Document:

Exhibit 10.30

 

EXECUTION VERSION

 

GRANT AGREEMENT

(Non-Qualified Share Options/Tandem SARs)

 

THIS AGREEMENT, made
as of this the 25th day of August 2017 among Telesat Canada, formed as a result of an amalgamation of Telesat Holdings
Inc., Telesat Interco Inc. and Telesat Canada on January 1, 2017 (the “Company”), Michel G. Cayouette (the “Participant”),
and for the purposes of Sections 11, 12, 13, 15, 16 and 18 only, Loral Space & Communications Inc. (“Loral”),
and for the purposes of Sections 11, 12, and 13 only, the Public Sector Pension Investment Board (“PSP”),
and only for the purposes of Sections 16, 17(b) and 21, 4440480 Canada Inc. (the “Special Purchaser”, collectively
with the Company, the Employer, the Participant, Loral and PSP, the “Parties”).

 

WHEREAS, the Company
has adopted and maintains the Telesat Holdings Inc. Management Stock Incentive Plan (the “Plan”) to promote
the interests of the Company and its Affiliates and shareholders by providing the Company and its Affiliates’ key employees
with an appropriate incentive to encourage them to continue in the employ of and provide services for the Company or its Affiliates
and to improve the growth and profitability of the Company and its Affiliates;

 

WHEREAS concurrent with
the Grant hereunder, the Participant surrenders all rights under the grant agreement executed November 18, 2013 (the “Previous
Grant”), and all rights surrendered by the Participant are cancelled by the Company in exchange for rights granted to
the Participant hereunder to acquire Shares of the Company as set out herein.

 

WHEREAS, the Plan provides
for the Grant to Participants in the Plan of Non-Qualified Share Options and Tandem SARs to purchase Shares of the Company.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

 

1.             Incorporation
of Plan. All terms, conditions and restrictions of the Plan, including the Accession Agreement, and the Employment Agreement
are incorporated herein and made part hereof as if stated herein and the terms hereof are incorporated in the Plan as it applies
to the Participant. If there is any express conflict between the terms and conditions of the Plan and this Grant Agreement, the
terms and conditions of this Agreement shall govern. All capitalized terms used and not defined herein shall have the meaning given
to such terms in the Plan.

 

2.             Grant
of Options. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company and the Employer
hereby grant to the Participant a NON-QUALIFIED SHARE OPTION (the “Option”) with respect to 270,000 Shares.

 

     

     

    

 

3.             Grant
of Tandem SARs.

 

(a)           Each
Option shall be accompanied by a TANDEM SAR at the SAR Base Price (per Share). The Tandem SAR constitutes an unfunded and unsecured
promise of the Company to deliver (or cause to be delivered) to the Participant a combination of Shares and cash (as determined
by the Committee, in its discretion, subject to the provisions of this Section 3) at the time such Tandem SAR is exercised, equal
in value to the excess, if any, of the Fair Market Value per Share over the SAR Base Price per Share of the Tandem SAR. In no event
shall the amount of such excess that the Company shall deliver (or cause to be delivered) to the Participant in cash exceed the
minimum mandatory statutory amount of withholding taxes due to the applicable Canadian federal and provincial and applicable United
States federal, state and local taxing authorities with respect to the exercise of the Tandem SAR (the "Minimum Withholding
Amount").

 

(b)           The
Participant may exercise the Tandem SAR, in whole or in part, pursuant to the terms of the Plan and the Grant Agreement provided
that, if Section 3(c) below applies no less than fifteen (15) business days (and no more than thirty (30) business days) in advance
of the effective date of the proposed exercise the Participant shall give the Committee written notice of his intention to exercise
the Tandem SAR, in whole or in part, and the number of Shares underlying the Option involved. Upon receipt of such notice, the
Committee shall promptly notify the Participant whether the Company is prohibited by applicable law or prohibited under any credit
agreement (or other debt agreement) applicable to the Company from (x) permitting such exercise of the Tandem SAR, in whole or
in part, or (y) from making the payment of the amounts in accordance with Section 3(c) below (an “Applicable Restriction”)
at the time the Participant provides the notice of an intent to exercise. In the case of an Applicable Restriction, the Participant
shall not be permitted to exercise the Tandem SAR, in whole or in part, to the extent restricted by the Applicable Restriction,
but may, but shall not be obligated to, exercise all or part of the Option and utilize the Special Purchase Rights (as described
in Section 17(b)) with regard to the amounts necessary to pay the Exercise Price and the Minimum Withholding Amount (provided that
the Special Purchase Rights shall not be available if both (x) the Company’s public common shares are publicly traded and
(y) Participant is otherwise free to sell the Shares acquired under the Option). Any exercise of all or part of the Tandem SAR
or use of the Special Purchase Rights shall be accomplished within thirty (30) business days after notification by the Committee
that exercise of the Tandem SAR is or is not permitted. If the exercise or utilization is to occur thereafter, a new notice of
intent to exercise shall be required.

 

(c)           Notwithstanding
Section 3(a) but subject to Section 3(b), if exercise of a Tandem SAR, in whole or in part, occurs during employment (while Cause
does not exist and there is no current intent to voluntarily resign without “Good Reason” (as defined in the Participant’s
Employment Agreement)) or following a Termination of Employment other than a termination for Cause or a voluntary termination without
Good Reason, and is not prohibited by Section 3(b), the Minimum Withholding Amount shall be delivered in cash. The remainder of
such excess shall be delivered in Shares. Fractional Shares will not be delivered and the number of Shares to be delivered upon
any exercise by the Participant of the Tandem SAR, in whole or in part, granted herein shall be rounded up to the nearest whole
Share and the amount of cash to be delivered to the Participant upon such exercise shall be rounded down. Until such delivery,
the Participant has only the rights of a general unsecured creditor and no rights as a shareholder of the Company in respect to
such Shares.

 

4.             Option/Tandem
SAR: The Tandem SAR shall vest, become exercisable, and terminate at the same times and under the same terms as the Option
granted herein. The exercise of all or part of the Option shall cause the same proportion of the Tandem SAR to automatically terminate
and the exercise of all or part of the Tandem SAR shall cause the same proportion of the Option to automatically terminate. Only
the Option or the Tandem SAR, and not both, may be exercised in whole or in part at any time.

 

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5.             Grant
Date. The Grant Date of the Award hereby granted is August 25, 2017.

 

6.             Exercise
Price. The Exercise Price of each Share underlying the Option hereby granted is CAD $24.20.

 

7.             Grant
Term. Subject to the terms of the Plan and Section 14 hereof as to earlier termination of the exercise period of the Award,
the exercise period of the Award shall expire on April 5, 2023.

 

8.             Vesting.

 

(a)          Notwithstanding
Section 5 of the Plan, the Option shall be immediately vested and exercisable with respect to 58,284 of the Shares underlying the
Option.

 

(b)          Notwithstanding
Section 5 of the Plan, the remaining Option shall become vested and exercisable as set out on Schedule
A hereto.

 

9.             Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto, upon any breach or
default of any party under this Grant Agreement, shall impair any such right, power or remedy of such party nor shall it be construed
to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or
thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or
default under this Grant Agreement, or any waiver on the part of any party or any provisions or conditions of this Grant Agreement,
shall be in writing and shall be effective only to the extent specifically set forth in such writing.

 

10.           Limitation
on Transfer. No Shares obtained pursuant to the exercise of the Award granted herein shall be transferred except subject to
the terms set forth in Schedule B hereto.

 

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11.           Drag-Along
Rights in Respect of Shares Issuable Upon Exercise of the Award.

 

(a)          Provided
that Loral or PSP and their respective Affiliates and their Permitted Transferees (as defined in the Unanimous Shareholder Agreement)
(such shareholders and their respective Affiliates and Permitted Transferees being referred to in this Agreement as the “Relevant
Shareholders”) collectively hold a number of Equity Shares of the Company which is not less than 25% of the total number
of Equity Shares then outstanding on a fully diluted basis, if a Relevant Shareholder proposes to Transfer to any person (the “Drag-Along
Transferee”) at arm’s length from such Relevant Shareholder (for purposes of this Section 11 only, any such Relevant
Shareholder that is proposing such Transfer, a “Selling Shareholder”) some or all of the Equity Shares then
held by the Selling Shareholder, in a bona fide transaction (a “Drag-Along Sale”), then the Selling Shareholder(s)
may elect (a “Drag-Along Election”) to require the Participant (but provided that all Participants are being
similarly required with regard to their fully vested Shares but not necessarily unvested Shares) to sell to the Drag-Along Transferee
up to that number of Shares issued upon exercise of any vested Award equal to the product of (such product being the “Draggable
Amount”) (x) a fraction, the numerator of which is the number of Equity Shares (on a fully diluted basis) as is proposed
to be sold by the Selling Shareholder(s) and the denominator of which is the aggregate number of Equity Shares (on a fully diluted
basis) owned as of the date of the Drag-Along Notice (as defined below) by all Relevant Shareholder(s), and (y) the number of Shares
then owned by the Participant and issued upon the exercise of the Award plus the number of Shares issuable upon the exercise of
the Award whether or not vested, as of the date of the Drag-Along Notice, at the purchase price and upon the other terms and subject
to the conditions of the Drag-Along Sale (including the kind and amount of consideration to be paid for such Equity Shares), all
of which shall be set forth in the Drag-Along Notice. To the extent that the number of Shares issued upon exercise of any vested
portion of any Award that is held by the Participant is less than the Draggable Amount calculated pursuant to this section, a portion
of the Time-Vesting Option (but not the Performance-Vesting Option) not otherwise vested and exercisable shall become vested and
exercisable based on the earliest thereafter vesting tranches being vested before later vesting tranches and the Participant shall
be required, conditioned on the closing of the Drag-Along Sale, to exercise such portion of such Award and Transfer the resulting
Shares in the manner provided in the previous sentence. Without any obligation to do so, the Company may elect to vest an amount
of the Unvested Options up to the amount necessary to reach the Draggable amount (in such order as the Company shall elect) and
such Options shall then be treated as vested for purposes of the Drag-Along Sale. For the purposes of this Section 11, an Award
will be deemed to be vested for purposes of this Section 11 if and to the extent that such Award would vest pursuant to Section
14(a) immediately prior to the close of the Drag-Along Sale. The Participant shall be responsible to the Selling Shareholders for
the Participant’s pro rata share of a reasonable estimate of the out-of-pocket transactional expenses to be paid by
the Selling Shareholders, as determined by the Selling Shareholders, incurred in connection with the Drag-Along Sale. Without limiting
the foregoing liability, the Selling Shareholders shall be entitled to agree with the purchaser for the payment of such pro
rata share directly, to the Selling Shareholders out of sale proceedings.

 

(b)          The
rights set forth in Section 11(a) shall be exercised by the Selling Shareholder giving written notice by delivery of a true and
complete copy of the offer to purchase from the Drag-Along Transferee together with all relevant agreements (the “Drag-Along
Notice”) to each Participant which shall specifically identify the identity of the proposed Drag-Along Transferee, the
number of Equity Shares proposed to be sold to the Drag-Along Transferee, the purchase price therefor, the material terms and conditions
of the proposed Drag-Along Sale and the proposed closing date of the Drag-Along Sale.

 

(c)          The
Selling Shareholders may assign to the Drag-Along Transferee their rights under this Section 11 and Section 12 hereof,
and in such event, the Drag-Along Transferee shall be treated as if it is the Selling Shareholder thereafter.

 

(d)          This
Section 11 shall not apply to sales made in connection with an Initial Public Offering or other sales made into the public market.

 

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12.           Tag
Along Rights in respect of Shares Issuable Upon Exercise of the Award.

 

(a)          No
Relevant Shareholder shall sell, offer to sell or agree to sell any Equity Shares (other than (i) sales of Equity Shares by a Relevant
Shareholder to any other Relevant Shareholder, (ii) sales made in connection with an Initial Public Offering or other sales made
into the public market, (iii) sales of Equity Shares by a Relevant Shareholder(s) to its or their Affiliate, (iv) a sale by PSP
(or an Affiliate) of Equity Shares to a shareholder who through such sale acquires a right to nominate directors of the Company
but not a proportionate share of PSP’s Equity Interest, (v) a transfer to a Permitted Transferee as defined in Section 7.04(l)
of the Unanimous Shareholder Agreement, (vi) in a PSP Sell-Down (as defined in the Unanimous Shareholder Agreement) or (vii) sales
aggregated with all other Transfers by Relevant Shareholders of less than 5% of Equity Shares collectively owned by all Relevant
Shareholders as of the Grant Date), unless the applicable offer is in writing and provides, as a condition precedent to its completion,
that the proposed purchaser grants to the Participant the right to require the proposed purchaser to purchase, at the discretion
of the Participant, some or all of that proportion of the Shares owned by the Participant and issued upon exercise of the Award,
plus Shares of the Participant issuable upon exercise of the Award whether or not vested, as is equal to the product of (x) the
Tag-Along Percentage, and (y) the number of Shares then owned by the Participant and issued upon the exercise of the vested
Award or any unvested Time-Vesting Option (but not unvested Performance-Vesting Options), as of the date of the Tag-Along Notice,
at a price per Share, and upon the other terms and subject to the other conditions (including kind and amount of consideration)
as is set forth in the offer to the Selling Shareholder(s) (a “Tag-Along Sale”); provided, however, that (without
limiting the rights of Loral or PSP under this Agreement, including, without limitation, Sections 11 and 15) the obligations
of each Relevant Shareholder set forth in this Section 12(a) shall cease in the event that, subject to the prior written consent
of Loral and PSP, the Participant enters into a separate agreement or arrangement with the proposed purchaser or the Company regarding
the treatment of the Shares owned by the Participant and issued upon exercise of the Award in connection with any such sale (or
proposed sale) by a Relevant Shareholder. The “Tag-Along Percentage“ means a fraction, the numerator of which
is the number of Equity Shares as is proposed to be sold by the Relevant Shareholder(s) who are proposing such sale (for purposes
of this Section 12 only, such Relevant Shareholder, a “Selling Shareholder”) and the denominator of which is
the aggregate number of Equity Shares then owned by all Relevant Shareholders; provided that if the Tag-Along Sale is for all of
PSP’s and its Affiliates’ Equity Shares (a “Qualifying Tag-Along Sale”) and is entered into in connection
with, or contemporaneously with, a Loral Transaction (as defined herein), then the Tag-Along Percentage shall equal 100%.

 

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(b)          Notwithstanding
Section 12(a) above, in the event of a Qualifying Tag-Along Sale, with respect to the Applicable Percentage of the Participant’s
Shares (whether issued or issuable upon exercise of his Award and whether vested or unvested): (i) the purchase price per Share
shall be the Implicit Loral Purchase Price Per Telesat Share, and (ii) the consideration payable by the buyer in the Qualifying
Tag-Along Sale shall, except as otherwise consented to by Loral and the Participant, be the same Non-Cash/Mixed Consideration as
is paid to the holders of Loral Common Stock in the Loral Transaction; provided that the consent of the Participant shall not be
required where some or all of the Non-Cash/Mixed Consideration is replaced with cash consideration. “Applicable Percentage”
means the number of Equity Shares owned by Loral immediately prior to the Qualifying Tag-Along Sale, divided by the number of Equity
Shares outstanding immediately prior to the Qualifying Tag-Along Sale excluding Equity Shares issued or issuable upon the exercise
of any Award, such result expressed as a percentage. “Implicit Loral Purchase Price Per Telesat Share” means
the Loral Stake FMV divided by the number of Equity Shares owned by Loral immediately prior to the transaction with respect to
which the calculation is being made. In addition, if the Participant fails to exercise his tag along rights in the event of a Qualifying
Tag-Along Sale, Loral shall have a Loral Call as provided in Section 15(f) and the Relevant Shareholders (as applicable) shall
have drag-along rights as provided in Section 11.

 

(c)          The
Selling Shareholder(s) shall give notice of any proposed sale to the Participant (the “Tag-Along Notice”) and
shall permit the Participant to have not less than 20 days to accept such offer in a manner which permits the Participant to specify
the number of Shares which the Participant wishes to sell. To the extent necessary in order to effect the Tag-Along Sale (and only
to such extent), and conditional upon the closing of the Tag-Along Sale, any portion of the time-vesting portion of the Award of
the Participant not vested and exercisable shall become vested and exercisable to the extent that the Shares issuable upon such
exercise may be included in the Tag-Along Sale based on the earliest unvested tranches vesting first. For the purposes of this
Section 12, an Award will be deemed to be vested for purposes of subsection (y) above if and to the extent that such Award would
vest pursuant to Section 14(a) immediately prior to the close of the Tag-Along Sale. The completion of the sale of such Shares
by the Participant shall be subject to completion of the sale of Equity Shares by the Selling Shareholder(s) and vice versa.
If the Participant exercises tag-along rights pursuant to this Section 12, the Participant shall be responsible to the Selling
Shareholders for his pro rata share of a reasonable estimate of the transactional expenses of the Selling Shareholders,
as determined by the Selling Shareholders, in connection with the Tag-Along Sale, and the Selling Shareholders shall be entitled
to agree with the purchaser for the payment of such pro rata share of the reasonable estimate of the transactional expenses,
as determined by the Selling Shareholders, to the Selling Shareholders.

 

(d)          If
any transfer of Equity Shares to a Permitted Transferee or Affiliate is exempt from this Section 12, as set forth above, as a condition
of such Transfer, the transferee shall agree that any subsequent Transfer of such Equity Shares shall be subject to this Section 12.

 

(e)          In
the case of any initial public offering in which a Selling Shareholder transfers its Equity Shares, Participant shall be entitled
to the vesting acceleration described in this Section 12 as though such transfer were subject to this Section 12, with regard to
the unvested Awards necessary to be vested and exercised to sell the Shares in the initial public offering pursuant to
item (iv) of Schedule B and Participant shall have no rights to tag along on any public offering under this Section 12 (but shall
have the rights under item (iv) of Schedule B).

 

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13.         Sale
Procedures

 

		(a)	In connection with any Drag-Along Sale, or any Tag-Along Sale which the Participant agrees to accept,
all Participants shall be obligated, if applicable and if permitted by law, to vote (or consent in writing, as the case may be,
in respect of) all Shares held by them in favour of any Drag-Along Sale or Tag-Along Sale being effected by merger, amalgamation,
consolidation, plan of arrangement, share sale, asset sale or other type of business combination requiring shareholder approval
and the Participant shall in all other respects support the transaction contemplated by the Drag-Along Sale or Tag-Along Sale and
shall be obligated to take all reasonable actions and to reasonably cooperate in the consummation of the transaction contemplated
thereby and shall execute all documents, including a sale, purchase, amalgamation, reorganization or merger agreement, reasonably
requested by the Selling Shareholder(s) containing the terms and conditions of the Drag-Along Sale or Tag-Along Sale; provided,
however, that such terms and conditions shall include the following: (i) any representations and warranties from the Participants
shall be on a several and not joint basis; and (ii) the maximum liability of each Participant (other than for fraud or intentional
misrepresentation as to ownership or the existence of a lien) under such Drag-Along Sale or Tag-Along Sale transaction shall be
limited to the purchase price received by such Participant.

 

		(b)	No Participant shall exercise any rights of appraisal or dissent rights that such Participant may
have (whether under applicable law or otherwise) or could potentially have or acquire in connection with any Drag-Along Sale or
Tag-Along Sale or any proposal that is necessary or desirable to consummate the Drag-Along Sale or Tag-Along Sale.

 

		(c)	All Transfers of Shares, including Shares issuable upon exercise of the Award to the Drag-Along
Transferee pursuant to Section 11 or the Tag-Along Transferee pursuant to Section 12, shall be consummated contemporaneously on
the closing date specified in the Drag-Along Notice or offer of Tag-Along Sale and, if any Participant shall not have taken such
steps as are necessary to Transfer Shares and/or exercise the Award to be exercised as provided above in Section 11, in order for
the Shares to be so Transferred, such Participant shall be deemed to have appointed each Selling Shareholder as his true and lawful
attorney in fact to take all such actions and to sign all such documents as are necessary or, in the reasonable view of the Selling
Shareholder, desirable in order to effect such Transfer. In such event, the Selling Shareholder shall hold the purchase price for
such Shares in trust for the Participant, pending acknowledgement in writing of the Transfer by the Participant.

 

14.           Revised
Vesting and Exercise Time Period.

 

(a)          Immediately
prior to either a Change of Control or a Loral Only Change of Control (as defined in Section 15), (i) the Time-Vesting Options
will vest in full, (ii) the portion of the Performance-Vesting Options for which the opportunity to vest has occurred, but which
have not vested, shall be cancelled and cease to be outstanding, and (iii) the portion of the Performance-Vesting Options for which
the opportunity to vest has not yet occurred shall become vested and exercisable as to all shares thereunder.

 

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(b)          Instead
of the provisions set forth in Section 5.4.2 of the Plan, the following provisions will apply:

 

		(i)	(A) upon termination of the Participant’s employment by the Participant without Good Reason
at any time (x) before September 17, 2015 (y) between September 18, 2015 and September 17, 2016, if Daniel Goldberg ceases to be
employed by the Company for any reason within six (6) months prior to such termination or (z) if Cause exists at the time of such
termination or (B) upon termination of the Participant’s employment by the Company for Cause at any time, the Award, whether
vested and exercisable on or prior to the date of such termination, or not, shall immediately as of such date of termination be
forfeited.

 

		(ii)	upon termination of the Participant’s Employment by the Company at any time without Cause,
or by the Participant for Good Reason, the portion of the Award that would have become vested in the one-year period immediately
following the date of termination shall immediately become vested and exercisable, in full, and shall continue to be exercisable
for a period of 180 days following such date, and thereafter shall be forfeited.

 

		(iii)	if the Participant’s Employment terminates as a result of death or Disability of the Participant,
the portion of the Award that would vest within one year of the date of termination of employment shall immediately vest.

 

		(iv)	in the event of the death or Disability Termination of the Participant, the vested portion of the
Award shall continue to be exercisable for a period of one year from the Participant’s termination of employment as a result
of death or Disability, and thereafter shall be forfeited.

 

		(v)	upon termination of the Participant’s Employment by the Participant without Good Reason at
any time on or after September 17, 2015 (except as provided in Section 14(b)(i)(A)(y) or (z)), the vested portion of the Award
shall be exercisable for a period of 90 days following such date, and thereafter shall be forfeited.

 

(c)          The
provisions of Section 14(b) above shall be subject to Section 5.8.2 of the Plan as to termination of exercise periods to the extent
not based on termination of Employment.

 

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15.           Loral
Transaction.

 

(a)          Loral
Only Change of Control Defined. A “Loral Only Change of Control” shall have occurred when both (i) the holders
of 90% or more of the shares of each class of common stock (the “Common Stock”) of Loral outstanding at the
relevant time, sell, transfer, exchange or otherwise dispose of such shares pursuant to a transaction or series of related transactions
as a result of which any person or group (as such terms are defined in Section 13(d) or Section 14(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”) or any successor provision to either of the foregoing) of persons (the “Acquiror”),
acquires and becomes the beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 or any successor
rule or regulation promulgated under the Exchange Act) directly or indirectly, of 90% or more of each class of Common Stock; provided
that such Acquiror is not and does not include, or act in concert with, the MHR Fund (as defined in the Unanimous Shareholders
Agreement) (a “Loral Transaction”); and (ii) a Qualifying Tag-Along Sale is not entered into in connection with
or contemporaneous with, the Loral Transaction.

 

(b)          Initial
Public Offering. If the Company completes an Initial Public Offering, then, from and after the later of a Loral Only Change
of Control or the Initial Public Offering, the Sell Down Percentage shall be deemed to be the greater of 64% or as calculated pursuant
to Schedule B. In addition, following the completion of an Initial Public Offering, the following provisions of this Agreement
shall be inapplicable: the proviso in the last sentence of Section 12(a), Section 12(b), and Sections 15(c), (d) and (e).

 

(c)          Notice
of Certain Transactions. As soon as reasonably practicable following such time as Loral enters into an agreement or arrangement
that would reasonably be expected to result in a Loral Only Change of Control, Loral shall inform the Participant (the “Loral
Notification”) of the following: (i) a description of the consideration to be received by Loral shareholders holding
Common Stock (the “Loral Only Change of Control Consideration”) and (ii) the date by which Participant must
provide the Company, Loral and PSP with its LCC Put Notice (as defined below) (which date shall be at least seven (7) days after
the date of the Loral Notification); provided, however, Loral shall not be obligated to deliver the Loral Notification if doing
so would violate any contractual obligation of Loral or its Affiliates or applicable law (a “Loral Notification Restriction”).
Loral agrees to take commercially reasonable efforts to overcome or have waived any Loral Notification Restriction; however, should
Loral be unable to overcome or have waived a Loral Notification Restriction it shall deliver the Loral Notification as soon as
reasonably practicable after such Loral Notification Restriction no longer restricts Loral from providing the Loral Notification.
If there shall be a material change in the Loral Only Change of Control Consideration (a “Material Change”)
from that set forth in the Loral Notification, Loral shall promptly give Participant notice of such change and give him an opportunity
to confirm or revoke his LCC Put Notice (such notification being deemed to be a new Loral Notification and the date set forth therein
for confirmation or revocation of Participant’s LCC Put Notice, the new and applicable date contained in the Loral Notification
(which date shall not be less than seven (7) days following the earlier of (i) the date of the new Loral Notification and (ii)
public disclosure of such change)). In addition, as soon as reasonably practicable following such time as Loral enters into an
agreement or arrangement that would reasonably be expected to result in a Loral Transaction that is not a Loral Only Change of
Control, Loral shall inform the Participant of the existence of such Loral Transaction and a description of the consideration to
be received by Loral shareholders holding Common Stock in such Loral Transaction.

 

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(d)          LCC
Put Right. Upon a Loral Only Change of Control, Participant shall have the right (the “LCC Put Right”) exercised
by providing written notice (the “LCC Put Notice”) to the Company, Loral and PSP, delivered within the timeframes
set forth in Section 15(c), to require that the Company cause the Special Purchaser to purchase (pursuant to Section 17(b)) from
Participant up to a number of shares equal to the product of the Total Shares and the Loral Ownership Percent (which number of
shares shall be the “LCC Put Shares” and shall be specified in the LCC Put Notice) for cash in an amount per
Share equal to the Implicit Loral Purchase Price per Telesat Share (the “Cash Consideration”). “Total
Shares” are the Shares owned by the Participant and issued upon exercise of the Award, plus Shares of the Participant
issuable upon exercise of the Award whether or not vested. The “Loral Ownership Percent” shall be a fraction
the numerator of which is the number of Equity Shares owned by Loral and its Affiliates as of the date immediately preceding the
Loral Only Change of Control and the denominator of which is the aggregate number of all Equity Shares as of such date excluding
Equity Shares issued or issuable upon the exercise of any Award. Participant’s LCC Put Right shall expire unless Participant
shall have delivered an LCC Put Notice in accordance with the provisions of this Section 15. Upon the expiration of Participant’s
LCC Put Right, neither the Company, the Special Purchaser, Loral nor PSP shall have any further obligation to affect the purchase
or Exchange of the LCC Put Shares. Participant acknowledges and agrees that because of the nature of these matters and the transactions
any LCC Put Notice shall be, subject to the penultimate sentence of Section 15(c), irrevocable and binding on the part of Participant.

 

(e)          Company
Put Restriction. Should the Company and/or the Special Purchaser be prohibited by applicable law or prohibited under any credit
agreement (or other debt agreement) applicable to the Company from effecting the purchase pursuant to Sections 15(d) and 17(b)
(a “Company Put Restriction”) (provided that a credit or other debt agreement shall not be considered to create
a Company Put Restriction if the payment of the Cash Consideration can be effected by application of any provision, election or
“basket” available under the agreement, in which case the Company shall be required to cause the Special Purchaser
to effect the purchase of the LCC Put Shares to the extent permitted under such agreement), then the Company shall notify Loral,
PSP and the Participant in writing (a “Company Restriction Notice”) and shall not be obligated to cause the
Special Purchaser to purchase the LCC Put Shares to the extent prohibited by the Company Put Restriction. The Company shall use
commercially reasonable efforts to overcome (or obtain a waiver of) any Company Put Restriction and shall send a subsequent written
notice (the “Company Restriction Elimination Notice”) to Loral and PSP and, unless a Loral Call or Shareholder
Backstop with respect to all of the LCC Put Shares shall have previously closed, the Participant, promptly after the Company determines
that the Company Put Restriction no longer applies. In such event, Participant shall once again have the right, within seven (7)
days from the date of the Company Restriction Elimination Notice to exercise the LCC Put Right by delivering a new LCC Put Notice
for the LCC Put Shares, less the Shares, if any, acquired by Loral pursuant to the Loral Call, in which event the LCC Put Right
shall be effected subject to and in accordance with the provisions of this Section 15 (provided that if the Implicit Loral Purchase
Price per Telesat Share has already been determined in response to Participant’s original LCC Put Notice and there has not
been a subsequent Material Change, such determination shall remain valid and the Implicit Loral Purchase Price per Telesat Share
will not be determined again in response to any subsequent LCC Put Notice given pursuant to this sentence). In the event of a Company
Put Restriction or a default by the Special Purchaser in purchasing the LCC Put Shares upon exercise of the LCC Put Right, then
Loral shall purchase all of the LCC Put Shares; provided, however, that PSP shall have the right, but not the obligation, exercisable
upon written notice to Loral and the Participant not more than five (5) days after PSP’s receipt of the Company Restriction
Notice, to purchase a percentage of the LCC Put Shares determined by dividing the number of Equity Shares owned by PSP immediately
prior to the Loral Only Change of Control by the total number of Equity Shares owned collectively by Loral and PSP at such time,
in which case upon any such exercise by PSP the number of LCC Put Shares to be purchased by Loral shall be reduced accordingly
(any such purchase of LCC Put Shares by Loral and/or PSP, a “Shareholder Backstop”). The consideration paid
to the Participant by Loral upon a Shareholder Backstop shall at the election of Loral, be either (i) Cash Consideration or
(ii) if in connection with the Loral Only Change of Control the holders of Loral Common Stock receive consideration for their
shares in a form other than solely cash (“Non-Cash/Mixed Consideration”), the Non-Cash/Mixed Consideration (to
the extent the Non-Cash/Mixed Consideration consists of more than one type of consideration (e.g. cash and notes), the consideration
paid to the Participant shall be the same types of consideration in the same proportion as received by the holders of Loral Common
Stock); provided that Loral may, at its option, deliver cash to the Participant in place of some or all of the Non-Cash/Mixed Consideration.
The consideration paid to the Participant by PSP in the event that it elects to participate in a Shareholder Backstop shall be
in the form of cash. Notwithstanding anything to the contrary contained in this Section 15(e), the obligation of Loral to
effect a Shareholder Backstop, and PSP’s right to effect a Shareholder Backstop, shall cease in the event that, subject to
the prior written consent of Loral and PSP, the Participant enters into a separate agreement or arrangement with the purchaser
under a Loral Only Change of Control or the Company regarding the treatment of the LCC Put Shares owned by the Participant and
issued upon exercise of the Award in connection with any such Loral Only Change of Control.

 

    	 	-10-	 

     

    

 

(f)          Exercise
of the Loral Call. Loral shall have the right to purchase from the Participant some or all of that number of Shares equal to
the product of the Total Shares and the Loral Ownership Percent upon either (i) a Loral Only Change of Control, and whether or
not Participant exercises his LLC Put Right pursuant to this Section 15, or (ii) a Qualifying Tag-Along Sale in which the Participant
does not exercise his tag-along rights pursuant to Section 12 in full (the “Loral Call”). The Loral Call is
exercisable: (i) in the case of a Loral Only Change of Control, by written notice delivered to the Participant and PSP not
more than seven (7) days after the last day by which the Participant may exercise the LCC Put under Section 15(d) or (e) above
or the Loral Restriction Elimination Call under Section 15(h), and (ii) in the case of a Qualifying Tag-Along Sale, by written
notice delivered to the Participant and PSP not more than seven (7) days after the last day by which the Participant may exercise
his tag along rights with respect to the Qualifying Tag-Along Sale (the last day on which the written notice may be delivered being,
the “Call Notice Deadline”). Loral may at its election, assign some or all of the Loral Call to the Company.
In the event that Loral exercises a Loral Call, PSP shall have the right, exercisable at PSP’s written election delivered
to Loral and the Participant not more than five (5) days after PSP’s receipt of Loral’s notice pursuant to the immediately
preceding sentence, to purchase from the Participant a percentage of the Shares that are subject to the Loral Call determined by
dividing the number of Equity Shares owned by PSP immediately prior to the Loral Only Change of Control or Qualifying Tag-Along
Sale (as the case may be) pursuant to which the Loral Call shall have been exercised by the total number of Equity Shares owned
collectively by Loral and PSP at such time, which Shares shall be purchased by PSP upon the same terms and conditions as the Loral
Call, except that the consideration paid by PSP for such Shares shall be in cash. To the extent that a Loral Call closes, the Company
shall be discharged from satisfying the LCC Put Right in respect of the Shares subject to the Loral Call.

 

    	 	-11-	 

     

    

 

(g)          Closing
of the Loral Call. Upon closing of the Loral Call, Loral shall exchange (x) Exchange Consideration (as defined below) equal
to the Implicit Loral Purchase Price Per Telesat Share multiplied by the number of Shares subject to the Loral Call, for (y) the
number of Shares subject to the Loral Call. The “Exchange Consideration” shall, at the election of Loral, be
either (i) Cash Consideration or (ii) if in connection with the Loral Only Change of Control the holders of Loral Common Stock
received Non-Cash/Mixed Consideration, the Non-Cash/Mixed Consideration (to the extent the Non-Cash/Mixed Consideration consists
of more than one type of consideration (e.g. cash and notes), the consideration paid to the Participant shall be the same types
of consideration in the same proportion as received by the holders of Loral Common Stock); provided that Loral may, at its option,
deliver cash to the Participant in place of some or all of the Non-Cash/Mixed Consideration.

 

(h)          Loral
Call Restriction. Should Loral be prohibited by applicable law or prohibited under any agreement (including any credit or other
debt agreement) applicable to Loral from paying the Exchange Consideration or acquiring the LCC Put Shares (a “Loral Call
Restriction”) (provided that a credit or other debt agreement shall not be considered to create a Loral Call Restriction
if the payment of the Exchange Consideration can be effected by application of any provision, election or “basket”
available under the agreement, in which case Loral shall be required to effect the exchange of the LCC Put Shares to the extent
permitted under such agreement), then Loral shall notify Participant in writing (a “Loral Restriction Notice”)
and Loral shall not be obligated to exchange the number of Shares subject to the Loral Call or the Shareholder Backstop to the
extent prohibited by the Loral Call Restriction. Until such time, if any, as the LCC Put Right is closed, Loral shall use commercially
reasonable efforts to overcome (or obtain a waiver of) any Loral Call Restriction and shall send a subsequent written notice (the
“Loral Restriction Elimination Notice”) to the Participant, promptly after Loral determines that the Loral Call
Restriction no longer applies. In the case of a Shareholder Backstop, Participant shall then have the right, within seven (7) days
from the date of the Loral Restriction Elimination Notice to require Loral to purchase its pro rata share of the LCC Put Shares
by delivering a written notice therefor to Loral (the “Loral Restriction Elimination Call”). Upon receipt of
any such notice, Loral shall close the Loral Call or its portion of the Shareholder Backstop, as applicable, subject to and in
accordance with the provisions of this Section 15 (provided that if Implicit Loral Purchase Price per Telesat Share has already
been determined in response to Participant’s original LCC Put Notice and there has not been a subsequent Material Change,
such determination shall remain valid and the Implicit Loral Purchase Price per Telesat Share will not be determined again).

 

(i)          Closing.
The closing of the purchase of the LCC Put Shares, Shareholder Backstop or the Loral Call, as applicable, shall occur as close
to contemporaneously with the Loral Only Change of Control as is reasonably practicable. In the case of the Loral Call, Participant
shall be deemed to have appointed Loral as his true and lawful attorney in fact to take all such actions and to sign all such documents
as are necessary or, in the reasonable view of Loral, desirable in order to effect the closing of the Loral Call, in which case,
Loral shall hold the purchase price for such Shares in trust for the Participant, pending acknowledgement in writing of the exchange
by the Participant.

 

    	 	-12-	 

     

    

 

(j)          Reservation
of Rights; Confidentiality. Participant acknowledges and agrees that neither the provision of the Loral Notification nor any
communications related thereto between Loral and Participant, nor Participant’s delivery of an Exchange Notice in response
to the Loral Notification, may affect the right of Loral or the holders of its Common Stock to subsequently determine not to pursue
or enter into any agreement or arrangement relating to a Loral Only Change of Control on any terms, or to change the Loral Only
Change of Control Consideration. Participant further agrees that Participant (i) will keep the Loral Notification and the matters
stated therein or related thereto strictly confidential and not disclose them to any third party, and (ii) upon request from Loral,
enter into a customary confidentiality agreement with Loral relating to any information provided in the Loral Notification or otherwise
provided by Loral that is related thereto.

 

16.           Special
Exercise and Repurchase. In the event that the Participant’s employment terminates, other than for Cause or voluntarily
without Good Reason, at a time when the Company’s common equity securities are not publicly-traded, if the Participant notifies
the Company and Loral of his intent to exercise the Tandem SAR at a specific date fifteen (15) to thirty (30) business days after
such notice of intent to exercise (with such exercise date being while the Tandem SAR is still exercisable) and the estimated amount
of Canadian and United States taxes (with an estimated calculation) that would be due upon such exercise is greater than the Minimum
Withholding Amount, the Committee shall promptly notify the Participant of its calculation of the Fair Market Value of the underlying
Shares and the number of Shares (the “Gap Shares”) that would be necessary to be purchased by the Company or
its Affiliate to enable a Participant to pay additional taxes due in addition to the Minimum Withholding Amount, assuming the date
of the giving of the notice was the exercise date (the amount of additional taxes being the “Gap Taxes” and
the additional Options that would be need to be exercised to obtain the Gap Shares being the “Gap Taxes Options”).
The exercise period on the Gap Taxes Options shall be automatically extended until the earliest of (w) the end of the exercise
period for the Option without regard to the termination of employment, (x) sixty (60) days after Special Purchaser or Loral notifies
the Participant that it will purchase the underlying Shares of the Gap Taxes Option from the Participant on the date that is six
(6) months and one (1) day after the exercise of the Tandem SAR with regard to the Gap Taxes Option (and provides a Confirmation
(as defined below) (y) nine (9) months after the Company’s common equity securities are publicly-traded, and (z) the Participant’s
commencement of employment with a Competitor; provided that the foregoing extension shall not apply if, upon receipt of the notice
of intent to exercise from the Participant, either (i) the Company confirms in writing (a “Company Confirmation”)
that it will have the ability (without creating a default) under its credit agreement (or other debt agreements) to have the Gap
Shares purchased (and the subsequent steps taken) through the Special Purchase Right (as described below in Section 17(b)) six
(6) months and one (1) day after the date of the exercise or (ii) if it is then a shareholder of the Company, Loral confirms in
writing (a “Loral Confirmation” together with a Company Confirmation, a “Confirmation” )
that, if the Gap Shares cannot be timely purchased through the Special Purchase Right (as described below in Section 17(b)), it
will purchase the Gap Shares six (6) months and one (1) day after the exercise without violating Canadian or other applicable laws
regarding its securities ownership of the Company and compliance with other relevant legal requirements or its credit agreements
(or other debt agreements). Any Confirmation shall only be effective if delivered by the Company or Loral to the Participant at
least five (5) days prior to the proposed exercise date. If a Confirmation is so delivered, the Gap Shares shall be purchased six
(6) months and one (1) day after the exercise pursuant to the Special Purchase Right (as described below in Section 17(b)) or by
Loral, as the case may be; provided that the Special Purchaser shall not be required to effect such purchase if, as a result of
a change in circumstances beyond the reasonable control of the Company, the Special Purchaser is prohibited from making such purchase
(or subsequent steps specified in Section 17(b) hereof) by applicable law or such purchase (or subsequent steps) would create a
default under a credit agreement (or other debt agreements) of the Special Purchaser or the Company (and Loral shall instead make
such purchase, unless Loral is similarly prohibited or would have such a default and was also prohibited or would have had such
a default at the time the Confirmation was delivered). If neither Loral nor the Special Purchaser completes the purchase of the
GAP Shares as a result of such a prohibition, then the Special Purchaser shall be required to repurchase the GAP Shares as provided
above as soon as such restrictions have lapsed (and the Special Purchaser shall provide written notice to the Participant promptly
upon such lapse).

 

    	 	-13-	 

     

    

 

17.           Restriction
on Call Rights and Purchase.

 

(a)          Notwithstanding
Section 5.9.3 of the Plan, the call rights of the Company as set out in Section 5.9.3 of the Plan generally shall not apply if
the Participant is terminated by the Company without Cause or the Participant’s Employment is terminated by the Participant
for Good Reason; provided, that (a) such call rights shall fully apply to Shares that have become issuable upon the exercise of
the portion of the Award which has vested and become exercisable solely as a consequence of such termination of employment (on
the terms specified in Section 5.9.3 of the Plan) and (b) such call rights may be exercised in respect of any Shares held by the
Participant during the six-month and one day period commencing on the later of: (i) the date the Board, acting in good faith, becomes
aware that the Participant has become employed by, or is otherwise providing services to, a Competitor (as defined in Schedule
B hereto) with the date of such determination by the Board being treated under Section 5.9.3 of the Plan as if it was the
date of termination of employment (in such case, the call right may be exercised at the Fair Market Value of the Shares on the
date of exercise) or (ii) the exercise date of the Award. Notwithstanding Section 5.9.3 of the Plan, in the event that the Participant’s
employment terminates, other than for Cause or voluntarily without Good Reason, the Company may not satisfy the purchase price
under the call rights by issuing a promissory note to Participant. Notwithstanding anything to the contrary in the Plan, any reference
to “Grant Date” in Section 5.9.3 of the Plan shall be deemed to refer to “September 17, 2013.” In the event
the Participant voluntarily terminates employment between September 18, 2015 and September 17, 2016, and if Daniel Goldberg
ceased to be employed by the Company for any reason within six (6) months prior to such termination, the provisions of Section
5.9.3 of the Plan shall apply as if the termination was prior to September 18, 2015. Upon exercise of the Company of its call right,
such call right shall immediately be deemed to have been assigned to, and exercised by, the Special Purchaser (as described in
Section 17(b)).

 

    	 	-14-	 

     

    

 

(b)          In
the event that (i) the Gap Tax Shares are purchased by the Special Purchaser, or (ii) the Committee delivers to the Participant
a notice that the Company is subject to an Applicable Restriction, but the Company gives the Participant written confirmation that
the purchase by the Special Purchaser of the Shares represented by the Tandem SAR is permitted, and does not create a default under
its or the Company’s credit agreement (or other debt agreements), or (iii) the call right of the Company is available pursuant
to Section 17(a) and the Company exercises such right pursuant to Section 5.9.3 of the Plan, or (iv) Shares are to be purchased
pursuant to Section 15(d), the Special Purchaser shall purchase from the Participant all Shares issuable upon exercise of the Gap
Tax Option, or all of the Shares represented by that portion of the Tandem SAR which cannot be exercised pursuant to Section 3(b),
or all Shares in respect of which such call rights have been exercised pursuant to Section 5.9.3 of the Plan, or all of the Shares
to be purchased as provided in Section 15(d), as the case may be, on the date set out for such purchase in Section 16, or as provided
in Section 3(b), or as provided in Section 5.9.3 of the Plan, or as provided in Section 15(d), as the case may be, and for the
purchase price therein provided. On such date, the Shares shall be purchased by the Special Purchaser, and shall thereafter be
transferred, along with the obligation of the Special Purchaser to pay for the Shares, to a subsidiary of the Special Purchaser,
which shall be wound up into the Company. The Company agrees to the acquisition of such subsidiary by the Company from the Special
Purchaser for nominal consideration and to the winding up of such subsidiary into the Company. The purchase price for the Shares
shall be paid by the Company within ten (10) business days after completion of the winding-up of such subsidiary into the Company,
which shall occur promptly after exercising the call right.

 

18.           Fair
Market Value.

 

(a)          For
purposes of this Agreement, “Fair Market Value” means (a) with respect to Equity Shares, Fair Market Value
as defined in the Plan, and for any purposes, including for any call and for purposes of Section 3, Section 12 and Section 15,
shall be determined without any discount for minority interest or illiquidity, (b) with respect to any other asset means the amount
for which a willing buyer and willing seller would purchase and sell the asset in an efficient market, and (c) with respect to
any liability means the amount which a willing creditor would accept to discharge such liability and which a willing debtor would
pay to discharge such liability in an efficient market.

 

(b)          The
“Loral Stake FMV” means: (i) the Fair Market Value of the total consideration that is to be paid to the holders
of Loral equity in the Loral Transaction, plus (ii) the Fair Market Value immediately prior to closing on the date of the
closing of a Loral Transaction of any indebtedness of Loral incurred to fund cash distributions to the holders of Loral equity,
less (iii) the amount, if any, by which the Fair Market Value of Loral’s assets (excluding the Equity Shares) exceeds
the Fair Market Value of Loral’s liabilities (other than liabilities included in clause (ii) above). Loral shall cooperate
with the Board in its determination of Fair Market Value for purposes of Sections 12, 15 and 18.

 

(c)          If
the Participant or Loral (with respect to Fair Market Determinations for the purposes of Section 12, 15 and/or 18) does not agree
with the Fair Market Value as determined by the Board pursuant to the Plan and this Section 18, the Participant or Loral,
as the case may be (the “Objector”) shall notify the Board in writing of such objection within fifteen (15)
days of receipt of written notice of such Fair Market Value, and shall provide to the Board his own determination of Fair Market
Value in writing no later than thirty (30) days of such receipt. The Board shall submit the determinations of Fair Market Value
to an investment banker or valuation service agreed upon in good faith by the Board, Loral and the Participant (an “Appraiser”)
to choose one of the determinations as the most appropriate valuation of the Fair Market Value of the Shares. All fees of the Appraiser
shall be paid (a) by the Company if the Appraiser chooses an Objector’s determination of Fair Market Value, and (b) by the
Objector if the Appraiser chooses the Board’s determination of Fair Market Value. For the avoidance of doubt, the provisions
of this paragraph (c) shall also apply to the determination of the Loral Stake FMV.

 

    	 	-15-	 

     

    

 

19.           Dividends.
In the event that the Company pays a dividend to the holders of its Equity Shares, the Board will provide for the crediting of
a notional account established on the books and records of the Company (the “Notional Account”) for the Participant
(but such Notional Account shall not be established and the Participant shall have no rights hereunder to the extent it would not
be permitted under Section 409A of the Code) an amount equal to (a) the per-share dividend payable to holders of its Equity Shares
multiplied by (b) the number of Shares subject to the Award on the payment date; provided, that, notwithstanding the foregoing,
the Participant may elect, upon notice of an impending dividend, and in lieu of some or all of the amount credited to the Notional
Account, to have the Board adjust in its good faith determination the (i) Exercise Price with respect to the Option, (ii) the SAR
Base Price with respect to the Tandem SAR, and/or (iii) the number of Shares subject to the Award, or to have the Board otherwise
substitute such Award, in any case so as to prevent dilution or enlargement of rights, and provided that such adjustment or substitution,
and any election to adjust or substitute, is done in accordance with and only to the extent permitted by the provisions of (1)
Sections 409A and 424 of the Code, to the extent the Participant is subject to taxation in the U.S., and/or (2) Sections 7(1.4)
or proposed Sections 110(1.7) and (1.8), to the extent such Sections become effective and apply to any such adjustment or substitution,
of the Income Tax Act (Canada), to the extent the Participant is subject to taxation in Canada. Amounts credited to the Participant’s
Notional Account will be distributed at the time of vesting of the Award. On the date and to the extent a portion of the Award
is forfeited, a Participant will forfeit any amounts remaining in his Notional Account and which are attributable to such forfeited
portion of the Award.

 

20.           Share
Repurchasing. In the event the Company repurchases or offers to repurchase its Shares from both Loral or PSP or their respective
Affiliates, or their respective permitted transferees, on a substantially pro rata basis, the Company shall also offer to
repurchase Shares from Participant on the same basis to the extent such offer is legally permitted. Such pro rata portion
shall be based on all Shares issued to Participant and all Awards outstanding that were granted to Participant, whether vested
or unvested. Participant shall accept such offer within ten (10) business days of its being made or shall be deemed to have rejected
such offer and, if accepted, the sale and purchase shall close at the same time as the closing of the stock purchase from Loral
and PSP or their respective Affiliates. To the extent necessary to permit the sale, additional Awards shall vest in order of the
next vesting tranches.

 

21.           Taxes
and Withholding. No later than the date of exercise of the Award granted hereunder, the Participant shall pay to the Company
or make arrangements satisfactory to the Board regarding payment of any Canadian federal, provincial, and local taxes, and any
U.S. taxes applicable to the Participant, of any kind required by law to be withheld upon the exercise of such Award. In the event
the Participant exercises the Tandem SAR, then the Participant shall satisfy the Minimum Withholding Amount due upon exercise of
the Tandem SAR by having the Company remit to the appropriate taxing authority the cash to which the Participant is entitled upon
exercise of the Tandem SAR pursuant to Section 3 above. Notwithstanding the foregoing, the Company shall, to the extent permitted
or required by law, have the right to deduct from any payment of any kind otherwise due to the Participant any Canadian federal,
provincial, and local taxes and any applicable U.S. taxes of any kind required by law to be withheld upon the exercise of such
Award.

 

    	 	-16-	 

     

    

 

22.           Integration.
This Grant Agreement, and the other documents referred to herein or delivered pursuant hereto which form a part hereof, including
the Employment Agreement, contain the entire understanding of the parties with respect to its subject matter. There are no restrictions,
agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than
those expressly set forth in this Grant Agreement, in the Employment Agreement and in the Plan. This Grant Agreement, the Employment
Agreement and the Plan, supersede all prior agreements and understandings between the parties with respect to its subject matter.

 

23.           Counterparts.
This Grant Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument.

 

24.           Governing
Law. This Grant Agreement shall be governed by and construed and enforced in accordance with the laws of the Province of Ontario,
Canada without regard to the provisions governing conflict of laws.

 

25.           Participant
Acknowledgment. The Participant hereby acknowledges receipt of a copy of the Plan, including the Accession Agreement attached
thereto as Exhibit A. The Participant hereby acknowledges that all reasonable decisions, determinations and interpretations of
the Board in respect of the Plan, this Grant Agreement and the Award shall be final and conclusive. The Participant further acknowledges
that, prior to the existence of a Public Market, no exercise of the Award or any portion thereof shall be effective unless and
until the Participant has executed an Accession Agreement and the Participant hereby agrees to be bound thereby. The Participant
acknowledges that, among other provisions, the Plan contains a “call-right” and agrees that such “call-right”
may be exercised by the Company or its designee (with the Company having the right to enforce the right of the designee).

 

26.           Limitation
on Liability. The Participant acknowledges that only the Special Purchaser, its subsidiary to which the Share and the obligations
to pay for the Shares are transferred and the Company shall be liable or responsible to the Participant in respect of the purchase
of the Shares under the provisions of this Agreement related to actions of the Company, the Special Purchaser and its subsidiary,
and no direct or indirect shareholder of the Special Purchaser or any director or officer of the Special Purchaser or such subsidiary
shall be liable with respect thereof (except as expressly provided hereunder).

 

    	 	-17-	 

     

    

 

IN WITNESS WHEREOF, the
Company, Participant, Loral, and PSP have each caused this Grant Agreement to be duly executed by its duly authorized officer and
said Participant has hereunto signed this Grant Agreement on his own behalf, thereby representing that he has carefully read and
understands this Grant Agreement, the Plan and the Accession Agreement.

 

	 	Telesat Canada
	 	 	 
	Date: August 25, 2017	By:	/s/ Chris DiFrancesco
	 	 	 
	 	Loral Space & Communications Inc.
	 	 	 
	Date: December 15, 2017	By:	/s/ Avi Katz
	 	 	 
	 	Public Sector Pension Investment Board
	 	 	 
	Date: December 5, 2017	By:	/s/ Guthrie Stewart
	 	 	Senior Vice President, Global Head of Private Investments
	 	 	 
	 	 	/s/ David Morin
	 	 	Director, Private Equity
	 	 	 
	 	4440480 Canada Inc.
	 	 	 
	Date: December 15, 2017	By:	/s/ Avi Katz
	 	 	 
	Date: August 31, 2017	 	/s/ Michel Cayouette
	 	 	Michel Cayouette 

 

     

     

    

 

SCHEDULE A

 

VESTING

 

	VESTING DATE	 	# OF SHARES	 
	 	 	 	 
	September 17, 2017	 	 	72,000	 
	 	 	 	 	 
	September 17, 2018	 	 	60,516	 
	 	 	 	 	 
	September 17, 2019	 	 	26,400	 
	 	 	 	 	 
	September 17, 2020	 	 	26,400	 
	 	 	 	 	 
	September 17, 2021	 	 	26,400	 

 

     

     

    

 

SCHEDULE B

 

TO THE GRANT AGREEMENT

 

The Participant may not
transfer any Shares or other securities received upon the exercise of the Award, or Shares resulting from the conversion of the
Shares into other Equity Shares, or any interest therein, (in this Schedule B, “Shares”) to any person except
as permitted herein:

 

		(i)	The Participant may transfer Shares to a Permitted Transferee as defined in Section 5.5 of the
Plan (with the prior consent of the Board, which consent may be withheld in the Board’s sole discretion), or to a Canadian
immigration trust, subject to compliance with the conditions precedent set out in Section 5.6 of the Plan, modified as need be
to contemplate a transfer of Shares, instead of a transfer of an Award;

 

		(ii)	Prior to the completion by the Company of an Initial Public Offering for Equity Shares of the Company,
there shall be no transfer of Shares except as provided in (i) above, or as otherwise expressly provided in the Grant Agreement.

 

		(iii)	After the completion of an Initial Public Offering for Equity Shares of the Company, the Participant
shall be entitled to sell without restriction the Selldown Percentage of Shares acquired by the Participant upon exercise of the
Award (and Shares subject to the Award which have vested). The “Selldown Percentage” shall equal (a) the percentage
of all Equity Shares as shall have been sold by PSP or Loral (and their Permitted Transferees as defined in the Accession Agreement)
in the Initial Public Offering or after the Initial Public Offering (other than sales to PSP, Loral or a Permitted Transferee as
defined in the Accession Agreement) relative to the number of Equity Shares held by PSP and Loral immediately prior to the Initial
Public Offering or (b) 100% if PSP, Loral and their Permitted Transferees (as defined in the Accession Agreement) cease to
hold at least 70% of all Equity Shares following the Initial Public Offering.

 

		(iv)	The Participant shall be entitled to participate in any public offering of Common Shares of the
Company including an initial public offering in the manner provided in Sections 6.03 and 6.04 of the Unanimous Shareholders Agreement,
but with the status only of “Included Holder” as defined in Section 6.03, provided that in no event shall the number
of shares subject to such participation exceed the Selldown Percentage.

 

		(v)	References on this Schedule to PSP or Loral shall also include their respective subsidiaries owning
Equity Shares.

 

    	 	-2-	 

     

    

 

		(vi)	Definitions:

 

“Competitor” is any
corporation, firm, partnership, proprietorship or other entity which engages in the Satellite Business (as defined below) in any
of the same countries, states, provinces or other political subdivisions of countries in which the Company or its Subsidiaries
are engaged in the Satellite Business as of the date of Participant’s termination of employment and is a material competitor
of the Company (or its Subsidiaries) in such countries, states, provinces or other political subdivisions of countries with respect
to a material amount of Satellite Business of the Company and its Subsidiaries (what is material being determined based on the
5-year business plan in effect for the Company and its Subsidiaries as of the date of Participant’s termination of employment).

 

“Satellite Business”
shall mean the business of communication of electronic video, data, voice or other information by transmission by satellite operating
in the Fixed Satellite Service frequencies for hire in any of the geographic areas in which the Company or its Subsidiaries operate
such Fixed Satellite Service frequencies as of the date of Participant’s termination of employment.

 

    	 	-3-EX-4.1

 Exhibit 4.1

EXECUTION VERSION 
  

SIXTH SUPPLEMENTAL INDENTURE 

Dated as of March 15, 2018 

Supplementing that Certain 

INDENTURE 
 Dated as of
May 30, 2014 
 Among 

APOLLO MANAGEMENT HOLDINGS, L.P., 

THE GUARANTORS PARTY HERETO 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
 5.000% Senior Notes
due 2048 
  
  

 TABLE OF CONTENTS 

Page 
  

							
		
	 ARTICLE I Issuance of Securities
	  	 	2	 
			
	 Section 1.1
	 	 Issuance of Notes; Principal Amount; Maturity; Title
	  	 	2	 
	 Section 1.2
	 	 Interest
	  	 	3	 
	 Section 1.3
	 	 Relationship with Base Indenture
	  	 	4	 
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	 	4	 
			
	 Section 2.1
	 	 Definitions
	  	 	4	 
		
	 ARTICLE III Security Forms
	  	 	10	 
			
	 Section 3.1
	 	 Form Generally
	  	 	10	 
	 Section 3.2
	 	 Form of Note
	  	 	11	 
	 Section 3.3
	 	 Transfer and Exchange of Global Securities
	  	 	20	 
		
	 ARTICLE IV Remedies
	  	 	21	 
			
	 Section 4.1
	 	 Events of Default
	  	 	21	 
	 Section 4.2
	 	 Waiver of Past Defaults
	  	 	23	 
		
	 ARTICLE V Redemption of Securities
	  	 	24	 
			
	 Section 5.1
	 	 Optional Redemption
	  	 	24	 
	 Section 5.2
	 	 Base Indenture
	  	 	24	 
		
	 ARTICLE VI Particular Covenants
	  	 	24	 
			
	 Section 6.1
	 	 Liens
	  	 	24	 
	 Section 6.2
	 	 Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	25	 
	 Section 6.3
	 	 Financial Reports
	  	 	27	 
		
	 ARTICLE VII Supplemental Indentures
	  	 	28	 
			
	 Section 7.1
	 	 Supplemental Indentures without Consent of Holders of Notes
	  	 	28	 
	 Section 7.2
	 	 Supplemental Indentures with Consent of Holders of Notes
	  	 	30	 
		
	 ARTICLE VIII Defeasance
	  	 	31	 
			
	 Section 8.1
	 	 Covenant Defeasance
	  	 	31	 
		
	 ARTICLE IX Miscellaneous
	  	 	32	 
			
	 Section 9.1
	 	 Execution as Supplemental Indenture
	  	 	32	 
	 Section 9.2
	 	 Not Responsible for Recitals or Issuance of Notes
	  	 	32	 
	 Section 9.3
	 	 Separability Clause
	  	 	32	 
	 Section 9.4
	 	 Successors and Assigns
	  	 	32	 
	 Section 9.5
	 	 Execution and Counterparts
	  	 	32	 
	 Section 9.6
	 	 Governing Law
	  	 	33	 

  

 This Sixth Supplemental Indenture, dated as of March 15, 2018 (the “Sixth
Supplemental Indenture”), among Apollo Management Holdings, L.P., a limited partnership duly organized and existing under the laws of the State of Delaware, having its principal office at 9 West 57th Street, 43rd Floor, New York, New York
10019 (the “Company”), the Guarantors party hereto and Wells Fargo Bank, National Association, a national banking association, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the
“Trustee”), supplements that certain Indenture, dated as of May 30, 2014, among the Company, the Guarantors named therein and the Trustee, as supplemented by that certain First Supplemental Indenture dated as of May 30,
2014, that certain Second Supplemental Indenture dated as of January 30, 2015, that certain Third Supplemental Indenture, dated as of February 1, 2016, that certain Fourth Supplemental Indenture, dated as of May 27, 2016 and that
certain Fifth Supplemental Indenture, dated as of April 13, 2017 (the “Base Indenture” and subject to Section 1.3 hereof, together with this Sixth Supplemental Indenture, the “Indenture”). 

RECITALS OF THE COMPANY 

The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time
to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and 301 of the
Base Indenture, and the Guarantees thereof by the Guarantors; and 
 Section 901 of the Base Indenture provides, among other things,
that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by Sections 201
and 301 of the Base Indenture and (b) adding to or changing any of the provisions to the Base Indenture in certain circumstances; 

The Company desires to create a series of Securities designated as its “5.000% Senior Notes due 2048” pursuant to the terms of this
Sixth Supplemental Indenture. 
 The Company has duly authorized the execution and delivery of this Sixth Supplemental Indenture and the
Notes (as defined herein) to be issued from time to time, as provided for in the Indenture. 
 Each Guarantor has duly authorized its
Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Sixth Supplemental Indenture. 

All things necessary have been done to make this Sixth Supplemental Indenture a valid and legally binding agreement of the Company, in
accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered and under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company. 

 All things necessary have been done to make the Guarantees, upon execution and delivery of this
Sixth Supplemental Indenture, the valid and legally binding obligations of each Guarantor and to make this Sixth Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. 

ARTICLE I 
 Issuance of
Securities 
 Section 1.1 Issuance of Notes; Principal Amount; Maturity; Title. 

(1) On March 15, 2018, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes (as
defined herein) substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Sixth
Supplemental Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. 

(2) The Initial Notes to be issued pursuant to the Indenture shall be issued in the aggregate principal amount of $300,000,000 and shall
mature on March 15, 2048 (the “Stated Maturity”), unless the Notes are redeemed prior to that date as described in Section 5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed
$300,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for
any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Company may without the consent of the Holders, issue additional Notes hereunder as part of the same series and on
the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers as the Initial Notes, but such additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or
initial interest payment date (“Additional Notes”); provided that if any Additional Notes are issued at a price that causes such Additional Notes to have “original issue discount” within the meaning of
Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department of Treasury thereunder (the “Code”), such Additional Notes may not have the same CUSIP number as the
Initial Notes; provided further that such Additional Notes issued pursuant to Regulation S under the Securities Act may initially be issued under a temporary CUSIP during the applicable Restricted Period. 

  
 - 2 - 

 (3) The Notes shall be issued only in fully registered form without coupons in minimum
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (4) Pursuant to the terms hereof and Sections 201 and 301
of the Base Indenture, the Company hereby creates a series of Securities designated as the “5.000% Senior Notes due 2048” of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the
Initial Notes and the Additional Notes, if any, the “Notes”), which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 

Section 1.2 Interest. 

(1) Interest on a Note will accrue at the per annum rate of 5.000%, from and including the date specified on the face of such Note to, but
excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year comprised of twelve 30-day months. 
 (2) The Company shall pay interest on the Notes semi-annually in arrears on
March 15 and September 15 of each year (each, an “Interest Payment Date”), commencing September 15, 2018. 

(3) Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes after the close of business on the Regular
Record Date (as defined herein). 
 (4) Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the
Corporate Trust Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry form to DTC in immediately
available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in effect from time to time. The Company may at any time
designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying Agent in each Place of Payment
for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental charges in connection with a
transfer or exchange of Notes. 
 (5) If any Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment
Date falls on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or interest or Repurchase Price in connection with a Change of Control Repurchase Event on the
next succeeding Business Day as if it were 

  
 - 3 - 

 
made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or earlier Redemption Date or
Repurchase Price Payment Date, as the case may be, to such next succeeding Business Day. 
 Section 1.3 Relationship with Base
Indenture. 
 The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this
Sixth Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Sixth Supplemental Indenture, the provisions of this Sixth Supplemental Indenture will govern and be controlling.

 ARTICLE II 
 Definitions
and Other Provisions of General Application 
 Section 2.1 Definitions. 

For all purposes of this Sixth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this Sixth
Supplemental Indenture otherwise requires): 
 (1) any reference to an “Article” or a “Section” refers to an Article or
a Section, as the case may be, of this Sixth Supplemental Indenture; 
 (2) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Sixth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(3) “including” means including without limitation; 

(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture. 

The terms defined in this Section 2.1 (except as herein otherwise expressly provided or unless the context of this Sixth Supplemental
Indenture otherwise requires) for all purposes of this Sixth Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.1. All other terms used in this Sixth Supplemental Indenture
that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Sixth Supplemental Indenture otherwise requires), have the respective meanings assigned to
such terms in the Base Indenture, as in force at the date of this Sixth Supplemental Indenture as originally executed; provided that any term that is defined in both the Base Indenture and this Sixth Supplemental Indenture shall have the
meaning assigned to such term in this Sixth Supplemental Indenture. 

  
 - 4 - 

 “Additional Notes” has the meaning specified in Section 1.1(2). 

“AGM” means Apollo Global Management, LLC, a Delaware limited liability company, together with its successors and assigns.

 “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial
interest therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period
following public notice of the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by
either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

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

 

	 	(1)	the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets
of the Credit Group to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than to a Continuing Apollo Person; 

 

	 	(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or
any successor provision), other than a Continuing Apollo Person, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a majority of the
voting interest in (i) AGM or (ii) one or more Guarantors comprising all or substantially all of the assets of the Credit Group and (B) entitled to receive a Majority Economic Interest in connection with such transaction; or

  
 - 5 - 

	 	(3)	the consummation of any transaction (including, without limitation, any stock purchase, share exchange (excluding the exchange of Apollo Operating Group units for Class A shares for the purpose of selling such
Class A shares promptly thereafter or pursuant to a 10b-5(1) or similar plan (but not excluding the sale of such Class A shares)), merger or consolidation) the result of which is that any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision) acquires a majority of the outstanding Class A shares of AGM (together with any other shares into which such Class A shares
have been converted or exchanged as a result of any reclassification, recapitalization, merger, consolidation or similar event, the “Class A Shares”), resulting in the Class A Shares being no longer listed for trading on the New
York Stock Exchange or the NASDAQ Global Select Market tier of the NASDAQ Stock Market, and such “person” is or becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the
Exchange Act or any successor provision) of a majority of the voting interest in (i) AGM or (ii) one or more Guarantors comprising all or substantially all of the assets of the Credit Group and (B) entitled to receive a Majority
Economic Interest in connection with such transaction. 

 “Change of Control Offer” has the meaning specified
in Section 6.2(1). 
 “Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below
Investment Grade Rating Event. 
 “Clearstream” means Clearstream Banking, S.A. 

“Code” has the meaning specified in Section 1.1(2). 

“Commission” means the Securities and Exchange Commission or any successor entity. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with
respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date or, if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation. 

  
 - 6 - 

 “Continuing Apollo Person” means, immediately prior to and immediately following
any relevant date of determination, (a) an individual who is a managing partner, executive or other employee of AGM and/or its subsidiaries who, as of any date of determination each has devoted substantially all of his or her business and
professional time to the activities of the Credit Parties and/or their subsidiaries during the 12 month period immediately preceding such date, (b) any Person in which any one or more of such individuals directly or indirectly, singly or as a
group, holds a majority of the controlling interests, (c) any Person that is a family member of such individual or individuals or (d) any trust, foundation or other estate planning vehicle for which such individual acts as a trustee or
beneficiary (any Person referred to in clause (b), (c) or (d) is referred to as a “Related Party”). Notwithstanding the foregoing, each of the Managing Partners and any Related Party of such Managing Partner shall be deemed to be a
Continuing Apollo Person. 
 “Covenant Defeasance” has the meaning specified in Section 8.1. 

“DTC” means The Depository Trust Company, a New York corporation. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

“Event of Default” has the meaning specified in Section 4.1. 

“Fitch” means Fitch Ratings Inc. or any successor thereto. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Initial Notes” means Notes in an aggregate principal amount of $300,000,000 initially issued under this Sixth Supplemental
Indenture in accordance with Section 1.1(2). 
 “Interest Payment Date” has the meaning specified in
Section 1.2(2). 
 “Investment Grade” means a rating of BBB- or better by
Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating
Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Issue Date” means March 15, 2018. 

“Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity distributions or partner
allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in the Credit Group (other
than entities within the Credit Group). 

  
 - 7 - 

 “Managing Partners” means Messrs. Leon Black, Joshua Harris and Marc Rowan. 

“Notes” has the meaning specified in Section 1.1(4). 

“Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at
the time such entity becomes a direct or indirect Subsidiary of AGM or is merged into a direct or indirect Subsidiary of AGM (provided such liens are not created or incurred in connection with such transaction and do not extend to any other
Subsidiary), (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith, (c) other liens of a similar nature as those
described above, (d) liens existing on March 15, 2018, (e) liens securing indebtedness for borrowed money in an aggregate principal amount outstanding at any one time not to exceed $1,250 million, (f) any pledge, lien or
other encumbrance (x) the board of directors of AGM determines does not materially detract from or interfere with the value or control, as of the date of such determination, of the Credit Parties’ or any of their subsidiaries’ voting
or profit participating equity ownership interests in any Subsidiary and (y) in respect thereof the Issuer delivers an Officers’ Certificate to the Trustee certifying that it has received a confirmation from the Rating Agencies that the
incurrence of such pledge, lien or other encumbrance would not result in a lowering of the rating on the Notes (provided that to the extent the Rating Agencies are then no longer providing advance confirmation of ratings, such Officer’s
Certificate shall certify that the board of directors of AGM has determined that such pledge, lien or other encumbrance would not materially detract from the creditworthiness of the Credit Parties) and (g) any lien renewing, extending or
refunding any lien permitted hereby without increase of the principal of the indebtedness secured thereby. 
 “Rating
Agency” means: 
  

	 	(1)	each of Fitch and S&P; and 

  

	 	(2)	if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for Fitch or S&P, or both, as the case may be. 

“Reference Treasury Dealer” means each of Goldman Sachs & Co. LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors; provided that if Goldman Sachs & Co. LLC or Merrill Lynch, Pierce, Fenner & Smith
Incorporated or their respective affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 

  
 - 8 - 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by
such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such Redemption Date. 

“Registrar” means the Security Registrar for the Notes, which shall initially be Wells Fargo Bank, National Association, or
any successor entity thereof, subject to replacement as set forth in the Base Indenture. 
 “Regular Record Date” for
interest payable in respect of any Note on any Interest Payment Date means the March 1 or September 1, as applicable, immediately preceding the relevant Interest Payment Date (whether or not a Business Day). 

“Regulation S Permanent Global Note” has the meaning specified in Section 3.1(3). 

“Regulation S Temporary Global Note” has the meaning specified in Section 3.1(3). 

“Repurchase Price” has the meaning specified in Section 6.2(1). 

“Repurchase Price Payment Date” has the meaning specified in Section 6.2(3)(iii). 

“Restricted Period,” with respect to any Notes, means the period of 40 consecutive days beginning on and including the later
of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Issuer to the Trustee,
and (b) the Issue Date, and with respect to any Additional Notes, it means the comparable period of 40 consecutive days. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or
any successor thereto. 
 “Stated Maturity” has the meaning specified in Section 1.1.(2). 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

  
 - 9 - 

 ARTICLE III 

Security Forms 

Section 3.1 Form Generally. 

(1) The Notes shall be in substantially the form set forth in Section 3.2 of this Article III, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Sixth Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefore or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof.
All Notes shall be in fully registered form. 
 (2) The Notes shall be printed, lithographed or engraved on steel engraved borders or may be
produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. 

(3) Upon their original issuance, the Notes sold pursuant to Rule 144a under the Securities Act shall be issued in the form of one or more
Global Securities in definitive, fully registered form without interest coupons. 
 Notes sold pursuant to Regulation S under the Securities
Act initially shall be represented by one or more Global Securities in fully registered, global form without interest coupons (collectively, the “Regulation S Temporary Global Note”), which shall be registered in the name of the
Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream. 

Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for
beneficial interests in a permanent Global Security (the “Regulation S Permanent Global Note”) pursuant to the applicable procedures of the Depository. Simultaneously with the authentication of the Regulation S Permanent Global
Note, the Trustee shall cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the
name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its
participants, including Clearstream and the Euroclear System. 

  
 - 10 - 

 Section 3.2 Form of Note. [FORM OF FACE OF NOTE] 

[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: 

THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER
ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH APOLLO MANAGEMENT HOLDINGS, L.P. OR ANY AFFILIATE OF APOLLO MANAGEMENT HOLDINGS, L.P. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO APOLLO
MANAGEMENT HOLDINGS, L.P. OR APOLLO PRINCIPAL HOLDINGS I, L.P., APOLLO PRINCIPAL HOLDINGS II, L.P., APOLLO PRINCIPAL HOLDINGS III, L.P., APOLLO PRINCIPAL HOLDINGS IV, L.P., APOLLO PRINCIPAL HOLDINGS V, L.P., APOLLO PRINCIPAL HOLDINGS VI, L.P.,
APOLLO PRINCIPAL HOLDINGS VII, L.P., APOLLO PRINCIPAL HOLDINGS VIII, L.P., APOLLO PRINCIPAL HOLDINGS IX, L.P., APOLLO PRINCIPAL HOLDINGS X, L.P., APOLLO PRINCIPAL HOLDINGS XI, LLC, APOLLO PRINCIPAL HOLDINGS XII, L.P., OR AMH HOLDINGS (CAYMAN), L.P.
OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND
THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN
CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE 

  
 - 11 - 

 
SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO APOLLO MANAGEMENT HOLDINGS, L.P.’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL
SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON
BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE
HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH APOLLO MANAGEMENT HOLDINGS, L.P. OR ANY AFFILIATE OF APOLLO MANAGEMENT HOLDINGS, L.P. WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY), ONLY (A) TO APOLLO MANAGEMENT HOLDINGS, L.P. OR APOLLO PRINCIPAL HOLDINGS I, L.P., APOLLO PRINCIPAL HOLDINGS II, L.P., APOLLO PRINCIPAL HOLDINGS III, L.P., APOLLO PRINCIPAL HOLDINGS IV, L.P., APOLLO PRINCIPAL
HOLDINGS V, L.P., APOLLO PRINCIPAL HOLDINGS VI, L.P., APOLLO PRINCIPAL HOLDINGS VII, L.P., APOLLO PRINCIPAL HOLDINGS VIII, L.P., APOLLO PRINCIPAL HOLDINGS IX, L.P., APOLLO PRINCIPAL HOLDINGS X, L.P., APOLLO PRINCIPAL HOLDINGS XI, LLC, APOLLO
PRINCIPAL HOLDINGS XII, L.P., OR AMH HOLDINGS (CAYMAN), L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT
OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 

  
 - 12 - 

 
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO APOLLO MANAGEMENT HOLDINGS, L.P.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.
BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]. 
 [THE FOLLOWING LEGEND SHALL APPEAR
ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

  
 - 13 - 

 Apollo Management Holdings, L.P. 

5.000% SENIOR NOTE DUE MARCH 15, 2048 
  

			
	No.                        	  	Principal Amount (US)$                            
	CUSIP NO. [                ]	  	

 Apollo Management Holdings, L.P., a limited partnership duly organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor Person under the Sixth Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of             United States Dollars (U.S.$         ) on March 15, 2048 and to pay interest thereon, from
March 15, 2018, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be March 15 and September 15 of each year, commencing
September 15, 2018, at the per annum rate of 5.000%, or as such rate may be adjusted pursuant to the terms hereof, per annum, until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Sixth Supplemental Indenture, be paid
to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 immediately prior to the relevant Interest Payment Date (whether or not a
Business Day). Except as otherwise provided in the Sixth Supplemental Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to
the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as more fully provided in the Indenture. Interest will be computed on
the basis of a 360-day year comprised of twelve 30-day months. 
 Payment of
principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control Repurchase Event will be made at the Corporate Trust Office, in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Securities, the Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner
of the Global Securities. With respect to certificated Notes, the Company will make such payments by wire transfer of immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate
principal amount of Notes in excess of U.S. $5,000,000 that has furnished wire instructions in writing to the Trustee no later than 12 days prior to the relevant payment date. If a Holder of a certificated Note (i) does not furnish
such wire instructions as provided in the preceding sentence or (ii) holds U.S. $5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such Holder’s registered address. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. 

  
 - 14 - 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse
hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	 APOLLO MANAGEMENT HOLDINGS, L.P.,

as Issuer.

		
	By:	 	Apollo Management Holdings GP, LLC, its general partner
		
	By:	 	  

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated:
                     

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 

 

			
		
	By:	 	              

	Authorized Signatory

 [FORM OF REVERSE OF NOTE] 

1. Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “5.000% Senior Notes due 2048”
(herein called the “Notes”), issued under a Sixth Supplemental Indenture, dated as of March 15, 2018 (the “Sixth Supplemental Indenture”), to an indenture, dated as of May 30, 2014 (as supplemented by that
certain First Supplemental Indenture dated as of May 30, 2014, that certain Second Supplemental Indenture dated as of January 30, 2015, that certain Third Supplemental Indenture dated as of February 1, 2016, that certain Fourth
Supplemental Indenture dated as of May 27, 2016 and that certain Fifth Supplemental Indenture dated as of April 13, 2017, and as it may be further amended or supplemented from time to time in accordance with the terms thereof, the
“Base Indenture” and herein with the Sixth Supplemental Indenture, collectively, the “Indenture”), among the Company, the Guarantors and Wells Fargo Bank, National Association, as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed

  
 - 15 - 

 
$300,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes
which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Sixth Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.

 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event of a conflict or
inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 
 2. Optional Redemption. At any time prior to
September 15, 2047, the Company may at its option redeem all or a part of the Notes upon not more than 60 nor less than 30 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the aggregate principal amount
of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption
Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus in each case accrued and
unpaid interest thereon to, but excluding, the Redemption Date. 
 On or after September 15, 2047, the Notes will be redeemable in whole or in part, at
the Company’s option, at any time or from time to time, on notice given not more than 60 days, if the Notes are being redeemed in full, or 45 days, if the Notes are being redeemed in part, nor less than 30 days, prior to the date of redemption,
at a Redemption Price equal to 100% of the aggregate principal amount of any Notes being redeemed, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

3. Change of Control Repurchase Event. If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes,
the Company will make an offer to each Holder of Notes to repurchase all or any part (each new note will be in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash
equal to 101% of the aggregate principal amount of the Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Sixth Supplemental Indenture. 

4. Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note, including an exchange,
transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the Applicable Procedures. 

5. Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and interest on the Notes shall terminate. 

No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a
receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or interest on such Notes in accordance with its terms), unless
(i) such Holder has previously given written notice to a Responsible Officer of the Trustee of an Event of Default and the continuance thereto with respect to the Notes, specifying an Event 

  
 - 16 - 

 
of Default, as required under the Indenture; (ii) the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture; (iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with
such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or
more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders. 

The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or
interest hereon, on or after the respective due dates expressed herein. 
 6. Amendment, Supplement and Waiver. The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written
consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon
this Note or such other Note. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the Holder hereof) the
obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

7. Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the Holder,
this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for registration of

  
 - 17 - 

 
transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be
overdue, and neither the Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 

8. Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally guaranteed by
the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base Indenture. 

9. Governing Law. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 
 TEN COM (= tenant in common) 

TEN ENT (= tenants by the entireties (Cust)) 
 JT TEN (= joint
tenants with right of survivorship and not as tenants in common) 
 UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act ) 

Additional abbreviations may also be used though not in the above list. 

ASSIGNMENT FORM 
 To assign
this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	  	
		  	  

		  	(Insert assignee’s legal name)
	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

  
 - 18 - 

 and irrevocably appoint
                , as agent, to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

In connection with the assignment of the Notes evidenced by this certificate occurring prior to the date that is one year or six months, as the case may be
(as specified in Rule 144(d) under the Securities Act), after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any affiliate of the Company, the
undersigned confirms that such Notes are being: 
 CHECK ONE BOX BELOW: 
  

							
				
	         
	 	 1
	  	☐	  	acquired for the undersigned’s own account, without transfer; or
				
		 	 2
	  	☐	  	transferred to the Company; or
				
		 	 3
	  	☐	  	transferred pursuant to and in compliance with Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”); or
				
		 	 4
	  	☐	  	transferred pursuant to an effective registration statement under the Securities Act; or
				
		 	 5
	  	☐	  	transferred pursuance to and in compliance with Regulation S promulgated under the Securities Act; or
				
		 	 6
	  	☐	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act) that, prior to such transfer, furnished the Trustee with a signed letter
containing certain representations and agreements relating to the transfer; or
				
		 	 7
	  	☐	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of the Notes, in its
sole discretion, such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144A promulgated under the Securities Act. 
  

							
	
Dated:                     
                                         
              
	  		  	Signature:                                  
                                         
 
				
	 Signature Guarantee:
	  		  		  	
				
	  
	  		  		  	  

	 (Signature must be guaranteed)
	  		  		  	 Signature

	
	  

  
 - 19 - 

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and
loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act. 

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A promulgated under
the Securities Act and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Dated:                                     
                                        	  	Signature:                                    
                                         

 [SCHEDULE OF INCREASES AND DECREASES IN NOTE 

Apollo Management Holdings, L.P. 

5.000% Senior Note due 2048 
 The
initial principal amount of this Note is $                . The following increases or decreases in this Note have been made: 

 

									
	 Date
	  	 Amount of

decrease in

Principal

Amount of

this Note
	  	 Amount of

increase in

Principal

Amount of

this Note
	  	 Principal

Amount of

this Note

following

such decrease

or increase
	  	 Signature of

authorized

signatory of

Trustee] (1)

  

	(1)	Insert for Global Securities only 

 Section 3.3 Transfer and Exchange of Global
Securities. 
 (1) The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the
Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth in the Indenture and in the Global Security) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global
Security to another Global Security shall deliver to the Security Registrar a duly completed Assignment Form in the form attached to the Global Security, any applicable certifications or opinions required by the Assignment Form and a written order
given in accordance with the Applicable Procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security. The Security Registrar shall, in accordance with such
instructions, instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global
Security being transferred. 

  
 - 20 - 

 (2) If the proposed transfer is a transfer of a beneficial interest in one Global Security to a
beneficial interest in another Global Security, the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to
the principal amount of the interest to be so transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Security from which such interest is being
transferred. 
 (3) If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may
reasonably require) that a Note is eligible for resale after the applicable Resale Restriction Termination Date (as defined in the applicable Note) pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current
public information and that the applicable legend in either the first or second paragraph of Section 3.2 hereto (a “Restricted Legend”) is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or
a beneficial interest therein) are effected in compliance with the Securities Act, the Company may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note in any authorized denominations of like
tenor and aggregate principal amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such instruction. 

ARTICLE IV 
 Remedies 

Section 4.1 Events of Default. 

Section 501 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 501 in the
Base Indenture shall instead be deemed to refer to this Section 4.1. 
 “Event of Default” means, wherever used herein
with respect to the Notes, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body): 
 (1) the Company defaults in the payment of any installment
of interest on any Security of such series, and such default continues for a period of 30 days after such payment becomes due and payable; 

(2) the Company defaults in the payment of the principal of or premium, if any, on any Security of such series when the same becomes due and
payable, regardless of whether such payment became due and payable at its Stated Maturity, upon redemption, upon declaration of acceleration or otherwise; 

  
 - 21 - 

 (3) the Company defaults in the deposit of any sinking fund payment, when and as due by the
terms of a Security of such series; 
 (4) any Credit Party defaults in the performance of, or breaches, any of its covenants and agreements
in respect of any Security of such series contained in this Indenture or in the Securities of such series (other than those referred to in (1), (2) or (3) above), and such default or breach continues for a period of 90 days after the notice
specified below; 
 (5) the Company or any Guarantor (other than an Insignificant Guarantor), pursuant to or within the meaning of the
Bankruptcy Law: 
 (A) commences a voluntary case or proceeding; 

(B) consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property; 

(D) makes a general assignment for the benefit of its creditors; 

(E) files a petition in bankruptcy or answer or consent seeking reorganization or relief; 

(F) consents to the filing of such petition or the appointment of or taking possession by a Custodian; or 

(G) takes any comparable action under any foreign laws relating to insolvency; 

(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Company or any Guarantor (other than an Insignificant Guarantor) in an involuntary case, or
adjudicates the Company or any Guarantor (other than an Insignificant Guarantor) insolvent or bankrupt; 
 (B) appoints a
Custodian of the Company or any Guarantor (other than an Insignificant Guarantor) or for all or substantially all of the property of the Company or any Guarantor (other than an Insignificant Guarantor); or 

  
 - 22 - 

 (C) orders the winding-up or liquidation
of the Company or any Guarantor (other than an Insignificant Guarantor) (or any similar relief is granted under any foreign laws), 
 and the order or
decree remains unstayed and in effect for 90 days; 
 (7) except as otherwise provided herein, a Guarantee of any Guarantor (other than an
Insignificant Guarantor) ceases to be in full force and effect or is declared to be null and void and unenforceable or such Guarantee is found to be invalid and such default continues for 10 days or a Guarantor (other than an Insignificant
Guarantor) denies its liability under its Guarantee (other than by reason of release of such Guarantee in accordance with the terms of this Indenture); 

(8) any other Event of Default provided with respect to Securities of such series occurs; or 

(9) the Company’s failure to pay the Repurchase Price when due in connection with a Change of Control Repurchase Event. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state or foreign law for the relief
of debtors. The term “Custodian” means any custodian, receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law. 

A Default with respect to Securities of any series under clause (4) of this Section 4.1 shall not be an Event of Default until the
Trustee (by written notice to the Company and the Guarantors) or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series (by written notice to the Company and the Guarantors and the Trustee) gives
notice of the Default and the Company and the Guarantors do not cure such Default within the time specified in clause (4) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice
is a “Notice of Default.” 
 Section 4.2 Waiver of Past Defaults. 

Section 512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 512 in the
Base Indenture shall instead be deemed to refer to this Section 4.2. 
 Subject to Section 502 of the Base Indenture, the Holders
of not less than a majority in aggregate principal amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default 

(1) in the payment of the principal of or premium, if any, or interest on any Note or the Repurchase Price in connection with a Change of
Control Repurchase Event; or 

  
 - 23 - 

 (2) in respect of a covenant or provision hereof or of the Base Indenture which under Article
VII hereof or under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Sixth Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

ARTICLE V 
 Redemption of
Securities 
 Section 5.1 Optional Redemption. 

Prior to September 15, 2047, the Notes will be redeemable in whole or in part, at the Company’s option at any time and from time to
time, at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any Notes
being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 30 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

On or after September 15, 2047, the Notes will be redeemable in whole or in part, at the Company’s option, at any time or from time
to time, on notice given not more than 60 days, if the Notes are being redeemed in full, or 45 days, if the Notes are being redeemed in part, nor less than 30 days, prior to the date of redemption, at a Redemption Price equal to 100% of the
aggregate principal amount of any Notes being redeemed, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

Section 5.2 Base Indenture. 

Any redemption of the Notes under Section 5.1 above shall be in accordance with Article XI of the Base Indenture (Redemption of
Securities). 
 ARTICLE VI 

Particular Covenants 

Section 6.1 Liens. 

The Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any
indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their 

  
 - 24 - 

 
respective Subsidiaries (to the extent of their ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by merger, consolidation, sale of
assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or guarantee by, the Credit
Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge, mortgage, lien or other
encumbrance on the voting stock or profit participating equity interests of any such entities for so long as such other indebtedness is so secured. This Section 6.1 shall not limit the ability of the Credit Parties or their Subsidiaries to
incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit participating equity interests of the Credit Parties and their respective Subsidiaries. 

Section 6.2 Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event. 

(1) If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes pursuant to Article V, the
Company shall make an offer to each Holder of Notes to repurchase all or any part (each new note will be in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes (the “Change of Control
Offer”) at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase
Price”). 
 (2) In connection with any Change of Control related to a Change of Control Repurchase Event and any particular
reduction in the rating on the Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall
promptly deliver an Officers’ Certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. 

(3) Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but
after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the Trustee. Such notice shall state: 

(i) a description of the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event; 

(ii) that the Change of Control Offer is being made pursuant to this Section 6.2; 

  
 - 25 - 

 (iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date
shall be a Business Day that is no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Repurchase Price Payment Date”); and 

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase is conditioned
on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (4) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of
the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company shall comply with the
applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

(5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Repurchase Price in respect of all Notes or portions of Notes properly tendered; and

 (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the
aggregate principal amount of Notes or portions of Notes being purchased. 
 The Paying Agent shall promptly deliver to each Holder of Notes
properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount
to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. 

(6) Notwithstanding the foregoing, the Company shall not be required to make an offer to repurchase the Notes upon a Change of Control
Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the Notes
properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 5.2; provided that the Company has not failed to pay the Redemption Price on the Redemption
Date. 

  
 - 26 - 

 Section 6.3 Financial Reports. 

Section 704 of the Base Indenture shall apply to the reports, information, and documents delivered under this Section 6.3. 

(1) For so long as AGM is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall provide (or
cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after AGM files the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which AGM may file with the Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act. In connection with any annual report or quarterly report of AGM, the Issuer will provide (or cause its affiliates to provide) to the Trustee, unless available on the SEC’s Electronic
Data Gathering, Analysis and Retrieval System (or successor system), unaudited reconciliation indicating the differences between the financial information of AGM and the financial information of the Credit Parties and their subsidiaries on a
combined and consolidated basis, taken as a whole, provided that, the requirement to deliver such unaudited reconciliation shall not be applicable at any time AGM guarantees the Notes. The Trustee may conclusively presume, and shall incur no
liability in such presumption, that AGM has not filed any such reports, information, documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or
successor system) unless and until it shall have received written notice from the Company to the contrary. 
 (2) For so long as any of the
Notes remain Outstanding and have not become freely tradeable without restrictions by non-affiliates of the Credit Parties pursuant to Rule 144 under the Securities Act, the Company shall, or shall cause its
Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act for the Company and, unless available on the
Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), for AGM (as if such rule applied to it); provided, however, that if at any time the Credit Parties are no longer consolidated with AGM,
or AGM does not guarantee the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis, taken as a whole or (ii) any Person that directly or indirectly controls the Credit Parties and
guarantees the Notes (in each case, as if such rule applied to such Persons). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors upon request. 

  
 - 27 - 

 ARTICLE VII 

Supplemental Indentures 

Section 7.1 Supplemental Indentures without Consent of Holders of Notes. 

Section 901 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 901 in the
Base Indenture shall instead be deemed to refer to this Section 7.1. 
 Without the consent of any Holders, the Company, the Guarantors
and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to add to the covenants for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit
of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power conferred upon the Company or any Guarantor hereunder, under any indenture
supplemental hereto or under any series of Securities; 
 (2) to evidence the succession of another Person to the Company or any Guarantor,
or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company or such Guarantor 

pursuant to Article VIII; 
 (3) to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of
Default are expressly being included solely for the benefit of such series); 
 (4) to add new Guarantors; 

(5) to provide for the release of any Guarantor in accordance with this Indenture; 

(6) to secure the Securities; 

(7) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or 

(8) to provide for the issuance of additional Securities of any series; 

  
 - 28 - 

 (9) to establish the form or terms of Securities of any series as permitted by Sections 201 and
301; 
 (10) to comply with the rules of any applicable Depositary; 

(11) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities in uncertificated form in addition to or in place of certificated notes; 
 (12) to add to, change or eliminate any of the
provisions of this Indenture in respect of one or more series of Securities; provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such
supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no Security described in
clause (i) Outstanding; 
 (13) to cure any ambiguity or omission, to correct or supplement any provision of this Indenture or in any
supplemental indenture which may be defective or inconsistent with any other provision herein or in any supplemental indenture; 
 (14) to
change any other provision contained in the Securities of any series or under this Indenture; provided that such action pursuant to this clause (14) shall not adversely affect the interests of the Holders of Securities of any series in
any material respect; and 
 (15) to conform the text of this Section 7.1, the Indenture, the Securities or any supplemental indenture
to any provision of the “Description of the Notes” or similarly captioned section of any offering memorandum, offering circular, prospectus supplement or similar offering document relating to Securities of such series, in each case, as
stated in an Officers’ Certificate; 
 It shall not be necessary for any Act of Holders under this Section 7.1 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 For
the purposes of the Base Indenture and this Sixth Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency in this Sixth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Sixth
Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering memorandum dated March 8, 2018, shall be deemed to adversely affect the interests of the Holders of any Notes. 

  
 - 29 - 

 Section 7.2 Supplemental Indentures with Consent of Holders of Notes. 

Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 902 in the
Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the consent of the Holders of not less than a majority in
aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to the Company, the Guarantors
and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or
of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note; 

(2) reduce the principal amount of any Note which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 502 and Section 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; 

(4) reduce any premium payable upon the redemption of or change the date on which any Note may or must be redeemed; 

(5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is payable; 

(6) impair the contractual right of any Holder to bring suit for the enforcement of the payment of principal, premium, if any, and interest on
its Notes, on or after the respective due dates provided for in the Notes; 
 (7) reduce the percentage in principal amount of the
Outstanding Notes the consent of whose Holders is required for modification or amendment of this Sixth Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions of
the Base Indenture or this Sixth Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Sixth Supplemental Indenture 

(8) modify any of the provisions of this Section 7.2 or Section 512 or Section 1005 of the Base Indenture, except to increase
any such percentage or to provide that certain other provisions of this Sixth Supplemental Indenture cannot be modified or waived without the consent of the Holder of each 

  
 - 30 - 

 
Outstanding Note affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the
Trustee” and concomitant changes in this Section 7.2 and Section 1005 of the Base Indenture, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 

(9) subordinate the Notes or any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor; 

(10) modify the terms of any Guarantee in a manner adverse to the Holders of the Notes; or 

(11) modify clauses (1) through (10) above. 

It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 In addition, the Holders of at least a majority in
aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 and Article VIII of the Base Indenture. 

ARTICLE VIII 
 Defeasance

 Section 8.1 Covenant Defeasance. 

Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1303 in the
Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the Company’s exercise of its option, if any, to have
this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective obligations and any covenants provided pursuant to Article VI
of this Sixth Supplemental Indenture and Section 301(18), Section 801, Section 901(1), Section 901(12) and Section 1402 of the Base Indenture for the benefit of the Holders of such Notes and (2) the occurrence of any
event specified in Section 501(4) and Section 501(8) of the Base Indenture and Section 4.1(2) of the Sixth Supplemental Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and
the related Guarantees as provided in Section 1303 of the Base Indenture on and after the date the conditions set forth in Section 1304 of the Base Indenture are satisfied (hereinafter called “Covenant Defeasance”). For
this purpose, such Covenant Defeasance means that, with respect to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any
such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of the
Base Indenture, this Sixth Supplemental Indenture and such Notes and Guarantees shall be unaffected thereby. 

  
 - 31 - 

 ARTICLE IX 

Miscellaneous 
 Section 9.1
Execution as Supplemental Indenture. 
 This Sixth Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Base Indenture and this Sixth Supplemental Indenture and the Base Indenture shall henceforth be read together, and any conflict between the Base Indenture and this Sixth Supplemental Indenture shall be resolved as provided in
Section 1.3 of this Sixth Supplemental Indenture. 
 Section 9.2 Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Sixth Supplemental Indenture or of the Securities or
the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

Section 9.3 Separability Clause. 

In case any provision in this Sixth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 9.4 Successors and
Assigns. 
 All covenants and agreements in this Sixth Supplemental Indenture by the Company and the Guarantors shall bind their
respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Sixth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

Section 9.5 Execution and Counterparts. 

This Sixth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. This exchange of copies of this Sixth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Sixth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Sixth Supplemental Indenture and signature pages for all purposes. 

  
 - 32 - 

 Section 9.6 Governing Law. 

This Sixth Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York, without regard to
principles of conflicts of law. 
 [Signature page to follow.] 

  
 - 33 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental Indenture to be duly
executed all as of the day and year first above written. 
  

					
	 Apollo Management Holdings, L.P.,

as Issuer

		
	By:	 	 Apollo Management Holdings GP, LLC,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings I, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings I GP, LLC,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings II, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings II GP, LLC,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President

  
 [Signature Page to Sixth
Supplemental Indenture] 

 
					
	 Apollo Principal Holdings III, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings III GP, Ltd.,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings IV, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings IV GP, Ltd.,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings V, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings V GP, LLC,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President

  
 [Signature Page to Sixth
Supplemental Indenture] 

 
					
	 Apollo Principal Holdings VI, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings VI GP, LLC,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings VII, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings VII GP, Ltd.,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings VIII, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings VIII GP, Ltd.,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President

  
 [Signature Page to Sixth
Supplemental Indenture] 

 
					
	 Apollo Principal Holdings IX, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings IX GP, Ltd.,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings X, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings X GP, Ltd.,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President
	
	 Apollo Principal Holdings XI, LLC,

as Guarantor

		
	By:	 	/s/ Dominic M. Fry
		 	Name:	 	Dominic M. Fry
		 	Title:	 	Manager
	
	 Apollo Principal Holdings XII, L.P.,

as Guarantor

		
	By:	 	 Apollo Principal Holdings XII GP, LLC,

its general partner

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President

  
 [Signature Page to Sixth
Supplemental Indenture] 

 
					
	 AMH Holdings (Cayman), L.P.,

as Guarantor

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

		
	By:	 	 Apollo Management Holdings GP, LLC,

its sole director

		
	By:	 	/s/ John J. Suydam
		 	Name:	 	John J. Suydam
		 	Title:	 	Vice President

  
 [Signature Page to Sixth
Supplemental Indenture] 

 
					
	 Wells Fargo Bank, National Association,

as Trustee

		
	By:	 	/s/ Stefan Victory
		 	Name:	 	Stefan Victory
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Sixth
Supplemental Indenture]

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