Document:

Exchange Agreement

 Exhibit 10.4 
 Execution Copy 
 EXCHANGE AGREEMENT 
 EXCHANGE AGREEMENT (the “Agreement”), dated as of November 13, 2007, by and among the Issuer, Och-Ziff Corp, Och-Ziff Holding, OZ
Management, OZ Advisors, OZ Advisors II and the Och-Ziff Limited Partners and Class B Shareholders from time to time party hereto. Defined terms used herein have the respective meanings ascribed thereto in Section 1.1. 
 WHEREAS, the parties hereto desire to provide for the exchange of certain Och-Ziff Operating Group Units for Class A Shares (or a cash equivalent),
on the terms and subject to the conditions set forth herein; 
 WHEREAS, the obligation to exchange Och-Ziff Operating Group Units for
Class A Shares (or a cash equivalent) pursuant to Section 2.1(a)(ii) of this Agreement represents a several, and not a joint and several, obligation of each Och-Ziff Operating Group Partnership (on a pro rata basis), and no Och-Ziff
Operating Group Partnership shall have any obligation or right to acquire the portion of Och-Ziff Operating Group Units issued by another Och-Ziff Operating Group Partnership; 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1
Definitions. 
 The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the
terms used in this Agreement. 
 “A Exchange” has the meaning set forth in Section 2.1(a)(i) of this Agreement.

 “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 first Person. 
 “Aggregate Value” means,
with respect to any Vested Och-Ziff Operating Group Units surrendered for Exchange, an amount equal to the product of (a) the number of Vested Och-Ziff Operating Group Units so surrendered multiplied by (b) the Exchange Rate, and such
product further multiplied by (c) the Value of a Class A Share. 
 “Agreement” has the meaning set forth in the
preamble of this Agreement. 
 “Applicable Partner Group” shall mean, with respect to any Exchanging Partner, collectively,
(i) such Exchanging Partner, (ii) any Related Trust of such Exchanging Partner, and (iii) any Applicable Transferee of any Class B Transferor included in clause (i) or (ii) above. 

 “Applicable Transferee” shall mean, with respect to any Class B Transferor, any Class B
Transferee of such Class B Transferor and any subsequent Class B Transferee of such Class B Transferee (acting as Class B Transferor), other than a Class B Transferee identified in writing by the Class B Transferor to the Issuer and the Och-Ziff
Operating Group Partnerships (i) as holding no Excess Interests and a number of Class B Shares equal to the number of Och-Ziff Operating Group Units to be held by such Class B Transferee, in each case, immediately following and after giving
effect to such Class B Transfer and (ii) as not constituting an Applicable Transferee hereunder. 
 “B Exchange” has
the meaning set forth in Section 2.1(a)(ii) of this Agreement. 
 “Blackout Periods” has the meaning set forth in
Section 2.7 of this Agreement 
 “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks in the State of New York are authorized or required by law or executive order to remain closed. 
 “Chairman” shall mean the Chairman of the Exchange Committee, who shall be the Chairman of the Partner Management Committee as determined pursuant to the applicable Och-Ziff Operating Group Partnership Agreement from time
to time. Initially, Dan Och shall serve as Chairman. 
 “Cash Amount” has the meaning set forth in Section 2.1(b).

 “Charity” means any organization that is organized and operated for a purpose described in Section 170(c) of the
Code (determined without reference to Section 170(c)(2)(A) of the Code) and described in Sections 2055(a) and 2522 of the Code. 
 “Class A Sale” means any proposed sale of Class A Shares (A) in a Registered Sale or (B) in a sale pursuant to an exemption from registration to a strategic buyer or in which Daniel Och participates, in
either case, involving 5% or more of the then-outstanding Class A Shares, as such Class A Sale may be indicated in any Initial Period Exchange Notification. 
 “Class A Shares” means the Class A shares representing class A limited liability company interests in the Issuer. 
 “Class B Exchange Amount” means, with respect to any Exchanging Partner, the number of Class B Shares to be automatically cancelled in
respect of any Exchange by such Exchanging Partner, which shall equal the number of Och-Ziff Operating Group Units to be Exchanged by such Exchanging Partner, provided that the Class B Exchange Amount in respect of a Ziff Exchange shall be zero.

 “Class B Shares” means the Class B shares representing class B limited liability company interests in the Issuer.

 “Class B Shareholder” means, as of any relevant date, the record owner of Class B Shares as reflected on the books and
records of the Issuer or its authorized agent. 
  

 2 

 “Class B Transfer” means any sale, transfer, assignment, conveyance, whether voluntary
or involuntary (including by operation of law), whereby any Person becomes the record holder of Class B Shares. 
 “Class B
Transferee” means any Person that, as a result of any Class B Transfer, becomes the record holder of the Class B Shares subject to such Class B Transfer. 
 “Class B Transferor” means any Person that, as a result of any Class B Transfer, is no longer the record holder of the Class B Shares subject to such Class B Transfer. 
 “Class C Non-Equity Interests” means the Class C non-equity interests representing non-equity interests in each of the entities within
the Och-Ziff Operating Group. 
 “Closing” has the meaning set forth in Section 2.5(a) 
 “Closing Date” has the meaning set forth in Section 2.5(a). 
 “Closing Price” has the meaning set forth in the definition of Value. 
 “Code” means the Internal Revenue Code of 1986, as amended, and in effect from time to time. Any reference herein to a specific section
or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 
 “Commission” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act of 1933, as amended. 
 “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling,” “controlled by,” and “under common control with” have correlative meanings.

 “Delay Event” has the meaning set forth in Section 2.6(b). 
 “Designated Class B Shares” has the meaning set forth in Section 2.1(e) 
 “Determination Period” has the meaning set forth in Section 2.2(a). 
 “Established Exchange Date” means any date on which the Exchange Committee shall determine to permit Exchanges pursuant to this
Agreement during the Initial Period. 
 “Excess Interests” has the meaning set forth in Section 2.11(a). 
 “Exchange” means the exchange by an Och-Ziff Limited Partner of an Och-Ziff Operating Group Unit for a Class A Share (and/or the
applicable Cash Amount) pursuant to Article II of this Agreement or, as applicable, an exchange of Excess Interests as described in Section 2.11, and, as required by the context, the term “Exchange” shall refer collectively to all
Exchanges occurring on the same Exchange Date. 
  

 3 

 “Exchange Committee” shall mean a committee consisting of the individuals that are from
time to time members of the Partner Management Committee as determined pursuant to the applicable Och-Ziff Operating Group Partnership Agreement. The Chairman of the Exchange Committee shall be the same as the Chairman of the Partner Management
Committee, and the Chairman of the Exchange Committee shall have the sole and exclusive right and authority to take any action (including, without limitation, the selection of any date on which an Exchange shall be permitted and the consent to any
amendment of this Agreement pursuant to this Agreement) on behalf of the Exchange Committee; provided, however, that if and to the extent that at any time no Chairman of the Partner Management Committee exists and, therefore, no
Chairman of the Exchange Committee exists, any such action may be taken by a simple majority of the members of the Exchange Committee. 
 “Exchange Date” means any Established Exchange Date or Quarterly Exchange Date, or the date to which any such Exchange Date may be delayed pursuant to Section 2.5(a). 
 “Exchange Notice” has the meaning set forth in Section 2.2(b)(i). 
 “Exchange Rate” means the number of Class A Shares for which an Och-Ziff Operating Group Unit is entitled to be exchanged. On the
date of this Agreement, the Exchange Rate shall be 1 for 1, which Exchange Rate shall be subject to modification as provided in Section 2.8. 
 “Exchange Right” means an Och-Ziff Limited Partner’s right to make an Exchange. 
 “Exchanging
Partner” means any Och-Ziff Limited Partner effecting an Exchange. 
 “First Person” has the meaning set forth in
Section 2.11(a). 
 “Governmental Entity” means any court, administrative agency, regulatory body, commission or other
governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof. 
 “Initial
Period” has the meaning set forth in Section 2.2(a)(i). 
 “Initial Period Exchange Notification” has the
meaning set forth in Section 2.2(a)(i). 
 “Initial Ziff Interest” means the Och-Ziff Operating Group Units
beneficially owned by the Ziffs as of the closing of the IPO (as reduced by the amount of any Och-Ziff Operating Group Units purchased in connection with the exercise of the underwriters’ option to purchase additional Class A Shares in the
IPO), as such amount may be adjusted after the date hereof for splits, reclassifications, recapitalizations, recombinations and/or similar events or transactions. 
 “Insider Trading Policy” means the Insider Trading Policy of the Issuer applicable to its directors and executive officers, as such insider trading policy may be amended from time to time. 

 

 4 

 “IPO” means the initial offering and sale of Class A Shares to the public, as
contemplated by the Issuer’s Registration Statement on Form S-1 (File No. 333-144256). 
 “Issuer” means Och-Ziff
Capital Management Group LLC, a limited liability company formed under the laws of the State of Delaware, and any successor thereto. 
 “Issuer Delay Notice” has the meaning set forth in Section 2.6(b). 
 “Issuer Operating
Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Issuer to be dated on or prior to and in effect upon the consummation of the IPO, as such agreement may be amended, supplemented or restated from
time to time. 
 “Liens” means any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies,
voting trusts or agreements, obligations, understandings or arrangements or other restrictions on title or transfer of any nature whatsoever. 
 “Maximum Participation Amount” is defined in Section 2.2(a)(iii). 
 “New York Courts” is
defined in Section 3.9. 
 “Och-Ziff Corp” means Och-Ziff Holding Corporation, a corporation formed under the laws of
the State of Delaware and the general partner of OZ Management and OZ Advisors, and any successor general partner thereof. 
 “Och-Ziff General Partners” means, collectively, Och-Ziff Corp and Och-Ziff Holding and any other entity from time to time serving as general partner (or equivalent) of an Och-Ziff Operating Group Partnership.

 “Och-Ziff Holding” means Och-Ziff Holding LLC, a limited liability company formed under the laws of the State of Delaware
and the general partner of OZ Advisors II, and any successor general partner thereof. 
 “Och-Ziff Limited Partner”
means each Person that is as of the date of this Agreement or hereafter becomes a limited partner of each of the Och-Ziff Operating Group Partnerships pursuant to the terms of the applicable Och-Ziff Operating Group Partnership Agreement,
provided, however, that for all purposes of this Agreement with respect to any Exchange of Excess Interests, the First Person and the Second Person, acting in accordance with Section 2.11, shall, collectively, be deemed to be an
Och-Ziff Limited Partner. 
 “Och-Ziff Operating Group Partnership Agreements” means, collectively, the
Amended and Restated Limited Partnership Agreement of OZ Management, the Amended and Restated Limited Partnership Agreement of OZ Advisors and the Amended and Restated Limited Partnership Agreement of OZ Advisors II, as they may each be amended,
supplemented or restated from time to time, and any similar agreement of any other partnership or other entity that may hereafter become an Och-Ziff Operating Group Partnership in accordance with this Agreement, as the same may be amended,
supplemented, or restated from time to time. 
  

 5 

 “Och-Ziff Operating Group Partnerships” means, collectively, OZ Management, OZ Advisors,
and OZ Advisors II, and any other partnership or entity whose general partner (or equivalent) is an Och-Ziff General Partner and that may hereafter become a party to this Agreement. 
 “Och-Ziff Operating Group Unit” means, collectively, a unit or units of interest representing limited partnership interests or
other similar interests in each of the entities within the Och-Ziff Operating Group Partnerships (including without limitation, the class A common units in each such entity issued under the applicable Och-Ziff Operating Group Partnership Agreement),
with each unit representing one interest in each of the Och-Ziff Operating Group Partnerships, but excluding the Class C Non-Equity Interests. 
 “OZ Advisors” means OZ Advisors LP, a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 
 “OZ Advisors II” means OZ Advisors II LP, a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 
 “OZ Management” means OZ Management LP, a limited partnership formed under the laws of the State of Delaware, and any successor thereto.

 “Permitted Transferee” means any Person who is a Permitted Transferee under the applicable Och-Ziff Operating Group
Partnership Agreement. 
 “Person” means an individual or a corporation, limited liability company, partnership, joint
venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state, county, or any other governmental or political subdivision,
agency or instrumentality thereof) or other entity (or series thereof). 
 “Quarterly Exchange Date” means the date that is
the later to occur of either: (1) the second Business Day after the date on which the Issuer makes a public news release of its quarterly earnings for the prior fiscal quarter or (2) the first day of each fiscal quarter that directors and
executive officers of the Issuer are permitted to trade under the Insider Trading Policy; provided, the Quarterly Exchange Date in respect of a Special Ziff Quarterly Exchange shall be the second Business Day after the date on which the
Issuer makes a public news release of its quarterly earnings for the prior fiscal quarter; and provided, further, that there shall be no Quarterly Exchange Date prior to the first anniversary of the closing of the IPO; 
 “Reallocated Och-Ziff Operating Group Units” is defined in Section 2.2(a)(v). 
 “Registration Rights Agreement” means the Registration Rights Agreements among the Issuer and the Och-Ziff Limited Partners providing
for the registration of Class A Shares, to be entered into in connection with the IPO. 
 “Registered Sale” means a
sale of Class A Shares pursuant to a Demand Registration or a Piggyback Registration (as each such term is defined in the Registration Rights Agreement). 
  

 6 

 “Related Trust” means, with respect to any individual Och-Ziff Limited Partner, any
other Och-Ziff Limited Partner that is an estate, family limited liability company, family limited partnership of such individual Och-Ziff Limited Partner, a trust the grantor of which is such individual Och-Ziff Limited Partner, or any other estate
planning vehicle or family member relating to such individual Och-Ziff Limited Partner. 
 “Second Person” has the meaning
set forth in Section 2.11(a). 
 “Special Ziff Quarterly Exchange” has the meaning set forth in
Section 2.2(a)(vi). 
 “Transfer Agent” means such bank, trust company or other Person as shall be appointed from time
to time by the Issuer pursuant to the Issuer Operating Agreement to act as registrar and transfer agent for the Class A Shares. 
 “Value” means, on any Exchange Date with respect to a Class A Share, the average of the daily Closing Prices for ten (10) consecutive trading days immediately preceding the Exchange Date. The “Closing
Price” on any date means the last sale price for such Class A Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Class A Shares, in either
case, as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such Class A Shares are not listed or admitted to trading on the New
York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such Class A Shares are listed or admitted to trading or, if
such Class A Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or if not so quoted, the average of the high bid and low asked prices in the principal automated quotation system that may
then be in use or, if such Class A Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such Class A Shares selected by the Board of
Directors of the Issuer or, in the event that no trading price is available for such Class A Shares, the fair market value of the Class A Shares, as determined in good faith by the Board of Directors of the Issuer. 
 “Vested Och-Ziff Operating Group Unit” means an Och-Ziff Operating Group Unit which is not subject to any remaining conditions on
vesting or any risk of forfeiture pursuant to the applicable Och-Ziff Operating Group Partnership Agreement. 
 “Ziff
Exchange” means an Exchange of all or any portion of the Initial Ziff Interest. 
 “Ziffs” means, collectively,
Ziff Investors Partnership, L.P. II and Ziff Investors Partnership, L.P. IIA. 
 “Ziffs Quarterly Exchange Limit” means, as
of any relevant Quarterly Exchange Date, the number of Vested Och-Ziff Operating Group Units equal to the lesser of (a) the number of Vested Och-Ziff Operating Group Units, the Exchange of which on such Quarterly Exchange Date would require the
delivery of a number of Class A Shares equal to three and three-tenths percent (3.3%) of the then issued and outstanding Class A Shares (without giving effect to such proposed Exchange) or the applicable Cash Amount as provided herein
and (b) 5% of the Initial Ziff Interest. 
  

 7 

 ARTICLE II 
 EXCHANGE OF OCH-ZIFF OPERATING GROUP UNITS 
 Section 2.1 Exchange of Och-Ziff Operating
Group Units. 
 (a) Subject to adjustment as provided in this Article II, to the provisions of the Och-Ziff Operating Group Partnership
Agreements and the Issuer Operating Agreement and to the other provisions of this Agreement, each Och-Ziff Limited Partner shall be entitled to exchange Vested Och-Ziff Operating Group Units held by such Och-Ziff Limited Partner on any Established
Exchange Date or, as applicable, Quarterly Exchange Date as follows: 
 (i) For the purpose of making a gratuitous transfer
to any Charity, an Och-Ziff Limited Partner may surrender Vested Och-Ziff Operating Group Units to the Issuer in exchange for the delivery by the Issuer of a number of Class A Shares equal to the product of the number of Vested Och-Ziff
Operating Group Units surrendered multiplied by the Exchange Rate (such exchange, an “A Exchange”); or 
 (ii) Subject to paragraph (b) below, an Och-Ziff Limited Partner may surrender Vested Och-Ziff Operating Group Units to the Och-Ziff Operating Group Partnerships in exchange for the delivery by the Och-Ziff Operating Group Partnerships
of a number of Class A Shares equal to the product of such number of Vested Och-Ziff Operating Group Units surrendered multiplied by the Exchange Rate (such exchange, a “B Exchange”); 
 (b) Notwithstanding the provisions of Section 2.1(a)(ii), the Board of Directors of the Issuer may, in its sole and absolute discretion, elect to
cause the Och-Ziff Operating Group Partnerships to acquire some or all of the Vested Och-Ziff Operating Group Units surrendered for Exchange for cash (the “Cash Exchange,” and the number of such Vested Och-Ziff Operating Group Units
to be so acquired for cash, expressed as a percentage of the total number of such Vested Och-Ziff Operating Group Units surrendered for Exchange, the “Applicable Percentage”). The amount of cash to be paid for the Cash Exchange (the
“Cash Amount”) shall equal the Aggregate Value of such surrendered Vested Och-Ziff Operating Group Units multiplied by the Applicable Percentage. If the Board of Directors of the Issuer chooses to cause the Och-Ziff Operating Group
Partnerships to acquire some or all of the surrendered Vested Och-Ziff Operating Group Units pursuant to this Section 2.1(b), the Och-Ziff Operating Group Partnerships shall give written notice thereof to such exchanging Och-Ziff Limited
Partner on or before the close of business three days prior to Closing, and the number of Class A Shares to be delivered pursuant to Section 2.1(a)(ii) hereof shall be correspondingly reduced. 
 (c) On the date Vested Och-Ziff Operating Group Units are surrendered for exchange, all rights of the exchanging Och-Ziff Limited Partner as holder of
such Vested 

  

 8 

 
Och-Ziff Operating Group Units, and the Designated Class B Shares shall be automatically cancelled as provided in Section 2.1(e), and such exchanging
Och-Ziff Limited Partner shall be treated for all purposes as having become the Record Holder (as defined in the Issuer Operating Agreement) of the Class A Shares issued in exchange for such Och-Ziff Operating Group Units and shall be admitted
as a Member (as defined in the Issuer Operating Agreement) of the Issuer in accordance and upon compliance with Section 3.1 of the Issuer Operating Agreement. 
 (d) For the avoidance of doubt, any Exchange shall be subject to the provisions of the Och-Ziff Operating Group Partnership Agreements including applicable vesting provisions, minimum retained ownership requirements
and transfer restrictions. 
 (e) In the case of any Exchange, the Designated Class B Shares shall be automatically cancelled on the books
and records of the Issuer and such Designated Class B Shares shall have no further rights or privileges and shall no longer be deemed to be outstanding limited liability company interests of the Issuer for any purpose from and after the Exchange
Date. The term “Designated Class B Shares” means a number of Class B Shares equal to the Class B Exchange Amount identified and determined as follows: 
 (i) If the Exchanging Partner is a Class B Shareholder that, immediately prior to such Exchange, is the record owner of a number of Class
B Shares at least equal to the Class B Exchange Amount, the portion of such Class B Shares equal to the Class B Exchange Amount shall constitute the Designated Class B Shares; 
 (ii) If the Exchanging Partner is a Class B Shareholder that, immediately prior to such Exchange, is the record owner of a number of
Class B Shares that is less than the Class B Exchange Amount, all of such Class B Shares, together with other Class B Shares held by such Exchanging Partner’s Applicable Partner Group in an amount equal to the difference between the Class B
Exchange Amount and the number of Class B Shares held by such Exchanging Partner shall constitute the Designated Class B Shares; 
 (iii) If the Exchanging Partner is not a Class B Shareholder immediately prior to such Exchange, then Class B Shares held by such Exchanging Partner’s Applicable Partner Group in an amount equal to the Class B Exchange Amount shall
constitute the Designated Class B Shares. 
 (iv) Any Class B Shares held by an Exchanging Partner’s Applicable Partner
Group that constitute Designated Class B Shares as determined pursuant to clause (ii) or (iii) of this Section 2.1(e) shall be cancelled in the applicable Exchange on a pro rata basis among all members of the Applicable Partner Group,
based on the number of Class B Shares held of record by each Class B Shareholder included in such Applicable Partner Group. 
  

 9 

 Section 2.2 Exchange Procedures. 
 (a) 
 (i) During the period
commencing with the date of the IPO and continuing through the fifth anniversary thereof (the “Initial Period”), and except as provided in paragraphs (vi) below, no Och-Ziff Limited Partner shall be entitled to effect an
Exchange at any time, other than as permitted by the Exchange Committee. In the event that the Exchange Committee determines to permit an Exchange by the Och-Ziff Limited Partners pursuant to this Agreement (or is required to permit an Exchange
pursuant paragraph (v) below), the Exchange Committee shall provide written notice thereof (an “Initial Period Exchange Notification”) to each Och-Ziff Limited Partner that sets forth, as and if applicable, the applicable
Established Exchange Date, the Maximum Participation Amount, the aggregate number of Reallocated Och-Ziff Group Units, and whether such Exchange relates to a proposed Class A Sale. Any Initial Period Exchange Notification shall be delivered at
least 20 Business Days prior to any such Established Exchange Date, unless the Issuer consents to a shorter period. An Established Exchange Date must be a Business Day on which directors and executive officers of the Issuer are permitted to trade
under the Insider Trading Policy. 
 (ii) During the Initial Period, the Exchange Committee shall have the right to establish
any number of Established Exchange Dates during any fiscal year, but shall have no obligation to set any Established Exchange Dates during any given fiscal year. 
 (iii) If and to the extent the Exchange Committee determines to permit an Exchange during the Initial Period, the Exchange Committee may
establish the maximum number of Vested Och-Ziff Operating Group Units subject to such permitted Exchange (the “Maximum Participation Amount”). In the case of any permitted Exchange during the Initial Period (other than as expressly
provided pursuant to Section 2.2(a)(v) and 2.2(a)(vi)), each Och-Ziff Limited Partner shall be entitled to Exchange in any such permitted Exchange up to that number of Vested Och-Ziff Operating Group Units equal to the aggregate number of
Vested Och-Ziff Operating Group Units held by such Och-Ziff Limited Partner multiplied by a fraction the numerator of which shall be the Maximum Participation Amount and the denominator of which shall be the aggregate number of Vested Och-Ziff
Operating Group Units outstanding (and subject to this Agreement). To the extent any Och-Ziff Limited Partner does not participate up to its pro rata portion of the Maximum Participation Amount, the Exchange Committee may, in its sole discretion,
permit the other Och-Ziff Limited Partners to Exchange such additional Vested Och-Ziff Operating Group Units in the same proportions as determined above. 
 (iv) After the Initial Period, each Och-Ziff Limited Partner shall be entitled to Exchange, on any Quarterly Exchange Date, Vested Och-Ziff Operating Group Units, provided, however, an Och-Ziff Limited
Partner shall be entitled to participate in any such Exchange pursuant to this Section 2.2(a)(iv) only if (i) the Aggregate Value of Vested Och-Ziff Operating Group Units proposed to be Exchanged by such Och-Ziff Limited Partner together
with 

  

 10 

 
Vested Och-Ziff Operating Group Units proposed to be Exchanged by such Och-Ziff Limited Partner’s Related Trusts, is equal to at least $10,000,000, or
(ii) such Och-Ziff Limited Partner proposes to Exchange all of such Och-Ziff Limited Partner’s remaining Vested Och-Ziff Operating Group Units. Any Exchange pursuant to this Section 2.2(a)(iv) shall be subject to the conditions set
forth elsewhere in this Agreement but shall not require the consent of the Exchange Committee. 
 (v) Notwithstanding, and in
addition to any Exchange Dates that may be scheduled pursuant to Section 2.2(a)(i) or any Quarterly Exchange Date that may occur pursuant to 2.2(a)(iv), in the event any Och-Ziff Limited Partner receives Och-Ziff Operating Group Units as a
result of the reallocation of such Och-Ziff Operating Group Units pursuant to any Och-Ziff Operating Group Partnership Agreement in a transaction that the Exchange Committee determines, in its sole and absolute discretion, is taxable to the
recipient of such Och-Ziff Operating Group Units (such units, “Reallocated Och-Ziff Operating Group Units”), the Exchange Committee shall promptly determine an Established Exchange Date and deliver an Initial Period Exchange
Notification pursuant to Section 2.1(a)(i) to permit each such Och-Ziff Limited Partner to Exchange fifty percent (50%) of such Reallocated Och-Ziff Operating Group Units. 
 (vi) Notwithstanding, and in addition to their rights to participate in any Exchange pursuant to, Sections 2.2(a)(i),(iii) and
(iv) above, the Ziffs may Exchange on any Quarterly Exchange Date on which no other Limited Partner is entitled to participate during the Initial Period, a number of Vested Och-Ziff Operating Group Units that does not exceed the Ziffs Quarterly
Exchange Limit (a “Special Ziff Quarterly Exchange”); provided, that, during the Initial Period, except by participating in a Class A Sale, the Ziffs shall not be permitted to sell Class A Shares received in an
Exchange pursuant to this Section 2.2(a)(vi) during any “Determination Period”, which shall be the period commencing on the date on which the Ziffs receive an Initial Period Exchange Notification with respect to an Exchange
relating to a Class A Sale and ending on the earlier of (i) the receipt of notice that such Class A Sale will not occur (such notice to be delivered promptly following a determination that such Class A Sale will not occur) and
(ii) the completion of the Class A Sale. No individual Determination Period shall exceed 120 consecutive days and all Determination Periods during any fiscal year shall not exceed 180 days in the aggregate; provided that the number
of days in any Determination Period during which any Class A Sale is completed shall not be counted for purposes of calculating such 180 day limitation; and provided further, that, in the case of a Class A Sale pursuant to a
continuous offering under Rule 415 of the Securities Act, the Determination Period shall continue until the earliest date on which the Ziffs can no longer sell Class A Shares under the applicable registration statement pursuant to the terms of
the Registration Rights Agreement. The Ziffs shall not have the right to Exchange any portion of the Ziffs Quarterly Exchange Limit not so Exchanged as provided above on any subsequent Quarterly Exchange Date. 
  

 11 

 (b) 
 (i) With respect to Exchanges under Section 2.2(a)(i) or 2.2(a)(v), upon receipt of an Initial Period Exchange Notification, an Och-Ziff Limited Partner may exercise its right to exchange Vested Och-Ziff
Operating Group Units as set forth in Section 2.1(a) by providing a written notice of exchange (an “Exchange Notice”) at least ten (10) Business Days prior to the applicable Established Exchange Date. 
 (ii) With respect to Exchanges under Section 2.2(a)(iv) or Section 2.2(a)(vi), an Och-Ziff Limited Partner may exercise the
right to exchange Vested Och Ziff Operating Group Units as set forth in Section 2.1(a) by providing an Exchange Notice at least twenty five (25) Business Days prior to the applicable Quarterly Exchange Date. 
 (iii) An Exchange Notice shall be delivered to the Issuer, in the case of an A Exchange, and each of the Och-Ziff Operating Group
Partnerships, in the case of a B Exchange, (X) in the case of an A Exchange, substantially in the form of Exhibit A hereto, and (Y) in the case of a B Exchange, substantially in the form of Exhibit B hereto, duly executed by
such holder or such holder’s duly authorized attorney in respect of the Och-Ziff Operating Group Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Issuer and the Och-Ziff
General Partners. 
 (iv) As promptly as practicable following the surrender of Och-Ziff Operating Group Units upon an
Exchange in the manner provided in this Article II, the Issuer, in the case of an A Exchange, or the Och-Ziff Operating Group Partnerships, in the case of a B Exchange, shall deliver or cause to be delivered at the principal executive offices of the
Issuer or at the office of the Transfer Agent the number of Class A Shares issuable upon such Exchange, issued in the name of such exchanging Och-Ziff Limited Partner, and/or the applicable Cash Amount, if any. 
 (c) The Issuer, in the case of an A Exchange, or the Och-Ziff Operating Group Partnerships, in the case of a B Exchange, may adopt reasonable procedures
for the implementation of the exchange provisions set forth in this Article II. 
 Section 2.3 Concurrent Exchanges. The obligation
with respect to a B Exchange represents a several, and not a joint and several, obligation of the Och-Ziff Operating Group Partnerships, and no Och-Ziff Operating Group Partnership shall have any obligation or right to acquire the portion of one or
more Och-Ziff Operating Group Units issued by another Och-Ziff Operating Group Partnership. Notwithstanding any other provision of this Agreement, an Exchange Notice shall not be valid unless the Och-Ziff Limited Partner giving such Exchange Notice
requests an exchange of an equal number of Och-Ziff Operating Group Units in each Och-Ziff Operating Group Partnership. 
  

 12 

 Section 2.4 Engagement of a Financial Advisor. Upon receiving a valid Exchange Notice pursuant to
Section 2.2(b), the Och-Ziff Operating Group Partnerships shall collectively engage a financial advisor of national reputation to determine the relative value of each Och-Ziff Operating Group Partnership as of the applicable Closing Date and
the parties hereto agree to be bound by such financial advisor’s determination, including, without limitation, for tax reporting purposes. The Och-Ziff Operating Group Partnerships shall be responsible for the fees and expenses of such
financial advisor. The parties agree, however, that in the event that the Och-Ziff Operating Group Partnerships have received a valuation or an opinion from a financial advisor of national reputation regarding such relative values dated within 45
days prior to the applicable Closing Date, and each of the Och-Ziff General Partners determines in its good faith judgment that no material change has occurred, or is expected to occur prior to Closing, with respect to the Och-Ziff Operating Group
Partnerships, the Och-Ziff Operating Group Partnerships may elect to use such valuation or opinion for purposes of this Section 2.4 and the parties hereto agree to be bound by such valuation or opinion, including, without limitation, for tax
reporting purposes. 
 Section 2.5 Closing. 
 (a) If an Exchange Notice has been timely delivered pursuant to Section 2.2(b), then the
closing (the “Closing”) of the transactions contemplated by Section 2.1 shall take place on the third Business Day following the Exchange Date (as such date may be delayed pursuant to this Section 2.5(a), the
“Closing Date”) at the offices of the Issuer at 9 West 57th Street, New York, New York 10019 (or such other place as the parties to
such Exchange shall agree). If any Exchange Date would otherwise occur during a Blackout Period (or within two Business Days of the expiration of a Blackout Period), such Exchange Date shall be delayed until the third Business Day following the
expiration of any such Blackout Period (or such other date as the parties to such Exchange shall agree). If any Closing Date would otherwise occur during a Blackout Period, such Closing Date shall be delayed until the third Business Day following
the expiration of any such Blackout Period. Notwithstanding the foregoing, no Exchange Date or Closing Date relating to a Special Ziff Quarterly Exchange shall be delayed, suspended, terminated or otherwise affected by reason of the existence of any
Blackout Period. 
 (b) No Exchange shall be permitted (and, if attempted, shall be void ab initio) if the General Partner of any Och-Ziff
Operating Group Partnership determines in its sole and absolute discretion that such an Exchange would pose a material risk that such Och-Ziff Operating Group Partnership would be a “publicly traded partnership” as defined in
Section 7704 of the Code. The Och-Ziff General Partners, in their sole and absolute discretion, shall be permitted to establish revised exchange procedures they determine are necessary or appropriate to ensure that each of the Och-Ziff
Operating Group Partnerships will not be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 
 (c) Closing Conditions. The obligations of any of the parties to consummate an Exchange pursuant to this Article II shall be subject to the conditions that (i) there shall be no injunction, restraining
order or decree of any nature of any Governmental Entity that is then in effect that restrains or prohibits the Exchange by the applicable Och-Ziff Limited Partner of its Och-Ziff Operating Group Units for Class A Shares and (ii) no such
Exchange shall be prohibited by applicable law or regulations. 
  

 13 

 (d) Closing Deliveries. At each Closing, with respect to each Och-Ziff Limited Partner that
elects to participate in the Exchange: 
 (i) to the extent reasonably requested by the Transfer Agent and/or the Issuer in
the case of an A Exchange, and/or any Och-Ziff Operating Group Partnership, in the case of a B Exchange, such Och-Ziff Limited Partner shall deliver instructions and/or other instruments of transfer, in form and substance reasonably satisfactory to
such Transfer Agent, the Issuer and/or Och-Ziff Operating Group Partnership, as applicable, duly executed by such Och-Ziff Limited Partner or such Och-Ziff Limited Partner’s duly authorized attorney, and transfer tax stamps or funds therefor,
if required, representing a number of Och-Ziff Operating Group Units to be exchanged; 
 (ii) such Och-Ziff Limited Partner
shall represent to the Issuer or the Och-Ziff Operating Group Partnerships, as applicable, that all of its Och-Ziff Operating Group Units delivered at Closing are delivered free and clear of any and all Liens; 
 (iii) if such Och-Ziff Limited Partner has delivered a number of Och-Ziff Operating Group Units pursuant to this Section 2.5(d) that
represent a greater number of Och-Ziff Operating Group Units than can be exchanged in such Exchange, the relevant Och-Ziff Operating Group Partnership will deliver back the number of Och-Ziff Operating Group Units, as applicable, not subject to the
Exchange; 
 (iv) in the case of an A Exchange, the Issuer shall deliver to the Och-Ziff Limited Partners participating in
the Exchange a number of Class A Shares equal to the number of Och-Ziff Operating Group Units being surrendered in such A Exchange; and 
 (v) in the case of a B Exchange, each Och-Ziff Operating Group Partnership shall deliver the number of Class A Shares corresponding to the units of partnership interest of such Och-Ziff Operating Group
Partnership comprising part of the Och-Ziff Operating Group Units that are the subject of such B Exchange and/or its proportionate share of the Cash Amount (if any), in each case determined by reference to the relative value of such Och-Ziff
Operating Group Partnership established with respect to such Exchange pursuant to Section 2.4. 
 (vi) Delivery and
transfer of any securities hereunder may be effected by book-entry transfer if and to the extent such securities are not held or issued in certificated form. 
  

 14 

 Section 2.6 Revocability; Expenses; Notice of Unavailability of Registration Statement.

 (a) An Och-Ziff Limited Partner may revoke an Exchange Notice with respect to any or all of the Och-Ziff Operating Group Units set forth
in such Och-Ziff Limited Partner’s Exchange Notice by delivery of a written notice to the Och-Ziff Operating Group Partnerships at any time prior to Closing for any reason, including as a result of a Delay Event. 
 (b) If at any time after delivery of an Exchange Notice with respect to a proposed Exchange and prior to the Closing of such Exchange, the Issuer
determines that (i) the Exchange Date will be delayed, suspended or terminated in accordance with Section 2.5(a), (b) or (c), and/or (ii) the Class A Shares which may be issued in connection with an Exchange relating to a
Registered Sale will not be eligible to be sold pursuant to an effective registration statement on the anticipated Closing Date or within two Business Days of the anticipated Closing Date for any reason (collectively, a “Delay
Event”), the Issuer shall promptly notify each Och-Ziff Limited Partner that has delivered an Exchange Notice in connection with such proposed Exchange of such Delay Event (an “Issuer Delay Notice”). The Issuer Delay Notice
shall describe, in reasonable detail, the events giving rise to the Delay Event, the anticipated duration of such Delay Event and, if reasonably determinable in light of the facts and circumstances surrounding such Delay Event, a revised proposed
Exchange Date and Closing Date. In the event the Issuer Delay Notice does not include a revised proposed Exchange Date and Closing Date, the Issuer shall promptly notify each recipient of the revised proposed Exchange Date and Closing Date when such
dates become reasonably determinable. Notwithstanding the foregoing, an Issuer Delay Notice to be sent to the Ziffs may (but need not) omit certain information described above that the Issuer determines, in its sole and absolute discretion,
constitutes material non-public information and no event that otherwise would constitute a Delay Event under clause (ii) of the definition of Delay Event shall constitute a Delay Event with respect to a Special Quarterly Ziff Exchange.

 (c) Each party hereto shall bear his own expenses in connection with the consummation of any of the transactions contemplated hereby,
whether or not any such transaction is ultimately consummated. 
 Section 2.7 Blackout Periods. Notwithstanding anything to the
contrary, except with respect to a Special Ziff Quarterly Exchange, an Och-Ziff Limited Partner shall not be entitled to effect an Exchange, and the Issuer, in the case of an A Exchange, or the Och-Ziff General Partners, in the case of a B Exchange,
shall have the right to delay or suspend any Exchange Date or Closing Date (whether such Exchange will result in the issuance of Class A Shares or the payment of a Cash Amount) during any period in which (i) directors and executive
officers of the Issuer are not permitted to trade under the Insider Trading Policy, or (ii) the Issuer is in possession of material non-public information and the Issuer determines in good faith that the disclosure of such information would not
be in the best interests of the Issuer (collectively, a “Blackout Period”) A Blackout Period described in Section 2.7(ii) shall expire on the date on which the Issuer determines that there is no such material non-public
information, provided that in no event shall any single Blackout Period (whether arising under Section 2.7(i), Section 2.7(ii) or any combination thereof) exceed 120 days. 
 Section 2.8 Splits, Distributions and Reclassifications. The Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by
split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, 

  

 15 

 
recapitalization or otherwise) of the Och-Ziff Operating Group Units that is not accompanied by an identical subdivision or combination of the Class A
Shares; or (2) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the Class A Shares that is not accompanied by an
identical subdivision or combination of the Och-Ziff Operating Group Units. In the event of a reclassification or other similar transaction as a result of which the Class A Shares are converted into another security, then an Och-Ziff Limited
Partner shall be entitled to receive upon exchange the amount of such security that such Och-Ziff Limited Partner would have received if such exchange had occurred immediately prior to the effective date of such reclassification or other similar
transaction. Except as may be required in the immediately preceding sentence, no adjustments in respect of distributions shall be made upon an Exchange. 
 Section 2.9 Taxes. The delivery of Class A Shares upon an Exchange shall be made without charge to the Och-Ziff Limited Partners for any stamp or other similar tax in respect of such issuance. 

Section 2.10 Call Right. Notwithstanding any other provision of this Agreement, Och-Ziff Corp shall have the right (the “Call
Right”), but not the obligation, to assume OZ Advisors II’s obligations to effect an Exchange at any particular Closing with respect to Och-Ziff Operating Group Units issued by OZ Advisors II. Och-Ziff Corp may exercise the Call Right
by giving written notice to such effect to OZ Advisors II prior to such Closing. 
 Section 2.11 Certain Adjustments. Notwithstanding
anything else in this Agreement to the contrary: 
 (a) If any Person (the “First Person”) does not hold the same number
of units of interest representing limited partnership interests or other similar interests (excluding Class C Non-Equity Interests) in each Och-Ziff Operating Group Partnership (such interests in excess of such same number, the “Excess
Interests”), then, except to the extent provided in the second following proviso, the First Person, in connection with Exchanging any of its Och-Ziff Operating Group Units, shall first Exchange such Excess Interests, provided,
however, that, such Exchange of such Excess Interests shall only be made in connection with and at the same time as an Exchange of the same number of Excess Interests in other Och-Ziff Operating Group Partnerships held by another Person (or
Persons) that, but for this proviso, would be described as a “First Person” (the “Second Person”), such that the Exchanges of Excess Interests by such First Person and such Second Person (or Second Persons) collectively
represent Och-Ziff Operating Group Units; provided further, that the provisions of this Section 2.11 shall apply only to the extent that there are an equal number of such Excess Interests in each Och-Ziff Operating Group Partnership
proposed to be Exchanged as part of a single Exchange. 
 (b) The consideration for an Exchange of Excess Interests delivered pursuant to
this Article II shall be allocated between the First Person and Second Person (or Second Persons) in accordance with the relative value, as determined under Section 2.4 of this Agreement of the Excess Interests Exchanged by each such Person.

 (c) For any Exchange of Excess Interests pursuant to this Section 2.11, a form (or forms) of Exchange Notice shall be executed by
each First Person and Second Person 

  

 16 

 
(or Second Persons) and shall provide, in addition to information set forth on Exhibit A and Exhibit B hereto, as applicable, for each First Person and
Second Person (or Second Persons), the number of Excess Interests in each Och-Ziff Operating Group Partnership subject to such Exchange, the Designated Class B Shares to be cancelled and the number of Och-Ziff Operating Group Units represented by
all Excess Interests held by the First Person and the Second Person (or Second Persons) subject to such Exchange. 
 ARTICLE III

 GENERAL PROVISIONS 
 Section 3.1 Amendment. 
 (a) Subject to Section 3.1(c), no provision of this Agreement may be amended unless such
amendment is approved in writing by the Issuer, Och-Ziff Corp, Och-Ziff Holding, and the Och-Ziff Operating Group Partnerships, and by the Och-Ziff Limited Partners who, together with their Permitted Transferees, collectively hold at least
two-thirds of the Och-Ziff Operating Group Units collectively held by all of the Och-Ziff Limited Partners and their respective Permitted Transferees; provided, that no such amendment shall be effective if such amendment will have a
disproportionate effect on certain Och-Ziff Limited Partners unless all such Och-Ziff Limited Partners disproportionately affected consent in writing to such amendment and provided, further, no such amendment shall impair or diminish
the rights of the Exchange Committee, unless approved by the Exchange Committee. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 (c) The Exchange Committee, the Issuer, Och-Ziff Corp and Och-Ziff Holding may, on behalf of themselves and the respective partnerships
they control, amend this Agreement in writing without the approval or consent of any Och-Ziff Limited Partner or Permitted Transferees if such amendment does not materially and adversely affect any Och-Ziff Limited Partner’s Exchange Right.

 (d) Each Och-Ziff Limited Partner hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action
may be taken upon the affirmative vote or written consent of less than all of the Och-Ziff Limited Partners, such action may be so taken upon the concurrence of less than all of the Och-Ziff Limited Partners and each Och-Ziff Limited Partner shall
be bound by the results of such action. 
 (e) This Agreement may be amended in accordance with the provisions of this Section 3.1
without the consent of any Class B Shareholder (in its capacity as such). 
  

 17 

 Section 3.2 Addresses and Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or
certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 3.2): 

 

	 	(a)	If to the Issuer, to: 

 West 57th Street 
 New York, New York 10019 
 Attention: Chief Legal Officer 
 Fax: (212) 790-0077 
 Electronic Mail:
Jeffrey.Blockinger@ozcap.com 
  

	 	(b)	If to 

 OZ Management LP 
 OZ Advisors LP 
 OZ Advisors II LP, to:

 c/o Och-Ziff Capital Management Group LLC 
 9 West 57th Street 
 New York, New York, 10019 
 Attention: Chief Legal Officer 
 Fax:
(212) 790-0077 
 Electronic Mail: Jeffrey.Blockinger@ozcap.com 
  

	 	(c)	If to any Och-Ziff Limited Partner, to: 

 the address and
facsimile number set forth for such Och-Ziff 
 Limited Partner in the records of the Och-Ziff Operating Group 
 Partnerships. 
  

	 	(d)	If to any Class B Shareholder, to: 

 the address and
facsimile number set forth for such Class B 
 Shareholder in the records of the Issuer. 
 Section 3.3 Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as
may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 3.4 Binding Effect. This Agreement shall be
binding upon and inure to the benefit of all of the parties and, to the extent permitted or required by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. This Agreement shall be binding on each
Person who becomes a Class B Shareholder, whether or not such Person executes and delivers a joinder to this Agreement pursuant to Section 3.5(c). 
  

 18 

 Section 3.5 Partners; Och-Ziff Operating Group Partnerships. 
 (a) To the extent an Och-Ziff Limited Partner (or an applicable Permitted Transferee) validly transfers any or all of its Och-Ziff Operating Group Units
to a Permitted Transferee of such Och-Ziff Limited Partner or to any other Person in a transaction not in contravention of, and in accordance with, the applicable Och-Ziff Operating Group Partnership Agreements, then such Person shall have the right
to execute and deliver a joinder to this Agreement, in form and substance reasonably satisfactory to the Och-Ziff Operating Group Partnerships. Upon execution of any such joinder, such Person shall be entitled to all of the rights and shall be bound
by each of the obligations applicable to the relevant transferor hereunder. 
 (b) Each of the Issuer, Och-Ziff Corp and Och-Ziff Holding
hereby agree that if any other Person subsequently becomes an Och-Ziff General Partner or Och-Ziff Operating Group Partnership, as applicable, it will cause such Person to execute a joinder to this Agreement and become an “Och-Ziff General
Partner” or an “Och-Ziff Operating Group Partnership” for all purposes of this Agreement, and this Agreement shall be amended to the extent necessary to reflect such joinder. 
 (c) Each Class B Shareholder hereby agrees that if such Class B Shareholder is a Class B Transferor, it will cause the Class B Transferee to execute a
joinder to this Agreement and become a “Class B Shareholder” for all purposes of this Agreement, and this Agreement shall be amended to the extent necessary to reflect such joinder. 
 Section 3.6 Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any
rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse
to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 Section 3.7 Integration. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understandings pertaining thereto. 
 Section 3.8 Waiver. No failure by any party to insist upon
the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or
condition. 
 Section 3.9 Submission to Jurisdiction; Dispute Resolution. Each party to this Agreement hereby irrevocably and
unconditionally, with respect to any matter or dispute arising under, or in connection with, this Agreement and the transactions contemplated hereby (i) submits for itself and its property in any legal action or proceeding relating to this
Agreement, or 

  

 19 

 
for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts
of the United States of America for the Southern District of New York, and any appellate courts thereof (the “New York Courts”) (and covenants not to commence any legal action or proceeding in any other venue or jurisdiction);
(ii) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was
brought in an inconvenient court and agrees not to plead or claim the same; (iii) agrees that service of process in any such action will be in accordance with the laws of the State of New York but that nothing herein shall affect the right to
effect service of process in any other manner permitted by law; (iv) waives any and all immunity from suit, execution, attachment or other legal process; and (v) waives in connection with any such action any and all rights to a jury trial.
The parties agree that any judgment of any New York Court may be enforced in any court having jurisdiction over any party of any of their assets. 
 Section 3.10 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and
delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original
executed counterparts for purposes of this Section 3.10. 
 Section 3.11 Tax Treatment. To the extent this Agreement imposes
obligations upon a particular Och-Ziff Operating Group Partnership or a general partner of an Och-Ziff Operating Group Partnership, this Agreement shall be treated as part of the relevant Och-Ziff Operating Group Partnership Agreement as described
in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. As required by the Code and the Treasury Regulations, the parties shall report any B Exchange consummated hereunder, in the case of OZ
Management and OZ Advisors, as a taxable sale of Och-Ziff Operating Group Units by an Och-Ziff Limited Partner to Och-Ziff Corp, and in the case of OZ Advisors II, as a taxable sale of Och-Ziff Operating Group Units to Och-Ziff Holding, and no party
shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 
 Section 3.12
Reporting Requirements. The Issuer shall use reasonable efforts to comply with the periodic reporting requirements under the Securities Exchange Act of 1934, as amended, for so long as any class of the Issuer’s equity securities is
listed for trading on any national securities exchange. 
 Section 3.13 Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the law of the State of Delaware (without regard to conflicts of laws principles thereof). 
 [Remainder of Page
Intentionally Left Blank] 
  

 20 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all as of
the date first set forth above. 
  

			
	OCH-ZIFF CAPITAL MANAGEMENT
GROUP LLC
		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	OCH-ZIFF HOLDING CORPORATION
		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	OCH-ZIFF HOLDING LLC
		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	 OZ MANAGEMENT LP
 By: Och-Ziff Holding
Corporation, its
general partner

		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	 OZ ADVISORS LP
 By: Och-Ziff Holding
Corporation, its
general partner

		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer

			
	 OZ ADVISORS II LP
 By: Och-Ziff Holding LLC,
its
general partner

		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	 /s/ Daniel S. Och

	Daniel S. Och
	
	THE OCH FAMILY 2007 GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Och Family
2007 GRAT

	
	THE JONATHAN OCH GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Jonathan
Och GRAT

	
	THE NANCY G. BERNSTEIN GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Nancy G.
Bernstein GRAT

	
	THE SUSAN OCH KALVER GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Susan Och
Kalver GRAT

	
	DANIEL S. OCH DESCENDANTS’ TRUST
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Daniel S.
Och Descendants Trust

	
	JANE C. OCH 1999 GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for the Jane C.
Och 1999 GRAT

	
	 /s/ Joel Frank

	Joel Frank
	
	THE JOEL M. FRANK 2007 ANNUITY TRUST
		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel M. Frank, as Trustee
	
	 /s/ David Windreich

	David Windreich
	
	THE DAVID WINDREICH GRAT I
		
	By:	 	 /s/ David Windreich

	Name:	 	 David Windreich, as attorney-in-fact
 for The David
Windreich GRAT I

	
	THE DAVID WINDREICH GRAT II
		
	By:	 	 /s/ David Windreich

	Name:	 	 David Windreich, as attorney-in-fact
 for The David
Windreich GRAT II

	
	 /s/Joshua Ross

	Joshua Ross
	
	THE JOSHUA ROSS 2007 ANNUITY TRUST
		
	By:	 	 /s/ Joshua Ross

	Name:	 	Joshua Ross, as Trustee
	
	 /s/James-Keith Brown

	James-Keith (JK) Brown
	
	THE JAMES-KEITH BROWN 2007 ANNUITY TRUST
		
	By:	 	 /s/ James-Keith Brown

	Name:	 	James-Keith Brown, as Trustee
	
	 /s/ Harold Kelly

	Harold Kelly
	
	 THE HAROLD A. KELLY, JR. 2007 ANNUITY TRUST

		
	By:	 	 /s/ Harold A. Kelly, Jr.

	Name:	 	s Harold A. Kelly, Jr., as Trustee
	
	 /s/ Boaz Sidikaro

	Boaz Sidikaro
	
	 THE BOAZ SIDIKARO 2007 ANNUITY TRUST

		
	By:	 	 /s/ Boaz Sidikaro

	Name:	 	Boaz Sidikaro, as Trustee
	
	 /s/ Zoltan Varga

	Zoltan Varga
	
	 /s/Michael Cohen

	Michael Cohen
	
	 THE MICHAEL COHEN GRAT I

		
	By:	 	 /s/ Joel Frank

	Name:	 	 Joel Frank, as attorney-in-fact
 for The Michael Cohen
GRAT I

	
	 THE MICHAEL COHEN GRAT II

		
	By:	 	 /s/ Joel Frank

	Name:	 	 Joel Frank, as attorney-in-fact
 for The Michael Cohen
GRAT II

	
	 /s/ Richard Lyon

	Richard Lyon
	
	 THE RICHARD E. LYON, III 2007 ANNUITY TRUST

		
	By:	 	 /s/ Richard E. Lyon, III

	Name:	 	Richard E. Lyon, III, as Trustee
	
	 /s/ James O’Connor

	James O’Connor
	
	 THE JAMES O’CONNOR 2007 ANNUITY TRUST

		
	By:	 	 /s/ James O’Connor

	Name:	 	James O’Connor, as Trustee
	
	 /s/ Kaushik Ghosh

	Kaushik Ghosh
	
	 THE KAUSHIK GHOSH 2007 ANNUITY TRUST

		
	By:	 	 /s/ Kaushik Ghosh

	Name:	 	Kaushik Ghosh, as Trustee
	
	 /s/ Raaj Shah

	Raaj Shah
	
	 THE RAAJ SHAH 2007 ANNUITY TRUST

		
	By:	 	 /s/ Raaj Shah

	Name:	 	Raaj Shah, as Trustee
	
	 /s/ Anthony Fobel

	Anthony Fobel
	
	 /s/ Arnaud Achache

	Arnaud Achache
	
	 ARNAUD C. ACHACHE FAMILY TRUST

		
	By:	 	 /s/ Arnaud C. Achache

	Name:	 	Arnaud C. Achache
	Title:	 	 Acting as attorney-in-fact for the
 Arnaud C. Achache
Family Trust

	
	 /s/ Dan Manor

	Dan Manor
	
	 /s/ Massimo Bertoli

	Massimo Bertoli
	
	 /s/ David Stonehill

	David Stonehill
	
	 THE DAVID STONEHILL 2007 ANNUITY TRUST

		
	By:	 	 /s/ David Stonehill

	Name:	 	David Stonehill, as Trustee
	
	 THE ALISSA BUTTERFASS 2007 ANNUITY TRUST

		
	By:	 	 /s/ David Stonehill

	Name:	 	David Stonehill, as Trustee
	
	 THE LYNNE FRENKEL 2007 ANNUITY TRUST

		
	By:	 	 /s/ David Stonehill

	Name:	 	David Stonehill, as Trustee
	
	 ZIFF INVESTORS PARTNERSHIP, L.P. II

		
	By:	 	 Ziff Investment Management, L.L.C., its
 general
partner
  

	By:	 	 /s/ Robert D. Ziff

	Name:	 	Robert D. Ziff
	Title:	 	Co-President
	
	 ZIFF INVESTORS PARTNERSHIP, L.P. IIA

		
	By:	 	 Ziff Investment Management, L.L.C., its
 general
partner
  

	By:	 	 /s/ Robert D. Ziff

	Name:	 	Robert D. Ziff
	Title:	 	Co-President

 Signature Page to the Exchange Agreement 

 EXHIBIT A 
 [FORM OF] 
 NOTICE OF A EXCHANGE 
 Och-Ziff Capital Management Group LLC 
 9 West 57th Street 
 New York, New York 10019 
 Attention: Chief Legal Officer 
 Fax:
(212) [        ] 
 Electronic Mail: [        ] 
 Reference is hereby made to the Exchange Agreement, dated as of November , 2007 (the “Exchange Agreement”), among Och-Ziff Capital
Management Group LLC, Och-Ziff Holding Corporation, Och-Ziff Holding LLC, OZ Management LP, OZ Advisors LP, OZ Advisors II LP and the Och-Ziff Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but
not defined herein shall have the meanings given to them in the Exchange Agreement. 
 The undersigned Och-Ziff Limited Partner desires to
exchange the number of Och-Ziff Operating Group Units set forth below. 
 Legal Name of Och-Ziff Limited Partner:
                                        
                                        

 Address:
                                        
                                        
                                        
                                        
     
 Type of Exchange: A Exchange. 
 Number of Och-Ziff Operating Group Units to be exchanged:
                                        

 The undersigned (1) hereby represents that the Och-Ziff Operating Group Units set forth above are owned by the undersigned, free of all Liens,
(2) hereby exchanges such Och-Ziff Operating Group Units for Class A Shares and/or the applicable Cash Amount as set forth in the Exchange Agreement, (3) hereby irrevocably constitutes and appoints any officer of the Och-Ziff
Operating Group Partnerships, the Och-Ziff General Partners or the Issuer as its attorney, with full power of substitution, to exchange said Och-Ziff Operating Group Units on the books of the Och-Ziff Operating Group Partnerships for Class A
Shares on the books of the Issuer, with full power of substitution in the premises and/or the applicable Cash Amount. 
  

 A-1 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice of Exchange to be
executed and delivered by the undersigned or by its duly authorized attorney. 
  

	
	  

	Name:

  

			
	Dated:	 	  

  

 A-2 

 EXHIBIT B 
 [FORM OF] 
 NOTICE OF B EXCHANGE 
 Och-Ziff Holding Corporation 
 Och-Ziff Holding LLC 
 OZ Management LP 
 OZ Advisors LP 
 OZ Advisors II LP 
 9 West 57th Street 
 New York, New York, 10019 
 Attention: Chief Legal Officer 
 Fax:
(212) [        ] 
 Electronic Mail: [        ] 
 Reference is hereby made to the Exchange Agreement, dated as of November , 2007 (the “Exchange Agreement”), among Och-Ziff Capital
Management Group LLC, Och-Ziff Holding Corporation, Och-Ziff Holding LLC, OZ Management LP, OZ Advisors LP, OZ Advisors II LP and the Och-Ziff Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but
not defined herein shall have the meanings given to them in the Exchange Agreement. 
 The undersigned Och-Ziff Limited Partner desires to
exchange the number of Och-Ziff Operating Group Units set forth below. 
 Legal Name of Och-Ziff Limited Partner:
                                        
                                        

 Address:
                                        
                                        
                                        
                                        
     
 Type of Exchange: B Exchange. 
 Number of Och-Ziff Operating Group Units to be exchanged:
                                        

 The undersigned (1) hereby represents that the Och-Ziff Operating Group Units set forth above are owned by the undersigned, free of all liens,
(2) hereby exchanges such Och-Ziff Operating Group Units for Class A Shares and/or the applicable Cash Amount as set forth in the Exchange Agreement, (3) hereby irrevocably constitutes and appoints any officer of the Och-Ziff
Operating Group Partnerships, the Och-Ziff General Partners or the Issuer as its attorney, with full power of substitution, to exchange said Och-Ziff Operating Group Units on the books of the Och-Ziff Operating Group Partnerships for Class A
Shares on the books of the Issuer, with full power of substitution in the premises and/or the applicable Cash Amount. 
  

 B-1 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice of Exchange to be
executed and delivered by the undersigned or by its duly authorized attorney. 
  

	
	  

	Name:

  

			
	Dated:	 	  

  

 B-2Och-Ziff Capital Management Group LLC 2007 Equity Incentive Plan

 Exhibit 10.5 
 Execution Copy 
 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 2007 EQUITY INCENTIVE PLAN 
  

	1.	Purpose of the Plan. 

 The Och-Ziff Capital
Management Group LLC 2007 Equity Incentive Plan (the “Plan”) was adopted by the Board on November 11, 2007 and approved by the sole managing member of Och-Ziff Capital Management Group LLC (the “Company”) on
November 13, 2007, prior to the initial public offering of Company Shares. The purpose of the Plan is to provide additional incentive to selected employees, directors and Consultants of and service providers to the Company, its Subsidiaries
(including OZ Advisors LP, OZ Management LP and OZ Advisors II LP) or Affiliates, whose contributions are essential to the growth and success of the Company’s business, in order to strengthen the commitment of such persons to the Company and
its Subsidiaries and Affiliates, motivate such persons to faithfully and diligently perform their responsibilities and attract and retain competent and dedicated persons whose efforts shall result in the long-term growth and profitability of the
Company. To accomplish such purposes, the Plan provides that the Company (or a Participating Subsidiary or Affiliate) may grant equity-based Awards based on the Company’s Shares. Notwithstanding any provision of the Plan, to the extent that any
Award would be subject to Section 409A of the Code, it is the Company’s intent that each such Award comply with the requirements set forth in Section 409A of the Code and any regulations or guidance promulgated thereunder. 

 

	2.	Definitions. 

 The following capitalized terms used
in the Plan have the respective meanings set forth in this Section: 
 (a) “Administrator” means the Board, or if and to the
extent the Board does not administer the Plan, the Committee in accordance with Section 3 hereof. 
 (b) “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the term “Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 (c) “Award” means individually or collectively, any Option, Share Appreciation Right, Restricted Share, Restricted Share Unit,
Performance Share, unrestricted Share or Other Share-Based Award granted under the Plan. 

 (d) “Award Agreement” means any written agreement, contract or other instrument or
document evidencing an Award. 
 (e) A “Beneficial Owner” of a security is a Person who directly or indirectly, through any
contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose,
or to direct the disposition of, such security. The term “Beneficially Own” shall have a correlative meaning. 
 (f)
“Board” means the Board of Directors of the Company. 
 (g) “Cause” means, unless otherwise defined in the
Participant’s Award Agreement, employment agreement, or other written agreement describing the Participant’s terms of employment with the Company or any Subsidiary or Affiliate, (i) the commission of an act of fraud, dishonesty,
misrepresentation or breach of trust by the Participant in the course of the Participant’s employment with or the Participant’s provision of services to the Company or any Subsidiary or Affiliate; (ii) the Participant’s
indictment or entering of a plea of no contest for a crime constituting a felony or in respect of any act of fraud or dishonesty; (iii) the commission of an act by the Participant which would make the Participant or the Company (including any
of its Subsidiaries or Affiliates) subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory disqualification; (iv) gross negligence or
willful misconduct in connection with the Participant’s performance of his or her duties in connection with the Participant’s employment by or provision of services to the Company (including any Subsidiary or Affiliate for whom the
Participant may be employed by or providing service to on a full-time basis at the time) or the Participant’s failure to comply with any of the restrictive covenants set forth herein; (v) the commission of any act that would result or
which might reasonably be a substantial factor resulting in the termination of the Company (including any of its Subsidiaries or Affiliates) for cause under any of the Company’s (including any of its Subsidiaries’ or Affiliates’)
management, advisory or similar agreements; (vi) the Participant’s failure to comply with any material policies or procedures of the Company (including any Subsidiary or Affiliate for whom the Participant may be employed by or providing
service to on a full-time basis at the time) as in effect from time to time provided that the Participant shall have been delivered a copy of such policies or notice that they have been posted on a Company (or Subsidiary or Affiliate, as the case
may be) website prior to such compliance failure, and (vii) the Participant’s failure to perform the material duties in connection with the Participant’s position. 
 (h) “Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out,
repurchase or other reorganization or corporate transaction or event, (ii) distribution (whether in the form of cash, Shares, or other property), share split or reverse share split, (iii) combination or exchange of shares, (iv) other
change in structure or (v) declaration of a distribution, which the Administrator determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate. 
  

 2 

 (i) “Change of Control” means the occurrence of any of the following events: 

 

	 	(1)	any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities and Exchange Act of
1934, or any successor provisions thereto, excluding any Permitted Transferee or any group of Persons, is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding voting securities; or 

  

	 	(2)	the following individuals cease for any reason to constitute a majority of the number of directors of the Company then serving: individuals who, on the date of the consummation of
the initial public offering of Class A Shares, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors on the date of the consummation of the initial public offering of Class A Shares or whose appointment, election or nomination for election was previously so approved or
recommended by the directors referred to in this clause (2); or 

  

	 	(3)	there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, either (i) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving
company is a subsidiary, the ultimate parent thereof, or (ii) all of the Persons who were the respective Beneficial Owners of the voting securities of the Company immediately prior to such merger or consolidation do not Beneficially Own,
directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation; or 

  

	 	(4)	 the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement or series of related
agreements for the sale or other disposition, directly, or indirectly, by the Company of all or substantially all of the Company’s assets, other than the sale or other disposition by the Company of all or substantially all of the Company’s
assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are 

  

 3 

	 	 
owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

 Notwithstanding the foregoing, except with respect to clause (2) and clause (3)(i) above, a “Change in Control”
shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Company immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 
 (j) “Class A Shares” means the Class A Shares of the Company. 
 (k) “Class B Shares” means the Class B Shares of the Company. 
 (l) “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific
section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 
 (m)
“Committee” means the Board, or a committee designated by the Board to administer the Plan. With respect to Awards granted to Covered Employees, such committee shall consist of two or more persons, each of whom, unless otherwise
determined by the Board, is an “outside director” within the meaning of Section 162(m) of the Code and a “nonemployee director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by
the applicable stock exchange on which the Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. 
 (n) “Company” means Och-Ziff Capital Management Group LLC, a Delaware limited liability company, and any successors thereto. 

(o) “Consultant” means a consultant or advisor who is a natural person, engaged to render bona fide services to the Company or
any Subsidiary. 
 (p) “Covered Employee” has the meaning set forth in Section 162(m)(3) of the Code. 
 (q) “Disability” means, unless otherwise defined in the Participant’s Award Agreement, that a Participant (i) as determined by
the Administrator in its sole discretion, is unable 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 

  

 4 

 
for a continuous period of not less than 12 months, or (ii) is, 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, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the
Company or an Affiliate of the Company. 
 (r) “Distribution Equivalent” means a right, granted pursuant to this Plan, to be
paid an amount determined with respect to the distributions declared and paid with respect to outstanding Shares, as specified in, and pursuant to the terms of, an applicable Award Agreement. 
 (s) “Exchange Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor
to such statute, and the rules and regulations promulgated thereunder. 
 (t) “Exercise Price” means the per share price at
which a holder of an award granted hereunder may purchase the Shares issuable upon exercise of such award. 
 (u) “Fair Market
Value” as of a particular date shall mean the fair market value as determined by the Administrator in its sole discretion; provided, however, (i) if the Share or other security is admitted to trading on a national
securities exchange, the fair market value on any date shall be the closing sale price reported on such date, or (ii) if the Share or other security is then traded in an over-the-counter market, the fair market value on any date shall be the
average of the highest bid and lowest asked prices for such share in such over-the-counter market on such date. 
 (v) “IPO”
means the initial public offering of Shares, as contemplated in the registration statement on Form S-1 of Och-Ziff Capital Management Group LLC (No. 333-144256). 
 (w) “LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Och-Ziff Capital Management Group LLC, as amended from time to time. 
 (x) “LTIP Units” means awards issued with respect to equity interests in the Och-Ziff Operating Group as more fully described in
Section 10. 
 (y) “Och-Ziff Operating Group” shall have the meaning assigned to it in the LLC Agreement. 

 

 5 

 (z) “Option” means an option to purchase Shares granted pursuant to Section 7
hereof. Each Option shall be a nonqualified option, and shall not be an incentive option as defined in Section 422 of the Code. 
 (aa)
“Other Share-Based Awards” means an Award granted pursuant to Section 10 of the Plan. 
 (bb)
“Participant” means (i) any employee, director, partner or Consultant of or service provider to the Company, any Subsidiary or Affiliate; and (ii) the trustee of any trust established for the purpose of providing benefits
to any individual described in (i) and/or to any dependant, family member (including any spouse, former spouse, widow, widower or co-habitee) or household member of any individual described in (i) and/or to any class of individuals
comprising individuals described in (i), their dependants, family members or household members, provided always that the relevant employee, director, partner, Consultant or service provider has been selected as a participant by the
Administrator, pursuant to the Administrator’s authority in Section 3 below, to receive an Award or, where applicable, as being eligible or potentially eligible to receive an Award subject to any discretion conferred upon the trustee
by the terms of the relevant trust. 
 (cc) “Participating Subsidiary or Affiliate” means any Subsidiary or Affiliate that
has adopted the Plan. 
 (dd) “Performance Goals” means performance goals based on one or more of the following criteria:
(i) earnings including operating income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, or extraordinary or special items or book value per share (which may exclude nonrecurring items);
(ii) pre-tax income or after-tax income; (iii) earnings per Share (basic or diluted); (iv) operating profit; (v) economic income; (vi) revenue, revenue growth or rate of revenue growth; (vii) return on assets (gross or
net), return on investment, return on capital, or return on equity; (viii) returns on sales or revenues; (ix) operating expenses; (x) share price appreciation; (xi) cash flow, free cash flow, cash flow return on investment
(discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xii) implementation or completion of critical projects or processes; (xiii) economic value created; (xiv) cumulative earnings per
share growth; (xv) operating margin or profit margin; (xvi) Share price or total shareholder return; (xvii) cost targets, reductions and savings, productivity and efficiencies; (xviii) strategic business criteria, consisting of
one or more objectives based on meeting specified market penetration, geographic business expansion, investor satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals relating to
acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons; (xix) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans, the negotiation of
transactions, the development of long term business goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xx) any combination of, or a specified increase in, any of
the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the 

  

 6 

 
particular criteria, and may be applied to one or more of the Company, a Subsidiary or Affiliate, or a division or strategic business unit of the Company, or
may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no
payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which
full vesting shall occur). Each of the foregoing Performance Goals shall not be required to be determined in accordance with generally accepted accounting principles and shall be subject to certification by the Committee; provided that the Committee
shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or
Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a
business or related to a change in accounting principles. 
 (ee) “Performance Shares” means Shares that are subject to
restrictions based upon the attainment of specified performance objectives granted pursuant to Section 9 below. 
 (ff)
“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 
 (gg) “Plan” means this Och-Ziff Capital Group LLC 2007 Equity Incentive Plan. 
 (hh) “Restricted Shares” means Shares subject to certain restrictions granted pursuant to Section 9 below. 
 (ii) “Restricted Share Units” means the right to receive Shares or cash equal to the Fair Market Value of Shares at the end of a
specified period granted pursuant to Section 9 below. 
 (jj) “Shares” means the Company’s Class A Shares (as
specified in the applicable Award Agreement) reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation or other reorganization) security. 
 (kk) “Share Appreciation Right” means the right pursuant to an award granted under Section 8 below to receive an amount equal to
the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Share Appreciation Right or portion thereof is surrendered, of the Shares covered by such right or such portion thereof, over (ii) the aggregate Exercise Price
of such right or such portion thereof. 
  

 7 

 (ll) “Subsidiary” means, with respect to any Person, as of any date of determination,
any other Person as to which such Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such Person.

  

	3.	Administration. 

 (a) The Plan shall be administered
by the Administrator and shall be administered in accordance with the requirements of Section 162(m) of the Code only to the extent applicable and to the extent the Administrator determines that specified Awards are intended to qualify as
performance based compensation under Section 162(m) of the Code) and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule 16b-3”). 
 (b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without
limitation: 
  

	 	(1)	to select Participants; 

  

	 	(2)	to determine whether and to what extent Awards are to be granted hereunder to Participants; 

  

	 	(3)	to determine the number of Shares to be covered by each Award granted hereunder; 

  

	 	(4)	to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Awards granted hereunder (including, but
not limited to, (i) the restrictions applicable to Awards and the conditions under which restrictions applicable to such awards shall lapse, (ii) the performance goals and periods applicable to awards of Performance Shares, (iii) the
Exercise Price, if any, of Awards, (iv) the vesting schedule applicable to Awards, (v) the number of Shares subject to Awards and (vi) any amendments to the terms and conditions of outstanding Awards, including, but not limited to
reducing the Exercise Price of such Awards, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards); 

  

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

  

 8 

	 	(6)	to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting a termination of the Participant’s employment or service
for purposes Options granted under the Plan; 

  

	 	(7)	to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 

  

	 	(8)	to construe and interpret the terms and provisions of the Plan and any award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the
administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan; 

  

	 	(9)	to delegate its authority, in whole or in part, under this Section 3 to two or more individuals (who may or may not be members of the Board), subject to the requirements
of applicable law or any stock exchange on which the Shares are traded; 

  

	 	(10)	to delegate its authority, in whole or in part, under this Section 3 and with respect to Participants who are not executive officers of the Company, to one or more individuals
(who may or may not be members of the Board), subject to the requirements of applicable law or any stock exchange on which the Shares are traded; and 

  

	 	(11)	determine at any time whether, to what extent and under what circumstances and method or methods Awards may be settled by the Company, or any Participating Subsidiary or Affiliate.
In the event of such determination, references to the Company shall be deemed to be references to the applicable Participating Subsidiary or Affiliate for purposes of the Plan as appropriate. 

 (c) Notwithstanding paragraph (b) of this Section 3, neither the Board, the Committee nor their respective delegates shall have the authority
to reprice (or cancel and regrant) any Option or, if applicable, other Award at a lower exercise, base or purchase price without first obtaining the approval of the Company’s shareholders. 
 (d) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the
Company and the Participants. No member of the Board or the Committee, nor any officer, partner, member or employee of the Company or any Subsidiary or Affiliate acting on behalf of the Board or the Committee, shall be personally liable for any
action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the 

  

 9 

 
Committee and each and any officer, partner, member or employee of the Company and of any Subsidiary or Affiliate acting on their behalf shall, to the
maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation. 
  

	4.	Shares Reserved for Issuance Under the Plan. 

 (a)
Subject to Section 5 hereof, the maximum number of Shares that may be delivered pursuant to Awards granted under the Plan shall be a number of Class A Shares equal to 15% of number of outstanding Class A shares of the Company
outstanding immediately after the consummation of the IPO (assuming the exchange of all Och-Ziff Operating Group A Units for Class A shares), as increased on the first day of each fiscal year beginning in calendar year 2008 by a number of
Class A Shares equal to the excess of (i) 15% of the number of outstanding Class A shares of the Company on the last day of the immediately preceding fiscal year (assuming the exchange of all Och-Ziff Operating Group A Units for
Class A shares) over (ii) the number of Shares reserved for issuance under the Plan as of such date. From and after such time as the Plan is subject to Code Section 162(m), the aggregate Awards granted during any fiscal year to any
single individual who is likely to be a Covered Employee shall not exceed (i)                      shares subject to Options or Share
Appreciation Rights or (ii)                      shares subject to Restricted Shares, Restricted Share Units, Performance Shares,
unrestricted Shares or Other Share-Based Awards. Determinations made in respect of the limitation set forth in the preceding sentence shall be made in a manner consistent with Section 162(m) of the Code. 
 (b) If any grant under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited as to any Shares, or is tendered or withheld as
to any Shares in payment of the exercise price of the grant or the taxes payable with respect to the exercise or vesting of the grant, then such unpurchased, forfeited, tendered or withheld Shares shall thereafter be available for further grants
under the Plan unless, in the case of Options granted under the Plan, related Share Appreciation Rights are exercised. 
  

	5.	Equitable Adjustments. 

 In the event of any Change
in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, in the manner to be determined by the Administrator, in its sole discretion, in (i) the aggregate number of Shares reserved for issuance under
the Plan and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar or fiscal year, (ii) the kind, number and Exercise Price subject to outstanding Options and Share Appreciation Rights granted
under the Plan, and (iii) the kind, number and purchase price of Shares subject to outstanding awards of Restricted Shares, Restricted Share Units, Performance Shares, unrestricted shares or Other Share-Based Awards granted under the Plan,
provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Equitable substitutions or adjustments shall also be made if the Administrator determines in its sole discretion that such adjustment is necessary in
order to avoid an adverse impact on the value of any outstanding award granted hereunder. Without limiting the generality of the foregoing, in 

  

 10 

 
connection with a Change in Capitalization, the Administrator shall take such action as is necessary to adjust the outstanding awards to reflect the Change
in Capitalization, including, but not limited to, the cancellation of any outstanding award granted hereunder in exchange for payment in cash or other property of the aggregate Fair Market Value of the Shares covered by such award, reduced by the
aggregate Exercise Price or purchase price thereof, if any. Notwithstanding the foregoing, no such adjustment shall cause any Award hereunder that is or becomes subject to Section 409A of the Code to fail to comply with the requirements of such
section. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive. 
  

	6.	Eligibility. 

 Participants under the Plan shall be
selected from time to time by the Administrator, in its sole discretion. 
  

	7.	Options. 

 (a) General. Each Participant who
is granted an Option shall enter into an Award Agreement containing such terms and conditions as the Administrator shall determine, in its discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the
term of the Option and provisions regarding exercisability of the Option granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be
outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as
the Administrator shall deem desirable and set forth in the applicable Award Agreement. 
 (b) Exercise Price. The Exercise Price of
Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time of grant, provided that the Exercise Price of any Option shall not be less than 100% of the Fair Market Value of the Shares on the date of
grant. 
 (c) Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable
more than ten years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. 
 (d) Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of
preestablished corporate performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive
such installment exercise provisions at any time, in whole or in part, 

  

 11 

 
based on such factors as the Administrator may determine in its sole discretion. Notwithstanding the foregoing, the Administrator shall have the authority to
accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a
fraction of a share. 
 (e) Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to
the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator,
in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the
withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate option price of the Shares as to
which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing. 
 (f) Rights as Shareholder. A Participant shall have no rights to distributions or any other rights of a shareholder with respect to the Shares
subject to an Option until the Participant has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements of Section 14 hereof and, if requested, has given the representation described in paragraph
(b) of Section 15 hereof. 
 (g) Transfers of Options. Except as otherwise determined by the Administrator, no Option
granted under the Plan shall be transferable by a Participant other than by the laws of descent and distribution. Unless otherwise determined by the Administrator in accord with the provisions of the immediately preceding sentence, an Option may be
exercised, during the lifetime of the Participant, only by the Participant or, during the period the Participant is under a legal disability, by the Participant’s guardian or legal representative. The Administrator may, in its sole discretion,
subject to applicable law, permit the gratuitous transfer during a Participant’s lifetime of an Option, (i) by gift to a member of the Participant’s immediate family, (ii) by transfer by instrument to a trust for the benefit of
such immediate family members, or (iii) to a partnership or limited liability company in which such family members are the only partners or members; provided, however, that, in addition to such other terms and conditions as the
Administrator may determine in connection with any such transfer, no transferee may further assign, sell, hypothecate or otherwise transfer the transferred Option, in whole or in part, other than by operation of the laws of descent and distribution.
Each permitted transferee shall agree to be bound by the provisions of this Plan and the applicable Award Agreement. 
  

 12 

 (h) Termination of Employment or Service. 
  

	 	(1)	Unless the applicable Award Agreement provides otherwise or unless otherwise determined by the Committee, in the event that the employment or service of a Participant with the
Company or any Subsidiary or Affiliate shall terminate for any reason other than Cause, Disability, or death, but including termination by reason of the entity employing the Participant or to which the Participant is rendering services ceasing to be
a Subsidiary or Affiliate of the Company (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the date that is 90 days after such termination, on which
date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. The 90-day period
described in this Section 7(h)(1) shall be extended to one year after the date of such termination in the event of the Participant’s death during such 90-day period. Notwithstanding the foregoing, no Option shall be exercisable after the
expiration of its term. 

  

	 	(2)	Unless the applicable Award Agreement provides otherwise or unless otherwise determined by the Committee, in the event that the employment or service of a Participant with the
Company or any Subsidiary shall terminate on account of the Disability or death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable
until the date that is one year after such termination, on which date they shall expire and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of
business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term. 

  

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

 (i) Other Change in Employment Status. An Option may
be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status of an Participant, in the discretion of the
Administrator. The Administrator shall follow any applicable written policies of the Company (if any), including such rules, guidelines and practices as may be adopted pursuant to Section 3 hereof, as they may be in effect from time to time,
with regard to such matters. 
  

 13 

	8.	Share Appreciation Rights. 

 (a) General.
Share Appreciation Rights may be granted either alone (“Free Standing Share Appreciation Rights”) or in conjunction with all or part of any other Award granted under the Plan (“Related Share Appreciation Rights”).
Related Share Appreciation Rights may be granted either at or after the time of the grant of such Award. The Administrator shall determine the Participants to whom, and the time or times at which, grants of Share Appreciation Rights shall be made;
the number of Shares to be awarded, the price per share, and all other conditions of Share Appreciation Rights. Notwithstanding the foregoing, no Related Share Appreciation Rights may be granted for more Shares than are subject to the Award to which
it relates and any Share Appreciation Rights must be granted with an Exercise Price not less than the Fair Market Value of Shares on the date of grant. The provisions of Share Appreciation Rights need not be the same with respect to each
Participant. Share Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the
Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 
 (b) Exercisability. 
  

	 	(1)	Freestanding Share Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after
grant. 

  

	 	(2)	Related Share Appreciation Rights shall be exercisable only at such time or times and to the extent that the Awards to which they relate shall be exercisable in accordance with the
provisions of Section 7 above and this Section 8 of the Plan. 

 (c) Payment Upon Exercise. 
  

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

  

	 	(2)	 A Related Share Appreciation Right may be exercised by a Participant by surrendering the applicable portion of the related Award. Upon such exercise and surrender,
the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair Market Value of a Share as of the date of exercise over the Exercise Price specified in the related Award (which
price shall be no less 

  

 14 

	 	 
than 100% of the Fair Market Value of a Share on the date of grant) multiplied by the number of Shares in respect of which the Related Share Appreciation
Right is being exercised, with the Administrator having the right to determine the form of payment. Awards that have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Share Appreciation Rights have
been so exercised. 

  

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

 (d) Rights as Shareholder. A Participant shall have no rights to distributions or any other rights of a shareholder
with respect to the Shares subject to Share Appreciation Rights until the Participant has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements of Section 14 hereof and, if requested, has given the
representation described in paragraph (b) of Section 15 hereof. 
 (e) Non-Transferability. Share Appreciation Rights shall
be transferable only when and to the extent an Award would be transferable under Section 7 of the Plan. 
 (f) Termination of
Employment or Service. 
  

	 	(1)	In the event of the termination of employment or service with the Company, any Subsidiary or any Affiliate of a Participant who has been granted one or more Free Standing Share
Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after grant. 

  

	 	(2)	In the event of the termination of employment or service with the Company or any Subsidiary of a Participant who has been granted one or more Related Share Appreciation Rights, such
rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement. 

 (g) Term. 
  

	 	(1)	The term of each Free Standing Share Appreciation Right shall be fixed by the Administrator, but no Free Standing Share Appreciation Right shall be exercisable more than ten years
after the date such right is granted. 

  

 15 

	 	(2)	The term of each Related Share Appreciation Right shall be the term of the Award to which it relates, but no Related Share Appreciation Right shall be exercisable more than ten
years after the date such right is granted. 

  

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

 (a) General. Awards of Restricted Shares, Restricted Share Units or Performance Shares may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the
Participants to whom, and the time or times at which, awards of Restricted Shares, Restricted Share Units or Performance Shares shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition
of Restricted Shares, Restricted Share Units or Performance Shares; the Restricted Period (as defined in paragraph (c) of this Section 9), if any, applicable to awards of Restricted Shares or Restricted Share Units; the performance
objectives, if any, applicable to awards of Restricted Shares, Restricted Share Units or Performance Shares; and all other conditions of the awards of Restricted Shares, Restricted Share Units and Performance Shares. The Administrator may also
condition the grant of the award of Restricted Shares, Restricted Share Units or Performance Shares upon the exercise of Options, or upon such other criteria as the Administrator may determine, in its sole discretion. If the restrictions,
performance objectives and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her shares of Restricted Shares, Restricted Share Units or Performance Shares. The provisions of the awards of Restricted
Shares, Restricted Share Units or Performance Shares need not be the same with respect to each Participant. 
 (b) Awards and
Certificates. Except as otherwise provided below in this Section 9, (i) each Participant who is granted an award of Restricted Shares or Performance Shares shall be issued a share certificate in respect of such shares of Restricted
Shares or Performance Shares (or such other appropriate evidence of ownership as determined by the Administrator); and (ii) such certificate (or other evidence of ownership) shall be registered in the name of the Participant, and, if
appropriate, shall bear a legend referring to the terms, conditions, and restrictions applicable to any such award. The Company may require that the share certificates evidencing Restricted Shares or Performance Shares granted hereunder be held in
the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Shares or Performance Shares, the Participant shall have delivered a power of attorney, endorsed in blank, relating to
the Shares covered by such award. 
 (c) Restrictions and Conditions. The awards of Restricted Shares, Restricted Share Units and
Performance Shares granted pursuant to this Section 9 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter: 

 

	 	(1)	 Subject to the provisions of the Plan and the Restricted Shares Award Agreement, Restricted Share Units Award Agreement or Performance 

  

 16 

	 	 
Shares Award Agreement, as appropriate, governing any such award, during such period as may be set by the Administrator commencing on the date of grant (the
“Restricted Period”), the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Shares, Restricted Share Units or Performance Shares awarded under the Plan; provided, however, that
the Administrator may, in its sole discretion, provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may
determine, in its sole discretion, including, but not limited to, the attainment of certain performance related goals, the Participant’s termination of employment or service as a director or Consultant to the Company or any Subsidiary or
Affiliate, the Participant’s death or Disability. Notwithstanding the foregoing, upon a Change in Control, the outstanding Awards shall be subject to Section 11 hereof. 

  

	 	(2)	Except as may be provided in a Restricted Share Award Agreement, the Participant shall generally have the rights of a shareholder of the Company with respect to Restricted Shares or
Performance Shares during the Restricted Period. The Participant shall generally not have the rights of a shareholder with respect to Shares subject to awards of Restricted Share Units during the Restricted Period; provided, however,
that, at the discretion of the Committee, distributions declared during the Restricted Period with respect to the number of Shares covered by Restricted Share Units may be accrued and paid to the Participant promptly after, and only after, the
Restricted Period shall expire without forfeiture in respect of such distributions made in respect of Restricted Share Units. Certificates for unrestricted Shares shall be delivered to the Participant promptly after, and only after, the Restricted
Period shall expire without forfeiture in respect of such awards of Restricted Shares, Restricted Share Units or Performance Shares except as the Administrator, in its sole discretion, shall otherwise determine. 

  

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

 (d) To the extent that the Plan is then subject to Section 162(m) of the Code, no payment pursuant to this Section 9 with respect to Awards which are intended to qualify as performance-based compensation
under Section 162(m) of the Code shall be made to a “covered employee” (within the meaning of Section 162(m) of the Code) prior to the certification by the Committee that the applicable Performance Goals have been attained. The
Committee may establish such other rules applicable to Awards granted pursuant to this Section 9, provided, however, with respect to Awards which are intended to qualify as performance-based compensation under Section 162(m) of the Code,
such rules shall be in compliance with Section 162(m) of the Code. 
  

 17 

	10.	Other Share-Based Awards. 

 (a) The Administrator is
authorized to grant Awards to Participants in the form of Other Share-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement, including, but not limited to, awards of
restricted share units and awards that are valued in whole or in part by reference to Class A Shares, including awards valued by reference to book value, fair value or performance of a subsidiary or partner interests, including distribution
equivalent rights and performance units. Other Share-Based Awards may be granted as free-standing awards or in tandem with other Awards under the Plan. The Administrator shall determine the terms and conditions of such Awards, consistent with the
terms of the Plan, at the date of grant or thereafter, including any Performance Goals and performance periods. Shares or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this
Section 10 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any
required corporate action. The Administrator may, in its sole discretion, settle such Other Share-Based Awards for cash or other property as appropriate; provided that it determines, after consultation with its legal counsel and tax advisers, that
such alternate settlement would be in the Company’s best interest. 
 (b) The Administrator is also authorized to grant Awards to
Participants in the form of LTIP Unit awards which, whether vested or unvested, may entitle the Participant to receive, currently or on a deferred or contingent basis, distributions or distribution equivalent payments with respect to the number of
LTIP Units or other distributions from the Och-Ziff Operating Group with respect to which the Administrator may provide in the applicable Award Agreement that such amounts (if any) shall be deemed to have been reinvested in additional LTIP Units.
The LTIP Units granted under the Plan will be subject to the conversion ratio, if any, pursuant to which LTIP Units may be exchanged for Shares in accordance with the terms of the LLC Agreement. LTIP Units may be structured as “profits
interests,” “capital interests” or other types of interests for federal income tax purposes. The Administrator has the authority to determine the number of Shares, interests, units or rights underlying an award of LTIP Units in light
of all applicable circumstances, including performance-based vesting conditions, operating partnership “capital account allocations,” to the extent set forth in the partnership agreements for Och-Ziff Operating Group, the Code, or value
accretion factors and conversion ratios. 
 (c) To the extent that the Plan is then subject to Section 162(m) of the Code, no payment
pursuant to this Section 10 with respect to Awards which are intended to qualify as performance-based compensation under Section 162(m) of the Code shall be made to a Covered Employee prior to the certification by the Committee that the
applicable Performance Goals have been attained. The Committee may establish such other rules applicable to the Other Share-Based Awards, provided, however, that with respect to Awards which are intended to qualify as performance-based compensation
under Section 162(m) of the Code, such rules shall be in compliance with Section 162(m) of the Code. 
  

 18 

	11.	Accelerated Vesting In Connection With a Change in Control. 

 (a) In the event of a Change in Control, any outstanding Option that is not assumed or continued, or an equivalent option or right is not substituted therefor pursuant to the Change in Control transaction’s governing document, shall
become fully vested and exercisable “immediately prior to” the effective date of such Change in Control and shall expire upon the effective date of such Change in Control. For purposes of this Section 11, “immediately prior
to” shall mean sufficiently in advance of the Change in Control transaction such that there will be time for each affected Participant to exercise his or her Option and participate in the Change in Control transaction in the same manner as all
other holders of Common Stock. If an Option becomes fully vested and exercisable immediately prior to a Change in Control, the Administrator shall notify the affected Participant in writing or electronically that the Option has become fully vested
and exercisable, and that the Option will terminate upon the Change in Control. 
 (b) Unless otherwise determined by the Administrator and
evidenced in an Award Agreement, in the event that (i) a Change in Control occurs and (ii) the Participant’s employment or service is terminated by the Company, its successor or affiliate thereof without Cause on or after the
effective date of the Change in Control but prior to 12 months following such Change in Control, then: 
  

	 	(1)	any unvested or unexercisable portion of any Award carrying a right to exercise shall become vested and exercisable; and 

  

	 	(2)	the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to any other Award granted under the Plan shall lapse and all unvested Awards shall
be deemed fully vested and performance conditions imposed with respect to such Awards shall be deemed to be fully achieved. 

  

	12.	Amendment and Termination. 

 The Board may amend,
alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent. Unless the Board determines otherwise,
the Board shall obtain approval of the Company’s shareholders for any amendment that would require such approval in order to satisfy the requirements of Section 162(m) of the Code, any rules of the stock exchange on which the Shares are
traded or other applicable law. If any Award is subject to Section 409A of the Code and fails to comply with the requirements of Section 409A of the Code, the Administrator reserves the right to (but is not obligated to) amend, modify

  

 19 

 
or supplement such Award in order to cause it to either not be subject to Section 409A of the Code or to comply with the applicable provisions of
Section 409A of the Code. The Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 of the Plan, no such amendment shall impair the rights of any Participant without
his or her consent. 
  

	13.	Unfunded Status of Plan. 

 The Plan is intended to
constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a
general creditor of the Company. 
  

	14.	Withholding Taxes. 

 Each Participant shall, no
later than the date as of which the value of an Award first becomes includible in the gross income of the Participant for federal and/or state income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding
payment of, any federal, state, or local taxes of any kind required by law to be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company
shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Whenever cash is to be paid pursuant to an award granted hereunder, the Company shall have the right to
deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. Whenever Shares are to be delivered pursuant to an award, the Company shall have the right to require the Participant to
remit to the Company in cash an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have
the Company withhold from delivery of Shares or by delivering already owned unrestricted Shares, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their Fair Market Value on the
business day immediately preceding the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered
pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award. 
  

	15.	General Provisions. 

 (a) Shares shall not be issued
pursuant to the exercise of any Award granted hereunder unless the exercise of such Award and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities
Act of 1933, as amended, the Exchange Act and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
  

 20 

 (b) The Administrator may require each person acquiring Shares to represent to and agree with the Company
in writing that such person is acquiring the Shares without a view to distribution thereof. The certificates for such Shares may include any legend that the Administrator deems appropriate to reflect any restrictions on transfer which the
Administrator determines, in its sole discretion, arise under applicable securities laws or are otherwise applicable. 
 (c) All certificates
for Shares delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any
stock exchange upon which the Shares may then be listed, and any applicable federal or state securities law, and the Administrator may cause a legend or legends to be placed on any such certificates to make appropriate reference to such
restrictions. 
 (d) The Administrator may require a Participant receiving Shares pursuant to the Plan, as a condition precedent to receipt
of such Shares, to enter into a shareholder agreement or “lock-up” agreement in such form as the Committee shall determine is necessary or desirable to further the Company’s interests. 
 (e) The adoption of the Plan shall not confer upon any Participant any right to continued employment or service with the Company or any Subsidiary or
Affiliate, as the case may be, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment or service of any of its Participants at any time. 
  

	16.	Effective Date. 

 The Plan became effective upon
adoption by the Board on November 11, 2007 (the “Effective Date”), and approval by the sole managing member of the Company on November 13, 2007. 
  

	17.	Term of Plan. 

 No Award shall be granted pursuant
to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date. 
  

 21 

	18.	Governing Law. 

 This Plan shall be construed and
enforced in accordance with the laws of the State of Delaware without regard to the application of the principles of conflicts or choice of laws. 
 [Remainder of Page Intentionally Left Blank] 
  

 22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]