Document:

This TAX RECEIVABLE AGREEMENT (as amended from time to time, this
		“Agreement”), dated as of January 17, 2007, is hereby entered
		into by and among FIG Corp, a Delaware corporation (the
		“Corporation”), FIG Asset Co. LLC, a Delaware limited
		liability company (the “FIGA”), the entities set forth on the
		signature pages hereto (together with all other Persons (as defined herein) in
		which the Corporation acquires a general partnership interest, managing 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
		“Partners.”
	 

	 
		RECITALS
	 

	 
		WHEREAS, the Partners hold limited partnership units
		(“Partnership Units”) in each of the Partnerships, each of
		which is treated as a partnership for U.S. Federal income tax purposes;
	 

	 
		WHEREAS, the Corporation is the general partner of each of the
		Partnerships;
	 

	 
		WHEREAS, as a result of the Partners agreeing to hold Partnership Units
		rather than transferring all of their Partnership Units in exchange for Class A
		Shares (as defined below), the Corporation (as well as corporations owned in
		whole or in part, now or in the future, by the FIGA) will incur significantly
		lower tax liabilities on an ongoing basis with respect to the operations of the
		Partnerships;
	 

	 
		WHEREAS, pursuant to Section 704(c) the Internal Revenue Code of 1986, as
		amended (the “Code”), the Corporation also will incur
		significantly lower tax liabilities on an ongoing basis since certain amounts
		of taxable income or gain on built-in gain assets will be allocated, solely for
		tax purposes, to the Partners rather than the Corporation, with respect to the
		Corporation’s indirect interest in the assets of the Partnerships and any
		proceeds therefrom;
	 

	 
		WHEREAS, the Partnership Units are exchangeable with the Corporation for
		Class A shares (the “Class A Shares”) in Fortress Investment
		Group Holdings LLC, a Delaware limited liability company (the
		“Parent”);
	 

	 
		WHEREAS, the Partnerships, and each of their direct and indirect
		subsidiaries, will have in effect an election under Section 754 of the Internal
		Revenue Code of 1986, as amended (the “Code”), for each
		Taxable Year in which an exchange of Partnership Units for Class A Shares
		occurs, which election is intended to result in an adjustment to the tax basis
		of the assets owned by the Partnerships (solely with respect to the
		Corporation) at the time of an
	 

	 
		
 

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		exchange of Partnership Units for Class A Shares or any other acquisition
		of Partnership Units for cash or otherwise (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, the “Original
		Assets”) by reason of such Exchange and the receipt of payments under
		this Agreement;
	 

	 
		WHEREAS, the income, gain, loss, expense and other Tax items of (i) the
		Partnerships solely with respect to the Corporation may be affected by the
		Basis Adjustment (defined below) and (ii) the Corporation may be affected by
		the Imputed Interest (as defined below); and
	 

	 
		WHEREAS, the parties to this Agreement desire to make certain
		arrangements with respect to the effect of the Basis Adjustment and Imputed
		Interest on the actual liability for Taxes of the Corporation.
	 

	 
		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
	 

	 
		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).
	 

	 
		“Advisory Firm” means Skadden, Arps, Slate, Meagher
		& Flom LLP, Ernst & Young LLP, any other “big four”
		accounting firm or any other law firm that is nationally recognized as being
		expert in Tax matters and that is agreed to by the Board of Directors of the
		Parent (as defined in the Partnership Agreement of the Parent).
	 

	 
		“Advisory Firm Letter” shall mean a letter from the
		Advisory Firm stating that the relevant schedule, notice or other information
		to be provided by the Corporation to the applicable Partner and all supporting
		schedules and work papers were prepared in a manner consistent with the terms
		of this Agreement and, to the extent not expressly provided in this Agreement,
		on a reasonable basis in light of the facts and law in existence on the date
		such schedule, notice or other information is delivered to the applicable
		Partner.
	 

	 
		
 

	 

	 
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		“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.
		 “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.
	 

	 
		“Agreed Rate” means LIBOR plus 100 basis points.
	 

	 
		“Agreement” is defined in the preamble of this
		Agreement.
	 

	 
		“Amended Schedule” is defined in Section 2.04(b) of this
		Agreement.
	 

	 
		“Basis Adjustment” means the adjustment to the tax basis
		of an Original Asset under 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) 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 each case,
		comparable sections of state, local and foreign tax laws (as calculated under
		Section 2.01 of this Agreement) as a result of an Exchange and the payments
		made pursuant to 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.
	 

	 
		A “Beneficial Owner” of a security is a Person who
		directly or indirectly, through any contract, arrangement, understanding,
		relationship or otherwise has or shares: (i) voting power, which includes the
		power to vote, or to direct the voting of, such security and/or (ii) investment
		power, which includes the power to dispose, or to direct the disposition of,
		such security.  The terms “Beneficially Own” and
		“Beneficial Ownership” shall have correlative meanings.
	 

	 
		“Board” means the board of directors of the Parent.
		 
	 

	 
		“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 of the
		following events:
	 

	 
		(i)
	 

	 
		any Person or any group of Persons acting together which would constitute
		a “group” for purposes of Section 13(d) of the Securities
		and Exchange Act  of 1934, or any successor provisions
		thereto, excluding a group of Persons, which, if it includes any
		Original Partner or any of his Affiliates, includes all Original Partners then
		employed by Parent or any
	 

	 
		
 

	 

	 
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		of its Affiliates, is or becomes the Beneficial Owner, directly or
		indirectly, of securities of the Parent representing more than fifty percent
		(50%) of the combined voting power of the Parent's then outstanding voting
		securities; or
	 

	 
		(ii)
	 

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

	 
		(iii)
	 

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

	 

	 
		(iv)
	 

	 
		the shareholders of the Parent approve a plan of complete liquidation or
		dissolution of the Parent or there is consummated an agreement or series of
		related agreements for the sale or other disposition, directly, or indirectly,
		by the Parent of all or substantially all of the Parent's assets, other than
		such sale or other disposition by the Parent of all or substantially all of the
		Parent's assets to an entity, at least fifty percent (50%) of the combined
		voting power of the voting securities of which are owned by shareholders of the
		Parent in substantially the same proportions as their ownership of the Parent
		immediately prior to such sale.
	 

	 
		Notwithstanding the foregoing, except with respect to clause (ii) and
		clause (iii)(x) above, a “Change in Control” shall not be deemed to
		have occurred by virtue of the consummation of any transaction or series of
		integrated transactions immediately following which the record holders of the
		shares of the Parent immediately prior to such transaction or series of
		transactions continue to have substantially the same proportionate
		ownership in an entity which owns all or
	 

	 
		
 

	 

	 
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		substantially all of the assets of the Parent immediately following such
		transaction or series of transactions.
	 

	 
		“Class A Shares” is defined in the Recitals of this
		Agreement.
	 

	 
		“Class B Shares” means the Class B shares in the Parent.
		 
	 

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

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

	 
		“Corporation Return” means the federal Tax Return and/or
		state and/or local and/or foreign Tax Return, as applicable, of the Corporation
		filed with respect to Taxes of any Taxable Year.
	 

	 
		“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.
	 

	 
		“Dispute” has the meaning set forth in Section 7.08(a).
	 

	 
		“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 Schedule” 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.
	 

	 
		
 

	 

	 
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		“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.
	 

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

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

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

	 
		“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 a
		Corporation’s payment obligations under this Agreement.
	 

	 
		“IRS” means the United States Internal Revenue Service.
	 

	 
		“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).
	 

	 
		“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 cash consideration paid for Class A
		Shares, or the fair market value of the other property delivered for Class A
		Shares, as determined by the Board of Directors of the Corporation in good
		faith.
	 

	 
		
 

	 

	 
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		“Material Objection Notice” has the meaning set forth in
		Section 4.02.
	 

	 
		“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 the Corporation or any Partnership
		in which the Corporation owns an interest, but only with respect to Taxes
		imposed on such Partnership and allocable to the Corporation using the same
		methods, elections, conventions and similar practices used on the relevant
		Corporation Return, but 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.
	 

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

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

	 
		“Original Partners” means each of Peter L. Briger, Jr.,
		Wesley R. Edens, Robert I. Kauffman, Randal A. Nardone and Michael E.
		Novogratz.  
	 

	 
		“Partner” means the parties hereto other than the
		Corporation and FIGA and each other individual who from time to time executes a
		Joinder Agreement in the form attached hereto as Exhibit A.
	 

	 
		“Partnerships” is defined in the Recitals 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” means any individual, corporation, firm,
		partnership, joint venture, limited liability company, estate, trust, business
		association, organization, governmental entity or other entity.
	 

	 
		
 

	 

	 
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		“Pre-Exchange Transfer” means any transfer (including
		upon the death of a Partner) 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.
	 

	 
		“Principal Holdings Partnership Units” means limited
		partnership units in entities Controlled by FIGA.
	 

	 
		“Principals Agreements” means the Agreement Among
		Principals intended to be entered to by and among the Original Partners in
		connection with the initial public offering of Class A Shares.  
	 

	 
		“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 a Corporation or any Partnership in which the Corporation owns an
		interest, but only with respect to Taxes imposed on such Partnership and
		allocable to the Corporation for such Taxable Year using the “with or
		without” methodology. If all or a portion of the actual tax liability for
		Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority
		of any Taxable Year, such liability shall not be included in determining the
		Realized Tax Benefit unless and until there has been a Determination.
	 

	 
		“Realized Tax Detriment” means, for a Taxable Year, the
		excess, if any, of the actual liability for Taxes of the Corporation or any
		Partnership in which the Corporation owns an interest, but only with respect to
		Taxes imposed on such Partnership and allocable to the Corporation over the
		Non-Stepped Up Tax Liability for such Taxable Year using the “with or
		without” methodology. If all or a portion of the actual tax liability for
		Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority
		of any Taxable Year, such liability shall not be included in determining the
		Realized Tax Detriment unless and until there has been a Determination.
	 

	 
		“Receivable” of a Partner means such Partner’s
		rights, interests, and entitlements hereunder as of the date of this Agreement.

	 

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

	 
		“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.
	 

	 
		
 

	 

	 
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		“Subsequent Exchange” is defined in Section 4.01(a) of
		this Agreement.
	 

	 
		“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
		shares 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 the Exchange Date in which there is a Basis Adjustment due to an
		Exchange.
	 

	 
		“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, the Corporation 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
	 

	 
		
 

	 

	 
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		on the Early Termination Date, (3) any loss carryovers generated by the
		Basis Adjustment or the Imputed Interest and available as of the date of the
		Early Termination Schedule will be utilized by the Corporation on a pro rata
		basis from the date of the Early Termination Schedule through the scheduled
		expiration date of such loss carryovers, (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 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 occurred on the Early Termination Date.
	 

	 
		ARTICLE II
 
 DETERMINATION OF REALIZED TAX BENEFIT
	 

	 
		Section 2.01
	 

	 
		Basis Adjustment.  The Corporation and the Partnerships, on
		the one hand, and the applicable Partner, on the other hand, acknowledge that,
		as a result of an Exchange, the Corporation’s basis in the applicable
		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 Partner pursuant to the Exchange as payment for the exchanged
		Partnership Units,  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 acquired pursuant to such Exchange over (ii) the
		Corporation’s share of the basis of the Original Assets immediately after
		the Exchange attributable to the Partnership Units 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 45 calendar days after the
		filing of the U.S. federal income tax return of the Corporation for each
		Taxable Year in which any Exchange has been effected, the Corporation shall
		deliver to the applicable Partner a schedule (the “Exchange Basis
		Schedule”) that shows, in reasonable detail, for purposes of Taxes,
		(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 45 calendar days after the
		filing of the U.S. federal income tax return of the Corporation for any Taxable
		Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the
		Corporation shall provide to the applicable Partner a schedule showing, in
		reasonable detail, the calculation of the Realized Tax Benefit or
	 

	 
		
 

	 

	 
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		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 the Corporation delivers to the applicable
		Partner 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, the Corporation
		shall also (x) deliver to the applicable Partner schedules and work papers
		providing reasonable detail regarding the preparation of the Schedule and an
		Advisory Firm Letter supporting such Schedule and (y) allow the applicable
		Partner reasonable access at no cost to the appropriate representatives at the
		Corporation and the Advisory Firm in connection with a review of such Schedule.
		The applicable Schedule shall become final and binding on all parties unless
		the applicable Original Partner, 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 the Corporation
		with notice of a material objection to such Schedule (“Objection
		Notice”) made in good faith; provided, for the sake of clarity, only
		Original Partners 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 the Corporation of an Objection Notice, if with
		respect to an Exchange Basis Schedule, or 30 calendar days of receipt by
		Corporation of an Objection Notice, if with respect to a Tax Benefit Schedule,
		after such Schedule was delivered to the applicable Partner, the Corporation
		and the applicable Partner shall employ the reconciliation procedures  as
		described in Section 7.09 of this Agreement (the “Reconciliation
		Procedures”).
	 

	 
		(b)
	 

	 
		Amended Schedule. The applicable Schedule for any Taxable Year may
		be amended from time to time by the Corporation (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 Partner, (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 Tax
		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”).
	 

	 
		
 

	 

	 
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		ARTICLE III
 
 TAX BENEFIT PAYMENTS
	 

	 
		Section 3.01
	 

	 
		Payments
	 

	 
		(a)
	 

	 
		Payments. Within five (5) calendar days of a Tax Benefit Schedule
		delivered to an applicable Partner becoming final in accordance with Section
		2.04(a), the Corporation shall pay to the applicable Partner 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 Partner previously designated by such
		Partner to the Corporation.  For the avoidance of doubt, no Tax Benefit
		Payment shall be made in respect of estimated tax payments, including, without
		limitation, federal income tax 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 Interest Amount.
		 The “Net Tax Benefit” shall equal:  (1) the
		Corporation’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
		the Corporation’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) 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 attributable to any other Taxable
		Year; provided, further, for the avoidance of doubt, no applicable Partner
		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 the Corporation Return with respect to Taxes for such
		Taxable Year until the Payment 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 the Corporation's
		Realized Tax Benefit and Interest Amount is paid to the Partners 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.  For the avoidance of doubt, to the extent
		the Corporation’s deduction with respect to the Basis Adjustment is
		limited in a particular Taxable Year or the Corporation lacks sufficient funds
		to satisfy its obligations to make all Tax Benefit
	 

	 
		
 

	 

	 
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		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 or made for each applicable Partner on a pro rata
		basis relative to the total amount of deductions with respect to the aggregate
		Basis Adjustments for all of the applicable Partners.
	 

	 
		ARTICLE IV
 
 TERMINATION
	 

	 
		Section 4.01
	 

	 
		Early Termination and Breach of Agreement
	 

	 
		.  
	 

	 
		(a)
	 

	 
		The Corporation may terminate this Agreement with respect to all of the
		Partnership Units held (or previously held and exchanged) by all Partners at
		any time by paying to all of the applicable Partners the Early Termination
		Payment; provided, however, that this Agreement shall only terminate upon the
		receipt of the Early Termination Payment by all Partners, and provided,
		further, that the Corporation 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 the Corporation, neither the applicable Partners nor
		the Corporation shall have any further payment obligations under this Agreement
		in respect of such Partners, other than for any (a) Tax Benefit Payment agreed
		to by the Corporation and the applicable Partner 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).  In the event of a Change of Control, for
		all purposes of this Agreement, the Company shall be considered to have
		acquired all Partnership Units from the applicable Partners on the day before
		the closing date of such Change of Control for Class A Shares in a taxable
		transaction and shall make Tax Benefit Payments to all applicable Partners as
		if such acquisition had actually occurred and the Corporation had actually
		realized the maximum amount of Tax Benefit each Taxable Year taking into
		account the Valuation Assumptions (1), (3), and (4) but substituting in each
		case the terms “the closing date of a Change of Control” for “an
		Early Termination Date.”  For each taxable year ending on or after
		the date of a Change of Control, all Tax Benefit Payments made with respect to
		Partnership Units that that were exchanged prior to the date of such Change of
		Control shall thereafter be made by taking into account Valuation Assumptions
		(1), (3), and (4) but substituting in each case the terms “the closing
		date of a Change of Control” for an “Early Termination date. ”
		 For purposes of calculating Tax Benefit Payments in the case of a Change
		of Control, any actual dispositions occurring earlier than the dates provided
		for in Valuation Assumption (4) shall be taken into account.  If one or
		more Partnership Units are exchanged following the date of a Change of Control
		(a “Subsequent Exchange”), all Tax Benefit Payments made
		following the date of the Subsequent Exchange shall be equal to the sum of: (i)
		the Tax Benefit Payments that are due hereunder as a result of such Change of
		Control; and (ii) the Tax Benefit Payments that would have been due hereunder
		with respect to an exchange occurring on the date of the Subsequent Exchange in
		which the Basis Adjustment is equal to the increase, if any, of the Fair Market
		Value of the exchanged Partnership Units on the date of the Subsequent Exchange
		over the Fair Market Value of such Partnership Units used to calculate the Tax
	 

	 
		
 

	 

	 
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		Benefits Payments with respect to the Change of Control.  If an
		Exchange occurs after the Corporation exercises its termination rights under
		this Section 4.01(a), the Corporation shall have no obligations under this
		Agreement with respect to such Exchange.      
	 

	 
		(b)
	 

	 
		In the event that the Corporation 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 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 the Corporation and
		any Partners 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 the
		Corporation breaches this Agreement, the Partners 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 the Corporation chooses to
		exercise its right of early termination under Section 4.01 above, the
		Corporation shall deliver to the applicable Partner notice of such intention to
		exercise such right (“Early Termination Notice”) and a
		schedule (the “Early Termination Schedule”) specifying the
		Corporation’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 Original Partner, within 30 calendar days after receiving the Early
		Termination Schedule thereto provides the Corporation with notice of a material
		objection to such Schedule made in good faith (“Material Objection
		Notice”); provided, for the sake of clarity, only Original Partners
		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 the Corporation of the Material Objection Notice, the Corporation and the
		applicable Original Partner shall employ the Reconciliation Procedures as
		described in Section 7.09 of this Agreement.
	 

	 
		Section 4.03
	 

	 
		Payment upon Early Termination.  (a) Within three calendar
		days after agreement between the applicable Partner and the Corporation of the
		Early Termination Schedule, the Corporation shall pay to the applicable Partner
		an amount equal to the Early
	 

	 
		
 

	 

	 
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		Termination Payment. Such payment shall be made by wire transfer of
		immediately available funds to a bank account designated by the applicable
		Partner.
	 

	 
		(b)
	 

	 
		The “Early Termination Payment” as of the date of the
		delivery of an Early Termination Schedule shall equal with respect to the
		applicable Partner 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 the Corporation to the applicable Partner beginning from the Early
		Termination Date assuming the Valuation Assumptions are applied.
	 

	 
		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 the Corporation to the applicable Partner 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 the Corporation and its Subsidiaries (“Senior
		Obligations”) and shall rank pari passu with all current or future
		unsecured obligations of the Corporation that are not Senior Obligations.
		 
	 

	 
		Section 5.02
	 

	 
		Late Payments by the Corporation.  The amount of all or any
		portion of any Tax Benefit Payment not made to the applicable Partner 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
	 

	 
		Original Partner Participation in the Corporation’s and
		Partnerships’ Tax Matters.  Except as otherwise provided herein,
		the Corporation shall have full responsibility for, and sole discretion over,
		all Tax matters concerning the Corporation 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, the Corporation shall notify the applicable
		Original Partner of, and keep the applicable Original Partner reasonably
		informed with respect to the portion of any audit of the Corporation and
		 the Partnerships by a Taxing Authority the outcome of which is reasonably
		expected to affect the applicable Original Partner’s rights and
		obligations under this Agreement, and shall provide to the applicable Original
		Partner reasonable opportunity to provide information and other input to the
		Corporation, the Partnerships and their respective advisors concerning the
		conduct of any such portion of such audit; provided, however,
		that the Corporation and the Partnerships shall not be required to take any
		action that is inconsistent with any provision of any of the Partnership
		Agreements.
	 

	 
		
 

	 

	 
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		Section 6.02
	 

	 
		Consistency.  Except upon the written advice of an Advisory
		Firm, the Corporation and the applicable Partner 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 the Corporation in any Schedule
		required to be provided by or on behalf of the Corporation under this
		Agreement. Any Dispute concerning such advice shall be subject to the terms of
		Section 7.09; provided, however, that only an Original Partner shall have the
		right to object to such advice pursuant to this Section 6.02. In the event that
		an Advisory Firm is replaced with another firm acceptable to the Corporation
		and the applicable Partner, such replacement Advisory Firm shall be required to
		perform its services under this Agreement using procedures and methodologies
		consistent with the previous Advisory Firm, unless otherwise required by law or
		the Corporation and the applicable Partner agree to the use of other procedures
		and methodologies.
	 

	 
		Section 6.03
	 

	 
		Cooperation.  The applicable Partner shall (a) furnish to the
		Corporation in a timely manner such information, documents and other materials
		as the Corporation 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 the
		Corporation and its representatives to provide explanations of documents and
		materials and such other information as the Corporation 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 the Corporation shall reimburse the applicable Partner for any
		reasonable third-party costs and expenses incurred pursuant to this Section.
	 

	 
		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 the Corporation, to:
	 

	 
		FIG Corp.
 1345 Avenue of the Americas
 46th Floor
 New York, NY
		10105
 (T) (212) 798-6100
 (F) (917) 591-8433

	 

	 
		
 

	 

	 
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 Attention: Alan Chesick, Esq.
 
 with a copy to:
 

		Skadden, Arps, Slate, Meagher & Flom LLP
 Four Times Square
 New
		York, New York 10036
 (T) (212) 735-3000
 (F) (212) 735-2000
 

		Attention: Joseph A. Coco, Esq.
	 

	 
		If to the applicable Partner, 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.
	 

	 
		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, without regard
		to the conflicts of laws principles thereof that would mandate the application
		of the laws of another jurisdiction.
	 

	 
		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
	 

	 
		
 

	 

	 
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		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.  No Partner may
		assign this Agreement to any person without the prior written consent of the
		Corporation; provided, however, (i) that, to the extent
		Partnership Units are effectively transferred in accordance with the terms of
		the Partnership Agreements, the Principals Agreement and any other agreements
		the Original Partners may have entered into with each other, or a Partner may
		have entered into with the Parent, the Corporation, FIGA and/or any of the
		other Partnerships, the transferring Partner shall have the option to assign to
		the transferee of such Partnership Units the transferring Partner'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 the Corporation, agreeing to become a
		“Partner” 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 Partner 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 the Corporation, agreeing to be bound by
		Section 7.12 and acknowledging specifically the last sentence of the next
		paragraph. For the avoidance of doubt, to the extent an Original Partner or
		other Person transfers Partnership Units to an Original Partner pursuant to the
		Principals Agreement, the Original Partner receiving such Partnership Units
		shall have all rights under this Agreement with respect to such transferred
		Partnership Units as such Original Partners has, under this Agreement, with
		respect to the other Partnership Units held by him.
	 

	 
		The Corporation may, in its sole discretion, allow an entity (a
		“Holding Entity”) that holds Partnership Units and corresponding
		Class B Shares on behalf of employees of Fortress or any of its Affiliates to
		execute and deliver a joinder to this Agreement, in form and substance
		reasonably satisfactory to the Corporation, agreeing to become a
		“Partner” for all purposes of this Agreement, except as otherwise
		provided in such joinder.  In connection with the foregoing, the
		Corporation may, in its sole discretion, grant a Holding Entity in the
		applicable joinder the right to effect an exchange of Partnership Units and
		corresponding Class B Shares for Class A Shares in the event that no Partner
		delivers an Exchange Request during a given calendar year. Notwithstanding
		the foregoing provisions of this Section 7.06, no transferee described in
		clause (i) of the immediately preceding paragraph or Holding Entity shall have
		the right to enforce the provisions of Section 2.04, 4.02, 6.01 or 6.02 of this
		Agreement, and no assignee described in clause (ii) of the immediately
		preceding paragraph shall have any rights under this Agreement except for the
		right to enforce its right to receive payments under this Agreement.
	 

	 
		No provision of this Agreement may be amended unless such amendment is
		approved in writing by each of the Corporation and FIGA, on behalf of
		themselves and the respective Partnerships they Control, and by Original
		Partners who would be entitled to receive at least two-thirds of the Early
		Termination Payments payable to all Original Partners hereunder
	 

	 
		
 

	 

	 
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		if the Corporation 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 Original Partner 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 Partners will or may receive
		under this Agreement unless all such Partners 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.
	 

	 
		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. The Corporation 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 the Corporation, by
		written agreement, expressly to assume and agree to perform this Agreement in
		the same manner and to the same extent that the Corporation would be required
		to perform if no such succession had taken place.  Notwithstanding
		anything to the contrary herein, in the event an Original Partner transfers his
		Partnership Units to a Permitted Transferee (as defined in each Partnership
		Agreement), excluding any other Original Partner, such Original Partner 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 are not governed by Section 7.09, including
		but not limited to 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) (each a
		“Dispute”) 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 ten (10) days of
		the receipt of the request for arbitration, the International Chamber of
		Commerce shall make the appointment. The arbitrator shall be a lawyer admitted
		to the practice of law in the State of New York and shall conduct the
		proceedings in the English language. Performance under this Agreement shall
		continue if reasonably possible during any arbitration proceedings.  In
		addition to monetary damages, the arbitrator shall be empowered to award
		equitable relief, including, but not limited to an injunction and specific
		performance of any obligation under this Agreement. The arbitrator is not
		empowered to award damages in excess of compensatory damages, and each party
		hereby irrevocably waives any right to recover punitive, exemplary or similar
		damages with respect to any Dispute. The award shall be final
	 

	 
		
 

	 

	 
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		and binding upon the parties as from the date rendered, and shall be the
		sole and exclusive remedy between the parties regarding any claims,
		counterclaims, issues, or accounting presented to the arbitral tribunal.
		 Judgment upon any award may be entered and enforced in any court having
		jurisdiction over a party or any of its assets.
	 

	 
		(b)
	 

	 
		Notwithstanding the provisions of paragraph (a), the Corporation 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 Partner (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 the Corporation as such Partner’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 Partner of
		any such service of process, shall be deemed in every respect effective service
		of process upon the Partner in any such action or proceeding.
	 

	 
		(c)
	 

	 
		(i)  EACH PARTNER 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 for a designated by this paragraph (c) have a reasonable relation to this
		Agreement, and to the parties’ relationship with one another; and
	 

	 
		(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 the Corporation and the
		applicable Original Partner are unable to resolve a disagreement with respect
		to the matters governed by Sections 2.04, 4.02 and 6.02 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 (other than the Advisory Firm), and the Expert shall not, and the firm
		that employs the Expert shall not, have any material relationship with either
		the Corporation or the
	 

	 
		
 

	 

	 
		20
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		applicable Original Partner or other actual or potential conflict of
		interest. If the parties are unable to agree on an Expert within fifteen (15)
		days of 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 the Corporation, 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 the Corporation; except as
		provided in the next sentence.  The Corporation and each applicable
		Original Partner shall bear their own costs and expenses of such proceeding,
		unless the Original Partner has a prevailing position that is more than 10% of
		the payment at issue, in which case the Corporation shall reimburse such
		Original Partner 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
		the Corporation and the applicable Original Partner and may be entered and
		enforced in any court having jurisdiction.  
	 

	 
		Section 7.10
	 

	 
		Withholding.  The Corporation shall be entitled to deduct and
		withhold from any payment payable pursuant to this Agreement such amounts as
		the Corporation 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 the Corporation, such withheld amounts shall be
		treated for all purposes of this Agreement as having been paid to the
		applicable Partner.
	 

	 
		Section 7.11
	 

	 
		Affiliated Corporations of FIGA; Admission of the Corporation into a
		Consolidated Group; Transfers of Corporate Assets.  
	 

	 
		(a)
	 

	 
		FIGA 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 FIGA, with respect to any Realized Tax Benefit with respect to
		Principal Holdings Partnership Units, 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 FIGA shall cause such corporation to execute
		and deliver a joinder to this Agreement to such effect.  If either (i) the
		Parent or FIGA elects to be treated as a corporation for tax purposes, or (ii)
		the Parent holds FIGA 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 FIGA in the same manner as it applies to the Corporation and (x)
		to each partnership, limited partnership and limited liability company
		Controlled by FIGA as if
	 

	 
		
 

	 

	 
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		each such entity were a Partnership; provided that, if any
		Partnership Units 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 Fair 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 the Corporation 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
		the Corporation 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 the Corporation becomes a member of an affiliated or consolidated
		group of corporations that files a consolidated income tax return pursuant to
		Sections 1501 et seq. 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 Parent acquires
		one or more assets that, as of an Exchange Date, have not been contributed to
		the FOG Entities (other than Parent's interests in the Corporation and FIGA)
		(such assets, “Excluded Assets”), then all Tax Benefit
		Payments due hereunder shall be computed as if such assets had been contributed
		to the FOG Entities on a pro rata basis on the date such assets were first
		acquired by Parent; 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 the Corporation in a transaction
		described in Section 351 of the Code, and (ii) the Corporation shall be deemed
		to have contributed all such assets to the Partnerships, in each case on the
		date on which the Parent 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 partnership interest.
	 

	 
		
 

	 

	 
		22
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		Section 7.12
	 

	 
		Confidentiality.  Each Partner, Holding Entity and assignee
		acknowledges and agrees that the information of the Corporation is confidential
		and, except in the course of performing any duties as necessary for the
		Corporation 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 the Corporation or any Person included within
		the Parent and their respective Affiliates and successors and the other
		Partners, including, without limitation, the identity of the beneficial holders
		of interests in any fund or account managed by the Parent or any of its
		Subsidiaries, confidential information concerning the Parent, any Person
		included within the Parent and their respective Affiliates and successors, the
		other Partners and any fund, account or investment managed by any Person
		included within the Parent, including marketing, investment, performance data,
		fund management, credit and financial information, and other business affairs
		of the Corporation, any Person included within the Parent and their respective
		Affiliates and successors, the other Partners and any fund, account or
		investment managed directly or indirectly by any Person included within the
		Corporation learned by the Partner heretofore or hereafter.  This clause
		7.12 shall not apply to (i) any information that has been made publicly
		available by the Corporation or any of its Affiliates, becomes public knowledge
		(except as a result of an act of such Partner 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 Partner 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 Partner (and each employee, representative or
		other agent of such Partner) may disclose to any and all Persons, without
		limitation of any kind, the tax treatment and tax structure of (x) the
		Corporation and (y) any of its transactions, and all materials of any kind
		(including opinions or other tax analyses) that are provided to the Partners
		relating to such tax treatment and tax structure.
	 

	 
		If a Partner, Holding Entity
		or assignee commits a breach, or threatens to commit a breach, of any of the
		provisions of this Section 7.12, the Corporation 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 the Corporation or any of its Subsidiaries or the other Partners and the
		accounts and funds managed by the Corporation 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 Internal Revenue Code of 1986, as amended, and Sections
		1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.
	 

	 
		Section 7.14
	 

	 
		Partnerships.  The Corporation hereby agrees that, to the
		extent it acquires a general partnership interest, managing member interest or
		similar interest in any
	 

	 
		
 

	 

	 
		23
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		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.
	 

	 
		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.
	 

	 
		
 

	 

	 
		24
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		IN WITNESS WHEREOF, the Corporation and each Partner have duly executed
		this Agreement as of the date first written above.
	 

	 
		 
	 

	 
		FIG CORP.
	 

	 
		By:    /s/ Randal A. Nardone
	 

	 
		Name:
	 

	 
		Randal A. Nardone
	 

	 
		Title: Chief Operating Officer
	 

	 
		By:    /s/ Daniel N. Bass 
	 

	 
		Name:
	 

	 
		Daniel N. Bass
	 

	 
		Title: Chief Financial Officer
	 

	 
		FIG ASSET CO. LLC
	 

	 
		By:    /s/ Randal A. Nardone
	 

	 
		Name:
	 

	 
		Randal A. Nardone
	 

	 
		Title: Chief Operating Officer
	 

	 
		By:    /s/ Daniel N. Bass
	 

	 
		Name:
	 

	 
		Daniel N. Bass
	 

	 
		Title: Chief Financial Officer
	 

	 
		

	 

	 
		/s/ Peter L. Briger
	 

	 
		PETER L. BRIGER, JR.
	 

	 
		

	 

	 
		/s/ Wesley R. Edens
	 

	 
		WESLEY R. EDENS
	 

	 
		

	 

	 
		/s/ Rober I. Kauffman
	 

	 
		ROBERT I. KAUFFMAN
	 

	 
		

	 

	 
		/s/ Randal A. Nardone
	 

	 
		RANDAL A. NARDONE
	 

	 
		

	 

	 
		/s/ Michael E. Novogratz
	 

	 
		MICHAEL E. NOVOGRATZ
	 

	 
		

	 

	 
		Signature Page to Tax Receivable Agreement
	 

	 
		

	 

	 
		
 

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		By each of the following entities:
	 

	 
		Fortress Operating Entity I LP
	 

	 
		Fortress Operating Entity II LP
	 

	 
		Fortress Operating Entity III LP
	 

	 
		By:  FIG Corp., the general partner of each of the foregoing
		entities
	 

	 
		By:    /s/ Randal A. Nardone
	 

	 
		Name:
	 

	 
		Randal A. Nardone
	 

	 
		Title: Chief Operating Officer
	 

	 
		By:    /s/ Daniel N. Bass
	 

	 
		Name:
	 

	 
		Daniel N. Bass
	 

	 
		Title: Chief Financial Officer
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		Signature Page to Tax Receivable AgreementExhibit
10.4

FORTRESS INVESTMENT GROUP LLC
EMPLOYMENT,
NON-COMPETITION AND NON-SOLICITATION AGREEMENT

THIS
EMPLOYMENT, NON-COMPETITION AND NON-SOLICITATION AGREEMENT
(‘‘Agreement’’) is made and entered into as of
the 17th day of January, 2007, by and between Fortress
Investment Group LLC, a Delaware limited liability company (the
‘‘Company’’), and Peter L. Briger, Jr.
(‘‘Executive’’), and only with respect to
Section 1(b) hereof, Fortress Investment Group Holdings LLC, a Delaware
limited liability corporation (the ‘‘Parent’’).
Where the context permits, references to ‘‘the
Company’’ shall include the Company and any successor of
the Company. In connection with the anticipated initial public offering
of Class A shares of the Parent (the
‘‘Offering’’), it is expected that the Parent
will be renamed as ‘‘Fortress Investment Group
LLC’’ and that the Company will be renamed as
‘‘FIG LLC’’.

W I T N E S S E T
H:

WHEREAS, the Company desires to secure the services of
the Executive for the benefit of the Company and its
‘‘Affiliates’’ (as defined below) from and
after the date hereof; and

WHEREAS, Executive desires to
provide such services.

NOW, THEREFORE, in consideration of
the mutual promises, covenants and agreements herein contained,
together with other good and valuable consideration the receipt of
which is hereby acknowledged, the parties hereto do hereby agree as
follows:

1.    SERVICES AND
DUTIES.

(a)    General.    From and
after the date hereof (which shall be the ‘‘Effective
Date’’ of this Agreement), Executive shall be employed by
the Company in the capacity of its Co-President; in such capacity
Executive shall be a member of the Company’s Management
Committee. The principal location of Executive’s employment with
the Company shall be the present location in which the Executive
performs such services, although Executive understands and agrees that
Executive may also be required to travel from time to time for business
reasons. Executive shall be a full-time employee of the Company and
shall dedicate all of Executive’s working time to the Company
and its Affiliates and shall have no other employment and no other
business ventures which are undisclosed to the Company or which
conflict with Executive’s duties under this Agreement. Executive
will perform such duties as are required by the Company from time to
time and normally associated with Executive’s position, together
with such additional duties, commensurate with Executive’s
positions with the Company and with its Affiliates, as may be assigned
to Executive from time to time by the Parent’s Board of Directors
(the ‘‘Parent Board’’). Notwithstanding the
foregoing, nothing herein shall prohibit Executive from (i) subject to
prior approval of the Parent Board, accepting directorships unrelated
to the Company that do not give rise to any conflict of interests with
the Company or its Affiliates and (ii) engaging in charitable and civic
activities, so long as such outside interests do not interfere with the
performance of the Executive’s duties hereunder. The Company
acknowledges and approves the current activities of the Executive.

(b)    As to Affiliates.    Parent and
Company agree that the Executive shall report directly to the Parent
Board. Parent agrees that (i) during the Term, as defined below
(beginning at or about the date of the Offering with respect to
entities created in connection with the Offering), the Executive shall
serve as an officer of the Parent and as a director and officer of each
of the Company, FIG Asset Co. LLC and FIG Corp. and each of their
directly controlled entities and (ii) Parent shall take, or cause to be
taken, such actions as are necessary or appropriate to provide for such
service.

2.    TERM.    Executive’s
employment under the terms and conditions of this Agreement will
commence on the Effective Date. The term of this Agreement (the
‘‘Term’’) shall consist of the
‘‘Initial Term’’ and ‘‘Renewal
Terms’’ (as defined below), which, in any case, may be
terminated earlier pursuant to Section 5 hereof. The Initial Term of
this Agreement shall commence on the 

Effective Date and end on the fifth
anniversary of the later of the Effective Date and the effective date
of any Offering which occurs within one year of the date hereof. The
Initial Term shall automatically renew for additional one-year periods
(each such one-year period, a Renewal Term), unless either party
delivers to the other party, at least ninety (90) days prior to the end
of the Initial Term or the relevant Renewal Term, a written notice
indicating that such party intends not to extend the Term hereof. The
delivery by the Company pursuant to this Section 2 of a notice not to
extend the Term shall not be deemed a termination of Executive’s
employment by the Company without Cause for purposes of this Agreement.
If the Term expires, and Executive is employed by the Company
thereafter, such employment shall be
‘‘at-will.’’ Notwithstanding the foregoing
provisions of this Section 2, the Executive will have the right to
voluntarily terminate his employment with the Company at any time, any
such termination being effective on the date on which a written notice
thereof is delivered to the
Company.

3.    COMPENSATION.

(a)    Base
Salary.    In consideration of Executive’s full and
faithful satisfaction of Executive’s duties under this
Agreement, the Company agrees to pay to Executive a salary in the
amount of two hundred thousand dollars ($200,000) per annum (the
‘‘Base Salary’’), payable in such
installments as the Company pays its similarly placed employees (but
not less frequently than each calendar month), subject to usual and
customary deductions for withholding taxes and similar charges, and
customary employee contributions to the health, welfare and retirement
programs in which Executive is enrolled from time to time. The Base
Salary shall be reviewed on an annual basis by the Board and adjusted
at the Board’s sole discretion; provided, however, in no event
shall the Base Salary be reduced without Executive’s
approval.

(b)     Withholding.    All
taxable compensation payable to Executive pursuant to this Section 3 or
otherwise pursuant to this Agreement shall be subject to customary
withholding taxes and such other excise or employment taxes as are
required under Federal law or the applicable law of any state or
governmental body to be collected with respect to compensation paid by
the Company to an employee.

4.    BENEFITS AND EXPENSE
REIMBURSEMENT.

(a)    Retirement and Welfare
Benefits.    During the Term, Executive will be entitled to all
the usual benefits offered to employees at Executive’s level,
including sick time and participation in the Company’s medical,
dental and insurance programs, as well as the ability to participate in
the Company’s 401(k) retirement savings plan, subject to the
applicable limitations and requirements imposed by the terms of such
benefit plans, in each case in accordance with the terms of such plans
as in effect from time to time. Nothing in this Section 4, however,
shall require the Company to maintain any benefit plan or provide any
type or level of benefits to its employees, including
Executive.

(b)    Vacation/Paid Time
Off.    Notwithstanding anything to the contrary in the
Company’s vacation or paid time off
(‘‘PTO’’) policies, for each calendar year
starting with 2007, Executive shall be entitled to four (4) weeks (20
business days) vacation and paid time off under the Company’s
‘‘PTO’’ plan for each calendar
year.

(c)    Reimbursement of
Expenses.    The Company shall reimburse Executive for any
expenses reasonably and necessarily incurred by Executive in
furtherance of Executive’s duties hereunder, including travel,
meals and accommodations, upon submission by Executive of vouchers or
receipts and in compliance with such rules and policies relating
thereto as the Company may from time to time
adopt.

5.    TERMINATION.    Executive’s
employment shall be terminated at the earliest to occur of the
following: (i) at the end of the Term unless Executive agrees to
continue working for the Company, (ii) the date on which the Board
delivers written notice that Executive is being terminated for
Disability (as defined below), or (iii) the date of Executive’s
death. In addition, Executive’s employment with the Company may
be terminated (i) by the Company for ‘‘Cause’’
(as defined below), effective on the date on which a written notice to
such effect is delivered to Executive; (ii) by the Company at any time
without Cause, effective on the date on which a written notice to such
effect 

2

is delivered to Executive or such other date
as is reasonably designated by the Company; or (iii) by Executive at
any time, effective on the date on which a written notice to such
effect is delivered to the
Company.

(a)    Termination by Company with
Cause.    If Executive’s employment with the Company is
terminated by the Company with Cause, Executive shall not be entitled
to any further compensation or benefits other than accrued but unpaid
Base Salary (payable as provided in Section 3(a) hereof) and
accrued and unused vacation pay through the date of such termination
(collectively, the ‘‘Accrued Benefits’’)
and his receipt of the Accrued Benefits shall be subject to his
providing the Company with a signed release of claims in a form adopted
by the Board from time to time.

(b)    Termination
by Company without Cause.    If Executive’s employment is
terminated by the Company without Cause prior to the end of the Term
hereof, then Executive shall be entitled to, upon Executive’s
providing the Company with a signed release of claims in a form adopted
by the Board from time to time: (i) the Accrued Benefits, and
(ii) a lump sum separation payment equal to three (3) times the
Executive’s then-current Base Salary. Termination by the Company
without Cause is subject to the approval of the holders of the Class B
shares of the Parent pursuant to the Shareholders Agreement in effect
between the Executive, certain other individuals and the Parent, as
such may be amended from time to
time.

(c)    Death, Disability or Termination by
Executive.    If Executive’s employment is terminated
voluntarily by Executive or by reason of Executive’s death or
Disability prior to the end of the Term, in lieu of any other payments
or benefits, Executive (or Executive’s estate, as applicable)
shall be entitled to the Accrued Benefits, subject to the Executive (or
Executive’s estate, as applicable) providing the Company with a
signed release of claims in a form adopted by the Board from time to
time.

(d)    Definitions.    For purposes of
this Agreement:

‘‘Affiliate’’
means an affiliate of the Company (or other referenced entity, as the
case may be) as defined in Rule 405 promulgated under the Securities
Act of 1933, as
amended.

‘‘Cause’’
means:

(i) the willful engaging by the Executive
in illegal or fraudulent conduct or gross misconduct which, in each
case, is materially and demonstrably injurious (x) to the Parent, the
Company or any of Parent’s other controlled Affiliates other than
the Fortress Funds (as defined in Section 8(l) hereof) and their
Subsidiaries, (y) to the reputation of the Executive, the Parent, the
Company or any of Parent’s other controlled Affiliates other than
the Fortress Funds and their Subsidiaries, or (z) to any of the
Parent’s or the Company’s material funds or businesses,
or

(ii) conviction of a felony or guilty or nolo
contendere plea by the Executive with respect thereto, or

(iii) a material breach by the Executive of the
non-competition or non-solicitation covenants provided in Section 6
hereof and Exhibit A hereto, if such breach is curable and is not cured
within thirty business days following receipt of a notice of such
breach or if such breach is not curable.

For
purposes of this provision, no act or failure to act on the part of the
Executive shall be considered ‘‘willful’’
unless it is done, or omitted to be done, by the Executive in bad faith
or without reasonable belief that the Executive’s action or
omission was in the best interests of the Company or was done or
omitted to be done with reckless disregard to the consequences. Any
act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Board or based upon the advice of
counsel for the Company shall be conclusively presumed to be done, or
omitted to be done, by the Executive in good faith and in the best
interests of the Company. The cessation of employment of the Executive
shall not be deemed to be for Cause unless and until there shall have
been delivered to the Executive a copy of a resolution duly adopted by
the affirmative vote of not less than two-thirds of the entire
membership of the Board at a meeting of the Board called and held for
such purpose (after reasonable notice is provided to 

3

the Executive and the Executive is given an
opportunity, together with counsel, to be heard before the Board),
finding that in the good faith opinion of the Board, the Executive is
guilty of the conduct constituting Cause and specifying the particulars
thereof in
detail.

‘‘Disability’’
means, as determined by the Board in good faith, Executive’s
inability, due to disability or incapacity, to perform all of the
Executive’s duties hereunder on a full-time basis for (i) periods
aggregating one-hundred-eighty (180) days, whether or not continuous,
in any continuous period of three-hundred-and-sixty-five (365) days or,
(ii) where Executive’s absence is adversely affecting the
performance of the Company in a significant manner, periods greater
than ninety (90) days and Executive is unable to resume
Executive’s duties on a full time basis within ten (10) days of
receipt of written notice of the Board’s determination under
this clause
(ii).

‘‘Subsidiary’’
means a subsidiary of the Company (or other referenced entity, as the
case may be) as defined in Rule 405 promulgated under the Securities
Act of 1933, as amended.

(e)    Resignation as
Officer or Director.    Upon the termination of employment for
any reason, Executive shall resign each position (if any) that
Executive then holds as an officer or director of the Company or any of
its Subsidiaries.

(f)    Section
409A.    To the extent required to comply with Section 409A of
the Code, as determined by Executive’s counsel, if requested by
the Executive, one or more payments under this Section 5 shall be
delayed to the six-month anniversary of the date of Executive’s
separation from service, within the meaning of Section 409A of the
Code.

6.    RESTRICTIVE COVENANTS.    The parties
agree that the restrictive covenants set forth in Exhibit A hereto (the
‘‘Restrictive Covenants’’) are incorporated
herein by reference and shall be deemed to be contained herein. The
Executive understands, acknowledges and agrees that the Restrictive
Covenants apply (i) during his employment under this Agreement, during
any period of employment by (x) the Company or (y) any Affiliate
following the termination of this Agreement or the expiration of the
Term of this Agreement, and (ii), as provided in Exhibit A hereto,
during the periods specified following termination of his employment by
the Company and by any Affiliate which may have employed
him.

7.     ASSIGNMENT.    This Agreement, and all
of the terms and conditions hereof, shall bind the Company and its
successors and assigns and shall bind Executive and Executive’s
heirs, executors and administrators. No transfer or assignment of this
Agreement shall release the Company from any obligation to Executive
hereunder. Neither this Agreement, nor any of the Company’s
rights or obligations hereunder, may be assigned or are otherwise
subject to hypothecation by Executive. The Company may assign the
rights and obligations of the Company hereunder, in whole or in part,
to any of the Company’s Subsidiaries or Affiliates, or to any
other successor or assign in connection with the sale of all or
substantially all of the Company’s assets or equity or in
connection with any merger, acquisition and/or reorganization, provided
the assignee assumes the obligations of the Company
hereunder.

8.    GENERAL.

(a)    Notices.    Any
notices provided hereunder must be in writing and shall be deemed
effective upon the earlier of one business day following personal
delivery (including personal delivery by telecopy or telex), or the
third business day after mailing by first class mail to the recipient
at the address indicated below:

To the
Company:

General Counsel
Fortress Investment Group
LLC
1345 Avenue of the Americas
46th Floor
New
York, NY 10105

To Executive at the location set forth in
the Company’s records.

4

or to such other address or to the
attention of such other person as the recipient party may have
specified by prior written notice to the sending
party.

(b)    Severability.    Any
provision of this Agreement which is deemed invalid, illegal or
unenforceable in any jurisdiction shall, as to that jurisdiction and
subject to this paragraph be ineffective to the extent of such
invalidity, illegality or unenforceability, without affecting in any
way the remaining provisions hereof in such jurisdiction or rendering
that or any other provisions of this Agreement invalid, illegal, or
unenforceable in any other jurisdiction. If any covenant should be
deemed invalid, illegal or unenforceable because its scope is
considered excessive, such covenant shall be modified so that the scope
of the covenant is reduced only to the minimum extent necessary to
render the modified covenant valid, legal and
enforceable.

(c)    Entire
Agreement.    This document, together with its attached exhibit,
constitutes the final, complete, and exclusive embodiment of the entire
agreement and understanding between the parties related to the subject
matter hereof and supersedes and preempts any prior or contemporaneous
understandings, agreements, or representations by or between the
parties, written or oral. Notwithstanding the immediately preceding
sentence, this Agreement does not supersede or preempt other agreements
to which the Executive may be, or may become, a party in connection
with the Offering, including, without limitation, agreements described
in the registration statement for the Offering as the shareholders
agreement and the agreement among
principals.

(d)    Counterparts.    This
Agreement may be executed on separate counterparts, any one of which
need not contain signatures of more than one party, but all of which
taken together will constitute one and the same
agreement.

(e)    Amendments.    No
amendments or other modifications to this Agreement may be made except
by a writing signed by both parties. No amendment or waiver of this
Agreement requires the consent of any individual, partnership,
corporation or other entity not a party to this Agreement. Nothing in
this Agreement, express or implied, is intended to confer upon any
third person any rights or remedies under or by reason of this
Agreement.

(f)    Choice of Law.    All
questions concerning the construction, validity and interpretation of
this Agreement will be governed by the laws of the State of Delaware
without giving effect to principles of conflicts of law of such
state.

(g)    Survivorship.    The
provisions of this Agreement necessary to carry out the intention of
the parties as expressed herein (including, without limitation, the
Restrictive Covenants provided in Section 6 hereof and Exhibit A
hereto) shall survive the termination or expiration of this
Agreement.

(h)    Waiver.    The waiver by
either party of the other party’s prompt and complete
performance, or breach or violation, of any provision of this Agreement
shall not operate nor be construed as a waiver of any subsequent breach
or violation, and the failure by any party hereto to exercise any right
or remedy which it may possess hereunder shall not operate nor be
construed as a bar to the exercise of such right or remedy by such
party upon the occurrence of any subsequent breach or violation. No
waiver shall be deemed to have occurred unless set forth in a writing
executed by or on behalf of the waiving party. No such written waiver
shall be deemed a continuing waiver unless specifically stated therein,
and each such waiver shall operate only as to the specific term or
condition waived and shall not constitute a waiver of such term or
condition for the future or as to any act other than that specifically
waived.

(i)    Captions.    The captions
of this Agreement are for convenience and reference only and in no way
define, describe, extend or limit the scope or intent of this Agreement
or the intent of any provision
hereof.

(j)    Construction.    The
parties acknowledge that this Agreement is the result of
arm’s-length negotiations between sophisticated parties, each
afforded representation by legal counsel. Each and every provision of
this Agreement shall be construed as though both parties participated
equally in the drafting of the same, and any rule of construction that
a document shall be construed against the drafting party shall not be
applicable to this Agreement.

5

(k)    Arbitration.    Except
as necessary for the Company, its Subsidiaries, Affiliates, and their
respective successors or assigns or Executive to specifically enforce
or enjoin a breach of this Agreement (to the extent such remedies are
otherwise available, including as provided and limited in Section 8(l)
hereof), the parties agree that any and all disputes that may arise in
connection with, arising out of or relating to this Agreement, or any
dispute that relates in any way, in whole or in part, to
Executive’s services on behalf of the Company or any Affiliate,
the termination of such services or any other dispute by and between
the parties or their Subsidiaries, Affiliates, and their respective
successors or assigns, shall be submitted to binding arbitration in New
York, New York, according to the National Employment Dispute Resolution
Rules and procedures of the American Arbitration Association. The
parties agree that each party shall bear its or his own expenses
incurred in connection with any such dispute. Subject to Section 8(l)
hereof, this arbitration obligation extends to any and all claims that
may arise by and between the parties or their Subsidiaries, Affiliates
and their respective successors or assigns, and expressly extends to,
without limitation, claims or causes of action for wrongful
termination, impairment of ability to compete in the open labor market,
breach of an express or implied contract, breach of the covenant of
good faith and fair dealing, breach of fiduciary duty, fraud,
misrepresentation, defamation, slander, infliction of emotional
distress, disability, loss of future earnings, and claims under the
United States Constitution, and applicable state and federal fair
employment laws, federal and state equal employment opportunity laws,
and federal and state labor statutes and regulations, including, but
not limited to, the Civil Rights Act of 1964, as amended, the Fair
Labor Standards Act, as amended, the Americans With Disabilities Act of
1990, as amended, the Rehabilitation Act of 1973, as amended, the
Employee Retirement Income Security Act of 1974, as amended, the Age
Discrimination in Employment Act of 1967, as amended, and any other
state or federal law.

(l)    Third Party
Beneficiaries.    Except as expressly provided herein, nothing
in this Agreement shall confer any rights or remedies upon any Person
other than the parties hereto. In any provision of the Agreement which
provides rights or remedies to, or permits the assignment of rights to,
Affiliates or Subsidiaries of the Company, the terms
‘‘Affiliates’’ and
‘‘Subsidiaries’’ shall be construed to exclude
(i) any fund or similar collective investment vehicle or managed
account formed primarily for the purpose of investing the capital of
third parties (whether formed as a limited partnership, a corporation,
a limited liability company or other similar form) managed by the
Company or its Affiliates (the ‘‘Fortress
Funds’’) and (ii) any entities controlled by any Fortress
Fund. In the discretion of the Parent Board, any right or remedy which
a Fortress Fund or an entity controlled by a Fortress Fund would
otherwise have (but for the immediately preceding sentence) may be
asserted or pursued by the Company or another Affiliate of the Company
on behalf of such Fortress Fund or its controlled entity; further, in
the discretion of the Parent Board, any obligation (including, without
limitation, any obligation to arbitrate) which a Fortress Fund or an
entity controlled by a Fortress Fund might otherwise have under this
Agreement may be exclusively undertaken by the Company or another
Affiliate of the Company on behalf of such Fortress Fund or its
controlled entity.

6

IN WITNESS WHEREOF AND INTENDING TO BE
LEGALLY BOUND THEREBY, the parties hereto have executed and delivered
this Agreement as of the year and date first above
written.

		FORTRESS INVESTMENT GROUP
LLC

		By:   /s/ Wesley R.
Edens                                    

		Name: Wesley R. Edens
Title: Chief Executive
Officer

		/s/ Peter L.
Briger                                                

PETER
L. BRIGER, JR.
Co-President

Only with respect
to Section 1(b) hereof:
FORTRESS INVESTMENT GROUP HOLDINGS
LLC

By:   /s/ Wesley R.
Edens                                

Name: Wesley R. Edens
Title: Chief Executive
Officer

Signature Page for Peter L. Briger, Jr.
Employment Agreement

7

Exhibit
A

Restrictive Covenants

The
Executive understands, acknowledges and agrees that, by virtue of his
equity interest in the Company and/or its Affiliates, his previous
services to the Company and its Affiliates, and his employment by the
Company pursuant to this Agreement, directly or indirectly, he
acquired, had access to, or was otherwise exposed to, and shall
acquire, have access to or be otherwise exposed to confidential
information of the Company and its Affiliates (the
‘‘Confidential Information,’’ as defined below)
and he has met and developed relationships with, and will meet and
develop relationships with, the Company’s potential and existing
financing sources, capital market intermediaries, investors, employees
and consultants.

The Company and its Affiliates are engaged
throughout the United States and the world in the business of raising,
managing, investing the assets of and making investments in private
equity funds, hedge funds, publicly traded alternative investment
vehicles and other alternative asset investment vehicles (the
‘‘Business’’). In addition, the Company and its
Affiliates are also engaged in expanding their business by developing
new investment strategies, investment vehicles, business concepts and
services (the ‘‘Developing Business’’). As
part of this Developing Business, the Company and its Affiliates have
developed and continue to develop trade secrets, confidential business
information, valuable relationships with prospective and existing
business, financial and other counterparties and others, and to create
goodwill associated with these relationships and businesses. The
Developing Business is a substantial business asset owned by and
proprietary to the Company and/or its Affiliates, as applicable. The
Executive acknowledges that (i) the Business and Developing Business
are global in nature and the Executive is among the limited number of
individuals leading the Business and Developing Business, (ii) the
Company is entering into this Agreement, with all its provisions
including the Restrictive Covenants, in preparation for the Offering,
(iii) the Restrictive Covenants are an essential part of the
Company’s preparation for the Offering, (iv) he has been fully
advised by counsel in connection with the negotiation of this Agreement
and the Restrictive Covenants, (v) he is familiar with the laws which
govern the enforceability of restrictive covenants in the jurisdictions
where the Business is carried on and where the Developing Business is
under consideration, and agrees that these Restrictive Covenants,
including, without limitation, the non-competition covenant, are
reasonable, valid and enforceable in the context of the Offering and
this Agreement, (vi) compliance with the Restrictive Covenants,
including, without limitation, the non-competition covenant, will not
create any hardship for the Executive as he has independent means and
sufficient income, including the payments to be made pursuant to the
Offering and related agreements, to be fully self-supporting without
competing with the Company in the Business or Developing Business or
violating any of the Restrictive Covenants, and (vii) neither the
transactions identified on Exhibit B hereto nor the Offering would
proceed without the benefit of this Agreement and each of the
Restrictive Covenants. Nothing contained in this Exhibit shall limit
any common law or statutory obligation that the Executive may have to
the Company or any of its
Affiliates.

A.    Non-competition.    The
Executive agrees that during the period of his employment with the
Company (or any Affiliate) and, if he shall have terminated his
employment voluntarily or if the Company or its Affiliate shall have
terminated his employment with Cause, for the eighteen-month period
immediately following termination of such employment (whether or not
such termination occurs during the Term of this Agreement), the
Executive shall not, directly or indirectly, either as a principal,
agent, employee, employer, consultant, partner, member, shareholder of
a closely held corporation or shareholder in excess of five percent of
a publicly traded corporation, corporate officer or director, or in any
other individual or representative capacity, engage or otherwise
participate in any manner or fashion in any business that is a
Competing Business (as defined below), either in the United States or
in any other place in the world where the Company or any of its
Affiliates, successors or assigns engages in the Business or proposes
to engage in the Developing Business. Solely for purposes of this
Exhibit: ‘‘Competing Business’’ means any
business (other than the Business or Developing Business of the
Company, its successors or assigns or Affiliates) which (i) raises,
manages, invests the assets of and/or makes investments in private
equity funds, hedge funds, publicly traded alternative investment
vehicles, managed accounts or other alternative asset investment
vehicles, or 

8

the Persons who manage, advise or own such
investment vehicles, (ii) makes investments of the type being made at
any time during the Term (or during the period of Executive’s
employment) by the Company or any Affiliate, (iii) otherwise competes
in any fashion with the Business, or (iv) otherwise competes with,
makes investments contemplated by or provides services contemplated by
the Developing Business.

B.    Non-solicitation of
Employees, Etc.    The Executive agrees that during the period
of his employment with the Company (or any Affiliate) and during the
two-year period immediately following the date of termination of the
Executive’s employment with the Company or any Affiliate for any
reason (whether or not such termination occurs during the Term of this
Agreement), the Executive shall not, directly or indirectly, (i)
solicit or induce any officer, director, employee, agent or consultant
of the Company or any of its successors, assigns or Affiliates to
terminate his, her or its employment or other relationship with the
Company or its successors, assigns or Affiliates for the purpose of
associating with any Competing Business, or otherwise encourage any
such person or entity to leave or sever his, her or its employment or
other relationship with the Company or its successors, assigns or
Affiliates, for any other reason or (ii) hire any individual who left
the employ of the Company or any of its Affiliates during the
immediately preceding one-year
period.

C.    Non-solicitation of Investors,
Etc.    The Executive agrees that during the period of his
employment with the Company (or any Affiliate) and for the two-year
period immediately following the date of termination of the
Executive’s employment with the Company or any Affiliate for any
reason (whether or not such termination occurs during the Term of this
Agreement), the Executive shall not, directly or indirectly, solicit or
induce (i) any investors, financing sources or capital market
intermediaries of the Company or its successors, assigns or Affiliates
or (ii) any consultants then under contract to the Company or its
successors, assigns or Affiliates, to terminate (or diminish in any
material respect) his, her or its relationship with the Company or its
successors, assigns or Affiliates, for the purpose of associating with
any Competing Business, or otherwise encourage such investors,
financing sources, capital market intermediaries or consultants, to
terminate (or diminish in any respect) his, her or its relationship
with the Company or its successors, assigns or Affiliates, for any
other reason. Nothing in this paragraph applies to those investors,
financing sources, capital market intermediaries or consultants who did
not conduct business with the Company, or its successors, assigns or
Affiliates during the Executive’s employment with, or the period
in which Executive held, directly or indirectly, an ownership interest
in, the Company or any
Affiliate.

D.    Confidentiality.    All
books of account, records, systems, correspondence, documents, and any
and all other data, in whatever form, concerning or containing any
reference to the works and business of the Company or its Affiliates
shall belong to the Company and shall be given up to the Company
whenever the Company requires the Executive to do so. The Executive
agrees that the Executive shall not at any time during the
Executive’s employment or thereafter, without the
Company’s prior written consent, disclose to any person
(individual or entity) any information or any trade secrets, plans or
other information or data, in whatever form, (including, without
limitation, (a) any investment, financing or capital-raising strategies
and practices, pricing information and methods, training and
operational procedures, advertising, marketing, and sales information
or methodologies or financial information of the Company or any of its
Affiliates, investors, financing sources or capital market
intermediaries, including, without limitation, any information relating
to the investment performance of any fund or business managed by the
Company or any of its Affiliates, and (b) any Proprietary Information
(as defined below)), concerning practices, businesses, procedures,
systems, plans or policies of the Company or any of its Affiliates
(collectively, ‘‘Confidential
Information’’), nor shall the Executive utilize any such
Confidential Information in any way or communicate with or contact any
such investor, financing source or capital market intermediary, other
than in connection with the Executive’s employment by the
Company (or any Affiliate). The Executive hereby confirms that all
Confidential Information constitutes the Company’s exclusive
property, and that all of the restrictions on the Executive’s
activities contained in this Agreement and all other nondisclosure
policies of the Company are required for the Company’s
reasonable protection. Confidential Information shall not include any
information that has otherwise been disclosed to the public not in
violation of this Agreement or, in the case of disclosure by other
Persons, not in violation of any agreements to which 

9

they are party. This confidentiality
provision shall survive the termination of the Agreement to which it is
an exhibit and shall not be limited by any other confidentiality
agreements entered into with the Company or any of its
Affiliates.

The Executive agrees that the Executive shall
promptly disclose to the Company all information and inventions
generated, conceived or first reduced to practice by him alone or in
conjunction with others, during or after working hours, while in the
employ of the Company or while rendering services to the
Company’s Affiliates prior to the Effective Date (all of which is
collectively referred to herein as ‘‘Proprietary
Information’’); provided, however, that such Proprietary
Information shall not include (a) any information that has otherwise
been disclosed to the public not in violation of this Agreement and (b)
general business knowledge and work skills of the Executive, even if
developed or improved by the Executive while in the employ of, or
rendering services to, the Company or its Affiliates. All such
Proprietary Information shall be the exclusive property of the Company
and is hereby assigned by the Executive to the Company. The
Executive’s obligation to the Company relative to the disclosure
of such Proprietary Information shall continue beyond the
Executive’s termination of employment and the Executive shall, at
the Company’s expense, give the Company all assistance it
reasonably requires to perfect, protect and use its right to the
Proprietary Information.

E.    Disparaging
Comments.    The Executive agrees that during the period of the
Executive’s employment with the Company (or any Affiliate) and
thereafter, the Executive shall not make any disparaging or defamatory
comments regarding the Company or any Affiliate or, after termination
of his employment relationship with the Company or any Affiliate, make
any comments concerning any aspect of the termination of their
relationship. The obligations of the Executive under this paragraph
shall not apply to disclosures required by applicable law, regulation
or order of any court or governmental
agency.

F.    Continuing Obligations to the
Company and its Affiliates.    In addition, commencing on the
Effective Date, Executive will cooperate in all reasonable respects
with the Company and its Affiliates in connection with any and all
existing or future litigation, actions or proceedings (whether civil,
criminal, administrative, regulatory or otherwise) brought by or
against the Company or any of its Affiliates, to the extent the Company
reasonably deems Executive ’s cooperation necessary. Executive
shall be reimbursed for all out-of-pocket expenses incurred by him as a
result of such
cooperation.

G.    Acknowledgement.    The
Executive agrees and acknowledges that each Restrictive Covenant herein
is reasonable as to duration, terms and geographical area and that the
same protects the legitimate interests of the Company and its
Affiliates, imposes no undue hardship on the Executive, is not
injurious to the public, and that any violation of any of these
Restrictive Covenants shall be specifically enforceable in any court
with jurisdiction upon short notice. The Executive agrees and
acknowledges that a portion of the compensation paid to Executive under
the Agreement to which this Exhibit is attached will be paid in
consideration of the covenants contained in this Exhibit, the
sufficiency of which consideration is hereby acknowledged. If any
provision of this Exhibit as applied to the Executive or to any
circumstance is adjudged by a court to be invalid or unenforceable, the
same shall in no way affect any other circumstance or the validity or
enforceability of any other provision of this Exhibit. If the scope of
any such provision, or any part thereof, is too broad to permit
enforcement of such provision to its full extent, the Executive agrees
that the court making such determination shall have the power to reduce
the duration and/or area of such provision, and/or to delete specific
words or phrases, to the extent necessary to permit enforcement, and,
in its reduced form, such provision shall then be enforceable and shall
be enforced. The Executive agrees and acknowledges that the breach of
this Exhibit will cause irreparable injury to the Company and upon
breach of any provision of this Exhibit, the Company shall be entitled
to injunctive relief, specific performance or other equitable relief;
provided, however, that this shall in no way limit any other remedies
which the Company may have (including, without limitation, the right to
seek monetary damages). Each of the covenants in this Exhibit shall be
construed as an agreement independent of any other provisions in the
Agreement to which it is attached, other than the consideration for
such covenant provided in the Agreement.

10

Exhibit
B

Transactions contemplated in the Securities
Purchase Agreement by and among Peter Briger, Jr., Wesley Edens, Robert
Kauffman, Randal Nardone, Michael Novogratz and Nomura Investment
Managers U.S.A., Inc. dated as of December  18,
2006.

11

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