Document:

Form of Exchange Agreement

 Exhibit 10.4 
 FORM OF EXCHANGE AGREEMENT 
 EXCHANGE AGREEMENT (the “Agreement”), dated as of
                    , 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 having
received in the applicable Class B Transfer no Excess Interests and a number of Class B Shares equal to the number of Och-Ziff Operating Group Units subject 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. 
  

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 “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. 
 “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. 
  

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 “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(a). 
 “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. 
  

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 “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. 
 “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)(i). 
 “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 

  

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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. 
 “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 that there shall be no Quarterly Exchange Date prior to the first anniversary of the closing of the IPO.

 “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). 
  

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 “Related Trust” means, with respect to any individual Och-Ziff Limited Partner, a trust
the grantor of which is such individual Och-Ziff Limited Partner. 
 “Second Person” has the meaning set forth in
Section 2.11(a). 
 “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. 
  

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 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 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 

  

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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(f)
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.

 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 (iii) and (v) below, no Och-Ziff Limited 

  

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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, the Exchange Committee shall provide written notice thereof (an “Initial Period Exchange Notification”) to each Och-Ziff Limited Partner
that sets forth the applicable Established Exchange Date, the Maximum Participation Amount, if any, 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 pursuant to Section 2.2(a)(v)), 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 with an Aggregate Value equal to at least $10,000,000 or, if less, such Och-Ziff Limited Partner’s remaining Vested Och-Ziff Operating Group Units that may be
Exchanged, subject to the conditions set forth in this Agreement but without the consent of the Exchange Committee. 
 (v)
Notwithstanding, and in addition to their rights to participate in any Exchange pursuant to, Sections 2.2(a)(i) and (ii) above, the Ziffs may Exchange on any Quarterly Exchange Date during the Initial Period a number of Vested Och-Ziff
Operating Group Units that does not exceed the Ziffs 

  

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Quarterly Exchange Limit; provided, that, during the Initial Period, the Ziffs shall not be permitted to sell Class A Shares received in an
Exchange pursuant to this Section 2.2(a)(iii) during any period in which the Ziffs are otherwise eligible to participate in an Exchange to effect a Class A Sale pursuant to Section 2.2(a)(i), subject to the Determination Period
provisions below. The Ziffs shall be so restricted from selling Class A Shares pursuant to this Section 2.2(a)(iii) during 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 and (ii) the completion of the Class A Sale (such period, the “Determination
Period”). 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. 
 (b) 
 (i) With respect to Exchanges under Section 2.2(a)(i), 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)(ii) or Section 2.2(a)(iii), 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. 
  

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 (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. 
 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. 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

  

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Blackout Period. 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, the Closing Date and the Closing may occur at such other time or at such other place, and in such other manner, as the parties to such Exchange shall agree.

 (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 good faith 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 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. 
 (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 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 deliver evidence reasonably satisfactory to the Issuer or
the Och-Ziff Operating Group Partnerships, as applicable, that all Liens on its Och-Ziff Operating Group Units delivered at Closing have been released; 
 (iii) if such Och-Ziff Limited Partner delivers at Closing 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; 
  

 13 

 (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. 
 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. 
 (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, 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 

  

 14 

 
(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, 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 

  

 15 

 
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 (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.

  

 16 

 (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). 
 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: [    ] 
  

	 	(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: [    ] 
  

	 	(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. 
  

 17 

 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). 
 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. 
  

 18 

 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 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. 
  

 19 

 Section 3.12 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:	 	 
	Name:	 	
	Title:	 	
	
	OCH-ZIFF HOLDING CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	OCH-ZIFF HOLDING LLC
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 OZ MANAGEMENT LP
 By: Och-Ziff Holding
Corporation, its
 general partner

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 OZ ADVISORS LP
 By: Och-Ziff Holding
Corporation, its
 general partner

		
	By:	 	 
	Name:	 	
	Title:	 	

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

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	[LIMITED PARTNERS]
		
	By:	 	 
	Name:	 	
	Title:	 	

 EXHIBIT A 
 [FORM OF] 
 NOTICE OF B 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 , 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                     , 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-2Form of Common Stock Warrant to Debenture Investors

 Exhibit 10.1 
 Warrant No. 
 NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
 COMMON STOCK PURCHASE WARRANT 
 ACCENTIA BIOPHARMACEUTICALS, INC. 
  

					
	 Warrant Shares:
	 		 	Initial Exercise Date: October 19, 2007

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value
received,
                                        
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior
to the close of business on the earlier of (i) the 3rd day following written notice from ACCENTIA BIOPHARMACEUTICALS, INC., a Florida corporation (the “Company”) that the Company’s common stock has achieved a
10-trading-day VWAP of at least $6.00 per share or (ii) January 19, 2009 (the “Termination Date”) but not thereafter, to subscribe for and purchase, up to
                             shares (the “Warrant Shares”) of common stock,
par value $.001 per share, of the Company (the “Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 
 Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated February 27, 2007, among the Company and the purchasers signatory thereto. 
 Section 2. Exercise. 
 a) Exercise of Warrant. Exercise of the
purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy of the Notice
of Exercise Form annexed hereto (or such other office or agency of the Company as 

 
it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the Company); and, within 3 Trading
Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within 3 Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a
portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within 1 Business Day of receipt of such notice. The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof. 
 b) Exercise Price. The exercise
price per share of the Common Stock under this Warrant shall be $2.67, subject to adjustment hereunder (the “Exercise Price”). 
 c) Exercise Limitations. 
 Holder’s Restrictions. The Company shall not effect any
exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2(c) or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the
applicable Notice of Exercise, such Holder (together with such Holder’s Affiliates, and any other person or entity acting as a group together with such Holder or any of such Holder’s Affiliates), as set forth on the applicable Notice of
Exercise, would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such Holder and its Affiliates shall
include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the
remaining, nonexercised portion of this Warrant beneficially owned by such Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without
limitation, any other Debentures or Warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by such Holder or any of its affiliates. Except as set forth in the preceding
sentence, for purposes of this 

  

 2 

 
Section 2(d)(i), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by a Holder that the Company is not representing to such Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and such Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder together with
any Affiliates) and of which a portion of this Warrant is exercisable shall be in the sole discretion of a Holder, and the submission of a Notice of Exercise shall be deemed to be each Holder’s determination of whether this Warrant is
exercisable (in relation to other securities owned by such Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no
obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(d), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most
recent Form 10-Q or Form 10-K, as the case may be, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Company’s Transfer Agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by such Holder or its Affiliates since the date as of which such number of outstanding shares of
Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise
of this Warrant. The Beneficial Ownership Limitation provisions of this Section 2(d)(i) may be waived by such Holder, at the election of such Holder, upon not less than 61 days’ prior notice to the Company to change the Beneficial
Ownership Limitation to 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant, and the provisions of this Section 2(d) shall
continue to apply. Upon such a change by a Holder of the Beneficial Ownership Limitation from such 4.99% limitation to such 9.99% limitation, the Beneficial Ownership Limitation may not be further waived by such Holder. The provisions of this
paragraph shall be construed and 

  

 3 

 
implemented in a manner otherwise than in strict conformity with the terms of this Section 2(d)(i) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this
paragraph shall apply to a successor holder of this Warrant. 
 d) Mechanics of Exercise. 
 i. Authorization of Warrant Shares. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 ii. Delivery of Certificates
Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the transfer agent of the Company to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit
Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such system, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise within 3 Trading Days from the delivery
to the Company of the Notice of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery Date”). This Warrant shall be deemed to have been
exercised on the date the Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such
shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to
Section 2(e)(vii) prior to the issuance of such shares, have been paid. If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date,
the Company shall pay to such Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per
Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such certificates are delivered. 
  

 4 

 iii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part,
the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to
purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iv. Rescission Rights. If the Company fails to cause its transfer agent to transmit to the Holder a certificate or certificates representing the Warrant Shares pursuant to this Section 2(e)(iv) by the Warrant Share Delivery
Date, then the Holder will have the right to rescind such exercise. 
 v. Compensation for Buy-In on Failure to Timely Deliver
Certificates Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder a certificate or certificates representing the Warrant Shares pursuant to an exercise
on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to
deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (1) pay in cash to the Holder the amount by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (B) the price at which the sell order giving rise to such purchase obligation was executed, and (2) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in
respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

  

 5 

 vi. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall at its election, either pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 
 vii. Charges, Taxes
and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in
a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto. 
 viii. Closing of Books. The Company will not close its
stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 Section 3. Certain Adjustments. 
 a) Stock Dividends and Splits. If the Company, at any
time while this Warrant is outstanding: (A) pays a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for
avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (D) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be
multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re classification. 
  

 6 

 b) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as
applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice its securities, or otherwise dispose of or issue any Common Stock or Common Stock Equivalents entitling any
Person to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the
holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or
rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the
Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced and only reduced to equal the Base Share Price and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise
Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are
issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the Holder in writing, no later than the Trading Day following the issuance
of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice the
“Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, after the date of such
Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. 
 c) Subsequent Rights Offerings. If the Company, at any time while the Warrant is outstanding, shall issue rights, options or
warrants to all holders of Common Stock (and not to Holders) entitling them to subscribe for or purchase shares of Common Stock at a price per share less than the VWAP at the record date mentioned below, then the Exercise Price shall be multiplied
by a fraction, of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and
of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of shares which the aggregate offering price of the total number of shares so offered (assuming
receipt by the Company in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such VWAP. Such adjustment shall be made whenever such rights or warrants are issued, and shall become effective
immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants. 
  

 7 

 d) Pro Rata Distributions. If the Company, at any time prior to the Termination
Date, shall distribute to all holders of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other than
the Common Stock (which shall be subject to Section 3(b)), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market
value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be
described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is
made and shall become effective immediately after the record date mentioned above. 
 e) Fundamental Transaction. If,
at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of
related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or
property, or (D) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (each
“Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the
extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the
Holder’s right to exercise such warrant into Alternate 

  

 8 

 
Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or
surviving entity to comply with the provisions of this Section 3(e) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Securities Exchange Act of 1934, as
amended, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, the Company or any successor entity shall
pay at the Holder’s option, exercisable at any time concurrently with or within 30 days after the consummation of the Fundamental Transaction, an amount of cash equal to the value of this Warrant as determined in accordance with the
Black-Scholes option pricing formula using an expected volatility equal to the 100 day historical price volatility obtained from the HVT function on Bloomberg L.P. as of the trading day immediately prior to the public announcement of the Fundamental
Transaction.
 f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the
nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding. 
 g) Voluntary Adjustment By Company. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 
 h) Notice to Holder. 
 i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment. If the Company enters into a Variable Rate Transaction (as defined in the Purchase Agreement) despite the prohibition thereon in the Purchase Agreement, the Company shall be
deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock; (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Common Stock; (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of
any rights; (D) the approval 

  

 9 

 
of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the
Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property; (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the
Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the
Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the 20-day period commencing on the date of such notice to the effective date of the event triggering
such notice. 
 Section 4. Transfer of Warrant. 
 a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the
principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder
for the purchase of Warrant Shares without having a new Warrant issued. 
 b) New Warrants. This Warrant may be divided
or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be 

  

 10 

 
issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. 
 c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws, the Company may require, as a condition of allowing such transfer, that (i) the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or
blue sky laws, and (ii) the Holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company, and (iii) the transferee be an “accredited investor” as defined in Rule
501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8) promulgated under the Securities Act or a “qualified institutional buyer” as defined in Rule 144A(a) promulgated under the Securities Act. 
 Section 5. Miscellaneous. 
 a) No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof as set forth in
Section 2(e)(ii). 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt
by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or
stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day. 
  

 11 

 d) Authorized Shares. 
 The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant
against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value,
(b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. 
 Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in
the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 
 e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the provisions of the Purchase Agreement. 
 f) Restrictions. The Holder acknowledges
that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws. 
  

 12 

 g) Registration Rights. The Holder shall have piggy back registration rights to
register the shares underlying the Warrant. (“Piggy Back Registration Rights”). By virtue of the Piggy Back Registration Rights, in the event that the Company plans to file a registration statement with the SEC covering shares of common
stock of the Company (“Registration Statement”), the Company shall provide written notice to Holder and Holder shall have 30 days to require in writing that all shares of common stock underlying the Warrant be covered in the Registration
Statement. Notwithstanding the foregoing, the Company shall not be obligated to include the shares underlying the Warrant in any Registration Statement if the underwriter or the party for whom the Registration Statement is being filed objects or if
the Company reasonably determines that such registration may adversely effect the registration statement or the offering. The Piggy Back Registration Rights shall be limited by applicable U.S. Securities laws, including without limitation any SEC
regulation or interpretation of those laws. 
 h) Nonwaiver and Expenses. No course of dealing or any delay or failure
to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date. If
the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses
including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 i) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by
the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement. 
 j) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 k) Remedies. Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 l)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 
  

 13 

 m) Amendment. This Warrant may be modified or amended or the provisions hereof
waived with the written consent of the Company and the Holder. 
 n) Severability. Wherever possible, each provision of
this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 o) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ******************** 
  

 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly
authorized as of the date first above indicated. 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	By:	 	  

	Name:	 	Francis E. O’Donnell, Jr., M.D.
	Title:	 	Chief Executive Officer

  

 15 

 NOTICE OF EXERCISE 
 TO: ACCENTIA BIOPHARMACEUTICALS, INC. 
 (1) The undersigned hereby elects to purchase
                     Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of
(check applicable box): 
 [    ] in lawful money of the United States; or 
 [    ] [if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 
 (3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified
below: 
  

							
		 	  
	 		 	

 The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a
certificate to: 
  

							
		 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	

 (4) Accredited Investor. The undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended. 
 [SIGNATURE OF HOLDER] 
  

			
	 Name of Investing Entity:
	  	  

			
	 Signature of Authorized Signatory of Investing Entity:
	  	  

			
	 Name of Authorized Signatory:
	  	  

			
	 Title of Authorized Signatory:
	  	  

			
	 Date:
	  	  

 ASSIGNMENT FORM 
 (To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the warrant.) 
 FOR VALUE RECEIVED, [            ] all of or
[                    ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

					
	  
	  	whose address is	  	

  

							
	  
	 		 	.	 	

  

			
	Dated:                     ,
            	 	

  

							
		  	Holder’s Signature:	  	  
	  	
				
		  	Holder’s Address:	  	  
	  	
				
		  		  	  
	  	
		  		  		  	

  

					
	Signature Guaranteed:	  	  
	  	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]