Document:

Exhibit 10.1

 

Paycheck Protection Program

Promissory
Note

 

	Borrower Quantum Computing Inc.	Date May 6, 2020

 

Borrower’s Address 215 Depot Court SE, Suite 500 Leesburg,
VA 20175-3017 

 

Loan Amount Two Hundred and Eighteen Thousand, Three Hundred
and Seventy One Dollars and zero Cents Dollars $218,371.00 

 

For value received, the borrower(s) named above (whether one
or more “Borrower”), jointly and severally promise to pay to the order of Truist Bank, a North Carolina banking corporation
(“Bank”) at any of its offices, or at such place as Bank may in writing designate, without offset in U.S. Dollars and
in immediately available funds, the Loan Amount shown above, or the total of all amounts advanced under this promissory note and
any modifications, renewals, extensions or replacements thereof (this “Note”) if less than the full Loan Amount is
advanced, plus interest and any other amounts due, upon the terms specified below. As used in this Note, the term “Bank Party”
shall mean and include Bank and any current and future subsidiaries and affiliates of Bank and each of their respective successors
and assigns.

 

Payment Terms

 

A fixed payment schedule, commencing on the date that is seven
(7) months from the date the loan evidenced by this Note is funded, consisting of seventeen (17) consecutive monthly payments of
principal and interest, with the principal component of each such payment based upon the level amortization of principal over a
two year period from the date the loan evidenced by this Note is funded and with each payment payable on the 6th day of each month,
beginning December 2020, and a final payment equal to the balance of unpaid principal plus accrued and unpaid interest and any
other amounts owed hereunder due and payable on the later of May 6th, 2022 or the date that is twenty four (24) months from the
date the loan evidenced by this Note is funded (the “maturity date”), provided, however, that prior to applying payments
in accordance with the foregoing payment structure, all payments shall first be applied to any accrued but unpaid interest including,
without limitation, any deferred but unpaid interest.

 

Interest

 

The obligations under this Note will bear interest at a rate
of 1.00% per annum (the “Rate”) from the date the loan hereunder (the “Loan”) is funded until the date
that the Loan, together with all accrued and unpaid interest and any applicable fees or charges due under this Note, is paid in
full. Interest shall accrue daily and will be calculated based on an actual/360 basis (on the actual number of days elapsed over
a year of 360 days). Notwithstanding the forgoing, payment of interest is deferred for the first six months of this Loan.

 

Borrower Paycheck Protection Program Certifications

 

Borrower hereby certifies, represents, warrants and covenants
to Bank as follows:

 

(a) Borrower
has read the statements included in the application related to this Loan (the “Application”), including the Statements
Required by Law and Executive Orders, and Borrower understands them.

 

(b) Borrower
was and remains eligible to receive a loan under the rules in effect at the time the Application was submitted that have been issued
by the Small Business Administration (“SBA”) implementing the Paycheck Protection Program under Division A, Title I
of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (the “Paycheck Protection Program
Rule”).

 

(c) Borrower
(i) is an independent contractor, eligible self-employed individual, or sole proprietor or (ii) (A) employs no more than the greater
of 500 employees or, if applicable, the size standard in number of employees established by the SBA in 13 C.F.R. 121.201 for Borrower’s
industry and (B) is a small business concern as defined in section 3 of the Small Business Act (15 USC 632) (and subject to SBA’s
affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act), a tax-exempt nonprofit organization described
in section 501(c)(3) of the IRC, a tax-exempt veterans organization described in section 501(c)(19) of the IRC, a Tribal business
concern described in section 31(b)(2)(C) of the Small Business Act.

 

(d) Borrower
will, and will ensure that each Owner complies, whenever applicable, with the civil rights and other limitations in the Application
(as used herein the term “Owner” shall have the same definition as in the Application and the Paycheck Protection Program
Rule).

 

(e) All
proceeds of the Loan will be used only for business-related purposes as specified in the Application and consistent with the Paycheck
Protection Program Rule.

 

(f) To
the extent feasible, Borrower will purchase only American-made equipment and products.

 

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(g) Borrower
is not engaged in any activity that is illegal under federal, state or local law.

 

(h) Borrower
certifies that any loan received by Borrower under Section 7(b)(2) of the Small Business Act between January 31, 2020 and the date
hereof was for a purpose other than paying payroll costs and other allowable uses for loans under the Paycheck Protection Program
Rule.

 

(i)
Borrower
was in operation on February 15, 2020 and had employees for whom Borrower paid salaries and payroll taxes or paid independent
contractors (as reported on Form(s) 1099-MISC) and has provided Bank true, correct and complete information demonstrating that
Borrower had employees for whom Borrower paid salaries and payroll taxes.

 

(j) The
current economic uncertainty makes the request for the Loan necessary to support the ongoing operations of Borrower.

 

(k) All
proceeds of the Loan will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and
utility payments, as specified under the Paycheck Protection Program Rule and Borrower acknowledges that if the funds are knowingly
used for unauthorized purposes, the federal government may hold Borrower and/or Borrower’s authorized representative legally
liable, such as for charges of fraud.

 

(l) Borrower
has provided to Bank all documentation available to Borrower on a reasonable basis verifying the dollar amounts of average monthly
payroll costs for the relevant period, which documentation shall include, as applicable, copies of payroll processor records, payroll
tax filings and/or Form 1099-MISC.

 

(m) Borrower
will promptly provide to Bank (i) any additional documentation that Bank requests in order to verify payroll costs and (ii) documentation
verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage
interest payments, covered rent payments, and covered utilities for the eight week period following the Loan.

 

(n) Borrower
acknowledges that (a) loan forgiveness will be provided by the SBA for the sum of documented payroll costs, covered mortgage interest
payments, covered rent payments, and covered utilities, and not more than 25% of the Forgivable Amount may be for non-payroll costs
and (b) the forgiveness amount is subject to reduction based on employee headcount and compensation reductions during the 8-week
loan period as compared to the prior periods in accordance with the CARES Act.

 

(o) Borrower
does not have any other application pending for a loan under the Paycheck Protection Program, or any other federal program that
would invalidate its participation in the Paycheck Protection Program.

 

(p) During
the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower has not and will not receive any other loan
under the Paycheck Protection Program.

 

(q) Borrower
has reviewed the SBA’s affiliation rules and standards, including the application of such affiliation standards to eligibility
requirements for the Paycheck Protection Program, and, after due and careful consideration, represents and warrants that Borrower
satisfies all requirements for eligibility for the Paycheck Protection Program.

 

(r) Borrower
certifies that the information provided in the Application and the information that Borrower provided in all supporting documents
and forms is true and accurate in all material respects. Borrower acknowledges that knowingly making a false statement to obtain
a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five
years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than
$5,000; and, if submitted to a Federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or
a fine of not more than $1,000,000.

 

(s) Borrower
acknowledges that it has calculated the eligible Loan amount using the supporting documents which it has submitted to Bank. Borrower
further acknowledges that execution of this Note constitutes Borrower’s certification that it is in agreement with the Principal
Amount of the Loan as set forth herein and that such Principal Amount is
not in excess of the maximum principal amount permitted in accordance with the CARES Act.

 

(t) Borrower
understands, acknowledges and agrees that Bank can share any tax information received from Borrower or any Owner with SBA's authorized
representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with
SBA Loan Program Requirements and all SBA reviews.

 

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Loan Purpose and Updated Financial Information Required

 

Borrower represents and warrants that the loan evidenced by
this Note is being made solely for the permitted use of proceeds specified in the CARES Act and related regulations, rules and
guidance. In addition, Borrower represents, warrants and covenants that no part of the proceeds of the loan evidenced by this Note
will be used directly or indirectly (a) to fund or finance any operations, investments or activities in or make any payments to
a (1) Person that is, or is owned or controlled by, Persons that are the subject of any Sanctions (as defined below) (each a “Sanctioned
Person”) or (2) country or territory that is the subject of Sanctions, or is owned or controlled by one or more Sanctioned
Person (a “Sanctioned Country”), or in any other manner that would result in a violation of any Sanctions by any Person,
or (b) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else
of value, to any Person in violation of any laws, rules or regulations of any jurisdiction concerning or relating to bribery or
corruption. Borrower further represents, warrants and covenants that while the loan evidenced by this Note remains outstanding,
each Obligor, each subsidiary or affiliate of each Obligor, and their respective directors, officers, employees, or agents will
not (a) be or become a Sanctioned Person, (b) allow any of their assets to be located in a Sanctioned Country, or (c) derive any
of their operating income from investments in, or transactions with, one or more Sanctioned Person or Sanctioned Country. As used
herein, “Sanctions” means any trade, economic or financial sanctions administered or enforced by the Office of Foreign
Assets Control, the U.S. Department of State, the United Nations Security Council, the EU, Her Majesty’s Treasury or other
relevant sanctions authority. As used in this Note, the term “Person” shall mean any individual, partnership, firm,
corporation, association, joint venture, limited liability company, trust or other entity, or any governmental authority or governmental
agency. As used in this Note the term “Obligor” shall individually and collectively refer to Borrower and any other
Person that is or hereafter becomes primarily or secondarily liable for the payment of the loan evidenced by this Note and any
Person that has conveyed or may hereafter convey any security interest or lien to Bank in any real or personal property to secure
payment of this Note. Borrower agrees to promptly provide to Bank updated financial information, including, but not limited to,
tax returns, current financial statements in form satisfactory to Bank, as well as additional information, reports or schedules
(financial or otherwise), all as Bank may from time to time request.

  

Representations and Warranties

 

The
Borrower is one of the following: (a) an individual above the age of majority and has the legal capacity to execute this Note,
(b) a corporation, limited liability company or other registered entity duly organized and existing under the laws of the state
of its organization or (c) a non-registered entity exempt from registration under the laws of any state or jurisdiction. The Borrower
is duly qualified and in good standing where such qualification is necessary. This Note has been duly authorized, executed and
delivered by Borrower, has been duly executed by Borrower or an authorized representative of the Borrower, constitutes Borrower’s
valid and legally binding obligation and is enforceable in accordance with its terms against Borrower. The execution, delivery
and performance of this Note and the consummation of the transaction contemplated will not, with or without the giving of notice
or the lapse of time, (a) violate any law applicable to Borrower, (b) violate any judgment, writ, injunction or order of any court
or governmental body or officer applicable to Borrower, (c) violate or result in the breach of any material agreement to which
Borrower is a party, nor (d) violate Borrower’s charter, bylaws, articles of organization, operating agreement or any other
similar formation or governing documentation, as applicable. No consent, approval, license, permit or other authorization of any
third party or any governmental body or officer is required for the valid and lawful execution and delivery of this Note. If Borrower
is required to deliver to Bank a Beneficial Ownership Certification pursuant to the requirements of the Beneficial Ownership Rule
(31 C.F.R. § 1010.230), Borrower represents and warrants that the information included in such Beneficial Ownership Certification,
or in any other certifications provided by Borrower or its authorized representative under the application for this loan, is true
and correct in all respects. As of the date of this Note, Borrower represents that Borrower is not subject to any material claim,
dispute or litigation that has not been previously disclosed to Bank in writing.

 

CARES Act Compliance. Borrower represents,
warrants and covenants to Bank, as of the date hereof, the end of the 8-week period following the date of the Loan (“Forgiveness
Period”), and the date that SBA remits payment of the forgiven amount of the Loan to Bank and at all times the Loan exists
or this Note is in effect, as follows:

 

(a) Neither
Borrower nor any Owner, is presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from
participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy.

 

(b) Neither
Borrower, nor any Owner, nor any business owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA
or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government.

 

(c) Neither
Borrower, nor any Owner, is an owner of any other business or has common management with any other business, except as disclosed
on addendum A of the Application.

 

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(d) Borrower
did not receive an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020, except as disclosed on addendum
A of the Application.

 

(e) Neither
Borrower (if an individual), nor any individual owning 20% or more of the equity of Borrower, is subject to an indictment, criminal
information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or presently incarcerated,
on probation or parole.

 

(f) Neither
Borrower (if an individual), nor any Owner, has within the last 5 years 1) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere;
4) been placed on pretrial diversion; or 5) been placed on any form of parole or probation (including probation before judgment).

 

(g) The
United States is the principal place of residence for all employees of Borrower included in Borrower’s payroll calculation
included in the Application.

 

(h) Borrower
acknowledges and agrees that all proceeds of the Loan shall be used solely to fund the uses specified in the Paycheck Protection
Program Rule (“Allowable Costs”); provided that, for the avoidance of doubt, in no event shall more than twenty-five
percent (25%) of the total Allowable Costs paid by Borrower using proceeds of the Loan be attributable to non-payroll costs.

 

(i) At
the conclusion of the Forgiveness Period, Borrower shall promptly but in no event more than thirty (30) days following the conclusion
of the Forgiveness Period submit to Bank all documentation, accompanying certifications and other relevant disclosures required
by the SBA under the CARES Act or otherwise requested by Bank on the worksheet provided by Bank for calculation of loan forgiveness
amounts, a copy of which will be provided to Borrower after the date hereof.

  

Default, Acceleration and Setoff

 

An “event of default” shall occur hereunder upon
the occurrence of any one or more of the following events or conditions:

 

		(a)	the failure by any Obligor to pay at any time after the date that occurs six months after the funding date of this Note, whether
by acceleration or otherwise, (i) any interest or fees owed under this Note when due and such failure shall continue unremedied
for a period of five (5) days thereafter or (ii) any principal amount owed under this Note when due;

 

		(b)	(i) the occurrence of any event of default under any other agreement executed in connection with this Note or the failure of
any Obligor to perform any covenant, promise or obligation contained in this Note or such other agreement, provided, however that
if such failure relates to a covenant other than a negative covenant or a financial covenant under this Note or any agreement executed
in connection with this Note, the Obligor shall have thirty (30) days to cure such failure after the earlier of the date (A) the
Obligor or any officer or representative of the Obligor becomes aware of such failure or (B) notice of such failure is given to
such Obligor by Bank or (ii) the occurrence of any event of default under, or the failure of any Obligor to perform any covenant,
promise or obligation contained in, any other agreement to which any Obligor and any Bank Party are parties;

 

		(c)	any representation or warranty of any Obligor contained in this Note or any other agreement with
any Bank Party shall prove to be incorrect in any material respect (other than any representation or warranty that is expressly
qualified by a material adverse effect or other materiality, in which case such representation or warranty shall prove to be incorrect
in any respect);

 

		(d)	the failure of any Obligor to pay when due any principal, interest or other amount due under any indebtedness of such Obligor
(after any applicable grace period specified in connection with such indebtedness) to any creditor other than Bank or any event
shall occur or condition shall exist under any agreement or instrument relating to such indebtedness, if the effect of such event
or condition is to accelerate, or permit the acceleration, of such indebtedness;

 

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		(e)	the
dissolution, liquidation, merger, consolidation, termination or suspension of usual business of any Obligor;

 

		(f)	the death or declaration of incompetency of any Obligor that is a natural person unless within thirty (30) days after the death
or declaration of incompetency of such Obligor, a substitute Obligor acceptable to Bank shall have executed documentation in form
and substance acceptable to Bank;

 

		(g)	any person or entity, or any group of related persons or entities, shall, without Bank’s prior written consent, have
or obtain legal or beneficial ownership of a majority of the outstanding voting securities or rights of any Obligor that is not
a natural person, other than any person or entity, or any group of related persons or entities that has such majority ownership
as of the date of this Note; or any change in the ownership or control information in Borrower’s Beneficial Ownership Certification
shall have occurred since the date of this Note;

 

		(h)	any Obligor shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization
or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a custodian, trustee, receiver, liquidator or other similar official for such Obligor or any substantial part
of such Obligor’s property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (i) of this section (h), (iii) apply for or consent to the appointment of a custodian,
trustee, receiver, liquidator or other similar official for such Obligor or for a substantial part of such Obligor’s assets,
(iv) file an answer admitting the material allegations of a petition filed against such Obligor in any such proceeding, (v) make
a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;

 

		(i)	an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of any Obligor or such Obligor’s debts, or any substantial part of such Obligor’s assets,
under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment
of a custodian, trustee, receiver, liquidator or other similar official for any Obligor or for a substantial part of such Obligor’s
assets, and in any such case, such proceeding or petition shall remain undismissed for a period of sixty (60) days or an order
or decree approving or ordering any of the foregoing shall be entered;

 

		(j)	the entry of a judgment, award or order against any Obligor which remains unstayed, unsatisfied or unbonded for thirty (30)
days following the issuance of such judgment, award or order, or the issuance or service of any attachment, levy or garnishment
against any Obligor or the property of any Obligor or the repossession or seizure of property of any Obligor;

 

		(k)	the sale or transfer by any Obligor of all or substantially all of such Obligor’s assets other than in the ordinary course
of business;

 

		(l)	any provision of any guaranty, security agreement, or other collateral documentation shall, due to any act or failure to act
by any Obligor, cease to be valid and binding on, or enforceable against, any Obligor, or any Obligor shall so state in writing,
or any Obligor shall terminate or seek to terminate such Obligor’s obligations under such agreements;

 

		(m) 	a material adverse change in the financial condition, operations, business, or prospects of any
Obligor has occurred since the date of this Note; or

 

		(n) 	an event of default occurs under this Note or on any other outstanding SBA or SBA guaranteed loan
to Borrower.

 

Bank shall not be obligated to fund this Note or make any advance
under this Note if at the time such funding or advance is requested there exists (i) an event of default or (ii) an event or condition
which with the passage of time or giving of notice or both would result in an event of default. Upon the occurrence of an event
of default, Bank shall, at its option, have the remedies provided herein and by any other agreement between Bank and any Obligor
or under applicable law, including without limitation, declaring the entire outstanding principal balance, together with all interest
thereon and any other amounts due under this Note, to be due and payable immediately without presentment, demand, protest, or notice
of any kind, except notice required by law. Upon the occurrence of an event of default under paragraph (h) or (i) above, the entire
outstanding principal balance, together with all interest thereon and any other amounts due under this Note, shall automatically
become due and payable without presentment, demand, protest, or notice of any kind except notice required by law, and Bank’s
obligation to make advances under this Note shall automatically terminate without notice or further action by Bank. Upon the occurrence
of an event of default, as of the date of such event of default, Bank, at its option, may charge interest on the unpaid balance
of this Note at the lesser of (a) the Rate plus 4.00% per annum or (b) the maximum rate allowed by law (the “Default Rate”)
until paid in full. To the extent permitted by law, upon the occurrence of an event of default, Bank will have the right, in addition
to all other remedies provided herein, to set off the amount due under this Note or due under any other obligation of Borrower
to Bank against any and all accounts, whether checking or savings or otherwise, credits, money, stocks, bonds or other security
or property of any nature whatsoever on deposit with, held by, owed by, or in the possession of any Bank Party to the credit of
or for the account of Borrower, without notice or consent of Borrower. In addition to the foregoing, Bank shall not be obligated
to fund this Note or make any advance under this Note in the event of material deterioration or impairment of the Collateral or
any material decline or depreciation in the value of the Collateral which causes the Collateral to become unsatisfactory as to
character or value. The remedies provided in this Note and any other agreement between Bank and any Obligor and by applicable law
are cumulative and not exclusive of any other remedies provided by applicable law.

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If any portion of a payment is at least fifteen (15) days
past due, Borrower agrees to pay a late charge equal to the lesser of $50.00 or 4% of the amount which is past due. Unless
prohibited by applicable law, Borrower agrees to pay the fee established by Bank from time to time for returned checks if a
payment is made on this Note with a check and the check is dishonored for any reason after the second presentment. In
addition to any other amounts owed under the terms of this Note, Borrower agrees to pay those fees and charges disclosed in
the Disbursements and Charges Summary or other form of closing statement, if any, related to the loan evidenced by this Note
which, to the extent it exists, is incorporated in this Note by reference and, as permitted by applicable law, Borrower
agrees to pay the following: (a) all expenses, including, without limitation, any and all costs incurred by Bank related to
enforcement, all court costs and out-of-pocket collection expenses, and reasonable attorneys’ fees actually incurred,
whether suit be brought or not, incurred in collecting this Note; (b) all costs incurred in evaluating, preserving or
disposing of any Collateral granted or hereafter granted as security for the payment of this Note, including the cost of any
audits, appraisals, appraisal updates, reappraisals or environmental inspections which Bank from time to time in its sole
discretion may deem necessary; (c) any premiums for property insurance purchased on behalf of Borrower or on behalf of the
owner(s) of any Collateral pursuant to any security instrument relating to any Collateral; (d) any expenses or costs
(including reasonable attorneys’ fees) incurred in defending any claim arising out of the execution of this Note or the
obligations which it evidences; and (e) any other charges permitted by applicable law. Borrower agrees to pay such amounts on
demand or, at Bank’s option, such amounts may be added to the unpaid balance of the Note and shall accrue interest at
the stated Rate.

 

Prepayment Provisions

 

Borrower may make a prepayment in any amount at any time without
penalty. 

 

Payments

 

Borrower is directed to make payments at the address indicated
on the billing statement provided by Bank, or at such place as Bank may otherwise indicate in writing. Payments may also be made
at those Bank branches which accept loan payments, however, Borrower acknowledges that Borrower is not directed to make payments
at such branches and that Bank’s acceptance of payments at such branches is an accommodation to Borrower which may be revoked
at any time in Bank’s sole and absolute discretion. All amounts received by Bank shall be applied to expenses, fees and interest
before principal or in any other order as determined by Bank, in its sole discretion, as permitted by law. Payments will be credited
as of the date stamped upon receipt, or as of the standard payment processing date for similar payments if a payment is not stamped.
Payments received on Saturday will be credited on Bank’s next business day. If any payment date falls on a Saturday or Sunday
or a legal bank holiday, payment will be due on the next business day. Bank’s business days are Monday through Friday, not
including legal bank holidays.

 

Waivers

 

Borrower and each other Obligor waive presentment, demand, protest,
notice of protest and notice of dishonor and waive all exemptions, whether homestead or otherwise, as to the obligations evidenced
by this Note and waive any discharge or defenses based on suretyship or impairment of Collateral or of recourse. Borrower waives
any rights to require Bank to proceed against any other Obligor or any Collateral before proceeding against Borrower. Borrower
further agrees that without notice to any Obligor and without affecting any Obligor’s liability, Bank, at any time or times,
may grant extensions of the time for payment or other indulgences to any Obligor or permit the renewal or modification of this
Note, or permit the substitution, exchange or release of any Collateral for this Note and may add or release any Obligor whether
primarily or secondarily liable. Borrower further agrees that Bank may apply all monies made available to it from any part of the
proceeds of the disposition of any Collateral or by exercise of the right of setoff either to the obligations under this Note or
to any other obligations of any Obligor to Bank, as Bank may elect from time to time.

 

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Waiver of Jury Trial

 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK
HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT
EITHER OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT OR OTHERWISE, AT LAW OR IN
EQUITY, BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED
TO BE EXECUTED IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK ENTERING INTO OR ACCEPTING THIS NOTE. FURTHER,
BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OFBANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT BANK WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION.

 

Waiver of Damages other than Direct or Actual

 

TO THE GREATEST EXTENT PERMITTED BY
APPLICABLE LAW, BORROWER AND BANK HEREBY IRREVOCABLY WAIVE (AND IRREVOCABLY AGREE NOT TO ASSERT) ANY CLAIM WHATSOEVER FOR SPECIAL,
INDIRECT, INCIDENTAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) AGAINST
EACH OTHER (OR AGAINST EACH OTHER’S RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS) AT ANY TIME ARISING UNDER
OR RELATING TO THIS NOTE, ANY RELATED DOCUMENT, OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN.

 

Patriot Act Notice

 

Bank hereby notifies Borrower that pursuant to the requirements
of the USA PATRIOT Act (Title III of Pub. L. 107-56 signed into law October 26, 2001), Bank may be required to obtain, verify and
record information that identifies Borrower, which information includes the name and address of Borrower and other information
that will allow Bank to identify Borrower in accordance with the Act. Further, Bank hereby notifies Borrower that, pursuant to
the requirements of the Beneficial Ownership Rule (31 C.F.R. § 1010.230), Bank may be required to obtain, verify and record
information contained in a Beneficial Ownership Certification executed by Borrower, which will identify the key individuals who
have beneficial ownership or control of Borrower.

  

Hold Harmless and Indemnification

 

Borrower hereby indemnifies and
agrees to hold each Bank Party and its officers, directors, employees, agents and affiliates (each an
“Indemnitee”) harmless from and against all claims, damages, liabilities, costs (including reasonable
attorneys’ fees and legal expenses), causes
of action, actions, suits and other legal proceedings (collectively, “Claims”) in any matter relating to or
arising out of this Note or any document or agreement executed in connection with this Note, or any act, event or transaction
related thereto or to the Collateral. Borrower shall promptly provide Bank with written notice of any such Claim, provided,
however, that this indemnity shall not apply to any Claims arising solely from the gross negligence or willful misconduct of
such Indemnitee as determined by a court of competent jurisdiction in a final non-appealable judgment or order. Upon request
of Bank, Borrower shall defend each applicable Indemnitee from such Claims, and pay the reasonable attorneys’ fees,
legal expenses and other costs actually incurred in connection therewith, or in the alternative, at Bank’s option, each
applicable Indemnitee shall be entitled to employ its own legal counsel to defend such Claims at Borrower’s sole
expense.

 

    Page 7 of 9

     

    

 

Miscellaneous

 

Any provision of this Note or any agreement executed in connection
with this Note which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions of this Note or any such agreement. No amendment, modification, termination or waiver
of any provision of this Note or any agreement executed in connection with this Note, nor consent to any departure by Borrower
from any term of this Note or any agreement executed in connection with this Note, shall in any event be effective unless it is
in writing and signed by an authorized officer of Bank, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. No failure or delay on the part of Bank to exercise any right, power or
remedy under this Note or any agreement executed in connection with this Note shall be construed as a waiver of the right to exercise
the same or any other right at any time. The captions of the paragraphs of this Note are for convenience only and shall not be
deemed to constitute a part hereof or used in construing the intent of the parties. All representations, warranties, covenants
and agreements contained herein or made in writing by Borrower in connection herewith shall survive the execution and delivery
of this Note and any other agreement, document or writing relating to or arising out of any of the foregoing. All notices or communications
given to Borrower pursuant to the terms of this Note shall be in writing and may be given to Borrower at Borrower’s address
as stated at the top of this Note unless Borrower notifies Bank in writing of a different address. Unless otherwise specifically
provided herein to the contrary, such written notices and communications shall be delivered by hand or overnight courier service,
or mailed by first class mail, postage prepaid, addressed to Borrower at the address referred to herein. Any written notice delivered
by hand or by overnight courier service shall be deemed given or received upon receipt. Any written notice delivered by U.S. Mail
shall be deemed given or received on the third (3rd) business day after being deposited in the U.S. Mail. Notwithstanding any provision
of this Note or any agreement executed in connection with this Note to the contrary, Borrower and Bank intend that no provision
of this Note or any agreement executed in connection with this Note be interpreted, construed, applied, or enforced in a way that
will permit or require the payment or collection of interest in excess of the highest rate of interest permitted to be paid or
collected by the laws of the jurisdiction indicated below, or federal law if federal law preempts the law of such jurisdiction
with respect to this transaction (the "Maximum Permitted Rate"). If, however, any such provision is so interpreted, construed,
applied, or enforced, Borrower and Bank intend (a) that such provision automatically shall be deemed revised so as to require payment
only of interest at the Maximum Permitted Rate; and (b) if interest payments in excess of the Maximum Permitted Rate have been
received, that the amount of such excess shall be deemed credited retroactively in reduction of the then-outstanding principal
amount of this obligation, together with interest at the Maximum Permitted Rate. In connection with all calculations to determine
the Maximum Permitted Rate, Borrower and Bank intend (a) that all charges be excluded to the extent they are properly excludable
under the usury laws of such jurisdiction or the United States, as they from time to time are determined to apply to this obligation;
and (b) that all charges that may be spread in the manner provided by statute of the jurisdiction indicated or any similar law,
be so spread. Borrower agrees to sign any and all additional documentation Bank requests related to this Loan based upon amendments
or revisions to the CARES Act, Paycheck Protection Program Rule and the Application including, without limitation, any form promissory
note issued by the SBA or any amendment harmonizing this Note and such SBA form note.

 

Successors and Assigns and Choice of Law

 

This Note shall apply to and bind Borrower’s heirs, personal
representatives, successors and permitted assigns and shall inure to the benefit of Bank, its successors and assigns. Notwithstanding
the foregoing, Borrower shall not assign Borrower’s rights or obligations under this Note without Bank’s prior written
consent. This Note shall be governed by applicable federal law and the internal laws of the state of North Carolina. Borrower agrees
that certain material events and occurrences relating to this Note bear a reasonable relationship to the laws of North Carolina
and the validity, terms, performance and enforcement of this Note shall be governed by the internal laws of North Carolina which
are applicable to agreements which are negotiated, executed, delivered and performed solely in North Carolina. Unless applicable
law provides otherwise, in the event of any legal proceeding arising out of or related to this Note, Borrower consents to the jurisdiction
and venue of any court located in the state of North Carolina. Nothing in this Note or in any other document or agreement entered
into in connection with this Note shall affect any right that Bank may have to bring any action or proceeding arising out of or
related to this Note against Borrower or its properties in the courts of any jurisdiction.

 

    Page 8 of 9

     

    

 

In the event the SBA becomes the holder of this Note, this Note
will be interpreted and enforced under federal law, including SBA regulations. Bank or SBA may use state or local procedures for
filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not
waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or
assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

  

Documentary and Intangible Taxes

 

In the event that any intangible tax or documentary stamp tax
is due from Bank to any state or other governmental agency or authority because of the execution or holding of this Note, Borrower
shall, upon demand, reimburse Bank for any such tax paid. Pursuant to State of Florida Office of Governor Executive Order Number
20-95, the collection of Florida documentary stamp tax is suspended for all notes and other written obligations made pursuant to
Title 1 of the CARES Act and related regulations, rules, and guidance

 

Transfer of Loan

 

Bank may, at any time, sell, transfer or assign the Note, the
related security instrument and any related loan documents, and any or all servicing rights with respect thereto, or grant participations
therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or unrated
public offering or private placement (the “Securities”). Bank may forward to each purchaser, transferee, assignee,
servicer, participant, or investor in such Securities or any Rating Agency (as hereinafter defined) rating such Securities (collectively,
the “Investor”) and each prospective Investor, all documents and information which Bank now has or may hereafter acquire
relating to Borrower, any loan to Borrower, any guarantor or the property, whether furnished by Borrower, any guarantor or otherwise,
as Bank determines necessary or desirable. The term “Rating Agency” shall mean each statistical rating agency that
has assigned a rating to the Securities.

 

State Specific Disclosures

 

Texas
residents: This notice is being provided by Bank in compliance with §26.02 of the Texas Business and Commerce Code, which
provides that certain loan agreements must be in writing to be enforceable. As used in this notice, the term “loan agreement”
means one or more promises, promissory notes, agreements, undertakings, security agreements, deeds of trust, or other documents,
or commitments, or any combination of these actions or documents, executed in connection with the loan from Bank. THIS WRITTEN
LOAN AGREEMENT IN CONNECTION WITH THE NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
This notice shall be deemed to be a part of each document which is executed by the Borrower and which comprises a part of the
loan agreement. The Borrower acknowledges receipt of a copy of this notice and agrees that all documents in connection with the
Note are subject to the provisions of §26.02 of the Texas Business and Commerce Code.

 

Counterparts

 

This Note may be executed in any number of counterparts, each
of which shall be an original, but all of which shall together constitute one and the same agreement. This Note shall be effective
upon Borrower’s execution of this Note and Bank’s receipt of duly executed counterparts from each of the parties hereto.
Upon approval by Bank in its sole discretion, signatures to this Note transmitted in a commonly accepted electronic format that
reproduces an image of the actual executed signature page shall have the same legal effect, validity, and enforceability as a manually
executed counterpart of the document to the extent and as provided for in the Federal Electronic Signatures in Global and National
Commerce Act and the applicable state law based on the Uniform Electronic Transactions Act. Further, Borrower agrees to deliver
a manually executed counterpart of this Note to Bank no later than ten (10) days following the date of this Note.

 

By signing below under seal, Borrower agrees to the terms of
this Note and the disbursement of proceeds as described in the Disbursements and Charges Summary form or other closing statement,
if any, provided in connection with this transaction.

 

Borrower Name: Quantum Computing Inc.

 

		(Seal)
	Signature of Authorized Representative of Borrower	 

 

Name, printed or typed of Authorized
Representative

 

 

Page 9 of 9Exhibit

Exhibit 10.1

EXECUTION VERSION

SHAREHOLDERS AGREEMENT 
dated as of 
February 28, 2020 
by and among 
ATHENE HOLDING LTD. 
and 
THE APOLLO SHAREHOLDERS

TABLE OF CONTENTS                                 Page
ARTICLE I DEFINITIONS AND USAGE ............................................................. 1
Section 1.1 Definitions ............................................................................................. 1
Section 1.2 Interpretation ......................................................................................... 5

ARTICLE II TRANSFER ........................................................................................ 6
Section 2.1 Generally................................................................................................ 6
Section 2.2 Apollo Lockup ...................................................................................... 6
Section 2.3 Additional Transfer Restrictions............................................................ 6
Section 2.4 Right of First Offer ................................................................................ 6
Section 2.5 Transfers and Joinders ........................................................................... 8
Section 2.6 Binding Effect on Transferees ............................................................... 8
Section 2.7 Improper Transfer .................................................................................. 8
Section 2.8 Certain Transfers ................................................................................... 8

ARTICLE III BOARD REPRESENTATION; INFORMATION ............................. 8
Section 3.1 Apollo Nominees ................................................................................... 8
Section 3.2 Books and Records; Access ................................................................... 9
Section 3.3 Confidentiality ..................................................................................... 10
Section 3.4 Securities Laws .................................................................................... 10

ARTICLE IV CAPITAL SUPPORT FACILITY .................................................... 11
Section 4.1 Capital Support Facility ....................................................................... 11
Section 4.2 Exercise Procedures ............................................................................. 11
Section 4.3 AHL Action .......................................................................................... 12

ARTICLE V APOLLO REPRESENTATIVE ......................................................... 12
Section 5.1 Authority .............................................................................................. 12

ARTICLE VI TERMINATION .............................................................................. 12
Section 6.1 Term ..................................................................................................... 12
Section 6.2 Survival ................................................................................................ 12

ARTICLE VII REPRESENTATIONS AND WARRANTIES ................................ 13
Section 7.1 Representations and Warranties of the Apollo Shareholders ............... 13
Section 7.2 Representations and Warranties of AHL .............................................. 13

ARTICLE VIII MISCELLANEOUS ...................................................................... 13
Section 8.1 Entire Agreement ................................................................................. 13
Section 8.2 Further Assurances ............................................................................... 13
Section 8.3 Notices ................................................................................................. 14
Section 8.4 Governing Law .................................................................................... 15
Section 8.5 Consent to Jurisdiction ........................................................................ 15
Section 8.6 Equitable Remedies ............................................................................. 16
Section 8.7 Construction ......................................................................................... 16

i

TABLE OF CONTENTS
(Continued) Page

Section 8.8 Counterparts ........................................................................................... 16
Section 8.9 Third Party Beneficiaries ....................................................................... 16
Section 8.10 Binding Effect ...................................................................................... 16
Section 8.11 Severability .......................................................................................... 17
Section 8.12 Adjustments Upon Change of Capitalization ...................................... 17
Section 8.13 Amendments; Waivers ......................................................................... 17
Section 8.14 Non-Recourse ...................................................................................... 17

ii

INDEX OF DEFINED TERMS 

	
		
	Term
	Section

	Affiliate   
	1.1

	AGM   
	1.1

	Agreement   
	Preamble

	AHL   
	Preamble

	Apollo Nominee   
	3.1(a)

	Apollo Representative   
	1.1

	Apollo Shareholders   
	Preamble

	beneficial owner   
	1.1

	beneficial ownership   
	1.1

	beneficially own   
	1.1

	Board of Directors   
	1.1

	Business Day   
	1.1

	Class A Shares   
	1.1

	Closing   
	1.1

	Closing Date   
	1.1

	Closing Price   
	1.1

	Competitor   
	1.1

	Confidential Information   
	1.1

	control   
	1.1

	Controlled Affiliate   
	1.1

	Controlled Entity   
	1.1

	Convertible Securities   
	1.1

	Exchange Act   
	1.1

	Exercise Notice   
	4.2

	Exercised ROFO Transaction   
	2.4(c)

	Facility Closing   
	4.2

	Facility Price   
	4.1

	Facility Right   
	4.1

	Facility Shares   
	4.2

	Fall-away Date   
	1.1

	Funds   
	1.1

	Governing Documents   
	1.1

	Governmental Entity   
	1.1

	Hedging Transaction   
	1.1

	Initial ROFO Period   
	2.4(b)(i)

	Law   
	1.1

	Liquidity Agreement   
	1.1

	Lock-Up Period   
	2.2

	Percentage Interest   
	1.1

iii

INDEX OF DEFINED TERMS 
(Continued)

	
		
	Term
	Section

	Permitted Transferee   
	1.1

	Person   
	1.1

	Portfolio Companies   
	1.1

	Proceeding   
	8.5

	Related Party   
	8.14

	ROFO Closing   
	2.4(c)

	ROFO Closing Date   
	2.4(c)

	ROFO Exercise Notice   
	2.4(b)(i)

	ROFO Negotiation Period   
	2.4(b)(i)

	ROFO Notice   
	2.4(a)

	ROFO Offeror   
	2.4(a)

	ROFO Purchaser   
	2.4(a)

	ROFO Transaction   
	2.4(a)

	SEC   
	1.1

	Securities Act   
	1.1

	Selected Court   
	8.5

	Subsidiary   
	1.1

	Transaction Agreement   
	Recitals

	Transfer   
	1.1

	Transferrable   
	1.1

	Transferred   
	1.1

	VWAP   
	1.1

iv

SHAREHOLDERS AGREEMENT
SHAREHOLDERS AGREEMENT (this “Agreement”), dated as of February 28, 2020, by and among Athene Holding Ltd., a Bermuda exempted company (“AHL”) and each Person identified on the signature pages hereto as an Apollo Shareholder (together with any other shareholders of AHL who become party hereto as “Apollo Shareholders” in accordance with this Agreement, the “Apollo Shareholders”).
WHEREAS, in connection with the transactions contemplated by that certain Transaction Agreement, dated as of October 27, 2019, by and among Apollo Global Management, Inc., a Delaware corporation, AHL and the other parties thereto (the “Transaction Agreement”), AHL and the Apollo Shareholders desire to address herein certain relationships among themselves; and
WHEREAS, the parties hereto desire to provide for certain governance rights and other matters on and after the Closing.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I 
DEFINITIONS AND USAGE
Section 1.1    Definitions.  As used in this Agreement, the following terms shall have the following meanings:
“Affiliate” means in the case of a Person, another Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with such Person; provided, that none of AHL and its Subsidiaries will be deemed an Affiliate of any Apollo Shareholder or any of such Apollo Shareholders’ Affiliates for purposes of this Agreement.
As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.
“AGM” Apollo Global Management, Inc., a Delaware corporation.
“Apollo Related Holder Shares” means the number of Class A Shares that AGM can reasonably demonstrate with documentary or other evidence to the reasonable satisfaction of AHL are beneficially owned in the aggregate by the Apollo Shareholders, the controlled Affiliates of AGM and the Persons set forth on Exhibit A (excluding for this purpose any 

Class A Shares to which the Apollo Shareholders have been granted a proxy by an employee of AHL).
“Apollo Representative” means Apollo Management Holdings, L.P. or, subject to receipt of all required regulatory consents, authorizations and approvals (if any), such other Apollo Shareholder selected by the Apollo Shareholders and designated by the Apollo Representative in a written notice to AHL.
“beneficial ownership” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act.  The terms “beneficially own” and “beneficial owner” shall have correlative meanings.
“Board of Directors” means the board of directors of AHL.
“Business Day” means any day other than Saturday, Sunday, any day which shall be a federal legal holiday in the United States or Bermuda or any day on which banking institutions in The State of New York are authorized or required by Law or other governmental action to close.
“Class A Shares” means the Class A common shares, $0.001 par value per share, of AHL.
“Closing” has the meaning given to such term in the Transaction Agreement.
“Closing Date” has the meaning given to such term in the Transaction Agreement.
“Closing Price” means the average of the closing bid and asked prices on such date, as officially reported on the principal national securities exchange on which the Class A Shares are then listed or admitted to trading.
“Competitor” means any Person that is, or is affiliated in any manner with any other Person that is the reasonable good faith judgement of AHL in direct competition with, or controls any Person in direct competition with, AHL; provided that none of AGM or any of its Affiliates shall be deemed a Competitor at any time other than an Affiliate of AGM that is itself a Portfolio Company which may be deemed a Competitor to the extent such Portfolio Company is itself a Competitor pursuant to this definition. 
“Confidential Information” means all non-public information (irrespective of the form of communication, and irrespective of whether obtained prior to or after the date hereof or whether pursuant to this Agreement or otherwise) concerning AHL and its Controlled Affiliates that may be or may have been furnished to any Person by or on behalf of AHL, its Controlled Affiliates or any of their respective representatives, pursuant to or in connection with this Agreement, other than information which (a) becomes generally available to the public other than as a result of a breach of this Agreement or another duty or obligation of confidentiality, (b) becomes available to such Person on a non-confidential basis from a source other than AHL, its Controlled Affiliates or any of their respective 

2

representatives; provided that the source thereof is not known by such Person or its Affiliates or its or their respective representatives to be bound by a duty or obligation of confidentiality, or (c) is independently developed by such Person, its Affiliates or its or their respective representatives without the use of or reference to any information that would otherwise be Confidential Information hereunder.
“Controlled Affiliate” of any Person means any Affiliate that directly or indirectly, through one or more intermediaries, is controlled (as defined in the definition of “Affiliate”) by such Person.
“Controlled Entity” means, as to any Person, (a) any corporation more than fifty percent (50%) of the outstanding voting stock of which is owned by such Person or such Person’s Affiliates, (b) any partnership of which such Person or an Affiliate of such Person is the managing partner (or the general partner if such partnership is a limited partnership) and in which such Person or such Person’s Affiliates hold partnership interests representing at least fifty percent (50%) of such partnership’s capital and profits and (c) any limited liability company of which such Person or an Affiliate of such Person is the manager or managing member and in which such Person or such Person’s Affiliates hold membership interests representing at least fifty percent (50%) of such limited liability company’s capital and profits.
“Convertible Securities” means any stock or securities directly or indirectly convertible into or exercisable or exchangeable for Class A Shares (excluding any unvested options or similar interests that are subject to vesting and any options or other similar interests that are not then exercisable).
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor Law, in each case together with the rules and regulations promulgated thereunder.
“Fall-away Date” means the first date on which (i) the Apollo Related Holder Shares represent less than seven and one-half percent (7.5%) of the total aggregate number of Class A Shares issued and outstanding, or (ii) the Apollo Shareholders have a Percentage Interest of less than five percent (5%).
“Funds” means any separate account, client (other than AHL and its Subsidiaries), investment vehicle or similar entity sponsored, advised or managed, directly or indirectly, by AGM or any of its Subsidiaries.
“Governing Documents” means the legal document(s) by which any Person (other than an individual) establishes its legal existence or which govern its internal affairs. For example, the “Governing Documents” of a corporation are its certificate or articles of incorporation and by-laws, the “Governing Documents” of a limited partnership are its limited partnership agreement and certificate of limited partnership and the “Governing Documents” of a limited liability company are its operating agreement and certificate of formation or articles of organization.

3

“Governmental Entity” means any federal, state, local, municipal or foreign government or subdivision thereof or any other governmental, administrative, judicial, arbitral, legislative, executive, regulatory or self-regulatory authority (including the New York Stock Exchange and FINRA—Financial Industry Regulatory Authority), instrumentality, agency, commission or body.
“Hedging Transaction” means any short sale (whether or not against the box) or any purchase, sale, pledge or grant of any right (including any put or call option) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from the Class A Shares.
“Law” means any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, regulation, order, award, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity.
“Liquidity Agreement” means the Liquidity Agreement, dated as of the date hereof, by and among AGM, AHL and the other parties thereto
“Percentage Interest” means, with respect to any Person and as of any time of determination, a fraction, expressed as a percentage, the numerator of which is the number of Class A Shares held or beneficially owned by such Person, including Class A Shares to which such Person has been granted a valid proxy, as of such date and the denominator of which is the aggregate number of Class A Shares issued and outstanding as of such date.
“Permitted Transferee” means, with respect to any Person, any Controlled Entity or Affiliate of such Person, a Transfer to which such Controlled Entity or Affiliate would not reasonably be expected to result in adverse tax or regulatory consequences to any party hereto, as reasonably determined by AHL in good faith; provided, however, that no Person that is a Competitor shall be a Permitted Transferee for purposes of this Agreement; provided further that such Permitted Transferee has signed a joinder pursuant to Section 2.5.
“Person” means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity.
“Portfolio Companies” means any Person in which any Fund owns or has made, directly or indirectly, an investment.
“SEC” means U.S. Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended, and any successor Law, in each case together with the rules and regulations promulgated thereunder.

4

“Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.
“Transfer” means any direct or indirect sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, charge, encumbrance, hypothecation, mortgage, creation of a security interest in, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of Law (including the creation of any derivative or synthetic interest).  The terms “Transferred” and “Transferrable” have correlative meanings.
“VWAP” means, with respect to any publicly traded equity security, the volume weighted average price of such equity security over a specified period of time as reported by Bloomberg (or its equivalent, nationally recognized successor if Bloomberg ceases to provide such reports).
Section 1.2    Interpretation.  In this Agreement and in the exhibits hereto, except to the extent that the context otherwise requires:
(a)    the headings are for convenience of reference only and shall not affect the interpretation of this Agreement;
(b)    defined terms include the plural as well as the singular and vice versa;
(c)    words importing gender include all genders;
(d)    a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been or may from time to time be amended, extended, re-enacted or consolidated and to all statutory instruments or orders made thereunder;
(e)    any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified, supplemented or restated, including by waiver or consent, and references to all attachments thereto and instruments incorporated therein, but in the case of each of the foregoing, only to the extent that such amendment, modification, supplement, restatement, waiver or consent is effected in accordance with this Agreement;
(f)    any reference to “day” or “month” means a calendar day or a calendar month;
(g)    any reference to a “day” means the whole of such day, being the period of 24 hours running from midnight to midnight;
(h)    references to Articles, Sections, subsections, clauses and Exhibits are references to Articles, Sections, subsections, clauses and Exhibits of and to this Agreement;

5

(i)    the words “including” and “include” and other words of similar import shall be deemed to be followed by the phrase “without limitation”;
(j)    the word “or” shall be disjunctive but not exclusive; and
(k)    unless otherwise specified, references to any party to this Agreement or any other document or agreement shall include such party’s successors and permitted assigns.
ARTICLE II 
TRANSFER
Section 2.1    Generally.  The parties hereto acknowledge and agree that the Class A Shares held by any Apollo Shareholder may not be Transferred to any Person, and no Apollo Shareholder shall have any right to Transfer or otherwise dispose of any Class A Shares, other than (a) after consultation with AHL, and subject to receipt of all required regulatory consents, authorizations and approvals, to a Permitted Transferee; or (b) in accordance with and subject to the terms of this Agreement.
Section 2.2    Apollo Lockup.  For the period beginning on the Closing Date and ending on the three (3) year anniversary of the Closing Date (the “Lock-Up Period”) no Apollo Shareholder shall (a) directly or indirectly, Transfer any Class A Share to any Person other than to a Permitted Transferee as permitted under Section 2.1, or (b) enter into any Hedging Transaction.
Section 2.3    Additional Transfer Restrictions.  From and after the expiration of the Lock-Up Period (or prior to such expiration in connection with a Transfer to a Permitted Transferee pursuant to Section 2.1), no Apollo Shareholder shall directly or indirectly, Transfer any Class A Share to any Person that, (a) is a Competitor or (b) to the knowledge of such Apollo Shareholder, after reasonable inquiry (including, where practicable, obtaining a representation of the ownership of Class A Shares of such proposed transferee), would have a Percentage Interest in excess of two and one half of a percent (2.5%) after giving effect to such Transfer; provided, however, that the restrictions in this Section 2.3 shall not apply to any sale of any Class A Share on a national stock exchange or pursuant to a widely distributed underwritten public offering.
Section 2.4    Right of First Offer. Except for Transfers (x) to a Permitted Transferees pursuant to Section 2.1(a) or (y) that are registered under the Securities Act:
(a)    Right of First Offer.  If, following the Lock-Up Period, any Apollo Shareholder proposes to effect a Transfer (such Person proposing to effect such Transfer, the “ROFO Offeror” and such transaction, a “ROFO Transaction”) of all or any of its Class A Shares to any Person other than a Permitted Transferee (the “ROFO Purchaser”), then the ROFO Offeror shall give prior written notice to AHL of such Transfer (a “ROFO Notice”), 

6

which ROFO Notice shall set forth the aggregate number of Class A Shares proposed to be subject to Transfer by the ROFO Offeror.
(b)    Exercise of ROFO.
(i)    Within five (5) days after the delivery of the ROFO Notice to AHL (the “Initial ROFO Period”), AHL shall have the right and option, but not the obligation, to deliver a written notice offering to purchase the Class A Shares subject to such ROFO Notice (the “ROFO Offer Notice”), which ROFO Offer Notice shall set forth the material terms and conditions of the proposed ROFO Transaction (including (i) the proposed price per Class A Share and the form of consideration, if other than cash and (iii) the proposed terms and conditions of payment). If AHL delivers a ROFO Offer Notice in accordance with this Section 2.4(b) and the ROFO Offeror wishes to accept the offer in such ROFO Offer Notice, AHL and the ROFO Offeror shall negotiate in good faith to enter into definitive documentation with respect to such ROFO Transaction within five (5) days (the “ROFO Negotiation Period”) of the date of the ROFO Offer Notice.  If the ROFO Offer Notice is given to the ROFO Offeror but the ROFO Offeror does not wish to accept the offer in such ROFO Offer Notice or AHL (or its designated Affiliate(s)) and the ROFO Offeror fail to enter into definitive documentation with respect to the ROFO Transaction prior to the expiration of the ROFO Negotiation Period, the ROFO Offeror shall be permitted to enter into and consummate a ROFO Transaction with one or more transferees on terms and conditions substantially similar to (and in no event more favorable to the transferee than) the terms and conditions set forth in the ROFO Offer Notice, so long as the ROFO Offeror has complied with the other provisions of this Agreement.
(ii)    If a ROFO Notice is given to AHL, and during the Initial ROFO Period, AHL does not deliver a ROFO Offer Notice in accordance with this Section 2.4(b), the ROFO Offeror shall be free, upon the expiration of the Initial ROFO Period, to enter into and consummate a ROFO Transaction with one or more transferees, so long as the ROFO Offeror has complied with the other provisions of this Agreement.
(iii)    If, at the end of the ninety (90) day period following the end of the ROFO Negotiation Period (or, if no ROFO Offer Notice was delivered by AHL pursuant to this Section 2.4, the end of the Initial ROFO Period) with respect to a ROFO Notice delivered to AHL pursuant to this Section 2.4 that did not result in a transaction being consummated between AHL and the ROFO Offeror, the ROFO Offeror has not consummated the applicable ROFO Transaction, then such ROFO Transaction shall be deemed to have been abandoned and may only be completed if the procedures set forth in this Section 2.4 are followed again with respect to such ROFO Transaction.
(c)    ROFO Transaction Closing.  The closing (a “ROFO Closing”) of any Transfer by the ROFO Offeror to AHL or its designated Affiliates under this Section 2.4 (any such Transfer, an “Exercised ROFO Transaction”) shall take place on such date as is set forth in the definitive transaction agreement entered into between, on the one hand, the ROFO Offeror, and, on the other hand, AHL or such Affiliates (with respect to a particular Exercised ROFO Transaction under this Section 2.4, such date, the “ROFO Closing Date”).  

7

At the ROFO Closing, (i) AHL or such Affiliates shall pay or cause to be paid to the ROFO Offeror the applicable purchase price in cash in immediately available funds (or other consideration as may be agreed by AHL or such Affiliate(s), on the one hand, and the ROFO Offeror, on the other hand) and (ii) (x) the ROFO Offeror shall Transfer the Class A Shares sold pursuant to such Exercised ROFO Transaction to AHL or such Affiliates and (y) the ROFO Offeror shall cease to hold the Class A Shares sold pursuant to such Exercised ROFO Transaction.
Section 2.5    Transfers and Joinders.  If any Apollo Shareholder effects any Transfer of Class A Shares to a Permitted Transferee, such Apollo Shareholder shall, if such Permitted Transferee is not an Apollo Shareholder, prior to or concurrently with such Transfer, cause such Permitted Transferee to execute a joinder to this Agreement, in form and substance reasonably acceptable to AHL, in which such Permitted Transferee agrees to be an “Apollo Shareholder” for all purposes of this Agreement and which provides that such Permitted Transferee shall be bound by and shall fully comply with the terms of this Agreement that are applicable to Apollo Shareholders.  Notwithstanding the foregoing or anything herein to the contrary, such Apollo Shareholder shall not be relieved of any obligation or liability hereunder arising prior to the consummation of such Transfer.
Section 2.6    Binding Effect on Transferees.  Subject to execution of a joinder to this Agreement prior to or concurrently with the applicable Transfer, in form and substance reasonably acceptable to AHL pursuant to Section 2.5, such Permitted Transferee shall become an Apollo Shareholder hereunder.
Section 2.7    Improper Transfer.  Any attempt to Transfer any Class A Shares other than in accordance with this Agreement shall be null and void and no right, title or interest in or to such Class A Shares shall be Transferred to the purported transferee, buyer, donee, assignee or encumbrance holder in connection with any attempted Transfer.  AHL will not give, or permit its transfer agent to give, any effect to any such attempted Transfer on its records. 
Section 2.8    Certain Transfers.  Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall prohibit, restrict or impose any conditions on any Transfer of Class A Shares by any Fund or Portfolio Company, except to the extent that such Class A Shares were Transferred to such Fund or Portfolio Company by an Apollo Shareholder after the date hereof.
ARTICLE III 
BOARD REPRESENTATION; INFORMATION
Section 3.1    Apollo Nominees.
(a)    Until the Fall-away Date, AHL shall take all necessary actions so as to cause to be nominated for election to the Board of Directors at each annual or special general meeting at which the shareholders will vote on the election of directors, a number of individuals nominated by the Apollo Shareholders (which shall act for such purposes 

8

through the Apollo Representative) who meet all legal and regulatory requirements necessary to serve on the Board of Directors equal to (x) the Percentage Interest of the Apollo Shareholders multiplied by the total number of directorships comprising the Board of Directors (i.e., for the avoidance of doubt, including any vacancies and newly created directorships) and rounded up to the nearest whole number (for sake of clarity, the result of this calculation shall not equal less than zero and any number that is not a whole number shall be rounded to the next highest whole number) (each such Person nominated pursuant to this Section 3.1, an “Apollo Nominee”), minus (y) the number of Apollo Nominees then serving on classes of the Board of Directors whose terms are not expiring at such annual or special general meeting. Notwithstanding the foregoing, the number of Apollo Nominees shall not equal or exceed a majority of the individuals nominated to serve on the Board of Directors unless the Percentage Interest of the Apollo Shareholders is greater than fifty percent (50%).  For purposes of the nomination right set forth in this Section 3.1, the employees of or consultants to AGM and its Affiliates who are on the Board of Directors as of the date hereof (other than the Chief Executive Officer of the Company) shall be deemed to be Apollo Nominees.
(b)    Prior to the Fall-away Date, if any Apollo Nominee should resign from the Board of Directors or be rendered unable to serve on the Board of Directors by reason of death or disability or otherwise, then the Apollo Shareholders (which shall act for such purposes through the Apollo Representative) shall be entitled to nominate a replacement meeting all legal and regulatory requirements necessary to serve on the Board of Directors and AHL shall use commercially reasonable efforts to cause the Board of Directors to cause such vacancy to be filled with such replacement Apollo Nominee; provided, that for the avoidance of doubt, the Apollo Shareholders shall not have the right to nominate a new Apollo Nominee, and AHL shall not be required to take any action to cause any vacancy to be filled with any such new Apollo Nominee, to the extent that election of such new Apollo Nominee to the Board of Directors would result in a number of Apollo Nominees serving on the Board of Directors being in excess of the number of Apollo Nominees to which the Apollo Shareholders is then entitled pursuant to Section 3.1(a). Any such nominated replacement who becomes a member of the Board of Directors shall be deemed to be an Apollo Nominee for all purposes under this Agreement.
(c)    AHL shall (i) use commercially reasonable efforts to cause the Board of Directors to recommend to AHL shareholders to vote in favor of the election of each Apollo Nominee, (ii) use commercially reasonable efforts to solicit proxies or consents in favor of the Apollo Nominees to the same or greater extent as it does so in favor of the other persons nominated or recommended by the Board of Directors (or a committee thereof), and (iii) reasonably cooperate with the Apollo Shareholders with respect to the Apollo Shareholders’ desired classification of the Apollo Nominees across the various classes of the Board of Directors.
(d)    The Apollo Shareholders’ right to nominate the Apollo Nominees is personal to the Apollo Shareholders and shall not be Transferrable to any other Person.

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Section 3.2    Books and Records; Access.  Without derogating from any rights the Apollo Shareholders have under any other agreement or otherwise, until the Fall-away Date, AHL shall, and shall cause its Subsidiaries to, permit the Apollo Shareholders and their respective designated representatives, upon reasonable prior notice to AHL: (a) to inspect, review or make copies and extracts during normal business hours from the books and records of AHL or any of such Subsidiaries and (b) once during any fiscal quarter to discuss the affairs, finances and condition of AHL or any of such Subsidiaries with the officers and public accountants of AHL or any such Subsidiary.  Notwithstanding the foregoing or anything in this Agreement to the contrary, AHL shall not be required to provide such portions of any materials pursuant to this Section 3.2 containing attorney-client, work product or similar privileged information of AHL or any of their respective Subsidiaries or other information required by AHL or any of its Subsidiaries to be kept confidential pursuant to and in accordance with the terms of any confidentiality agreement with a third Person or applicable Law, so long as AHL has used its commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Apollo Shareholders without the loss of any such privilege or without violating such confidentiality obligation. If the Apollo Shareholders exercise their rights pursuant to this Section 3.2, it shall be at the sole cost and expense of the Apollo Shareholders.  
Section 3.3    Confidentiality.  Each Apollo Shareholder shall, and shall cause the Apollo Nominees to, keep confidential all Confidential Information; provided, that such Apollo Shareholder may, subject to and in compliance with applicable securities Laws, provide Confidential Information to any of its Affiliates or representatives to the extent reasonably necessary (and to the extent such Person reasonably needs to know such information) in connection with such Apollo Shareholder’s investment in AHL; provided, however, that such Apollo Shareholder shall cause any such recipient to agree to comply, and to comply, with the provisions of this Section 3.3, as well as Section 3.4, which are applicable to such Apollo Shareholder, it being understood that such Apollo Shareholder shall be responsible for any breach of the provisions hereof by such recipient. Notwithstanding the foregoing, such Apollo Shareholder, and any director, officer or employee of such Apollo Shareholder who receives Confidential Information (or any other Person who receives Confidential Information from such Apollo Shareholder in accordance with the terms of this Agreement) may disclose any such Confidential Information to the extent required by applicable Law; provided that, to the extent practicable and legally permissible, the disclosing party (a) gives AHL reasonable notice of any such requirement so that AHL may seek appropriate protective measures (at AHL’s sole cost and expense) and (b) to the extent requested in writing by AHL, reasonably cooperates with AHL (at AHL’s sole cost and expense) in attempting to obtain such protective measures.
Section 3.4    Securities Laws.  Each Apollo Shareholder acknowledges that it is aware, and will advise any of its Affiliates who receive Confidential Information pursuant to Section 3.1, Section 3.2 or otherwise, that applicable securities Laws prohibit any Person who has received material, non-public information from purchasing or selling securities on the basis of such information or from communicating such information to any other Person unless in compliance with such Laws.

10

ARTICLE IV 
CAPITAL SUPPORT FACILITY
Section 4.1    Capital Support Facility. AHL hereby grants the Apollo Representative, or its designees as set out below, a right (the “Facility Right”), exercisable on one or more occasions, to purchase up to that number of Class A Shares that would increase by five (5) percentage points the percentage of the issued and outstanding Class A Shares represented by the Conditional Right Parties Shares (as defined in the Transaction Agreement) (including in the denominator the maximum number of Class A Shares issuable upon conversion of all outstanding Convertible Securities and the Class A Shares issued pursuant to the Facility Right) as further described in this Section 4.1, for a purchase price equal to the higher of the Closing Price of the Class A Shares on the last trading day immediately prior to the applicable exercise of the Facility Right and (a) for the first year after the Closing, $42.92, and (b) thereafter, the 60 calendar day trailing VWAP of such Class A Shares as of the applicable exercise date of the Facility Right (the “Facility Price”). The Apollo Representative shall have the right to exercise the Facility Right at any time following the Closing.  The Facility Right may be exercised in whole or in part, and on one or more occasion but, except to the extent that the exercise of a lesser percentage would result in the Facility Right being exercised in whole, each exercise will increase by no less than one (1) percentage point the percentage of the issued and outstanding Class A Shares as of such date of exercise represented by the Conditional Right Parties Shares (including in the denominator the maximum number of Class A Shares issuable upon conversion of all outstanding Convertible Securities and the Class A Shares issued pursuant to such exercise of the Facility Right). For illustrative purposes, if the Apollo Representative exercises the Facility Right to increase by one (1) percentage point the percentage of the issued and outstanding Class A Shares as of such date of exercise represented by the Conditional Right Parties Shares (including in the denominator the maximum number of Class A Shares issuable upon conversion of all outstanding Convertible Securities and the Class A Shares issued pursuant to such exercise of the Facility Right), then the Apollo Representative will continue to have the right to, at a later date, increase by four (4) percentage points the percentage of the issued and outstanding Class A Shares as of such later date of exercise represented by the Conditional Right Parties Shares (including in the denominator the maximum number of Class A Shares issuable upon conversion of all outstanding Convertible Securities and the Class A Shares issued pursuant to such later exercise of the Facility Right).
Section 4.2    Exercise Procedures. To exercise the Facility Right, the Apollo Representative shall deliver a written notice of such exercise (the “Exercise Notice”) to AHL. The Exercise Notice shall indicate the number of Class A Shares or percentage of Class A Shares as of such date of exercise (including in the denominator the maximum number of Class A Shares issuable upon conversion of all outstanding Convertible Securities and the Class A Shares issued pursuant to such exercise of the Facility Right) that the Apollo Representative, or its designees as set out below, is purchasing pursuant to the Facility Right (the “Facility Shares”). As promptly as reasonably practicable, but not less than five (5) Business Days following the delivery of an Exercise Notice to AHL (provided that such period shall be tolled to the extent necessary to obtain all required regulatory consents, 

11

authorizations and approvals, including those implicated for any Affiliates), AHL and the Apollo Representative shall effect the closing of the purchase indicated by the Exercise Notice (the “Facility Closing”).  At the Facility Closing, (a) the Apollo Representative shall pay or cause to be paid to AHL, by wire transfer to an account designated in writing to the Apollo Representative by AHL for such purpose, an amount in U.S. dollars that is equal to the aggregate Facility Price in respect of the number of Facility Shares indicated by the Exercise Notice, and (b) AHL shall issue the Facility Shares indicated in the Exercise Notice to the Apollo Representative or one (1) or more Affiliates of the Apollo Representative designated by the Apollo Representative.
Section 4.3    AHL Action. AHL will use commercially reasonable efforts in accordance with applicable Law (including the rules of the New York Stock Exchange) to cause the Facility Closing to occur.
ARTICLE V 
APOLLO REPRESENTATIVE
Section 5.1    Authority. The Apollo Representative shall have the right to vote the Class A Shares beneficially owned by each Apollo Shareholder, including Class A Shares to which an Apollo Shareholder has been granted a valid proxy, at any meeting of AHL’s shareholders and in any action by written consent of AHL’s shareholders. All decisions, actions, consents and instructions of the Apollo Representative pursuant to this Agreement shall be final and binding upon all of the Apollo Shareholders, and no such Person shall have any right to object, dissent, protest or otherwise contest the same. The Apollo Shareholders shall be bound by all actions taken and documents executed by the Apollo Representative in connection with this Agreement. 

ARTICLE VI 
TERMINATION
Section 6.1    Term.  The terms of this Agreement shall terminate, and be of no further force and effect, upon the first to occur of:
(a)    the mutual consent of the Apollo Representative and AHL; and
(b)    with respect to any Apollo Shareholder, the first time such Apollo Shareholder has Transferred all (but not less than all) of its Class A Shares.
Section 6.2    Survival.  If this Agreement is terminated pursuant to Section 6.1, this Agreement shall become null and void and of no further force and effect, except for:  (i) the provisions set forth in Section 3.3, this Section 6.2, Section 8.4, Section 8.5, Section 8.9 and Section 8.14 and (ii) the rights of the Apollo Shareholders with respect to the breach of any provision hereof by AHL, which shall, in each case of the preceding clauses (i) and (ii), survive the termination of this Agreement.

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ARTICLE VII 
REPRESENTATIONS AND WARRANTIES
Section 7.1    Representations and Warranties of the Apollo Shareholders.  Each Apollo Shareholder represents and warrants to AHL as of the date hereof that (a) such Apollo Shareholder is duly authorized to execute, deliver and perform this Agreement; (b) this Agreement has been duly executed by such Apollo Shareholder and is a valid and binding agreement of such Apollo Shareholder, enforceable against such Apollo Shareholder in accordance with its terms; and (c) the execution, delivery and performance by such Apollo Shareholder of this Agreement does not violate or conflict with or result in a breach of or constitute (or with notice or lapse of time or both would constitute) a default under any agreement to which such Apollo Shareholder is a party or, if such Apollo Shareholder is an entity, the Governing Documents of such Apollo Shareholder.
Section 7.2    Representations and Warranties of AHL.  AHL represents and warrants to each Apollo Shareholder that as of the date hereof (a) AHL is duly authorized to execute, deliver and perform this Agreement; (b) this Agreement has been duly authorized, executed and delivered by AHL and is a valid and binding agreement of AHL, enforceable against AHL in accordance with its terms; and (c) the execution, delivery and performance by AHL of this Agreement does not violate or conflict with or result in a breach by AHL of or constitute (or with notice or lapse of time or both would constitute) a default by AHL under the Governing Documents of AHL, any existing applicable Law, judgment, order, or decree of any Governmental Entity exercising any statutory or regulatory authority over any of the foregoing, domestic or foreign, having jurisdiction over AHL or any of its Subsidiaries or Controlled Affiliates or any of their respective properties or assets, or any agreement or instrument to which AHL or any of its Subsidiaries or Controlled Affiliates is a party or by which AHL or any of its Subsidiaries or Controlled Affiliates or any of its or their respective properties or assets may be bound.
 
ARTICLE VIII 
MISCELLANEOUS
Section 8.1    Entire Agreement.  This Agreement, the Transaction Agreement and the Liquidity Agreement, together with the other documents contemplated hereby and thereby, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and thereof and fully supersede any and all prior or contemporaneous agreements or understandings among the parties hereto pertaining to the subject matter hereof and thereof.
Section 8.2    Further Assurances.  Each of the parties hereto does hereby covenant and agree on behalf of itself, its successors, and its permitted assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such other actions as may be required 

13

by Law or reasonably necessary to effectively carry out the intent and purposes of this Agreement.
Section 8.3    Notices.  Any notice, consent, payment, demand, or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is directed, (b) sent by overnight mail or registered or certified mail, return receipt requested, postage prepaid, or (c) sent by email, with electronic or written confirmation of receipt, in each case addressed as follows:
		
	(i)
	If to AHL, to:

Athene Holding Ltd. 
Chesney House 
96 Pitts Bay Road 
Pembroke HM 08 
Bermuda 
Attention:    Natasha Scotland Courcy  
E-mail:    NCourcy@Athene.bm
with a copy (which shall not constitute notice) to:
Sidley Austin LLP
One South Dearborn Street
Chicago, IL 60603
Attention:    Perry J. Shwachman
Samir A. Gandhi
Jeremy Watson
Email:    pshwachman@sidley.com
sgandhi@sidley.com
jcwatson@sidley.com

Latham & Watkins LLP 
885 Third Avenue 
New York, NY 10022 
Attention:    A. Peter Harwich
Daniel E. Rees 
Email:    peter.harwich@lw.com
daniel.rees@lw.com

		
	(ii)
	if to any Apollo Shareholder, to:

Apollo Global Management, Inc. 
9 West 57th Street, 43rd Floor 
New York, NY 10019 

14

Attention:    John J. Suydam 
Email:    jsuydam@apollo.com
with a copy (which shall not constitute notice) to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP 
1285 Avenue of the Americas 
New York, NY 10019-6064 
Attention:    John M. Scott 
    Brian P. Finnegan 
    Ross A. Fieldston 
Email:    jscott@paulweiss.com 
    bfinnegan@paulweiss.com 
    rfieldston@paulweiss.com
Any such notice shall be deemed to be delivered, given and received for all purposes as of:  (A) the date so delivered, if delivered personally, (B) upon receipt, if sent by facsimile or e-mail, or (C) on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed.
Section 8.4    Governing Law.  ALL ISSUES AND QUESTIONS CONCERNING THE APPLICATION, CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF BERMUDA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF BERMUDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN BERMUDA.
Section 8.5    Consent to Jurisdiction.  With respect to any suit, action or proceeding (“Proceeding”) arising out of or relating to this Agreement or any transaction contemplated hereby each of the parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction of the Supreme Court of Bermuda (the “Selected Court”) and waives any objection to venue being laid in the Selected Court whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding other than before the Selected Court; provided, however, that a party may commence any Proceeding in a court other than the Selected Court solely for the purpose of enforcing an order or judgment issued by the Selected Court; (b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the applicable party hereto at its address set forth in Section 8.3; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by Law; and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS 

15

PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER AMONG THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.
Section 8.6    Equitable Remedies.  The parties hereto agree that irreparable damage may occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached.  It is accordingly agreed that the parties hereto shall be entitled to seek an injunction or injunctions and other equitable remedies to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at Law or in equity.  Any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto.  Each party hereto further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy at Law would be adequate.
Section 8.7    Construction.  This Agreement shall be construed as if all parties hereto prepared this Agreement.
Section 8.8    Counterparts.  This Agreement may be executed in any number of counterparts, and each such counterpart shall for all purposes be deemed an original, and all such counterparts shall together constitute but one and the same agreement.
Section 8.9    Third Party Beneficiaries.  Nothing in this Agreement, express or implied, is intended or shall be construed to give any Person other than the parties hereto (or their respective legal representatives, successors, heirs and distributees) any legal or equitable right, remedy or claim under or in respect of any agreement or provision contained herein, it being the intention of the parties hereto that this Agreement is for the sole and exclusive benefit of such parties (or such legal representatives, successors, heirs and distributees) and for the benefit of no other Person; provided, that the Related Parties of the parties hereto and the Related Parties of the Related Parties of the parties hereto shall be express third party beneficiaries of Section 8.14.
Section 8.10    Binding Effect.  Except as otherwise provided herein, all the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto.  No party may assign any of its rights hereunder to any Person; provided, that the Apollo 

16

Shareholders may assign their rights hereunder to their respective Permitted Transferees.  Each Permitted Transferee of any Apollo Shareholder shall be subject to all of the terms of this Agreement, and by taking and holding such shares such Person shall be entitled to receive the benefits of and be conclusively deemed to have agreed to be bound by and to comply with all of the terms and provisions of this Agreement.  Notwithstanding the foregoing, no successor or assignee of AHL shall have any rights granted under this Agreement until such Person shall acknowledge its rights and obligations hereunder by a signed written statement of such Person’s acceptance of such rights and obligations.
Section 8.11    Severability.  In the event that any provision of this Agreement as applied to any party or to any circumstance, shall be adjudged by a court to be void, unenforceable or inoperative as a matter of Law, then the same shall in no way affect any other provision in this Agreement, the application of such provision in any other circumstance or with respect to any other party, or the validity or enforceability of the Agreement as a whole.
Section 8.12    Adjustments Upon Change of Capitalization.  In the event of any change in the outstanding Class A Shares, by reason of dividends, distributions, splits, reverse splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of shares and the like, the term “Class A Shares” shall refer to and include the securities received or resulting therefrom, but only to the extent such securities are received in exchange for or in respect of Class A Shares.
Section 8.13    Amendments; Waivers.
(a)    No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the case of an amendment, by the Apollo Representative and AHL, or in the case of a waiver, by either the Apollo Representative if such waiver is to be effective against the Apollo Shareholders, AHL, if such waiver is to be effective against AHL.
(b)    No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law.
Section 8.14    Non-Recourse.  Notwithstanding anything that may be expressed or implied in this Agreement, by its acceptance of this Agreement, each party hereto covenants, acknowledges and agrees that no Person other than the parties hereto shall have any obligation hereunder and that (a) notwithstanding that any of the parties hereto may be a partnership or limited liability company, no recourse hereunder or under any documents or instruments delivered in connection herewith shall be had against any former, current or future, direct or indirect director, manager, officer, employee, agent, financing source or Affiliate of any of the parties hereto, any former, current or future, direct or indirect holder of any equity interests or securities of any of the parties hereto (whether such holder is a 

17

limited or general partner, manager, member, stockholder, securityholder or otherwise), any former, current or future assignee of any of the parties hereto, any former, current or future director, officer, employee, agent, financing source, general or limited partner, manager, management company, member, stockholder, securityholder, Affiliate, controlling Person or representative or assignee of any of the foregoing, or any former, current or future heir, executor, administrator, trustee, successor or assign of any of the foregoing other than the parties hereto or their respective successors or assignees under the this Agreement (any such Person or entity, other than the parties hereto or their respective successors or assignees under this Agreement, a “Related Party”) or any Related Party of the Related Parties of the parties hereto whether by the enforcement of any judgment or assessment or by any legal or equitable Proceeding, or by virtue of any applicable Law; and (b) no personal liability whatsoever will attach to, be imposed on or otherwise incurred by any Related Party of any party hereto or any Related Party of such party’s Related Parties under this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of, or by reason of such obligations hereunder or by their creation.
[Signature pages follow.]

18

IN WITNESS WHEREOF, the parties hereto have caused this Shareholders Agreement to be duly executed and delivered, all as of the date first set forth above.
AHL 
 
ATHENE HOLDING LTD.
		
	By:
	    /s/ Adam Laing     
Name:    Adam Laing 
Title:    SVP Finance

[Signature Page to Shareholders Agreement]

APOLLO SHAREHOLDERS 
 
APH I HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings I, L.P., its sole member

By: Apollo Principal Holdings I GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

 
APH II HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings II, L.P., its sole member

By: Apollo Principal Holdings II GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

[Signature Page to Shareholders Agreement]

APH III HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings III, L.P., its sole member

By: Apollo Principal Holdings III GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

APH IV HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings IV, L.P., its sole member

By: Apollo Principal Holdings IV GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

APH V HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings V, L.P., its sole member

By: Apollo Principal Holdings V GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

[Signature Page to Shareholders Agreement]

APH VI HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings VI, L.P., its sole member

By: Apollo Principal Holdings VI GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

APH VII HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings VII, L.P., its sole member

By: Apollo Principal Holdings VII GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

[Signature Page to Shareholders Agreement]

APH VIII HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings VIII, L.P., its sole member

By: Apollo Principal Holdings VIII GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

APH IX HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings IX, L.P., its sole member

By: Apollo Principal Holdings IX GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

 
APH X HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings X, L.P., its sole member

By: Apollo Principal Holdings X GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

[Signature Page to Shareholders Agreement]

APH XII HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings XII, L.P., its sole member

By: Apollo Principal Holdings XII GP, LLC, its general partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

AMH HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	AMH Holdings (Cayman), L.P., its sole member

		
	By:
	AMH Holdings GP, Ltd., its general partner

By: AGM Management Holdings GP, LLC, sole director
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

[Signature Page to Shareholders Agreement]

APH XI HOLDINGS - WEDNESDAY SUB (CAYMAN), LLC
		
	By:
	Apollo Principal Holdings XI, LLC, its sole member

		
	By: 
	/s/ William B. Kuesel     

		
	
Name:
	William Kuesel 
Title:    Manager

APOLLO PRINCIPAL HOLDINGS VIII, L.P.
By: Apollo Principal Holdings VIII GP, Ltd., its General Partner
		
	By: 
	/s/ John J. Suydam     

		
	
Name:
	John J. Suydam 
Title:    Vice President and Secretary

[Signature Page to Shareholders Agreement]

Exhibit A 
 
Apollo Related Holders
Each member of the AGM Executive Committee, each member of the AGM Management Committee, each Apollo Nominee and each employee of or consultant to AGM and the Controlled Affiliates of AGM.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]