Document:

Employment Agreement with Barry Giarraputo

 Exhibit 10.17 

 

 

 June 30, 2010 
 Personal and Confidential 
 Barry Giarraputo 

[Address on File with Company] 
 Dear Barry:

 We are pleased to confirm the following terms in connection with your continued employment at Apollo Global Management LLC
(together with its affiliated investment management companies, the “Company”). This employment letter amends and restates you earlier letter agreement with the Company dated December 21, 2007 (“2007 Employment Letter”).
Unless otherwise defined herein, capitalized terms shall have the meaning set forth at the end of this letter agreement. 
  

	•	 	 Title, Role & Reporting. You will continue to serve as Controller and Chief Accounting Officer of Apollo Global Management, L.L.C.
(“the Company”) and Chief Financial Officer of AP Alternative Assets, L.P. and Apollo Management Holdings, L.P., and each of its subsidiaries. You will report to the Chief Financial Officer of the Company. You will be responsible
for all corporate accounting functions for the Company. Fund accounting controllers and CFOs will report directly to the Company’s CFO. 

  

	•	 	 Annual Base Salary. You will continue to be entitled to an annual base salary (“Base Salary”) at the rate of $700,000 which
Base Salary shall accrue day to day and be paid in accordance with the Company’s normal payroll practices applicable to similarly situated employees. 

 

	•	 	 Annual Bonus. You will be eligible to receive an annual bonus payment (“Bonus”) in an amount to be determined by the Company at
its discretion. For services performed in 2010, your guaranteed Bonus will be $1,500,000 (the “2010 Bonus”). The 2010 Bonus, as well as subsequent bonuses, will be paid in accordance with the Company’s Incentive Program (as
defined below) and shall be paid when bonuses are generally paid to other similarly situated employees, provided you have not resigned or signed an offer to be employed elsewhere on the payment date. Notwithstanding the foregoing, with respect to
your 2010 Bonus no more than 15% of your 20 10 total compensation shall be paid pursuant to the Company’s Incentive Plan. Should you resign for other than Good Reason prior to the earlier of (i) the completion of the December 31,2010
Audit (the “Audit”) and; (ii) March 31,2011 (provided that you have worked diligently and in good faith to complete the Audit by such date), you agree to return to the Company an amount equal to the cash portion of the
2010 bonus. 

  

	•	 	 2011 Bonus. At year end 2010, the Company agrees to discuss with you your bonus target for services to be performed by you in calendar year
2011. Your 2011 Bonus and all future bonuses will be discretionary and may be greater or less than prior bonuses depending on your performance and the performance of the Company. 

 

	•	 	 Incentive Program. A portion of your total compensation for services performed each year will be payable, to the same extent as applicable to
similarly situated employees of the Company generally, as determined by the Company prior to the start of such year. Presently, it is anticipated that the percentage of your total compensation that will be deferred is as follows:

  

					
		 	10% of compensation to $500,000
		 	20% of compensation from $500,001 to $1,000,000

 

 

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		 	 25% of compensation from $1,000,001 to $2,000,000

		 	30% of compensation in excess of $2,000,001

 The Company reserves the right to change the foregoing schedule at any time to the extent permitted under Section 409A of the U.S. Tax Code. Any amounts payable under the Incentive Program will be
subject to payment in the form of equity of Apollo Global Management, LLC or an affiliate and shall vest in 3 equal annual installments commencing on the last day of the year following the year in which the services were performed, which vesting
shall be contingent on your continued service as an employee on each vesting date except as set forth below. All amounts that vest shall be paid within the short-term deferral period provided under U.S. Treas. Reg. §1.409A-1(b)(4). 

 

	•	 	 Notice Entitlement. The Company may terminate your employment with or without Cause. The period of notice that we will give you to terminate
your employment without Cause is 90 days. The Company may terminate your employment for Cause without notice. You agree to give the Company 90 days notice should you decide to leave the Company for any reason. We reserve the right to require you to
not be in the Company’s offices and/or not to undertake all or any of your duties and/or not to contact Company clients, colleagues or advisors (unless otherwise instructed) during all or part of any period of notice of your termination of
service. During any such period, you remain a service provider to the Company with all duties of fidelity and confidentiality to the Company and subject to all terms and conditions of your employment and should not be employed or engaged in any
other business. 

  

	•	 	 Payment in lieu of notice. Subject to the “Compliance” section below, we reserve the right to pay you in lieu of notice on a
termination without Cause, or resignation by you. Other than the Company’s right to pay you in lieu of notice on a termination without Cause and as specifically set forth below in the Sections entitled “Interim Severance” and
“Termination Upon Death or Disability” you shall not be entitled to any additional payments, including, without limitation, payment of any Bonus upon your separation of employment with the Company for any reason.

  

	•	 	 Interim Severance. Provided that you execute a separation agreement and general release of claims for the benefit of the Company and its
affiliates and related persons in a form reasonably requested by the Company and such release becomes effective and irrevocable prior to the 90th day following the termination date, you shall be entitled to severance in the following circumstances
and in the following amounts: 

 I. If your employment is terminated by the Company without
Cause (and other than due to your death or Disability) prior to December 31, 2012 or you resign your employment prior to December 31, 2012 due to the fact that the Company replaces Gene Donnelly as its Chief Financial Officer and does not
offer you the position (“Constructive Termination”), on the 90th day following your termination date the Company shall pay you severance in a lump sum in an amount equal to the total Base Salary and the cash portion of the Bonus that you received in the fiscal year
immediately prior to the termination date. In addition, any unvested restricted share units (“RSUs”) covering Class A shares of Apollo Global Management, LLC under the Apollo Global Management, LLC 2007 Omnibus Equity Incentive
Plan that you received for services performed in 2010, if any, shall automatically vest as of your termination date. 
 2. If you resign your employment for any reason other than for Constructive Termination, including Good Reason, effective during the period following the completion of the Audit and September 30,
2011 (the “Option Period”), on the 90th
day following your termination date the Company shall pay you in a lump sum an amount equal to a pro rata portion of the compensation that you received in connection with the 2010 Bonus (in the same proportion of cash and RSUs). In addition, any
RSUs issued as part of your pro rata 2010 bonus shall be fully vested and any other previously issued RSUs that are unvested as of the termination date shall continue to vest in the same manner as they would have vested if your employment terminated
I year after the termination date. 

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 3.
If you resign your employment for Good Reason at any time following the expiration of the Option Period, on the 901 day following your termination date the Company will pay you in a lump sum an amount equal to the pro rata portion of the cash
component of the Bonus that you received in the year immediately preceding the year in which your employment was terminated. 

Any termination of your employment triggering payment of benefits under this paragraph must constitute a “separation from
service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of the your employment does not constitute a separation of service
under Section 409A(a)(2)(A)(i) of the United States Tax Code (the “Code”) and Treas. Reg. §1A09A-1(h) (as the result of further services that are reasonably anticipated to be provided by you to the Company at the time your
employment terminates), any benefits payable under this paragraph that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service under
Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §lA09A-l(h). For purposes of clarification, this paragraph shall not cause any forfeiture of benefits on your part, but shall only act as a delay until such time as a “separation
from service” occurs. Further, if you are a “specified employee” (as that term is used in Section 409A of the Code and regulations and other guidance issued thereunder) on the date your separation from service becomes effective
and the payment of the amounts described in this paragraph constitute non-qualified deferred compensation, the payment of which would result in penalties under Section 409A of the Code, then such payments shall be delayed until the business day
following the 6-month anniversary of the date your separation from service becomes effective, but only to the extent necessary to avoid such penalties under Section 409A of the Code. On the business day following the 6-month anniversary of the
date your separation from service becomes effective, the Company shall pay you in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have paid you prior to that date under this paragraph. It is
intended that each installment of the payments and benefits provided under this paragraph shall be treated as a separate “payment” for purposes of Section 409A of the Code. Neither the Company nor you shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A of the Code. 
 Your termination of employment other than under the circumstances provided in this Agreement for which severance has been specified shall be deemed circumstances of forfeiture pursuant to which you are
not entitled to compensation as a result of a Separation from Service. The Company may, however, in its sole discretion, waive the forfeiture provisions and pay you compensation on any Separation from Service. 

 

	•	 	 Termination upon Death or Disability. If at any time your employment is terminated due to your death or Disability, 50% of your outstanding and
unvested RSUs at the time of your termination will automatically vest. In addition, if such termination occurs due to your death or Disability prior to the payment date of the 2010 Bonus, you (or your estate) will also receive a pro rata portion of
the cash component of the 2010 Bonus, in a lump sum amount when bonuses are generally paid to similarly situated employees but no later than March 15 of the year following the year in which your employment was so terminated.

  

	•	 	 Benefits. You will continue to be entitled to participate in the various group health, disability and life insurance plans and other employee
programs, including co-investment programs, as generally are offered to similarly situated executive employees from time to time. 

  

	•	 	 Executive Coaching Services. Provided you remain employed by the Company, for a period of 1 year following the date of this letter agreement,
the Company will provide you with an executive coach, the selection of which will be mutually agreed upon between the Company and you. The cost of the executive coach shall be borne solely by the Company. 

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	•	 	 Employment in Good Standing; Compliance. You understand that your continued employment will be subject to, among other things, your continued
employment in good standing which will include your adherence to the Company’s policies and procedures and other applicable compliance manuals, copies of which will be separately made available to you. 

 

	•	 	 Confidentiality. You and the Company will maintain the confidentiality of this letter agreement (and any related understandings, including your
compensation arrangements and amounts) at all times. You will not discuss such matters with any person other than your spouse, accountant, financial and tax advisors or attorney. The Company will not disclose the terms of this letter agreement
except as necessary to administer its terms. Notwithstanding the foregoing, you and the Company may make such disclosure (i) to the extent necessary with respect to any litigation, arbitration or mediation involving this letter agreement,
including, but not limited to, the enforcement of this letter agreement, or (ii) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent
jurisdiction to order you to disclose or make accessible any information. 

  

	•	 	 Restrictive Covenants. Reference is made to Annex A to your 2007 Employment Letter. You are subject to the provisions of Annex A of the 2007
Employment Letter (including, without limitation, with respect to noncom petition, nonsolicitation and confidentiality) as if such provision were reprinted herein. You understand, acknowledge and agree that such restrictive covenants apply to you
going forward. Notwithstanding the foregoing, in the event that you resign your employment at any time during the Option Period, subparagraph (b) of Annex A of the 2007 Employment Letter will be of no further force and effect.

  

	•	 	 Subsequent Engagement. Notwithstanding anything to the contrary contained herein, while you are employed by the Company, prior to accepting (or
entering into a written understanding that provides for your) employment or consulting engagement with any person or entity unrelated to the Company, you will provide (i) written notice to the Company of such offer; your acceptance of any such
offer before seven (7) days have elapsed following such notice shall be treated as a termination by the Company for Cause, and (ii) a copy of the paragraph entitled “No Solicitation or Competition” herein to any such prospective
employer or service recipient, with a copy provided simultaneously to the Company. You shall promptly notify the Company of your acceptance of employment with, or agreement to provide substantial services to, any entity unrelated to the Company for
6 months from and after your employment termination date. 

  

	•	 	 Nondisparagement. You agree that you will not, whether during your employment or thereafter, directly or indirectly, make or ratify any
statement, public or private, oral or written, to any person that disparages, either professionally or personally, the Company or any of its affiliates, past and present, and each of them, as well as its and their trustees, directors, officers,
members, managers, partners, agents, attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them. The senior officers of the Company agree that they will not, directly or indirectly,
make or ratify any statement, public or private, oral or written, to any person that disparages you. 

  

	•	 	 Remedies; Severability. Because your services are unique and you have had and will have access during the course of your employment to
Confidential Information, money damages would be an inadequate remedy for any breach of the foregoing confidentiality, solicitation and competition provisions (the “Protective Covenants”). Therefore, in the event of a breach or
threatened breach of any provision of a Protective Covenant, the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor at law or in equity, (a) apply to any court of competent jurisdiction
for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security) and/or (b) cease any continuation of benefits to you otherwise called
for by this letter agreement. If any provision of this letter agreement shall be held invalid, illegal or unenforceable in any jurisdiction for any reason, 

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including, without limitation, the duration of such provision, its geographical scope or the extent of the activities prohibited or required by it, then, to the fullest extent permitted by law,
(a) all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intent of the parties hereto as nearly as may be possible, (b) such invalidity,
illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision hereof, and (c) any court or arbitrator having jurisdiction thereover shall have the power to reform such provision to the extent
necessary for such provision to be enforceable under applicable law. You hereby acknowledge and agree with the Company that (x) each of the Protective Covenants is an entirely separate, severable and independent covenant and restriction on you;
(y) the duration, extent and application of each of the Protective Covenants is no greater than is necessary for the protection of the goodwill and trade connections of the business of the Company; and (z) in the event that any restriction
on you contained in the Protective Covenants shall be found void but would be valid if some part thereof were deleted such restrictions shall apply with any such deletion as may be necessary to make it valid and effective.

  

	•	 	 Choice of Law; Forum; Waiver of Jury Trial. This letter agreement shall be governed by and construed in accordance with the laws of the State of
New York (without regard to any conflicts of laws principles thereof that would give effect to the laws of another jurisdiction), and the parties submit to the exclusive jurisdiction of the federal and state courts of New York, New York (Borough of
Manhattan) in relation to any dispute arising in connection herewith. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, YOU HEREBY WAIVE, AND COVENANT THAT YOU WILL NOT ASSERT (WHETHER AS 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 LETTER OR ANY MATTERS CONTEMPLATED HEREBY, WHETHER NOW OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREE THAT ANY OF
THE COMPANY OR ANY OF ITS AFFILIATES OR YOU MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS AFFILIATES, ON THE ONE HAND, AND YOU, ON THE OTHER HAND,
IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN SUCH PARTIES RELATING TO YOUR EMPLOYMENT OR THIS LETTER AGREEMENT, AND THAT ANY SUCH PROCEEDING WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A
JUDGE SITTING WITHOUT A JURY. 

  

	•	 	 Miscellaneous. This letter agreement may not be modified, amended or waived unless in a writing signed by the undersigned parties. Any notice
required hereunder shall be made in writing, as applicable, to the Company in care of the general counsel at his principal office location, with a copy to the Global Head of Human Resources at her principal office location, or to you at your
principal office location or home address most recently on file with the Company, such notice to be deemed effective on the earlier of receipt or two days after it is issued. This letter agreement may not be assigned by the parties other than as
expressly provided herein. This letter agreement may be executed through the use of separate signature pages or in any number of counterparts, with the same effect as if the parties executing such counterparts had executed one counterpart.

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 The
effectiveness of these terms is subject to your execution and return of this letter agreement on or before June 30, 2010. Except to the extent explicitly otherwise provided, this letter constitutes the entire agreement between the parties in
relation to its subject matter and supersedes any previous agreement or understanding between the parties relating thereto (except with respect to Annex A of the 2007 Employment Letter), and you confirm that in signing this letter you have not
relied on any warranty, representation, assurance or promise of any kind whatsoever other than as are expressly set out in this letter. 
  

	
	Sincerely,
	
	 /s/ Lisa Barse Bernstein

	Lisa Barse Bernstein
	 Global Head of Human Resources

  

	
	Agreed and Accepted:
	
	 /s/ Barry Giarraputo

	Barry Giarraputo
	
	Date: June 30, 2010

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Additional Definitions 
 “Cause” means a termination of your employment, based upon a finding by the Company, acting in good faith, after the occurrence of any of the following: (a) you are convicted or
charged with a criminal offense; (b) your intentional violation of law in connection with any transaction involving the purchase, sale, loan or other disposition of, or the rendering of investment advice with respect to, any security, futures
or forward contract, insurance contract, debt instrument, financial instrument or currency; (c) your dishonesty, bad faith, gross negligence, willful misconduct, fraud or willful or reckless disregard of duties in connection with the
performance of any services on behalf of the Company or any of its affiliates or your engagement in conduct which is injurious to the Company, monetarily or otherwise; (d) your intentional failure to comply with any reasonable directive by a
supervisor in connection with the performance of any services on behalf of the Company; (e) your intentional breach of any material provision of this document or any other agreements of the Company or any of its affiliates; (f) your
material violation of any written policies adopted by the Company or its affiliates governing the conduct of persons performing services on behalf of the Company or such affiliate or your non-adherence to the Company’s policies and procedures
or other applicable Company compliance manuals; (g) the taking of or omission to take any action that has caused or substantially contributed to a material deterioration in the business or reputation of the Company or any of its affiliates, or
that was otherwise materially disruptive of their business or affairs; provided, however, that the term Cause shall not include for this purpose any mistake of judgment made in good faith with respect to any transaction respecting a
portfolio investment for an account managed by the Company; (h) the failure by you to devote a significant portion of time to performing services as an agent of the Company without the prior written consent of the Company, other than by reason
of death or Disability; (i) the obtaining by you of any material improper personal benefit as a result of a breach by you of any covenant or agreement (including, without limitation, a breach by you of the Company’s code of ethics or a
material breach by you of other written policies furnished to you relating to personal investment transactions or of any covenant, agreement, representation or warranty contained in any limited partnership agreement); or U) your suspension or other
disciplinary action against you by an applicable regulatory authority; provided, however, that if a failure, breach, violation or action or omission described in any of clauses (d) to (g) is capable of being cured, you have
failed to do so after being given notice and a reasonable opportunity to cure. As used in this definition, “material” means “more than de minimis.” 
 “Competitive Business” means a business operating in any jurisdiction in which a Company-affiliated fund or account, the Company, or another Company-affiliated management company, manages
or owns investments, which business manages or invests in assets substantially similar to those an Company-affiliated fund or account, the Company or such management company directly or indirectly manages or invests in and with which you have been
involved (other than de minimis) at any time during the last year of your employment. 
 “Confidential
Information” means information that is not generally known to the public and that is used, developed or obtained by the Company in connection with its business, including, without limitation, information, observations and data obtained by
you while employed by the Company or any of its predecessors (including those obtained prior to the date hereof) concerning the business or affairs of the Company (or such predecessors) or any affiliate thereof, fees, costs and pricing structures,
investment performance, analyses, and new developments, compensation terms, levels, and arrangements, customer, client and investor information, customer, client and investor lists, all technology and trade secrets, investments and potential
investments, and all similar and related information in whatever form. Confidential Information will not include any information previously published in a form generally available to the public. Confidential Information will be deemed published only
if all material features comprising such information have been published in combination. 

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“Disability” means (i) you are not able to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, you are receiving income replacement benefits for a period of not less than 3 months under an accident or health plan covering
employees of the Company. The determination of whether or not a Disability exists for purposes of this letter agreement shall be made by the Company upon receipt and in reliance on competent medical advice from one or more individuals, selected by
the Company, who are qualified to give such professional medical advice. 
 “Good Reason” means (i) the
relocation of your principal place of work to an area 75 miles or more outside of the Metropolitan New York City area; or (ii) a material reduction in your Base Salary.Separation Agreement with Kenneth A. Vecchione

 Exhibit 10.18 

 

 

 February 1, 2010 
 Mr. Kenneth Vecchione 
 [Address on File with Company] 

Dear Ken: 
 This letter will confirm the
following terms in connection with your separation of employment from Apollo Management Holdings, L.P. and its subsidiaries and other relationships with Apollo Management (the “Company”). The Company and you agree that this letter (this
“Agreement”) represents the full and complete agreement concerning your separation from employment with the Company. 
  

	1.	Termination: Unless terminated earlier by the Company pursuant to Paragraph 3 below, your employment with the Company will terminate on the earlier of
(i) March 31, 2010; or (ii) the date on which the Company’s filing of its Form S-1 with the Securities and Exchange Commission (the “S-1 Filing”) is declared effective (the “Termination Date”). Subject to you
fulfilling your obligations under Section 2 below and your execution of a General Release in the form attached as Exhibit A on or about the Termination Date, the Company will pay you the total of $893,000 less $107,812.50 (such amount
representing your base salary that you have received since January 1, 2010), payable as follows: $249,387.50, less applicable withholdings on February 15, 2010 and $178,600 less all applicable withholdings, on, February 26,
2010, March 15, 2010, and March 31, 2010 (collectively, the Separation Payment”), and will continue your participation in its group benefit plans to the extent permitted under plan terms and applicable law and subject to the
terms of those plans and generally applicable Company policies through the Termination Date. 

 You acknowledge and
agree that other than as specifically set forth in this Agreement, on your Termination Date you will not be entitled to any compensation, salary, bonus, severance, or accrued or unused vacation time or vacation. 

 

	2.	Transition Services. Effective January 22, 2010, you will no longer serve as the Company’s Chief Financial Officer and you shall immediately
resign from any other positions and/or offices that you have with the Company. Until the Termination Date, you will assist the Company in transitioning your duties and responsibilities as Chief Financial Officer and will continue to perform and
complete all tasks in a timely manner necessary to assist the Company in completing the S-1 Filing and advising on finalizing its annual budgets, including without limitation, signing all management representation letters in connection with the S-1
Filing and any year end audits, meeting with the Company’s outside auditors, participating in internal meetings and all other tasks that the Company may reasonably request. Until the Termination Date, you will continue to report to Henry
Silverman, the Company’s Chief Operating Officer and/or such other senior executives as the Company may direct. While you will not be required to report to the Company’s offices on a daily basis you acknowledge that you will do so as often
as the Company determines is necessary for you to fully perform your responsibilities hereunder. 

 9
WEST 57TH STREET 
 NEW YORK, NEW
YORK 10019 
 212.315 3200 FAX 212.515.3251 

	3.	Early Termination. The Company shall have the right to terminate your employment prior to the Termination Date (i) in the event that you fail to
satisfy your duties and responsibilities as more fully set forth herein; or (ii) for Cause, as such term is defined in your Offer Letter with the Company dated October 5, 2007 (the “Offer Letter”). In the event that the Company
terminates your employment pursuant to either Paragraph 3(i) or 3(ii) above, the Company will have no obligation to pay you any of the Separation Payment (as such term is defined in Paragraph 3 below) or to pay your legal fees as set forth in
Paragraph 4 below. 

 The Company shall have the right to terminate your employment at any time prior to
March 31, 2010. In the event that the Company elects to do so, the Company shall pay you the difference between $1,000,000 and the amount of cash compensation paid to you by the Company between January 1, 2010 and the Termination Date (the
“Reconciliation Payment”). The Company’s obligation to pay you the Reconciliation Payment shall be conditioned upon your execution of the General Release. 

 

	4.	Legal Expenses: Provided that you fulfill your responsibilities set forth in Paragraph 2 above, the Company shall deliver a check to your counsel payable
to Jonathan Sack, Esq. in the amount of $107,000 within (10) business days following your delivery to the Company of this executed Agreement. The Company shall issue an IRS Form 1099 to both your counsel and to you reflecting the Company’s
payment of your legal fees. 

  

	5.	Employee Benefits: Your employee benefits will terminate as of the Termination Date. Thereafter, you will be eligible to continue your health care
coverage pursuant to the provisions of the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), as amended, and the requirements and limitations thereof. At such time, the Company will provide you with further information regarding
your COBRA Rights. 

  

	6.	Incentive Awards: Pursuant to the terms of the Restricted Share Unit Award Agreements dated November 28, 2007 (the “2007 RSU Award”) and
March 13, 2009 (the “2009 RSU Award”) respectively, between you and Apollo Global Management, LLC (collectively, the “RSU Award Agreements”), your RSUs, as such term is defined in the respective RSU Award Agreements, shall,
except in the event of your termination for Cause, continue to vest at a rate of 25,000 RSUs per quarter through March 31, 2010. In the event that your employment is terminated for Cause, your RSUs shall vest only through the Termination Date.
Upon the RSU Vesting Date (as such term is defined below”), any unvested RSUs shall be immediately be forfeited. Any awards or rights granted to you under the RSU Award Agreements which have vested on, or prior to, the Termination Date shall
subsist in accordance with the terms of the Award Agreements. For the avoidance of doubt, the parties agree that 242,080 of your RSUs have vested as of the date hereof (222,080 RSUs under the 2007 RSU Award and 20,000 under the 2009 RSU Award).

 For the purposes hereof, the “RSU Vesting Date” shall mean March 31, 2010 except in the event
your employment is terminated for Cause in which event the RSU Vesting Date shall be the Termination Date. 
  

	7.	Fund Investments: You have made an investment in Apollo Co-Investors VII (A), L.P. (“Co-Investors VII”) represented by an original capital
commitment of $1,000,000. You hereby acknowledge and agree that you will maintain your obligation to make capital contributions to Co-Investors VII and your unpaid capital commitments shall remain in full force and effect. You further acknowledge
and agree that as of the date hereof your unpaid capital obligation with respect to Co-Investors VII is $772,317. 

  
 2 

 You have made a further investment in Apollo Credit Opportunity Fund I, L.P. (“COF
I”) represented by an original capital commitment of $1,250,000 and Apollo Credit Opportunity Fund II, L.P. (“COF II”, and together with COF I, the “COF Funds”) represented by an original capital commitment of $500,000. You
hereby acknowledge and agree that you will maintain your obligation to make capital contributions to the COF Funds and your unpaid capital commitments shall remain in force and effect. You further acknowledge and agree that as of the date hereof
your unpaid capital obligation to COF I is $385,467 and your unpaid capital obligation to COF II is $155,649. 
 In addition, in
accordance with the terms and conditions of the limited partnership agreements of Apollo Credit Opportunity Advisors I, L.P. (“COF Advisors I”), Apollo Credit Opportunity Advisors II, L.P. (“COF Advisors II”) and Apollo Credit
Liquidity Advisors, L.P. (“Credit Liquidity Advisors”), each as amended or restated to date and the other documents entered into by you in connection therewith as of the Termination Date, you shall forfeit all of your points in each of COF
Advisors I, COF Advisors II and Credit Liquidity Advisors, and thereafter shall have not entitlement to any of the forfeited points or any other rights with respect thereto, including, without limitation, any associated distributions with respect
thereto. 
  

	8.	Prior Agreement: You acknowledge and agree that the Offer Letter is of no further force and effect and that neither party shall have any further rights or
obligations pursuant to the Offer Letter other than those paragraphs entitled “Confidentiality,” “No Solicitation or Competition” and “Nondisparagement,” each of which specifically survive. 

 

	9.	Release By You: In consideration of the payments and benefits set forth in this Agreement, you voluntarily, knowingly and willingly release and forever
discharge the Company, its subsidiaries, affiliates and parents, together with each of those entities’ respective officers, directors, shareholders, employees, agents, fiduciaries and administrators (collectively, the “Releasees”)
from any and all claims and rights of any nature whatsoever which you now have or in the future may have against them. This release includes, but is not limited to, any rights or claims relating in any way to your employment relationship with the
Company or any of the other Releasees or the termination thereof, the Offer Letter, the RSU Award Agreements, or any other contract claims (express or implied, written or oral), or any rights or claims under any statute, including, without
limitation, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act, the Rehabilitation Act of 1973 (including Section 504 thereof), Title VII of the 1964 Civil Rights Act,
the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Civil Rights Act of 1991, the Equal Pay Act, the National Labor Relations Act, the Worker Adjustment and Retraining Notification Act, the New York State Human Rights Law, the New York City
Human Rights Law, and the Employee Retirement Income Security Act of 1974, all as amended, and any other federal, state or local law. This release specifically includes, but is not limited to, any claims based upon the right to the payment of wages,
bonuses, vacation, pension benefits, 401(k) Plan benefits, stock benefits or any other employee benefits, or any other rights arising under federal, state or local laws prohibiting discrimination and/or harassment on the basis of race, color, age,
religion, sexual orientation, religious creed, sex, national origin, ancestry, alienage, citizenship, nationality, mental or physical disability, denial of family and medical care leave, medical condition (including cancer and genetic
characteristics), marital status, military status, gender identity, harassment or any other basis prohibited by law. 

  
 3 

	10.	Release By the Company: The Company on behalf of itself and the other Releasees, in consideration of your promises and your release, hereby
voluntarily, knowingly and willingly releases and forever discharges you from any and all claims and rights of any nature whatsoever which the Releasees now have or in the future may have against you relating to acts or omissions occurring up to the
date you execute this Agreement, other than claims based on willful misconduct, fraud or gross neglect and claims brought by third parties or arising under or preserved by this Agreement. 

 

	11.	No Claims Filed: As a condition of the Company entering into this Agreement, you further represent that you have not filed against the Company or any of
the other Releasees, any complaints or lawsuits with any court prior to the date hereof. You understand that by signing this Agreement, you waive your right to any monetary recovery in connection with a local, state or federal governmental agency
proceeding and you waive your right to file a claim seeking monetary damages in any court. This Agreement does not: (i) prohibit or restrict you from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal
Employment Opportunity Commission or any other governmental authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority,
including an inquiry about the existence of this Agreement or its underlying facts, or (ii) require you to notify the Company of such communications or inquiry. 

 

	12.	No Admission of Wrongdoing: By entering into this Agreement, neither you nor the Company nor any of the Company’s officers, agents or employees,
admit any wrongdoing or violation of any law. 

  

	13.	Confidentiality: You and the Company agree that the terms of this Agreement are CONFIDENTIAL. You and the Company agree not to tell anyone about
this Agreement and not to disclose any information contained in this Agreement to anyone, other than to our lawyers and our financial advisors or your immediate family members, as necessary to administer this Agreement, to enforce this Agreement, or
to respond to a valid subpoena or other legal process. If you do tell your lawyer, financial advisor or immediate family members about this Agreement or its contents, you must immediately tell them that they must keep this Agreement and its contents
confidential as well. Notwithstanding the foregoing, nothing herein shall prevent the Company from disclosing the terms of the Agreement if required to do so by law or to comply with any disclosure requirements under any securities regulation.

  

	14.	Post Employment Restrictions: The paragraphs entitled “Confidentiality,” “No Solicitation or Competition” and
“Nodisparagement,” of your Offer Letter, as well as the terms and conditions set forth in Exhibit B to the 2007 RSU Award, shall remain in full force and effect. 

 

	15.	No Negative Statements: You agree not to make, or cause to be made, any negative or disparaging statements about, or to do anything that damages the
Company, or the Releasees, or, collectively, the services, reputation, financial status, business relationships, or any of the directors, officers and employees of the Company and the Releasees. The Senior Executives of the Company agree, in their
official capacity, not to make any negative or disparaging statement about you. In accordance with Company policy, all requests for references will be referred to the Global Head of Human Resources who will confirm your dates of employment and your
title. 

  

	16.	Breach of this Agreement: The parties promise to abide by the terms and conditions in this Agreement, and understand that if they do not, the prevailing
party shall be entitled to attorneys’ fees and any other damages incurred due to such breach, except that this provision will not apply if you file a lawsuit challenging the validity of this Agreement. 

  
 4 

	17.	Severability: If at any time, after the date of the execution of this Agreement any court or administrative agency finds that any provision of this
Agreement is illegal, void, or unenforceable, that provision will no longer have any force and effect. However, the provision’s illegality or unenforceability will not impair the enforceability of any other provision of this Agreement.

  

	18.	Changes to the Agreement: This Agreement may not be changed unless the changes are in writing and signed by you and an authorized representative of the
Company. 

  

	19.	Governing Law: This Agreement shall be governed by the law of New York State without regard to New York’s law of conflicts.

  

	20.	Entire Agreement: This Agreement, the RSU Award Agreements and the paragraphs entitled “Confidentiality,” “No Solicitation or
Competition” and “Nondisparagement” in the Offer Letter constitute the entire agreement between you and the Company and supersedes all other agreements between you and the Company, except this Agreement shall not relieve you of any
contractual or common law obligations to maintain the Company’s confidential, proprietary and trade secret information as confidential and not to use such information for your benefit or the benefit of any third party. In the event of any
conflict between the RSU Award Agreements and this Agreement, the provisions of this Agreement shall govern. 

  

	21.	Waiver: By signing this Agreement, you acknowledge that: 

 

	 	a)	You have carefully read and understand this Agreement; 

  

	 	b)	You have been given 21 days to consider your rights and obligations under this Agreement; 

 

	 	c)	The Company advised you to consult with an attorney and/or any other advisors of your choice before signing this Agreement; 

 

	 	d)	You understand that this Agreement is LEGALLY BINDING and by signing it you give up certain rights; 

 

	 	e)	You have voluntarily chosen to enter into this Agreement and have not been forced or pressured in any way to sign it; 

 

	 	f)	You acknowledge and agree that the payments and benefits set forth in this Agreement are contingent on execution of this Agreement, which releases all of your claims
against the Company, and you KNOWINGLY AND VOLUNTARILY AGREE TO RELEASE the Company, the Releasees and their respective shareholders officers, directors or employees from any and all claims you may have, known or unknown, in exchange for the
benefits you have obtained by signing, and that these benefits are in addition to any benefit you would have otherwise received if you did not sign this Agreement; 

 

	 	g)	You have seven (7) days after you sign this Agreement to revoke it by notifying the Company in writing; 

 

	 	h)	The Agreement will not become effective or enforceable until the seven (7) day revocation period has expired; 

 

	 	i)	This Agreement includes a WAIVER OF ALL RIGHTS AND CLAIMS you may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. 621 et seq.); and

  
 5 

	 	j)	This Agreement does not waive any rights or claims that may arise after this Agreement becomes effective, which is seven (7) days after you sign it, provided that
you do not exercise your right to revoke this Agreement. 

  

	22.	 Return of Signed Agreement: You hereby represent that you have read this Agreement carefully and fully understand the terms hereof, and
that you have been advised to consult with an attorney and have had the opportunity to consult with an attorney prior to signing this Agreement. You acknowledge that you are executing this Agreement voluntarily and knowingly, without duress or
coercion, and that you have not relied on any representations, promises or agreements of any kind, other than those set forth in this Agreement. You further represent that you have had at least 21 days to review this Agreement. If you execute this
Agreement in fewer than 21 days after its delivery, you hereby acknowledge that your decision to execute this Agreement prior to the expiration of such 21-day period was entirely voluntary. You may revoke your acceptance of this Agreement within
seven days after it is signed by sending written notice to the Company that you wish to revoke your acceptance of it and not be bound by it. In those circumstances, the Company shall have no obligation to provide to you the release and the payments
and benefits contained in this Agreement. This Agreement shall become effective on the 7th day after you sign it unless revoked in accordance with the procedure set forth in this Section. 

 If you agree with the foregoing, please sign in the place provided below and return the Agreement to me. 

 

	
	Sincerely,
	
	 /s/ Lisa Barse Bernstein

	Lisa Barse Bernstein
	Global Head of Human Resources

  

	
	Read, Accepted and Agreed to:
	
	 /s/ Ken Vecchione

	Ken Vecchione
	Dated: 2/01/10

  
 6 

 EXHIBIT A 
 RELEASE OF CLAIMS 
 FOR AND IN CONSIDERATION OF the Separation
Payment and payment of legal expenses provided to me in connection with the termination of my employment, in accordance with the letter agreement Apollo Management Holdings, L.P. and its subsidiaries and other relationships with Apollo Management
(the “Company”) and me executed by me on January [    ], 2010 (the “Agreement”), which Separation Payment (as defined in the Agreement) are conditioned on my signing this Release of Claims and to which
I am not otherwise entitled, I, on my own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns, and all others connected with or claiming through me, voluntarily, knowingly and willingly release and
forever discharge the Company and the Releasees (as that term is defined in the Agreement), from any and all claims and rights of any nature whatsoever which I now have or in the future may have against them. This release includes, but is not
limited to, any rights or claims relating in any way to my employment relationship with the Company or any of the other Releasees or the termination thereof, any contract claims (express or implied, written or oral), or any rights or claims under
any statute, including, without limitation, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act, the Rehabilitation Act of 1973 (including Section 504 thereof), the
Family Medical Leave Act, Title VII of the 1964 Civil Rights Act, the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Civil Rights Act of 1991, the Equal Pay Act, the National Labor Relations Act, the Worker Adjustment and Retraining
Notification Act, the New York State Human Rights Law, the New York City Human Rights Law, and the Employee Retirement Income Security Act of 1974, all as amended, and any other federal, state or local law. This release specifically includes, but is
not limited to, any claims based upon the right to the payment of wages, bonuses, vacation, pension benefits, 401(k) Plan benefits, stock benefits or any other employee benefits, or any other rights arising under federal, state or local laws
prohibiting discrimination and/or harassment on the basis of race, color, age, religion, sexual orientation, religious creed, sex, national origin, ancestry, alienage, citizenship, nationality, mental or physical disability, denial of family and
medical care leave, medical condition (including cancer and genetic characteristics), marital status, military status, gender identity, harassment or any other basis prohibited by law. 
 As a condition of the Company entering into this Release of Claims, I further represent that I have not filed against the Company or any of the other Releasees, any complaints or lawsuits with any court
prior to the date hereof. I understand that by signing this Agreement, I waive my right to any monetary recovery in connection with a local, state or federal governmental agency proceeding and I waive my right to file a claim seeking monetary
damages in any court. I further covenant and agree that I will not solicit or encourage any third parties to file, commence or prosecute with any court, tribunal (arbitral or administrative), self-regulatory body or administrative agency, any action
against the Company or the Releasees. This Agreement does not: (i) prohibit or restrict me from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal Employment Opportunity Commission or any other
governmental authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of this
Release of Claims or its underlying facts, or (ii) require me to notify the Company of such communications or inquiry. 
 I acknowledge
that this Release of Claims is independent of, but does not supersede, the release of claims contained in the Agreement. I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or representations, express or
implied, other than those that are set forth expressly in the Agreement and that are intended to survive termination of my employment, in accordance with the terms of the Agreement. 

  
 7 

 I acknowledge that I first received this Release of Claims on the date of the Agreement to which it is
attached as Exhibit A (i.e., the date set forth in the first sentence of this Release of Claims). I understand that, in order for this Release of Claims to be effective, I may not sign it prior to the close of business on the date my employment with
the Company terminates (the “Termination Date”); but that if I wish to receive the Separation Payment, I must sign and return this Release of Claims no later than ten business days after the termination of my employment. 

By signing this Release of Claims, I acknowledge that; (i) I have carefully read and understand this Release of Claims; (ii) I have been given
21 days to consider my rights and obligations under this Release of Claims and to consult with an attorney about both; (iii) the Company advised me to consult with an attorney and/or any other advisors of my choice before signing this Release
of Claims; (iv) I understand that this Release of Claims is LEGALLY BINDING and by signing it I give up certain rights; (v) I have voluntarily chosen to enter into this Release of Claims and have not been forced or pressured in any
way to sign it; (vi) I acknowledge and agree that the payments and benefits set forth in the Agreement are contingent on execution of this Release of Claims, which releases all of my claims against the Company, and I KNOWINGLY AND
VOLUNTARILY AGREE TO RELEASE the Company, the Releasees and their respective shareholders officers, directors or employees from any and all claims I may have, known or unknown, in exchange for the benefits I have obtained by signing, and that
these benefits are in addition to any benefit I would have otherwise received if I did not sign this Release of Claims; (vi) I have seven (7) days after I sign this Release of Claims to revoke it by notifying the Company in writing;
(vii) this Release of Claims will not become effective or enforceable until the seven (7) day revocation period has expired; (ix) this Release of Claims includes a WAIVER OF ALL RIGHTS AND CLAIMS I may have under the Age
Discrimination in Employment Act of 1967 (29 U.S.C. 621 et seq.); and (x) this Release of Claims does not waive any rights or claims that may arise after this Release of Claims becomes effective, which is seven (7) days after I sign it,
provided that I do not exercise I right to revoke this Release of Claims. 
 Intending to be legally bound, I have signed this Release of Claims
under seal as of the date written below. 
  

									
	Signature:	  	 /s/ Kenneth Vecchione
	  		  	 2/01/10
	  	
		  	Kenneth Vecchione	  		  	Date signed	  	

  
 8

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