Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDED AND RESTATED EXCHANGE AGREEMENT 

AMENDED AND RESTATED EXCHANGE AGREEMENT (the “Agreement”), dated as of May 6, 2013, among Apollo Global Management,
LLC, a Delaware limited liability company, Apollo Principal Holdings I, L.P., a Delaware limited partnership, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo Principal Holdings III, L.P., a Cayman Islands exempted limited
partnership, Apollo Principal Holdings IV, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings V, L.P., a Delaware limited partnership, Apollo Principal Holdings VI, L.P., a Delaware limited partnership, Apollo Principal
Holdings VII, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings VIII, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings IX, L.P., a Cayman Islands exempted limited partnership, AMH Holdings
(Cayman), L.P., a Cayman Islands exempted limited partnership, and the Apollo Principal Holders (as defined herein) from time to time that are party hereto. 
 WHEREAS, the original Exchange Agreement among Apollo Global Management, LLC, Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal
Holdings IV, L.P., Apollo Management Holdings, L.P., a Delaware limited partnership, and the Apollo Principal Holders dated as of July 13, 2007 (the “Original Exchange Agreement”) provided for the exchange of certain AOG Units
for Class A Shares, on the terms and subject to the conditions set forth therein; and 
 WHEREAS, the parties to the
Original Exchange Agreement together with Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P. and AMH Holdings (Cayman),
L.P. now desire to enter into this Agreement to amend and restate the Original Exchange Agreement in its entirety as more fully set forth below; 
 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. 
 “Agreement” has the meaning set forth in the preamble of this Agreement. 
 “Agreement Among Principals” means the Agreement Among Principals, dated as of July 13, 2007, among Leon D. Black, Marc J. Rowan, Joshua J. Harris, Black Family Partners, L.P., MJR
Foundation LLC, AP Professional Holdings, L.P. and BRH Holdings L.P., as may be amended, supplemented or restated from time to time. 

 “AMH Holdings” means AMH Holdings (Cayman), L.P., an exempted limited
partnership formed under the laws of the Cayman Islands, and any successor thereto. 
 “AOG Unit” shall have
the meaning given to the term “Operating Group Unit” in the Shareholders Agreement. 
 “APO Corp.”
means APO Corp., a corporation formed under the laws of the State of Delaware, and any successor thereto. 
 “APO
FC” means APO (FC), LLC, an Anguilla limited liability company, and any successor thereto. 
 “APO
LLC” means APO Asset Co, LLC., a limited liability company formed under the laws of the State of Delaware, and any successor thereto. 
 “Apollo Operating Group” shall have the meaning given to such term in the Shareholders Agreement. 
 “Apollo Principal I” means Apollo Principal Holdings I, L.P., a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 

“Apollo Principal II” means Apollo Principal Holdings II, L.P., a limited partnership formed under the laws of the State
of Delaware, and any successor thereto. 
 “Apollo Principal III” means Apollo Principal Holdings III, L.P., an
exempted limited partnership formed under the laws of the Cayman Islands, and any successor thereto. 
 “Apollo
Principal IV” means Apollo Principal Holdings IV, L.P., an exempted limited partnership formed under the laws of the Cayman Islands, and any successor thereto. 
 “Apollo Principal V” means Apollo Principal Holdings V, L.P., a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 

“Apollo Principal VI” means Apollo Principal Holdings VI, L.P., a limited partnership formed under the laws of the State
of Delaware, and any successor thereto. 
 “Apollo Principal VII” means Apollo Principal Holdings VII, L.P., an
exempted limited partnership formed under the laws of the Cayman Islands, and any successor thereto. 
 “Apollo
Principal VIII” means Apollo Principal Holdings VIII, L.P., an exempted limited partnership formed under the laws of the Cayman Islands, and any successor thereto. 
 “Apollo Principal IX” means Apollo Principal Holdings IX, L.P., an exempted limited partnership formed under the laws of the Cayman Islands, and any successor thereto. 

“Apollo Principal Holder” means each Person and their Permitted Transferees (as such term is defined in the Agreement
Among Principals) that is as of the date of this Agreement or thereafter becomes from time to time a limited partner of each of the Apollo Principal Partnerships pursuant to the terms of the Apollo Principal Partnership Agreements, other than
(i) the Issuer and (ii) for the avoidance of doubt APO Corp., APO FC and APO LLC and their respective subsidiaries. 

  
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 “Apollo Principal Partnership Agreements” means, collectively, the Third
Amended and Restated Limited Partnership Agreement of Apollo Principal I dated as of April 14, 2010, the Third Amended and Restated Limited Partnership Agreement of Apollo Principal II dated as of April 14, 2010, the Third
Amended and Restated Exempted Limited Partnership Agreement of Apollo Principal III dated as of April 14, 2010, the Third Amended and Restated Exempted Limited Partnership Agreement of Apollo Principal IV dated as of April 14,
2010, the Second Amended and Restated Limited Partnership Agreement of Apollo Principal V dated as of April 14, 2010, the Second Amended and Restated Limited Partnership Agreement of Apollo Principal VI dated as of April 14,
2010, the Second Amended and Restated Exempted Limited Partnership Agreement of Apollo Principal VII dated as of April 14, 2010, the Second Amended and Restated Limited Partnership Agreement of Apollo Principal VIII dated as of
April 14, 2010, the Second Amended and Restated Exempted Limited Partnership Agreement of Apollo Principal IX dated as of April 14, 2010, the Amended and Restated Exempted Limited Partnership Agreement of AMH Holdings dated
September 30, 2012, and the partnership agreement of any other partnership formed after the date hereof that becomes an Apollo Principal Partnership, as each may be amended, supplemented or restated from time to time. 

“Apollo Principal Partnerships” means, collectively, Apollo Principal I, Apollo Principal II, Apollo
Principal III, Apollo Principal IV, Apollo Principal V, Apollo Principal VI, Apollo Principal VII, Apollo Principal VIII, Apollo Principal IX, AMH Holdings and any other partnership formed after the date hereof
that has executed and delivered a joinder agreement hereto. 
 “AP Professional” means AP Professional
Holdings, L.P., an exempted limited partnership formed under the laws of the Cayman Islands. 
 “AP Professional
Partnership Agreement” means the Second Amended and Restated Exempted Limited Partnership Agreement of AP Professional dated as of July 13, 2007, as may be amended, supplemented or restated from time to time. 

“B Exchange” has the meaning set forth in Section 2.1(a)(ii) of this Agreement. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New
York are authorized or required by law to close. 
 “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 Shares” means the Class A Shares of the Issuer representing Class A limited liability company
interests of the Issuer and any equity securities issued or issuable in exchange for or with respect to such Class A Shares (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification,
recapitalization, merger, consolidation or other reorganization. 

  
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 “Code” means the Internal Revenue Code of 1986, as amended. 

“Delaware Arbitration Act” has the meaning set forth in Section 3.8(d) of this Agreement. 

“Exchange” means the principal securities exchange on which Class A Shares are traded. 

“Exchange Rate” means the number of Class A Shares for which an AOG Unit is entitled to be exchanged. On the date
of this Agreement, the Exchange Rate shall be 1 for 1 subject to adjustments as provided in Section 2.4. 

“Exchange Shelf Registration Statement” has the meaning set forth in Section 2.3(a) of this Agreement.

 “Governing Body” means the manager of the Issuer, so long as one exists, and thereafter the Board of
Directors of the Issuer. 
 “Issuer” means Apollo Global Management, LLC, a limited liability company formed
under the laws of the State of Delaware, and any successor thereto. 
 “Issuer Operating Agreement” means the
Amended and Restated Limited Liability Company Agreement of the Issuer, dated as of July 13, 2007, as may be amended, supplemented or restated from time to time. 
 “Insider Trading Policy” means the Insider Trading Policy of the Issuer applicable to the directors, executive officers and employees of the Issuer or its manager or the Issuer’s
subsidiaries, as such Insider Trading Policy may be amended from time to time. 
 “Notice Date” means, with
respect to each Quarter, the date that is at least sixty (60) days prior to the Quarterly Exchange Date provided in clause (iii) of the definition of “Quarterly Exchange Date”; provided, that for purposes of determining
the Notice Date in reference to Section 2.2(b)(i) or (ii) of the Agreement, such Notice Date shall be that single date that is sixty (60) days prior to the Quarterly Exchange Date provided in clause (iii) of the definition
of “Quarterly Exchange Date” (without giving effect to the application of the first proviso thereof). 

“Original Exchange Agreement” has the meaning set forth in the preamble of this Agreement. 

“Person” shall be construed broadly and includes any individual, corporation, partnership, firm, joint venture, limited
liability company, estate, trust, business association, organization, governmental entity or other entity. 
 “Public
Offering” means a public offering of Class A Shares pursuant to an effective registration statement under the Securities Act of 1933, as amended, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or
successor form. 
 “Qualifying Entity” has the meaning set forth in Section 2.7 of this Agreement.

 “Quarter” means, unless the context requires otherwise, a fiscal quarter of the Issuer. 

  
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 “Quarterly Exchange Date” means, for each Quarter, unless otherwise
required by Section 409A of the Code: (i) with respect to any amount of Class A Shares to be issued upon exchange of AOG Units and offered in an underwritten Public Offering, the closing date of such underwritten offering (or if such
underwritten Public Offering does not occur, the next Business Day following the date when it has been determined such underwritten Public Offering will not occur), (ii) with respect to any amount of Class A Shares to be issued upon
exchange of AOG Units and offered pursuant to the exercise of an underwriter’s over-allotment option granted in connection with an underwritten Public Offering, the closing date of such sale of Class A Shares pursuant to the exercise of
such over-allotment option (or if such over-allotment option is not exercised or is not exercised in full, the exchange as to such portion shall occur on the Business Day immediately following the lapse of the over-allotment option period) and
(iii) with respect to any amount of Class A Shares to be issued upon exchange of AOG Units for sale, disposition or transfer other than pursuant to clauses (i) and (ii) of this definition, the first day that directors, executive
officers and employees of the Issuer or its manager or the Issuer’s subsidiaries are permitted to trade under the Insider Trading Policy; provided, however, that to the extent an Apollo Principal Holder has delivered a notice of
exchange and has also notified the Issuer prior to the first Quarterly Exchange Date on which any AOG Units may be exchanged hereunder that a portion of the AOG Units to be exchanged under such notice will be offered in an underwritten Public
Offering, then all AOG Units set forth in such notice to be exchanged by such Apollo Principal Holder shall be exchanged on the Quarterly Exchange Dates provided in clauses (i) and (ii) hereof, as applicable; provided,
further, that all references to Quarterly Exchange Date under the Shareholders Agreement, the Agreement Among Principals and the Roll-Up Agreements shall be deemed to refer only to the exchange date set forth in clause (iii) of this
definition (without giving effect to the application of the first proviso hereof). 
 “Roll-Up Agreements”
means the Roll-Up Agreements, dated as of July 13, 2007, among the various Contributing Partners and BRH Holdings, L.P., AP Professional Holdings, L.P., APO Asset Co., LLC, APO Corp., and Apollo Global Management, LLC, as each may be amended,
supplemented or restated from time to time. 
 “Shareholders Agreement” means the Shareholders Agreement, dated
as of July 13, 2007, among the Issuer, AP Professional and the other parties thereto, as may be amended, supplemented or restated from time to time. 
 “Suspension Period” has the meaning set forth in Section 2.3(a)(i) of this Agreement. 
 “Tax Receivable Agreement” means the Amended and Restated Tax Receivable Agreement, dated as of the date hereof, among APO Corp., Apollo Principal II, Apollo Principal IV,
Apollo Principal VI, Apollo Principal VIII, AMH Holdings and the other parties thereto, as may be amended, supplemented or restated from time to time. 
 “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. 

  
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 ARTICLE II 
 EXCHANGE OF AOG UNITS 
  

	 	SECTION 2.1	EXCHANGE OF AOG UNITS. 

 (a)
Subject to adjustment as provided in this Article II, the provisions of the Apollo Principal Partnership Agreements and the Issuer Operating Agreement, each Apollo Principal Holder shall be entitled to exchange AOG Units held by such Apollo
Principal Holder on any Quarterly Exchange Date as follows: 
 (i) For the purpose of making a gratuitous transfer to any
Charity, an Apollo Principal Holder may surrender AOG 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 AOG Units surrendered multiplied by the Exchange
Rate (such exchange, an “A Exchange”); or 
 (ii) An Apollo Principal Holder may transfer AOG Units, at
the sole discretion of APO Corp. and APO FC, to APO Corp. and/or APO FC, in exchange for the delivery by APO Corp. and/or APO FC, as the case may be, of a number of Class A Shares equal to the product of such number of AOG Units surrendered
multiplied by the Exchange Rate (such exchange, a “B Exchange”); 
 (b) On the Quarterly Exchange
Date that AOG Units are surrendered for exchange, all rights of the exchanging Apollo Principal Holder as holder of such AOG Units shall cease, and such exchanging Apollo Principal Holder shall be treated for all purposes as having become the Record
Holder (as defined in the Issuer Operating Agreement) of such Class A Shares and shall be admitted as a Member (as defined in the Issuer Operating Agreement) of the Issuer in accordance and upon compliance with the Issuer Operating Agreement.

 (c) For the avoidance of doubt, any exchange of AOG Units shall be subject to the provisions of the Apollo Principal
Partnership Agreements; provided, that, to the extent consent of any Person shall be required pursuant to the provisions of the Apollo Principal Partnership Agreements, the Issuer, APO Corp. and/or APO FC, as applicable, shall use
commercially reasonable efforts to cause such consent to be obtained (if not already obtained). 
 (d) Notwithstanding anything
in this Agreement to the contrary, no Apollo Principal Holder may exchange any AOG Units held by it pursuant to this Agreement except at the same time and to the same extent that it, or the Person on whose behalf it is requesting such exchange,
would be entitled to effect transfers of his Pecuniary Interests (as defined in the Shareholders Agreement) under Section 2.2 of the Shareholders Agreement. 
  

	 	SECTION 2.2	EXCHANGE PROCEDURES; NOTICES AND REVOCATIONS. 

 (a) An Apollo Principal Holder may exercise the right to exchange AOG Units set forth in Section 2.1(a) above by providing a written notice of exchange no later than the applicable Notice Date
to: 
 (i) in the case of an A Exchange, the Issuer substantially in the form of Exhibit A hereto, and

  
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 (ii) in the case of a B Exchange, APO Corp. and APO FC substantially in the form of
Exhibit B hereto, in each case, executed by such holder or such holder’s duly authorized attorney in respect of the AOG Units to be exchanged, and delivered during normal business hours at the principal executive offices of the
Issuer or APO Corp. and APO FC, as applicable. 
 (b) (i) With respect to any notice of exchange, an Apollo Principal Holder may
irrevocably revoke any such notice in whole, but not in part, with respect to such AOG Units to be exchanged (which, for the avoidance of doubt, shall apply to all AOG Units subject to such notice) in writing on or before the Business Day
immediately preceding the first Quarterly Exchange Date on which any AOG Units may be exchanged following the Notice Date with respect to which such notice was given, but only in the event that the closing trading price per share of the Class A
Shares on the Exchange on the Business Day immediately preceding date of revocation is at least 10% lower than the closing trading price per share of the Class A Shares on the Exchange on the Notice Date with respect to which such notice was
given. 
 (ii) In addition to and not in limitation of Section 2.2(b)(i), with respect to any notice of exchange
for which Class A Shares issued upon exchange will be offered in an underwritten Public Offering, an Apollo Principal Holder may irrevocably revoke any such notice in whole, but not in part, with respect to all AOG Units to be exchanged (which,
for the avoidance of doubt, shall apply to all AOG Units subject to such notice) in writing immediately before the pricing of the underwritten Public Offering, but only in the event that the gross price per Class A share offered to the public
is at least 10% lower than the closing trading price per share of the Class A Shares on the Exchange on the Notice Date with respect to which such notice was given. 
 (iii) Notwithstanding anything to the contrary herein, with respect to any notice of exchange (A) if no revocation shall have been made pursuant to Section 2.2(b)(i) above prior to the
Business Day immediately preceding the first Quarterly Exchange Date on which any AOG Units may be exchanged following the Notice Date with respect to which such notice was given, then the ability of an Apollo Principal Holder to revoke any exchange
pursuant to Section 2.2(b)(i) shall lapse and (B) no Apollo Principal Holder that makes any revocation with respect to a Quarterly Exchange Date as provided in Section 2.2(b)(i) or (ii) above may exercise the right
to exchange AOG Units set forth in Section 2.1(a) in respect of any Quarterly Exchange Date in the next upcoming Quarter. 
 (c) As promptly as practicable following the surrender for exchange of AOG Units in the manner provided in this Article II, the Issuer, in the case of an A Exchange, or APO Corp. and/or
APO FC, as applicable, 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 Apollo Principal Holder. 
 (d) The Issuer, in the case of an A Exchange, or APO
Corp. and APO FC in the case of a B Exchange, may adopt reasonable procedures for the implementation of the exchange provisions set forth in this Article II, including, without limitation, procedures for the giving of notice of an election
for exchange. Further, APO Corp. and APO FC will coordinate with the Issuer to guarantee that APO Corp. and APO FC will have sufficient Class A Shares to meet APO 

  
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Corp’s or APO FC’s obligation to deliver Class A Shares in exchange of AOG Units on each Quarterly Exchange Date. This will be accomplished so as to result in APO Corp. and APO FC,
if relevant, purchasing such Class A Shares, such that the acquisition of Class A Shares is a taxable event pursuant to Section 1001 of the Code. 
  

	 	SECTION 2.3	REGISTRATION, BLACKOUT PERIODS, CUTBACKS AND OWNERSHIP RESTRICTIONS. 

 (a) In respect of each Quarterly Exchange Date: 
 (i) The Issuer shall use
commercially reasonable efforts to file and cause to become effective a registration statement on Form S-3 relating to the exchange of AOG Units for Class A Shares (the “Exchange Shelf Registration Statement”) and shall use
commercially reasonable efforts to keep the Exchange Shelf Registration Statement continuously effective. Notwithstanding the foregoing, the Issuer shall be entitled to suspend the use of the prospectus included in the Exchange Shelf Registration
Statement for a reasonable period of time not to exceed 90 days in succession or 180 days in the aggregate in any 12-month period (a “Suspension Period”) if the Company shall determine in its reasonable judgment that (A) it is
not feasible for the Shareholder to use the prospectus for the exchange of Class A Shares because of the unavailability of audited or other required financial statements, provided that the Issuer shall use its reasonable efforts to
obtain such financial statements as promptly as practicable, or (B) the filing or effectiveness of the prospectus relating to the Exchange Shelf Registration Statement would cause the disclosure of material, non-public information that the
Issuer has a bona fide business purpose for preserving as confidential; provided, however, that any Suspension Period shall terminate at such time as the public disclosure of such information is made. After the expiration of any
Suspension Period and without any further request from an Apollo Principal Holder, the Issuer shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Exchange Shelf Registration Statement or the
prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered in connection with an exchange of Class A Shares included therein, the prospectus will not include an untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(ii) If an underwritten Public Offering of any Class A Shares to be issued upon any exchanges in respect of a Quarterly Exchange
Date is to occur and (A) such underwritten Public Offering does not occur, the Issuer, APO Corp. and APO FC will cancel all exchanges of the amount of AOG Units attributable to the Class A Shares to be offered in such underwritten Public
Offering in respect of such Quarterly Exchange Date unless such Apollo Principal Holder shall have elected in Item 2.A of the notice of exchange to have any AOG Units attributable to such underwritten Public Offering exchanged notwithstanding
the non-occurrence of such underwritten Public Offering, (B) the Issuer is advised that the underwriter or underwriters or agent of the Public Offering, as the case may be, intends to reduce or cut back the amount of Class A Shares to be
offered in the Public Offering in the manner, and to the extent, contemplated by Article V of the Shareholders Agreement, the Issuer, APO Corp. and APO FC will reduce or cut back the amount of AOG Units to be exchanged by an Apollo Principal Holder
on the applicable Quarterly Exchange Date unless such Apollo Principal Holder shall have elected in Item 2.B or 2.C of the notice of exchange to have any AOG Units attributable to such cut backs exchanged nonetheless or (C) such

  
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underwritten Public Offering includes an over-allotment option, which option shall lapse un-exercised in whole or in part, the Issuer, APO Corp. and APO FC will reduce the amount of AOG Units to
be exchanged by an Apollo Principal Holder on the applicable Quarterly Exchange Date by the amount of AOG Units attributable to such un-exercised portion of the over-allotment amount unless such Apollo Principal Holder shall have elected in
Item 2.D of the notice of exchange to have the AOG Units attributable to such un-exercised portion of the over-allotment exchanged nonetheless. 
 (b) Notwithstanding anything to the contrary herein, an Apollo Principal Holder shall not be entitled to exchange AOG Units, and the Issuer, APO Corp. and APO FC shall have the right to refuse to honor
any request for exchange of AOG Units, (i) at any time upon such request, if the Issuer, APO Corp. or APO FC shall reasonably determine that there may be material non-public information that the Issuer has a bona fide business purposes for
preserving as confidential, provided, however, that this shall not restrict (a) any Apollo Principal Holder from exchanging AOG Units if it is anticipated that the material non-public information will become public prior to the
date such Apollo Principal Holder sells the Class A Shares; or (b) any exchange of AOG Units where the sale of Class A Shares issued upon exchange will be made pursuant to a Rule 10b5-1 plan that was put in place by an Apollo
Principal Holder (or a Qualifying Entity on behalf of such Apollo Principal Holder) when such Person was not in possession of material non-public information about the Issuer and its subsidiaries or (ii) if such exchange would be prohibited
under applicable law or regulation. 
  

	 	SECTION 2.4	SPLITS, DISTRIBUTIONS AND RECLASSIFICATIONS. 

 If there is: (1) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the
AOG Units it shall be 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 it shall be accompanied by an identical subdivision or combination of the AOG 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 Apollo Principal Holder shall be entitled to receive upon exchange the amount of such security that such Apollo Principal Holder 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 the exchange of any AOG
Unit. 
  

	 	SECTION 2.5	CLASS A SHARES TO BE ISSUED. 

The Issuer covenants that if any Class A Shares require registration with or approval of any governmental authority under any
foreign, U.S. federal or state law before such Class A Shares may be issued upon exchange pursuant to this Article II, the Issuer shall use commercially reasonable efforts to cause such Class A Shares to be duly registered or approved, as
the case may be. The Issuer shall use commercially reasonable efforts to list the Class A Shares required to be delivered upon exchange prior to such delivery upon each national securities exchange or inter—dealer quotation system upon
which the outstanding Class A Shares may be listed or traded at the time of such delivery. Nothing contained herein shall be construed to preclude the Issuer, APO Corp. or APO FC from satisfying their obligations in respect of the exchange of
the AOG Units by delivery of Class A Shares which are held in the treasury of the Issuer, APO Corp., APO FC or any of their subsidiaries. 

  
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	 	SECTION 2.6	TAXES. 

 The delivery of
Class A Shares upon exchange of AOG Units shall be made without charge to the Apollo Principal Holder for any stamp or other similar tax in respect of such issuance. 

 

	 	SECTION 2.7	DISPOSITION OF CLASS A SHARES ISSUED. 

 (a) Each Apollo Principal Holder receiving Class A Shares as a result of a an A Exchange or a B Exchange hereunder, covenants to use reasonable best efforts (i) to effect a gratuitous transfer
of such Class A Shares to any Charity, in the case of an A Exchange or (ii) to sell or otherwise dispose of such Class A Shares, in the case of a B Exchange, as promptly as practicable after the receipt thereof taking into account the
circumstances surrounding such proposed transfer, sale or other disposition. Any Apollo Principal Holder that is unable to transfer, sell or otherwise dispose of such Class A Shares in a prompt manner as set forth in the preceding sentence (but
in any event, within ten (10) days) shall cause all such Class A Shares to be transferred immediately to a partnership, trust or other entity (other than a “grantor trust” or an entity otherwise disregarded as an entity separate
from its parent for United States federal income tax purposes) (each, a “Qualifying Entity”). The Governing Body acknowledges that one or more events, such as an underwriter cutback, the unavailability of a registration, the
possession of material non-public information, or general market dislocation may affect the timing of a proposed sale or disposition following an exchange. An Apollo Principal Holder who promptly transfers Class A Shares received as a result of
an exchange to a Qualifying Entity, if such Qualifying Entity participates in a Rule 10b5-1 plan under which it has agreed to sell such Class A Shares through such Qualifying Entity pursuant to such 10b5-1 plan in accordance with its
terms, shall be deemed to be in compliance with this Section 2.7(a), Section 3.3 of the Roll-Up Agreements and Section 2.4(a) of the Agreement Among Principals. 

(b) Any Apollo Principal Holder that exercises the right to exchange AOG Units as set forth in Section 2.1(a) shall provide
certification to APO Corp. before giving effect to such exchange and in a form reasonably satisfactory to APO Corp., that to the best knowledge of such Apollo Principal Holder, such Apollo Principal Holder (i) does not own, (ii) will not
own, immediately prior to the exchange pursuant to which such Apollo Principal Holder will receive such Class A Shares and (iii) will not be treated as owning immediately before or following such exchange, for U.S. federal income tax
purposes, any other Class A Shares directly, indirectly, by attribution, or otherwise; provided that such Apollo Principal Holder may own Class A Shares through Qualifying Entities so long as all such Qualifying Entities do not own
in the aggregate, and do not directly or indirectly cause the Apollo Principal Holder to be treated as owning for U.S. federal income tax purposes, Class A Shares that represent more than 19% of all outstanding Class A Shares, by value.
Notwithstanding the foregoing, any Apollo Principal Holder who holds Class A Shares pursuant to the Issuer’s 2007 Omnibus Equity Incentive Plan will, with the consent of the Governing Body, be permitted to exclude such Class A Shares
from this certification. 

  
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 (c) To the extent permitted by applicable law, the Issuer shall take all reasonable and
necessary action to cooperate with any Apollo Principal Holder who shall have notified the Issuer of its intention to implement a 10b5-1 plan for a Qualifying Entity to implement such 10b5-1 plan, including: (i) cooperating directly with the
broker or brokers who will administer such 10b5-1 plan, (ii) promptly advising any broker or brokers identified in advance to the Issuer as administering such 10b5-1 plan of any Suspension Period (as defined in the Shareholders Agreement)
applicable to any re-sale shelf registration statement under which sales of Class A Shares are then being made by such broker or brokers on behalf of a Qualifying Entity pursuant to such 10b5-1 plan and (iii) to the extent the Chief
Compliance or Legal Officer of the Issuer (or any designee thereof) is entitled under any applicable policy of the Issuer to review and pre-approve the 10b5-1 plan, such review consists of determining that the 10b5-1 plan conforms to all
requirements of Section 240.10b5-1(c)(1)(i) of the Code of Federal Regulations as then in effect and conforms to any other applicable legal requirements deemed appropriate by the Issuer. For the avoidance of doubt, nothing in this
Section 2.7(c) shall override any rights or obligations of the parties to the Shareholders Agreement. 
 ARTICLE III

 GENERAL PROVISIONS 
  

	 	SECTION 3.1	AMENDMENT. 

 (a) The provisions
of this Agreement may be amended by the affirmative vote or written consent of each of the Apollo Principal Partnerships and, by the affirmative vote or written consent of the holders of at least a majority of the interests of the AOG Units
(excluding AOG Units held by the Issuer, APO LLC, APO FC and APO Corp. or any of their respective subsidiaries); provided that any matter relating solely to A Exchanges shall also require the consent of the Issuer; provided,
further, that no amendment to this Agreement that by its terms disproportionately adversely affects any particular Apollo Principal Holder may be made without the consent of such Apollo Principal Holder. 

(b) Each Apollo Principal Holder 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 Apollo Principal Holders, such action may be so taken upon the concurrence of less than all of the Apollo Principal Holders and each Apollo Principal Holder shall be bound
by the results of such action. 
  

	 	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): 

  
 11 

 (a) If to the Issuer, to: 

Apollo Global Management, LLC 9 West 57th Street, 43rd Floor 
 New York, New York 10019 
 Attention: John J. Suydam, Esq. 

Electronic Mail: jsuydam@apollolp.com 
 with a copy to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP

 1285 Avenue of the Americas 
 New York, NY 10019-6064 
 Attention: Gregory A. Ezring, Esq. and Monica K.
Thurmond, Esq. 
 Electronic mail: gezring@paulweiss.com and mthurmond@paulweiss.com 

(b) If to any Apollo Principal Partnership: 
 c/o Apollo Global Management, LLC 
 9 West 57th Street, 43rd Floor 
 New York, New York 10019 
 Attention: John J. Suydam, Esq. 

Electronic Mail: jsuydam@apollolp.com 
 with a copy to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP

 1285 Avenue of the Americas 
 New York, NY 10019-6064 
 Attention: Gregory A. Ezring, Esq. and Monica K.
Thurmond, Esq. 
 Electronic mail: gezring@paulweiss.com and mthurmond@paulweiss.com 

(c) If to any Apollo Principal Holder, to the address set forth on Schedule I. 

 

	 	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. 

 (a) This
Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

(b) No Apollo Principal Holder shall transfer AOG Units to any Person, who is not a party to this Agreement without first obtaining an
agreement from such Person to be a party to this Agreement as an Apollo Principal Holder; provided that the foregoing condition shall not apply to transfers of AOG Units to the Issuer, APO Corp., APO FC, APO LLC or any of their respective
subsidiaries or to any Apollo Principal Partnerships. 

  
 12 

 (c) The Issuer shall cause any Person who hereafter becomes a member of the Apollo Operating
Group to execute an agreement to be a party to this Agreement as an Apollo Principal Partnership. 
  

	 	SECTION 3.5	SEVERABILITY. 

 If any term or
other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible. 
  

	 	SECTION 3.6	INTERACTION. 

 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 3.7	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 3.8	SUBMISSION TO JURISDICTION: WAIVER OF JURY TRIAL. 

 (a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution,
interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with
the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the receipt of the request for arbitration, the
International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration
proceedings. 
 (b) Notwithstanding the provisions of paragraph (a) in the case of matters relating to an A Exchange,
the Issuer may bring, and in the case of matters relating to a B Exchange, APO Corp. and APO FC may cause any Apollo Principal Partnership to bring, on behalf of the Issuer, APO Corp., APO FC or such Apollo Principal Partnership or on behalf of
one or more Apollo Principal Holders, an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or
enforcing an arbitration award and, for the purposes of this paragraph (b), each 

  
 13 

 
Apollo Principal Holder (i) expressly consents to the application of paragraph (c) of this Section 3.8 to any such action or proceeding, (ii) agrees that proof shall
not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Issuer, in the case of matters relating to an
A Exchange and APO Corp., in the case of matters relating to a B Exchange, as such Apollo Principal Holder’s agents for service of process in connection with any such action or proceeding and agrees that service of process upon such
agent, who shall promptly advise such Apollo Principal Holders of any such service of process, shall be deemed in every respect effective service of process upon the Apollo Principal Holders in any such action or proceeding. 

(c) (i) EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE
PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 3.8, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS
AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that
the forum designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such
ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 3.8 and such parties agree not to plead or claim the same. 

(d) Notwithstanding any provision of this Agreement to the contrary, this Section 3.8 shall be construed to the maximum
extent possible to comply with the laws of the State of Delaware, including the Delaware Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall be determined by a
court of competent jurisdiction that any provision or wording of this Section 3.8, including any rules of the International Chamber of Commerce, shall be invalid or unenforceable under the Delaware Arbitration Act, or other applicable
law, such invalidity shall not invalidate all of this Section 3.8. In that case, this Section 3.8 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the
Delaware Arbitration Act or other applicable law, and, in the event such term or provision cannot be so limited, this Section 3.8 shall be construed to omit such invalid or unenforceable provision. 

 

	 	SECTION 3.9	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 3.9. 

  
 14 

	 	SECTION 3.10	TAX TREATMENT. 

 To the extent
this Agreement imposes obligations upon a particular Apollo Principal Partnership or APO LLC, this Agreement shall be treated as part of the relevant Apollo Principal 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. The parties shall report any A Exchange consummated hereunder, as a tax-free contribution of AOG Units pursuant to Section 721 of the Code. The parties shall
report (a) any B Exchange consummated hereunder as a taxable sale to APO Corp. and APO FC, as applicable, of AOG Units by an Apollo Principal Holder. No party shall take a contrary position on any income tax return, amendment thereof or
communication with a taxing authority unless otherwise required by applicable law. 
  

	 	SECTION 3.11	TAX OFFSET 

 Each Apollo
Principal Holder that effects a B Exchange pursuant to Section 2.1(a)(ii) shall promptly pay to APO Corp., upon the request of APO Corp., an amount equal to the sum of its pro rata share, based on the percentage of AOG Units
exchanged by such Apollo Principal Holder of the total AOG Units exchanged by all Apollo Principal Holders in such B Exchange, of (a) any increase in the U.S. federal, state and local income tax payable, or the fair value, as determined by
APO Corp., of any increase in the amount of any tax attributes, including net operating losses, utilized, in any taxable period by APO Corp., as a result of income allocated to APO Corp. from any Apollo Principal Partnerships of which APO Corp.
holds AOG Units immediately after the relevant B Exchange, but in which APO LLC or APO FC ( or any other subsidiary of AGM) also owns AOG Units and (b) any increase in the U.S. federal, state and local income tax payable, or the fair value, as
determined by APO Corp., of any increase in the amount of tax attributes, including net operating losses, utilized, in any taxable period by APO Corp. as a result of any payments received by APO Corp. pursuant to clause (a) of this
Section 3.11. Each Apollo Principal Holder may offset any payment due under this Section 3.11 by any amounts owed to such Apollo Principal Holder by APO Corp. At the request of an Apollo Principal Holder, APO Corp. will
promptly provide to the requesting Apollo Principal Holder a copy of the calculation of the amount determined to be due from the Apollo Principal Holder pursuant this Section 3.11, and to respond to reasonable questions from the
requesting Apollo Principal Holder (or its advisor) regarding the calculation. Any dispute regarding such calculation shall be resolved pursuant to Section 3.8. 

 

	 	SECTION 3.12	APPLICABLE LAW. 

 THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). 
 [Remainder of Page Intentionally Left Blank] 

  
 15 

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

			
	APOLLO GLOBAL MANAGEMENT, LLC
		
	By:	 	 AGM Management, LLC,
 its
Manager

		
	By:	 	 BRH Holdings GP, Ltd.,
 its
Sole Member

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President
	
	APOLLO PRINCIPAL HOLDINGS I L.P.
		
	By:	 	 Apollo Principal Holdings I GP, LLC,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS II L.P.
		
	By:	 	 Apollo Principal Holdings II GP, LLC,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary

 [Exchange Agreement] 

 
			
	APOLLO PRINCIPAL HOLDINGS III L.P.
		
	By:	 	 Apollo Principal Holdings III GP, Ltd.,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS IV L.P.
		
	By:	 	 Apollo Principal Holdings IV GP, Ltd.,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS V L.P.
		
	By:	 	 Apollo Principal Holdings V GP, LLC,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS VI L.P.
		
	By:	 	 Apollo Principal Holdings VI GP, LLC,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary

 [Exchange Agreement] 

 
			
	APOLLO PRINCIPAL HOLDINGS VII L.P.
		
	By:	 	 Apollo Principal Holdings VII GP, Ltd.
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS VIII L.P.
		
	By:	 	 Apollo Principal Holdings VIII GP, LLC,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS IX L.P.
		
	By:	 	 Apollo Principal Holdings IX GP, Ltd.,
 its General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary
	
	AMH HOLDINGS (CAYMAN), LP
		
	By:	 	 AMH Holdings GP, Ltd.,
 its
General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President and Secretary

 [Exchange Agreement] 

 
			
	AP PROFESSIONAL HOLDINGS, L.P.
		
	By:	 	 BRH Holdings GP, Ltd.,
 its
General Partner

		
	By:	 	 /s/ John J. Suydam

		 	John J. Suydam
		 	Vice President

 [Exchange Agreement] 

 SCHEDULE I 

Notices 
 AP Professional Holdings, L.P. 
 c/o Apollo Global Management, LLC

 9 West 57th Street, 43rd Floor 
 New York, New York 10019 
 Attention: John J. Suydam, Esq.

 Electronic Mail: jsuydam@apollolp.com 

with a copy to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue
of the Americas 
 New York, NY 10019-6064 

Attention: Gregory A. Ezring, Esq. and Monica K. Thurmond, Esq. 

Electronic mail: gezring@paulweiss.com and mthurmond@paulweiss.com 

 EXHIBIT A 
 FORM OF 
 NOTICE OF EXCHANGE (A Exchange) 

Apollo Global Management, LLC 
 9 West 57th
Street 
 New York, NY 10019 

Attention: John J. Suydam 
 Fax:
(212) 515-3251 
 Electronic Mail: jsuydam@apollolp.com 
 Reference is hereby made to the Amended and Restated Exchange Agreement, dated as of May 6, 2013 (the “Exchange Agreement”), among Apollo Global Management LLC, Apollo Principal
Holdings I L.P., Apollo Principal Holdings II L.P., Apollo Principal Holdings III L.P., Apollo Principal Holdings IV L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal
Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., AMH Holdings (Cayman), L.P., and the Apollo Principal Holders 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. 
 A separate Notice of Exchange should be completed for each individual or
legal entity that is an Apollo Principal Holder or will become an Apollo Principal Holder following the exchange. 
 The
undersigned Apollo Principal Holder (or individual or legal entity who will become an Apollo Principal Holder following the exchange) desires to exchange the number of AOG Units set forth below to be issued in its name as set forth below:

  

					
	 Legal Name of Apollo Principal Holder:
	  	 	[    	] 
		
	 Address:
	  	 	[    	] 
		
	 Number of AOG Units to be exchanged:
	  	 	[    	] 

 The undersigned acknowledges that the number of AOG Units to be exchanged pursuant to this notice shall
be equal to the lesser of (x) the number of AOG Units set forth above, and (y) the number of AOG Units that the undersigned is permitted to exchange taking into account any subsequent revocation permitted by Section 2.2(b) of
the Exchange Agreement and any limitations imposed pursuant to Section 2.3 of the Exchange Agreement. The undersigned acknowledges that AOG Units to be exchanged in connection with an underwritten Public Offering and the AOG Units to be
exchanged other than in connection with an underwritten Public Offering may be exchanged on different dates as provided in the Exchange Agreement. 

  
 A-1

 The undersigned (1) hereby represents that the AOG Units set forth above are
beneficially owned by the undersigned, (2) hereby exchanges such AOG Units for Class A Shares as set forth in the Exchange Agreement, and (3) hereby irrevocably constitutes and appoints any officer of the Apollo Principal
Partnerships, APO LLC, APO FC, APO Corp., or the Issuer as its attorney, with full power of substitution, to exchange said AOG Units on the books of the Apollo Principal Partnerships for Class A Shares on the books of the Issuer, with full
power of substitution in the premises. 

  
 A-2

 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-3

 EXHIBIT B 
 FORM OF 
 NOTICE OF EXCHANGE (B Exchange) 

APO Corp. 
 APO (FC), LLC 

	c/o	Apollo Global Management, LLC 

	  	 9 West 57th Street 

	  	New York, NY 10019 

 Attention: John J. Suydam

 Fax: (212) 515-3251 
 Electronic
Mail: jsuydam@apollolp.com 
 Reference is hereby made to the Amended and Restated Exchange Agreement, dated as of May 6,
2013 (the “Exchange Agreement”), among Apollo Global Management LLC, Apollo Principal Holdings I L.P., Apollo Principal Holdings II L.P., Apollo Principal Holdings III L.P., Apollo Principal Holdings IV L.P., Apollo Principal
Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., AMH Holdings (Cayman), L.P., and the Apollo Principal Holders 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. 
 A separate Notice of Exchange should be completed for each individual or legal entity that is an Apollo Principal Holder or will become an Apollo Principal Holder following the exchange. 

The undersigned Apollo Principal Holder (or individual or legal entity who will become an Apollo Principal Holder following the exchange)
desires to exchange the number of AOG Units set forth below to be issued in its name as set forth below: 
  

					
	 Legal Name of Apollo Principal Holder:
	  	 	[    	] 
		
	 Address:
	  	 	[    	] 
		
	 1. TOTAL Number of AOG Units to be Exchanged
	  	 	[    	] 
	
	 2. With respect to any amount of Class A Shares issuable upon exchange of AOG Units which are to be
offered in an underwritten Public Offering, please make the following elections:
	     

  
 B-1

					
		 	 2.A Election if Underwritten Offering Does Not Occur

 
 As to the amount of AOG Units described in 2. above with respect to which exchanged
Class A Shares will be offered in an underwritten Public Offering, and which offering does not occur as contemplated by Section 2.3(ii)(A) of the Exchange Agreement, the Apollo Principal Holder hereby elects that
all of such Apollo Principal Holder’s AOG Units that would have been offered in such offering are to be exchanged nonetheless
	  	    Yes   ̈    No  
 ̈
			
		 	 2.B Election for Cutback Scenario A (0-25% Cutback and Partial Exchange):

 
 As to the amount of AOG Units described in 2. above with respect to which exchanged
Class A Shares will be offered in an underwritten Public Offering, the Apollo Principal Holder hereby elects that, if an underwriter/agent cutback of between 0-25% of the offered amount is imposed in connection with the offering
as contemplated by Section 2.3(ii)(B) of the Exchange Agreement, all of such Apollo Principal Holder’s AOG Units attributable to such 0-25%cutback are to be exchanged nonetheless
	  	    Yes   ̈    
No   ̈
			
		 	 2.C Election for Cutback Scenario B (26-100% Cutback and Partial Exchange):

 
 As to the amount of AOG Units described in 2. above with respect to which exchanged
Class A Shares will be offered in an underwritten Public Offering, the Apollo Principal Holder hereby elects that, if an underwriter/agent cutback of between 26-100% of the offered amount is imposed in connection with the
offering as contemplated by Section 2.3(ii)(B) of the Exchange Agreement, all of such Apollo Principal Holder’s AOG Units attributable to such 26-100% cutback are to be exchanged nonetheless
	  	    Yes   ̈    
No   ̈

  
 B-2

					
		 	 2.D Election for any Un-Exercised Portion of Over-Allotment Option (Greenshoe):

 
 As to the amount of AOG Units set forth under 2. above that will be subject to a
customary over-allotment option, the Apollo Principal Holder hereby elects that, if the over-allotment option shall lapse un-exercised in whole or in part as contemplated by Section 2.3(ii)(C) of the Exchange Agreement,
all of such Apollo Principal Holder’s AOG Units attributable to the un-exercised portion of the over-allotment option are to be exchanged nonetheless, as follows:
 as follows:
  
 (I) in an underwritten Public Offering not subject to any underwriter/agent cutback:
  

(II) in an underwritten Public Offering subject to Cutback Scenario A above:

 
 (III) in an underwritten Public Offering subject to Cutback
Scenario B above:
	  	 (I)    Yes   ̈    No   ̈
  

(II)    Yes   ̈    No   ̈
  

(III)    Yes   ̈    No   ̈

			
		 	 2.E Election Regarding Class A Shares to be Used in an Over-Allotment Option (Greenshoe)

 
 To the extent an underwritten Public Offering involves a customary over-allotment
option (typically 15% of the shares offered in the base offering), the Apollo Principal Holder hereby elects that any Class A Shares offered by such Apollo Principal Holder in any over-allotment option would be allocated from the
following sources (please check each box that applies)
	  	  ̈ to come from a portion of the amount of total AOG Units to be exchanged set forth
under 1. above
 (amount, if known:             )

 
  ̈ to come from RSU shares or other
Class A Shares
 (amount, if known:             )

 THIS NOTICE OF EXCHANGE AND THE ELECTIONS SET FORTH HEREIN ARE IRREVOCABLE EXCEPT TO THE EXTENT
REVOCATION OF EXCHANGES IS PERMITTED UNDER THE EXCHANGE AGREEMENT. PLEASE NOTE THAT A LIMIT ORDER AS TO PRICE OR QUANTITY OF CLASS A SHARES TO BE SOLD UPON EXCHANGE OF AOG UNITS, OR ANY OTHER DIRECTION OR INSTRUCTION TO A BROKER, CUSTODIAN,
UNDERWRITER OR AGENT, INCLUDING BY WAY OF POWER OF ATTORNEY, AS TO AMOUNTS OF CLASS A SHARES SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UPON EXCHANGE, WILL NOT GOVERN THE AMOUNT OF AOG UNITS EXCHANGED HEREUNDER. 

The undersigned acknowledges that the number of AOG Units to be exchanged pursuant to this notice shall be equal to the lesser of
(x) the number of AOG Units set forth above, and (y) the number of AOG Units that the undersigned is permitted to exchange taking into account the elections set forth above any subsequent revocation permitted by Section 2.2(b)
of the Exchange Agreement and any limitations imposed pursuant to Section 2.3 of the Exchange Agreement. 

  
 B-3

 The undersigned acknowledges that AOG Units to be exchanged in connection with an
underwritten Public Offering and the AOG Units to be exchanged other than in connection with an underwritten Public Offering may be exchanged on different dates as provided in the Exchange Agreement. 

The undersigned (1) hereby represents that the AOG Units set forth above are beneficially owned by the undersigned, (2) hereby
exchanges such AOG Units for Class A Shares as set forth in the Exchange Agreement, and (3) hereby irrevocably constitutes and appoints any officer of the Apollo Principal Partnerships, APO LLC, APO FC, APO Corp., or the Issuer as its
attorney, with full power of substitution, to exchange said AOG Units on the books of the Apollo Principal Partnerships for Class A Shares on the books of the Issuer, with full power of substitution in the premises. 

  
 B-4

 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-5EX-10.2

 Exhibit 10.2 
 EXECUTION VERSION 
 AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT

 This AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of May 6, 2013, is hereby
entered into by and among APO Corp., a Delaware corporation (“APO Corp.”), Apollo Principal Holdings II, L.P., a Delaware limited partnership (“Apollo Principal II”), Apollo Principal Holdings IV, L.P., a Cayman Islands exempted
limited partnership (“Apollo Principal IV”), Apollo Principal Holdings VI, a Delaware limited partnership (“Apollo Principal VI”), Apollo Principal Holdings VIII, L.P., a Cayman Islands exempted limited partnership (“Apollo
Principal VIII”), AMH Holdings (Cayman), L.P., a Cayman Islands exempted limited partnership (“AMH Holdings”) (together with all other Persons (as defined herein) in which APO Corp. acquires a partnership interest, member interest or
similar interest after the date hereof and who execute and deliver a joinder contemplated in Section 7.14, the “Partnerships”), and each of the undersigned parties hereto identified as “Holders”. 

RECITALS 

WHEREAS, the Holders hold interests as partners or members of entities (the “Prior Entities”) and previously sold some of such
interests in the Prior Entities, as well as sold some interests in the Partnerships (“Partnership Units”) to APO Corp. and its subsidiaries (the “Initial Sale”) in connection with the issuance of Notes pursuant to the Strategic
Agreement dated as of July 13, 2007, by and among the Issuer, APOC Holdings Ltd., a Cayman Islands exempted company, the California Public Employees’ Retirement System and the other parties thereto; 

WHEREAS, some of the Holders also indirectly hold Partnership Units through AP Professional Holdings, L.P., a Cayman Islands exempted
limited partnership (“AP Professional”); 
 WHEREAS, each of the Partnerships is treated as a partnership for U.S.
Federal income tax purposes; 
 WHEREAS, the limited partner interests in the Apollo Operating Group (as defined herein), are
exchangeable, for Federal income tax purposes, with APO Corp., APO FC and the Issuer for Class A Shares (as defined herein), subject to the provisions of the Amended and Restated Exchange Agreement (as defined herein); 

WHEREAS, the Prior Entities, the Partnerships, and each of their direct and indirect subsidiaries, had in effect for the Taxable Year in
which the Initial Sale occurred (if they were in existence at such time), and will have in effect for each Taxable Year in which an exchange of Partnership Units for Class A Shares occurs, an election under Section 754 of the Internal
Revenue Code of 1986, as amended (the “Code”), and which elections are intended generally to result in an adjustment to the tax basis of the assets owned by the Partnerships and the Prior Entities (solely with respect to APO Corp.) at the
time of a sale of Partnership Units for Class A Shares, or any other acquisition of Partnership Units for cash or other consideration, including the Initial Sale (collectively, an “Exchange”) (such time, the “Exchange Date”)
(such assets and any asset whose tax basis is determined in whole or in part, by reference to the adjusted basis of any such asset, or is adjusted as a result of the sale or exchange of such asset, the “Original Assets”) by reason of such
Exchange and the receipt of payments under this Agreement; 

  
 1 

 WHEREAS, the original Tax Receivable Agreement among APO Corp., Apollo Principal II, Apollo
Principal IV, Apollo Management Holdings, L.P., a Delaware limited partnership, and the Holders party thereto, dated July 13, 2007 (the “Original Tax Receivable Agreement”) provided for certain arrangements with respect to the effect
of the Basis Adjustment and Imputed Interest (in each case, as defined herein) on the actual liability for Taxes of APO Corp.; 

WHEREAS, the parties to the Original Tax Receivable Agreement together with Apollo Principal VI, Apollo Principal VIII, and AMH Holdings
now desire to enter into this Agreement to amend and restate the Original Tax Receivable Agreement in its entirety as more fully set forth below; and 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “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. 

“Agreed Rate” means LIBOR plus 100 basis points. 
 “Agreement” is defined in the Preamble of this Agreement. 

“Amended and Restated Exchange Agreement” means the Amended and Restated Exchange Agreement among the Issuer, each of the
Apollo Principal Partnerships, APO Corp., APO FC and AP Professional dated the date hereof. 
 “Amended Schedule” is
defined in Section 2.04(b) of this Agreement. 
 “Amended Tax Benefit Schedule” is defined in
Section 3.01(b) of this Agreement. 
 “AMH Holdings” is defined in the Preamble of this Agreement. 

“AOG Units” has the meaning ascribed to such term in the Amended and Restated Exchange Agreement. 

“AP Professional” is defined in the Recitals of this Agreement. 

  
 2 

 “APO Corp.” means APO Corp. (as defined in the Preamble of this Agreement), and
any successor corporation thereof or similar blocker corporation owned, directly or indirectly, by the Issuer. 
 “APO
Corp. Return” means the federal, state, local and/or foreign Tax Return, as applicable, of APO Corp. filed with respect to Taxes of any Taxable Year. 
 “APO FC” means APO (FC), LLC, an Anguilla limited liability company, and any successor thereof. 
 “APO LLC” means APO Asset Co., LLC, a Delaware limited liability company, and any successor thereof. 
 “Apollo Operating Group” shall have the meaning given to such term in the Shareholders Agreement, dated as of July 13, 2007, among the Issuer, AP Professional and the other parties named
therein. 
 “Apollo Operating Group Members” means, collectively, APO Corp., APO FC and APO LLC. 

“Apollo Principal II” means Apollo Principal II (as defined in the Preamble of this Agreement), and any successor thereto.

 “Apollo Principal IV” means Apollo Principal IV (as defined in the Preamble of this Agreement), and any successor
thereto. 
 “Apollo Principal VI” means Apollo Principal VI (as defined in the Preamble of this Agreement), and any
successor thereto. 
 “Apollo Principal VIII” means Apollo Principal VIII (as defined in the Preamble of this
Agreement), and any successor thereto. 
 “Apollo Principal Partnerships” means, collectively, Apollo Principal
Holdings I L.P., a Delaware limited partnership, Apollo Principal Holdings III, a Cayman Islands exempted limited partnership, Apollo Principal Holdings V, a Delaware limited partnership, Apollo Principal Holdings VII, a Cayman Islands exempted
limited partnership, Apollo Principal Holdings IX, a Cayman Islands exempted limited partnership, Apollo Principal II, Apollo Principal IV, Apollo Principal VI, Apollo Principal VIII, AMH Holdings and any successors thereto. 

“B Exchange” has the meaning ascribed to such term in the Amended and Restated Exchange Agreement. 

“Basis Adjustment” means, as a result of an Exchange and the payments made pursuant to this Agreement, the adjustment to the
tax basis of an Original Asset under (i) Section 732 of the Code (in situations where, as a result of one or more Exchanges, a Partnership becomes an entity that is disregarded as separate from its owner for tax purposes), and
(ii) Section 1012 of the Code, or Sections 743(b) and 754 of the Code (in situations where, following an Exchange, a Partnership remains in existence as an entity for tax purposes), and, in case of clauses (i) and (ii),

  
 3 

 
comparable sections of state, local and foreign tax laws all as calculated under Section 2.01 of this Agreement. Notwithstanding any other provision of this Agreement, the amount of any
Basis Adjustment resulting from an Exchange of one or more Partnership Units shall be determined without regard to any Pre-Exchange Transfer of such Partnership Units, and as if any such Pre-Exchange Transfer had not occurred. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of
the United States of America or the State of New York shall not be regarded as a Business Day. 
 “Change of Control”
means the occurrence of any Person, other than a Person approved by the current Manager, becoming the manager of the Issuer. 

“Class A Shares” means the Class A Common Shares of the Issuer representing Class A limited liability company
interests of the Issuer. 
 “Code” is defined in the Recitals of this Agreement. 

“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. 
 “Default Rate”
means LIBOR plus 500 basis points. 
 “Determination” shall have the meaning ascribed to such term in
Section 1313(a) of the Code or similar provision of state, local and foreign tax law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax.

 “Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 
 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 

“Early Termination Payment” is defined in Section 4.03(b) of this Agreement. 

“Early Termination Rate” means the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points. 

“Early Termination Schedule” is defined in Section 4.02 of this Agreement. 

“Exchange” is defined in the Recitals of this Agreement. 

“Exchange Basis Schedule” is defined in Section 2.02 of this Agreement. 

“Exchange Date” is defined in the Recitals of this Agreement. 

“Exchange Payment” is defined in Section 5.01. 

  
 4 

 “Excluded Assets” is defined in Section 7.11(c) of this Agreement.

 “Expert” is defined in Section 7.09 of this Agreement. 

“Holder” means the parties hereto other than APO Corp., Apollo Principal II, Apollo Principal IV, Apollo Principal VI, Apollo
Principal VIII, AMH Holdings, and each other individual who from time to time executes a joinder agreement in the form attached hereto as Exhibit A. 
 “Holder Group Member” means any Holder, Affiliate of a Holder, AP Professional, BRH Holdings, L.P., a Cayman Islands exempted limited partnership, and BRH Holdings GP Ltd., a Cayman Islands
limited liability corporation. 
 “Imputed Interest” shall mean any interest imputed under Section 1272, 1274 or
483 or other provision of the Code and any similar provision of state, local and foreign tax law with respect to APO Corp.’s payment obligations under this Agreement. 
 “Initial Sale” is defined in the Recitals of this Agreement. 

“Issuer” means Apollo Global Management, LLC, a limited liability company formed under the laws of the State of Delaware, and
any successor thereto. 
 “LIBOR” means for each month (or portion thereof) during any period, an interest rate per
annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any
other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “Manager” means AGM Management, LLC, a Delaware limited liability company and the manager of the Issuer. 
 “Market Value” shall mean the closing price of the Class A Shares on the applicable Exchange Date on the national securities exchange or interdealer quotation system on which such
Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided that if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value shall mean the closing price
of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street
Journal; provided further, that if the Class A Shares are not then listed on a national securities exchange or interdealer quotation system, “Market Value” shall mean the fair market value of the Class A Shares, as determined by
the Manager in good faith. 
 “Material Objection Notice” has the meaning set forth in Section 4.02. 

“Net Tax Benefit” has the meaning set forth in Section 3.01(b). 

  
 5 

 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the tax
basis that such asset would have had at such time if no Basis Adjustment had been made. 
 “Non-Stepped Up Tax
Liability” means, with respect to any Taxable Year, the liability for Taxes of APO Corp., including with respect, directly or indirectly, to the income and gains allocable to APO Corp. from any Partnership in which APO Corp. owns an interest
(other than a Partnership in which APO Corp. holds AOG Units immediately after the relevant B Exchange, but in which APO LLC or APO FC ( or any other subsidiary of AGM) also owns AOG Units)) using the same methods, elections, conventions and similar
practices used on APO Corp.’s Return, but calculated using the Non-Stepped Up Tax Basis instead of the tax basis of the Original Assets and excluding any deduction attributable to the Imputed Interest. 

“Notes” has the meaning ascribed to such term in the Strategic Agreement. 

“Objection Notice” has the meaning set forth in Section 2.04(a). 

“Original Assets” is defined in the Recitals of this Agreement. 

“Original Tax Receivable Agreement” is defined in the Recitals of this Agreement. 

“Partnerships” is defined in the Preamble of this Agreement. 

“Partnership Agreement” means, with respect to a Partnership, the Amended and Restated Limited Partnership Agreement of such
Partnership. 
 “Partnership Units” is defined in the Recitals of this Agreement. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” shall be construed broadly and includes any individual, corporation, partnership, joint venture, limited liability
company, estate, trust, business association, organization, governmental entity or other entity. 
 “Pre-Exchange
Transfer” means any transfer (including upon the death of a Holder) of one or more Partnership Units (i) that occurs prior to an Exchange of such Partnership Units, and (ii) to which Section 743(b) of the Code applies.

 “Prior Entities” is defined in the Recitals of this Agreement. 

“Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Non-Stepped Up Tax Liability over the actual
liability for Taxes of APO Corp. or any Partnership in which APO Corp. owns, directly or indirectly, an interest (other than a Partnership in which APO Corp. holds AOG Units immediately after the relevant B Exchange, but in which APO LLC or APO FC (
or any other subsidiary of AGM) also owns AOG Units)), but only with respect to Taxes imposed with respect to income of such Partnership allocable to APO Corp. If all or a portion of the actual liability for Taxes for the Taxable Year arises as a
result of an audit by a Taxing Authority for the Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

  
 6 

 “Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the
actual liability for Taxes of APO Corp. or any Partnership in which APO Corp. owns an interest (other than a Partnership in which APO Corp. holds AOG Units immediately after the relevant B Exchange, but in which APO LLC or APO FC ( or any other
subsidiary of AGM) also owns AOG Units)), but only with respect to Taxes imposed with respect to income of such Partnership allocable to APO Corp., over the Non-Stepped Up Tax Liability for such Taxable Year. If all or a portion of the actual
liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority for the Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination.

 “Reconciliation Dispute” has the meaning set forth in Section 7.09 of this Agreement. 

“Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 

“Schedule” means any Exchange Basis Schedule, Tax Benefit Schedule and the Early Termination Schedule. 

“Senior Obligations” has the meaning set forth in Section 5.01 of this Agreement. 

“Strategic Agreement” means the Strategic Agreement, dated as of July 13, 2007, by and among Apollo, APOC Holdings Ltd., a
Cayman Islands exempted company, the California Public Employees’ Retirement System and the other parties thereto. 

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

“Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.03 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes (including
any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 
 “Taxable Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of state, local or foreign tax law, as applicable, (and, therefore, for the avoidance of
doubt, may include a period of less than 12 months for which a Tax Return is made) ending on or after an Exchange Date in which there is a Basis Adjustment due to an Exchange. 

  
 7 

 “Taxes” means any and all U.S. federal, state, local and foreign taxes,
assessments or similar charges measured with respect to net income or profits and any interest related to such Tax. 

“Taxing Authority” shall mean any domestic, foreign, federal, national, state, county or municipal or other local government,
any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time
(including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year ending on or after such Early Termination Date, APO Corp. will have taxable income sufficient to fully utilize the deductions arising
from the Basis Adjustment and the Imputed Interest during such Taxable Year, (2) the federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each such
Taxable Year by the Code and other law as in effect on the Early Termination Date, (3) any loss carryovers or carryback generated by the Basis Adjustment or the Imputed Interest and available as of the date of the Early Termination Schedule
will be utilized by APO Corp. on a pro rata basis from the date of the Early Termination Schedule through the scheduled expiration date of such loss carryovers or carrybacks, (4) any non-amortizable assets are deemed to be disposed of
(A) with respect to private equity fund related assets, pro-rata over the number of years remaining under the original fund agreement until expected liquidation (without extensions) of the applicable fund (or, if such expected liquidation date
has passed, on the Early Termination Date) and (B) with respect to all other assets, on the fifteenth anniversary of the earlier of the Basis Adjustment and the Early Termination Date and (5) if an Early Termination Date is effected prior
to an Exchange of Partnership Units, clause (i) of Section 2.01 shall be read to include the Market Value of the Class A Shares and cash that would be transferred if the Exchange of all Partnership Units, that have not previously been
Exchanged, occurred on the Early Termination Date. 
 ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 
 Section 2.01. Basis Adjustment. APO Corp. and the Partnerships, on the one hand, and the applicable Holder, on the other hand, acknowledge that, as a result of an Exchange, APO Corp.’s and its
Subsidiaries’ basis in the Original Assets shall be increased by the excess, if any, of (i) the sum of (x) the Market Value of the Class A Shares, cash or other consideration transferred to the applicable Holder pursuant to the
Exchange as payment for the sold Partnership Units and interests in the Prior Entities, plus (y) the amount of payments made pursuant to this Agreement with respect to such Exchange plus (z) the amount of debt allocated to the Partnership
Units and the interest in the Prior Entities acquired pursuant to such Exchange over (ii) APO Corp.’s and its Subsidiaries’ proportionate share, as determined in accordance with the Code, of the basis of the Original Assets
immediately after the Exchange attributable to the 

  
 8 

 
Partnership Units and interests in the Prior Entities exchanged, determined as if (x) each Partnership remains in existence as an entity for tax purposes, and (y) no Partnership made
the election provided by Section 754 of the Code. For the avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

Section 2.02. Exchange Basis Schedule. Within 90 calendar days after the filing of the U.S. federal income APO Corp. Return for each
Taxable Year in which any Exchange has been effected, APO Corp. shall deliver to the applicable Holder a schedule (the “Exchange Basis Schedule”), (i) the actual unadjusted tax basis of the Original Assets as of each applicable
Exchange Date, (ii) the Basis Adjustment with respect to the Original Assets as a result of the Exchanges effected in such Taxable Year, calculated in the aggregate, (iii) the period or periods, if any, over which the Original Assets are
amortizable and/or depreciable and (iv) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable (which, for non-amortizable assets shall be based on the Valuation Assumptions). 

Section 2.03. Tax Benefit Schedule. Within 90 calendar days after the filing of the U.S. federal income APO Corp. Return for any
Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, APO Corp. shall provide to the applicable Holder a schedule showing the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a
“Tax Benefit Schedule”). The Schedule will become final as provided in Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(b)). 

Section 2.04. Procedures, Amendments. 
 (a) Procedure. Every time APO Corp. delivers to the applicable Holder an applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to Section 2.04(b), but excluding
any Early Termination Schedule or amended Early Termination Schedule, APO Corp. shall also (x) deliver to the applicable Holder schedules and work papers providing reasonable detail regarding the preparation of the Schedule and (y) allow
the applicable Holder reasonable access at no cost to the appropriate representatives at APO Corp. in connection with the review of such Schedule. The applicable Schedule shall become final and binding on all parties unless the applicable Holder,
within 30 calendar days after receiving an Exchange Basis Schedule or amendment thereto or 30 calendar days after receiving a Tax Benefit Schedule or amendment thereto, provides APO Corp. with notice of a material objection to such Schedule
(“Objection Notice”) made in good faith; provided, for the sake of clarity, only Holders shall have the right to object to any Schedule or Amended Schedule pursuant to this Section 2.04. If the parties, for any reason, are unable to
successfully resolve the issues raised in such notice within 30 calendar days of receipt by APO Corp. of an Objection Notice, APO Corp. and the applicable Holder shall employ the reconciliation procedures as described in Section 7.09 of this
Agreement (the “Reconciliation Procedures”). For the avoidance of doubt, it being understood, that for purposes of this Section 2.04(a), an Amended Schedule (as defined herein) shall not include an amendment made to comply with the
Expert’s determination under the Reconciliation Procedures. 

  
 9 

 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time
to time by APO Corp. (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year
after the date the Schedule was provided to the applicable Holder, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year
attributable to an amended APO Corp.’s Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”).

 ARTICLE III 
 TAX BENEFIT PAYMENTS 
 Section 3.01. Payments. 

(a) Payments. Within five (5) calendar days of a Tax Benefit Schedule becoming final in accordance with Section 2.04(a), APO
Corp. shall pay to the applicable Holder, for such Taxable Year, the Tax Benefit Payment determined pursuant to Section 3.01(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank account of
the applicable Holder previously designated by such Holder or as otherwise agreed by APO Corp. and the applicable Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without
limitation, federal income tax estimated payments. 
 (b) A “Tax Benefit Payment” means an amount, not less than zero,
equal to 85% of the sum of the Net Tax Benefit and the Imputed Interest amount. The “Net Tax Benefit” shall equal: (1) APO Corp.’s Realized Tax Benefit, if any, for a Taxable Year plus (2) the amount of the excess Realized
Tax Benefit reflected on an Amended Tax Benefit Schedule for a previous Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the Tax Benefit Schedule for such previous Taxable Year,
minus (3) an amount equal to APO Corp.’s Realized Tax Detriment (if any) for the current or any previous Taxable Year, minus (4) the amount of the excess Realized Tax Benefit reflected on a Tax Benefit Schedule for a previous Taxable
Year over the Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the Amended Tax Benefit Schedule for such previous Taxable Year; provided, however, that to the extent of the amounts described in
3.01(b)(2), (3) and (4) that were taken into account in determining any Tax Benefit Payment in a preceding Taxable Year, such amounts shall not be taken into account in determining a Tax Benefit Payment in any other Taxable Year; provided,
further, no applicable Holder shall be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed Rate from the due date
(without extensions) for filing APO Corp.’s Return with respect to Taxes for such Taxable Year until the Payment Date. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control, all Tax Benefit
Payments, whether paid 

  
 10 

 
with respect to Partnership Units that were exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by
utilizing Valuation Assumptions (1), (3), and (4), substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date”. 

Section 3.02. No Duplicative Payments. It is intended that the above provisions of this Agreement will not result in duplicative
payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement provide that 85% of APO Corp.’s Realized Tax Benefit and Interest Amount is paid to the Holders pursuant to this
Agreement. The provisions of this Agreement shall be construed in the appropriate manner as such intentions are realized. 

Section 3.03. Pro Rata Payments. To the extent APO Corp.’s deduction with respect to the Basis Adjustment is limited in a
particular Taxable Year or APO Corp. lacks sufficient funds to satisfy its obligations to make all Tax Benefit Payments due in a particular taxable year, the limitation on the deduction, or the Tax Benefit Payments that may be made, as the case may
be, shall be taken into account and made for each applicable Holder on a pro rata basis relative to the total amount of deductions each holder was entitled to get with respect to the aggregate Basis Adjustments for all of the applicable Holders.

 ARTICLE IV 
 TERMINATION 
 Section 4.01. Early Termination and Breach of Agreement.

 (a) APO Corp. may terminate this Agreement with respect to all of the Partnership Units held (or previously held and
exchanged) by all Holders at any time by paying to all of the applicable Holders the Early Termination Payment; provided, however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by all Holders, and
provided, further, that APO Corp. may withdraw any notice to execute its termination rights under this Section 4.01(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by APO
Corp., neither the applicable Holders nor APO Corp. shall have any further payment obligations under this Agreement in respect of such Holders, other than for any (a) Tax Benefit Payment agreed to by APO Corp. and the applicable Holder as due
and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause
(b) is included in the Early Termination Payment). If an Exchange occurs after APO Corp. exercises its termination rights under this Section 4.01(a), APO Corp. shall have no obligations under this Agreement with respect to such Exchange.

 (b) In the event that APO Corp. breaches any of its material obligations under this Agreement, whether as a result of failure
to make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an 

  
 11 

 
Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payment calculated as if an Early Termination
Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by APO Corp. and any Holder as due and payable but unpaid as of the date of a breach, and (3) any Tax Benefit Payment due for the Taxable Year ending
with or including the date of a breach. Notwithstanding the foregoing, in the event that APO Corp. breaches this Agreement, the Holders shall be entitled to elect to receive the amounts set forth in (1), (2) and (3), above or to seek specific
performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement
for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of the date such payment is due. 

(c) The undersigned parties agree that the aggregate value of the Tax Benefit Payments cannot be ascertained with any reasonable
certainty for U.S. federal income tax purposes. 
 Section 4.02. Early Termination Notice. If APO Corp. chooses to exercise
its right of early termination under Section 4.01 above, APO Corp. shall deliver to the applicable Holder notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination
Schedule”) specifying APO Corp.’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment. The applicable Early Termination Schedule shall become final and binding on all parties
unless the applicable Holder Group Member, within 30 calendar days after receiving the Early Termination Schedule thereto provides APO Corp. with notice of a material objection to such Schedule made in good faith (“Material Objection
Notice”); provided, for the sake of clarity, only Holder Group Members shall have the right to object to any Schedule or Amended Schedule pursuant to this Section 4.02. If the parties, for any reason, are unable to successfully resolve the
issues raised in such notice within 30 calendar days after receipt by APO Corp. of the Material Objection Notice, APO Corp. and the applicable Holder Group Member shall employ the Reconciliation Procedures as described in Section 7.09 of this
Agreement. For the avoidance of doubt, it being understood, that for purposes of this Section 4.02, an Amended Schedule shall not include an amendment made to comply with the Expert’s determination under the Reconciliation Procedures.

 Section 4.03. Payment upon Early Termination. 
 (a) Within three calendar days after agreement between the applicable Holder and APO Corp. of the Early Termination Schedule, APO Corp. shall pay to the applicable Holder an amount equal to the Early
Termination Payment. Such payment shall be made by wire transfer of immediately available funds to a bank account designated by the applicable Holder or as otherwise agreed by APO Corp. and the applicable Holder. 

(b) The Early Termination Payment as of the date of the delivery of an Early Termination Schedule shall equal with respect to the
applicable Holder the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by APO Corp. to the applicable Holder beginning from the Early Termination Date assuming the
Valuation Assumptions are applied. 

  
 12 

 ARTICLE V 
 SUBORDINATION AND LATE PAYMENTS 
 Section 5.01. Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required to be made by APO Corp. to the applicable Holder under this Agreement (an “Exchange Payment”) shall rank
subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of APO Corp. and its Subsidiaries (“Senior Obligations”) and
shall rank pari passu with all current or future unsecured obligations of APO Corp. that are not Senior Obligations. 

Section 5.02. Late Payments by APO Corp. The amount of all or any portion of any Tax Benefit Payment not made to the applicable
Holder when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such Exchange Payment was due and payable. 

ARTICLE VI 
 NO
DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01. Holder Group Member Participation in APO Corp.’s and
Partnerships’ Tax Matters. Except as otherwise provided herein, APO Corp. shall have full responsibility for, and sole discretion over, all Tax matters concerning APO Corp. and the Partnerships, including without limitation the preparation,
filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, APO Corp. shall notify the applicable Holder Group Member of, and keep the applicable Holder Group Member
reasonably informed with respect to the portion of any audit of APO Corp. and the Partnerships by a Taxing Authority the outcome of which is reasonably expected to affect the applicable Holder Group Member’s rights and obligations under this
Agreement, and shall provide to the applicable Holder Group Member reasonable opportunity to provide information and other input to APO Corp., the Partnerships and their respective advisors concerning the conduct of any such portion of such audit;
provided, however, that APO Corp. and the Partnerships shall not be required to take any action that is inconsistent with any provision of any of the Partnership Agreements. 
 Section 6.02. Consistency. APO Crop. and the applicable Holder agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial
reporting purposes, all Tax-related items (including without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by APO Corp. in any Schedule required to be provided by or on behalf of APO Corp.
under this Agreement. 

  
 13 

 Section 6.03. Cooperation. The applicable Holder shall (a) furnish to APO Corp. in
a timely manner such information, documents and other materials as APO Corp. may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or
defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to APO Corp. and its representatives to provide explanations of documents and materials and such other information as APO Corp. or its
representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and APO Corp. shall reimburse the applicable Holder for any
reasonable third-party costs and expenses incurred pursuant to this Section 6.03. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.01. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or
(b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in
writing by the party to receive such notice: 
 If to APO Corp., to: 

c/o Apollo Global Management, LLC 
 9 West 57th
Street, 43rd Floor 

New York, New York 10019 
 Attention: John J. Suydam, Esq. 
 Electronic Mail: jsuydam@apollolp.com 

with a copy to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, NY 10019-6064 

Attention: Gregory A. Ezring, Esq. and Brad R. Okun, Esq. 
 Electronic mail: gezring@paulweiss.com and bokun@paulweiss.com 
 If to the
applicable Holder, to: 
 The address and facsimile number set forth in the records of the Partnerships. 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner
set forth above. 

  
 14 

 Section 7.02. Counterparts. This Agreement may be executed in one or more counterparts,
all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the
same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all
prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and
permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 7.04. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New
York. 
 Section 7.05. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of
being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any party. Upon such 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 an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.06. Successors; Assignment; Amendments; Waivers. 
 (a) No Holder may assign this Agreement to any Person without the prior written consent of APO Corp.; provided, however, (i) that, to the extent Partnership Units are effectively transferred in
accordance with the terms of the Partnership Agreements and any other agreements the Holders may have entered into with the Issuer, APO Corp. and/or any of the Apollo Operating Group Members or Apollo Principal Partnerships, the transferring Holder
shall assign to the transferee of such Partnership Units the transferring Holder’s rights under this Agreement with respect to such transferred Partnership Units, as long as such transferee has executed and delivered, or, in connection with
such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to APO Corp., agreeing to become a “Holder” for all purposes of this Agreement, except as otherwise provided in such joinder,
and (ii) that, once an Exchange has occurred, any and all payments that may become payable to a Holder pursuant to this Agreement with respect to such Exchange may be assigned to any Person or Persons, as long as any such Person has executed
and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to APO Corp., agreeing to be bound by Section 7.12 and acknowledging specifically the last
sentence of the next paragraph. For the avoidance of doubt: (A) to the extent a Holder Group Member or other Person transfers Partnership Units to a Holder Group Member pursuant to the relevant Partnership Agreements, the Holder Group Member
receiving such Partnership Units shall have all rights under this Agreement with respect to such transferred Partnership 

  
 15 

 
Units as such Holder Group Members has, under this Agreement, with respect to the other Partnership Units held by him; and (B) the requirement to execute and deliver a joinder pursuant to
this Section 7.06(a) shall not be construed as requiring such execution and delivery prior to an assignment becoming effective. 
 (b) Notwithstanding the provisions of Section 7.06(a), no transferee described in clause (i) of Section 7.06(a) shall have the right to enforce the provisions of Section 2.04, 4.02, or
6.01 of this Agreement, and no assignee described in clause (ii) of Section 7.06(a) shall have any rights under this Agreement except for the right to enforce its right to receive payments under this Agreement. 

(c) No provision of this Agreement may be amended unless such amendment is approved in writing by APO Corp., on behalf of itself and the
respective Partnerships it Controls, and by Holder Group Members who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Holder Group Members hereunder if APO Corp. had exercised its right of early
termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any Holder Group Member pursuant to this Agreement since the date of such most recent Exchange); provided,
that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments certain Holders will or may receive under this Agreement unless all such Holders disproportionately effected consent in writing to such
amendment. 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. 
 (d) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs,
executors, administrators and legal representatives. APO Corp. shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of APO Corp., by
written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that APO Corp. would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein,
in the event an Holder Group Member transfers his Partnership Units to a Permitted Transferee (as defined in each Partnership Agreement), excluding any other Holder Group Member, such Holder Group Member shall have the right, on behalf of such
transferee, to enforce the provisions of Sections 2.04, 4.02 or 6.01 with respect to such transferred Partnership Units. 

Section 7.07. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement. 
 Section 7.08. Resolution of Disputes. 

(a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in
connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be finally

  
 16 

 
settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the
dispute fail to agree on the selection of an arbitrator within thirty (30) days of receipt of notice of arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the
proceedings in the English language. 
 Performance under this Agreement shall continue if reasonably possible during any
arbitration proceedings. 
 (b) Notwithstanding the provisions of paragraph (a) APO Corp. may bring an action or special
proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this
paragraph (b), each Holder (i) expressly consents to the application of paragraph (c) of this Section 7.08 to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the
provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints APO Corp. as such Holder’s agent for service of process in connection with any such action or
proceeding and agrees that service of process upon such agent, who shall promptly advise such Holder of any such service of process, shall be deemed in every respect effective service of process upon the Holder in any such action or proceeding.

 (c) (i) EACH HOLDER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF
ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.08, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS
AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that
the forum designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such
ancillary suit, action or proceeding brought in any court referred to in paragraph (c)(i) of this Section 7.08 and such parties agree not to plead or claim the same. 
 Section 7.09. Reconciliation. In the event that APO Corp. and the applicable Holder Group Member are unable to resolve a disagreement with respect to the matters governed by Sections 2.04, and 4.02
within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of
disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm. If the parties are unable to agree on an Expert within fifteen (15) days of

  
 17 

 
receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve
any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto
within 15 calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that
is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by APO Corp., subject to
adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by APO Corp. APO Corp. and each applicable Holder Group Member shall bear their own costs and
expenses of such proceeding, unless the Holder Group Member has a prevailing position that is more than 10% of the payment at issue, in which case APO Corp. shall reimburse such Holder Group Member for any reasonable out-of-pocket costs and expenses
in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of
the Expert pursuant to this Section 7.09 shall be binding on APO Corp. and the applicable Holder Group Member and may be entered and enforced in any court having jurisdiction. 

Section 7.10. Withholding. APO Corp. shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement
such amounts as APO Corp. is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate
Taxing Authority by APO Corp., such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the applicable Holder. 
 Section 7.11. Affiliated Corporations of Other Apollo Operating Group Members; Admission of APO Corp. into a Consolidated Group; Transfers of Corporate Assets. 

(a) The other Apollo Operating Group Members shall provide that all provisions of this Agreement shall correspondingly apply, including
the payment of Tax Benefit Payments by any corporation owned directly or indirectly in whole or in part, now or in the future, by other Apollo Operating Group Members, with respect to any Realized Tax Benefit with respect to limited partner
interests in other Apollo Principal Partnerships, that are part of the Exchange and in which such corporation owns an interest, under the same terms and conditions as set forth in this Agreement, and the other Apollo Operating Group Members shall
cause such corporation to execute and deliver a joinder to this Agreement to such effect. If either (i) the Issuer or any other Apollo Operating Group Members elects to be treated as a corporation for tax purposes, or (ii) the Issuer holds
any other Apollo Operating Group Members directly or indirectly through an entity that is treated as a corporation for tax purposes, then the provisions of this Agreement shall apply (w) to such other Apollo Operating Group Members in the same
manner as it applies to APO Corp. and (x) to each partnership, limited partnership and limited liability company Controlled by any other Apollo Operating Group Members as if each such entity were a Partnership; provided that, if any Partnership
Units or limited partner interests in 

  
 18 

 
other Apollo Principal Partnerships were Exchanged prior to an event described in clause (i) or (ii) above, then (y) such Exchange shall be treated for purposes of this Agreement
as having occurred immediately after such event at the Market Value in existence at the time of such prior Exchange, and (z) the entity that is to be treated in the same manner as APO Corp. shall be required to make the same Tax Benefit
Payments pursuant to the terms of this Agreement that it would have been required to make had it been treated in the same manner as APO Corp. on the date of such Exchange; provided, however, that such Tax Benefit Payments shall be payable only with
respect to (I) Original Assets that are still owned at the time of the event described in clause (i) or (ii) above, and (II) taxable years of such entity ending on or after the date of the event described in clause (i) or
(ii) above. The parties agree that the terms of this Agreement will be applied to any corporation under this Section 7.11 only if the aggregate Tax Benefit Payments payable with respect to such corporation are reasonably expected to be
more than $10 million. 
 (b) If APO Corp. becomes a member of an affiliated or consolidated group of corporations that files a
consolidated income Tax Return pursuant to Section 1501 of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and
(ii) Tax Benefit Payments shall be computed with reference to the consolidated taxable income of the group as a whole. 

(c) Notwithstanding any other provision of this Agreement, if Issuer acquires one or more assets that, as of an Exchange Date, have not
been contributed to APO Corp. (other than Issuer’s interests in the other Apollo Operating Group Members) (such assets, “Excluded Assets”), then all Tax Benefit Payments due hereunder shall be computed as if such assets had been
contributed to APO Corp. on a pro rata basis on the date such assets were first acquired by Issuer; provided, however, that if an Excluded Asset consists of stock in a corporation, then, for purposes of this Section 7.11(c), (i) such
corporation (and any corporation Controlled by such corporation) shall be deemed to have contributed its assets to APO Corp. in a transaction described in Section 351 of the Code, and (ii) APO Corp. shall be deemed to have contributed all
such assets to the Partnerships, in each case on the date on which the Issuer acquired stock of such corporation. 
 (d) If any
entity that is obligated to make an Exchange Payment hereunder transfers one or more assets to a corporation with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of
calculating the amount of any Exchange Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction
on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution
of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a contribution of a partner interest. 
 Section 7.12. Confidentiality. Each Holder and assignee acknowledges and agrees that the information of APO Corp. is confidential and, except in the course of performing any duties as necessary for
APO Corp. and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, shall keep and retain in the strictest confidence and not to disclose to any Person all confidential matters, acquired pursuant to this
Agreement, of APO 

  
 19 

 
Corp. or any Person included within the Issuer and their respective Affiliates and successors and the other Holders, including, without limitation, the identity of the beneficial holders of
interests in any fund or account managed by the Issuer or any of its Subsidiaries, confidential information concerning the Issuer, any Person included within the Issuer and their respective Affiliates and successors, the other Holders and any fund,
account or investment managed by any Person included within the Issuer, including marketing, investment, performance data, fund management, credit and financial information, and other business affairs of APO Corp., any Person included within the
Issuer and their respective Affiliates and successors, the other Holders and any fund, account or investment managed directly or indirectly by any Person included within APO Corp. learned by the Holder heretofore or hereafter. This clause 7.12 shall
not apply to (i) any information that has been made publicly available by APO Corp. or any of its Affiliates, becomes public knowledge (except as a result of an act of such Holder in violation of this Agreement) or is generally known to the
business community and (ii) the disclosure of information to the extent necessary for a Holder to prepare and file his or her Tax Returns, to respond to any inquiries regarding the same from any taxing authority or to prosecute or defend any
action, proceeding or audit by any taxing authority with respect to such returns. Notwithstanding anything to the contrary herein, each Holder may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure
of (x) APO Corp. and (y) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the Holders relating to such tax treatment and tax structure. 

If a Holder or assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12, APO Corp.
shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being
acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to APO Corp. or any of its Subsidiaries or the other Holders and the accounts and funds managed by APO Corp. and that money damages alone shall not
provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 
 Section 7.13. Partnership Agreement. This Agreement shall be treated as part of the partnership agreement of each Partnership 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. 
 Section 7.14. Partnerships. APO Corp. hereby agrees
that, to the extent it acquires a general partner interest, managing member interest or similar interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and become a
“Partnership” for all purposes of this Agreement; provided that APO Corp. shall not be required to cause an Apollo Principal Partnership in which APO Corp. holds interests immediately after the relevant B Exchange, but in which APO
LLC or APO FC (or any other subsidiary of AGM) also owns interests, to execute and deliver such joinder and become a “Partnership” for purposes of this Agreement. 
 Section 7.15. Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

  
 20 

 [Signatures on following pages] 

  
 21 

 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date
first written above. 
  

			
	APO CORP.
		
	By:	 	/s/ John J. Suydam         
		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS II L.P.
		
	By:	 	 Principal Holdings II GP, LLC,

its General Partner

		
	By:	 	/s/ John J. Suydam         
		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS IV L.P.
		
	By:	 	 Principal Holdings IV GP, LLC,

its General Partner

		
	By:	 	/s/ John J. Suydam         
		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS VI L.P.
		
	By:	 	 Apollo Principal Holdings VI GP, LLC
 its General Partner

		
	By:	 	/s/ John J. Suydam         
		 	John J. Suydam
		 	Vice President and Secretary

 [Tax Receivable Agreement] 

			
	
	APOLLO PRINCIPAL HOLDINGS VIII L.P.
		
	By:	 	 Apollo Principal Holdings VIII GP, LLC
 its General Partner

		
	By:	 	/s/ John J. Suydam         
		 	John J. Suydam
		 	Vice President and Secretary
	
	AMH HOLDINGS (CAYMAN), LP
		
	By:	 	 AMH Holdings GP, Ltd.
 its
General Partner

		
	By:	 	/s/ John J. Suydam         
		 	John J. Suydam
		 	Vice President and Secretary

 [Tax Receivable Agreement] 

 HOLDERS: 

 

	
	/s/ Leon D. Black
	Leon D. Black
	
	/s/ Marc J. Rowan
	Marc J. Rowan
	
	/s/ Joshua J. Harris
	Joshua J. Harris

 [Tax Receivable Agreement]

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