Document:

Form of Indemnification Agreement

 Exhibit 10.2 
 INDEMNIFICATION AGREEMENT 
 AGREEMENT, dated as of
                    , by and between Och-Ziff Capital Management Group LLC, a Delaware limited liability Company (the “Company”),
and                      (the “Indemnitee”). 
 WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available; 
 WHEREAS, the Indemnitee is a director and/or officer of the Company; 
 WHEREAS, the Company and the
Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of companies in today’s environment; 
 WHEREAS, basic protection against undue risk of personal liability of directors and officers heretofore has been provided through insurance coverage providing reasonable protection at reasonable cost, and the
Indemnitee has relied on the availability of such coverage; however, as a result of substantial changes in the marketplace for such insurance, it has become increasingly difficult to obtain such insurance on terms providing reasonable protection at
reasonable cost; 
 WHEREAS, the Operating Agreement (as defined herein) requires the Company to indemnify and advance expenses to its
directors and officers to the extent provided therein, and the Indemnitee serves as a director and/or officer of the Company, in part, in reliance on such provisions in the Operating Agreement; 
 WHEREAS, the current difficulty in obtaining adequate director and officer liability insurance coverage at a reasonable cost, and uncertainties as to the
availability of indemnification created by recent court decisions, have increased the risk that the Company will be unable to retain and attract as directors and officers the most capable persons available; 
 WHEREAS, the Company has determined that its inability to retain and attract as directors and officers the most capable persons would be detrimental to
the interests of the Company, and that the Company therefore should seek to assure such persons that indemnification and insurance coverage will be available in the future; and 
 WHEREAS, in recognition of the Indemnitee’s need for substantial protection against personal liability in order to enhance the Indemnitee’s
continued service to the Company in an effective manner, the increasing difficulty in obtaining satisfactory director and officer liability insurance coverage, and the Indemnitee’s reliance on the Operating Agreement, and, in part, to provide
the Indemnitee with specific contractual assurance that the protections set forth under the Operating Agreement will be available to the Indemnitee (regardless of, among other things, any amendment to or revocation of the Operating Agreement or any
change in the composition of the governing bodies of the Company or acquisition transaction relating to the Company), the Company desires to provide in this Agreement for the 

 
indemnification of, and the advancing of expenses to, the Indemnitee to the fullest extent (whether partial or complete) permitted by law if the Indemnitee
acted in a manner not constituting fraud, gross negligence, or willful misconduct, and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of the Indemnitee under the directors’ and
officers’ liability insurance policy of the Company. 
 NOW, THEREFORE, in consideration of the premises and of the Indemnitee
continuing to serve the Company directly or, at its request, as an officer, director, member, manager, partner, tax matters partner, fiduciary or trustee of, or in any other capacity with, another Person (as defined below) or any employee benefit
plan, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Certain Definitions. In addition to terms
defined elsewhere herein, the following terms have the following meanings when used in this Agreement: 
  

	 	(a)	Agreement: shall mean this Indemnification Agreement, as amended from time to time hereafter. 

  

	 	(b)	Board of Directors: shall mean the board of directors of the Company. 

  

	 	(c)	Claim: means any threatened, asserted, pending or completed civil, criminal, administrative, investigative or other action, suit or proceeding, or appeal thereof, or any
inquiry or investigation, whether instituted by the Company, any governmental agency or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal,
administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism. 

  

	 	(d)	 Indemnifiable Expenses: means (i) any and all expenses and liabilities, including judgments, fines, penalties, interest, amounts paid in settlement with
the approval of the Company, and counsel fees and disbursements (including, without limitation, experts’ fees, court costs, retainers, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier
charges) paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in, any Claim relating to any Indemnifiable
Event, (ii) any liability pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any indebtedness which the Company or any subsidiary of the Company has
assumed or taken subject to, and (iii) any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary 

  

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or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether
such liabilities are in the form of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or
beneficiary of such plan, trust or other funding mechanism, or otherwise), if such Indemnitee acted in a manner not constituting fraud, gross negligence or willful misconduct. 

  

	 	(e)	Indemnifiable Event: means any act or omission, whether occurring before, on or after the date of this Agreement, arising from the performance of the Indemnitee’s duties
or obligations to the Company, or any of its subsidiaries or managed funds, including in connection with any investment made or held by the Company and in connection with any civil, criminal, administrative, investigative or other action, suit or
proceeding to which the Indemnitee may hereafter be made a party by reason of being or having been a manager of the Company under Delaware law or a director or officer of the Company, an officer, manager, director, member, partner, tax matters
partner, fiduciary or trustee of, or having served in any other capacity with, another Person or any employee benefit plan at the request of the Company, if such Indemnitee acted in a manner not constituting fraud, gross negligence or willful
misconduct. 

  

	 	(f)	Operating Agreement: means the Second Amended and Restated Limited Liability Agreement of Och-Ziff Capital Management Group LLC, dated as of •, as amended from time to
time. 

  

	 	(g)	Person: means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity
or other entity. 

 2. Basic Indemnification Arrangement; Advancement of Expenses. 
  

	 	(a)	In the event that the Indemnitee was, is or becomes subject to a party to or witness or other participant in, or is threatened to be made subject to a party to or witness or other
participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify the Indemnitee, or cause such Indemnitee to be indemnified, to the fullest extent permitted by law, if such Indemnitee acted in a
manner not constituting fraud, gross negligence or willful misconduct. The rights of the Indemnitee provided in this Section 2 shall include, without limitation, the rights set forth in the other sections of this Agreement. Payments of
Indemnifiable Expenses shall be made as soon as practicable but in any event no later than thirty (30) days after written demand is presented to the Company, against any and all Indemnifiable Expenses. 

  

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	 	(b)	If so requested by the Indemnitee, the Company shall advance, or cause to be advanced (within two business days of such request), any and all Indemnifiable Expenses incurred by the
Indemnitee (an “Expense Advance”). The Company shall, in accordance with such request (but without duplication), either (i) pay, or cause to be paid, such Indemnifiable Expenses on behalf of the Indemnitee, or
(ii) reimburse, or cause the reimbursement of, the Indemnitee for such Indemnifiable Expenses. The Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any condition that the Board of Directors shall not have
determined that the Indemnitee is not entitled to be indemnified under the standard set forth in Section 2(a). However, the obligation of the Company to make an Expense Advance pursuant to this Section 2(b) shall be subject to the
condition that, if, when and to the extent that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under the standard set forth
in Section 2(a), the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid (it being understood and agreed that the foregoing agreement by the Indemnitee
shall be deemed to satisfy any requirement that the Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately determined that the Indemnitee is not entitled to indemnification hereunder). The
Indemnitee’s undertaking to repay such Expense Advances shall be unsecured and interest-free. 

  

	 	(c)	Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification or advancement of Indemnifiable Expenses pursuant to this
Agreement in connection with any Claim initiated by the Indemnitee unless (i) the Company has joined in, or the Board of Directors of the Company has authorized or consented to, the initiation of such Claim or (ii) the Claim is one to
enforce the Indemnitee’s rights under this Agreement (including an action pursued by the Indemnitee to secure a determination that the Indemnitee should be indemnified under the standard set forth in Section 2(a)). An Indemnitee shall not
be denied indemnification or advancement of Indemnifiable Expenses, in whole or in part, because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the
Operating Agreement. 

  

	 	(d)	 The indemnification obligations of the Company under Section 2(a) shall be subject to the condition that the Board of Directors shall not have determined (by
majority vote of directors who are not parties to the applicable Claim) that the indemnification of the Indemnitee is not proper in the circumstances because the Indemnitee is not entitled to be indemnified under the standard set forth in
Section 2(a). If the Board of Directors determines that the Indemnitee is not entitled to be indemnified in whole or in part under such standard, the Indemnitee shall have the right to commence litigation in any court in the State of New York
or Delaware having subject matter jurisdiction thereof and in which venue is proper, seeking an initial determination by the court or challenging any such determination by the Board of Directors or any aspect thereof, including the legal or factual
bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. If the Indemnitee commences 

  

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legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under the standard set forth in
Section 2(a), any determination made by the Board of Directors that the Indemnitee is not entitled to be indemnified under such standard shall not be binding, the Indemnitee shall continue to be entitled to receive Expense Advances, and the
Indemnitee shall not be required to reimburse the Company for any Expense Advance, until a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so
indemnified under the standard set forth in Section 2(a). 

  

	 	(e)	To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense
of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Indemnifiable Expenses actually and reasonably incurred in connection therewith, notwithstanding an earlier determination by the
Board of Directors that the Indemnitee is not entitled to indemnification under the standard set forth in Section 2(a). 

 3. Indemnification for Additional Expenses. The Company shall indemnify, or cause the indemnification of, the Indemnitee against any and all Indemnifiable Expenses and, if requested by the Indemnitee, shall advance such Indemnifiable
Expenses to the Indemnitee subject to and in accordance with Section 2(b) and (d), which are incurred by the Indemnitee in connection with any action brought by the Indemnitee for (i) indemnification or an Expense Advance by the Company
under this Agreement or any provision of the Operating Agreement and/or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether the Indemnitee ultimately is
determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the case may be. 
 4. Partial Indemnity,
Etc. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Indemnifiable Expenses in respect of a Claim but not, however, for the total amount thereof, the Company
shall indemnify the Indemnitee for such portion thereof to which the Indemnitee is entitled. 
 5. Burden of Proof. In connection with
any determination by the Board of Directors, any court or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the Board of Directors or court shall presume that the Indemnitee has satisfied the applicable standard of
conduct and is entitled to indemnification, and the burden of proof shall be on the Company or its representative to establish, by clear and convincing evidence, that the Indemnitee is not so entitled. 
 6. Reliance as Safe Harbor. The Indemnitee shall be entitled to indemnification for any action or omission to act undertaken (i) in good
faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course
of their duties, or by committees of the Board of Directors, or by any other Person as to matters the Indemnitee reasonably 

  

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believes are within such other Person’s professional or expert competence, or (ii) on behalf of the Company in furtherance of the interests of the
Company in good faith and in reliance upon, and in accordance with, the advice of legal counsel or accountants, provided that such legal counsel or accountants were selected with reasonable care by or on behalf of the Company. In addition, the
knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnity hereunder. 
 7. No Other Presumptions. For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment, order, settlement
(whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief, that a
court has determined that indemnification is not permitted by applicable law or that the Indemnitee committed an act or omission that constitutes fraud, gross negligence or willful misconduct. In addition, neither the failure of the Board of
Directors to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Board of Directors that the Indemnitee has not met such standard of
conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that the Indemnitee should be indemnified under applicable law shall be a defense to the Indemnitee’s claim
or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief. 
 8.
Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under the Operating Agreement, the laws of the State of Delaware, or otherwise. 
 9. Liability Insurance. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability
insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for the directors or officers of the Company. 
 10. Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against the
Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall
govern. 
 11. Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

  

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 12. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such rights. 
 13. No Duplication of Payments. The Company shall
not be liable under this Agreement to make any payment in connection with any Claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, any provision of the Operating
Agreement, or otherwise) of the amounts otherwise indemnifiable hereunder. 
 14. Defense of Claims. The Company shall be entitled to
participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee; provided that if the Indemnitee reasonably believes, after consultation with
counsel selected by the Indemnitee, that (i) the use of counsel chosen by the Company to represent the Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named parties in any such Claim
(including any impleaded parties) include the Company or any subsidiary of the Company and the Indemnitee and the Indemnitee concludes that there may be one or more legal defenses available to him or her that are different from or in addition to
those available to the Company or any subsidiary of the Company or (iii) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then the Indemnitee shall be entitled to
retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense. The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid
in settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent. The Company shall not, without the prior written consent of the Indemnitee, enter into any settlement of any Claim relating to
an Indemnifiable Event which the Indemnitee is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the
subject matter of such Claim. Neither the Company nor the Indemnitee shall unreasonably withhold its or his or her consent to any proposed settlement; provided that the Indemnitee may withhold consent to any settlement that does not provide a
complete and unconditional release of the Indemnitee. 
 15. Binding Effect, Etc. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective successors, (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the
Company), assigns, spouses, heirs, executors and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all or substantially all of the
business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same 

  

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manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect
regardless of whether the Indemnitee continues to serve as an officer and/or director of the Company or of any other entity or enterprise at the request of the Company. 
 16. Security. To the extent requested by the Indemnitee, the Company shall at any time and from time to time provide security to the Indemnitee for the obligations of the Company hereunder through an
irrevocable bank line of credit, funded trust or other collateral or by other means. Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of such Indemnitee. 
 17. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision
within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. 
 18.
Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the parties hereto, the Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, the
Indemnitee shall be entitled, if the Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the
foregoing as the Indemnitee may elect to pursue. 
 19. Notices. All notices, requests, consents and other communications hereunder to
any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by telecopy, electronic mail, nationally recognized overnight courier or personal delivery, addressed to such party at the address set forth
below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties: 
  

	 	(a)	If to the Company, to: 

 Och-Ziff Capital
Management Group LLC 
 9 West 57th Street 
 New York, NY 10019 
 Fax: (212) 719-7402 
 Email: 
 Attn: Chief Legal Officer 
  

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	 	    	with a copy (which shall not constitute notice) to: 

 Skadden, Arps, Slate, Meagher & Flom LLP 
 4 Times Square 
 New York, NY 10036-6522 
 Fax: (212) 735-2000 
 Attn: Jennifer A. Bensch, Esq. 
  

	 	(b)	If to the Indemnitee, to the address set forth on Annex A hereto. 

 All
such notices, requests, consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses or sent by electronic transmission, with confirmation
received, to the telecopy numbers specified above (or at such other address, electronic mail address or telecopy number for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto shall also
be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice. 
 20. Counterparts.
This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement. 
 21. Headings. The headings of the
sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. 
 22. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable
to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  
 OCH-ZIFF CAPITAL MANAGEMENT 
 GROUP LLC 
  
 By:                                      
                                        
                                        
                   
 Name:

 Title: 
  
  
  
 INDEMNITEE 
  
                                       
                                        
                                        
                          
 Name: 
  
 Signature Page to
Indemnification Agreement of                      
  

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 Annex A 
  

			
	 Name and Business Address.
	  	
		
	                                       
                                        
            
	  	
		
	                                       
                                        
            
	  	
		
	                                       
                                        
            
	  	
		
	                                       
                                        
            
	  	
		
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	 Fax:Form of Och-Ziff Capital Management Group LLC 2007 Equity Incentive Plan

 Exhibit 10.5 
 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 2007 EQUITY INCENTIVE PLAN 
 1. Purpose of the Plan. 
 The Och-Ziff Capital
Management Group LLC 2007 Equity Incentive Plan (the “Plan”) was adopted by the Board on                     , 2007 and approved by
the shareholders of Och-Ziff Capital Management Group LLC (the “Company”) on                     , 2007, prior to the initial public
offering of Company Shares. The purpose of the Plan is to provide additional incentive to selected employees, directors and Consultants of and service providers to the Company, its Subsidiaries (including OZ Advisors LP, OZ Management LP and OZ
Advisors II LP) or Affiliates, whose contributions are essential to the growth and success of the Company’s business, in order to strengthen the commitment of such persons to the Company and its Subsidiaries and Affiliates, motivate such
persons to faithfully and diligently perform their responsibilities and attract and retain competent and dedicated persons whose efforts shall result in the long-term growth and profitability of the Company. To accomplish such purposes, the Plan
provides that the Company (or a Participating Subsidiary or Affiliate) may grant equity-based Awards based on the Company’s Shares. Notwithstanding any provision of the Plan, to the extent that any Award would be subject to Section 409A of
the Code, it is the Company’s intent that each such Award comply with the requirements set forth in Section 409A of the Code and any regulations or guidance promulgated thereunder. 
 2. Definitions. 
 The following capitalized terms
used in the Plan have the respective meanings set forth in this Section: 
 (a) “Administrator” means the Board, or if and
to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 hereof. 
 (b)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the
term “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

(c) “Award” means individually or collectively, any Option, Share Appreciation Right, Restricted Share, Restricted Share Unit,
Performance Share, unrestricted Share or Other Share-Based Award granted under the Plan. 
 (d) “Award Agreement” means any
written agreement, contract or other instrument or document evidencing an Award. 
 (e) A “Beneficial Owner” of a security
is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii)

 
investment power, which includes the power to dispose, or to direct the disposition of, such security. The term “Beneficially Own” shall
have a correlative meaning. 
 (f) “Board” means the Board of Directors of the Company. 
 (g) “Cause” means, unless otherwise defined in the Participant’s Award Agreement, employment agreement, or other written agreement
describing the Participant’s terms of employment with the Company or any Subsidiary or Affiliate, (i) the commission of an act of fraud, dishonesty, misrepresentation or breach of trust by the Participant in the course of the
Participant’s employment with or the Participant’s provision of services to the Company or any Subsidiary or Affiliate; (ii) the Participant’s indictment or entering of a plea of no contest for a crime constituting a felony or in
respect of any act of fraud or dishonesty; (iii) the commission of an act by the Participant which would make the Participant or the Company (including any of its Subsidiaries or Affiliates) subject to being enjoined, suspended, barred or
otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory disqualification; (iv) gross negligence or willful misconduct in connection with the Participant’s performance of his or
her duties in connection with the Participant’s employment by or provision of services to the Company (including any Subsidiary or Affiliate for whom the Participant may be employed by or providing service to on a full-time basis at the time)
or the Participant’s failure to comply with any of the restrictive covenants set forth herein; (v) the commission of any act that would result or which might reasonably be a substantial factor resulting in the termination of the Company
(including any of its Subsidiaries or Affiliates) for cause under any of the Company’s (including any of its Subsidiaries’ or Affiliates’) management, advisory or similar agreements; (vi) the Participant’s failure to comply
with any material policies or procedures of the Company (including any Subsidiary or Affiliate for whom the Participant may be employed by or providing service to on a full-time basis at the time) as in effect from time to time provided that the
Participant shall have been delivered a copy of such policies or notice that they have been posted on a Company (or Subsidiary or Affiliate, as the case may be) website prior to such compliance failure, and (vii) the Participant’s failure
to perform the material duties in connection with the Participant’s position. 
 (h) “Change in Capitalization” means
any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) distribution (whether in the form of cash, Shares, or other property), share
split or reverse share split, (iii) combination or exchange of shares, (iv) other change in structure or (v) declaration of a distribution, which the Administrator determines, in its sole discretion, affects the Shares such that an
adjustment pursuant to Section 5 hereof is appropriate. 
 (i) “Change of Control” means the occurrence of any of the
following events: 
  

	 	(1)	any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities and Exchange Act of
1934, or any successor provisions thereto, excluding any Permitted Transferee or any group of Persons, is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding voting securities; or 

  

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	 	(2)	the following individuals cease for any reason to constitute a majority of the number of directors of the Company then serving: individuals who, on the date of the consummation of
the initial public offering of Class A Shares, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors on the date of the consummation of the initial public offering of Class A Shares or whose appointment, election or nomination for election was previously so approved or
recommended by the directors referred to in this clause (2); or 

  

	 	(3)	there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, either (i) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving
company is a subsidiary, the ultimate parent thereof, or (ii) all of the Persons who were the respective Beneficial Owners of the voting securities of the Company immediately prior to such merger or consolidation do not Beneficially Own,
directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation; or 

  

	 	(4)	the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement or series of related agreements for the
sale or other disposition, directly, or indirectly, by the Company of all or substantially all of the Company’s assets, other than the sale or other disposition by the Company of all or substantially all of the Company’s assets to an
entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

 Notwithstanding the foregoing, except with respect to clause (2) and clause (3)(i) above, a “Change in Control” shall
not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Company immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 
 (j) “Class A Shares” means the Class A Shares of the Company. 
  

 3 

 (k) “Class B Shares” means the Class B Shares of the Company. 
 (l) “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific
section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 
 (m)
“Committee” means the Board, or a committee designated by the Board to administer the Plan. With respect to Awards granted to Covered Employees, such committee shall consist of two or more persons, each of whom, unless otherwise
determined by the Board, is an “outside director” within the meaning of Section 162(m) of the Code and a “nonemployee director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by
the applicable stock exchange on which the Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. 
 (n) “Company” means Och-Ziff Capital Management Group LLC, a Delaware limited liability company, and any successors thereto. 

(o) “Consultant” means a consultant or advisor who is a natural person, engaged to render bona fide services to the Company or
any Subsidiary. 
 (p) “Covered Employee” has the meaning set forth in Section 162(m)(3) of the Code. 
 (q) “Disability” means, unless otherwise defined in the Participant’s Award Agreement, that a Participant (i) as determined by
the Administrator in its sole discretion, is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12
months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company or an Affiliate of the Company. 
 (r) “Distribution Equivalent” means a right, granted pursuant to this Plan, to be paid an amount determined with respect to the
distributions declared and paid with respect to outstanding Shares, as specified in, and pursuant to the terms of, an applicable Award Agreement. 
 (s) “Exchange Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 (t) “Exercise Price” means the per share price at which a holder of an award granted hereunder may purchase the Shares issuable upon
exercise of such award. 
 (u) “Fair Market Value” as of a particular date shall mean the fair market value as determined by
the Administrator in its sole discretion; provided, however, (i) if the Share or other security is admitted to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported
on such date, or (ii) if the Share or other security 

  

 4 

 
is then traded in an over-the-counter market, the fair market value on any date shall be the average of the highest bid and lowest asked prices for such
share in such over-the-counter market on such date. 
 (v) “IPO” means the initial public offering of Shares, as
contemplated in the registration statement on Form S-1 of Och-Ziff Capital Management Group LLC (No. [333-144256]). 
 (w) “LLC
Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Och-Ziff Capital Management Group LLC, as amended from time to time. 
 (x) “LTIP Units” means awards issued with respect to equity interests in the Och-Ziff Operating Group as more fully described in Section 10. 
 (y) “Och-Ziff Operating Group” shall have the meaning assigned to it in the LLC Agreement. 
 (z) “Option” means an option to purchase Shares granted pursuant to Section 7 hereof. Each Option shall be a nonqualified option,
and shall not be an incentive option as defined in Section 422 of the Code. 
 (aa) “Other Share-Based Awards” means an
Award granted pursuant to Section 10 of the Plan. 
 (bb) “Participant” means any employee, director, partner or
Consultant of or service provider to the Company, any Subsidiary or Affiliate who has been selected as a participant by the Administrator, pursuant to the Administrator’s authority in Section 3 below, to receive an Award. 
 (cc) “Participating Subsidiary or Affiliate” means any Subsidiary or Affiliate that has adopted the Plan. 
 (dd) “Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings including operating
income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax income;
(iii) earnings per Share (basic or diluted); (iv) operating profit; (v) economic income; (vi) revenue, revenue growth or rate of revenue growth; (vii) return on assets (gross or net), return on investment, return on capital,
or return on equity; (viii) returns on sales or revenues; (ix) operating expenses; (x) share price appreciation; (xi) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by
operations, or cash flow in excess of cost of capital; (xii) implementation or completion of critical projects or processes; (xiii) economic value created; (xiv) cumulative earnings per share growth; (xv) operating margin or
profit margin; (xvi) Share price or total shareholder return; (xvii) cost targets, reductions and savings, productivity and efficiencies; (xviii) strategic business criteria, consisting of one or more objectives based on meeting
specified market penetration, geographic business expansion, investor satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint
ventures 

  

 5 

 
and similar transactions, and budget comparisons; (xix) personal professional objectives, including any of the foregoing performance goals, the
implementation of policies and plans, the negotiation of transactions, the development of long term business goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and
(xx) any combination of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or
decrease in the particular criteria, and may be applied to one or more of the Company, a Subsidiary or Affiliate, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market
index, a group of other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of
performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). Each of the foregoing Performance
Goals shall not be required to be determined in accordance with generally accepted accounting principles and shall be subject to certification by the Committee; provided that the Committee shall have the authority to make equitable adjustments to
the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or
regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles.

 (ee) “Performance Shares” means Shares that are subject to restrictions based upon the attainment of specified
performance objectives granted pursuant to Section 9 below. 
 (ff) “Person” means any individual, corporation, firm,
partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 
 (gg) “Plan” means this Och-Ziff Capital Group LLC 2007 Equity Incentive Plan. 
 (hh) “Restricted
Shares” means Shares subject to certain restrictions granted pursuant to Section 9 below. 
 (ii) “Restricted Share
Units” means the right to receive Shares or cash equal to the Fair Market Value of Shares at the end of a specified period granted pursuant to Section 9 below. 
 (jj) “Shares” means the Company’s Class A Shares (as specified in the applicable Award Agreement) reserved for issuance under
the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation or other reorganization) security. 
 (kk)
“Share Appreciation Right” means the right pursuant to an award granted under Section 8 below to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Share Appreciation
Right or portion thereof is surrendered, of the Shares covered by such right or such portion thereof, over (ii) the aggregate Exercise Price of such right or such portion thereof. 
  

 6 

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

 3. Administration. 
 (a) The Plan
shall be administered by the Administrator and shall be administered in accordance with the requirements of Section 162(m) of the Code only to the extent applicable and to the extent the Administrator determines that specified Awards are
intended to qualify as performance based compensation under Section 162(m) of the Code) and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule 16b-3”). 
 (b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by
the Board, shall have the power and authority, without limitation: 
  

	 	(1)	to select Participants; 

  

	 	(2)	to determine whether and to what extent Awards are to be granted hereunder to Participants; 

  

	 	(3)	to determine the number of Shares to be covered by each Award granted hereunder; 

  

	 	(4)	to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Awards granted hereunder (including, but
not limited to, (i) the restrictions applicable to Awards and the conditions under which restrictions applicable to such awards shall lapse, (ii) the performance goals and periods applicable to awards of Performance Shares, (iii) the
Exercise Price, if any, of Awards, (iv) the vesting schedule applicable to Awards, (v) the number of Shares subject to Awards and (vi) any amendments to the terms and conditions of outstanding Awards, including, but not limited to
reducing the Exercise Price of such Awards, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards); 

  

	 	(5)	to determine the Fair Market Value with respect to any Award; 

  

	 	(6)	to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting a termination of the Participant’s employment or service
for purposes Options granted under the Plan; 

  

	 	(7)	to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 

  

 7 

	 	(8)	to construe and interpret the terms and provisions of the Plan and any award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the
administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan; 

  

	 	(9)	to delegate its authority, in whole or in part, under this Section 3 to two or more individuals (who may or may not be members of the Board), subject to the requirements
of applicable law or any stock exchange on which the Shares are traded; 

  

	 	(10)	to delegate its authority, in whole or in part, under this Section 3 and with respect to Participants who are not executive officers of the Company, to one or more individuals
(who may or may not be members of the Board), subject to the requirements of applicable law or any stock exchange on which the Shares are traded; and 

  

	 	(11)	determine at any time whether, to what extent and under what circumstances and method or methods Awards may be settled by the Company, or any Participating Subsidiary or Affiliate.
In the event of such determination, references to the Company shall be deemed to be references to the applicable Participating Subsidiary or Affiliate for purposes of the Plan as appropriate. 

 (c) Notwithstanding paragraph (b) of this Section 3, neither the Board, the Committee nor their respective delegates shall have the authority
to reprice (or cancel and regrant) any Option or, if applicable, other Award at a lower exercise, base or purchase price without first obtaining the approval of the Company’s shareholders. 
 (d) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the
Company and the Participants. No member of the Board or the Committee, nor any officer, partner, member or employee of the Company or any Subsidiary or Affiliate acting on behalf of the Board or the Committee, shall be personally liable for any
action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer, partner, member or employee of the Company and of any Subsidiary or
Affiliate acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation. 
 4. Shares Reserved for Issuance Under the Plan. 
 (a)
Subject to Section 5 hereof, the maximum number of Shares that may be delivered pursuant to Awards granted under the Plan shall be a number of Class A Shares equal to 15% of number of outstanding Class A and Class B shares of the
Company outstanding immediately after the consummation of the IPO, as increased on the first day of each fiscal year beginning in calendar year 2008 by a number of Class A Shares equal to the excess of (i) 15% of the number of outstanding
Class A shares of the Company on the last day of the immediately preceding fiscal year (assuming the exchange of all Och-Ziff Operating Group A Units for Class 

  

 8 

 
A shares) over (ii) the number of Shares reserved for issuance under the Plan as of such date. From and after such time as the Plan is subject to Code
Section 162(m), the aggregate Awards granted during any fiscal year to any single individual who is likely to be a Covered Employee shall not exceed
(i)                  shares subject to Options or Share Appreciation Rights or
(ii)                  shares subject to Restricted Shares, Restricted Share Units, Performance Shares, unrestricted Shares or Other Share-Based Awards.
Determinations made in respect of the limitation set forth in the preceding sentence shall be made in a manner consistent with Section 162(m) of the Code. 
 (b) If any grant under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited as to any Shares, or is tendered or withheld as to any Shares in payment of the exercise price of the grant or
the taxes payable with respect to the exercise or vesting of the grant, then such unpurchased, forfeited, tendered or withheld Shares shall thereafter be available for further grants under the Plan unless, in the case of Options granted under the
Plan, related Share Appreciation Rights are exercised. 
 5. Equitable Adjustments. 
 In the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, in the manner to be
determined by the Administrator, in its sole discretion, in (i) the aggregate number of Shares reserved for issuance under the Plan and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar or
fiscal year, (ii) the kind, number and Exercise Price subject to outstanding Options and Share Appreciation Rights granted under the Plan, and (iii) the kind, number and purchase price of Shares subject to outstanding awards of Restricted
Shares, Restricted Share Units, Performance Shares, unrestricted shares or Other Share-Based Awards granted under the Plan, provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Equitable substitutions or
adjustments shall also be made if the Administrator determines in its sole discretion that such adjustment is necessary in order to avoid an adverse impact on the value of any outstanding award granted hereunder. Without limiting the generality of
the foregoing, in connection with a Change in Capitalization, the Administrator shall take such action as is necessary to adjust the outstanding awards to reflect the Change in Capitalization, including, but not limited to, the cancellation of any
outstanding award granted hereunder in exchange for payment in cash or other property of the aggregate Fair Market Value of the Shares covered by such award, reduced by the aggregate Exercise Price or purchase price thereof, if any. Notwithstanding
the foregoing, no such adjustment shall cause any Award hereunder that is or becomes subject to Section 409A of the Code to fail to comply with the requirements of such section. The Administrator’s determinations pursuant to this
Section 5 shall be final, binding and conclusive. 
 6. Eligibility. 
 Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion. 
 7. Options. 
 (a) General. Each Participant
who is granted an Option shall enter into an Award Agreement containing such terms and conditions as the Administrator shall determine, in its 

  

 9 

 
discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding
exercisability of the Option granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options
granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and
set forth in the applicable Award Agreement. 
 (b) Exercise Price. The Exercise Price of Shares purchasable under an Option shall be
determined by the Administrator in its sole discretion at the time of grant, provided that the Exercise Price of any Option shall not be less than 100% of the Fair Market Value of the Shares on the date of grant. 
 (c) Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten years after
the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. 
 (d) Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of preestablished corporate performance goals, as shall be
determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in
whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and
under such circumstances as it, in its sole discretion, deems appropriate. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share. 
 (e) Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of
Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect
to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise
issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate option price of the Shares as to which such Option shall be
exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing. 
 (f) Rights as Shareholder. A Participant shall have no rights to distributions or any other rights of a shareholder with respect to the Shares subject to an Option until the Participant has given written notice
of exercise, has paid in full for such Shares, has satisfied the requirements of Section 14 hereof and, if requested, has given the representation described in paragraph (b) of Section 15 hereof. 
  

 10 

 (g) Transfers of Options. Except as otherwise determined by the Administrator, no Option granted
under the Plan shall be transferable by a Participant other than by the laws of descent and distribution. Unless otherwise determined by the Administrator in accord with the provisions of the immediately preceding sentence, an Option may be
exercised, during the lifetime of the Participant, only by the Participant or, during the period the Participant is under a legal disability, by the Participant’s guardian or legal representative. The Administrator may, in its sole discretion,
subject to applicable law, permit the gratuitous transfer during a Participant’s lifetime of an Option, (i) by gift to a member of the Participant’s immediate family, (ii) by transfer by instrument to a trust for the benefit of
such immediate family members, or (iii) to a partnership or limited liability company in which such family members are the only partners or members; provided, however, that, in addition to such other terms and conditions as the
Administrator may determine in connection with any such transfer, no transferee may further assign, sell, hypothecate or otherwise transfer the transferred Option, in whole or in part, other than by operation of the laws of descent and distribution.
Each permitted transferee shall agree to be bound by the provisions of this Plan and the applicable Award Agreement. 
 (h) Termination of
Employment or Service. 
  

	 	(1)	Unless the applicable Award Agreement provides otherwise or unless otherwise determined by the Committee, in the event that the employment or service of a Participant with the
Company or any Subsidiary or Affiliate shall terminate for any reason other than Cause, Disability, or death, but including termination by reason of the entity employing the Participant or to which the Participant is rendering services ceasing to be
a Subsidiary or Affiliate of the Company (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the date that is 90 days after such termination, on which
date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. The 90-day period
described in this Section 7(h)(1) shall be extended to one year after the date of such termination in the event of the Participant’s death during such 90-day period. Notwithstanding the foregoing, no Option shall be exercisable after the
expiration of its term. 

  

	 	(2)	Unless the applicable Award Agreement provides otherwise or unless otherwise determined by the Committee, in the event that the employment or service of a Participant with the
Company or any Subsidiary shall terminate on account of the Disability or death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable
until the date that is one year after such termination, on which date they shall expire and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of
business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term. 

  

 11 

	 	(3)	In the event of the termination of a Participant’s employment or service for Cause, all outstanding Options, including vested Options, granted to such Participant shall expire
at the commencement of business on the date of such termination. 

 (i) Other Change in Employment Status. An Option may
be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status of an Participant, in the discretion of the
Administrator. The Administrator shall follow any applicable written policies of the Company (if any), including such rules, guidelines and practices as may be adopted pursuant to Section 3 hereof, as they may be in effect from time to time,
with regard to such matters. 
 8. Share Appreciation Rights. 
 (a) General. Share Appreciation Rights may be granted either alone (“Free Standing Share Appreciation Rights”) or in conjunction with all or part of any other Award granted under the Plan
(“Related Share Appreciation Rights”). Related Share Appreciation Rights may be granted either at or after the time of the grant of such Award. The Administrator shall determine the Participants to whom, and the time or times at
which, grants of Share Appreciation Rights shall be made; the number of Shares to be awarded, the price per share, and all other conditions of Share Appreciation Rights. Notwithstanding the foregoing, no Related Share Appreciation Rights may be
granted for more Shares than are subject to the Award to which it relates and any Share Appreciation Rights must be granted with an Exercise Price not less than the Fair Market Value of Shares on the date of grant. The provisions of Share
Appreciation Rights need not be the same with respect to each Participant. Share Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 
 (b) Exercisability. 
  

	 	(1)	Freestanding Share Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after
grant. 

  

	 	(2)	Related Share Appreciation Rights shall be exercisable only at such time or times and to the extent that the Awards to which they relate shall be exercisable in accordance with the
provisions of Section 7 above and this Section 8 of the Plan. 

 (c) Payment Upon Exercise. 
  

	 	(1)	 Upon the exercise of a Free Standing Share Appreciation Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in
value to the excess of the Fair Market Value of a Share as of the date of exercise over the price per share specified in the Free Standing Share Appreciation Right (which price shall be no less than 100% of the Fair Market Value of such Share on the
date of grant) 

  

 12 

	 	 
multiplied by the number of Shares in respect of which the Free Standing Share Appreciation Right is being exercised, with the Administrator having the right
to determine the form of payment. 

  

	 	(2)	A Related Share Appreciation Right may be exercised by a Participant by surrendering the applicable portion of the related Award. Upon such exercise and surrender, the Participant
shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair Market Value of a Share as of the date of exercise over the Exercise Price specified in the related Award (which price shall be no
less than 100% of the Fair Market Value of a Share on the date of grant) multiplied by the number of Shares in respect of which the Related Share Appreciation Right is being exercised, with the Administrator having the right to determine the form of
payment. Awards that have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Share Appreciation Rights have been so exercised. 

  

	 	(3)	Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in cash (or in any combination of Shares and cash).

 (d) Rights as Shareholder. A Participant shall have no rights to distributions or any other rights of a shareholder
with respect to the Shares subject to Share Appreciation Rights until the Participant has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements of Section 14 hereof and, if requested, has given the
representation described in paragraph (b) of Section 15 hereof. 
 (e) Non-Transferability. Share Appreciation Rights shall
be transferable only when and to the extent an Award would be transferable under Section 7 of the Plan. 
 (f) Termination of
Employment or Service. 
  

	 	(1)	In the event of the termination of employment or service with the Company, any Subsidiary or any Affiliate of a Participant who has been granted one or more Free Standing Share
Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after grant. 

  

	 	(2)	In the event of the termination of employment or service with the Company or any Subsidiary of a Participant who has been granted one or more Related Share Appreciation Rights, such
rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement. 

 (g) Term. 
  

	 	(1)	The term of each Free Standing Share Appreciation Right shall be fixed by the Administrator, but no Free Standing Share Appreciation Right shall be exercisable more than ten years
after the date such right is granted. 

  

 13 

	 	(2)	The term of each Related Share Appreciation Right shall be the term of the Award to which it relates, but no Related Share Appreciation Right shall be exercisable more than ten
years after the date such right is granted. 

 9. Restricted Shares, Restricted Share Units and Performance Shares. 
 (a) General. Awards of Restricted Shares, Restricted Share Units or Performance Shares may be issued either alone or in addition to other Awards
granted under the Plan. The Administrator shall determine the Participants to whom, and the time or times at which, awards of Restricted Shares, Restricted Share Units or Performance Shares shall be made; the number of Shares to be awarded; the
price, if any, to be paid by the Participant for the acquisition of Restricted Shares, Restricted Share Units or Performance Shares; the Restricted Period (as defined in paragraph (c) of this Section 9), if any, applicable to awards of
Restricted Shares or Restricted Share Units; the performance objectives, if any, applicable to awards of Restricted Shares, Restricted Share Units or Performance Shares; and all other conditions of the awards of Restricted Shares, Restricted Share
Units and Performance Shares. The Administrator may also condition the grant of the award of Restricted Shares, Restricted Share Units or Performance Shares upon the exercise of Options, or upon such other criteria as the Administrator may
determine, in its sole discretion. If the restrictions, performance objectives and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her shares of Restricted Shares, Restricted Share Units or
Performance Shares. The provisions of the awards of Restricted Shares, Restricted Share Units or Performance Shares need not be the same with respect to each Participant. 
 (b) Awards and Certificates. Except as otherwise provided below in this Section 9, (i) each Participant who is granted an award of Restricted Shares or Performance Shares shall be issued a share
certificate in respect of such shares of Restricted Shares or Performance Shares (or such other appropriate evidence of ownership as determined by the Administrator); and (ii) such certificate (or other evidence of ownership) shall be
registered in the name of the Participant, and, if appropriate, shall bear a legend referring to the terms, conditions, and restrictions applicable to any such award. The Company may require that the share certificates evidencing Restricted Shares
or Performance Shares granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Shares or Performance Shares, the Participant shall have delivered a
power of attorney, endorsed in blank, relating to the Shares covered by such award. 
 (c) Restrictions and Conditions. The awards of
Restricted Shares, Restricted Share Units and Performance Shares granted pursuant to this Section 9 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator
at the time of grant or thereafter: 
  

	 	(1)	 Subject to the provisions of the Plan and the Restricted Shares Award Agreement, Restricted Share Units Award Agreement or Performance Shares Award Agreement, as
appropriate, governing any such award, during such period as may be set by the Administrator commencing on the date of grant (the “Restricted Period”), the Participant shall not be permitted to sell, transfer, pledge or assign
shares of Restricted Shares, 

  

 14 

	 	 
Restricted Share Units or Performance Shares awarded under the Plan; provided, however, that the Administrator may, in its sole discretion,
provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not
limited to, the attainment of certain performance related goals, the Participant’s termination of employment or service as a director or Consultant to the Company or any Subsidiary or Affiliate, the Participant’s death or Disability.
Notwithstanding the foregoing, upon a Change in Control, the outstanding Awards shall be subject to Section 11 hereof. 

  

	 	(2)	Except as may be provided in a Restricted Share Award Agreement, the Participant shall generally have the rights of a shareholder of the Company with respect to Restricted Shares or
Performance Shares during the Restricted Period. The Participant shall generally not have the rights of a shareholder with respect to Shares subject to awards of Restricted Share Units during the Restricted Period; provided, however,
that, at the discretion of the Committee, distributions declared during the Restricted Period with respect to the number of Shares covered by Restricted Share Units may be accrued and paid to the Participant promptly after, and only after, the
Restricted Period shall expire without forfeiture in respect of such distributions made in respect of Restricted Share Units. Certificates for unrestricted Shares shall be delivered to the Participant promptly after, and only after, the Restricted
Period shall expire without forfeiture in respect of such awards of Restricted Shares, Restricted Share Units or Performance Shares except as the Administrator, in its sole discretion, shall otherwise determine. 

  

	 	(3)	The rights of Participants granted Awards of Restricted Shares, Restricted Share Units or Performance Shares upon termination of employment or service as a director or Consultant to
the Company or to any Subsidiary or Affiliate terminates for any reason during the Restricted Period shall be set forth in the Award Agreement. 

 (d) To the extent that the Plan is then subject to Section 162(m) of the Code, no payment pursuant to this Section 9 with respect to Awards which are intended to qualify as performance-based compensation
under Section 162(m) of the Code shall be made to a “covered employee” (within the meaning of Section 162(m) of the Code) prior to the certification by the Committee that the applicable Performance Goals have been attained. The
Committee may establish such other rules applicable to Awards granted pursuant to this Section 9, provided, however, with respect to Awards which are intended to qualify as performance-based compensation under Section 162(m) of the Code,
such rules shall be in compliance with Section 162(m) of the Code. 
 10. Other Share-Based Awards. 
  

 15 

 (a) The Administrator is authorized to grant Awards to Participants in the form of Other Share-Based
Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement, including, but not limited to, awards of restricted share units and awards that are valued in whole or in part by reference
to Class A Shares, including awards valued by reference to book value, fair value or performance of a subsidiary or partner interests, including distribution equivalent rights and performance units. Other Share-Based Awards may be granted as
free-standing awards or in tandem with other Awards under the Plan. The Administrator shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including any Performance Goals
and performance periods. Shares or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this Section 10 shall be purchased for such consideration, paid for at such times, by such methods,
and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any required corporate action. The Administrator may, in its sole discretion, settle such Other
Share-Based Awards for cash or other property as appropriate; provided that it determines, after consultation with its legal counsel and tax advisers, that such alternate settlement would be in the Company’s best interest. 
 (b) The Administrator is also authorized to grant Awards to Participants in the form of LTIP Unit awards which, whether vested or unvested, may entitle
the Participant to receive, currently or on a deferred or contingent basis, distributions or distribution equivalent payments with respect to the number of LTIP Units or other distributions from the Och-Ziff Operating Group with respect to which the
Administrator may provide in the applicable Award Agreement that such amounts (if any) shall be deemed to have been reinvested in additional LTIP Units. The LTIP Units granted under the Plan will be subject to the conversion ratio, if any, pursuant
to which LTIP Units may be exchanged for Shares in accordance with the terms of the LLC Agreement. LTIP Units may be structured as “profits interests,” “capital interests” or other types of interests for federal income tax
purposes. The Administrator has the authority to determine the number of Shares, interests, units or rights underlying an award of LTIP Units in light of all applicable circumstances, including performance-based vesting conditions, operating
partnership “capital account allocations,” to the extent set forth in the partnership agreements for Och-Ziff Operating Group, the Code, or value accretion factors and conversion ratios. 
 (c) To the extent that the Plan is then subject to Section 162(m) of the Code, no payment pursuant to this Section 10 with respect to Awards
which are intended to qualify as performance-based compensation under Section 162(m) of the Code shall be made to a Covered Employee prior to the certification by the Committee that the applicable Performance Goals have been attained. The
Committee may establish such other rules applicable to the Other Share-Based Awards, provided, however, that with respect to Awards which are intended to qualify as performance-based compensation under Section 162(m) of the Code, such rules
shall be in compliance with Section 162(m) of the Code. 
 11. Accelerated Vesting In Connection With a Change in Control. 
 (a) In the event of a Change in Control, any outstanding Option that is not assumed or continued, or an equivalent option or right is not substituted
therefor pursuant to the Change in Control transaction’s governing document, shall become fully vested and exercisable “immediately prior to” the effective date of such Change in Control and shall expire upon the 

  

 16 

 
effective date of such Change in Control. For purposes of this Section 11, “immediately prior to” shall mean sufficiently in advance of the
Change in Control transaction such that there will be time for each affected Participant to exercise his or her Option and participate in the Change in Control transaction in the same manner as all other holders of Common Stock. If an Option becomes
fully vested and exercisable immediately prior to a Change in Control, the Administrator shall notify the affected Participant in writing or electronically that the Option has become fully vested and exercisable, and that the Option will terminate
upon the Change in Control. 
 (b) Unless otherwise determined by the Administrator and evidenced in an Award Agreement, in the event that
(i) a Change in Control occurs and (ii) the Participant’s employment or service is terminated by the Company, its successor or affiliate thereof without Cause on or after the effective date of the Change in Control but prior to 12
months following such Change in Control, then: 
  

	 	(1)	any unvested or unexercisable portion of any Award carrying a right to exercise shall become vested and exercisable; and 

  

	 	(2)	the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to any other Award granted under the Plan shall lapse and all unvested Awards shall
be deemed fully vested and performance conditions imposed with respect to such Awards shall be deemed to be fully achieved. 

 12. Amendment
and Termination. 
 The Board may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that
would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent. Unless the Board determines otherwise, the Board shall obtain approval of the Company’s shareholders for any amendment that
would require such approval in order to satisfy the requirements of Section 162(m) of the Code, any rules of the stock exchange on which the Shares are traded or other applicable law. If any Award is subject to Section 409A of the Code and
fails to comply with the requirements of Section 409A of the Code, the Administrator reserves the right to (but is not obligated to) amend, modify or supplement such Award in order to cause it to either not be subject to Section 409A of
the Code or to comply with the applicable provisions of Section 409A of the Code. The Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 of the Plan, no such
amendment shall impair the rights of any Participant without his or her consent. 
 13. Unfunded Status of Plan. 
 The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by
the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company. 
 14.
Withholding Taxes. 
  

 17 

 Each Participant shall, no later than the date as of which the value of an Award first becomes includible
in the gross income of the Participant for federal and/or state income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any federal, state, or local taxes of any kind required by law to
be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment of any kind otherwise due to the Participant. Whenever cash is to be paid pursuant to an award granted hereunder, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local
withholding tax requirements related thereto. Whenever Shares are to be delivered pursuant to an award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any federal, state
and local withholding tax requirements related thereto. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of Shares or by delivering already owned
unrestricted Shares, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Fractional
share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds, as
permitted by law, to satisfy its withholding obligation with respect to any Option or other Award. 
 15. General Provisions. 
 (a) Shares shall not be issued pursuant to the exercise of any Award granted hereunder unless the exercise of such Award and the issuance and delivery of
such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act and the requirements of any stock exchange upon which the Shares may then be
listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 (b) The Administrator may
require each person acquiring Shares to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. The certificates for such Shares may include any legend that the
Administrator deems appropriate to reflect any restrictions on transfer which the Administrator determines, in its sole discretion, arise under applicable securities laws or are otherwise applicable. 
 (c) All certificates for Shares delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Administrator may
deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares may then be listed, and any applicable federal or state securities law, and the Administrator may
cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. 
 (d) The Administrator
may require a Participant receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to enter into a shareholder agreement or 

  

 18 

 
“lock-up” agreement in such form as the Committee shall determine is necessary or desirable to further the Company’s interests. 
 (e) The adoption of the Plan shall not confer upon any Participant any right to continued employment or service with the Company or any Subsidiary or
Affiliate, as the case may be, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment or service of any of its Participants at any time. 
 16. Effective Date. 
 The Plan became effective upon
adoption by the Board on                     , 2007 (the “Effective Date”), and approval by shareholders of the Company on
                    , 2007. 
 17. Term of
Plan. 
 No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore
granted may extend beyond that date. 
 18. Governing Law. 
 This Plan shall be construed and enforced in accordance with the laws of the State of Delaware without regard to the application of the principles of conflicts or choice of laws. 
  

 19

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