Document:

Document

Exhibit 10.2
[Form of EPV RSU Agreement]
CONFIDENTIAL 

RESTRICTED SHARE UNIT AWARD AGREEMENT
UNDER THE APOLLO GLOBAL MANAGEMENT, INC.
2019 OMNIBUS EQUITY INCENTIVE PLAN FOR ESTATE PLANNING VEHICLES
    This Award Agreement (this “RSU Award Agreement”), dated as of [DATE] (the “Date of Grant”), is made by and between Apollo Global Management, Inc., a Delaware corporation (the “Company”), and [NAME], the Estate Planning Vehicle designated by [RECIPIENT NAME] (the “Eligible Recipient,” and such Estate Planning Vehicle, the “Participant”).  Capitalized terms not defined herein shall have the meaning ascribed to them in the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles, as the same may be amended, modified or supplemented from time to time (the “Plan”).  Where the context permits, references to the Company shall include any successor to the Company.  If this RSU Award Agreement is not executed and returned to the Company by [DATE], this Award will be null and void ab initio and the Participant will have no rights hereunder.  

1.    Grant of Restricted Share Units.  The Company hereby grants to the Participant [NUMBER] restricted share units (the “RSUs”), subject to all of the terms and conditions of this RSU Award Agreement and the Plan.  
2.    Vesting. 
(a)    Subject to the terms of the Plan and this RSU Award Agreement, the RSUs shall vest (and the Restricted Period, as defined below, will lapse) with respect to [FRACTION] of the Award on [VESTING DATES], provided the Eligible Recipient remains in continuous employment or service with the Company and its Affiliates through each such vesting date.  Notwithstanding the foregoing, subject to the Participant’s and the Eligible Recipient’s (or the Participant’s and/or Eligible Recipient’s personal representative’s) execution and non-revocation of a general release of claims (which shall include customary carve-outs for indemnification and vested compensatory payments), unless such release requirement is waived by the Company in its sole discretion, upon the Participant’s Termination (as defined in Section 5(c)) due to death or by the Company and its Affiliates by reason of Disability, the Eligible Recipient shall also vest in 100% of the unvested RSUs that remain subject to the Award as of such Termination date.
(b)    For purposes of the Award, the Eligible Recipient shall be deemed to be in continuous employment or service (and not to have experienced a Termination) until such time as the Eligible Recipient dies or otherwise experiences a “separation from service” (as such term is defined in Treasury Regulation §1.409A-1(h)(1)) or, if earlier, upon the Eligible Recipient providing or receiving notice that his or her employment or service with the Company and its Affiliates will terminate.  Notwithstanding the foregoing, fractional RSUs shall not be deemed vested until they accumulate to equal one whole Share. 
3.    Form, Manner and Timing of Payment.  Except as otherwise provided in the Plan, each RSU granted hereunder shall represent the right to receive one (1) Share provided that the RSU becomes vested in accordance with Section 5(b) (Shares subject to RSUs covered by this Award, “RSU Shares”).  Subject to the terms of the Plan, for each RSU that does not terminate prior to the vesting date shown in Section 2(a) pursuant to Section 5(c), the Company, or its Subsidiaries or Affiliates, shall issue to the Participant, on the applicable issuance date set forth in Section 4, one (1) RSU Share (either by delivering one or more certificates for such shares or by entering such shares in book-entry form, as determined by the Company in its discretion).  Such issuance shall constitute payment of the RSU.  References herein to issuances to the Participant shall include issuances to any Beneficial Owner or other Person to whom (or to which) the RSU Shares are issued.  The Company’s obligation to issue RSU Shares or otherwise make any payment with respect to vested RSUs is subject to the condition precedent that the Participant and the Eligible Participant or other Person entitled under the Plan to receive any RSU Shares with respect to the vested RSUs deliver to the Company any representations or other documents or assurances required 
            

pursuant to Section 15 and the Company may meet any obligation to issue RSU Shares by having one or more of its Subsidiaries or Affiliates issue the RSU Shares.  Neither the Participant nor the Eligible Recipient shall have any further rights with respect to any RSUs that are paid or that terminate pursuant to Section 5(c).
4.    Delivery.  One (1) RSU Share shall be issued in payment of each vested RSU not later than the 15th day of the third month after the later of the last day of the Eligible Recipient’s or the Company’s fiscal year in which the RSU vests, consistent with Treasury Regulation §1.409A-1(b)(4).  Fractional RSU Shares shall not be issued (or any consideration provided therefor) but shall accumulate.
5.    Restrictions.
(a)    The RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered.  The transfer restrictions contained in the preceding sentence shall not apply to (a) transfers to the Company, or (b) transfers of vested RSUs by will or the laws of descent and distribution, or (c) if approved by the Administrator in its sole discretion, transfers of RSUs in accordance with the requirements of Instruction A.1. (a)(5) of Form S-8 under the Securities Act or other applicable law.  The RSUs shall be subject to a risk of forfeiture as described in Section 5(c) until the lapse of the Restricted Period (as defined below) and any additional requirements or restrictions contained in this RSU Award Agreement or in the Plan have been otherwise satisfied, terminated or expressly waived by the Company in writing.
(b)    Subject to Section 5(c), the RSU Shares subject to the RSUs shall become vested hereunder in accordance with the vesting schedule set forth in Section 2(a) (the “Restricted Period”).
(c)    Except as otherwise provided under the terms of the Plan, or in the vesting schedule set forth in Section 2(a), if the Eligible Recipient’s employment or service terminates for any reason (a “Termination”), then all rights of the Participant with respect to RSUs that have not vested shall immediately be forfeited without payment of any consideration, and neither the Participant or Eligible Recipient’s, nor any of its, his or her respective successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs.  Employment or service by the Eligible Recipient for only a portion of a vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon a Termination.
6.    Voting and Other Rights; Dividend Equivalents.  The Participant and Eligible Recipient  shall have no rights of a shareholder (including voting rights and the right to dividends or distributions), and the Participant will not be treated as an owner of Shares for tax purposes, except with respect to RSU Shares that have been issued.  The Participant hereby grants to the Eligible Recipient an exclusive and irrevocable proxy to exercise all rights of the Participant to vote on or consent to any matter in its capacity as a shareholder of the Company and the Company will not be required to accept instructions regarding any such vote or consent on behalf of the Participant from any other person.  Notwithstanding the foregoing, the Participant or Eligible Recipient (without duplication) shall accrue rights to dividend equivalents from the Company or its Subsidiaries or Affiliates on the RSUs, whether or not vested, at the time of an ordinary cash dividend on Shares.  Any dividend equivalent so accrued in respect of a RSU shall have the same value as the ordinary cash dividend on an outstanding Share that gave rise to the dividend equivalent, and shall be paid not later than 30 days after such ordinary cash dividend is paid to the holders of Shares.  Rights to dividend equivalents on an RSU shall terminate upon the issuance or forfeiture of the underlying RSU Share or, if earlier, upon the Eligible Recipient providing or receiving notice that his or her employment or service with the Company and its Affiliates will terminate. Under no circumstances shall the Participant or Eligible Recipient be entitled to receive (a) both a dividend and a dividend equivalent with respect to an RSU (or its associated RSU Share) or (b) any dividend or dividend equivalent with respect to a forfeited or fractional RSU.
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7.    RSU Award Agreement Subject to Plan.  This RSU Award Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith.  In the event of any conflict between the provisions of this RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall govern.
8.    No Rights to Continuation of Employment or Service.  Nothing in the Plan or this RSU Award Agreement shall confer upon the Eligible Recipient any right to continue in the employ or service of the Company or any Subsidiary thereof or shall interfere with or restrict the right of the Company (or a Subsidiary or Affiliate or its shareholders, as the case may be) to terminate the Eligible Recipient’s employment or service any time for any reason whatsoever, with or without Cause.  The Plan and this RSU Award Agreement shall not (a) form any part of any contract of employment or contract for services between the Company or any past or present Subsidiary thereof and any directors, officers or employees of those companies, (b) confer any legal or equitable rights (other than those constituting the Awards themselves) against the Company or any past or present Subsidiary thereof, directly or indirectly, or (c) give rise to any cause of action in law or in equity against the Company or any past or present Subsidiary thereof.
9.    Restrictive Covenants.  The Participant and Eligible Recipient agree that the restrictive covenants applicable to the Eligible Recipient pursuant to any written arrangement with the Company or any of its Subsidiaries are incorporated herein by reference as if contained herein.  Nothing contained herein shall reduce or limit the application or scope of any restrictive covenants in favor of the Company or any of its Subsidiaries or Affiliates (for example, with respect to competition, solicitation, confidentiality, intellectual property, subsequent engagement, interference or disparagement) to which the Participant or the Eligible Recipient is otherwise subject.  The Participant and Eligible Recipient acknowledge that the Company would not have granted this Award if the Participant and Eligible Recipient had not agreed to be bound by such restrictive covenants, as the same may be amended from time to time.  Nothing in this RSU Award Agreement or any other agreement or arrangement of the Company or any of its Affiliates to which the Participant and/or Eligible Recipient are subject will (a) prohibit the Participant or Eligible Recipient from making reports of possible violations of U.S. federal law or regulation to any governmental agency or entity in accordance with Section 21F of the Securities Exchange Act of 1934, Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of U.S. federal law or regulation, or (b) require notification or prior approval by the Company or any of its Affiliates of any such reporting.
10.    Tax Withholding.  The Participant (or, to the extent the Participant so agrees with the Eligible Recipient, the Eligible Recipient) is responsible for all taxes and any tax-related penalties the Participant or Eligible Recipient incurs in connection with the Award.  The Company or its Subsidiaries or Affiliates shall be entitled to require a cash payment by or on behalf of the Participant or Eligible Recipient and/or to deduct, from other compensation payable to the Participant or Eligible Recipient, any sums required by U.S. federal, state or local law (or by any tax authority outside of the United States) to be withheld or accounted for by the Company or its Subsidiaries or Affiliates with respect to any RSU.  The Company in its discretion may alternatively reduce the number of shares to be issued by the appropriate number of whole Shares, valued at their then Fair Market Value, or require any other available method, to satisfy any withholding or tax obligations of the Company or its Subsidiaries or Affiliates with respect to the RSUs at the applicable rates. 
11.    Section 409A Compliance.  This Award is intended to be exempt from, or comply with, Section 409A and to be interpreted in a manner consistent therewith.  Notwithstanding anything to the contrary contained in this RSU Award Agreement, to the extent that the Administrator determines that the Plan or an RSU is subject to Section 409A and fails to comply with the requirements of Section 409A, the Administrator reserves the right (without any obligation to do so or to indemnify the Participant for failure to do so), without the consent of the Participant or Eligible Recipient, to amend or terminate the Plan and RSU Award Agreement and/or to amend, restructure, terminate or replace the RSU in order to cause the RSU to either not be subject to Section 409A or to comply with the applicable provisions of such section.  
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To the extent necessary to avoid the imposition of tax or penalty under Section 409A, any payment by the Company or any Subsidiary or Affiliate to the Participant or Eligible Recipient (if the Eligible Recipient is then a “specified employee” as defined in Code Section 409A(a)(2)(B)(i) and Treasury Regulation §1.409A-1(i)(1)) of “deferred compensation,” whether pursuant to the Plan or otherwise, arising solely due to a “separation from service” (and not by reason of the lapse of a “substantial risk of forfeiture”), as such terms are used in Section 409A, shall be delayed (to the extent otherwise payable prior to such date) and paid on the first day following the six-month period beginning on the date of the Eligible Recipient’s separation from service under Section 409A (or, if earlier, upon the Eligible Recipient’s death).  Each payment or installment due to the Participant from the Company or any of its Affiliates, whether under this RSU Award Agreement or otherwise, is intended to constitute a “separate payment” for purposes of Section 409A.  In no event shall the Company or any Subsidiary or Affiliate (or any agent thereof) have any liability to the Participant, Eligible Recipient or any other Person due to the failure of the Award to satisfy the requirements of Section 409A.  
12.    Governing Law; Arbitration; Waiver of Jury Trial.  
(a)    This RSU Award Agreement shall be governed by, interpreted under and construed and enforced in accordance with the laws of the State of Delaware (without regard to any conflicts of laws principles thereof that would give effect to the laws of another jurisdiction), and any dispute, controversy, suit, action or proceeding (“Proceeding”) arising out of or relating to this Award or any other Award, other than the injunctive relief described below in this paragraph, will, notwithstanding anything to the contrary contained in Section 14(e) of the Plan, be settled exclusively by arbitration, conducted before a single arbitrator in New York County, New York (applying Delaware law) in accordance with, and pursuant to, the Employment Arbitration Rules and Procedures of JAMS (“JAMS”).  The decision of the arbitrator will be final and binding upon the parties hereto.  Any arbitral award may be entered as a judgment or order in any court of competent jurisdiction.  The Company, the Participant and (to the extent applicable) the Eligible Recipient may commence litigation in court to obtain injunctive relief in aid of arbitration, to compel arbitration, or to confirm or vacate an award, to the extent authorized by the U.S. Federal Arbitration Act or the New York Arbitration Act.  The arbitrator may grant interim injunctive relief and the Company or its successors or assigns may commence litigation in court to obtain injunctive relief or an order requiring specific performance to enforce, or prevent any violations of, the covenants referenced in Section 9.  The Company and the Participant will share the JAMS administrative fees, the arbitrator’s fee and expenses.  Each party shall be responsible for such party’s attorneys’ fees.  
(b)    IF THIS AGREEMENT TO ARBITRATE IS HELD INVALID OR UNENFORCEABLE THEN, TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE PARTICIPANT, THE ELIGIBLE RECIPIENT AND THE COMPANY WAIVE AND COVENANT THAT THE PARTICIPANT, THE ELIGIBLE RECIPIENT AND THE COMPANY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH AN AWARD UNDER THE PLAN OR ANY MATTERS CONTEMPLATED THEREBY, WHETHER NOW OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREE THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR THE PARTICIPANT OR ELIGIBLE RECIPIENT MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS AFFILIATES, ON THE ONE HAND, AND THE PARTICIPANT AND ELIGIBLE RECIPIENT, ON THE OTHER HAND, IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN SUCH PARTIES ARISING OUT OF OR RELATING TO AN AWARD UNDER THE PLAN AND THAT ANY PROCEEDING PROPERLY HEARD BY A COURT UNDER AN AWARD AGREEMENT UNDER THE PLAN WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.  
13.    RSU Award Agreement Binding on Successors.  The terms of this RSU Award Agreement shall be binding upon the Participant and upon the Participant’s heirs, executors, administrators, personal 
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representatives, transferees, assignees and successors in interest and upon the Company, its Affiliates and its and their successors and assignees, subject to the terms of the Plan.
14.    No Assignment.  Subject to the second sentence of Section 5(a), neither this RSU Award Agreement nor any rights granted herein shall be assignable by the Participant other than (with respect to any rights that survive the Participant’s death) by will or the laws of descent and distribution.  No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any RSUs or RSU Shares by any holder thereof in violation of the provisions of this RSU Award Agreement or the Plan will be valid, and the Company will not transfer any of said RSUs or RSU Shares on its books nor will any RSU Shares be entitled to vote, nor will any distributions be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company.  The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.  
15.    Necessary Acts.  The Participant and Eligible Recipient hereby agree to perform all acts, and to execute and deliver any documents, that may be reasonably necessary to carry out the provisions of this RSU Award Agreement, including but not limited to all acts and documents related to compliance with securities, tax and other applicable laws and regulations.  
16.    Limitation on the Participant’s Rights; Not a Trust.  Participation in the Plan confers no rights or interests other than as herein provided.  This RSU Award Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets, and the RSUs shall not be treated as property or as a trust fund of any kind.  The RSUs shall be used solely as a device for the determination of the payments to eventually be made to the Participant if the RSUs vest pursuant to Section 2 and Section 5.  The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive the RSU Shares as a general unsecured creditor with respect to RSUs, as and when payable hereunder.  
17.    Severability.  Should any provision of this RSU Award Agreement be held by an arbitrator or court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this RSU Award Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original RSU Award Agreement.  Moreover, if one or more of the provisions contained in this RSU Award Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, then in lieu of severing such unenforceable provision or provisions, it or they shall be construed by the appropriate judicial body or arbitral tribunal by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by a judicial body or arbitral tribunal shall not affect the enforceability of such provisions or provisions in any other jurisdiction.
18.    Failure to Enforce Not a Waiver.  The failure of the Company to enforce at any time any provision of this RSU Award Agreement shall in no way be construed to be a waiver of that provision or of any other provision hereof.  
19.    Entire Agreement.  This RSU Award Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof and supersede all prior writings or understandings with respect to the grant of RSUs covered by this Award.  The Participant and Eligible Recipient acknowledge that any summary of the Plan or this RSU Award Agreement provided by the Company is subject in its entirety to the terms of the Plan and this RSU Award Agreement.  
20.    Headings.  Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or description of the contents of any Section.
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21.    Counterparts.  This RSU Award Agreement may be executed in any number of counterparts, including via facsimile or PDF, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.
22.    Amendment.  Except as otherwise provided in the Plan or Section 11, no amendment or modification hereof shall be valid unless it shall be in writing and signed by the Participant and the Company.
23.    Disposition of Shares Issued.  Subject to applicable law, the Participant may dispose of vested RSU Shares granted under this Award during any “window period” in which sales by Company personnel (including Eligible Recipient) are permitted, or otherwise pursuant to the terms of a 10b5-1 plan on the same terms as apply to the use of such plans by other Company personnel, subject to approval by the Company’s compliance department.  All dispositions of RSU Shares are subject to compliance with the Company’s Share Ownership Policy as in effect from time to time.
24.    Acknowledgements and Representations.  The Participant is acquiring the RSUs and, if and when the RSUs vest, will acquire the RSU Shares covered thereby solely for the Participant’s own account, for investment purposes only, and not with a view to or an intent to sell or distribute, or to offer for resale in connection with any unregistered distribution, all or any portion of the RSUs or RSU Shares within the meaning of the Securities Act and/or any applicable state securities laws.  The Participant and Eligible Recipient have had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Award and the restrictions imposed on the RSUs and the RSU Shares.  The Participant has been furnished with, and/or has access to, such information as it considers necessary or appropriate for deciding whether to accept the Award.  However, in evaluating the merits and risks of an investment in the Company, the Participant has and will rely upon the advice of its own legal counsel, tax advisors, and/or investment advisors.  The Participant is aware that RSU Shares may be of no practical value.  The Participant has read and understands the restrictions and limitations set forth in the Plan and this RSU Award Agreement, which are imposed on the RSUs and the RSU Shares.  The Participant confirms that the Participant has not relied on any warranty, representation, assurance or promise of any kind whatsoever in entering into this RSU Award Agreement other than as expressly set out in this RSU Award Agreement or in the Plan. 
25.    Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to the Award (or future Awards that may be granted under the Plan) and participation in the Plan by electronic means or to request the Participant’s or Eligible Recipient’s consent to participate in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery, including in care of Eligible Recipient, and, if requested, to agree to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.    
26.    Recoupment. The Participant, by accepting the Award, hereby acknowledges and agrees that the Participant and Eligible Recipient will be subject to any policy adopted by the Company that provides for the repayment or forfeiture of incentive compensation (including but not limited to Awards and amounts payable thereunder), including, without limitation, as a result of a detrimental activity or a required accounting restatement.
27.    Representations and Covenants of the Eligible Recipient and the Participant.  
(a)    The Eligible Recipient and the Participant request that the Administrator grant the Award to the Participant.
(b)    The Participant (i) is an “accredited investor” as that term is defined in Regulation D under the Securities Act, (ii) is a “qualified purchaser” as defined for purposes of section 3(c)(7) under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”) and (iii) 
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was not formed for the specific purpose of making an investment, directly or indirectly, in the Company within the meaning of the Investment Company Act.  The Participant and Eligible Recipient acknowledge that the Shares covered by this Award are not registered on Form S-8 under the Securities Act and that Shares issued to the Participant under the Plan are expected to be “restricted securities” within the meaning of Rule 144 under the Securities Act.
(c)    The Participant also confirms that, in addition to the transfer restrictions set forth in this RSU Award Agreement and the Plan, the Participant will not effect any direct or indirect transfer of interests in either the Award or in the Participant (other than, to the extent it would permit the Participant to remain an Estate Planning Vehicle, such a transfer to family members within the meaning of Form S-8) without the prior written consent of the Administrator, which consent may be withheld in the absolute discretion of the Administrator; provided that, for the avoidance of doubt, notwithstanding any transfer restrictions in this RSU Award Agreement and the Plan, no consent of the Administrator will be required for a change in the Participant’s trustee, general partner or manager, or the addition of additional trustees or co-trustees, of the Participant and that, upon notice to the Company of such change and receipt by the Company of the relevant portions of the trust agreement, limited partnership agreement, limited liability company agreement or other relevant document of the Participant and, if applicable, the instrument of appointment, showing the appointment and authorization of such trustee(s), general partners or managers, the Company shall record such change in the relevant books and records. 
(d)    The Participant has provided to the Company or, upon request of the Company, will provide to the Company a copy of the relevant portions of the constitutive agreement of the Participant showing the appointment and authority of the trustee(s), general partner or manager. 
(e)    The Participant is a [CORPORATE FORM OF ASSIGNEE] that is authorized and has legal capacity to enter into this RSU Award Agreement, and the Person signing this RSU Award Agreement on behalf of the Participant has been duly authorized by the Participant to do so.  This RSU Award Agreement has been duly executed and delivered on behalf of the Participant and is the valid and binding agreement of the Participant, enforceable against the Participant in accordance with its terms.  Upon request of the Company, the Participant will deliver any documents which may be reasonably requested by the Company to evidence or confirm the authority of the person executing this RSU Award Agreement on behalf of the Participant. 
(f)    Neither the execution and delivery of this RSU Award Agreement, nor the consummation of the transactions contemplated hereby, nor compliance by the Participant with any of the provisions hereof, shall (i) conflict with or result in a breach of any provision of the Participant’s charter, by-laws, and/or other similar organizational or governing instruments of the Participant, as the case may be, (ii) constitute or result in a breach of any term, condition or provision of, or constitute a default under, or give rise to any right of termination, cancellation or acceleration with respect to, or result in the creation of any lien, charge or encumbrance upon any property or asset of the Participant pursuant to, any note, bond, mortgage, indenture, license, agreement or other instrument or obligation to which the Participant is a party or (iii) violate or cause the Participant to fail to comply with any order, writ, injunction, decree, statute, rule, regulation or other law applicable to the Participant (or constitute an event which, with the passage of time or action by a third party, would result in any of the foregoing). 
(g)    This RSU Award Agreement has been duly executed and delivered by the Eligible Recipient and is the valid and binding agreement of the Eligible Recipient, enforceable against the Eligible Recipient in accordance with its terms.
(h)    The execution, delivery and performance of this RSU Award Agreement by the Eligible Recipient and Participant requires no consent or approval of any governmental body, agency or official, or any other Person that has not been obtained.
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(i)    The Eligible Recipient and the Participant each respectively represent that the Participant constitutes a “family member” for purposes of the requirements of Instruction A.1.(a)(5) of Form S-8 under the Securities Act, and Rule 701(c)(3) of the Securities Act and will maintain such status at any time that Shares are distributed under the Plan pursuant to the Award. 
(j)    The representations set forth in Sections 12, 24 and this Section 27 shall be deemed to be reaffirmed by the Participant and the Eligible Recipient, as appropriate, at any time that Shares are transferred to, or registered in the name of, the Participant.
(k)    Each of the Eligible Recipient and the Participant acknowledges on behalf of itself that the Partnerships and their respective partners will rely upon the representations, warranties and agreements set forth herein made by the Eligible Recipient or the Participant, respectively, each of which shall survive the Date of Grant. 
(l)    The Eligible Recipient agrees to indemnify and hold harmless, to the fullest extent permitted by law, the Company and its Affiliates and the partners, officers, directors, managers, members, employees, agents and shareholders of each of them, and each other Person, if any, who controls or is controlled by any of the foregoing, within the meaning of Section 15 of the Securities Act (together, the “Indemnified Parties”), against any and all loss, liability, claim, damage, cost and expense whatsoever (including, but not limited to, legal fees and disbursements and any and all other expenses whatsoever reasonably incurred in investigating, preparing for or defending against any litigation, arbitration proceeding, or other action or proceeding, commenced or threatened, or any claim whatsoever) arising out of or in connection with, or based upon or resulting from, (i) any false representation or warranty or breach or failure by the Eligible Recipient to comply with any covenant or agreement made by the Eligible Recipient in this RSU Award Agreement or in any other document furnished by it to any of the foregoing in connection with this transaction, (ii) any action for securities law violations instituted by the Eligible Recipient which is finally resolved by judgment against the Eligible Recipient or (iii) the compliance by the Company and/or its Affiliates or any of their respective employees in good faith with the requirements of applicable anti-money laundering and anti-terrorism legislation or regulatory provisions with respect to the Eligible Recipient. 
(m)    The Participant agrees to indemnify and hold harmless, to the fullest extent permitted by law, the Indemnified Parties against any and all loss, liability, claim, damage, cost and expense whatsoever (including, but not limited to, legal fees and disbursements and any and all other expenses whatsoever reasonably incurred in investigating, preparing for or defending against any litigation, arbitration proceeding, or other action or proceeding, commenced or threatened, or any claim whatsoever) arising out of or in connection with, or based upon or resulting from, (i) any false representation or warranty or breach or failure by the Participant to comply with any covenant or agreement made by the Participant in this RSU Award Agreement or in any other document furnished by it to any of the foregoing in connection with this transaction, (ii) any action for securities law violations instituted by the Participant which is finally resolved by judgment against the Participant or (iii) the compliance by the Company and/or its Affiliates or any of their respective employees in good faith with the requirements of applicable anti-money laundering and anti-terrorism legislation or regulatory provisions with respect to the Participant.  
(n)    The Participant and Eligible Recipient affirm their obligations under Section 20 of the Plan.
 [Signature page follows]
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    IN WITNESS WHEREOF, the parties hereto have executed this RSU Award Agreement as of the date set forth above.
APOLLO GLOBAL MANAGEMENT, INC.
    

By     
Name:    
Title:     
    The undersigned hereby accept and agree to all of the terms and provisions of this RSU Award Agreement.
PARTICIPANT

By     
                    Title: [TRUST NAME]

    
ELIGIBLE RECIPIENT

By     
                Name:    [RECIPIENT NAME]Document

Exhibit 10.4.2

INCREMENTAL AMENDMENT NO. 1 TO CREDIT AGREEMENT

This INCREMENTAL AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of August 5, 2022, by and among ATHENE HOLDING LTD., an exempted company incorporated under the laws of Bermuda (“AHL”), ATHENE LIFE RE LTD., an exempted company incorporated under the laws of Bermuda (“Athene Life Re” and, together with AHL, collectively, the “Borrowers” and individually, each a “Borrower”), Credit Suisse AG, New York Branch (the “2022 Additional Commitment Increase Lender”), and Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), relating to the 364-Day Credit Agreement, dated as of July 1, 2022 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement” and as amended hereby, the “Credit Agreement”), by and among the Borrowers, the lenders from time to time party thereto as Lenders and the Administrative Agent. 
RECITALS:
WHEREAS, the Borrowers have proposed that, pursuant to Section 2.04(c) of the Existing Credit Agreement, Credit Suisse AG, New York Branch as the 2022 Additional Commitment Increase Lender, extend a Commitment Increase to the Borrowers on the 2022 Commitment Increase Date (as defined below) in an aggregate principal amount of $200,000,000 (the “Amendment No. 1 Commitment Increase”).
WHEREAS, the 2022 Additional Commitment Increase Lender has agreed, on the terms and conditions set forth herein, to provide such Amendment No. 1 Commitment Increase and to become a Lender for all purposes under the Credit Agreement.
WHEREAS, pursuant to Sections 2.04(c) and 10.01 of the Existing Credit Agreement, the Existing Credit Agreement may be amended to give effect to the provisions of Section 2.04(c) of the Existing Credit Agreement through an Incremental Amendment executed by the Borrowers, the Administrative Agent and each Lender providing an Amendment No. 1 Commitment Increase. 
NOW THEREFORE, the parties hereto therefore agree as follows:
SECTION 1.  Defined Terms. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. 
SECTION 2.  Notice and Consent. The parties hereto hereby agree that this Amendment shall constitute a notice of a Commitment Increase required pursuant to Section 2.04(c) of the Existing Credit Agreement. The Administrative Agent hereby agrees and consents to the 2022 Additional Commitment Increase Lender becoming a Lender under the Credit Agreement.
SECTION 3.  Amendment No. 1 Commitment Increase.
(a)    Subject to and upon the terms and conditions set forth herein, the 2022 Additional Commitment Increase Lender agrees (on a several and not joint basis) to make its respective Amendment No. 1 Commitment Increase available to the Borrowers commencing on the 2022 Commitment Increase Date. The aggregate amount of all the Commitments on the 2022 Commitment Increase Date (after giving effect to the Amendment No. 1 Commitment Increase) is $2,500,000,000. Schedule 2.01 of the Existing Credit Agreement shall be replaced by Schedule I hereto. 

(b)    This Amendment constitutes an “Incremental Amendment” with respect to the establishment of the Amendment No. 1 Commitment Increase as a “Commitment Increase”.  The Amendment No. 1 Commitment Increase is being established in accordance with Section 2.04(c) of the Existing Credit Agreement. The 2022 Additional Commitment Increase Lender constitutes an Additional Commitment Increase Lender pursuant to Section 2.04(c) of the Existing Credit Agreement and, in such capacity, acknowledges the provisions of Section 2.04(c) of the Existing Credit Agreement.  For the avoidance of doubt, commitments and loans made pursuant to the Amendment No. 1 Commitment Increase shall be Commitments and Loans, respectively, for all purposes under the Credit Agreement and each other Loan Document and shall be treated the same as, and as part of, and shall be fully fungible with, the Commitments and Loans (as defined in the Existing Credit Agreement) (such Commitments, the “Existing Commitments” and such Loans, the “Existing Loans”) and shall have the same CUSIP (if any) as the Existing Commitments and any Existing Loans.  Any revolving loans and other extensions of credit made pursuant to the Amendment No. 1 Commitment Increase shall have terms identical to the Existing Commitments (and Existing Loans, if any) and shall rank pari passu in right of payment with the Existing Loans, if any.  The Borrowers and the 2022 Additional Commitment Increase Lender hereby authorize the Administrative Agent to update the Register to reflect the amount, terms and date of the Amendment No. 1 Commitment Increase and the identity of the 2022 Additional Commitment Increase Lender.
SECTION 4.  Representations of the Loan Parties.  The Borrowers hereby represent and warrant to the Administrative Agent and the 2022 Additional Commitment Increase Lender that each of the representations and warranties made by any Borrower in or pursuant to the Loan Documents are true and correct in all material respects (except that those representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the 2022 Commitment Increase Date, except (A) to the extent that such representations and warranties specifically refer to an earlier date, such representations and warranties are true and correct in all material respects (except that those representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of such earlier date, (B) in the case of Section 5.05(a) of the Existing Credit Agreement, such representations and warranties shall be deemed to refer to the most recent financial statements furnished by the Borrowers under the Existing Credit Agreement, (C) in the case of Section 5.05(b) of the Existing Credit Agreement, such representations and warranties shall be deemed to refer to the most recent audited statements furnished by the Borrowers under the Existing Credit Agreement and (D) in the case of Section 5.06 of the Existing Credit Agreement, such representations and warranties shall except any matter which has theretofore been disclosed in writing by any Borrower to the Administrative Agent (which will make the same available to each Lender).  No Default or Event of Default shall exist on the 2022 Commitment Increase Date.
SECTION 5.  Conditions to the 2022 Commitment Increase Date.  This Amendment shall become effective as of the first date (the “2022 Commitment Increase Date”) when each of the following conditions shall have been satisfied:
(a)    The Administrative Agent and the 2022 Additional Commitment Increase Lender shall have received an executed counterpart hereof from the Borrowers, the 2022 Additional Commitment Increase Lender and the Administrative Agent.
(b)    The Administrative Agent and the 2022 Additional Commitment Increase Lender shall have received: (i) a certificate as to the good standing (or similar concept) of each Borrower as of a recent date, from such secretary of state or similar Governmental Authority, (ii) a certificate of a Responsible Officer of each Borrower dated the 2022 Commitment Increase Date and certifying (1) that attached thereto is a true and complete copy of each Organizational Document, 

including all amendments thereto, of each Borrower as in effect on the 2022 Commitment Increase Date, certified as of a recent date by the secretary of state (or similar Person) of the state of organization of the applicable Borrower, if applicable, or by a Responsible Officer of the applicable Borrower (or a certification from a Responsible Officer of each Borrower that such documents have not changed since previously delivered to the Administrative Agent), (2) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent governing body) of such Borrower authorizing the execution, delivery and performance of this Amendment, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (3) as to the incumbency and specimen signature of each officer executing any Loan Document on behalf of such Borrower and (iii) a customary reliance letter with respect to the opinion given by Sidley Austin LLP on the Effective Date.
(c)    Each of the representations and warranties made by any Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects (except that those representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the 2022 Commitment Increase Date, except (A) to the extent that such representations and warranties specifically refer to an earlier date, such representations and warranties shall be true and correct in all material respects (except that those representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of such earlier date, (B) in the case of Section 5.05(a) of the Existing Credit Agreement, such representations and warranties shall be deemed to refer to the most recent financial statements furnished by the Borrowers under the Existing Credit Agreement, (C) in the case of Section 5.05(b) of the Existing Credit Agreement, such representations and warranties shall be deemed to refer to the most recent audited statements furnished by the Borrowers under the Existing Credit Agreement and (D) in the case of Section 5.06 of the Existing Credit Agreement, such representations and warranties shall except any matter which has theretofore been disclosed in writing by any Borrower to the Administrative Agent (which will make the same available to each Lender).
(d)    Immediately after giving effect to the 2022 Amendment No. 1 Commitment Increase, the Aggregate Commitments shall not exceed $3,000,000,000.
(e)    No Default or Event of Default shall exist on the 2022 Commitment Increase Date.
(f)    The 2022 Additional Commitment Increase Lender and the Administrative Agent shall have received, consistent with the scope of expenses referenced in Section 10.04 of the Credit Agreement, all reasonable and documented out-of-pocket expenses for which reasonably detailed invoices have been presented to Borrowers at least one (1) Business Day prior to the 2022 Commitment Increase Date (or such later date as any Borrower may reasonably agree).
(g)    The 2022 Additional Commitment Increase Lender (to the extent reasonably requested in writing at least five (5) days prior to the 2022 Commitment Increase Date) shall have received, at least one (1) Business Days prior to the 2022 Commitment Increase Date (or such later date as the 2022 Additional Commitment Increase Lender may reasonably agree), (i) all documentation and other information that the 2022 Additional Commitment Increase Lender reasonably requests in order to comply with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, and (ii) a Beneficial Ownership Certification of each Borrower.

SECTION 6.  Governing Law.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 7. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 8 Confirmation of Obligations.  By signing this Amendment, each Borrower hereby confirms that (a) the obligations of the Borrowers under the Existing Credit Agreement as modified or supplemented hereby (including with respect to the Amendment No. 1 Commitment Increase contemplated by this Amendment) and the other Loan Documents (i) are entitled to the benefits of the guarantees set forth or created in the Guaranty (solely in the case of Athene Life Re) and the other Loan Documents, (ii) constitute “Obligations”, “Guaranteed Obligations” (as defined in the Guaranty and solely in the case of Athene Life Re), or other similar term for purposes of the Credit Agreement, the Guaranty (solely in the case of Athene Life Re) and the other Loan Documents and (iii) notwithstanding the effectiveness of the terms hereof, the Guaranty (solely in the case of Athene Life Re) and the other Loan Documents, are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects and (b) the 2022 Additional Commitment Increase Lender shall be a “Lender” (including without limitation for purposes of the definition of “Required Lenders” contained in Section 1.1 of the Credit Agreement) for all purposes of the Credit Agreement and the other Loan Documents.  
SECTION 9.  Credit Agreement Governs.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or the Administrative Agent under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
SECTION 10.  Counterparts.  This Amendment and any other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall 

constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.  This Amendment and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  The words “execution,” “execute,” “signed,” “signature,” and words of like import in or related to this Amendment, the other Loan Documents and the transactions contemplated hereby and thereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable requirements of Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
SECTION 11.  Miscellaneous.  This Amendment shall constitute an “Incremental Amendment” and a “Loan Document” for all purposes of the Existing Credit Agreement and the other Loan Documents.  The provisions of this Amendment are deemed incorporated into the Existing Credit Agreement as if fully set forth therein.  The headings of this Amendment are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof. Section 10.11 of the Existing Credit Agreement is incorporated by reference herein, mutatis mutandis.
SECTION 12.  Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

ATHENE HOLDING LTD.

By:    /s/ Bradley Molitor                
Name:    Bradley Molitor
Title:    SVP, Chief Financial Officer Bermuda

ATHENE LIFE RE LTD.

By:    /s/ Bradley Molitor                
Name:    Bradley Molitor
Title:    Chief Financial Officer 

[Signature Page – Incremental Amendment No. 1]

						
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
	By:	/s/ Karen Hanke
	Name:  Karen Hanke
Title:  Managing Director

[Signature Page – Incremental Amendment No. 1]

						
	Credit Suisse AG, New York Branch, as the 2022 Additional Commitment Increase Lender

	By:	/s/ Doreen Barr
	Name:  Doreen Barr
Title:  Authorized Signatory

		
	By:	/s/ Wing Yee Lee-Cember
	Name:  Wing Yee Lee-Cember
Title:  Authorized Signatory

[Signature Page – Incremental Amendment No. 1]

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