Document:

Form of Indemnification Agreement

 EXHIBIT 10.11 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement (the
“Agreement”) is made as of                      by and between Oaktree Capital Management, L.P., a Delaware limited partnership (the
“Company”), and                      (the “Indemnitee”). 

RECITALS 

WHEREAS, it is reasonable, prudent and necessary for the Company to contractually obligate itself to indemnify, and to advance expenses
on behalf of, the Indemnitee so that the Indemnitee will serve or continue to serve as an officer and/or director of the Company or other members of the Oaktree Group (as defined below); 

WHEREAS, the Company’s limited partnership agreement requires the Company to indemnify and advance expenses to certain Persons (as
defined below) to the extent provided therein, and the Indemnitee serves as a director and/or officer of a member of the Oaktree Group, in part, in reliance on such provisions; 

WHEREAS, the Company has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on
an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and the Oaktree Group from certain liabilities. The organizational documents of the Oaktree Group expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and other persons with respect to indemnification; 
 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons so that they will serve or continue to
serve the Company free from undue concern that they will not be so indemnified; 
 WHEREAS, this Agreement is a supplement to
and in furtherance of the organizational documents of the Oaktree Group and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of the Indemnitee thereunder; and 

WHEREAS, OCG (as defined below) has decided that it is appropriate that the Company enter into this Agreement; 

NOW, THEREFORE, the Company and the Indemnitee do hereby agree as follows: 

1. Definitions. As used in this Agreement: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as amended. 
 “Action” means any threatened, asserted, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, mediation, investigation, inquiry, administrative hearing
or any other actual, threatened or completed proceeding, or appeal thereof, whether brought in 

 
the right of a member of the Oaktree Group or otherwise, and whether of a civil, criminal, administrative, legislative, investigative or other nature. 

“Affiliate” means as to a specified Person, each Person directly or indirectly controlling or controlled by or under
common control with such specified Person. 
 “Board” means the Board of Directors of OCG. 

“Disinterested Director” means a director of OCG who is not, and was not, a party to (or a Related Person of a party to)
the Proceeding in respect of which indemnification is sought by an Indemnified Person. 
 “Expenses” means all
costs, disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in a Proceeding,
including, without limitation, reasonable attorneys’ fees and expenses, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and other out-of-pocket
costs. Expenses also include disbursements and expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond, or
other appeal bond or its equivalent. 
 “Governmental Authority” means any United States federal, state,
provincial, supranational, county or local or any foreign government, governmental, regulatory or administrative authority, agency, self-regulatory body, instrumentality or commission, and any court, tribunal, or judicial or arbitral body (including
private bodies) and any political or other subdivision, department or branch of any of the foregoing. 
 “Group
Status” means a Person who is or was serving as a director, officer, member, manager, partner, tax matters partner, employee, agent, fiduciary or trustee of a member of the Oaktree Group or, at the request of the Company or its Affiliates,
as a director, officer, member, manager, partner, tax matters partner, agent, fiduciary or trustee of any other Person (in each case other than by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services).
References to “serving at the request of the Company or its Affiliates” shall include, without limitation, any service as a director, officer, employee or agent of OCG, Oaktree Capital Group Holdings, L.P., Oaktree Capital Group
Holdings GP, LLC or an Affiliate of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries. 

“Indemnified Person” means the Indemnitee and each Related Person of the Indemnitee. 

“Oaktree Group” means OCG, the Company, Oaktree Capital Group Holdings, L.P., Oaktree Capital Group
Holdings GP, LLC and their respective direct and indirect subsidiaries. 
 “OCG” means Oaktree
Capital Group, LLC, a Delaware limited liability company. 

  
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 “Person” means any individual, corporation, limited liability company,
partnership, joint venture, association, Governmental Authority, trust, employee benefit plan or other entity. 

“Proceeding” means any Action in which any Indemnified Person was, is or will be involved (as a party, non-party
witness, potential party or otherwise) directly or indirectly by reason of (i) the Indemnitee’s Group Status, (ii) any action alleged to be taken by the Indemnitee or omitted or of any action alleged on his part while acting in the
Indemnitee’s Group Status, or (iii) establishing or enforcing a right to indemnification under this Agreement or the Act or otherwise, in each case whether or not serving in such capacity at the time any liability or Expense is incurred
for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. 
 “Related
Person” means, with respect to any Person (i) any Affiliate of such Person, (ii) any investment fund, investment account or investment Person whose investment manager, investment advisor or general partner, is such Person or any
Affiliate of such Person or any member, partner, officer or employee of such Person or any Affiliate of such Person, (iii) any member or partner of any Person specified in clause (i) or (ii) above, and (iv) any officer,
director or employee of any Person specified in clause (i), (ii) or (iii) above. 
 For purposes of this
Agreement: 
 (a) references to “fines” shall include any excise tax assessed with respect to any employee
benefit plan; 
 (b) a Person who acted in good faith and in a manner he reasonably believed to be in the best interests of the
participants and beneficiaries of an employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Oaktree Group”; and 

(c) references “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

(i) to the fullest extent permitted by the Act; and 
 (ii) to the fullest extent authorized or permitted by (i) any amendments to or replacements of the Act adopted after the date of this Agreement or (ii) any change in judicial interpretation of
the Act which occurs after the date of this Agreement, in each case, that increase the extent to which a limited partnership may indemnify its partners or other Persons; provided, however, that no change in the Act, whether by way of
amendment, replacement or judicial interpretation, shall have the effect of reducing the benefits available to the Indemnified Person hereunder based on Delaware law as in effect on the date hereof or as such benefits may improve as a result of
amendments, replacements or judicial interpretation after the date hereof. 
 2. Indemnification. If an Indemnified
Person is, or is threatened to be made, a party to or a participant in any Proceeding, including a Proceeding by or in the right of the Company to procure a judgment in its favor against such Indemnified Person, the Company shall indemnify such
Indemnified Person to the fullest extent permitted by applicable law, on an after tax basis, against all Expenses and liabilities (including judgments, fines, penalties, interest and amounts paid in settlement (including all interest, assessments
and other amounts paid in settlement) with 

  
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a member of the Oaktree Group) directly or indirectly incurred by or behalf of such Indemnified Person in connection with such Proceeding or any claim, issue or matter therein, except to the
extent that it shall have been determined in a final non-appealable judgment by a court of competent jurisdiction that such Expenses and liabilities arose primarily from acts or omissions, including any mistake of fact or error in judgment, taken,
suffered or made, that constituted a breach of the duties of such Indemnified Person and such breach was the result of (A) willful malfeasance, gross negligence, the commission of a felony or a material violation of applicable law (including
any federal or state securities law), in each case, that resulted in, or could reasonably be expected to result in, a material adverse effect on the business or properties of a member of the Oaktree Group or (B) fraud. Without limitation, the
foregoing indemnity shall extend to any liability of any Indemnified Person, pursuant to a loan, guaranty or otherwise, for any indebtedness of a member of the Oaktree Group (including any indebtedness which a member of the Oaktree Group has assumed
or taken subject to). 
 3. Partial Indemnity. 
 (a) To the fullest extent permitted by applicable law, if an Indemnified Person is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding,
the Company shall indemnify such Indemnified Person against all Expenses and liabilities directly or indirectly incurred by or on behalf of such Indemnified Person in connection with (x) each successfully resolved claim, issue or matter and
(y) each claim, issue, or matter related to any claim, issue or matter on which such Indemnified Person was successful. 

(b) For purposes of this Section 3 and without limitation, the termination of any claim, issue or matter in such a Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 4.
Indemnification for Expenses of a Witness. To the fullest extent permitted by applicable law, the Company shall indemnify each Indemnified Person against all Expenses directly or indirectly incurred by or on behalf of such Indemnified Person
if, by reason of the Group Status of Indemnitee, such Indemnified Person is a witness in any Action to which such Indemnified Person is not a party. 
 5. Additional Indemnification for Settlement. To the extent any Indemnified Person has met the standard of conduct outlined in Section 2, the Company shall indemnify any Indemnified Person to
the fullest extent permitted by applicable law if such Indemnified Person is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of a member of the Oaktree Group to procure a judgment in its
favor) against all Expenses, liabilities and other amounts paid in settlement in connection with the Proceeding; 

  
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provided, that the Company shall have the right to consent to any settlement, which consent shall not be unreasonably withheld. 

6. Exclusions. The Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made
against any Indemnified Person in connection with any Proceeding (or any part of any Proceeding) (x) involving the enforcement of non-compete, non-disclosure and/or non-solicitation agreements or the non-compete, non-disclosure and/or
non-solicitation provisions of agreements the Indemnitee is a party to with a member of the Oaktree Group or any other Person, (y) initiated by such Indemnified Person, unless, solely with respect to this clause (y), (i) such
indemnification is expressly required to be made by applicable law; (ii) the Company has joined in the Proceeding or a majority of the Disinterested Directors authorized or consented to the Proceeding (or any part of any Proceeding) prior to
its initiation or (iii) the Proceeding is one to enforce the Indemnified Person’s rights under this Agreement (including an action pursued by the Indemnified Person to secure a determination that the Indemnified Person should be
indemnified under applicable law) or (z) involving the enforcement by a member of the Oaktree Group of its rights to collect any payment(s) contractually owed by the Indemnified Person to any member of the Oaktree Group pursuant to any written
contract or promissory note. 
 7. Advances of Expenses. To the fullest extent permitted by applicable law, the Company
shall advance, or cause to be advanced, the Expenses incurred by or on behalf of each Indemnified Person in connection with any Proceeding within 10 days after the receipt by the Company of a statement or statements requesting such advances from
time to time, whether prior to or after final disposition of any Proceeding. The Company shall, in accordance with such request (but without duplication), either (i) pay, or cause to be paid, such Expenses on behalf of the Indemnified Person or
(ii) reimburse, or cause the reimbursement of, the Indemnified Person for such Expenses. Advances shall be unsecured and interest free, and made without regard to the ability of such Indemnified Person to repay the expenses or ultimate
entitlement to indemnification under the other provisions of this Agreement. Advances shall include all reasonable Expenses incurred pursuing an Action to enforce this right of advancement, including Expenses incurred preparing and forwarding
statements to the Company to support the advances claimed. Such Indemnified Person shall qualify for advances solely upon the execution and delivery to the Company of an undertaking to repay the advance to the extent that it is ultimately determined
that such Indemnified Person is not entitled to be indemnified by the Company. This Section 7 shall not apply to any claim made by any Indemnified Person for which indemnity is excluded pursuant to Section 6. 

8. Procedure for Notification and Defense of Claim. 
 (a) Within 30 days after an Indemnified Person is served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be
subject to indemnification or advancement of Expenses or liabilities covered hereunder, such Indemnified Person shall submit to the Company a written request, including such documentation and information as is reasonably available to such
Indemnified Person and is reasonably necessary to determine whether and to what extent such Indemnified Person is entitled to indemnification. The failure to notify the Company within such period will not relieve the Company from any liability that
it may have to such Indemnified 

  
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Person (i) under this Agreement except to the extent the failure adversely affects the Company’s or its Affiliate’s rights, legal position, ability to defend or ability to obtain
insurance coverage with respect to such Proceeding or (ii) otherwise than under this Agreement. The Company shall advise the Board in writing promptly upon receipt of such a request for indemnification. 

(b) If the Company shall be obligated to pay the Expenses in connection with any Proceeding against an Indemnified Person, the Company
shall be entitled to assume and control the defense of such Proceeding (with counsel consented to by such Indemnified Person, which consent shall not be unreasonably withheld), upon the delivery to such Indemnified Person of written notice of its
election so to do. After delivery of such notice, consent to such counsel by such Indemnified Person and the retention of such counsel by the Company, the Company will not be liable to such Indemnified Person under this Agreement for any fees of
separate counsel subsequently incurred by such Indemnified Person with respect to the same Proceeding, provided, that the reasonable fees and expenses of such Indemnified Person’s counsel shall be at the expense of the Company if:

 (i) the employment of separate counsel by such Indemnified Person has been previously authorized by the Company; 

(ii) such Indemnified Person or counsel selected by the Company shall have concluded that there may be a conflict of interest between a
member of the Oaktree Group and such Indemnified Person or among another indemnified Person jointly represented in the conduct of any such defense; or 
 (iii) the Company shall not, in fact, have employed counsel, to which such Indemnified Person has consented as aforesaid, to assume the defense of such Proceeding. 

(c) The Company may participate in the Proceeding at its own expense. The Company will not, without prior written consent of an
Indemnified Person, effect any settlement of a claim in any threatened or pending Proceeding unless such settlement solely involves the payment of money and includes an unconditional release of such Indemnified Person from all liability on any
claims that are or were threatened to be made against such Indemnified Person in the Proceeding. 
 9. Presumptions and
Effect of Certain Proceedings. 
 (a) In making a determination with respect to entitlement to indemnification hereunder,
the Person or Persons making such determination shall presume that an Indemnified Person is entitled to indemnification under this Agreement if such Indemnified Person has submitted a request for indemnification in accordance with Section 8(a)
of this Agreement, and the Company shall have the burden of proof to overcome that presumption by clear and convincing evidence in connection with the making by any Person or Persons of any determination contrary to that presumption. 

(b) The termination of any action, suit or proceeding relating to or involving an Indemnified Person by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, in and of itself, create a presumption that the Indemnified Person breached any duty or committed (i) willful malfeasance, gross negligence, a felony or a

  
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material violation of applicable law (including any federal or state securities law) that has resulted in, or could reasonably be expected to result in, a material adverse effect on the business
or properties of a member of the Oaktree Group or (ii) fraud. 
 (c) The knowledge and/or actions, or failure to act, of
any director, officer, agent or employee of any Person shall not be imputed to any Indemnified Person for purposes of determining the right to indemnification under this Agreement. 

(d) Each Indemnified Person shall cooperate with the Person or Persons making such determination with respect to Indemnified
Person’s entitlement to indemnification, including providing to such Persons upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to
such Indemnified Person and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by an Indemnified Person in so cooperating with the Person or Persons making such
determination shall be borne by the Company (irrespective of the determination as to such Indemnified Person’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold such Indemnified Person harmless therefrom. The
Company promptly will advise an Indemnified Person in writing with respect to any determination that such Indemnified Person is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been
denied. 
 10. Remedies of Indemnitee. 
 (a) If (i) advancement of Expenses is not timely made pursuant to Section 7 of this Agreement or (ii) payment of indemnification is not made pursuant to Section 2, 3, 4 or 5 of this
Agreement within 10 days after a determination has been made that an Indemnified Person is entitled to indemnification, then an Indemnified Person shall be entitled to an adjudication by a Delaware court of such Indemnified Person’s entitlement
to such indemnification or advancement of Expenses. The Company shall not oppose such Indemnified Person’s right to seek any such adjudication. 
 (b) In any judicial proceeding commenced pursuant to this Section 10, the Company shall have the burden of proving such Indemnified Person is not entitled to indemnification or advancement of
Expenses, as the case may be. 
 (c) The Company shall be precluded from asserting in any judicial proceeding commenced pursuant
to this Section 10 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. The Company shall
indemnify any Indemnified Person against any and all Expenses and, if requested by an Indemnified Person, shall (within 10 days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by applicable law, such
Expenses to such Indemnified Person, which are incurred by such Indemnified Person in connection with any Action brought by such Indemnified Person for indemnification or advance of Expenses from the Company under this Agreement or under any
directors’ and officers’ liability insurance policies maintained by a member of the Oaktree 

  
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Group, regardless of whether such Indemnified Person ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery. 

11. Non-Exclusivity; Survival of Rights; Subrogation. 
 (a) The rights provided by this Agreement shall not be deemed exclusive of any other rights to which an Indemnified Person may at any time be entitled under applicable law, any other agreement, a vote of
partners and/or members or a resolution of directors and/or a general partner, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of an Indemnified Person under this
Agreement in respect of any action taken or omitted by such Indemnified Person prior to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other right or remedy. 
 (b) To the extent that a member of the Oaktree Group
maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of members of the Oaktree Group or any other Person that Indemnitee serves at the request of the Company or its Affiliates,
Indemnitee shall be an insured under such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of
the receipt of a notice of a claim pursuant to the terms hereof, a member of the Oaktree Group has director and officer liability insurance in effect, such member shall give prompt notice of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The applicable members of the Oaktree Group and Indemnitee shall mutually cooperate and take all reasonable actions to cause such insurers to pay on behalf of the insureds, all
amounts payable as a result of such proceeding in accordance with the terms of all applicable policies. 
 (c) The Company shall
be subrogated to the extent of any payment under this Agreement to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are
necessary to enable the Company to bring suit to enforce such rights. The Company shall pay or reimburse all Expenses actually and reasonably incurred by any Indemnified Person in connection with such subrogation. 

(d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder, or for which
advancement is provided hereunder (including, but not limited to, judgments, fines, penalties, interest and amounts paid in settlement, and ERISA excise taxes or penalties), if and to the extent that the Indemnified Person has otherwise actually
received such payment under any insurance policy, contract, agreement or otherwise. 
 (e) The Company’s obligation to
indemnify or advance Expenses hereunder to an Indemnified Person who is or was serving at the request of the Company as a director, 

  
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officer, employee or agent of any Person shall be reduced by any amount the Indemnified Person has actually received as indemnification or advancement of expenses from such other Person.

 (f) The parties intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess
of that expressly permitted by the organizational documents of the Oaktree Group. 
 12. Duration of Agreement; Successors
and Assigns. This Agreement shall continue until and terminate upon the later of (a) 10 years after Indemnitee has ceased to occupy any positions or have any relationships with any member of the Oaktree Group and (b) the final
termination of all Proceedings pending or threatened during such period to which any Indemnified Person may be subject. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of and be
enforceable by each Indemnified Person and his personal and legal representatives, heirs, executors, administrators, distributees, legatees and other successors. 
 13. Security. To the extent requested by an Indemnified Person and approved by OCG, the Company may at any time and from time to time provide security to such Indemnified Person for the
Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to an Indemnified Person, may not be revoked or released without the prior written consent of such
Indemnified Person. 
 14. Severability. If any provision or provisions of this Agreement or any application of any
provision hereof shall be held to be invalid, illegal or unenforceable for any reason whatsoever: 
 (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; 
 (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and 

(c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

15. Enforcement. 
 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby to induce Indemnitee to serve as a director and/or officer of a
member of the Oaktree Group, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving in such capacity. 

  
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 (b) This Agreement constitutes the entire agreement between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, that this Agreement is a supplement to and in
furtherance of the Company’s limited partnership agreement, applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of any Indemnified Person thereunder. 

16. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 

17. Notices. Any notices or other communications required or permitted under or otherwise in connection with this Agreement shall
be in writing and shall be deemed to have been duly given when delivered in person or upon confirmation of receipt when transmitted by facsimile transmission (but only if followed by transmittal by national overnight courier or hand for delivery on
the next business day) or on receipt after dispatch by registered or certified mail, postage prepaid, addressed, or on the next business day if transmitted by national overnight courier, in each case as follows: 

(a) if to the Company, directed to the Board at its principal place of business; and 

(b) if to an Indemnified Person, to such address as set forth below Indemnitee’s name on the signature page to this Agreement; or
such other Persons or addresses as shall be furnished in writing by such Indemnified Person to the Company. 
 18.
Contribution. To the fullest extent permitted by applicable law, if the indemnification provided for in this Agreement is unavailable to an Indemnified Person for any reason whatsoever, the Company, in lieu of indemnifying such Indemnified
Person, shall contribute to the amount incurred by such Indemnified Person, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an
indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by members of the Oaktree Group, as the
case may be, and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the members of the Oaktree Group, as the case may be, and Indemnitee in connection with such
event(s) and/or transaction(s). The relative fault of a Person shall be determined by reference to, among other things, the degree to which such Person’s: (i) actions were motivated by intent to gain personal profit or advantage;
(ii) liability is primary or secondary; and (iii) conduct is active or passive. 
 19. Applicable Law and Consent
to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The parties hereby
irrevocably and unconditionally: 

  
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 (a) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Chancery Court of the State of Delaware, and not in any other state or federal court in the United States of America or any court in any other country; 

(b) consent to submit to the exclusive jurisdiction of the Chancery Court of the State of Delaware for purposes of any action or
proceeding arising out of or in connection with this Agreement; 
 (c) waive any objection to the laying of venue of any such
action or proceeding in the Chancery Court of the State of Delaware, and 
 (d) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Chancery Court of the State of Delaware has been brought in an improper or inconvenient forum. 
 20. Counterparts. This Agreement may be executed in one or more 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. Third Party Beneficiaries. Except as otherwise set forth herein, nothing in this Agreement is intended or shall be construed to entitle any Person, other than the parties hereto and each other
Indemnified Person, and their respective transferees and assigns permitted hereby, to any claim, cause of action, remedy or right of any kind in respect of this Agreement. 
 22. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the 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 thereof. 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above
written. 

									
			
	 OAKTREE CAPITAL MANAGEMENT, L.P.,
	    		 	 INDEMNITEE

				
	By:	 	 	    		 	 
		 	 Name:
	    		 		 	
		 	 Title:
	    		 	Name:	 	 
					
		 		    		 	Address:	 	 
					
	By:	 	 	    		 		 	 
		 	 Name:
	    		 		 	
		 	 Title”
	    		 		 	

  
 12Form of Oaktree Capital Group, LLC 2011 Equity Incentive Plan

 EXHIBIT 10.24 
 Execution Copy 
 FORM OF 

OAKTREE CAPITAL GROUP, LLC 
 2011 Equity Incentive Plan 
 1. Purpose. The purpose of the
Oaktree Capital Group, LLC 2011 Equity Incentive Plan is to provide a means for the Company and its Affiliates to attract and retain key personnel and a means for current and prospective principals, directors, officers, employees, consultants and
advisors of the Company and its Affiliates to acquire and maintain an equity interest in the Company and/or one or more of its Affiliates, as applicable, or be paid compensation, which may (but need not) be measured by reference to the value of
Units, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s unitholders and clients. 

2. Definitions. The following definitions shall be applicable throughout the Plan: 

(a) “Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by or is
under common control with the Company, including without limitation OCGH, and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term “control” (including, with
correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise. 

(b) “Award” means, individually or collectively, any Option, Unit Appreciation Right, Restricted Unit, Unit Bonus
Award, and Phantom Equity Award granted under the Plan. 
 (c) “Beneficial Owner” of a security is a
Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has: (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. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Cause” with respect to any Participant shall have the meaning given to such term in an applicable Award
agreement, and if “Cause” is not defined in the applicable Award agreement, then Cause means the occurrence of any of the following events during the Participant’s provision of services to the Company or any of its Affiliates
(regardless of whether the occurrence is discovered before or after the Participant’s cessation of such services) (i) gross negligence or misconduct detrimental to the Company or any of its Affiliates, (ii) material breach of any
agreement between such 

 
Participant and the Company or any of its Affiliates, including, if applicable, the OCGH Limited Partnership Agreement or the Operating Agreement, (iii) violation of any applicable
regulatory rule or regulation, (iv) conviction of, or entry of a plea of guilty or no contest to, a felony (other than a motor-vehicle-related felony for which no custodial penalty is imposed), (v) entry of an order issued by any court or
regulatory agency removing such Participant as an officer of the Company or of any of its Affiliates, or prohibiting such Participant from participation in the conduct of the affairs of the Company or any of its Affiliates, and (vi) fraud,
theft, misappropriation or dishonesty by such Participant relating to the Company or any of its Affiliates, including theft of funds. 
 (f) “Change in Control” means the occurrence of any of the following events: 
 (i) the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Company to any “person” or “group” (as such terms are defined
in Sections 13(d)(3) or 14(d)(2) of the Exchange Act) other than the Permitted Holders; 
 (ii) any person or
group, other than the Permitted Holders, is or becomes the Beneficial Owner (except that a person shall be deemed to have “beneficial ownership” of all units and equity interests that any such person has the right to acquire, whether such
right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls the Company), including by way of merger,
consolidation, tender or exchange offer or otherwise; or 
 (iii) a reorganization, recapitalization, merger or
consolidation (each, a “Corporate Transaction”) involving the Company, unless after such Corporate Transaction the Manager or an Affiliate thereof has the ability, directly or indirectly, to appoint a majority of the directors of the
Company (whether by vote, pursuant to appointment rights in the Operating Agreement or otherwise). 
 (g)
“Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such
section, and any amendments or successor provisions to such section, regulations or guidance. 
 (h)
“Committee” means a committee of at least two individuals who are either members of the Board or officers of the Company as the Board may appoint to administer the Plan or, if no such committee has been appointed by the
Board, the Board. 
 (i) “Company” means Oaktree Capital Group, LLC, a Delaware limited liability
company, and any successor thereto. 
 (j) “Corporate Transaction” has the meaning given such term in
the definition of “Change in Control.” 

  
 2 

 (k) “Date of Grant” means the date on which the granting of an Award
is authorized, or such other date as may be specified in such authorization. 
 (l) “Distribution
Equivalent” means a right to receive the equivalent value (in cash or Units) of distributions made in respect of Units, awarded under Section 10(b). 
 (m) “Effective Date” means [•], 2011. 
 (n)
“Eligible Director” means a person who is a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. 
 (o) “Eligible Person” means any (i) individual employed by the Company or an Affiliate; (ii) partner or other individual providing services to the Company or an Affiliate
who has an equity interest in such entity; (iii) director of the Company or an Affiliate; (iv) consultant or advisor to the Company or an Affiliate who may be offered securities registrable on Form S-8 under the Securities Act or pursuant
to Rule 701 of the Securities Act, or any other available exemption, as applicable; or (v) prospective employees, directors, officers, consultants or advisors who have accepted offers of employment or consultancy from the Company or its
Affiliates (and would satisfy the provisions of clauses (i) through (iv) above once such person begins employment with or providing services to the Company or its Affiliates). 

(p) “Exchange Act” means the Securities Exchange Act of 1934, and any reference in the Plan to any section of (or
rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

 (q) “Exercise Price” has the meaning given such term in Section 7(b) of the Plan. 

(r) “Fair Market Value” means, with respect to any type of Unit on a given date, (i) if the type of Unit is
listed on the New York Stock Exchange or another national securities exchange, the closing sales price of such type of Unit, as reported on such national securities exchange, or, if there is no such sale on that date, then on the last preceding date
on which such a sale was reported; (ii) if the type of Unit is not listed on the New York Stock Exchange or another national securities exchange, but is quoted in an inter-dealer quotation system on a last sale basis, the closing bid price or,
if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the type of Unit is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last sale
basis, the amount determined by the Committee in good faith to be the fair market value of such Unit. 
 (s)
“Immediate Family Members” shall have the meaning set forth in Section 15(b) of the Plan. 

  
 3 

 (t) “Indemnifiable Person” shall have the meaning set forth in
Section 4(e) of the Plan. 
 (u) “Manager” means Oaktree Capital Group Holdings GP, LLC, a Delaware
limited liability company, and any successor thereto. 
 (v) “Mature Units” means Units owned by a
Participant that are not subject to any pledge or security interest and that have been either previously acquired by the Participant on the open market or meet such other requirements, if any, as the Committee may determine are necessary in order to
avoid an accounting earnings charge on account of the use of such Units to pay the Exercise Price or satisfy a withholding obligation of the Participant. 
 (w) “Oaktree Group Unit” means the aggregate of one unit (of any class or series, as determined by the Committee and specified in an Award agreement) in each of the members of the
Oaktree Operating Group, representing an interest in each such entity. 
 (x) “Oaktree Operating Group”
has the meaning given such term in the Operating Agreement. 
 (y) “OCG Unit” means a Class A Unit
of the Company or any other class or series of units issued by the Company as specified in an Award agreement. 
 (z)
“OCGH” means Oaktree Capital Group Holdings, L.P., a Delaware limited partnership, and any successor thereto. 
 (aa) “OCGH Limited Partnership Agreement” means the Second Amended and Restated Limited Partnership Agreement of OCGH, dated as of March 28, 2008, as such agreement may be
amended or restated from time to time. 
 (bb) “OCGH Unit” means a limited partnership unit or interest
of any class or series of units or interests issued by OCGH, as specified in an Award agreement. 
 (cc) “Opco
Unit” means a unit or interest (of any class or series of units, as specified in an Award agreement) of any member of the Oaktree Operating Group. 
 (dd) “Operating Agreement” means the Third Amended and Restated Operating Agreement of the Company, dated as of August 31, 2011, as such agreement may be amended or restated
from time to time. 
 (ee) “Option” means an Award granted under Section 7 of the Plan. 

(ff) “Option Period” has the meaning given such term in Section 7(c) of the Plan. 

  
 4 

 (gg) “Participant” means an Eligible Person who has been selected by
the Committee to participate in the Plan and to receive an Award in accordance with Section 6 of the Plan. 
 (hh)
“Permitted Holders” means, as of the date of determination, any and all of (i) an employee benefit plan (or trust forming a part thereof) maintained by (A) the Company or any Affiliate, or (B) any corporation
or other Person of which a majority of the voting power of its voting equity securities or equity interests is owned, directly or indirectly, by the Company, or (ii) OCGH or any of its affiliates. 

(ii) “Permitted Transferee” shall have the meaning set forth in Section 15(b) of the Plan. 

(jj) “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company,
estate, trust, business association, organization, governmental entity or other entity. 
 (kk) “Phantom Equity
Award” means an unfunded and unsecured promise to deliver Units (of the type set forth in the Award agreement), cash, other securities or other property determined by reference to the Fair Market Value of a fixed number of Units of the
type set forth in the Award agreement, which may or may not be subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of
time), granted under Section 11 of the Plan. 
 (ll) “Plan” means this Oaktree Capital Group, LLC
2011 Equity Incentive Plan. 
 (mm) “Restricted Period” means the period of time determined by the
Committee during which an Award is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned. 

(nn) “Restricted Unit” means Units, subject to certain specified restrictions (including, without limitation, a
requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan. 
 (oo) “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of the Securities Act shall be deemed to include
any rules, regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, rules, regulations or guidance. 
 (pp) “SEC” means the Securities and Exchange Commission. 

  
 5 

 (qq) “Strike Price” means, except as otherwise provided by the
Committee in the case of Substitute Awards, (i) in the case of a UAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a UAR granted independent of an Option, the Fair Market Value on the
Date of Grant. 
 (rr) “Substitute Award” has the meaning given such term in Section 5(e).

 (ss) “UAR Period” has the meaning given such term in Section 8(b) of the Plan. 

(tt) “Unit Appreciation Right” or “UAR” means an Award granted under Section 8 of
the Plan. 
 (uu) “Unit Bonus Award” means an Award granted under Section 10 of the Plan.

 (vv) “Unit Limit” has the meaning set forth in Section 5(b) of the Plan. 

(ww) “Units” means OCG Units, OCGH Units, Opco Units, Oaktree Group Units and any class or series of units or
other ownership interests issued by an Affiliate. 
 3. Effective Date; Duration. The Plan shall be effective as
of the Effective Date. The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards
then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 
 4.
Administration. 
 (a) The Committee shall administer the Plan. To the extent required to comply with the
provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time he takes any action with respect to an Award under the
Plan, be an Eligible Director, or in the event that the Committee does not meet the conditions of Rule 16b-3(d)(1), it is intended that grants to persons subject to Section 16 of the Exchange Act be approved by the Board. However, the fact that
a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. The majority of the members of the Committee shall constitute a quorum. The
acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed the acts of the Committee. 

  
 6 

 (b) Subject to the provisions of the Plan and applicable law, the Committee shall have the
sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant;
(iii) determine the number and type of Units to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award and any
amendments thereto; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Units, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or
methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Units, other securities, other Awards or other property and other
amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any
omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the
proper administration of the Plan; (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan. 
 (c) The Committee may delegate to one or more officers of the Company or any
Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a matter of law, except
for grants of Awards to persons subject to Section 16 of the Exchange Act. 
 (d) Unless otherwise expressly provided in
the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may
be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

 (e) No member of the Board, the Committee, delegate of the Committee, the Manager or any employee or agent of the Company or
any of its Affiliates (each such person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each
Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with
or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any

  
 7 

 
Award agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in
satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the
Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to
the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable Person giving rise to the indemnification
claim resulted from such Indemnifiable Person’s bad faith, fraud, gross negligence or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Operating Agreement, the OCGH Limited
Partnership Agreement or any other agreement to which such Indemnifiable Person is a party. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable Persons may be entitled
under the Operating Agreement, the OCGH Limited Partnership Agreement, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless. 

(f) Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to
time, grant Awards and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under the Plan. 
 5. Grant of Awards; Interests Subject to the Plan; Limitations. 

(a) The Committee may, from time to time, grant Options, Unit Appreciation Rights, Restricted Unit Awards, Unit Bonus Awards, and/or
Phantom Equity Awards to one or more Eligible Persons. 
 (b) Subject to Section 12 hereof, the maximum number of Units
that may be delivered pursuant to Awards granted under the Plan shall be 22,300,000 subject to adjustment as provided herein, as increased on the first day of each fiscal year beginning in fiscal year 2012 by a number of Units equal to the excess of
(x) 15% of the number of outstanding Oaktree Group Units on the last day of the immediately preceding fiscal year over (y) the number of Oaktree Group Units that have been issued or are issuable under the Plan as of such date, unless the
Board in its discretion decides to increase the number of Units covered by the Plan by a lesser amount. The total number of all Units which may be granted under the Plan shall be the “Unit Limit.” The issuance of Units or the
payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Units available under the Plan, as applicable. Units which are subject to Awards that are forfeited,
terminated or lapse without the payment of consideration will be available again to be used as Awards under the Plan. 

  
 8 

 (c) Units used to pay the required Exercise Price or tax obligations, or Units not issued in
connection with settlement of an Option or UAR or that are used or withheld to satisfy tax obligations of the Participant shall, notwithstanding anything herein to the contrary, not be available again for other Awards under the Plan. Units
underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash will be available again to be used as Awards under the Plan. 
 (d) Units delivered by the Company or an Affiliate, as applicable, in settlement of Awards may be authorized and unissued Units, Units held in the treasury of the Company or an Affiliate, as applicable,
Units purchased on the open market or by private purchase by the Company or an Affiliate, as applicable, or a combination of the foregoing. 
 (e) Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or
with which the Company combines (“Substitute Awards”). The number of Units underlying any Substitute Awards shall not be counted against the Unit Limit. 
 (f) Awards may, in the sole discretion of the Committee, be granted in respect of Oaktree Group Units, OCG Units, OCGH Units, any type of Opco Units or any class or series of units or other ownership
interests issued by Affiliates of the Company. 
 (g) The Committee may convey (either for consideration or for no
consideration) to any Affiliate a specific number of Units of any type which may be granted by the Affiliate as an Award under the Plan to a service provider of such Affiliate. 

6. Eligibility. Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have
received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 
 7. Options. 
 (a) Generally. Each Option granted under
the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a website maintained by the Company or a third party on behalf of the Company)). Each Option so granted shall be subject to
the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. No Options granted under the Plan shall be incentive stock options within the meaning
of Section 422 of the Code. 
 (b) Exercise Price. Except as otherwise provided by the Committee in the case
of Substitute Awards, the exercise price (“Exercise Price”) per Unit for each Option shall not be less than 100% of the Fair Market Value of such Unit (determined as of the Date of Grant); provided that an Option that is a
Substitute Award may be granted 

  
 9 

 
with an Exercise Price lower than that set forth herein if granted in a manner satisfying the provisions of Section 409A of the Code. 

(c) Vesting and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined
by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”); provided, however, that notwithstanding any vesting dates set by the Committee,
the Committee may, in its sole discretion, accelerate the exercisability of any Option. Unless otherwise provided in an Award agreement: (i) an Option shall vest and become exercisable with respect to 20% of the Units subject to such Option on
each of the first five anniversaries of the Date of Grant; (ii) the unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option, and the vested portion of such Option shall remain
exercisable for (A) one year following termination of employment or service by reason of such Participant’s death or disability (as determined by the Committee), but not later than the expiration of the Option Period or (B) 90 days
following termination of employment or service for any reason other than such Participant’s death or disability, and other than such Participant’s termination of employment or service for Cause, but not later than the expiration of the
Option Period; and (iii) both the unvested and the vested portion of an Option shall expire upon the termination of the Participant’s employment or service by the Company for Cause. 

(d) Method of Exercise and Form of Payment. No Units shall be delivered pursuant to any exercise of an Option until payment
in full of the Exercise Price therefor is received by the Company or one of its Affiliates and the Participant has paid to the Company or an Affiliate, as applicable, an amount equal to any federal, state, local and non-U.S. income and employment
taxes required to be withheld. Options that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Committee or its designee in accordance with the terms of the Option accompanied by payment of the
Exercise Price. The Exercise Price shall be payable (i) in cash (by check or wire transfer); and (ii) by such other method as the Committee may permit in its sole discretion, including without limitation: (A) in Units of the type
covered by the Award valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of Units in lieu of actual delivery of
such Units to the Company); provided that such Units are Mature Units, (B) in other property having a Fair Market Value on the date of exercise equal to the Exercise Price, (C) if there is a public market for the Units at such time,
by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Units otherwise deliverable upon the exercise of the Option and to deliver
promptly to the Company an amount equal to the Exercise Price, or (D) by a “net exercise” method whereby the Company or an Affiliate, as applicable, withholds from the delivery of the Units for which the Option was exercised that
number of Units having a Fair Market Value equal to the aggregate Exercise Price for the Units for which the Option was exercised. Any fractional Units shall be settled in cash. 

  
 10 

 (e) Compliance With Laws, etc. Notwithstanding the foregoing, in no event
shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the SEC or the applicable rules and
regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded. 
 8. Unit Appreciation Rights. 
 (a) Generally. Each UAR
granted under the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a website maintained by the Company or a third party on behalf of the Company)). Each UAR so granted shall be
subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. Any Option granted under the Plan may include tandem UARs. The Committee
also may award UARs to Eligible Persons independent of any Option. 
 (b) Vesting and Expiration. A UAR granted in
connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A UAR granted independent of an Option shall vest and become exercisable and shall
expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “UAR Period”); provided, however, that
notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any UAR. Unless otherwise provided in an Award agreement: (i) a UAR shall vest and become exercisable with
respect to 20% of the Units subject to such UAR on each of the first five anniversaries of the Date of Grant; (ii) the unvested portion of a UAR shall expire upon termination of employment or service of the Participant granted the UAR, and the
vested portion of such UAR shall remain exercisable for (A) one year following termination of employment or service by reason of such Participant’s death or disability (as determined by the Committee), but not later than the expiration of
the UAR Period or (B) 90 days following termination of employment or service for any reason other than such Participant’s death or disability, and other than such Participant’s termination of employment or service for Cause, but not
later than the expiration of the UAR Period; and (iii) both the unvested and the vested portion of a UAR shall expire upon the termination of the Participant’s employment or service by the Company for Cause. 

(c) Method of Exercise. UARs that have become exercisable may be exercised by delivery of written or electronic notice of
exercise to the Committee or its designee in accordance with the terms of the Award, specifying the number of UARs to be exercised and the date on which such UARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period
(or in the case of a UAR independent of an option, the UAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the UAR or the corresponding Option (if applicable), and

  
 11 

 
neither the UAR nor the corresponding Option (if applicable) has expired, such UAR shall be deemed to have been exercised by the Participant on such last day and the Company shall make the
appropriate payment therefor. 
 (d) Payment. Upon the exercise of a UAR, the Company shall pay to the Participant
an amount equal to the number of Units subject to the UAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one Unit on the exercise date over the Strike Price, less an amount equal to any federal, state, local
and non-U.S. income and employment taxes required to be withheld. The Company shall pay such amount in cash, in Units valued at Fair Market Value, or any combination thereof, as determined by the Committee in the applicable Award agreement. Any
fractional Units shall be settled in cash. 
 9. Restricted Units. 

(a) Generally. Each grant of Restricted Units shall be evidenced by an Award agreement (whether in paper or electronic
medium (including email or the posting on a website maintained by the Company or a third party on behalf of the Company)). Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award agreement. 
 (b) Certificates; Escrow or Similar
Arrangement. Upon the grant of Restricted Units, the Committee may cause a certificate registered in the name of the Participant to be issued and, if the Committee determines that such certificated Restricted Units shall be held by the
Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory
to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Units covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted
Units (including by acknowledging in writing the terms of any Award agreement that is solely issued in an electronic medium) and, if applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the
Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award agreement, the Participant generally shall have the rights and privileges of a unitholder as to such Restricted Units. To the extent
Restricted Units are forfeited, any certificates issued to the Participant evidencing such Units shall be returned to the Company, and all rights of the Participant to such Units and as a unitholder with respect thereto shall terminate without
further obligation on the part of the Company. 
 (c) Vesting; Acceleration of Lapse of Restrictions. Unless
otherwise provided in an Award agreement: (i) the Restricted Period shall lapse with respect to 20% of the Restricted Units on each of the first five anniversaries of the Date of Grant; and (ii) the unvested portion of Restricted Units
shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable Award. 

  
 12 

 (d) Delivery of Restricted Units. Upon the expiration of the Restricted Period
with respect to any Restricted Units, the restrictions set forth in the applicable Award agreement shall be of no further force or effect with respect to such Units, except as set forth in the applicable Award agreement. If an escrow arrangement is
used, upon such expiration, the Company shall deliver to the Participant, or the Participant’s beneficiary, without charge, the certificate, if any, evidencing the Restricted Units that have not then been forfeited and with respect to which the
Restricted Period has expired (rounded down to the nearest full Unit). 
 (e) Legends on Restricted Unit. If a
certificate representing Restricted Units awarded under the Plan is issued, such certificate shall bear a legend substantially in the form of the following in addition to any other information the Company deems appropriate until the lapse of all
restrictions with respect to such Units: 
 TRANSFER OF THIS CERTIFICATE AND THE UNITS REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF
THE OAKTREE CAPITAL GROUP, LLC 2011 EQUITY INCENTIVE PLAN AND A RESTRICTED UNIT AWARD AGREEMENT, BETWEEN OAKTREE CAPITAL GROUP, LLC OR AN AFFILIATE THEREOF AND PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL
EXECUTIVE OFFICES OF OAKTREE CAPITAL GROUP, LLC. 
 10. Unit Bonus Awards; Distribution Equivalents. 

(a) Unit Bonus Awards. The Committee may issue unrestricted Units, or other Awards denominated in Units, under the Plan to
Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to time in its sole discretion determine. Each Unit bonus award granted under the Plan shall be evidenced by an Award agreement (whether
in paper or electronic medium (including email or the posting on a website maintained by the Company or a third party on behalf of the Company)). Each Unit bonus award so granted shall be subject to such conditions not inconsistent with the Plan as
may be reflected in the applicable Award agreement. 
 (b) Distribution Equivalents. Distribution Equivalents may
be granted by the Committee based on distributions paid in respect of Units, to be credited as of distribution payment dates during the period between the date an Award is granted to a Participant and the date such Award vests, is exercised, is
distributed or expires, as determined by the Committee. Such Distribution Equivalents shall be converted to cash or additional Units by such formula and at such time and subject to such limitations as may be determined by the Committee. No
Distribution Equivalent shall be payable with respect to any Award unless specified in the Award agreement. 
 11. Phantom
Equity Awards. The Committee may, at any time and from time to time, award to any Eligible Person a Phantom Equity Award which shall provide the right hereunder to receive cash payments in respect of the Phantom Equity Award. Each Phantom
Equity Award shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a website maintained by the 

  
 13 

 
Company or a third party on behalf of the Company)). Each Award agreement shall, at the minimum, specify the Affiliate of the Company obligated to make payments in respect of the Award, the
number and type of Units in respect of which the value and properties of the Award are to be determined, the vesting and the terms of any distributions to be made in respect of such Award. 

12. Changes in Capital Structure and Similar Events. In the event of (a) any equity distribution, extraordinary cash
dividend or other distribution (whether in the form of securities or other property), recapitalization, division of Units, unit split, reverse unit split, reorganization, merger, consolidation, split-up, split-off, combination, repurchase or
exchange of Units or other securities of the Company or an Affiliate, as applicable, issuance of warrants or other rights to acquire Units or other securities of the Company or an Affiliate, as applicable, or other similar corporate transaction or
event (including, without limitation, a Change in Control) that affects the Units, or (b) unusual or nonrecurring events (including, without limitation, a Change in Control) affecting the Company or an Affiliate, or the financial statements of
the Company or an Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an
adjustment is determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable, including without limitation any or all of the following:

 (i) adjusting any or all of (A) the number of Units or other securities of the Company or an Affiliate
(or the number and kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under
Section 5 of the Plan) and (B) the terms of any outstanding Award, including, without limitation, (1) the number of Units or other securities of the Company or an Affiliate (or the number and kind of other securities or other
property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award or (3) any applicable performance measures; 

(ii) providing for a substitution or assumption of Awards, accelerating the exercisability of, lapse of restrictions on,
or termination of, Awards or providing for a period of time for exercise prior to the occurrence of such event; and 
 (iii) cancelling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Units, other securities or other property, or any combination thereof, the value of such Awards,
if any, as determined by the Committee (which, if applicable, may be based upon the price per Unit received or to be received by other holders of the same class or series of Units as the Units subject to the Award in such event), including without
limitation, in the case of an outstanding Option or UAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the Units

  
 14 

 
subject to such Option or UAR over the aggregate Exercise Price or Strike Price of such Option or UAR, respectively (it being understood that, in such event, any Option or UAR having an Exercise
Price or Strike Price equal to, or in excess of, the Fair Market Value of a Unit subject thereto may be canceled and terminated without any payment or consideration therefor). 
 For the avoidance of doubt, in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standard Codification (ASC) Section 718,
Compensation — Stock Compensation (FASB ASC 718)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustments under this Section 12 shall be made in
a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act, to the extent applicable. The Committee or its designee shall give each Participant notice of an adjustment hereunder and, upon notice,
such adjustment shall be conclusive and binding for all purposes. 
 In the event that any partnership agreement, limited liability company
agreement or other agreement governing the affected Units contains an adjustment provision that conflicts with this Section 12, the adjustment provision in such agreement shall control to the extent of the conflict. 

13. Effect of Change in Control. Except to the extent otherwise provided in an Award agreement, in the event of a Change in
Control, notwithstanding any provision of the Plan to the contrary, the Committee may provide in its sole discretion that, with respect to all or any portion of a particular outstanding Award or Awards: 

(a) the then-outstanding Options and UARs shall become immediately exercisable as of a time prior to the Change in Control; 

(b) the Restricted Period shall expire as of a time prior to the Change in Control; and 

(c) Awards previously deferred shall be settled in full as soon as practicable. 
 To the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) through (c) shall occur in a manner and at a time which allows affected Participants the
ability to participate in the Change in Control transaction with respect to the Units subject to their Awards. 
 14.
Amendments and Termination. 
 (a) Amendment and Termination of the Plan. The Board may amend,
alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, that (i) no amendment to Section 15(b) (to the extent required by the proviso in such Section 15(b)) shall be made without the requisite
approval of the Company’s unitholders and (ii) no such amendment, alteration, suspension, discontinuation or 

  
 15 

 
termination shall be made without such unitholder approval if the approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation, as
necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the Units may be listed or quoted); provided, further, that any such amendment, alteration, suspension,
discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected
Participant, holder or beneficiary. 
 (b) Amendment of Award Agreements. The Committee may, to the extent
consistent with the terms of any applicable Award agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award agreement,
prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award
theretofore granted shall not to that extent be effective without the consent of the affected Participant. 
 (c)
Extension of Termination Date. A Participant’s Award agreement may provide that if the exercise of the Option or UAR, as applicable, following the termination of the Participant’s employment or service (other than upon the
Participant’s death or disability) would be prohibited at any time solely because the issuance of Units would violate the registration requirements under the Securities Act, or any other requirements of applicable law, then the Option or UAR,
as applicable, shall terminate on the earlier of (i) the expiration of the term of the Option or UAR set forth in Section 7(c) or Section 8(b), respectively, and (ii) the expiration of a period of 30 days after the termination of
the Participant’s employment or service during which the exercise of the Option or UAR, as applicable, would not be in violation of such registration requirements or other applicable requirements. 

(d) Restriction on Grant of Awards. No Awards may be granted during any period of suspension of the Plan or after
termination of the Plan, and in no event may any Award be granted under the Plan after the tenth anniversary of the Effective Date. 
 15. General. 
 (a) Award Agreements. Each Award under
the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant (whether in paper or electronic medium (including email or the posting on a website maintained by the Company or a third party under contract with the
Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto, including without limitation, the effect on such Award of the death, disability or termination of employment or service of a Participant, or of such
other events as may be determined by the Committee. The terms of any Award issued hereunder shall be binding upon the 

  
 16 

 
executors, beneficiaries, successors and assigns of the Participant. In the event of a conflict among the Plan, an Award agreement, any other agreement entered into between the Participant and
the Company or an Affiliate and/or a limited partnership agreement or limited liability company agreement governing the terms of the Units subject to an applicable Award agreement, the documents shall control in the following order unless the
applicable Award agreement specifically provides otherwise: the Award agreement, such other agreement entered into between the Participant and the Company or an Affiliate, the applicable limited partnership agreement or limited liability company
agreement governing the terms of the Units subject to an applicable Award agreement and finally the Plan. 
 (b)
Nontransferability. 
 (i) Each Option or UAR shall be exercisable only by a Participant during
the Participant’s lifetime, or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a
Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate;
provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt
consistent with any applicable Award agreement to preserve the purposes of the Plan, to: (A) any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act
(collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; (C) a partnership or limited liability company whose only partners or
stockholders are the Participant and his or her Immediate Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award agreement
(each transferee described in clauses (A), (B) (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided that the Participant gives the Committee advance written notice describing the
terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the
Permitted Transferee and any reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award,
other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any 

  
 17 

 
transferred Option or UAR unless there shall be in effect a registration statement on an appropriate form covering the Units to be acquired pursuant to the exercise of such Option or UAR if the
Committee determines, consistent with any applicable Award agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee,
whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the Participant’s employment by, or services to, the Company or
an Affiliate under the terms of the Plan and the applicable Award agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option or UAR shall be exercisable by the Permitted Transferee only to
the extent, and for the periods, specified in the Plan and the applicable Award agreement. 
 (c) Tax Withholding.

 (i) A Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate
shall have the right and is hereby authorized to withhold, from any cash, Units, other securities or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Units, other
securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Committee, the
Company or any Affiliate to satisfy all obligations for the payment of such withholding and taxes. 
 (ii)
Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) the delivery of Mature Units, of the same type
of Units as are subject to the Award, owned by the Participant having a Fair Market Value equal to such withholding liability or (B) having the Company or its Affiliates, as applicable, withhold from the number of Units otherwise issuable or
deliverable pursuant to the exercise or settlement of the Award a number of Units with a Fair Market Value equal to such withholding liability (but no more than the minimum required statutory withholding liability). 

(d) No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other
person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or
holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among
Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate, nor
shall it be construed as giving any Participant any rights to continued 

  
 18 

 
service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment, end the service relationship or discontinue any consulting relationship, free
from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or
vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award agreement, notwithstanding any provision to the contrary in any written employment contract or
other agreement between the Company and its Affiliates and the Participant, whether any such agreement is executed before, on or after the Date of Grant. 
 (e) International Participants. With respect to Participants who reside or work outside of the United States of America, the Committee may in its sole discretion amend the terms of the Plan
or outstanding Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or its Affiliates. 

(f) Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or
more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon the Participant’s death; provided that if such Participant is married and designates a person
other than the Participant’s spouse as a beneficiary, then the Participant’s spouse must sign a statement specifically approving such designation. A Participant may, from time to time, revoke or change the Participant’s beneficiary
designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation
thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary
shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death or in the absence of a spouse’s approval as provided in this Section 15(f), his or her estate. 

(g) No Rights as a Unitholder. Except as otherwise specifically provided in the Plan or any Award agreement, no person
shall be entitled to the privileges of ownership in respect of Units that are subject to Awards hereunder until such Units have been issued or delivered to that person. 
 (h) Government and Other Regulations. The obligation of the Company or an Affiliate, as applicable to settle Awards in Units or other consideration shall be subject to all applicable laws,
rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company or such Affiliate shall be under no obligation to offer to sell or to sell,
and shall be prohibited from offering to sell or selling, any Units pursuant to an Award unless such units have been properly registered for sale pursuant to the Securities Act with the SEC or unless the Company or such Affiliate has received an

  
 19 

 
opinion of counsel, satisfactory to the Company or such Affiliate, that such Units may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and
conditions of such exemption have been fully complied with. Neither the Company nor any Affiliate shall be under any obligation to register for sale under the Securities Act any of the Units to be offered or sold under the Plan. The Committee shall
have the authority to provide that all certificates for Units or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under
the Plan, the applicable Award agreement, the federal securities laws, or the rules, regulations and other requirements of the SEC, any securities exchange or inter-dealer quotation system upon which such Units or other securities are then listed or
quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference
to such restrictions. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 
 (i) Payments to Persons Other Than Participants. If the Committee shall find that any Person to whom any amount is payable under the Plan is unable to care for his affairs because of illness
or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse,
child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge
of the liability of the Committee and the Company therefor. 
 (j) Nonexclusivity of the Plan. Neither the
adoption of this Plan by the Board nor the submission of this Plan to the unitholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem
desirable, including, without limitation, the granting of options or other awards otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases. 

(k) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate
fund of any kind or a fiduciary relationship between the Company or an Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company or any of its
Affiliates, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company or any Affiliate,
as applicable, maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as

  
 20 

 
unsecured general creditors of the Company or an Affiliate, as applicable, except that insofar as they may have become entitled to payment of additional compensation by performance of services,
they shall have the same rights as other employees under general law. 
 (l) Reliance on Reports. Each member of
the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent
public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself. 

(m) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under
any pension, retirement, profit sharing, group insurance or other benefit plan of the Company or any of its Affiliates except as otherwise specifically provided in such other plan. 

(n) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of
Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. 
 (o) Severability. If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or
entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any
such Award shall remain in full force and effect. 
 (p) Obligations Binding on Successors. The obligations of the
Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all
of the assets and business of the Company. 
 (q) Expenses; Gender; Titles and Headings. The expenses of
administering the Plan shall be borne by the Company and its Affiliates, as applicable. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the Plan are for convenience
of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control. 

(r) Other Agreements. The Committee may require, as a condition to the grant of and/or the receipt of Units under an Award,
that the Participant execute lock-

  
 21 

 
up, equityholder, partnership joinder or limited liability company joinder or other agreements, as it may determine in its sole and absolute discretion. 

(s) Payments. Participants shall be required to pay, to the extent required by applicable law, any amounts required to
receive Units under any Award made under the Plan. 
 (t) Non-Qualified Deferred Compensation. To the extent
applicable and notwithstanding any other provision of the Plan, the Plan and Awards hereunder shall be administered, operated and interpreted in accordance with Section 409A of the Code. Notwithstanding any provision of the Plan to the
contrary, in the event that the Committee determines that any amounts payable hereunder will be taxable to a Participant under Section 409A of the Code prior to the payment and/or delivery to such Participant of such amount, the Company may
(i) adopt such amendments to the Plan and related Award agreement, and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the
intended tax treatment of the benefits provided by the Plan and Awards hereunder and/or (ii) take such other actions as the Committee determines necessary or appropriate to comply with the requirements of Section 409A of the Code. No
action shall be taken under the Plan which shall cause an Award to fail to comply with Section 409A of the Code, to the extent applicable to such Award. However, in no event shall any member of the Board, the Manager, the Company or any of
their respective Affiliates (including their respective employees, officers, directors or agents) have any liability to any Participant (or any other Person) with respect to this Section 15(t). 

(u) Market Stand-off Provisions. If required by the Company (or a representative of the underwriter(s)) in connection with
the first underwritten registration of the offering of any equity securities of the Company under the Securities Act, for a specified period of time, the Participant shall not sell, dispose of, transfer, make any short sale of, grant any option for
the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Units acquired by the Participant pursuant to an Award or other securities of the Company held by the Participant, and shall execute and
deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the
Company may impose stop transfer instructions with respect to such Units until the end of such period. 
 As adopted by the Board of Directors
of 
 Oaktree Capital Group, LLC on
                    , 2011, 
 effective on
                    , 2011. 

  
 22

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