Document:

Form of Independent Director Award Agreement

 Exhibit 10.1 
 FORM OF 
 CLASS A RESTRICTED SHARE UNIT AWARD AGREEMENT 

UNDER THE AMENDED AND RESTATED 
 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 2007 EQUITY INCENTIVE PLAN

 FORM OF INDEPENDENT DIRECTORS AWARD AGREEMENT 

This CLASS A RESTRICTED SHARE UNIT AWARD AGREEMENT (this “Award Agreement”), dated as of
[            ],
 201[  ], is made by and between OZ Management LP, a Delaware limited partnership (the “Company”), and
[                    ] (the “Participant”). Capitalized terms not defined herein shall have the meaning ascribed to them in
the Amended and Restated Och-Ziff Capital Management Group LLC 2007 Equity Incentive Plan, as may be amended from time to time (the “Plan”). Where the context permits, references to the Company shall include any successor to the
Company. 
 1. Grant of Restricted Share Units. Subject to all of the terms and conditions of this Award Agreement and
the Plan, the Company hereby grants to the Participant [                    ] Class A restricted share units (the
“RSUs”). 
 2. Form of Payment. 

(a) Except as otherwise provided in this Award Agreement or the Plan, each RSU granted hereunder shall represent the right to receive one
Class A Share on the third business day following the date such RSU becomes vested and nonforfeitable in accordance with the vesting schedule set forth in Exhibit A hereto. 

(b) In addition, the Participant will be credited with Distribution Equivalents with respect to the RSUs, calculated as follows: on each
date that a cash distribution is paid by Och-Ziff Capital Management Group LLC to all holders of Class A Shares of a certain record date (the “Applicable Record Date”) while the RSUs are outstanding, the Participant’s
account shall be credited with one of the following: (i) the right to receive an amount of cash equal to the amount of such Distribution Equivalents or (ii) an additional number of RSUs equal to the number of whole Class A Shares
(valued at Fair Market Value on such date) that could be purchased on such date with the aggregate dollar amount of the cash distribution that would have been paid on the RSUs had the RSUs been issued as Shares, provided that this Award Agreement
was executed by the Company and the Participant as of or prior to the Applicable Record Date. The Participant’s right to receive cash or additional RSUs credited under this Section shall be the same as the rights of employees granted RSUs as
determined by the Administrator with respect to each such employee pursuant to their RSU agreements. The Participant’s right to receive cash or additional RSUs credited under this Section shall be subject to the same terms and conditions
applicable to the RSUs originally awarded hereunder and will be settled on the same date as the RSUs in respect of which such Distribution Equivalents are awarded. Any RSUs credited to the Participant’s account may, in the sole discretion of
the Administrator as determined at the time such Distribution Equivalent is credited to the Participant’s account, be eligible to receive additional Distribution Equivalents. 

 3. Restrictions 

(a) The RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered and shall be subject to
a risk of forfeiture as described in Section 3(c) until the lapse of the Restricted Period (as defined below) and any additional requirements or restrictions contained in this Award Agreement or in the Plan have been otherwise satisfied,
terminated or expressly waived by the Company in writing. 
 (b) Unless the Restricted Period is previously terminated in
accordance with Section 3(c) below, the RSUs shall become vested in accordance with the vesting schedule set forth in Exhibit A hereto (the “Restricted Period”) and the Class A Shares to which such vested RSUs relate shall
become issuable hereunder on the third business day thereafter (provided, that such issuance is otherwise in accordance with federal and state securities laws) or as soon thereafter upon payment of applicable withholding taxes. 

(c) Except as otherwise provided under the terms of the Plan or in the vesting schedule attached hereto, if the Participant’s
service as director is terminated for any reason (“Termination”), then this Award Agreement shall terminate and all rights of the Participant with respect to RSUs that have not vested shall immediately terminate. Except as otherwise
provided under the terms of the Plan or in the vesting schedule attached hereto, the RSUs that are subject to restrictions upon the date of Termination shall be forfeited without payment of any consideration, and neither the Participant nor any of
his or her successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs. 
 4. Voting and Other Rights. The Participant shall have no rights of a shareholder (including the right to distributions) unless and until Class A Shares are issued following vesting of the
Participant’s RSUs. 
 5. Award Agreement Subject to Plan. This Award Agreement is made pursuant to all of the
provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this Award Agreement and the provisions of the
Plan, the provisions of the Plan shall govern. 
 6. Tax Withholding. The Company shall be entitled to require a cash
payment by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant or from the Class A Shares otherwise issuable in respect of the RSUs any sums required by federal, state or local tax law to be
withheld or to satisfy any applicable payroll deductions with respect to the vesting or payment of any RSU. 
 7. No Rights
to Continuation of Service. Nothing in the Plan or this Award Agreement shall confer upon the Participant any right to continue in the service of the Company or any Subsidiary thereof or shall interfere with or restrict the right of the Company
or its shareholders (or of a Subsidiary or its equityholders, as the case may be) to terminate the Participant’s employment at any time for any reason whatsoever, with or without cause. 

  
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 8. Section 409A Compliance. The intent of the parties is that payments and
benefits under this Award Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Award Agreement
shall be interpreted and be administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the
Code, the Participant shall not be considered to have terminated employment or service for purposes of this Award Agreement until the Participant would be considered to have incurred a “separation from service” within the meaning of
Section 409A of the Code. Any payments described in this Award Agreement or the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless
applicable law requires otherwise. To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, payment shall be made in accordance with Exhibit A, notwithstanding any provision for
accelerated vesting under the Plan. Notwithstanding anything to the contrary in this Award Agreement or the Plan, to the extent that any RSUs are payable to a “specified employee” (within the meaning of Section 409A of the Code) upon
a separation from service and such payment would result in the imposition of any individual excise tax and late interest charges imposed under Section 409A of the Code, the settlement and payment of such awards shall instead be made on the
first business day after the date that is six (6) months following such separation from service (or death, if earlier). 

9. Governing Law. This Award 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. 

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

11. No Assignment. Notwithstanding anything to the contrary in this Award Agreement, neither this Award Agreement nor any rights
granted herein shall be assignable by the Participant. 
 12. Necessary Acts. The Participant 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 Award Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities
and/or tax laws. 
 13. Severability. Should any provision of this Award 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 Award Agreement, the balance of 

  
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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 Award Agreement. Moreover,
if one or more of the provisions contained in this Award Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such
provision or provisions 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 such
judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction. 
 14. Entire
Award Agreement. This Award Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof. 
 15. Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section. 

16. Counterparts. This Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original and all of which together shall be deemed to be one and the same instrument. 
 17. Amendment. No amendment or
modification hereof shall be valid unless it shall be in writing and signed by all parties hereto. 
 [SIGNATURE PAGE TO FOLLOW]

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date
first set forth above. 
  

			
	OZ MANAGEMENT LP
		
	 By:
	 	                             
                                         
                
	 Name:
	 	
	 Title:
	 	

 The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Award Agreement.

  

	
	PARTICIPANT
	
	Signature                            
                                        
           
	
	
Print Name:                     
                                        
             

	
	Address:                           
                                       
               
	
	                             
                                         
                           
	
	                             
                                        
                             
	
	                             
                                         
                           

 EXHIBIT A 

	1.	General Vesting Schedule. 

 Subject to Section 2 below, thirty-three and one-third percent (33 1/3 %) of the RSUs shall vest on each of the first three anniversaries of
[                    ] (the “Vesting Date”), provided that the Participant remains continually in the service as a director
of the Company (including any periods of Company approved leave) from the Vesting Date through each such anniversary date. 
  

	2.	Accelerated Vesting. 

Except as otherwise set forth in the vesting schedule above, upon (i) a Change of Control, (ii) the Participant’s death or
(iii) the Participant’s Disability, each RSU shall become vested and nonforfeitable and the Participant shall be entitled to receive one Class A Share on the third business day following the date such RSU would have otherwise become
vested and nonforfeitable in accordance with the vesting schedule set forth in Section 1 above. 

  
 6Stipulation to the Issuance of a Consent Order

 Exhibit 10.1 
 FEDERAL DEPOSIT INSURANCE CORPORATION 
 WASHINGTON, D.C. 

 

					
	  
	 	)	 	
		 	)	 	
	In the Matter of	 	)	 	
		 	)	 	 STIPULATION TO THE ISSUANCE

OF A
 CONSENT
ORDER

	Bank of the Carolinas	 	)	 
	Mocksville, North Carolina	 	)	 
		 	)	 	
	(INSURED STATE NONMEMBER BANK)	 	)	 	FDIC-11-064b
		 	)	 	
	  
	 	)	 	

 Subject to the acceptance of this STIPULATION TO THE ISSUANCE OF A CONSENT ORDER
(“STIPULATION”) by the Federal Deposit Insurance Corporation (“FDIC”), it is hereby stipulated and agreed by and between a representative of the Legal Division of the FDIC, a representative of the North Carolina Office of the
Commissioner of Banks (“Commissioner”), and Bank of the Carolinas, Mocksville, North Carolina (“Bank”), through its Board of Directors, as follows: 
 1. The Bank has been advised of its right to receive a written Notice of Charges and of Hearing (“Notice”) detailing the unsafe or unsound banking practices and violations of law or regulation
relating to weaknesses in capital adequacy, asset quality, earnings, management effectiveness, interest rate risk, liquidity, and information technology alleged to have been committed by the Bank and of its right to a hearing on the alleged charges
under section 8(b)(1) of the Federal Deposit Insurance Act (“Act”), 12 U.S.C. § 1818(b)(1), and the FDIC’s Rules of Practice and Procedure (“Rules”), 12 C.F.R. Part 308, and has waived those rights. 

 2. The Bank, solely for the purpose of this proceeding and without admitting or denying any
of the alleged charges of unsafe or unsound banking practices and any violations of law or regulation, hereby consents and agrees to the issuance of a CONSENT ORDER (“ORDER”) by the FDIC and the Commissioner in the form attached hereto.
The Bank further stipulates and agrees that such ORDER shall become effective immediately upon issuance by the FDIC and the Commissioner and be fully enforceable by the FDIC pursuant to the provisions of section 8(i)(1) of the Act, 12 U.S.C. §
1818(i)(1), and the Rules, and by the Commissioner, subject only to the conditions set forth in paragraph 3 of this STIPULATION. 
 3. In the event the FDIC accepts this STIPULATION and issues the ORDER, it is agreed that no action to enforce said ORDER in the United States District Court will be taken by the FDIC unless the Bank or
any “institution-affiliated party”, as such term is defined in section 3(u) of the Act, 12 U.S.C. § 1813(u), has violated or is about to violate any provision of the ORDER. 

4. The Bank hereby waives: 
 (a) the receipt of a written Notice; 
 (b) all defenses to the charges to be set
forth in the Notice; 
 (c) a hearing for the purpose of taking evidence regarding the allegations to be set forth in the Notice;

 (d) the filing of Proposed Findings of Fact and Conclusions of Law; 

(e) a Recommended Decision of an Administrative Law Judge; and 
 (f) exceptions and briefs with respect to such Recommended Decision. 

					
	Dated: This 20th day of April, 2011.	 		 	
	
	FEDERAL DEPOSIT INSURANCE CORPORATION
	LEGAL DIVISION	 		 	
			
	BY:	 		 	
			
	 /s/ Patrice Walker
	 		 	
	Patrice Walker	 		 	
	Senior Regional Attorney	 		 	
	
	NORTH CAROLINA OFFICE OF THE COMMISSIONER OF BANKS
			
	BY:	 		 	
			
	 /s/ Joseph A. Smith, Jr.
	 		 	
	Joseph A. Smith, Jr.	 		 	
	Commissioner	 		 	
		
	BANK OF THE CAROLINAS	 	
	MOCKSVILLE, NORTH CAROLINA	 	
			
	BY:	 		 	
			
	 /s/ Jerry W. Anderson
	 		 	
	JERRY W. ANDERSON	 		 	
			
	 /s/ Alan M. Bailey
	 		 	
	ALAN M. BAILEY	 		 	
			
	 /s/ William A. Burnette
	 		 	
	WILLIAM A. BURNETTE	 		 	
			
	 /s/ John A. Drye
	 		 	
	JOHN A. DRYE	 		 	
			
	 /s/ John W. Googe
	 		 	
	JOHN W. GOOGE	 		 	
			
	 /s/ Henry H. Land
	 		 	
	HENRY H. LAND	 		 	
			
	(continued on next page)	 		 	

					
	 /s/ Steven G. Laymon
	 		 	
	DR. STEVEN G. LAYMON	 		 	
			
	 /s/ Robert Marziano
	 		 	
	ROBERT MARZIANO	 		 	
			
	 /s/ Grady L. McClamrock, Jr
	 		 	
	GRADY L. MCCLAMROCK, JR.	 		 	
			
	 /s/ Lynne S. Safrit
	 		 	
	LYNNE S. SAFRIT	 		 	
			
	 /s/ Francis W. Slate
	 		 	
	DR. FRANCIS W. SLATE	 		 	
			
	 /s/ Steven R. Talbert
	 		 	
	STEPHEN R. TALBERT	 		 	
			
	THE BOARD OF DIRECTORS

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