediately preceding sentence unless an earlier date is required
by the Company. 

  
 3Non-Qualified Share Option Agreement with Marc Spilker

 Exhibit 10.40 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 pursuant to the 

APOLLO GLOBAL MANAGEMENT, LLC 
 2007 OMNIBUS EQUITY INCENTIVE PLAN 
 This NON-QUALIFIED STOCK OPTION
AGREEMENT (this “Agreement”), dated as of December 2, 2010 (the “Grant Date”), is by and between APOLLO GLOBAL MANAGEMENT, LLC, a Delaware limited liability company, (the “Company”), and
Marc Spilker (the “Participant”). 
 1. Grant of option. The Company hereby grants to Participant on the
Grant Date a non- statutory option (the “Option”) to purchase 5,000,000 Class A Shares of the Company (the “Shares”) at an exercise price of $8.00 per Share (the “Exercise Price”) subject to
the terms, definitions and provisions of the 2007 Omnibus Equity Incentive Plan as in effect from time to time (the “Plan”) and the terms of this Agreement. Any Shares obtained upon exercise of this Option are referred to as
“Option Shares.” This Option is subject to adjustment under Section 5 of the Plan. This Option is not an incentive stock option within the meaning of Section 422 of the Code. 

2. The Plan. The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth herein in their
entirety. In the event of a conflict between any provision of this Agreement and the Plan, the provisions of the Plan shall control. A copy of the Plan may be obtained from the Company by the Participant upon request. Capitalized terms used herein
and not otherwise defined herein shall have the respective meanings ascribed thereto in the Plan, or the employment agreement by and between Participant and Apollo Management Holdings, L.P. dated November 24, 2010 (the “Employment
Agreement”), as applicable. 
 3. Term. The term of the Option (the “Option Term”) shall
commence on the Grant Date and expire on the tenth anniversary of the Grant Date, unless the Option shall have sooner been terminated in accordance with Section 5 of this Agreement. 

4. Vesting. The Option shall vest in accordance with the following schedule: 

(a) The Option shall vest and become exercisable with respect to 4/24 of the Option Shares covered by the Option on December 31,
2011. 
 (b) The Option shall vest and become exercisable with respect to the remainder of the Option Shares covered by this
Option in equal installments on the last day of each of the next 20 calendar quarters following December 31, 2011 so that the Option will be fully vested on December 31, 2016. 

(c) If (i) the Company terminates Participant’s employment without Cause, which for purposes of this Agreement shall include
the Company’s delivery of notice of non-renewal of the Term of the Employment Agreement; (ii) Participant resigns his employment for Good Reason; (iii) Participant dies; or (iv) Participant’s employment terminates as a
result of a Disability, and provided Participant (or his estate in the event of his death) delivers a general release of claims for the benefit of the Company and its affiliates and related persons in the form and as contemplated by the Employment
Agreement and such release becoming effective and irrevocable prior to the date that is sixty (60) days after the date the termination of Participant’s employment becomes effective (the “Termination Date”), the Option
shall vest on the Notice Date and, subject to the effectiveness of the release, become exercisable with respect to 50% of the Option Shares covered by the Option that remain unvested on the 

 
Notice Date. The terms “Notice Date”, “Cause”, “Good Reason”, and “Disability” used in this Agreement shall have the meanings ascribed to those terms in
the Employment Agreement. 
 (d) Service for only a portion of a vesting period, even if a substantial portion, will not entitle
Participant to any proportionate vesting Fractional shares shall not vest until they accumulate to equal one whole Share. 
 5.
Termination. The Option shall automatically terminate, become null and void, be unexercisable and be of no further force and effect upon the earliest of: 
 (a) the tenth anniversary of the Grant Date; 
 (b) the first anniversary of the
Termination Date if the Company terminates Participant’s employment without Cause, Participant resigns his employment with Good Reason, Participant dies, or Participant’s employment terminates as a result of a Disability; 

(c) the ninetieth day following the Termination Date if Participant resigns his employment without Good Reason; and 

(d) the Termination Date if the Company terminates Participant’s employment for Cause. In the event Participant’s employment
with the Company is suspended pending investigation of whether his employment shall be terminated for Cause, all of Participant’s rights in respect of this Option, including, without limitation, the right to exercise this Option, shall be
suspended during the investigation period. For purposes of clarity, the Option Term shall not be modified as a result of any such suspension. 
 6. Forfeiture of Unvested Option. The portion of the Option that has not vested on the Notice Date, after giving effect to the accelerated vesting set forth in Section 4(c), shall be forfeited
as of the Notice Date. 
 7. Method of Exercise. 

(a) This Option shall be exercisable by execution and delivery of the Notice of Exercise attached hereto as Exhibit B (as the same
may be updated by the Company from time to time) or of any other form of written notice approved for such purpose by the Company, which shall state Participant’s election to exercise this Option, the number of Option Shares in respect of which
this Option is being exercised, and such other reasonable and customary representations as to the holder’s investment intent with respect to such Option Shares as may be required by the Company pursuant to the provisions of the Plan Such
written notice shall be signed by Participant and shall be delivered to the Company by such means as are determined by the Administrator in its discretion to constitute adequate delivery The written notice shall be accompanied by payment of the
aggregate Exercise Price for the purchased Option Shares and Participant’s satisfaction of any applicable withholding obligations, as discussed in Sections 8 and 14. 

(b) The Company is not obligated, and will have no liability for failure, to issue or deliver any Option Shares upon exercise of this
Option unless such issuance or delivery would comply with all applicable laws, rules and regulations, with such compliance to be determined by the Company in consultation with its legal counsel. This Option may not be exercised if the issuance of
the Option Shares upon such exercise or the method of payment of consideration for the Option Shares would constitute a violation of any applicable laws, rules or regulations, including any applicable U.S. federal or state securities laws or any
other law or regulation. As a condition to the exercise of this Option, the Company may require Participant to make any customary representation and warranty to the Company as may be 

  
 2 

 
required by applicable laws, rules or regulations. Assuming such compliance, for income tax purposes the Option shall be considered exercised on the date on which written notice of exercise is
received by the Company (provided such notice is accompanied by the aggregate Exercise Price and arrangements for satisfaction of applicable withholding obligations), which shall include any of the methods set forth in Sections 8 and 14 of this
Agreement, with respect to such Option Shares. 
 8. Method of Payment. Payment of the Exercise Price shall be by any of
the following, or a combination of the following, at the election of Participant: (a) cash, (b) check, or (c) reduction of the Shares issuable upon exercise, surrender of previously owned Shares, or broker-assisted cashless exercise.

 9. Disposition of Option Shares. Option Shares may be sold by Participant only on a date or dates, and in such amounts
and manner, specified by the Administrator. Participant shall have the ability, subject to Section 14 and the Plan, to sell that number of Shares issued upon exercise of this Option sufficient to cover taxes thereon at the applicable tax
rate (or a rate provided by the Administrator). The Administrator will monitor demand, market conditions and other factors in determining whether Participant may dispose of an additional number of Shares in a given quarter, and will endeavor in good
faith to treat Participant fairly in determining any such allocations relative to other holders of similar awards and/or other equityholders. 
 10. Non-Transferability of Option. Except as may be permitted by the Administrator from time to time consistent with Section 7(g) of the Plan, this Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution. This Option may be exercised during the lifetime of Participant only by Participant or, during any period Participant is under a legal disability, by Participant’s legal guardian
or representative, and following Participant’s death, by his estate or beneficiary. 
 11. No Rights to Continuation of
Employment. Nothing in the Plan or this Agreement shall confer upon Participant any right to continue in the employment of Apollo Management Holdings, L.P., the Company or any Subsidiary or Affiliate of the Company or shall interfere with or
restrict the right of the Apollo Management Holdings, L.P., Company, the Company’s shareholders, or of a Subsidiary or Affiliate of the Company, as the case may be, to terminate Participant’s employment any time for any reason whatsoever,
with or without Cause. The Plan and this Agreement shall not (a) form any part of any contract of employment or contract for services between the Company or any past or present Subsidiary or Affiliate thereof and any directors, officers or
employees of those companies, (b) confer any legal or equitable rights (other than those with respect to the Option itself) against the Company or any past or present Subsidiary or Affiliate thereof, directly or indirectly, or (c) give
rise to any cause of action in law or in equity against the Company or any past or present Subsidiary or Affiliate thereof (other than any cause of action due to a breach of this Agreement). 

12. No Entitlement or Claims for Compensation. By accepting this Option, Participant expressly acknowledges that there is no
obligation on the part of the Company to continue the Plan and/or grant any additional awards to Participant. This Option is not intended to be compensation of a continuing or recurring nature, or part of Participant’s normal or expected
compensation, and in no way represents any portion of Participant’s salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose. Participant acknowledges that he is
voluntarily participating in the Plan. The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the Option Shares do not increase in value, the Option will have no value. If Participant exercises the Option and
obtains Option Shares, the value of the Option Shares acquired upon exercise may increase or decrease in value, even below the Exercise Price. 

  
 3 

 13. Restrictive Covenants. Participant agrees that the restrictive covenants set
forth in Exhibit B hereto are incorporated herein by reference as if contained herein and Participant understands, acknowledges and agrees that such restrictive covenants apply to Participant for the periods provided therein. Nothing
contained herein shall reduce or limit the application or scope of any restrictive covenants in favor of the Company or any of its Subsidiaries or Affiliates (for example, with respect to competition, solicitation, confidentiality, interference or
disparagement) to which Participant is otherwise subject. Notwithstanding the foregoing, the covenants set forth in Exhibit B hereto and in the Employment Agreement shall be the exclusive covenants applicable to Participant with respect to the
Options. 
 14. Tax Withholding. Participant is responsible for all applicable taxes Participant incurs in connection
with the exercise of this Option. In connection with the exercise of all or a portion of the Option, Participant may elect to make a cash payment to the Company and/or request the Company to deduct from other compensation payable to Participant, any
sums required by U.S. federal, state or local law (or by any tax authority outside of the United States) to be withheld or accounted for by the Company or its Subsidiaries or Affiliates with respect to any Option Share issuable upon exercise
thereof. The Administrator, in its sole discretion, may alternatively reduce the number of Shares to be issued upon the exercise of the Option by the appropriate number of whole Shares, valued at their then Fair Market Value, or permit Participant
to deliver previously owned Shares, in each case to satisfy any withholding or tax obligations of the Company or its Subsidiaries or Affiliates with respect to the Option at the minimum applicable rates. 

15. Section 409A. This Option is exempt from Section 409A and shall be interpreted and administered in a manner
consistent therewith. 
 16. Governing Law; Choice of Venue. This Agreement shall be governed by, interpreted under, and
construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State of Delaware. With respect to
any suit, action or proceeding (“Proceeding”) arising out of or relating to this Agreement or any transaction contemplated hereby, each of the parties hereto hereby irrevocably (a) submits to the exclusive personal and legal
jurisdiction of (i) the United States District Court for the Southern District of New York or (ii) in the event that such court lacks jurisdiction to hear the claim, the state courts of New York located in the borough of Manhattan, New
York City (the “Selected Courts”), and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens, improper venue or otherwise and hereby agrees not to commence any
such Proceeding other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the
Selected Courts, and (b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the Company and
Participant at their respective addresses consistent with Section 14(g) of the Plan; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law. TO THE
EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, PARTICIPANT AND THE COMPANY AND ITS AFFILIATES HEREBY WAIVE AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
IN WHOLE OR IN PART ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY, WHETHER NOW OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREE THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR
PARTICIPANT MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, 

  
 4 

 
VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS AFFILIATES, ON THE ONE HAND, AND PARTICIPANT, ON THE OTHER HAND, IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY
PROCEEDING WHATSOEVER BETWEEN THESE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND THAT ANY SUCH PROCEEDING WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

17. Agreement Binding on Successors. The terms of this Agreement shall be binding upon Participant and upon Participant’s
heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest and upon the Company and its successors and assignees, subject to the terms of the Plan. 

18. No Assignment. Neither this Agreement nor any rights granted herein shall be assignable by Participant other than (with
respect to any rights that survive Participant’s death) by will or the laws of descent and distribution No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other
disposition of, or creation of a security interest in or lien on, this Option by any holder thereof in violation of the provisions of this Agreement or the Plan will be valid, and the Company will not transfer any of this Option, unless and until
there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce restrictions on assignment set
forth in the first sentence hereof. 
 19. Necessary Acts. Participant and the Company hereby agrees to perform all acts,
and to execute and deliver any documents, that may be reasonably necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents related to compliance with securities, tax and other applicable laws and
regulations. The Company shall cause all necessary actions to be taken to ensure that the transactions contemplated by this Agreement, including the grant of the Option, the exercise of the Options and any disposition or deemed dispositions of the
Option Shares, are exempt transactions for purposes of Section 16 of the Securities Act. 
 20. Severability. Should
any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to
be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be
held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, then in lieu of severing such unenforceable provision or provisions, it or they shall be construed by the appropriate judicial body by limiting or
reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by a judicial body shall not affect the enforceability of such provisions or provisions in any
other jurisdiction. 
 21. Failure to Enforce Not a Waiver. The failure of the Company or Participant to enforce at any
time any provision of this Agreement shall in no way be construed to be a waiver of that provision or of any other provision hereof. 
 22. Entire Agreement. This Agreement, the Employment Agreement, Article V of the Shareholders Agreement (as modified herein) and the Plan contain the entire agreement and understanding among the
parties as to the subject matter hereof and supersede all prior writings or understandings with respect to this Option. Participant acknowledges that any summary of the Plan, the Employment Agreement, this Agreement or any portion thereof that may
be provided by the Company 

  
 5 

 
from time to time is subject in its entirety to the terms of the Plan, the Employment Agreement and this Agreement. References herein or in the Plan to this Agreement include references to the
Notice and any Exhibits. 
 23. Headings. Headings are used solely for the convenience of the parties and shall not be
deemed to be a limitation upon or description of the contents of any such Section. 
 24. Amendment. Except as otherwise
provided in the Plan, no amendment or modification of this Agreement shall be valid unless it shall be in writing and signed by all parties hereto. 
 25. Acknowledgements and Representations. Participant is acquiring this Option and, if and when exercised, will acquire Option Shares, solely for Participant’s own account, for investment
purposes only, and not with a view to or an intent to sell or distribute, or to offer for resale in connection with any unregistered distribution, all or any portion of this Option or the Option Shares within the meaning of the Securities Act and/or
any applicable state securities laws. Participant has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of this Option and the restrictions imposed on this Option and the Option Shares.
Participant has been furnished with, and/or has access to, such information as he considers necessary or appropriate for deciding whether to accept this Option. However, in evaluating the merits and risks of an investment in the Company, Participant
has and will rely solely upon the advice of his/her own legal counsel, tax advisors, and/or investment advisors. Participant understands that the Option Shares will be characterized, absent their registration, as “restricted securities”
under the federal securities laws, and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances, including in accordance with the conditions
of Rule 144 promulgated under the Securities Act. Participant has read and understands the restrictions and limitations set forth in this Agreement that are imposed on this Option and the Option Shares. Participant confirms that he has not relied on
any warranty, representation, assurance or promise of any kind whatsoever in entering into this Agreement other than as expressly set out in this Agreement or in the Plan. 
 26. Tag Along Rights. To the extent that a majority of the partners who contributed limited partnership interests to an Affiliate of the Company on July 13, 2007 (the
“Contributors”) are provided tag along rights in connection with any private transfer by Leon D. Black, Marc J. Rowan or Joshua J. Harris (the “Founders”), or any of their respective Groups, of any Class A
Shares or AOG Units (a “Private Transfer”), the Participant will be provided tag along rights with respect to such Private Transfer subject to the same terms and conditions as generally apply to the Contributors. For purposes of
clarity, only Options Shares received upon exercise of an Option (and not unexercised Options) may be sold in a tag-along transaction. As used in this Award Agreement, the term “AOG Units” shall have the meaning generally ascribed
to it by the Company in its communications with investors and “Group” shall have the meaning provided in the Company’s Shareholders Agreement dated as of July 13, 2007 (the “Shareholders Agreement”), as
the same may be amended from time to time. The Company shall determine the application of this Section 26 in good faith. 
 27. Preemptive Rights. 
 (a) If the Company or any of its Subsidiaries
offers New Securities to a Founder Group or to any of its Affiliates (the aggregate number of New Securities being offered, the “New Issuance”) then, subject to the terms hereof, the Company shall, before any sale of New Securities
pursuant to such offer, deliver to the Participant an offer (the “Preemptive Offer”) to issue to the Participant, at the Participant’s election, up to such number of New Securities equal to its Preemptive Proportionate
Percentage of the New Issuance upon the terms set forth in this Section 27 (such New Securities, the “Participant New Securities”), it being understood that if the Participant accepts a

  
 6 

 
Preemptive Offer in accordance with Section 27(b), the number of New Securities ultimately issued to the Founder Group or any of its Affiliates under this Section 27 shall
equal the New Issuance less the applicable number of Participant New Securities and other Apollo Securities issued pursuant to similar preemptive rights. The Preemptive Offer shall state (i) that Apollo proposes to issue the New Issuance
and specify their number and terms (including the purchase price per New Security) and (ii) the Participant’s Preemptive Proportionate Percentage. The Preemptive Offer shall remain open and be irrevocable for a period of fifteen
(15) days from the date of its delivery (the “Preemptive Offer Period”). For purposes of this Section 27, “Preemptive Proportionate Percentage” means, with respect to the Participant, a fraction
(expressed as a percentage), (x) the numerator of which is the number of Class A Shares held by the Participant’s Group immediately prior to the consummation of the New Issuance (calculated on an as-converted basis assuming all
Options held by the Participant or his Group have been exercised for Class A Shares irrespective of vesting) and (y) the denominator of which is the aggregate number of Class A Shares outstanding immediately prior to the consummation
of the New Issuance (calculated on a fully-diluted basis and assuming all AOG Units have been exchanged for Class A Shares). As used in this Award Agreement, “Apollo Securities” means Class A Shares and AOG Units, and
“New Securities” means Apollo Securities other than securities issued in connection with any of the following: (i) pursuant to an equity incentive plan or other compensation arrangements of the Company or any member of the
Apollo Operating Group for the benefit of the employees, directors or consultants of the Company or any of its Affiliates; (ii) issued upon the exercise, conversion or exchange of any options, warrants or any other derivative or convertible
securities of the Company or the Apollo Operating Group (including, Class A Shares issuable upon the exchange of AOG Units) that were issued in compliance with this Agreement or on or prior to the date hereof; or (iii) issued in connection
with a stock dividend or upon a stock split, recapitalization or other subdivision of equity securities. 
 (b) The Participant
(and/or members of his Group designated by the Participant) may accept the Preemptive Offer by delivering to Apollo a notice (the “Purchase Notice”) within the Preemptive Offer Period. The Purchase Notice shall state the number of
New Securities the Participant desires to purchase which in no event may exceed its number of Participant New Securities. The Purchase Notice shall be irrevocable, and the Participant (and/or members of his Group designated by the Participant) shall
purchase the New Securities at the same time as the Founder Group(s) acquire the New Issuance less any portion of the New Issuance which the Participant agreed to purchase pursuant to this Section 27 or other Persons agreed to
acquire pursuant to other rights similar to those set forth in this Section 27. 
 28. Registration Rights.

 (a) The Company agrees that, unless the Participant and his Group are given equivalent provisions, no modifications, waivers,
or additional agreements shall be made to the registration rights provisions of Article V of the Shareholders Agreement that benefit (x) at least two- thirds of the Contributors and their Groups or (y) any Founder or any member of any
Founder’s Group. The Participant shall have the right, on his behalf and on behalf of his Group, to waive the rights afforded pursuant to the immediately preceding sentence. 

(b) The Participant will have the rights set forth under Article V of the Shareholders Agreement as if the Participant were a Shareholder
thereunder holding Registrable Securities (as such term is defined therein). Any cutbacks shall be determined as provided in the Shareholders Agreement. The Company agrees to give notification to the Participant of the availability of any
registrations under Article V of the Shareholders Agreement in order to participate in a registration thereunder. If the Participant wishes to sell in a registration Option Shares, the Participant shall provide notice thereof to the Company in
writing pursuant to a Demand, Piggyback Notice or Shelf Notice (as those terms are defined in the Shareholders Agreement). The Participant may not sell in a registration Option Shares in an 

  
 7 

 
amount greater than the product of (I) the Option Shares, and (II) the Reference Percentage. The “Reference Percentage” means, as of the date of a registration under Article
V of the Shareholders Agreement, the average of the percentages previously sold by each of the Founders and Contributors (including sales by their respective Groups), including sales effected by AP Professional Holdings, L.P. or any other entity on
behalf of the Founders or Contributors and/or their respective Groups, of his combined AOG Units and Class A Shares (calculated on a fully-diluted basis and assuming all AOG Units have been exchanged for Class A Shares, disregarding any
vesting requirements or restrictions on transfer and excluding from the number sold any Class A Shares a Founder or Contributor was able to sell in advance of his regular vesting schedule due to his employment termination by reason of death,
disability or a Termination without Cause or for Good Reason). As applied to the Participant, the phrase “at least seventy-five (75) days prior to such Quarterly Exchange Date in which such Requesting Shareholder expects to request an
Exchange to obtain the Registrable Securities to be sold in such registration” as it appears in Article V of the Shareholders Agreement shall instead be deemed to read “at least seventy-five (75) days prior to the registration in
which such Requesting Shareholder expects to sell the Registrable Securities” In no event shall the rights of the Participant under the Shareholders Agreement be superior to the rights of a Contributor with respect to the Shareholders
Agreement. 
 29. Access to Books, Records and Financial Information. Participant shall have access to books records and
financial statement consistent with the terms of Section 28 of the RSU Award Agreement between Participant and the Company contemplated by the Employment Agreement. 
 30. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the Option or Option Shares (or future options that may be granted under the Plan) and
participation in the Plan by electronic means or to request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and, if requested, to agree to
participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 
 31. Effect of Agreement. Participant acknowledges receipt of a copy of the Plan and represents that he is familiar with the terms and provisions thereof (and has had an opportunity to consult
counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein and in the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions and
interpretations of the Administrator regarding any questions relating to this Option or Option Shares, In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement, the Plan
terms and provisions shall prevail. 
 [Remainder of Page Intentionally Left Blank] 

  
 8 

 WHEREFORE, this Agreement is executed as of the Grant Date by the Participant and the
Company. 
  

							
	PARTICIPANT:	 		 	APOLLO GLOBAL MANAGEMENT, LLC
				
	 /s/ Marc Spilker
	 		 	By:	 	 /s/ John Suydam

	Signature	 		 		 	
				
	  
	 		 	Title:	 	 Vice President

	Marc Spilker	 		 		 	

  
 9 

 EXHIBIT A 

Restrictive Covenants 
 Capitalized terms first used in this Exhibit A and not elsewhere defined shall have the meanings set forth herein. 
 (a) Participant agrees that the Protective Covenants (as that term is defined in Participant’s Employment Agreement) contained in the Employment Agreement (including any definitions referenced
therein) are incorporated by reference as if contained herein, and Participant acknowledges that he is bound by the Protective Covenants. 
 (b) Participant agrees and acknowledges that the Protective Covenants and each restrictive covenant contained in this Exhibit A is reasonable as to duration, terms and geographical area and that
the same protects the legitimate interests of the Company and its Affiliates, imposes no undue hardship on Participant, is not injurious to the public, and that any violation of any of the restrictive covenants contained in this Exhibit A
shall, subject to Section 16 of the Share Option Agreement, be specifically enforceable in any court with jurisdiction upon short notice. If any provision of this Exhibit A as applied to Participant or to any circumstance is adjudged by
a court to be invalid or unenforceable, the same shall in no way affect any other circumstance or the validity or enforceability of any other provision of this Exhibit A. If the scope of any such provision, or any part thereof, is too broad
to permit enforcement of such provision to its full extent, Participant agrees that the court making such determination shall have the power to reduce the duration and/or area of such provision, and/or to delete specific words or phrases, to the
extent necessary to permit enforcement, and, in its reduced form, such provision shall then be enforceable and shall be enforced. Participant agrees and acknowledges that any such breach of any provision of this Exhibit A will cause
irreparable injury to the Company and its Affiliates, and upon breach of any provision of this Exhibit A, the Company and/or its Affiliates, as applicable, shall be entitled to injunctive relief, specific performance or other equitable
relief; provided, however, that this shall in no way limit any remedies at law available to the Company or its Affiliates. Notwithstanding the foregoing, to the extent that a court of competent jurisdiction makes a final determination that
the Protective Covenants or any of the restrictive covenants contained in this Exhibit A is unenforceable as a matter of law as applied to Participant, upon such determination the Company shall not seek to enjoin Participant from engaging in
an activity precluded by such provision (or to otherwise pursue proceedings to enforce such provision), but if it is determined by an independent third party arbitrator mutually agreeable to the Company and Participant pursuant to the rules of the
American Arbitration Association applicable to Commercial Disputes that Participant has breached such provision, Participant shall immediately forfeit all rights to any unexercised Options (in the case of Participant’s termination of employment
by the Company without Cause or by Participant for Good Reason, only those unexercised Options that vested on an accelerated basis as a result of his termination of employment shall be subject to forfeiture) without payment of any consideration in
respect therefor. The Protective Covenants and the restrictions covenants contained in this Exhibit A shall specifically survive the termination of the Share Option Agreement of which it is a part. 

 EXHIBIT B 

NOTICE OF EXERCISE 
  

			
	To:	  	Apollo Global Management, LLC
	Attention:	  	Administrator of the 2007 Omnibus Equity Incentive Plan
	Subject:	  	Notice of Intention to Exercise Option

  

This Notice of Exercise constitutes official notice that the undersigned intends to exercise Participant’s option to purchase
                     Class A Shares of Apollo Global Management, LLC, under and pursuant to the Company’s 2007 Omnibus Equity
Incentive Plan (the “Plan”) and the Notice of Option and Share Option Agreement (collectively, the “Agreement”) dated
                    , as follows: 
  

							
	 Number of Shares:
	  				  	
			
	 Exercise Price per Share:
	  				  	
			
	 Total Exercise Price
	  				  	
			
	Preferred Method of Payment of Exercise Price (circle one and enclose if applicable):	  	   

 
	Cash  

Check
	    
   
	  	 Reduction of Shares issuable upon exercise by that number of whole Shares having a Fair Market Value not greater than the aggregate
Exercise Price (with any shortfall paid by cash or check)
  
 Surrender of
previously-owned Shares 

 The shares should be registered in the name(s)1 of: 

 

					
	  
	  		 	  

 If applicable, proof of my right to purchase the Option Shares pursuant to the Plan and the Agreement is enclosed.2 
 Dated:
                     
  

					
	  
	 		 	  

	(Signature)	 		 	(Signature)3
			
	  
	 		 	  

	(Please Print Name)	 		 	(Please Print Name)
			
	  
	 		 	  

			
	  
	 		 	  

	(Full Address)	 		 	(Full Address)

  

	1	 If more than one name is listed, please specify whether the owners will hold the shares as community property or as joint tenants with the right of
survivorship. 

	2	 Applicable if
someone other than Participant (e.g., a beneficiary at death) is exercising the Option. 

	3	 Each person in whose name shares are to be registered must sign this Notice of Exercise. 

  
 2

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