Document:

Annual Incentive Plan

 EXHIBIT 10.11 
 EVERCORE PARTNERS INC. 
 2006 ANNUAL INCENTIVE PLAN 
  

	1.	Purpose of the Plan 

 The purpose of the Plan is to
enable the Company and its Affiliates to attract, retain, motivate and reward executive officers and key employees by providing them with the opportunity to earn competitive compensation directly linked to the Company’s performance. 

 

	2.	Definitions 

 The following capitalized terms used
in the Plan have the respective meanings set forth in this Section: 
  

	 	(a)	“Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor thereto. 

  

	 	(b)	“Affiliate” shall mean, with respect to a specified Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by,
or is under common Control with, such specified Person. “Beneficial Owner” shall mean a “beneficial owner”, as such term is defined in Rule 13d-3 under the Act (or any successor rule thereto). 

  

	 	(c)	“Board” shall mean the Board of Directors of the Company. 

  

	 	(d)	“Change in Control” The occurrence of any of the following: (1) the sale, lease, transfer, conveyance or other disposition in one or a series of related transactions,
of all or substantially all of the assets of the General Partner or the Partnership to any Person if any Person or affiliated group of Persons (other than the General Partner, a Founding Limited Partner or any of their respective Affiliates) will
be, immediately following the consummation of such transaction or transactions, the beneficial owner, directly or indirectly, of more than 50% of the then outstanding securities or voting securities of such Person; (2) the dissolution of the
General Partner or the Partnership (other than by way of merger, consolidation or a reorganization transaction); (3) the consummation of any transaction (including, without limitation, any merger, consolidation or a reorganization transaction)
the result of which is that any Person or affiliated group of Persons (other than the General Partner, a Founding Limited Partner or any of their respective Affiliates) becomes the beneficial owner, directly or indirectly, of more than 50% of the
then outstanding Partnership Units and/or more than 50% of the voting power of the General Partner’s voting securities; or (4) the consummation of any transaction subject to Rule 13e-3 under the Exchange Act. 

  

	 	(e)	“Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor thereto. 

	 	(f)	“Committee” shall mean the Compensation Committee of the Board. 

  

	 	(g)	“Company” shall mean Evercore Partners Inc., a Delaware corporation. 

  

	 	(h)	“Control” (including the terms “Controlled by” and “under common Control with”) shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly or indirectly, of
securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 

  

	 	(i)	“Covered Employee” shall have the meaning set forth in Section 162(m) of the Code. 

  

	 	(j)	“Disability” or “Disabled” shall have the meaning set forth in Section 409A of the Code. 

  

	 	(k)	“Equity Plan” shall mean the 2006 Evercore Partners Inc. Stock Incentive Plan, as the same shall be amended from time to time. 

  

	 	(l)	“Founding Limited Partner” shall mean each of Mr. Roger C. Altman, Mr. Austin M. Beutner and Mr. Pedro Aspe. 

  

	 	(m)	“General Partner” shall mean the Company or any successor general partner admitted to the Partnership in accordance with the terms of the Partnership Agreement.

  

	 	(n)	“Participant” shall mean each executive officer of the Company and other key employee of the Company or an Affiliate whom the Committee designates as a participant under
the Plan. 

  

	 	(o)	“Partnership” shall mean Evercore LP, an Alberta limited partnership. 

  

	 	(p)	“Partnership Agreement” shall mean the Amended and Restated Limited Partnership Agreement of Evercore LP, dated on or about the date of the initial public offering of the
Class A common stock of Evercore Partners Inc., a corporation formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as identified therein), as amended from time to time. 

  

	 	(q)	“Performance Period” shall mean each fiscal year or multi-year cycle as determined by the Committee. 

  

	 	(r)	“Person” shall mean any individual, corporation, partnership, limited partnership, limited liability company, limited company, joint venture, trust, unincorporated or
governmental organization or any agency or political subdivision thereof. 

  

	 	(s)	“Plan” shall mean the Evercore Partners Inc. 2006 Annual Incentive Plan, as may be amended from time to time. 

  

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	 	(t)	“Share” shall mean a share of Class A common stock of the Company. 

  

	 	(u)	“Subsidiary” shall mean a subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section thereto). 

  

	3.	Administration 

 (a) The Plan shall be administered
and interpreted by the Committee; provided, however, that the Board may, in its sole discretion, take any action designated to the Committee under this Plan as it may deem necessary; provided that, to the extent Section 162(m) of the Code is
applicable to the Company and the Plan, in no event shall the Plan be administered or interpreted in a manner which would cause any award intended to be qualified as performance-based compensation under Section 162(m) of the Code to fail to so
qualify. The Committee shall establish the performance objectives for any Performance Period in accordance with Section 4 and certify whether and to what extent such performance objectives have been obtained. Any determination made by the
Committee under the Plan shall be final and conclusive. 
 (b) The Committee may employ such legal counsel, consultants and agents (including
counsel or agents who are employees of the Company or an Affiliate) as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant or agent and any computation received from
such consultant or agent. All expenses incurred in the administration of the Plan, including, without limitation, for the engagement of any counsel, consultant or agent, shall be paid by the Company. 
 (c) No member or former member of the Board or the Committee shall be liable for any act, omission, interpretation, construction or determination made in
connection with the Plan other than as a result of such individual’s willful misconduct. The Committee may delegate its authority under this Plan; provided that, to the extent Section 162(m) of the Code is applicable to the Company and the
Plan, the Committee shall in no event delegate its authority with respect to the compensation of the Chief Executive Officer of the Company, the four most highly compensated executive officers (as determined under Section 162(m) of the Code and
regulations thereunder) of the Company or any other individual whose compensation the Board or Committee reasonably believes may become subject to Section 162(m) of the Code. 
  

	4.	Bonuses 

  

	 	(a)	 Performance Criteria. No later than 90 days after each Performance Period begins (or such other date as may be required or permitted under
Section 162(m) of the Code to the extent applicable to the Company and the Plan), the Committee shall establish the performance objective or objectives that must be satisfied in order for a Participant to receive a bonus for each such
Performance Period. Notwithstanding the foregoing, with respect to the Performance Period during which the Effective Date (as defined in Section 6(a)) occurs, the Committee shall establish the performance objective or objectives that must be
satisfied in order for a Participant to receive a bonus for such Performance Period by no later than 60 days after the Effective Date. Any such performance objectives will be based 

  

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upon the relative or comparative achievement of one or more of the following criteria, as determined by the Committee: (i) consolidated earnings before
or after taxes (including earnings before interest, taxes, depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per Share; (v) book value per Share; (vi) return on shareholders’ equity;
(vii) expense management; (viii) return on investment; (ix) improvements in capital structure; (x) profitability of an identifiable business unit or product; (xi) maintenance or improvement of profit margins;
(xii) stock price; (xiii) market share; (xiv) revenues or sales; (xv) costs; (xvi) cash flow; (xvii) working capital; (xviii) return on assets; (xix) assets under management; and (xx) total return. The
foregoing criteria may relate to the Company, one or more of its Subsidiaries or one or more of its divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group
companies or indices, or any combination thereof, all as the Committee shall determine. 

  

	 	(b)	Target Incentive Bonuses. No later than 90 days after each Performance Period begins (or such other date as may be required or permitted under Section 162(m) of the Code
to the extent applicable to the Company and the Plan), the Committee shall establish target incentive bonuses for each individual Participant. Notwithstanding the foregoing, with respect to the Performance Period during which the Effective Date
occurs, the Committee shall, to the extent not already established, establish target incentive bonuses for each individual Participant by no later than 60 days after the Effective Date. 

  

	 	(c)	Maximum Amount Payable. As soon as practicable after the Performance Period ends but in no event later than the date that is 75 days after the end of the tax year in respect
of which the applicable bonuses are payable, the Committee shall determine (i) whether and to what extent any of the performance objectives established for the relevant Performance Period under Section 4(a) have been satisfied and
(ii) for each Participant who is employed by the Company or one of its Affiliates on the last day of the Performance Period for which the bonus is payable, the actual bonus to which such Participant shall be entitled, taking into consideration
the extent to which the performance objectives have been met and such other factors as the Committee may deem appropriate. Any provision of this Plan notwithstanding, in no event shall any Participant receive a bonus under this Plan in respect of
any fiscal year of the Company in excess of $10 million. 

  

	 	(d)	Negative Discretion. Notwithstanding anything else contained in Section 4(c) to the contrary, the Committee shall have the right, in its absolute discretion, (i) to
reduce or eliminate the amount otherwise payable to any Participant under Section 4(c) based on individual performance or any other factors that the Committee, in its discretion, shall deem appropriate and (ii) to establish rules or
procedures that have the effect of limiting the amount payable to each Participant to an amount that is less than the maximum amount otherwise authorized under Section 4(c). 

  

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	 	(e)	Death or Disability. If a Participant dies or becomes Disabled prior to the last day of the Performance Period for which the bonus is payable, such Participant may receive an
annual bonus equal to the bonus otherwise payable to such Participant based upon actual Company performance for the applicable Performance Period or, if determined by the Committee, based upon achieving targeted performance objectives, multiplied by
a fraction, the numerator of which is the number of days that have elapsed during the Performance Period in which the Participant’s death or Disability occurs prior to and including the date of the Participant’s death or Disability and the
denominator of which is the total number of days in the Performance Period or such other amount as the Committee may deem appropriate. 

  

	 	(f)	Other Termination of Employment. Unless otherwise determined by the Committee and except as may otherwise be provided in Section 4(e) above, no bonuses shall be payable
under this Plan to any Participant whose employment terminates prior to the last day of the Performance Period. 

  

	 	(g)	Change in Control. In the event of a Change in Control, the Board (as constituted immediately prior to the Change in Control) shall, in its sole discretion, determine whether
and to what extent the performance criteria have been met or shall be deemed to have been met for the year in which the Change in Control occurs. 

  

	5.	Payment 

  

	 	(a)	In General. Except as otherwise provided hereunder, payment of any bonus amount determined under Section 4 shall be made to each Participant as soon as practicable
within the calendar year in which after the Committee certifies that one or more of the applicable performance objectives have been attained or, in the case of any bonus payable under the provisions of Section 4(d), after the Committee
determines the amount of any such bonus; provided, however, that in any event all payments made hereunder shall be in accordance with the requirements of Section 409A of the Code and the rules and regulations promulgated
thereunder (“Section 409A of the Code”). 

  

	 	(b)	Form of Payment. All bonuses payable under this Plan are payable in cash, unless the Committee elects to make payment of such bonuses in Shares or Share-based awards in which
case such Shares or Share-based awards shall be issued pursuant to the Equity Plan. 

  

	6.	General Provisions 

  

	 	(a)	Effectiveness of the Plan. The Plan shall become effective on the date on which it is adopted by the Board (the “Effective Date”), subject to the approval of
the shareholders of the Company. The Plan shall expire on the tenth anniversary of the Effective Date. 

  

	 	(b)	Compliance with Section 162(m) of the Code. Notwithstanding anything set forth in this Plan to the contrary, until such time as the Company is no longer within the

  

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	 	    	“reliance period” (as such term is defined in Treasury Regulation 1.162-27(f)(2)) (the “Reliance Period”), the Board or the Committee may, but is not
required, to administer and maintain this Plan, and grant target incentive bonuses, and pay bonuses, under this Plan, to those employees who are Covered Employees in compliance with the provisions of Section 162(m) of the Code, as the same
would apply upon expiration of the Reliance Period. 

  

	 	(c)	Amendment and Termination. The Board or the Committee may at any time amend, suspend, discontinue or terminate the Plan; provided, however, that no such amendment,
suspension, discontinuance or termination shall adversely affect the rights of any Participant in respect of any calendar year which has already commenced and, to the extent Section 162(m) of the Code is applicable to the Company and the Plan,
no such action shall be effective without approval by the shareholders of the Company to the extent necessary to continue to qualify the amounts payable hereunder to Covered Employees as under Section 162(m) of the Code, if such amounts are
otherwise intended by the Committee to be so qualified. 

  

	 	(d)	Designation of Beneficiary. Each Participant may designate a beneficiary or beneficiaries (which beneficiary may be an entity other than a natural Person) to receive any
payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the consent of any such beneficiary. Any such designation, change or cancellation must be made in a form approved by
the Committee and shall not be effective until received by the Committee. If no beneficiary has been named, or the designated beneficiary or beneficiaries shall have predeceased the Participant, the beneficiary shall be the Participant’s spouse
or, if no spouse survives the Participant, the Participant’s estate. If a Participant designates more than one beneficiary, the rights of such beneficiaries shall be payable in equal shares, unless the Participant has designated otherwise.

  

	 	(e)	No Right to Continued Employment or Awards. Nothing in this Plan shall be construed as conferring upon any Participant any right to continue in the employment of the Company
or any of its Affiliates. No Participant shall have any claim to be granted any award, and there is no obligation for uniformity of treatment of Participants or beneficiaries. The terms and conditions of awards and the Committee’s
determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not the Participants are similarly situated). 

  

	 	(f)	No Limitation on Corporate Actions. Nothing contained in the Plan shall be construed to prevent the Company or any Affiliate from taking any corporate action which is deemed
by it to be appropriate or in its best interest, whether or not such action would have an adverse effect on any awards made under the Plan. No employee, beneficiary or other person shall have any claim against the Company or any Affiliate as a
result of any such action. 

  

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	 	(g)	Nonalienation of Benefits. Except as expressly provided herein, no Participant or beneficiary shall have the power or right to transfer, anticipate, or otherwise encumber the
Participant’s interest under the Plan. The Company’s obligations under this Plan are not assignable or transferable except to (i) a corporation which acquires all or substantially all of the Company’s assets or (ii) any
corporation into which the Company may be merged or consolidated. The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s beneficiaries, heirs, executors, administrators or successors in interest.

  

	 	(h)	Withholding. A Participant may be required to pay to the Company or any Affiliate and the Company or any Affiliate shall have the right and is hereby authorized to withhold
from any payment due under this Plan or from any compensation or other amount owing to the Participant, applicable withholding taxes with respect to any payment under this Plan and to take such action as may be necessary in the opinion of the
Company to satisfy all obligations for the payment of such withholding taxes. 

  

	 	(i)	Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such unenforceable
provision and shall be applied as though the unenforceable provision were not contained in the Plan. 

  

	 	(j)	Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws. 

 

	 	(k)	Headings. Headings are inserted in this Plan for convenience of reference only and are to be ignored in a construction of the provisions of the Plan.

  

 7Employment Agreement  between Registrant and Adam B. Frankel

 EXHIBIT 10.12 
 EVERCORE GROUP HOLDINGS L.P. 
 July 18,
2006                                        

 Adam Frankel, Esq. 
 69 Harding Road 
 Old Greenwich, CT 06870 
 Dear Adam: 
 On behalf of Evercore Group Holdings L.P. (“EGHLP”) and its affiliates (collectively, “Evercore”), I am pleased to present to you this
letter agreement, which sets forth the terms and conditions of your employment. 
  

	1.	Position: 

 You shall serve as a Senior
Managing Director and General Counsel of Evercore and you shall have such specific duties, responsibilities and authorities consistent with your position, as shall be determined by the co-Chief Executive Officers of Evercore (currently Roger Altman
and Austin Beutner) (our “CEOs”), to whom you will report. While a Senior Managing Director, you shall work in Evercore’s principal executive offices in New York City, New York, subject to travel in the course of performing your
duties for Evercore. You agree to devote substantially all of your business time and use your best reasonable efforts in the performance of your duties hereunder and, during your employment hereunder, you agree not to engage in any other business,
profession or occupation for compensation without the prior written consent of at least one of our CEOs. Notwithstanding anything herein to the contrary, you shall not be prohibited from (i) engaging in charitable, educational and non-profit
activities, including serving on the boards of such entities, to the extent such activities are approved in advance by at least one of our CEOs, (ii) from managing your personal and/or family investments and affairs, so long as such management
does not interfere with the performance of your duties hereunder or (iii) serving on the board of directors of Picis, Inc., unless your resignation from such board is reasonably requested by one of our CEOs. 
  

	2.	Cash Compensation: 

 With respect to
compensation for your employment with Evercore, you will receive the following compensation and benefits, from which Evercore shall be entitled to withhold any amounts required by applicable law: 
 (a) Until the second anniversary of your commencement of your employment (“Start Date”), Evercore shall pay you a base salary
(“Base Salary”) at the rate that shall not be less than $500,000 per annum. Such Base Salary shall be payable in accordance with the normal payroll practices of Evercore. Additionally, Evercore shall pay you a guaranteed annual minimum
bonus for the remainder of calendar year 2006 and for calendar 2007 of $200,000, payable at such time as annual bonuses are paid in accordance with normal Evercore practice and subject to your continued employment with Evercore through such payment
date. 

 (b) After the second anniversary of your Start Date and all calendar years thereafter,
your annual cash compensation will be payable in a manner that is commensurate with your position with Evercore, as determined by the CEOs on an annual basis; provided, however, that in no event will your annual cash compensation opportunity (which
shall be comprised of a fixed Base Salary amount and a variable annual bonus amount that will be based on corporate and individual performance factors) (your “Annual Cash Opportunity”) be less favorable than the level of such opportunity
provided to other similarly situated corporate headquarter executives of Evercore (“Corporate Executives”) on an annual basis. Your Annual Cash Opportunity may be payable in any form in accordance with the terms of the Evercore Partners
Inc. 2006 Annual Incentive Plan. 
  

	3.	Termination of Employment: 

 (a) If
(i) prior to the date which is 30 months after your Start Date or (ii) at any time after the occurrence of a change in control of Evercore (as such term is defined in the Partnership Agreements, a “Change in Control”), your
employment is terminated either by Evercore without Cause (as such term is defined below) or by you for Good Reason (as such term is defined below), you shall be entitled to (x) continued payment of your Base Salary (as in effect immediately
prior to such termination) for twenty-four (24) months following such termination, payable in accordance with the normal payroll practices of Evercore, (y) an amount equal to $200,000 if such termination occurs prior to January 1,
2007 and thereafter, the average of the annual cash bonuses you received (and, solely for purposes of this calculation, if such termination occurs prior to the date you would have received, but for such termination, an annual cash bonus in respect
of the fiscal year of Evercore (“Fiscal Year”) ending immediately prior to the date of such termination, then you shall be deemed to have received such bonus) in respect of the two Fiscal Years (or, if such termination occurs prior to the
first two Fiscal Years ending after you commence employment with Evercore, one Fiscal Year) occurring prior to the Fiscal Year in which such termination occurs (such average annual cash bonus amount, the “Average Bonus Amount”), payable at
the same time that annual bonuses are normally payable to Corporate Executives for the Fiscal Year in which such termination occurs, and (z) continued coverage for you, your spouse and your dependents under our medical plans in effect for
Corporate Executives for the twenty-four (24) calendar months following such termination, subject to payment by you of the same premiums you would have paid during such period of coverage if you had remained an active employee of Evercore.

 (b) Any payments and benefits provided for in Section 3(a) above shall be conditioned upon and subject to your duty to mitigate and
seek reasonably comparable new employment, and any income derived from such mitigating employment shall be offset against the Base Salary and Average Bonus Amount payments provided for therein; provided, however, that (i) the obligations
included in this sentence shall not apply during the Restricted Period (as defined in the Employee Agreement (as defined below)) or at any time on or after the occurrence of a Change in Control and (ii) you shall have no obligation to seek
employment for a position that is inferior in title, responsibility or compensation than your position with Evercore or seek employment outside of the area that comprises a 50-mile radius of your current principal residence at the address stated at
the beginning of this letter agreement. 
  

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 (c) In addition to the provisions of Section 3(a), upon any termination of your employment by you
without Good Reason (other than due to your death), subject to your satisfying your applicable obligations under the Employee Agreement, during the Restricted Period, the Company shall (x) continue to pay you your Base Salary (as in effect
immediately prior to such termination), payable in accordance with the normal payroll practices of Evercore, and (y) continue to provide coverage for you, your spouse and your dependents under our medical plans in effect for Corporate
Executives, subject to payment by you of the same premiums you would have paid during such period of coverage if you had remained an active employee of Evercore during such time. 
 (d) For purposes herein, “Good Reason” shall mean (i) a material diminution in or adverse alteration to your title or duties as set forth
in Section 1 hereof, (ii) a reduction in your Annual Cash Opportunity from that in effect for the Fiscal Year preceding the Fiscal Year in which such reduction occurs, excluding any reduction that affects all Corporate Executives equally
and is part of a company-wide reduction in annual cash compensation, (iii) the relocation of your principal office with Evercore to a location outside of the area that comprises a 50-mile radius from your current principal residence at the
address stated at the beginning of this letter agreement, (iv) the failure of Evercore to comply with any material terms of this letter agreement or (v) the requirement by Evercore that you report to someone other than the CEOs, or, in the
event that one of the CEOs’ employment terminates, that CEO’s successor, or other senior executive who holds a title of President or Chief Operating Officer of Evercore, and who in any such case (x) performs such duties and
responsibilities, and has the opportunity to earn annual cash compensation, that in each such case is at a level substantially similar to that of the remaining CEO and (y) reports directly to the board of directors of Evercore. 
 (e) For purposes hereof, “Cause” shall mean the occurrence or existence of any of the following: (i) the failure of you to comply with any
material terms of this Agreement, provided you do not cure said conduct or breach (to the extent curable) within ten (10) business days after either of the CEOs provides you with written notice of said conduct or breach; (ii) the
conviction of, or plea of guilty or nolo contendere by you in respect of, any felony; (iii) the perpetration by you of fraud against Evercore; (iv) the willful and continued failure by you to substantially perform your duties with Evercore
on a full-time basis (other than any such failure resulting from your death or Disability), provided that an act, or a failure to act, on your part shall be deemed “willful” only if done, or omitted to be done, by you not in good faith or
without a reasonable belief that your action or omission was in or not opposed to the best interests of Evercore; and provided further that you do not cure said conduct or breach (to the extent curable) within ten (10) business days after
either of the CEOs provides you with written notice of said conduct or breach; and (v) any willful misconduct by you that could reasonably have, or could reasonably be expected to have, an adverse effect in any material respect on Evercore.

 (f) In the event of any termination of your employment for any reason, in addition to any other amounts to which you may be entitled under
this section, you (or your estate or legal representative, as the case may be) shall be entitled to any unpaid Base Salary accrued through the date of such termination, and any employee benefits that you may be entitled to receive under our employee
benefit plans. All payments provided for in this Section 3 are subject to withholding by Evercore for any amounts required by law. 
  

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	4.	Other Terms of Employment: 

 While you are
employed with Evercore, you will be eligible to participate in Evercore welfare, pension and other employee benefit plans or programs that are generally made available to other Senior Managing Directors of Evercore. 
 Your employment with Evercore is for an unspecified duration and constitutes “at-will” employment, and this employment relationship may be
terminated at any time, with or without good cause or for any or no cause, at your or Evercore’s option, with or without notice without further obligation of either party hereunder, except as otherwise provided herein; provided that you
will be obligated to give Evercore 30 days advance written notice of any voluntary resignation of your employment. Upon your termination of employment with Evercore for any reason, you agree to resign, as of the date of such termination and to the
extent applicable, from any board of directors or committees of Evercore or its affiliates on which you serve and any board, committees or other organizations on which you serve in a representative capacity of Evercore or its affiliates. 

Evercore shall reimburse you for all reasonable business-related expenses you incur in connection with the performance of your duties in accordance
with its policies. 
 Evercore agrees to indemnify and hold you and your heirs harmless, and advance any costs and expenses to you or your
heirs in connection with any defense of a claim requiring such indemnification, in any such case to the maximum extent provided in the by law. 
 As a condition of your employment, you agree to sign the EGHLP partnership agreement, the documentation relating to the IPO executed by Evercore’s existing Senior Managing Directors and Evercore’s agreement relating to the
confidentiality of Company information, noncompetition and nonsolicitation covenants and intellectual property, a copy of which is attached hereto as Exhibit A (the “Employee Agreement”), concurrently with your execution of this
letter agreement. Your admission as a limited partner of EGHLP will be effective as of the commencement of your employment. The Employee Agreement will become effective upon the closing of the IPO. 
 All notices or communications hereunder shall be in writing, addressed: (i) to Evercore at its principal corporate headquarters, to the attention of
Mr. Roger Altman and Mr. Austin Beutner, Co-Chief Executive Officers of Evercore, or their successors, and (ii) to you at the most recent residential address contained within the personnel records of Evercore (or to such other address
as such party may designate in a notice duly delivered as described below). Any such notice or communication shall be delivered by telecopy, by hand or by courier (provided written confirmation of receipt is obtained) or sent certified or registered
mail, return receipt requested, postage prepaid, addressed as above, and in the case of delivery other than by hand, the third business day after the actual date of mailing shall constitute the time at which notice was given. 
 Except as otherwise provided in the Employee Agreement, any controversy or claim arising out of or relating to this letter agreement and its Exhibits or
the breach or threatened breach of such agreements or exhibits, that cannot be resolved by you and Evercore, including any dispute as to the calculation of any payments hereunder, shall be submitted to final and binding arbitration in the Borough of
Manhattan, New York City, in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Judgment upon any 
  

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 such award shall be entered into any court of competent jurisdiction. Each party shall be responsible for its own costs
and expenses; provided, however, that Evercore will pay all of your legal and accounting fees incurred in connection with you (or your estate) enforcing any rights under this letter agreement, including its Exhibits, or in defending against any
challenge to such rights, only in the event that you substantially prevail in any such arbitration. 
 EGHLP represents and warrants that
(i) it is fully authorized to enter into this letter agreement, including its Exhibits, and to perform its obligations under it, (ii) the execution, delivery and performance of this letter agreement, including its Exhibits, by Evercore
does not violate any applicable regulation, order, judgment or decree or any agreement, plan or corporate governance document of Evercore or any agreement among holders of its shares or the units of Evercore L.P. and (iii) upon the execution
and delivery of this letter agreement, including its Exhibits, by Evercore and you, this letter agreement, including its Exhibits, shall be a valid and binding obligation of Evercore, enforceable in accordance with its terms, except to the extent
enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 
 This letter agreement and its Exhibits shall be construed, interpreted and governed in accordance with the laws of New York, without reference to principles of conflicts of law. 
 This letter agreement (together with its Exhibits, including your executed Employee Agreement, and the applicable Partnership Agreements) supersedes any
and all prior representations and agreements, whether written or oral regarding the subject matter hereof (unless otherwise explicitly provided in this Agreement) and contains the entire understanding of the parties with respect to your employment
with Evercore and there are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter contained herein other than those expressly set forth herein. In all events, there shall
be no contractual or similar restrictions on your right to terminate your employment with Evercore or on your post-employment activities, other than restrictions expressly set forth in this letter agreement, the Employee Agreement, and the
Partnership Agreements, as applicable. This letter agreement may not be altered, modified or amended, except by written instrument signed by the parties hereto and may be executed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. The failure of a party to insist upon strict adherence to any term of this letter agreement on any occasion shall not be considered a waiver of such party’s rights or
deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this letter agreement. Any waiver of any provision of this letter agreement and its Exhibits shall only be effective if such waiver is in a
writing that expressly identifies the provision whose control is being waived and is signed by the party against whom it is being enforced. 
 In the event of any conflict between any provision of this letter agreement and any provision of any plan, policy, program of, or other agreement with, Evercore (excluding any Partnership Agreement), the provision of this letter agreement
shall govern. In the event of any conflict between any provision of this letter agreement and any provision of any applicable Partnership Agreement, the provision of the Partnership Agreement shall govern. 
 This letter agreement and its Exhibits shall be binding upon and inure to your benefit and that of Evercore and our respective successors, heirs (in your
case) and assigns. Your rights and obligations under this letter agreement and its Exhibits shall not be assignable by you (other than 
  

 5 

 by will, operation of law or as otherwise permitted herein, in Exhibit A or pursuant to any applicable plan,
policy, program or arrangement of, or other agreement with, Evercore) but may be assigned by Evercore to an entity which is a successor in interest to substantially all of the assets of Evercore, provided such entity assumes the liabilities,
obligations and duties of Evercore under this letter agreement and its Exhibits. Once executed by Evercore, this letter agreement shall be irrevocable by Evercore from the date first written above, provided that you execute and deliver this letter
agreement within 7 days of such date. 
 The parties hereto recognize that certain provisions of this letter agreement may be affected by
Section 409A of the Internal Revenue Code. The parties agree to negotiate in good faith to amend this letter agreement or to take such other actions as may be necessary or advisable to comply with Section 409A. 
 [Signatures on next page.] 
  

 6 

 If the foregoing terms and conditions are acceptable and agreed to by you, please sign on the line
provided below to signify such acceptance and agreement and return the executed copy to the undersigned. 
  

			
	EVERCORE GROUP HOLDINGS L.P.
	
	By: Evercore Group Holdings L.L.C., its general partner
		
	  
 By:
	 	  
 /S/    AUSTIN M.
BEUTNER

	Name:	 	Austin M. Beutner
	Title:	 	Managing Member

 Accepted and Agreed this 18th day of July, 2006. 
  

	
	  
 /S/    ADAM
FRANKEL

	 Adam Frankel, Esq.

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