Document:

Second Amended and Restated Tax Receivable Agreement

 Exhibit 10.7 
 SECOND AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT 
 This SECOND AMENDED AND
RESTATED TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”), dated as of March 29, 2012, is hereby entered into by and among Oaktree Holdings, Inc., a Delaware corporation (“Holdings Inc.”), Oaktree AIF
Holdings, Inc. (f/k/a Oaktree Media Holdings, Inc.), a Delaware corporation (“AIF Holdings Inc.”) (each a “Corporation” and collectively, the “Corporations”), Oaktree Capital II, L.P., a Delaware limited partnership
(“Oaktree Capital II”), Oaktree Capital Management, L.P., a Delaware limited partnership (“OCM”), Oaktree Investment Holdings, L.P. a Delaware limited partnership (“Investment Holdings”), Oaktree AIF Investments, L.P.
(f/k/a Oaktree Media Investments, L.P.), a Delaware limited partnership (“Oaktree AIF”), the entities set forth on the signature pages hereto (together with all other Persons (as defined herein) in which the Corporations acquire a
partnership interest, limited liability company interest or similar interest after the date hereof and who execute and deliver a joinder contemplated in Section 7.12, the “Partnerships”) and each of the limited partners of OCGH (as
defined below) (the “Limited Partners”). 
 RECITALS 

WHEREAS, the Limited Partners hold limited partnership interests (“OCGH Units”) in Oaktree Capital Group Holdings, L.P., a
Delaware limited partnership (“OCGH”); 
 WHEREAS, OCGH holds limited partnership interests (“Partnership
Units”) in each of the Partnerships, each of which is treated as a partnership for U.S. federal income tax purposes; 

WHEREAS, the Corporations are the general partners of the Partnerships; 

WHEREAS, the Limited Partners may from time to time exchange OCGH Units with the Corporations for cash, Class A Units or other
consideration and the right to receive payments under this Agreement; 
 WHEREAS, in connection with an exchange of OCGH Units
by certain Limited Partners, certain other Limited Partners (each such other Limited Partner with respect to such exchange, a “Surplus Partner”) may from time to time receive payments from the Corporations in exchange for certain equity
interests of OCGH (“Surplus Interests”) pursuant to Section 6.3(b)(iii) of the OCGH Partnership Agreement; 

WHEREAS, following such exchange, OCGH may distribute Partnership Units to the Corporations in redemption of the OCGH Units acquired in
such exchange and each Corporation may exchange certain of such Partnerships Units with the other Corporation and the other general partners of the Partnerships in exchange for Partnership Units of the Partnerships of which such Corporation and
other general partners are the general partners (any such subsequent exchange, an “OCGH Exchange”); 

 WHEREAS, OCGH and the Partnerships will have in effect an election under Section 754 of
the Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year in which a taxable exchange of OCGH Units (and, if applicable, Surplus Interests) for cash, Class A Units or other consideration occurs, which election
is intended to result in an adjustment to the tax basis of the assets owned by the Partnerships at the time of such an exchange of OCGH Units (and, if applicable, Surplus Interests) for cash, Class A Units or otherwise (collectively, an
“Exchange”) (such time, the “Exchange Date”) (such assets and any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset, the “Reference Assets”) by reason of such
Exchange, the OCGH Exchange immediately following such Exchange and the receipt of payments under this Agreement; 
 WHEREAS,
the income, gain, loss, expense and other Tax items of (i) the Partnerships solely with respect to the Corporations may be affected by the Basis Adjustment (defined below) and (ii) the Corporations may be affected by the Imputed Interest
(as defined below); 
 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of
the Basis Adjustment and Imputed Interest on the actual liability for Taxes of the Corporations; 
 WHEREAS, the parties
executed a Tax Receivable Agreement, dated as of May 25, 2007 (the “Original Agreement”); 
 WHEREAS, the
Original Agreement was amended and restated in its entirety by the execution of an Amended and Restated Tax Receivable Agreement, dated as of March 28, 2008 (the “First Amended Agreement”); 

WHEREAS, Section 7.06 of the First Amended Agreement provides that the Original Agreement may be amended in writing by each of the
Corporations, on behalf of themselves and the respective Partnerships they Control, and by Principals who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Principals hereunder if each of the
Corporations had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any Principal pursuant to this Agreement since the date of such
most recent Exchange) (the “Amending Parties”), unless such amendment would have a disproportionate effect on the payment certain Limited Partners will or may receive under this Agreement; 

WHEREAS, the Amending Parties desire to amend and restate the First Amended Agreement in a manner that would not have a disproportionate
effect on the payment certain Limited Partners will or may receive under this Agreement; 

  
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 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree to amend and restate the First Amended Agreement in its entirety as follows: 
 ARTICLE I 
 DEFINITIONS 

Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be
equally applicable to both the singular and plural forms of the terms defined). 
 “Advisory Firm” means Simpson
Thacher & Bartlett LLP, Munger, Tolles & Olson LLP, Pricewaterhouse Coopers LLP, Ernst & Young, LLP or any other accounting firm or law firm that is nationally recognized as being expert in Tax matters and that is agreed
to by the Board. 
 “Advisory Firm Letter” shall mean a letter from the Advisory Firm stating that the relevant
schedule, notice or other information to be provided or made available by the Corporations to the Limited Partners or Principals, as the case may be, and all supporting schedules and work papers were prepared in a manner consistent with the terms of
this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered or made available to the Limited
Partners or Principals, as the case may be. 
 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate” means LIBOR plus 100 basis points. 
 “Agreement”
is defined in the preamble of this Agreement. 
 “Amended Schedule” is defined in Section 2.04(b) of this
Agreement. 
 “Basis Adjustment” means the adjustment to the tax basis of a Reference Asset under Sections 1012, 732,
734(b), 743(b) and 754 of the Code and, in each case, comparable sections of state, local and foreign tax laws (as calculated under Section 2.01 of this Agreement) as a result of an Exchange, the OCGH Exchange immediately following such
Exchange and the payments made pursuant to this Agreement. In the case of an interest in a Partnership that owns a Reference Asset and that has been the subject of an Exchange and OCGH Exchange, if at any time after such Exchange and OCGH Exchange
the interest is transferred to (i) a Corporation or (ii) any entity that is owned directly or indirectly in whole or in part by a Corporation or that is a member of an affiliated or consolidated group of corporations described in
Section 7.11(b) that includes a Corporation, the Basis Adjustment for such Reference Asset shall include, to the extent reasonably determined to be appropriate by such Corporation, any adjustment to the tax basis of the Reference Asset under
Sections 1012, 732, 734(b), 743(b) and 754 of the Code and, in each case, comparable sections of state, local and foreign tax laws (as calculated under Section 2.01 of this Agreement) as a result of such transfer to the extent such adjustment
does not exceed the unamortized Basis Adjustment for the Reference Asset as determined immediately before 

  
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such transfer. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange and any corresponding OCGH Exchange immediately following such
Exchange of one or more OCGH Units shall be determined separately for each exchanging Limited Partner and Surplus Partners, if any, with respect to such Exchange and without regard to any Pre-Exchange Transfer of such OCGH Units and as if any such
Pre-Exchange Transfer had not occurred. 
 A “Beneficial Owner” of a security is a Person who directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power
to dispose, or to direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 
 “Board” means the board of directors of the Parent. 
 “Business
Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of America or the State of New York shall not be regarded as a Business Day. 

“Change of Control” means the occurrence of any of the following events: 

(i) any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of
the Securities and Exchange Act of 1934, or any successor provisions thereto, excluding a group of Persons, which, if it includes any Principal or any of his Affiliates, includes all Principals then employed by Parent or any of its Affiliates, is or
becomes the Beneficial Owner, directly or indirectly, of securities of the Parent representing more than fifty percent (50%) of the combined voting power of the Parent’s then outstanding voting securities; or 

(ii) the existing directors or managers of Parent are no longer appointed by the Manager; or 

(iii) there is consummated a merger or consolidation of the Parent or any direct or indirect subsidiary of the Parent with any other
corporation or other entity, and, immediately after the consummation of such merger or consolidation the directors of Parent are no longer appointed by the Manager; or 
 (iv) the unitholders of the Parent approve a plan of complete liquidation or dissolution of the Parent or there is consummated an agreement or series of related agreements for the sale or other
disposition, directly, or indirectly, by the Parent of all or substantially all of the Parent’s assets, other than such sale or other disposition by the Parent of all or substantially all of the Parent’s assets to an entity, at least fifty
percent (50%) of the combined voting power of the voting securities of which are owned by unitholders of the Parent in substantially the same proportions as their ownership of the Parent immediately prior to such sale. 

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

“Class B Units” means the Class B units of the Parent. 

“Code” is defined in the Recitals of this Agreement. 
 “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by
contract or otherwise. 
 “Corporation” and “Corporations” are defined in the Preamble of this Agreement.

 “Corporation Return” means the federal Tax Return and/or state and/or local and/or foreign Tax Return, as
applicable, of either Holdings Inc. or AIF Holdings Inc. filed with respect to Taxes of any Taxable Year. 
 “Default
Rate” means LIBOR plus 100 basis points. 
 “Determination” has the meaning ascribed to such term in
Section 1313(a) of the Code or similar provision of state, local and foreign tax law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax.

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

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

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

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

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

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

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

“Exchange Price” is the amount of cash, Class A Units or other consideration transferred to a Limited Partner and each
applicable Surplus Partner, if any, pursuant to the Exchange as payment for the exchanged OCGH Units (and, if applicable, Surplus Interests), other than amounts payable pursuant to this Agreement. 

“Exchange Payment” means any Tax Benefit Payment or Early Termination Payment required to be made by a Corporation to the
Limited Partners under this Agreement. 
 “Excluded Assets” is defined in Section 7.11(c) of this Agreement.

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

“Imputed Interest” means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any
similar provision of state, local and foreign tax law with respect to a Corporation’s payment obligations under this Agreement. 
 “Intermediate Holding Companies” means, collectively, Oaktree Holdings, LLC, a Delaware limited liability company (“Holdings LLC”), Oaktree Holdings I, LLC, a Delaware limited
liability company, the Corporations, and Oaktree Holdings, Ltd., a Cayman Islands exempted company (“Holdings Ltd”) and any other entity designated as an Intermediate Holding Company by the Board. 

“IRS” means the United States Internal Revenue Service. 

“LIBOR” means for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum
reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available source of
such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 

“Limited Partners” is defined in the preamble of this Agreement. The term “Limited Partner” shall include any
applicable Surplus Partner as the context requires. 
 “Manager” means Oaktree Capital Group Holdings GP, LLC.

 “Market Value” means with respect to any Class A Units on any date of determination, the last sale price in a
Securities Market on such date, or the most recent prior date on which trading in the relevant series or class of Class A Units occurred, if such series or class of Class A Units did not trade on the date of determination. 

“Material Objection Notice” is defined in Section 4.02 of this Agreement. 

  
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 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the tax
basis that such asset would have had at such time if no Basis Adjustment had been made. 
 “Non-Stepped Up Tax
Liability” means, with respect to any Taxable Year, the liability for Taxes of a Corporation or any Partnership in which such Corporation owns an interest, but only with respect to Taxes imposed on such Partnership and allocable to such
Corporation using the same methods, elections, conventions and similar practices used on the relevant Corporation Return, but using the Non-Stepped Up Tax Basis instead of the tax basis of the Reference Assets and excluding any deduction
attributable to the Imputed Interest. 
 “OCGH Exchange” is defined in the Recitals of this Agreement. 

“OCGH Partnership Agreement” means the limited partnership agreement of OCGH, as it may be amended or modified from time to
time. 
 “OCGH Units” is defined in the Recitals of this Agreement. 

“Oaktree Operating Group” means, collectively, Oaktree Capital I, L.P., a Delaware limited partnership (“Oaktree Capital
I”), Oaktree Capital II, OCM, Investment Holdings, Oaktree AIF and Oaktree Capital Management (Cayman), L.P., a Cayman Islands exempted limited partnership (“Oaktree (Cayman)”) and any other entity designated by the Board as being a
member of the Oaktree Operating Group. 
 “Objection Notice” is defined in Section 2.04(a) of this Agreement.

 “Parent” means Oaktree Capital Group, LLC, a Delaware limited liability company. 

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

“Partnership Agreement” means, with respect to a Partnership, the Amended and Restated Limited Partnership Agreement, Amended
and Restated Limited Liability Company Agreement or similar agreement of such Partnership. 
 “Partnership Units” is
defined in the Recitals of this Agreement. 
 “Payment Date” means any date on which a payment is required to be made
pursuant to this Agreement. 
 “Person” means any individual, corporation, firm, partnership, joint venture, limited
liability company, estate, trust, business association, organization, governmental entity or other entity. 
 “Pre-Exchange
Transfer” means any transfer (including upon the death of a Limited Partner) of one or more OCGH Units (i) that occurs prior to an Exchange of such OCGH Units, and (ii) to which Section 734(b) or 743(b) of the Code applies.

  
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 “Principals” means Kevin L. Clayton, John B. Frank, Stephen A. Kaplan, Bruce A.
Karsh, Larry W. Keele, David M. Kirchheimer, Howard S. Marks, Sheldon M. Stone and any additional individuals who may from time to time be designated by the Board as principals of the Parent, in each case for so long as such individual remains an
employee of the Parent or one or more of its Subsidiaries. 
 “Realized Tax Benefit” means, for a Taxable Year, the
excess, if any, of the Non-Stepped Up Tax Liability over the actual liability for Taxes of a Corporation or any Partnership in which such Corporation owns an interest, using the “with or without” methodology. If all or a portion of the
actual tax liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a
Determination. 
 “Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability for
Taxes of a Corporation or any Partnership in which such Corporation owns an interest over the Non-Stepped Up Tax Liability for such Taxable Year using the “with or without” methodology. If all or a portion of the actual tax liability for
Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

“Receivable” of a Limited Partner means such Limited Partner’s rights, interests, and entitlements hereunder as of the
date of this Agreement. 
 “Reconciliation Dispute” is defined in Section 7.09 of this Agreement. 

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

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

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

“Service Partner” has the meaning set forth in the OCGH Partnership Agreement. 

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

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

“Surplus Interest” is defined in the Recitals of this Agreement. 

  
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 “Surplus Partner” is defined in the Recitals of this Agreement. 

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

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

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

“Taxes” means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges measured with respect to
net income or profits and any interest related to such Tax. 
 “Taxing Authority” means any domestic, foreign,
federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory
authority. 
 “Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated
from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Valuation Assumptions” means, as of an Early Termination Date, with respect to a Corporation, the assumptions that (1) in
each Taxable Year ending on or after such Early Termination Date, the Corporation will have taxable income sufficient to fully utilize the deductions arising from the Basis Adjustment and the Imputed Interest during such Taxable Year, (2) the
federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date,
(3) any loss carryovers generated by the Basis Adjustment or the Imputed Interest and available as of the date of the Early Termination Schedule will be utilized by the Corporation on a pro rata basis from the date of the Early Termination
Schedule through the scheduled expiration date of such loss carryovers, (4) any non-amortizable assets are deemed to be disposed of (A) with respect to fund related assets, pro-rata over the number of years remaining under the original
fund agreement until expected liquidation (without extensions) of the applicable fund (or, (y) if such expected liquidation date has passed, on the Early Termination Date and (z) if with respect to evergreen funds, after eighteen
(18) months) and (B) with respect to all other assets, on the fifteenth anniversary of the earlier of the Basis Adjustment and the Early Termination Date and (5) if an Early Termination

  
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is effected prior to an Exchange of OCGH Units, clause (i) of Section 2.01 shall be read to include the cash, Class A Units or other consideration that would be transferred if the
Exchange occurred on the Early Termination Date. 
 ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 
 Section 2.01 Basis Adjustment. The Corporations and the Partnerships, on the one hand, and each Limited Partner and Surplus Partner with respect to such Exchange, if any, on the other hand,
acknowledge that, as a result of an Exchange by such Limited Partner and the OCGH Exchange following such Exchange, each Corporation’s basis in the applicable Reference Assets shall be increased, if at all, as provided in the definition of
Basis Adjustment. For the avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

Section 2.02 Exchange Basis Schedule. Within 60 calendar days after the filing of the U.S. federal income tax return of a
Corporation for each Taxable Year in which any Exchange has been effected, such Corporation shall notify the Principals that the Corporation shall, at a Principal’s request, make available to the Principals a schedule (the “Exchange Basis
Schedule”) that shows, in reasonable detail, for purposes of Taxes, (i) the actual unadjusted tax basis of the Reference Assets as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to the Reference Assets as a
result of the Exchanges effected in such Taxable Year, calculated in the aggregate and separately stated for each applicable Limited Partner, (iii) the period or periods, if any, over which the Reference Assets are amortizable and/or
depreciable and (iv) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable (which, for non-amortizable assets shall be based on the Valuation Assumptions). 

Section 2.03 Tax Benefit Schedule. Within 60 calendar days after the filing of the U.S. federal income tax return of a
Corporation for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, such Corporation shall notify the Principals that the Corporation shall, at a Principal’s request, make available to the Principals a schedule
showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year setting forth the Realized Tax Benefit or Realized Tax Detriment, as the case may be, for each Limited Partner (a “Tax
Benefit Schedule”). The Schedule will become final as provided in Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(b)). 

Section 2.04 Procedures, Amendments  
 (a) Procedure. Every time a Corporation makes available to the Principals an applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to Section 2.04(b), but
excluding any Early Termination Schedule or amended Early Termination Schedule, such Corporation shall also (x) make available to the Principals schedules and work papers providing reasonable detail regarding the preparation of the Schedule and
an Advisory Firm Letter supporting such Schedule and (y) allow the Principals reasonable access at no cost to the appropriate representatives at each of such Corporation and the Advisory Firm in connection

  
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with a review of such Schedule. The applicable Schedule shall become final and binding on all parties unless a Principal, within 30 calendar days after receiving notice that an Exchange Basis
Schedule or amendment thereto is available or 30 calendar days after receiving notice that a Tax Benefit Schedule or amendment thereto is available, provides such Corporation with notice of a material objection to such Schedule (“Objection
Notice”) made in good faith; provided, for the sake of clarity, only Principals shall have the right to object to any Schedule or Amended Schedule pursuant to this Section 2.04. If the parties, for any reason, are unable to successfully
resolve the issues raised in such notice within 30 calendar days of receipt by such Corporation of an Objection Notice, if with respect to an Exchange Basis Schedule, or 30 calendar days of receipt by such Corporation of an Objection Notice, if with
respect to a Tax Benefit Schedule, after such Schedule was made available to the Principals, such Corporation and such Principal shall employ the reconciliation procedures as described in Section 7.09 of this Agreement (the “Reconciliation
Procedures”). 
 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time
by a Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after
the date the Schedule was made available to the Principals, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment
for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an
amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”). 

ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.01 Payments  
 (a) Payments. Within five (5) calendar days of a Tax Benefit Schedule becoming final in accordance with Section 2.04(a), the applicable Corporation shall pay to each applicable Limited
Partner (including, if applicable, Surplus Partners) for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.01(b). The portion of such Tax Benefit Payment that is payable to a particular Limited Partner (or Surplus
Partner) shall be determined taking into account the portion of the Tax Benefit Payment attributable to such Limited Partner’s Exchanges for such Taxable Year relative to the aggregate Tax Benefit Payments attributable to all Limited
Partners’ Exchanges for such Taxable Year (as determined in the reasonable discretion of the Corporation). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank account of an applicable Limited
Partner previously designated by such Limited Partner to such Corporation. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, federal income tax payments.
Notwithstanding anything herein to the contrary, in no event shall the Aggregate Tax Benefit Payments to a Limited Partner (other than amounts treated as interest under the Code) in respect of any Exchange under this Agreement exceed an amount equal
to 85% of the portion of the Exchange Price paid to the Limited Partner in the Exchange or, at the option of the Limited Partner, an amount to be determined on the Exchange Date as agreed to by the Corporation and the Limited Partner. 

  
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 (b) A “Tax Benefit Payment” means an amount, not less than zero, equal to 85% of
the sum of the Net Tax Benefit and the Interest Amount. The “Net Tax Benefit” shall equal: (1) each Corporation’s Realized Tax Benefit, if any, for a Taxable Year plus (2) the excess of the Realized Tax Benefit reflected on
an amended Tax Benefit Schedule for a previous Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the Tax Benefit Schedule for such previous Taxable Year, minus (3) an amount
equal to each Corporation’s Realized Tax Detriment (if any) for the current or any previous Taxable Year, minus (4) the excess of the Realized Tax Benefit reflected on a Tax Benefit Schedule for a previous Taxable Year over the Realized
Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the amended Tax Benefit Schedule for such previous Taxable Year; provided, however, that to the extent the amounts described in 3.01(b)(2),
(3) and (4) were taken into account in determining any Tax Benefit Payment in a preceding Taxable Year, such amounts shall not be taken into account in determining a Tax Benefit Payment attributable to any other Taxable Year; provided,
further, for the avoidance of doubt, no Limited Partner shall be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed Rate
from the due date (without extensions) for filing the Corporation Return with respect to Taxes for such Taxable Year until the Payment Date. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control, all
Tax Benefit Payments, whether paid with respect to OCGH Units that were exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by utilizing Valuation
Assumptions (1), (3), and (4), substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date”. 
 Section 3.02 No Duplicative Payments. It is intended that the above provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this
Agreement. It is also intended that the provisions of this Agreement provide that 85% of each Corporation’s Realized Tax Benefit and Interest Amount is paid to the Limited Partners pursuant to this Agreement. The provisions of this Agreement
shall be construed in the appropriate manner as such intentions are realized. 
 Section 3.03 Pro Rata Payments. For
the avoidance of doubt, to the extent each of the Corporations deductions with respect to the Basis Adjustments is limited in a particular Taxable Year or such Corporation lacks sufficient funds to satisfy its obligations to make all Tax Benefit
Payments due in a particular taxable year, the limitation on the deduction, or the Tax Benefit Payments that may be made, as the case may be, shall be taken into account or made to each Limited Partner on a pro rata basis reflecting the proportion
of the total amount of deductions attributable to such Limited Partner relative to the aggregate deductions for all of the Limited Partners (using such methodology as determined in the reasonable discretion of such Corporation). 

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

 A Corporation may terminate this Agreement with respect to all of the OCGH Units held (or previously held and exchanged) by
all Limited Partners at any time by paying to all of the Limited Partners the Early Termination Payment; provided, however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by all Limited Partners, and
provided, further, that a Corporation may withdraw any notice to execute its termination rights under this Section 4.01 prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by a
Corporation, such Corporation shall not have any further payment obligations under this Agreement in respect of such Limited Partners, other than for any (a) Tax Benefit Payment agreed to by such Corporation and the Principals as due and
payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (b) is
included in the Early Termination Payment). If an Exchange occurs after such Corporation exercises its termination rights under this Section 4.01, such Corporation shall have no obligations under this Agreement with respect to such Exchange.

 Section 4.02 Early Termination Notice. If a Corporation chooses to exercise its right of early termination under
Section 4.01 above, such Corporation shall deliver to the Limited Partners notice of such intention to exercise such right (“Early Termination Notice”) and shall deliver to the Principals a schedule (the “Early Termination
Schedule”) specifying such Corporation’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment. The applicable Early Termination Schedule shall become final and binding on all
parties unless a Principal, within 30 calendar days after receiving the Early Termination Schedule thereto provides such Corporation with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”);
provided, for the sake of clarity, only a Principal shall have the right to object to any Schedule or Amended Schedule pursuant to this Section 4.02. If the parties, for any reason, are unable to successfully resolve the issues raised in such
notice within 30 calendar days after receipt by such Corporation of the Material Objection Notice, such Corporation and a Principal shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement. 

Section 4.03 Payment upon Early Termination. (a) Within three calendar days after agreement between the Principals and a
Corporation of the Early Termination Schedule, such Corporation shall pay to a Limited Partner an amount equal to the Early Termination Payment. Such payment shall be made by wire transfer of immediately available funds to a bank account designated
by each Limited Partner. 
 (b) The “Early Termination Payment” as of the date of the delivery of an Early Termination
Schedule shall equal with respect to a Limited Partner the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by a Corporation to such Limited Partner beginning from
the Early Termination Date assuming the Valuation Assumptions are applied. 

  
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 ARTICLE V 
 LATE PAYMENTS 
 Section 5.01 Late Payments by a Corporation. The
amount of all or any portion of any Exchange Payment not made to the Limited Partners when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which
such Exchange Payment was due and payable. 
 ARTICLE VI 
 NO DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01 Principal
Participation in the Corporations’ and Partnerships’ Tax Matters. Except as otherwise provided herein, each Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning such Corporation and the
Partnerships, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, each Corporation shall notify each Principal of, and
keep the Principals reasonably informed with respect to the portion of any audit of such Corporation and the Partnerships by a Taxing Authority the outcome of which is reasonably expected to affect any Principal’s rights and obligations under
this Agreement, and shall provide to the Principals reasonable opportunity to provide information and other input to such Corporation, the Partnerships and their respective advisors concerning the conduct of any such portion of such audit;
provided, however, that each Corporation and the Partnerships shall not be required to take any action that is inconsistent with any provision of any of the Partnership Agreements. 

Section 6.02 Consistency. Except upon the written advice of an Advisory Firm, each Corporation and the Limited Partners agree
to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items (including without limitation the Basis Adjustment and each Tax Benefit Payment) in
a manner consistent with that specified by each Corporation in any Schedule required to be provided by or on behalf of such Corporation under this Agreement. 
 Section 6.03 Cooperation. The Limited Partners shall (a) furnish to each Corporation in a timely manner such information, documents and other materials as such Corporation may reasonably
request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself
available to each Corporation and its representatives to provide explanations of documents and materials and such other information as such Corporation or its representatives may reasonably request in connection with any of the matters described in
clause (a) above, and (c) reasonably cooperate in connection with any such matter, and each Corporation shall reimburse the Limited Partners for any reasonable third-party costs and expenses incurred pursuant to this Section. 

  
 - 14 -

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Notices. Any notice to any Service
Partner that is required or permitted hereunder to be given to such Service Partner shall be in writing and shall be delivered to such Service Partner at the principal office of OCGH or at such other place where such Service Partner may be found.
Any notice to a Service Partner which is delivered to the principal office of OCGH when such Service Partner is absent from the office shall, if reasonable efforts have been made to deliver it to him or her elsewhere, be deemed delivered to him or
her on the next succeeding business day, if he or she does not actually receive such notice sooner. Any notice to any Limited Partner who is not a Service Partner that is required or permitted hereunder to be given to such Limited Partner shall be
in writing and shall be delivered to such Limited Partner at the address or facsimile number of such Limited Partner shown on the register of OCGH. Any notice to a Corporation, Oaktree Capital II, OCM, Investment Holdings or Oaktree AIF required or
permitted hereunder to be given to a Corporation, Oaktree Capital II, OCM, Investment Holdings or Oaktree AIF shall be in writing and shall be delivered to such Corporation, Oaktree Capital II, OCM, Investment Holdings or Oaktree AIF at the
principal office of Parent. A written notice may be delivered by facsimile transmission. 
 Section 7.02
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall constitute one and the same instrument. 
 Section 7.03 Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or
implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.04 Governing Law. This Agreement shall be construed and enforced, along with any rights, remedies, or obligations provided for hereunder, in accordance with the laws of the State of
Delaware applicable to contracts made and to be performed entirely within the State of Delaware by residents of the State of Delaware; provided, that the enforceability of Section 7.08 shall be governed by the Federal Arbitration Act, 9
U.S.C. § 1 et seq., and not the laws of the State of Delaware. 
 Section 7.05 Severability.
Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this
Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein, if the economic and legal substance of the arrangements
contemplated hereby are not affected in any manner materially adverse to any party hereto. Upon such a determination, each of the Corporations and Principals who would be entitled to receive at least two-thirds of the Early Termination Payments
payable to all Principals hereunder if a Corporation had exercised its right of early termination on the date of the most 

  
 - 15 -

 
recent Exchange shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the
transactions contemplated hereby shall be consummated as originally contemplated to the fullest extent possible. 

Section 7.06 Successors; Assignment; Amendments; Waivers. No Limited Partner may assign this Agreement to any person without
the prior written consent of each Corporation; provided, however, (i) that, except with respect to a transfer of OCGH Units in connection with an Exchange, to the extent OCGH Units are effectively transferred in accordance with the terms of the
OCGH Partnership Agreement, the transferring Limited Partner shall have the option to assign to the transferee of such OCGH Units the transferring Limited Partner’s rights under this Agreement with respect to the OCGH Units, as long as such
transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to each Corporation, agreeing to become an “Limited Partner” for
all purposes of this Agreement, except as otherwise provided in such joinder, and (ii) that, once an Exchange has occurred, any and all payments that may become payable to a Limited Partner pursuant to this Agreement with respect to such
Exchange may be assigned to any Person or Persons, as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to
each Corporation. For the avoidance of doubt, to the extent a Principal or other Person transfers OCGH Units to a Principal, the Principal receiving such OCGH Units shall have all rights under this Agreement with respect to such transferred OCGH
Units as such Principal has, under this Agreement, with respect to the other OCGH Units held by him. 
 No provision of this
Agreement may be amended unless such amendment is approved in writing by each of the Corporations, on behalf of themselves and the respective Partnerships they Control, and by Principals who would be entitled to receive at least two-thirds of the
Early Termination Payments payable to all Principals hereunder if each of the Corporations had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all
payments made to any Principal pursuant to this Agreement since the date of such most recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments certain Limited
Partners will or may receive under this Agreement unless all such Limited Partners disproportionately effected consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the
party against whom the waiver is to be effective. 
 All of the terms and provisions of this Agreement shall be binding upon,
shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. Each Corporation shall require and cause any direct or indirect
successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of such Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to
the same extent that such Corporation would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein, in the 

  
 - 16 -

 
event a Principal transfers his OCGH Units to a Permitted Transferee (as defined in the OCGH Partnership Agreement), excluding any other Principal, such Principal shall have the right, on behalf
of such transferee, to enforce the provisions of Sections 2.04, 4.02 or 6.01 with respect to such transferred OCGH Units. 

Section 7.07 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 
 Section 7.08 Resolution of Disputes.
(a) Any and all disputes, claims or controversies arising out of or relating to this Agreement, including any and all disputes, claims or controversies arising out of or relating to (i) the parties to this Agreement, (ii) any
party’s rights and obligations hereunder, (iii) the validity or scope of any provision of this Agreement, (iv) whether a particular dispute, claim or controversy is subject to arbitration under this Section 7.08, and (v) the
power and authority of any arbitrator selected hereunder, that are not resolved by mutual agreement shall be submitted to final and binding arbitration before Judicial Arbitration and Mediation Services, Inc. (“JAMS”) pursuant to the
Federal Arbitration Act, 9 U.S.C. Section 1 et seq. A party to this Agreement may commence the arbitration process by filing a written demand for arbitration with JAMS and delivering a copy of such demand to the other in accordance with the
notice procedures set forth in Section 7.01. The arbitration shall take place in Wilmington, Delaware, and shall be conducted in accordance with the provisions of JAMS Streamlined Arbitration Rules and Procedures in effect at the time of filing
of the demand for arbitration. The parties to the arbitration will cooperate with JAMS and with each other in selecting an arbitrator from JAMS’ panel of neutrals and in scheduling the arbitration proceedings. The arbitrator selected shall be
neutral and a former Delaware chancery court judge or, if such judge is not available, a former U.S. federal judge with experience in adjudicating matters under the law of the State of Delaware; provided that if no such person is both willing and
able to undertake such a role, the parties to the arbitration shall cooperate with each other and JAMS in good faith to select such other person as may be available from a JAMS’ panel of neutrals with experience in adjudicating matters under
the law of the State of Delaware. The parties to the arbitration shall participate in the arbitration in good faith. Each party to the arbitration shall share the payment of those costs, if any, of arbitration that it must pay to cause this
Section 7.08 to be enforceable, and all other costs of arbitration shall be shared equally between the parties to the arbitration. 
 (b) Neither party to the arbitration shall be entitled to undertake discovery in the arbitration; provided that, if discovery is required by applicable law, discovery shall not exceed (i) one witness
deposition plus the depositions of any expert designated by the other party or parties, (ii) two interrogatories, (iii) ten document requests, and (iv) ten requests for admissions; provided further that additional discovery may be
permitted to the extent such additional discovery is required by applicable law for this Section 7.08 to be enforceable. The arbitrator shall have no power to modify any of the provisions of this Agreement, to make an award or impose a remedy
that, in each case, is not available to the Delaware chancery court or to make an award or impose a remedy that was not requested by a party to the dispute, and the jurisdiction of the arbitrator is limited accordingly. To the extent permitted by
law, the arbitrator shall have the power to order injunctive relief, and shall expeditiously act on any petition for such relief. 

  
 - 17 -

 (c) The provisions of this Section 7.08 may be enforced by any court of competent
jurisdiction, and, to the extent permitted by law, the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees, to be paid by the party against whom enforcement is ordered.
Notwithstanding any provision of this Agreement to the contrary, a party to an arbitration pursuant to this Section 7.08 shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any violation
of the provisions of this Agreement pending a final determination on the merits by the arbitrator, and each party hereby consents that such a restraining order or injunction may be granted without the necessity of posting any bond. 

(d) The details of any arbitration pursuant to this Section 7.08, including the existence and/or outcome of such arbitration and any
information obtained in connection with any such arbitration, shall be kept strictly confidential and shall not be disclosed or discussed with any person not a party to the arbitration; provided that such party may make such disclosures as are
required by applicable law or legal process; provided further that such party may make such disclosures to its, his or her attorneys, accountants or other agents and representatives who reasonably need to know the disclosed information in connection
with any arbitration pursuant to this Section 7.08 and who are obligated to keep such information confidential to the same extent as such party. If either party to the arbitration, as the case may be, receives a subpoena or other request for
information from a third party that seeks disclosure of any information that is required to be kept confidential pursuant to the prior sentence, or otherwise believes that it, he or she may be required to disclose any such information, such the
party to the arbitration, as the case may be, shall (i) promptly notify the other party to the arbitration and (ii) reasonably cooperate with such other party in taking any legal or otherwise appropriate actions, including the seeking of a
protective order, to prevent the disclosure, or otherwise protect the confidentiality, of such information. 
 (e) For the
avoidance of doubt, (i) any arbitration pursuant to this Section 7.08 shall not include any disputes, claims or controversies that do not arise out of or relate to this Agreement, and (ii) any arbitration pursuant to this
Section 7.08 of disputes, claims or controversies arising out of or relating to this Agreement is intended to be separate and distinct proceeding from any arbitration or other adjudication of disputes, claims or controversies between the
parties to the arbitration, that do not arise out of or relate to this Agreement. 
 Section 7.09 Reconciliation. In
the event that a Corporation and a Principal are unable to resolve a disagreement with respect to the matters governed by Sections 2.04, 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the
Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally
recognized accounting firm or a law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with either such Corporation or such Principal or other actual or
potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15)

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

 Section 7.10 Withholding. Each Corporation shall be entitled to deduct and withhold from any payment payable
pursuant to this Agreement such amounts as such Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent that amounts are so withheld
and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to such Limited Partner. 

Section 7.11 Affiliated Corporations of the Intermediate Holding Companies; Admission of the Corporations into a Consolidated
Group; Transfers of Corporate Assets. 
 (a) The other Intermediate Holding Companies shall provide that all provisions of
this Agreement shall correspondingly apply, including the payment of Tax Benefit Payments by any corporation owned directly or indirectly in whole or in part, now or in the future, by the other Intermediate Holding Companies, with respect to any
Realized Tax Benefit with respect to limited partnership interests in the other Oaktree Operating Group entities, that are part of the Exchange and in which such corporation owns an interest, under the same terms and conditions as set forth in this
Agreement, and the other Intermediate Holding Companies shall cause such corporation to execute and deliver a joinder to this Agreement to such effect. If either (i) the Parent or any other Intermediate Holding Company (other than the
Corporations) elects to be treated or is otherwise treated as a corporation for tax purposes, or (ii) the Parent holds any other Intermediate Holding Company directly or indirectly through an entity that is treated as a corporation for tax
purposes, then the provisions of this Agreement shall apply (w) to the Parent or such Intermediate Holding Company or such entity as the case may be in the same manner as 

  
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it applies to the Corporations and (x) to each partnership, limited partnership and limited liability company Controlled by any other Intermediate Holding Company as if each such entity were
a Partnership; provided that, if any OCGH Units or limited partnership interests in other Oaktree Operating Group entities were Exchanged prior to an event described in clause (i) or (ii) above, then (y) such Exchange shall be treated
for purposes of this Agreement as having occurred immediately after such event at the Fair Market Value in existence at the time of such prior Exchange, and (z) the entity that is to be treated in the same manner as the Corporations shall be
required to make the same Tax Benefit Payments pursuant to the terms of this Agreement that it would have been required to make had it been treated in the same manner as the Corporations on the date of such Exchange; provided, however, that such Tax
Benefit Payments shall be payable only with respect to (I) Reference Assets that are still owned at the time of the event described in clause (i) or (ii) above, and (II) taxable years of such entity ending on or after the date of the
event described in clause (i) or (ii) above. The parties agree that the terms of this Agreement will be applied to any corporation under this Section 7.11 only if the aggregate Tax Benefit Payments payable with respect to such
corporation are reasonably expected to be more than $10 million. 
 (b) If a Corporation becomes a member of an affiliated or
consolidated group of corporations that files a consolidated income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be
applied with respect to the group as a whole; and (ii) Tax Benefit Payments shall be computed with reference to the consolidated taxable income of the group as a whole. 
 (c) Notwithstanding any other provision of this Agreement, if Parent acquires one or more assets that, as of an Exchange Date, have not been contributed to a Corporation (other than Parent’s
interests in the other Intermediate Holding Companies) (such assets, “Excluded Assets”), then all Tax Benefit Payments due hereunder shall be computed as if such assets had been contributed to such Corporation on the date such assets were
first acquired by Parent; provided, however, that if an Excluded Asset consists of stock in a corporation, then, for purposes of this Section 7.11(c), (i) such corporation (and any corporation Controlled by such corporation) shall be
deemed to have contributed its assets to the Corporation in a transaction described in Section 351 of the Code, and (ii) such Corporation shall be deemed to have contributed all such assets to the Partnership, in each case on the date on
which the Parent acquired stock of such corporation. 
 (d) If any entity that is obligated to make an Exchange Payment
hereunder transfers one or more assets to a corporation with which such entity does not file a consolidated tax return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of any Exchange Payment (e.g.,
calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration
deemed to be received by such entity shall be equal to the Fair Market Value of the contributed asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of
debt allocated to such asset, in the case of a contribution of a partnership interest. 

  
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 Section 7.12 Partnerships. Each Corporation hereby agrees that, to the extent it
acquires a general partnership interest, managing member interest or similar interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and become a “Partnership” for all
purposes of this Agreement. 
 Section 7.13 Conclusive Nature of Calculations. All determinations, interpretations,
calculations, adjustments and other actions of a Corporation or any Partnership or a designee of any of the foregoing that are within such Person’s authority hereunder (including, without limitation, in connection with the preparation of any
Schedule) shall be made in good faith by such Person and shall be binding and conclusive absent manifest error. In connection with any such determination, interpretation, calculation, adjustment or other action, each Corporation or any Partnership
or the designee of any of the foregoing shall be entitled to resolve any ambiguity with respect to the manner in which such determination, interpretation, calculation, adjustment or other action is to be made or taken, and shall be entitled to
interpret the provisions of this Agreement, in such a manner as it determines to be fair and equitable, and such resolution or interpretation shall be binding and conclusive absent manifest error. 

[Signatures on following pages] 

  
 - 21 -

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

					
	OAKTREE HOLDINGS, INC.
	(on its own behalf and on behalf of Oaktree Capital II, OCM and Investment Holdings)
		
	By:	 	 /s/ Todd Molz

		 	Name:	 	Todd Molz
		 	Title:	 	Managing Director and General Counsel
		
	By:	 	 /s/ Richard Ting

		 	Name:	 	Richard Ting
		 	Title:	 	Managing Director and Associate General Counsel
	
	OAKTREE AIF HOLDINGS, INC.
	(on its own behalf and on behalf of Oaktree AIF)
		
	By:	 	 /s/ Todd Molz

		 	Name:	 	Todd Molz
		 	Title:	 	Managing Director and General Counsel
		
	By:	 	 /s/ Richard Ting

		 	Name:	 	Richard Ting
		 	Title:	 	Managing Director and Associate General Counsel

  
 - 22 -

 
					
	All limited partners of Oaktree Capital Group Holdings, L.P.
		
	By:	 	OAKTREE CAPITAL GROUP HOLDINGS GP, LLC, as attorney-in-fact, pursuant to powers now and hereafter granted
		
	By:	 	 /s/ Todd Molz

		 	Name:	 	Todd Molz
		 	Title:	 	Managing Director and General Counsel
		
	By:	 	 /s/ Richard Ting

		 	Name:	 	Richard Ting
		 	Title:	 	Managing Director and Associate General Counsel

  
 - 23 -Second Amended and Restated Exchange Agreement

 Exhibit 10.8 
 SECOND AMENDED AND RESTATED EXCHANGE AGREEMENT 
 by and among

 OAKTREE CAPITAL GROUP, LLC, 
 OCM HOLDINGS I, LLC, 
 OAKTREE HOLDINGS, INC., 

OAKTREE AIF HOLDINGS, INC., 
 OAKTREE HOLDINGS, LTD., 
 OAKTREE CAPITAL GROUP HOLDINGS, L.P.

 and 
 OTHER PARTIES JOINED HERETO FROM TIME TO TIME 
 Dated as of March 29,
2012 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
  

DEFINITIONS
  
	   
 
   
 

	 Section 1.1
	  	 Definitions
	  	 	2	  
	 Section 1.2
	  	 Gender
	  	 	4	  
	  
 ARTICLE II

 
 EXCHANGES

 
	 
   

   
 

	 Section 2.1
	  	 Exchange Procedure
	  	 	5	  
	 Section 2.2
	  	 Closing Procedures
	  	 	6	  
	 Section 2.3
	  	 Conclusive Nature of Determinations
	  	 	7	  
	 Section 2.4
	  	 Non-Exclusive Exchange Method
	  	 	8	  
	  
 ARTICLE III

MISCELLANEOUS
  
	 
   
   
 

	 Section 3.1
	  	 Notices
	  	 	8	  
	 Section 3.2
	  	 Interpretation
	  	 	8	  
	 Section 3.3
	  	 Joinder
	  	 	9	  
	 Section 3.4
	  	 Transaction Expenses
	  	 	9	  
	 Section 3.5
	  	 Severability
	  	 	9	  
	 Section 3.6
	  	 Counterparts
	  	 	10	  
	 Section 3.7
	  	 Entire Agreement; Third Party Beneficiaries
	  	 	10	  
	 Section 3.8
	  	 Further Assurances
	  	 	10	  
	 Section 3.9
	  	 Governing Law
	  	 	10	  
	 Section 3.10
	  	 Arbitration of Disputes
	  	 	10	  
	 Section 3.11
	  	 Amendments; Waivers
	  	 	12	  
	 Section 3.12
	  	 Assignment
	  	 	12	  
	 Section 3.13
	  	 Tax Treatment
	  	 	12	  
	 Section 3.14
	  	 Interference
	  	 	12	  
	 Section 3.15
	  	 Contra Proferentem
	  	 	13	  

 This SECOND AMENDED AND RESTATED EXCHANGE AGREEMENT (the “Agreement”),
dated as of March 29, 2012, is among Oaktree Capital Group, LLC, a Delaware limited liability company (“Oaktree”), OCM Holdings I, LLC, a Delaware limited liability company (“OCM Holdings”), Oaktree Holdings,
Inc., a Delaware corporation (“Oaktree Inc.”), Oaktree AIF Holdings, Inc. (f/k/a Oaktree Media Holdings, Inc.), a Delaware corporation (“Oaktree AIF”), Oaktree Holdings, Ltd., a Cayman Islands exempted company
(“Oaktree Ltd.”), Oaktree Capital Group Holdings, L.P., a Delaware limited partnership (“OCGH”), the OCGH Limited Partners (as defined below) and other parties joined hereto from time to time pursuant to
Section 3.3. Capitalized terms used but not otherwise defined herein have the respective meanings ascribed thereto in Section 1.1. 
 WHEREAS, OCGH is an owner of OpCo Units; 
 WHEREAS, on the terms and subject to
the conditions set forth herein, in the OCGH Partnership Agreement, any Oaktree equity ownership plan and any other arrangements between OCGH and the limited partners of OCGH, each limited partner of OCGH has the right to sell his or her vested
partnership interests in OCGH to each Intermediate Holding Company in exchange for (at Oaktree’s option) cash, Class A Units, other consideration or any combination of the foregoing; 

WHEREAS, on the terms and subject to the conditions set forth herein and in the OCGH Partnership Agreement, OCGH may redeem the OCGH
Units acquired by the Intermediate Holding Companies and, in exchange therefore, may distribute to each Intermediate Holding Company its pro rata portion of the Equivalent OpCo Units that correspond to the redeemed OCGH Units; 

WHEREAS, on the terms and subject to the conditions set forth herein, immediately upon the distribution of the Equivalent OpCo Units by
OCGH to the Intermediate Holding Companies, (i) the Intermediate Holding Companies may effect such inter-company transfers among the Intermediate Holdings Companies as may be necessary to ensure that each Intermediate Holding Company only holds
OpCo Units of the OpCo of which such Intermediate Holding Company is the general partner and (ii) a number of Class B Units held by OCGH equal to the number of OpCo Units delivered to the Intermediate Holding Companies shall be automatically
canceled without any further action by any party; 
 WHEREAS, the parties intend that each Exchange consummated hereunder be
treated for U.S. federal income tax purposes as a taxable sale of OCGH Units by an OCGH Limited Partner to OCM Holdings, Oaktree Inc., Oaktree AIF or Oaktree Ltd., as the case may be; 

WHEREAS, the parties executed an Exchange Agreement, dated as of May 25, 2007 (the “Original Agreement”);

 WHEREAS, the Original Agreement was amended and restated in its entirety by the execution of an Amended and Restated Exchange
Agreement, dated as of March 28, 2008 (the “First Amended Agreement”); 

 WHEREAS, Section 3.10 of the First Amended Agreement provides that the First Amended
Agreement may be amended, modified or waived at any time in writing by agreement of Oaktree and OCGH without the approval or consent of any other party (unless such amendment, modification or waiver would adversely affect in any material respect any
OCGH Limited Partner relative to all OCGH Limited Partners collectively as a group); and 
 WHEREAS, Oaktree and OCGH desire to
amend and restate the First Amended Agreement in a manner that does not adversely affect in any material respect any OCGH Limited Partner relative to all OCGH Limited Partners collectively as a group. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Oaktree and OCGH hereby agree to amend and restate the First Amended Agreement in its entirety as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Class A Units” has the meaning set forth in the Oaktree Operating Agreement. 

“Class B Units” has the meaning set forth in the Oaktree Operating Agreement. 

“Closing” has the meaning set forth in Section 2.2(c). 

“Code” has the meaning set forth in Section 3.12. 

“Competitive Business” has the meaning set forth in the OCGH Partnership Agreement. 

“Equivalent OpCo Unit” has the meaning set forth in the OCGH Partnership Agreement. 

“Exchange” means the exchange by an OCGH Limited Partner of an OCGH Unit for cash, a Class A Unit, other
consideration or any combination of the foregoing, as described in Article II of this Agreement. 
 “Exchange
Date” has the meaning set forth in the OCGH Partnership Agreement. 
 “Exchange Price” means, with
respect to all Exchanges effected on the same Exchange Date: 
 (a) if Oaktree elects for the Intermediate
Holdings Companies to deliver Class A Units as consideration for the Exchange, a number of Class A Units equal to the total number of OCGH Units being exchanged for Class A Units pursuant to this Agreement by all OCGH Limited Partners
at the Closing effected on such Exchange Date; 

  
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 (b) if Oaktree elects for the Intermediate Holdings Companies to deliver
cash as consideration for the Exchange and one or more Class A Units are issued and sold by Oaktree in connection with such Exchange (which sale, for the avoidance of doubt, can constitute multiple sales over multiple dates if such sales were
consummated in connection with the same Exchange) and some or all of the proceeds of such sale(s) are contributed to the Intermediate Holdings Companies, an amount equal to (A) the weighted average price per Class A Unit for which such
Class A Units were sold (net of any broker fees, commissions or underwriting discounts) multiplied by (B) the number OCGH Units being exchanged; and/or 

(c) if Oaktree elects for the Intermediate Holding Companies to deliver any other form of consideration for the Exchange
other than Class A Units and/or cash, such exchange price as the board of directors of Oaktree shall determine in its good faith discretion. 
 “General Partner” means the general partner of OCGH. 

“Governmental Entity” means any court, administrative agency, regulatory body, commission or other governmental
authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof. 
 “Intermediate Holding
Company” means an entity (a) in which Oaktree owns a direct or indirect equity interest and (b) that serves as the general partner (or equivalent) of one or more OpCos. As of the date of this Agreement, the Intermediate Holding
Companies for purposes of this Agreement are OCM Holdings, Oaktree Inc., Oaktree AIF and Oaktree Ltd. 
 “JAMS”
has the meaning set forth in Section 3.9. 
 “Make-Whole Units” has the meaning set forth in the OCGH
Partnership Agreement. 
 “Oaktree” has the meaning set forth in the preamble to this Agreement. 

“Oaktree Group” has the meaning set forth in the OCGH Partnership Agreement. 

“Oaktree Group Member” has the meaning set forth in the OCGH Partnership Agreement. 

“Oaktree Inc.” has the meaning set forth in the preamble to this Agreement. 

“Oaktree Ltd.” has the meaning set forth in the preamble to this Agreement. 

  
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 “Oaktree AIF” has the meaning set forth in the preamble to this Agreement.

 “Oaktree Operating Agreement” means the operating agreement of Oaktree, as it may be amended or modified
from time to time. 
 “OCGH” has the meaning set forth in the preamble to this Agreement. 

“OCGH Limited Partner” means a “Limited Partner” as defined in the OCGH Partnership Agreement. 

“OCGH Partnership Agreement” means the limited partnership agreement of OCGH, as it may be amended or modified from time
to time. 
 “OCM Holdings” has the meaning set forth in the preamble to this Agreement. 

“OpCo” has the meaning set forth in the OCGH Partnership Agreement. 

“OpCo Unit” has the meaning set forth in the OCGH Partnership Agreement. 

“Paying Agent” means a Person serving as the agent of Oaktree and its subsidiaries, who shall be designated, from time
to time, by mutual agreement of Oaktree and OCGH to facilitate Exchanges. 
 “Percentage Interest” has the
meaning set forth in the OCGH Partnership Agreement. 
 “Person” means any individual, corporation, firm,
partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental Entity or other entity. 
 “Regulations” has the meaning set forth in Section 3.12. 

“Restricted Period” has the meaning set forth in the OCGH Partnership Agreement. 

“Service Partner” has the meaning set forth in the OCGH Partnership Agreement. 

Section 1.2 Gender. For the purposes of this Agreement, the words “he,” “his” or “himself” shall be
interpreted to include the masculine, feminine and corporate, other entity or trust form. 

  
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 ARTICLE II 
 EXCHANGES 
 Section 2.1 Exchange Procedure. 

(a) Application of Exchange Procedures. In applying this Article II and the other provisions of this Agreement (including for
purposes of determining the Exchange Price and the form of consideration to be paid with respect to any Exchange), Oaktree may, in its sole discretion, (i) divide any Exchange into, and treat such Exchange as if it were, two or
more separate Exchanges, and (ii) combine any number of Exchanges into, and otherwise treat such Exchanges as if they were part of, a single Exchange. 
 (b) Exchanges of OCGH Units. On the Exchange Date, (i) the Intermediate Holding Companies shall purchase from the OCGH Limited Partner who has elected to make an Exchange pursuant to this
Agreement, (ii) such OCGH Limited Partner shall sell to the Intermediate Holding Companies, such number of OCGH Units that the General Partner has determined, pursuant to the OCGH Partnership Agreement, that such OCGH Limited Partner is
eligible to sell, including after giving effect to any limits imposed by the General Partner under the OCGH Partnership Agreement on the number of OCGH Units eligible for sale and (iii) if applicable, the Intermediate Holding Companies shall
purchase from each OCGH Limited Partner that is a Surplus Partner (as defined in the OCGH Partnership Agreement) an equity interest in OCGH as required by Section 6.3(b)(iii) of the OCGH Partnership Agreement for the amount determined pursuant
to Section 6.3(b)(iii) of the OCGH Partnership Agreement. As consideration for such sale described in clauses (i) and (ii) of the preceding sentence, each Intermediate Holding Company shall pay the OCGH Limited Partner who has elected
to make the Exchange a pro rata portion of the Exchange Price (which shall be determined based on the relative values of the OpCos held by each Intermediate Holding Company immediately prior to such sale and which shall be delivered in the form of
Class A Units, cash, other consideration or any combination of the foregoing, at Oaktree’s election), less, if applicable, the Redeemable Surplus (as defined in the OCGH Partnership Agreement) attributable to such OCGH Units in exchange
for a pro rata portion of the OCGH Units being sold by such OCGH Limited Partner and, if applicable, shall pay the Surplus Partners their pro rata share of the Redeemable Surplus attributable to such OCGH Units. 

(c) Redemption of OCGH Units. On the Exchange Date, immediately following the exchange of OCGH Units pursuant to
Section 2.1(b) hereof, OCGH may, at its discretion, redeem each OCGH Unit received by the Intermediate Holding Companies pursuant to Section 2.1(b) and deliver to each Intermediate Holding Company a pro rata share of the partnership units
of each OpCo, such that the aggregate number of OpCo Units issued in the redemption comprises the Equivalent OpCo Units of the OCGH Units being redeemed. 
 (d) Exchange of OpCo Units. On the Exchange Date, immediately following the redemption of OCGH Units by OCGH pursuant to Section 2.1(c) hereof, each Intermediate Holding Company may, at its
discretion, exchange OpCo Units with each other Intermediate Holding Company such that, immediately after such exchange, each Intermediate Holding Company holds OpCo Units only in the OpCo for which such Intermediate Holding Company serves as the
general partner (or equivalent). 

  
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 (e) Concurrent Exchanges. The obligation, if any, of the Intermediate Holding
Companies to effect an Exchange under this Agreement represents a several, and not a joint and several, obligation of the Intermediate Holding Companies. 
 (f) Cancellation of Class B Units. Pursuant to Section 4.4 of the Oaktree Operating Agreement, on the Exchange Date, a number of Class B Units equal to the number of OCGH Units exchanged with
the Intermediate Holding Companies pursuant to Section 2.1(b) (whether or not actually delivered) in connection with the Exchanges effected on such Exchange Date shall be automatically canceled without any further action by any party.

 (g) Board of Directors Approval. Notwithstanding anything to the contrary in this Agreement or any other agreement to
which any OCGH Limited Partner may from time to time be a party, (i) no Exchange shall be consummated without the prior approval of the board of directors of Oaktree (or a duly authorized committee of such board of directors) and (ii) the
board of directors of Oaktree (or a duly authorized committee thereof) shall determine whether to pay the Exchange Price in the form of Class A Units, cash, other consideration or any combination of the foregoing. 

Section 2.2 Closing Procedures. 
 (a) Location. On the Exchange Date, the parties shall effect the closing (the “Closing”) of the transactions contemplated by Section 2.1 at the offices of Oaktree Capital
Group, LLC, 333 South Grand Avenue, 28th Floor, Los Angeles, California 90071, in the manner set forth in this Section 2.2 or at such other time, at such other place and in such other manner as Oaktree shall determine in its discretion.

 (b) Absence of Injunctions or Decrees. The obligations of the parties to this Agreement to consummate an Exchange
shall be subject to the condition that there shall be no injunction, restraining order or decree of any nature of any Governmental Entity that is in effect that restrains or prohibits such Exchange. 

(c) Exchange Deliveries. At each Closing, with respect to each OCGH Limited Partner participating in such Closing: 

(i) each OCGH Limited Partner participating in such Closing shall deliver, or shall instruct the delivery of on its
behalf, to the Paying Agent the number of OCGH Units to be sold by such OCGH Limited Partner; 
 (ii) each
Intermediate Holding Company shall deliver to the Paying Agent its pro rata portion of the Exchange Price (either in Class A Units, cash, other consideration or any combination of the foregoing, as determined by the board of directors of
Oaktree (or a duly authorized committee thereof)) for the number of OCGH Units being acquired by such Intermediate Holding Company; and 

  
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 (iii) OCGH shall deliver to the Paying Agent, to the extent certificated,
the certificate or certificates representing a number of Class B Units equal to the number of OCGH Units being acquired by the Intermediate Holding Companies. 
 (d) Additional Exchange Deliveries. In addition to the closing deliveries provided for with respect to each OCGH Limited Partner, on any Exchange Date if OCGH delivers to the Paying Agent a
certificate or certificates that represent more Class B Units than the number of OpCo Units to be delivered to the Intermediate Holding Companies in connection with all Exchanges occurring on such Exchange Date, Oaktree shall deliver to the Paying
Agent a certificate or certificates registered in the name of OCGH representing a number of Class B Units equal to such excess. 

(e) Paying Agent. After receiving all required Closing deliveries set forth in Sections 2.2(c) and 2.2(d) for all Closings
occurring on an Exchange Date, the Paying Agent shall deliver: 
 (i) to each OCGH Limited Partner participating
in a Closing, cash, Class A Units, other consideration or any combination of the foregoing (as determined by Oaktree) representing the Exchange Price for the number of OCGH Units delivered by or on behalf of such OCGH Limited Partner on such
Exchange Date less, if applicable, the Redeemable Surplus attributable to such OCGH Units, which the Paying Agent shall deliver pro rata to the applicable Surplus Partners; 

(ii) to each Intermediate Holding Company, the portion of the OCGH Units being acquired by such Intermediate Holding
Company on such date; 
 (iii) to Oaktree, the Class B Unit certificates, if any, representing the number of
Class B Units equal to the number of OCGH Units being acquired by the Intermediate Holding Companies; and 
 (iv)
to OCGH, the certificates delivered by Oaktree or an Intermediate Holding Company pursuant to Section 2.2(d), if any. 

Section 2.3 Conclusive Nature of Determinations. All determinations, interpretations, calculations, adjustments and other actions
of Oaktree, the board of directors of Oaktree (or a duly authorized committee of such board of directors), the General Partner, OCGH, an Intermediate Holding Company or a designee of any of the foregoing that are within such Person’s authority
hereunder (including, without limitation, any calculations of the Exchange Price for any Equivalent OpCo Units in connection with any Exchange) shall be binding and conclusive on an OCGH Limited Partner absent manifest error. In connection with any
such determination, interpretation, calculation, adjustment or other action, Oaktree, the board of directors of Oaktree (or a duly authorized committee of such board of directors), the General Partner, OCGH, an Intermediate Holding Company or the
designee of any of the foregoing shall be entitled to resolve any ambiguity with respect to the manner in which such determination, interpretation, calculation, adjustment or other action is to be made or taken, and shall be entitled to interpret
the provisions of this Agreement, in such a manner as it determines to be fair and equitable, and such resolution or interpretation shall be binding and conclusive on an OCGH Limited Partner absent manifest error. 

  
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 Section 2.4 Non-Exclusive Exchange Method. The parties hereto specifically agree that
the provisions of this Article II are not the exclusive method by which OCGH Units may be exchanged for Class A Units, cash, other consideration or any combination of the foregoing, and that Oaktree, OCGH and the relevant OCGH Limited Partner
may agree, on a case-by-case basis, to effect such exchange by any other arrangements. 
 ARTICLE III 

MISCELLANEOUS 
 Section 3.1 Notices. Any notice to any Service Partner that is required or permitted hereunder to be given to such Service Partner shall be in writing and shall be delivered to such Service Partner
at the principal office of OCGH or at such other place where such Service Partner may be found. Any notice to a Service Partner which is delivered to the principal office of OCGH when such Service Partner is absent from the office shall, if
reasonable efforts have been made to deliver it to him or her elsewhere, be deemed delivered to him or her on the next succeeding business day, if he or she does not actually receive such notice sooner. Any notice to any OCGH Limited Partner who is
not a Service Partner that is required or permitted hereunder to be given to such OCGH Limited Partner shall be in writing and shall be delivered to such OCGH Limited Partner at the address or facsimile number of such OCGH Limited Partner shown on
the register of OCGH. Any notice to OCGH or the General Partner required or permitted hereunder to be given to OCGH or the General Partner shall be in writing and shall be delivered to OCGH or the General Partner at the principal office of OCGH. Any
notice to Oaktree or an Intermediate Holding Company required or permitted hereunder to be given to Oaktree or an Intermediate Holding Company shall be in writing and shall be delivered to Oaktree or an Intermediate Holding Company at the principal
office of Oaktree. A written notice may be delivered by facsimile transmission. 
 Section 3.2 Interpretation. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “included,” “includes” or “including” are used in
this Agreement, they shall be deemed to be followed by the words “without limitation.” Whenever in this Agreement or any other agreement contemplated hereby or otherwise a Person is permitted or required to make a decision (i) in its
“sole discretion” or “discretion” or under a grant of similar authority or latitude, then, to the fullest extent permitted by law, such Person may make such decision in its sole discretion (regardless of whether there is a
reference to “sole discretion” or “discretion”), and shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any
interest of or factors affecting any other Person (other than a duty to act in good faith) and (ii) under another express standard, such Person shall act under such express standard and shall not be subject to any other or different standard.

  
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 Section 3.3 Joinder. 

(a) The General Partner shall (unless determined otherwise by the General Partner in its sole discretion) cause each OCGH Limited Partner
and each Person receiving an award of OCGH equity under any Oaktree ownership plan to be joined as a party to this Agreement by either (i) executing a counterpart to this Agreement or (ii) otherwise agreeing to be bound by all of the terms
of this Agreement, in either case for so long as such Person remains a limited partner of OCGH or holds an equity award. 
 (b)
Oaktree shall cause any new Intermediate Holding Company to be joined as a party to this Agreement by either (i) executing a counterpart to this Agreement or (ii) otherwise agreeing to be bound by all of the terms of this Agreement.

 (c) Any joinder of parties to this Agreement permitted or required by this Section 3.3 shall be effective
notwithstanding Section 3.10. 
 Section 3.4 Transaction Expenses. All expenses incurred in connection with the
Exchange, including, without limitation, all fees and expenses resulting from a registration under the Securities Act of 1933, as amended (if the board of directors of Oaktree deems it advisable to register such Exchange or resulting resale of
Class A Units in order to comply with applicable United States securities laws and regulations based on the advice of counsel), printing expenses, fees and disbursements of counsel to Oaktree, OCGH and the Intermediate Holding Companies, and
fees of the independent certified public accountants, and the expense of qualifying such Class A Units under blue sky laws, will be borne by Oaktree; provided, however, that (i) any broker fees, commissions or underwriting
discounts incurred in connection with selling Class A Units for the account of an OCGH Limited Partner and (ii) counsel fees and disbursements resulting from services to an OCGH Limited Partner in his or her personal capacity will be borne
by such OCGH Limited Partner. 
 Section 3.5 Severability. Whenever possible, each provision or portion of any provision
of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein, if the economic and legal substance of the arrangements contemplated hereby are not affected in any manner materially
adverse to any party hereto. Upon such a determination, OCGH and Oaktree shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the
transactions contemplated hereby shall be consummated as originally contemplated to the fullest extent possible. Notwithstanding any provision in this Agreement to the contrary, if any of the provisions of Section 3.14 shall be held to exceed
the limitations on scope, duration or geographic area prescribed under applicable law, then such provision shall be deemed to have been amended automatically to reduce such scope, duration or geographic area, as the case may be, to the extent
necessary (if possible), and only to such extent, to enable such provision to be valid and permissible under such applicable law. 

  
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 Section 3.6 Counterparts. This Agreement may be executed in one or more counterparts,
all of which shall constitute one and the same instrument. 
 Section 3.7 Entire Agreement; Third Party Beneficiaries.
This Agreement and the OCGH Partnership Agreement together constitute the entire agreement and supersede all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof; provided, that in the
event of a conflict between this Agreement and the OCGH Partnership Agreement, the OCGH Partnership Agreement shall control. This Agreement is not intended to confer upon any Person, other than the parties hereto, any rights or remedies hereunder.

 Section 3.8 Further Assurances. Each party shall execute, deliver, acknowledge and file such other documents and take
such further actions as may be reasonably requested from time to time by the other party hereto to give effect to and carry out the transactions contemplated herein. 
 Section 3.9 Governing Law. This Agreement shall be construed and enforced, along with any rights, remedies, or obligations provided for hereunder, in accordance with the laws of the State of
Delaware applicable to contracts made and to be performed entirely within the State of Delaware by residents of the State of Delaware; provided, that the enforceability of Section 3.10 shall be governed by the Federal Arbitration Act, 9
U.S.C. § 1 et seq., and not the laws of the State of Delaware. 
 Section 3.10 Arbitration of
Disputes. 
 (a) Any and all disputes, claims or controversies arising out of or relating to this Agreement, including any
and all disputes, claims or controversies arising out of or relating to (i) OCGH, (ii) any OCGH partner’s rights and obligations hereunder, (iii) the validity or scope of any provision of this Agreement, (iv) whether a
particular dispute, claim or controversy is subject to arbitration under this Section 3.10 and (v) the power and authority of any arbitrator selected hereunder, that are not resolved by mutual agreement shall be submitted to final and
binding arbitration before Judicial Arbitration and Mediation Services, Inc. (“JAMS”) pursuant to the Federal Arbitration Act, 9 U.S.C. § 1 et seq. A party hereto may commence the arbitration process by filing a
written demand for arbitration with JAMS and delivering a copy of such demand to the other party or parties to the arbitration in accordance with the notice procedures set forth in Section 3.1. The arbitration shall take place in Wilmington,
Delaware, and shall be conducted in accordance with the provisions of JAMS Streamlined Arbitration Rules and Procedures in effect at the time of filing of the demand for arbitration. The parties to the arbitration shall cooperate with JAMS and with
each other in selecting an arbitrator from JAMS’ panel of neutrals and in scheduling the arbitration proceedings. The arbitrator selected shall be neutral and a former Delaware chancery court judge or, if such judge is not available, a former
U.S. federal judge with experience in adjudicating matters under the law of the State of Delaware; provided, that if no such person is both willing and able to undertake such a role, the parties to the arbitration shall cooperate with each
other and JAMS in good faith to select such other person as may be available from a JAMS’ panel of neutrals with experience in adjudicating matters under the law of the State of Delaware. The parties to the arbitration shall participate in the
arbitration in good faith. Each party to the arbitration shall pay those costs, if any, of arbitration that it must pay to cause this Section 3.10 to be enforceable, and all other costs of arbitration shall be shared equally between the parties
to the arbitration. 

  
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 (b) No party to an arbitration shall be entitled to undertake discovery in the arbitration;
provided, that, if discovery is required by applicable law, discovery shall not exceed (i) one witness deposition plus the depositions of any expert designated by the other party or parties, (ii) two interrogatories, (iii) ten
document requests and (iv) ten requests for admissions; provided, further, that additional discovery may be permitted to the extent such additional discovery is required by applicable law for this Section 3.10 to be
enforceable. The arbitrator shall have no power to modify any of the provisions of this Agreement, to make an award or impose a remedy that, in each case, is not available to the Delaware chancery court or to make an award or impose a remedy that
was not requested by a party to the dispute, and the jurisdiction of the arbitrator is limited accordingly. To the extent permitted by law, the arbitrator shall have the power to order injunctive relief, and shall expeditiously act on any petition
for such relief. 
 (c) The provisions of this Section 3.10 may be enforced by any court of competent jurisdiction, and, to
the extent permitted by law, the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees, to be paid by the party against whom enforcement is ordered. Notwithstanding any provision of
this Agreement to the contrary, any party to an arbitration pursuant to this Section 3.10 shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any violation of the provisions of this
Agreement pending a final determination on the merits by the arbitrator, and each party hereby consents that such a restraining order or injunction may be granted without the necessity of posting any bond. 

(d) The details of any arbitration pursuant to this Section 3.10, including the existence and/or outcome of such arbitration and any
information obtained in connection with any such arbitration, shall be kept strictly confidential and shall not be disclosed or discussed with any person not a party to the arbitration; provided, that such party may make such disclosures as
are required by applicable law or legal process; provided, further, that such party may make such disclosures to its, his or her attorneys, accountants or other agents and representatives who reasonably need to know the disclosed
information in connection with any arbitration pursuant to this Section 3.10 and who are obligated to keep such information confidential to the same extent as such party. If a party to an arbitration receives a subpoena or other request for
information from a third party that seeks disclosure of any information that is required to be kept confidential pursuant to the prior sentence, or otherwise believes that it, he or she may be required to disclose any such information, such party
shall (i) promptly notify the other party to the arbitration and (ii) reasonably cooperate with such other party in taking any legal or otherwise appropriate actions, including the seeking of a protective order, to prevent the disclosure,
or otherwise protect the confidentiality, of such information. 
 (e) For the avoidance of doubt, (i) any arbitration
pursuant to this Section 3.10 shall not include any disputes, claims or controversies that do not arise out of or relate to this Agreement, and (ii) any arbitration pursuant to this Section 3.10 of disputes, claims or controversies
arising out of or relating to this Agreement is intended to be separate and distinct proceeding from any arbitration or other adjudication of disputes, claims or controversies between parties to this Agreement that do not arise out of or relate to
this Agreement. 

  
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 Section 3.11 Amendments; Waivers. 

(a) This Agreement may be amended, modified or waived at any time in writing by agreement of Oaktree and OCGH without the approval or
consent of any other party; provided, that if any such amendment, modification or waiver would adversely affect in any material respect any OCGH Limited Partner relative to all OCGH Limited Partners collectively as a group, such amendment,
modification, or waiver shall also require the written consent of the OCGH Limited Partners holding a majority of the Percentage Interests held by the OCGH Limited Partners so adversely affected. 

(b) No waiver by any party hereto of any default with respect to any provision, condition or requirement hereof shall be deemed to be a
waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party hereto to exercise any right hereunder in any manner impair the exercise of any such right accruing to it, him or her thereafter. Any
default hereunder by a party hereto shall not excuse any obligation of any other party. 
 Section 3.12 Assignment.
Except as may be provided in the OCGH Partnership Agreement, neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of Oaktree and OCGH. Subject to the
preceding sentence, this Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and assigns. 
 Section 3.13 Tax Treatment. To the extent this Agreement imposes obligations upon a particular OpCo or its general partner, this Agreement shall be treated as part of the partnership agreement of
such OpCo as described in Section 761(c) of the Internal Revenue Code of 1986, as amended (the “Code”), and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations (the “Regulations”). As
required by the Code and the Regulations: (i) the parties shall report (I) an Exchange consummated hereunder as a taxable sale of OCGH Units by an OCGH Limited Partner to the respective Intermediate Holding Companies; (II) any redemption
pursuant to Section 2.1(c) hereof as a redemption of the respective Intermediate Holding Company’s entire interest in OCGH and (III) any exchange of OpCo Units pursuant to Section 2.1(d) as a taxable sale of the OpCo Units by the
respective Intermediate Holding Company and (ii) no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 

Section 3.14 Interference. 
 (a) Each Service Partner hereby agrees that for so long as the Service Partner provides services to an Oaktree Group Member, and for two years after the Service Partner ceases to provide such services for
any reason, such Service Partner shall not directly or indirectly (i) solicit any customer or client of the Oaktree Group for a Competitive Business; provided, that the foregoing clause (i) shall not be deemed to prohibit such
Service Partner from participating in the normal marketing efforts of a Competitive Business, so long as such Service Partner does not solicit any client or customer known to such Service Partner as a result of his or her provision of services to an
Oaktree Group Member to be a client or customer of the Oaktree Group, other than clients or customers of the Oaktree Group that, as of the date the Service 

  
 12 

 
Partner ceases to provide services to an Oaktree Group Member, are bona fide pre-existing clients or customers of such Competitive Business, (ii) induce or attempt to induce any employee of
the Oaktree Group to leave the Oaktree Group or in any way interfere with the relationship between the Oaktree Group and any employee thereof, or (iii) hire, engage, employ, retain or otherwise enter into any business affiliation with any
person who was an employee of the Oaktree Group at any time during the twelve-month period prior to the date a Service Partner ceases to provide services to the Oaktree Group. 
 (b) Each Service Partner hereby agrees that for so long as the Service Partner provides services to an Oaktree Group Member and for the duration of the Restricted Period, the Service Partner shall not
directly or indirectly: 
 (i) in any geographic location or area anywhere in the United States of America or any
other country where an Oaktree Group Member conducts business, engage in a Competitive Business; or 
 (ii)
invest in, own, manage, operate, finance, control, render services or participate (whether as an employee, consultant, independent contractor, officer, director, agent, security holder, creditor, or otherwise) in the ownership, management,
operation, financing, or control of, or have any interest in, or be employed by, or be associated with or in any manner connected with, or render services, advice or aid to, or guarantee the obligations of, any Person that engages in or proposes to
engage in a Competitive Business; provided, that nothing herein shall prohibit a Service Partner from being a passive owner of not more than one percent of the outstanding stock of any class of securities of a corporation or entity engaged in
such business which is publicly traded so long as such Service Partner has no participation in the business of such corporation or entity (other than the exercise of his or her shareholder voting rights). 

Section 3.15 Contra Proferentem. In the event any claim is made by any party hereto relating to any conflict, omission or
ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its, his or her counsel. 

[remainder of this page intentionally left blank] 

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

					
	OAKTREE CAPITAL GROUP, LLC
		
	By:	 	 /s/ Todd Molz

		 	Name:	 	Todd Molz
		 	Title:	 	Managing Director and General Counsel
		
	By:	 	 /s/ Richard Ting

		 	Name:	 	Richard Ting
		 	Title:	 	Managing Director and Associate General Counsel
	
	OAKTREE CAPITAL GROUP HOLDINGS, L.P.
		
	By:	 	OAKTREE CAPITAL GROUP HOLDINGS GP, LLC, its General Partner
		
	By:	 	 /s/ Todd Molz

		 	Name:	 	Todd Molz
		 	Title:	 	Managing Director and General Counsel
		
	By:	 	 /s/ Richard Ting

		 	Name:	 	Richard Ting
		 	Title:	 	Managing Director and Associate General Counsel

 [Second Amended and Restated Exchange Agreement] 

 
					
	OCM HOLDINGS I, LLC
	
	By: OAKTREE HOLDINGS, LLC, its Managing Member
	
	By: OAKTREE CAPITAL GROUP, LLC, its Managing Member
			
		 	By:	 	 /s/ Todd Molz

		 		 	Name: Todd Molz
		 		 	Title: Managing Director and General           Counsel
			
		 	By:	 	 /s/ Richard Ting

		 		 	Name: Richard Ting
		 		 	Title: Managing Director and Associate           General Counsel
	
	OAKTREE HOLDINGS, INC.
			
		 	By:	 	 /s/ Todd Molz

		 		 	Name: Todd Molz
		 		 	Title: Managing Director and General           Counsel
			
		 	By:	 	 /s/ Richard Ting

		 		 	Name: Richard Ting
		 		 	Title: Managing Director and Associate           General Counsel
	
	OAKTREE HOLDINGS, LTD.
	
	By: OAKTREE CAPITAL GROUP, LLC, its Director
			
		 	By:	 	 /s/ Todd Molz

		 		 	Name: Todd Molz
		 		 	Title: Managing Director and General           Counsel
			
		 	By:	 	 /s/ Richard Ting

		 		 	Name: Richard Ting
		 		 	Title: Managing Director and Associate           General Counsel

 [Second Amended and Restated Exchange Agreement] 

 
					
	OAKTREE AIF HOLDINGS, INC.
			
		 	By:	 	 /s/ Todd Molz

		 		 	Name: Todd Molz
		 		 	Title: Managing Director and General           Counsel
			
		 	By:	 	 /s/ Richard Ting

		 		 	Name: Richard Ting
		 		 	Title: Managing Director and Associate           General Counsel

 [Second Amended and Restated Exchange Agreement]

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