Document:

AGREEMENT AMONG PRINCIPALS
	 

	 
		dated as of
	 

	 
		               ,
		2007
	 

	 
		among
	 

	 
		PETER BRIGER, JR.,
	 

	 
		WESLEY EDENS,
	 

	 
		ROBERT KAUFFMAN,
	 

	 
		RANDAL NARDONE,
	 

	 
		and
	 

	 
		MICHAEL NOVOGRATZ
	 

	 
		 
	 

	 
	 

	 

	 
		

		

		TABLE OF CONTENTS

	 
  

  
	  
  

  
	 	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				Page
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				ARTICLE I
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				DEFINITIONS
			 

		  	
			 
				 
			 

		  
	
			 
				SECTION 1.1
			 

		  	
			 
				 
			 

		  	
			 
				DEFINITIONS
			 

		  	
			 
				1
			 

		  
	
			 
				SECTION 1.2
			 

		  	
			 
				 
			 

		  	
			 
				GENDER
			 

		  	
			 
				5
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				ARTICLE II 
			 

		  	
			 
				 
			 

		  
	 	 	
			 
				FORFEITURE 
			 

		  	 
	
			 
				SECTION 2.1
			 

		  	
			 
				 
			 

		  	
			 
				FORFEITURE
			 

		  	
			 
				5
			 

		  
	
			 
				SECTION 2.2
			 

		  	
			 
				 
			 

		  	
			 
				PERMITTED TRANSFEREES

			 

		  	
			 
				8
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				ARTICLE III
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				MISCELLANEOUS
			 

		  	
			 
				 
			 

		  
	
			 
				SECTION 3.1
			 

		  	
			 
				 
			 

		  	
			 
				NOTICES
			 

		  	
			 
				9
			 

		  
	
			 
				SECTION 3.2
			 

		  	
			 
				 
			 

		  	
			 
				INTERPRETATION
			 

		  	
			 
				9
			 

		  
	
			 
				SECTION 3.3
			 

		  	
			 
				 
			 

		  	
			 
				SEVERABILITY
			 

		  	
			 
				10
			 

		  

 

  
	 	
			 
				SECTION 3.4
			 

		  	
			 
				 
			 

		  	
			 
				COUNTERPARTS
			 

		  	
			 
				10
			 

		  
	
			 
				SECTION 3.5
			 

		  	
			 
				 
			 

		  	
			 
				ENTIRE AGREEMENT; NO THIRD
				PARTY BENEFICIARIES
			 

		  	
			 
				10
			 

		  
	
			 
				SECTION 3.6
			 

		  	
			 
				 
			 

		  	
			 
				FURTHER ASSURANCES
			 

		  	
			 
				10
			 

		  
	
			 
				SECTION 3.7
			 

		  	
			 
				 
			 

		  	
			 
				GOVERNING LAW; EQUITABLE
				REMEDIES
			 

		  	
			 
				10
			 

		  
	
			 
				SECTION 3.8
			 

		  	
			 
				 
			 

		  	
			 
				CONSENT TO
				JURISDICTION
			 

		  	
			 
				11
			 

		  
	
			 
				SECTION 3.9
			 

		  	
			 
				 
			 

		  	
			 
				AMENDMENTS; WAIVERS
			 

		  	
			 
				12
			 

		  
	
			 
				SECTION 3.10
			 

		  	
			 
				 
			 

		  	
			 
				ASSIGNMENT
			 

		  	
			 
				12
			 

		  
	
			 
				SECTION 3.11
			 

		  	
			 
				 
			 

		  	
			 
				STATUS
			 

		  	
			 
				12
			 

		  

 

  
	  
  

  
	  
  

  
	 i
  

  
	  
  

  
  

  
  
  
  

  
	 AGREEMENT AMONG PRINCIPALS (the
	 “Agreement”), dated as of
	                 ,
	 2007, among the individuals set forth on the signature pages hereto
	 (the “Principals”). 
  

  
	 WHEREAS, in connection with the IPO
	 (as defined herein), Fortress and its Affiliates (as defined herein)
	 intend to consummate the transactions described in the Registration
	 Statement on Form S-1 (Registration No. 333-138514) (the “IPO
	 Registration Statement”); and
  

  
	 WHEREAS, the Principals, as owners
	 of certain equity interests in Fortress Operating Group (as defined
	 herein), desire to address herein certain relationships among
	 themselves with respect to the forfeiture of their equity interests
	 in the Fortress Operating Group.
  

  
	 NOW, THEREFORE, in consideration of
	 the mutual covenants and undertakings contained herein and for good
	 and valuable consideration, the receipt and sufficiency of which are
	 hereby acknowledged, the parties hereto hereby agree as
	 follows:
  

  
	 ARTICLE I
  

  
	  
  

  
	 

	 

	 DEFINITIONS

  

  SECTION 1.1 DEFINITIONS. As used in
  this Agreement, the following terms shall have the following
  meanings: 

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

  “BOARD” means the board of
  directors of Fortress. 

  “BUSINESS DAY” means Monday
  through Friday of each week, except that a legal holiday recognized
  as such by the government of the United States of America or the
  State of New York shall not be regarded as a Business Day.

  “CLASS A SHARES” means the
  Class A Shares of Fortress representing Class A limited liability
  company interests of Fortress and any equity securities issued or
  issuable in exchange for or with respect to such Class A Shares (i)
  by way of a dividend, split or combination of shares or (ii) in
  connection with a reclassification, recapitalization, merger,
  consolidation or other reorganization.

   

  1

   

  

  “CLASS B SHARES” means the
  Class B Shares of Fortress representing Class B limited liability
  company interests of Fortress and any equity securities issued or
  issuable in exchange for or with respect to such Class B Shares (i)
  by way of a dividend, split or combination of shares or (ii) in
  connection with a reclassification, recapitalization, merger,
  consolidation or other reorganization.

  “CONTINUING PRINCIPAL” shall
  have the meaning set forth in Section 2.1.

  “DISABILITY” shall refer to
  any physical or mental incapacity which prevents a Principal from
  carrying out all or substantially all of his duties under his
  employment agreement with Fortress in such capacity for any period of
  one hundred twenty (120) consecutive days or any aggregate period of
  six (6) months in any 12-month period, as determined, in its sole
  discretion, by a majority of the members of the Board, including a
  majority of the Continuing Principals who are members of the Board
  (but for the sake of clarity not including the Principal in respect
  of which the determination is being made).

  “EXCHANGE ACT” means the
  Securities Exchange Act of 1934, as amended, supplemented or restated
  from time to time and any successor to such statute, and the rules
  and regulations promulgated thereunder.

  “FOG UNIT” refers to a unit
  in the Fortress Operating Group, which represents one limited
  partnership interest in each of the limited partnerships that
  comprise the Fortress Operating Group and any equity securities
  issued or issuable in exchange for or with respect to such FOG Units
  (i) by way of a dividend, split or combination of shares or (ii) in
  connection with a reclassification, recapitalization, merger,
  consolidation or other reorganization.

  “FORFEITABLE INTERESTS”
  shall have the meaning set forth in Section 2.1.

  “FORFEITING PRINCIPAL” shall
  have the meaning set forth in Section 2.1.

  “FORFEITURE DATE” means, as
  to the Forfeitable Interests to be forfeited to any Continuing
  Principal, the date which is the earlier of (i) the date that is six
  months after the applicable date of termination of employment and
  (ii) the date on or after such termination date that is six months
  after the date of the latest publicly-reported disposition of equity
  securities of Fortress by any such Continuing Principal 

   

  2

   

  which disposition is not exempt from
  the application of the provisions of Section 16(b) of the Exchange
  Act.

  “FORTRESS” refers to
  Fortress Investment Group LLC, a Delaware limited liability company
  formerly known as Fortress Investment Group Holdings LLC.

  “FORTRESS EMPLOYER” means
  Fortress (or such successor thereto or such other entity controlled
  by Fortress or its successor as may be such Principal’s employer
  at such time, it being understood that a Principal shall be deemed to
  be employed by a Fortress Employer and to not have terminated
  employment with a Fortress Employer if employed by any such
  entity).

  “FORTRESS OPERATING GROUP”
  has the meaning set forth in IPO Registration Statement.

  “INITIAL CLASS B SHARES”
  shall have the meaning set forth in Section 2.1.

  “INITIAL FOG UNITS” shall
  have the meaning set forth in Section 2.1.

  “IPO” means the initial
  offering of Class A Shares to the public, as described in the IPO
  Registration Statement. 

  “IPO REGISTRATION STATEMENT”
  has the meaning set forth in the recitals of this Agreement.

  “JOINDER” shall have the
  meaning set forth in Section 2.2.

  “PERMITTED TRANSFEREE” shall
  mean with respect to each Principal and his Permitted Transferees (a)
  such Principal’s spouse, (b) a lineal descendant of such
  Principal’s maternal or paternal grandparents, the spouse of any
  such descendant or a lineal descendent of any such spouse, (c) a
  charitable institution, (d) a trustee of a trust (whether
  inter vivos or testamentary), all of the current
  beneficiaries and presumptive remaindermen of which are one or more
  of such Principal and persons described in clauses (a) through (c) of
  this definition, (e) a corporation, limited liability company or
  partnership, of which all of the outstanding shares of capital stock
  or interests therein are owned by one or more of such Principal and
  Persons described in clauses (a) through (d) of this definition, (f)
  an individual mandated under a qualified domestic relations order,
  (g) a legal or personal representative of such Principal in the event
  of his death or 

   

  3

   

  Disability, (h) any other Principal
  with respect to transactions contemplated by this Agreement, (i) any
  other Principal who is then employed by Fortress or any of its
  Affiliates or any Permitted Transferee of such Principal in respect
  of any transaction not contemplated by this Agreement and (j) in the
  case of Mr. Novogratz, MN1 LLC, a Delaware limited liability
  company. For purpose of this definition: (i) “lineal
  descendants” shall not include individuals adopted after
  attaining the age of eighteen (18) years and such adopted
  Person’s descendants; (ii) “charitable institution”
  shall refer to an organization described in section 501(c)(3) of the
  Internal Revenue Code of 1986, as amended from time to time (or any
  corresponding provision of a future United State Internal Revenue
  law) which is exempt from income taxation under section 501(a)
  thereof; and (iii) “presumptive remaindermen” shall refer
  to those Persons entitled to a share of a trust’s assets if it
  were then to terminate. 

  “PERSON” means any
  individual, corporation, firm, partnership, joint venture, limited
  liability company, estate, trust, business association, organization,
  governmental entity or other entity.

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

  “PROCEEDING” shall have the
  meaning set forth in Section 3.8.

  “SELECTED COURTS” shall have
  the meaning set forth in Section 3.8.

  “SHAREHOLDERS AGREEMENT”
  shall mean the shareholders agreement by and among Fortress and the
  Principals, dated the date hereof.

  “SHARES” means,
  collectively, the outstanding Class A Shares and Class B Shares (as
  equitably adjusted to reflect any split, combination, reorganization,
  recapitalization, reclassification or other similar event involving
  the Class A Shares and/or Class B Shares).

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

  “TAX RECEIVABLE AGREEMENT”
  shall mean the tax receivable agreement, dated January 17, 2007,
  among FIG Corp, a Delaware corporation, FIG 

   

  4

   

  Asset Co. LLC, a Delaware limited
  liability company, Fortress Operating Entity I LP, a Delaware limited
  partnership, Fortress Operating Entity II LP, a Delaware limited
  partnership, Fortress Operating Entity III LP, a Delaware limited
  partnership and the Principals. 

  

  

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

ARTICLE II 

 

FORFEITURE

	
	 
		 
	 

  	
	 
		SECTION 2.1 FORFEITURE
	 

  

 

(a) In the event a Principal (the
“Forfeiting Principal”) voluntarily terminates his
employment with a Fortress Employer for any reason prior to the fifth
anniversary of the date (the “Consummation Date”) on which
the IPO is consummated, and such Principal has not resumed his
employment with Fortress or any of its Subsidiaries as of the
applicable Forfeiture Date, a portion of the FOG Units and
corresponding Class B Shares held by that Principal and his Permitted
Transferee(s) as of the Consummation Date (the “Initial Class B
Shares” and “Initial FOG Units,” respectively) and a
portion of all cash and/or securities into which such Initial Class B
Shares or Initial FOG Units are exchanged prior to the date on which
such forfeiture occurs (such cash and securities, together with the
Initial Class B Shares and Initial FOG Units, collectively, the
“Forfeitable Interests” of such Principal) shall, subject
to the provisions of Section 2.1(b), be forfeited as of the
applicable Forfeiture Date to the Principals (“Continuing
Principals”) who continue to be employed by a Fortress Employer
as of the applicable Forfeiture Date as follows:

(i) in the event such termination occurs
prior to the first anniversary of the Consummation Date, 82.5% of
such Principal’s Forfeitable Interests (and such percentage of
all distributions received with respect to such Forfeitable Interests
after the date such Principal voluntarily terminates his employment
with a Fortress Employer) shall be forfeited; 

 

5

 

(ii) in the event such termination
occurs after the first anniversary of the Consummation Date but prior
to the second anniversary of the Consummation Date, 66% of such
Principal’s Forfeitable Interests (and such percentage of all
distributions received with respect to such Forfeitable Interests
after the date such Principal voluntarily terminates his employment
with a Fortress Employer) shall be forfeited; 

(iii) in the event such termination
occurs after the second anniversary of the Consummation Date but
prior to the third anniversary of the Consummation Date, 49.5% of
such Principal’s Forfeitable Interests (and such percentage of
all distributions received with respect to such Forfeitable Interests
after the date such Principal voluntarily terminates his employment
with a Fortress Employer) shall be forfeited;

(iv) in the event such termination
occurs after the third anniversary of the Consummation Date but prior
to the fourth anniversary of the Consummation Date, 33% of such
Principal’s Forfeitable Interests (and such percentage of all
distributions received with respect to such Forfeitable Interests
after the date such Principal voluntarily terminates his employment
with a Fortress Employer) shall be forfeited; and

(v) in the event such termination occurs
after the fourth anniversary of the Consummation Date but prior to
the fifth anniversary of the Consummation Date, 16.5% of such
principal’s Forfeitable Interests (and such percentage of all
distributions received with respect to such Forfeitable Interests
after the date such Principal voluntarily terminates his employment
with a Fortress Employer) shall be forfeited.

Further, to the extent that a Principal
(or a Permitted Transferee) exchanges FOG Units and Class B Shares
for Class A Shares, and then forfeits such Class A Shares to other
Principals pursuant to this Section 2.1, such forfeiting Principal
(and Permitted Transferee, as applicable) shall also forfeit to such
other Principals his rights to receive payments under the Tax
Receivable Agreement with respect to the Exchange (as defined in the
Tax Receivable Agreement) which resulted in such Forfeiting
Principal’s (or Permitted Transferee’s) acquisition of such
forfeited Class A Shares. 

 

6

 

(b) To the extent that the amount of
Initial FOG Units and Initial Class B Shares held by a Principal and
his Permitted Transferee(s) decreases due to the exchange by the
Principal and his Permitted Transferee(s) of Initial FOG Units for
Class A Shares, at all times after such exchange the number of
Forfeitable Interests of such Principal shall be deemed to exclude
all Initial FOG Units and Initial Class B Shares cancelled due to
such exchange and shall be deemed to include all Class A Shares
received in such exchange. 

(c) Forfeitable Interests forfeited by a
Principal (including those forfeited by a Permitted Transferee)
pursuant to Section 2.1(a) shall be allocated among the Continuing
Principals based on their and their respective Permitted
Transferees’ collective pro rata ownership of all Forfeitable
Interests held by the Continuing Principals and their respective
Permitted Transferees as of the Forfeiture Date; provided, that
for purposes of the above allocation, each Principal shall
be deemed to hold all Forfeitable Interests that he or his Permitted
Transferee transfers to a Charitable Institution, even
if such Charitable Institution subsequently transfers such
Forfeitable Interests to any other Person.

(d) To the extent that a Continuing
Principal receives Forfeitable Interests of another Principal (or his
Permitted Transferee) pursuant to this Section 2.1, such Forfeitable
Interests, shall be deemed to be Forfeitable Interests of the
Principal receiving such Forfeitable Interests for all purposes of
this Agreement; provided the Principal receiving such Forfeitable
Interests shall be permitted to sell without regard to the transfer
restrictions set forth in the Shareholders Agreement such number of
Forfeitable Interests received by him as required to pay taxes
payable as a result of the receipt of such interests, calculated
based on the maximum combined U.S. federal, New York State and New
York City tax rate applicable to individuals (it being understood in
the case of each Continuing Principal who is not required to pay
taxes in the applicable fiscal quarter in which he receives such
Forfeitable Interests as a result of being in the federal income tax
“safe harbor” that no such sales shall occur prior to the
six month anniversary of the applicable termination date which gave
rise to the receipt of such Forfeitable Interests). 

(e) On the applicable Forfeiture Date,
or on such later date that is the first Business Day after such
Forfeiture Date, a Principal (and Permitted Transferee) that is
required to forfeit Forfeitable Interests pursuant to this Section
2.1 shall deliver (if applicable) the certificate or certificates
representing all such Forfeitable Interests to Fortress, together
with all distributions received with respect 

 

7

 

to such Forfeitable Interests as
required by this Section 2.1 (which may be delivered in the case of
cash by wire transfer to such account as Fortress may designate),
together with an assignment of rights to receive payments under the
Tax Receivable Agreement, in form and substance reasonably
satisfactory to Fortress, with respect to each Continuing Principal,
as contemplated by Section 2.1(a), together with all other
documentation reasonably requested by Fortress, and together with
instructions to Fortress to cause the cancellation of all such
Forfeitable Interests and to cause the issuance to each of the
Continuing Principals of all the Forfeitable Interests, and all of
the distributions received with respect to such Forfeitable Interests
that are required be forfeited pursuant to this Section 2.1, to which
such Continuing Principal is entitled pursuant to this Section
2.1.

(f) The transfer by a Principal of any
Forfeitable Interests to a Permitted Transferee or any other Person
will in no way effect any of such Principal’s obligations under
Section 2.1(a) and no failure of a Permitted Transferee to deliver
pursuant to Section 2.1(e) certificates representing Forfeitable
Interests that are forfeited (whether or not such Permitted
Transferee has signed a Joinder Agreement or not) shall release any
Principal of such obligations. A Principal may, in his
sole discretion, satisfy all or a portion of his
obligations under Section 2.1(a) by substituting, for any Class A
Share otherwise forfeitable pursuant to Section 2.1(a), an
amount of cash equal to the closing trading price, on the
Business Day immediately preceding the Forfeiture Date, of
a Class A Share on the securities exchange where the Class
A Shares then primarily trade. 

(g) The forfeiture requirements
contained in this Section 2.1 shall lapse with respect to a Principal
and his Permitted Transferees if (x) such Principal dies prior to the
date on which a Principal voluntarily terminates his employment with
a Fortress Employer or on which a Disability determination occurs
with respect to such Principal or (y) a Disability determination
occurs with respect to such Principal prior to the date that such
Principal voluntarily terminates his employment with a Fortress
Employer; provided, however, that if a Principal voluntarily
terminates his employment with a Fortress Employer prior to a
determination by the Board that such Principal suffers from a
Disability, and after such date the Board determines that such
Principal was Disabled on the date he terminated his employment with
a Fortress Employer, then the forfeiture requirements contained in
this Section 2.1 shall lapse with respect to a Principal and his
Permitted Transferees as of the date of such termination of
employment.

 

SECTION 2.2 PERMITTED TRANSFEREES. In connection with the
transfer of any Forfeitable Interests from a Principal to his
Permitted Transferee

 

 

8

or from a Permitted Transferee of a
Principal to another Permitted Transferee of a Principal, the
applicable Principal may require such Permitted Transferee who
acquires any Forfeitable Interests to execute a joinder agreement
(the “Joinder”) agreeing to be bound by Section 2.1 of this
Agreement, in a form substantially similar to the Form of Joinder
attached as Exhibit A hereto, and to deliver such Joinder to each
Principal who is then employed by a Fortress Employer. In the event a
Principal or Principals become entitled to receive Forfeitable
Interests pursuant to Section 2.1(a) (subject to the conditions and
time period set forth in Section 2.1), he or they shall deliver a
written notice in accordance with Section 3.1 to each Permitted
Transferee of such terminating Principal that has executed a Joinder
stating that the Permitted Transferee is required to forfeit
Forfeitable Interests pursuant to this Section 2.1. Upon the receipt
of such written notice, the Permitted Transferee shall take all steps
necessary to transfer the appropriate Forfeitable Interests as
required by Section 2.1.

ARTICLE III

 

MISCELLANEOUS

SECTION 3.1  NOTICES. All
notices, requests, consents and other communications hereunder to any
party shall be deemed to be sufficient if contained in a written
instrument delivered in person or sent by facsimile (provided a copy
is thereafter promptly delivered as provided in this Section 3.1) or
nationally recognized overnight courier, addressed to such party at
the address or facsimile number set forth below or such other address
or facsimile number as may hereafter be designated in writing by such
party to the other parties:

	

 

	

(a) if to any of the Principals, to:

 

	

 

	

the address and facsimile number set
forth in the records of Fortress

 

SECTION 3.2  INTERPRETATION.
The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of
this Agreement. Whenever the words “included”,
“includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words
“without limitation”.

 

9

 

SECTION 3.3 SEVERABILITY.
The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof. If any
provision of this Agreement, or the application thereof to any person
or entity or any circumstance, is found to be invalid or
unenforceable in any jurisdiction, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far
as may be valid and enforceable, the intent and purpose of such
invalid or unenforceable provision and (b) the remainder of this
Agreement and the application of such provision to other Persons or
circumstances shall not be affected by such invalidity or
unenforceability, nor shall such invalidity or unenforceability
affect the validity or enforceability of such provision, or the
application thereof, in any other jurisdiction.

SECTION 3.4
COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of
which shall, taken together, be considered one and the same
agreement, it being understood that both parties need not sign the
same counterpart.

SECTION 3.5 ENTIRE AGREEMENT; NO THIRD PARTY BENEFICIARIES. This
Agreement (a) constitutes the entire agreement and supersedes all
other prior agreements, both written and oral, among the parties with
respect to the subject matter hereof and (b) is not intended to
confer upon any Person, other than the parties hereto any rights or
remedies hereunder.

SECTION 3.6 FURTHER ASSURANCES. Each party shall execute, deliver,
acknowledge and file such other documents and take such further
actions as may be reasonably requested from time to time by the other
party hereto to give effect to and carry out the transactions
contemplated herein.

SECTION 3.7 GOVERNING LAW; EQUITABLE REMEDIES.

THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES
THEREOF). The parties hereto
agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed in accordance
with its specific terms or was otherwise breached. It is accordingly
agreed that the parties hereto shall be entitled to an injunction or
injunctions and other equitable remedies to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof
in any of the Selected Courts (as defined below), this being in
addition to any other remedy to which they are entitled at law or in
equity. Any 

 

10

 

requirements for the securing or posting
of any bond with respect to such remedy are hereby waived by each of
the parties hereto. Each party further agrees that, in the event of
any action for an injunction or other equitable remedy in respect of
such breach or enforcement of specific performance, it will not
assert the defense that a remedy at law would be adequate.

SECTION 3.8 CONSENT TO JURISDICTION. With respect to any suit, action
or proceeding (“Proceeding”) arising out of or relating to
this Agreement or any transaction contemplated hereby each of the
parties hereto hereby irrevocably (i) submits to the exclusive
jurisdiction of the United States District Court for the Southern
District of New York or the Court of Chancery located in the State of
Delaware, County of Newcastle (the “Selected Courts”) and
waives any objection to venue being laid in the Selected Courts
whether based on the grounds of forum non conveniens or otherwise and
hereby agrees not to commence any such Proceeding other than before
one of the Selected Courts;

provided, however, that a party may commence any Proceeding in
a court other than a Selected Court solely for the purpose of
enforcing an order or judgment issued by one of the Selected Courts;
(ii) consents to service of process in any Proceeding by the mailing
of copies thereof by registered or certified mail, postage prepaid,
or by recognized international express carrier or delivery service,
to the Principals at their respective addresses referred to in
Section 3.1 hereof; provided, however, that nothing herein shall affect the right
of any party hereto to serve process in any other manner permitted by
law; and (iii) TO THE EXTENT
NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND
COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE
OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING,
AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT
ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS
WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR
AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL
BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS
AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE
TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT
A JURY.

 

11

 

SECTION 3.9 AMENDMENTS; WAIVERS.

(a) The Agreement may be amended and the
terms and conditions of the Agreement may be changed or modified at
any time upon the approval of a majority of the Principals who then
constitute Continuing Principals.

(b) No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as
waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

SECTION 3.10 ASSIGNMENT. Neither this Agreement nor any of the rights
or obligations hereunder shall be assigned by any of the parties
hereto without the prior written consent of the other parties.
Subject to the preceding sentence, this Agreement will be binding
upon, inure to the benefit of and be enforceable by the parties and
their respective successors and assigns.

SECTION 3.11 STATUS. The Principals and any other Person who executes
a Joinder shall not be deemed to be members of a “group”
(as such term is defined in Section 13D of the Exchange Act), and
each Principal and each other Person who executes a Joinder shall not
be deemed to “beneficially own” (as such term is defined in
Section 13D of the Exchange Act) Shares owned by any other Principal
or any other Person who executes a Joinder, because of this Agreement
or any provision hereof.

 

12

 

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

	

 

	

 

	

 

	

 

	

	

 

	

 

	

	

 

	

 

	

 

	

PETER L. BRIGER, JR.

	

	

 

	

 

	

	

 

	

 

	

 

	

WESLEY R. EDENS

	

	

 

	

 

	

	

 

	

 

	

 

	

ROBERT I. KAUFFMAN

	

	

 

	

 

	

	

 

	

 

	

 

	

RANDAL A. NARDONE

	

	

 

	

 

	

	

 

	

 

	

 

	

MICHAEL E. NOVOGRATZ

 

 

 

EXHIBIT A

FORM OF JOINDER

This JOINDER (this “Joinder”) to the Agreement Among Principals,
dated as of     , 2007, by and among Peter
Briger, Jr., Wesley Edens, Robert Kauffman, Randal Nardone and
Michael Novogratz (the “Agreement Among Principals”) is
made as of             ,
         by
               
(“Permitted
Transferee”).

WHEREAS, on
            ,
Permitted Transferee acquired (the “Acquisition”)
            
Forfeitable Interests (as such term is defined in the Agreement Among
Principals) (such Forfeitable Interests, together with all other
Forfeitable Interests hereinafter acquired by Permitted Transferee
from Transferor and its Permitted Transferees (as defined in the
Agreement Among Principals), the “Acquired Interests”) from
             
(“Transferor”); and 

WHEREAS, Transferor, in connection with
the Acquisition, has required Permitted Transferee to execute and
deliver this Joinder. 

NOW, THEREFORE, in consideration of the
foregoing and the agreements contained herein, Permitted Transferee
hereby agrees as follows:

Section
1.1    Joinder. Permitted Transferee hereby acknowledges and
agrees to be bound by Sections 2.1(c), 2.1(e), 2.1(f), and 2.1(g) and
Article III of the Agreement Among Principals with respect to the
Acquired Interests, and any other Forfeitable Interests Permitted
Transferee acquires hereafter, and agrees and acknowledges that it
shall be treated as a “Principal” who is required to
forfeit Forfeitable Interests for purposes of such provisions.

Section
1.2    Notice. All notices, requests, consents and other
communications hereunder to Permitted Transferee shall be deemed to
be sufficient if contained in a written instrument delivered in
person or sent by facsimile (provided a copy is thereafter promptly
delivered as provided in this Section 1.2) or nationally recognized
overnight courier, addressed to Permitted Transferee at the address
or facsimile number set forth below or such other address or
facsimile number as may hereafter be designated in writing by
Permitted Transferee:

           

Section
1.3    Governing Law. THIS
JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF
LAWS PRINCIPLES THEREOF). 

IN WITNESS WHEREOF, this Joinder has
been duly executed and delivered by Permitted Transferee as of the
date first above written.

 

	

 

	

 

	

 

	

 

	

	

 

	

By:

	

	

 

	

 

	

NameFORTRESS
		INVESTMENT GROUP LLC

	 

	 2007
		OMNIBUS EQUITY INCENTIVE PLAN

	  

	 Section
		1.  Purpose
		of Plan.

	 

	 The name
		of this plan is the Fortress Investment Group LLC 2007 Omnibus Equity Incentive
		Plan. The Plan was adopted by the Board (as hereinafter defined) on February 1,
		2007 and approved by the shareholders of the Company (as hereinafter defined)
		on February 1, 2007, prior to the initial public offering of Company Shares.
		The purpose of the Plan is to provide additional incentive to selected
		employees, directors and Consultants (as hereinafter defined) of the Company,
		its Subsidiaries or Affiliates (as hereinafter defined) whose contributions are
		essential to the growth and success of the Company's business, in order to
		strengthen the commitment of such persons to the Company and its Subsidiaries
		and Affiliates, motivate such persons to faithfully and diligently perform
		their responsibilities and attract and retain competent and dedicated persons
		whose efforts shall result in the long-term growth and profitability of the
		Company. To accomplish such purposes, the Plan provides that the Company may
		(or may cause a Participating Subsidiary or Affiliate to) grant (a) Options,
		(b) Share Appreciation Rights, (c) awards of Restricted Shares, Deferred
		Shares, Performance Shares, unrestricted Shares or Other Share-Based Awards, or
		(d) any combination of the foregoing. Notwithstanding any provision of the
		Plan, to the extent that any Award would be subject to Section 409A of the
		Code, it is our intent that each such Award comply with the requirements set
		forth in Section 409A of the Code and any regulations or guidance promulgated
		thereunder.

	 

	 Section
		2.  Definitions.

	 

	 For
		purposes of the Plan, the following terms shall be defined as set forth
		below:

	 

	 (a)
		"Administrator" means
		the Board, or if and to the extent the Board does not administer the Plan, the
		Committee in accordance with Section 3 hereof.

	 

	 (b)
		“Affiliate”
		means, with respect to any Person, any other Person that directly or indirectly
		through one or more intermediaries controls, is controlled by or is under
		common control with the Person in question. As used herein, the term
		“Control”
		means the possession, direct or indirect, of the power to direct or cause the
		direction of the management and policies of a Person, whether through ownership
		of voting securities, by contract or otherwise.

	  

	 1

	  

	 

	 
	 

	 
	 

	 (c)
		"Award" means
		individually or collectively, any Option, Share Appreciation Right, Restricted
		Share, Deferred Share, Performance Share, unrestricted Share or Other
		Share-Based Award granted under the Plan.

	 

	 (d)
		"Award
		Agreement" means
		any written agreement, contract or other instrument or document evidencing an
		Award.

	 

	 (e)
		A
		"Beneficial
		Owner" of a
		security is a Person who directly or indirectly, through any contract,
		arrangement, understanding, relationship or otherwise has or shares: (i) voting
		power, which includes the power to vote, or to direct the voting of, such
		security and/or (ii) investment power, which includes the power to dispose, or
		to direct the disposition of, such security. The term "Beneficially
		Own" shall
		have a correlative meaning.

	 

	 (f)
		"Board" means
		the Board of Directors of the Company.

	 

	 (g)
		"Cause" means
		(i) the commission of an act of fraud or dishonesty by the Participant in the
		course of the Participant's employment; (ii) the indictment or entering of a
		plea of nolo contendere for a crime constituting a felony or in respect of any
		act of fraud or dishonesty; (iii) the commission of an act by the Participant
		which would make the Participant or the Company (including any of its
		Subsidiaries or Affiliates) subject to being enjoined, suspended, barred or
		otherwise disciplined for violation of federal or state securities laws, rules
		or regulations, including a statutory disqualification; (iv) gross negligence
		or willful misconduct in connection with the Participant's performance of his
		or her duties in connection with the Participant's employment by the Company
		(including any Subsidiary or Affiliate for whom the Participant may be employed
		on a full-time basis at the time) or the Participant's failure to comply with
		any of the restrictive covenants set forth herein; (v) the commission of any
		act that would result or which might reasonably be a substantial factor
		resulting in the termination of the Company (including any of its Subsidiaries
		or Affiliates) for cause under any of the Company’s (including any of its
		Subsidiaries' or Affiliates’) management, advisory or similar agreements;
		(vi) the Participant's willful failure to comply with any material policies or
		procedures of the Company as in effect from time to time provided that the
		Participant shall have been delivered a copy of such policies or notice that
		they have been posted on a Company website prior to such compliance failure,
		and (vii) the Participant's failure to perform the material duties in
		connection with the Participant's position, unless the Participant remedy such
		failure no later than 10 days following delivery to the Participant of a
		written notice from the Company (including any of its Subsidiaries or
		Affiliates) describing such failure in reasonable detail (provided that the
		Participant shall not be given more than one opportunity in the aggregate to
		remedy failures described in this clause (vii)).

	 

	 (h)
		"Change
		in Capitalization" means
		any (i) merger, consolidation, reclassification, recapitalization, spin-off,
		spin-out, repurchase or other 

	  

	 2

	  

	 

	 
	 

	 
	  

	 reorganization or corporate transaction or event,
		(ii) distribution (whether in the form of cash, Shares, or other property),
		share split or reverse share split, (iii) combination or exchange of shares,
		(iv) other change in structure or (v) declaration of a distribution, which the
		Administrator determines, in its sole discretion, affects the Shares such that
		an adjustment pursuant to Section 5 hereof is appropriate.

	  

	 (i)
		"Class
		A Shares" means
		the Class A Shares of the Company.

	 

	 (j)
		“Code”
		means the Internal Revenue Code of 1986, as amended and in effect from time to
		time. Any reference herein to a specific section or sections of the Code shall
		be deemed to include a reference to any corresponding provision of any
		successor law.

	 

	 (k)
		"Committee" means
		any committee or subcommittee the Board may appoint to administer the Plan.
		Subject to the discretion of the Board, the Committee shall be composed
		entirely of individuals who meet the qualifications of an "outside director"
		within the meaning of Section 162(m) of the Code, a "non-employee director"
		within the meaning of Rule 16b-3 under the Exchange Act and any other
		qualifications required by the applicable stock exchange on which the Shares
		are traded. If at any time or to any extent the Board shall not administer the
		Plan, then the functions of the Administrator specified in the Plan shall be
		exercised by the Committee. Except as otherwise provided in the LLC Agreement,
		as amended from time to time, any action of the Committee with respect to the
		administration of the Plan shall be taken by a majority vote at a meeting at
		which a quorum is duly constituted or unanimous written consent of the
		Committee’s members. 

	 

	 (l)
		"Company" means
		Fortress Investment Group LLC, a Delaware limited liability company, and any
		successors thereto.

	 

	 (m)
		"Consultant" means
		a consultant or advisor who is a natural person, engaged to render bona
		fide services
		to the Company or any Subsidiary.

	 

	 (n)
		"Deferred
		Shares" means
		the right to receive Shares at the end of a specified deferral period granted
		pursuant to Section 9 below.

	 

	 (o)
		"Disability" means
		that a Participant (i) as determined by the Administrator in its sole
		discretion, is unable to engage in any substantial gainful activity by reason
		of any medically determinable physical or mental impairment which can be
		expected to result in death or can be expected to last for a continuous period
		of not less than 12 months, or (ii) is, by reason of any medically determinable
		physical or mental impairment which can be expected to result in death or can
		be expected to last for a continuous period of not less than 12 months,
		receiving income replacement benefits for 

	  

	 3

	  

	 

	 
	 

	 
	  

	 a period of not less than 3 months under an
		accident and health plan covering employees of the Company or an Affiliate of
		the Company.

	 

	 (p)
		"Eligible
		Recipient" means
		an employee, director or Consultant of the Company, any Subsidiary or Affiliate
		who has been selected as an eligible participant by the
		Administrator.

	 

	 (q)
		“Exchange
		Act”
		means the Securities Exchange Act of 1934, as amended, supplemented or restated
		from time to time and any successor to such statute, and the rules and
		regulations promulgated thereunder.

	 

	 (r)
		"Exercise
		Price" means
		the per share price at which a holder of an award granted hereunder may
		purchase the Shares issuable upon exercise of such award.

	 

	 (s)
		"Fair
		Market Value" as of
		a particular date shall mean the fair market value as determined by the
		Administrator in its sole discretion; provided,
		however, (i) if
		the Share or other security is admitted to trading on a national securities
		exchange, the fair market value on any date shall be the closing sale price
		reported on such date, or (ii) if the Share or other security is then traded in
		an over-the-counter market, the fair market value on any date shall be the
		average of the closing bid and asked prices for such share in such
		over-the-counter market for the last preceding date on which there was a sale
		of such share in such market. 

	 

	 (t)
		“FOG”
		means the Fortress Operating Group.

	 

	 (u)
		"FOG
		Unit" means
		a unit in the Fortress Operating Group, which represents one equity interest in
		each of the entities that comprise the Fortress Operating Group.

	 

	 (v)
		“Fortress
		Operating Group”
		shall have the meaning assigned to it in the LLC Agreement.

	 

	 (w)
		"Initial
		Public Offering" shall
		mean the initial public offering of the Company.

	 

	 (x)
		“LLC
		Agreement”
		means the Amended and Restated Limited Liability Company Agreement of Fortress
		Investment Group LLC, as amended from time to time.

	 

	 (y)
		“LTIP
		Units”
		means awards issued with respect to a separate class of FOG Units, as more
		fully described in Section 10.

	  

	 4

	  

	 

	 
	 

	 
	 

	 (z)
		"Non-Employee
		Director" means
		a director of the Company who is (i) not an officer or employee of the Company
		or of any Subsidiary and (ii) otherwise meets the definition of a Non-Employee
		Director for purposes of Rule 16b-3 of the Exchange Act. 

	 

	 (aa)
		"Option" means
		an option to purchase Shares granted pursuant to Section 7 hereof.

	 

	 (bb)
		“Original
		Partners”
		means each of Peter L. Briger, Jr., Wesley R. Edens, Robert I. Kauffman, Randal
		A. Nardone and Michael E. Novogratz.

	 

	 (cc)
		"Other
		Share-Based Awards" means
		a right or other interest granted to a Participant under the Plan that may be
		denominated or payable in, valued in whole or in part by reference to, or
		otherwise based on or related to, Shares, including but not limited to
		restricted share units, distribution equivalent rights, LTIP Units or
		performance units, each of which may be subject to the attainment of
		Performance Goals or a period of continued employment or other terms or
		conditions as permitted under the Plan.

	 

	 (dd)
		"Participant" means
		(i) any Eligible Recipient selected by the Administrator, pursuant to the
		Administrator's authority in Section 3 below, to receive grants of Options,
		Share Appreciation Rights, awards of Restricted Shares, awards of unrestricted
		Shares, Deferred Shares, Performance Shares, Other Share-Based Awards or any
		combination of the foregoing, and upon his or her death, his or her successors,
		heirs, executors and administrators, as the case may be and (ii) any
		Non-Employee Director who is eligible to receive Shares pursuant to Section 11
		below. 

	  

	 (ee)
		"Participating
		Subsidiary or Affiliate" means
		any Subsidiary or Affiliate that has adopted the Plan. 

	  

	 (ff)
		"Performance
		Goals" means
		performance goals based on one or more of the following criteria: (i) earnings
		including operating income, earnings before or after taxes, earnings before or
		after interest, depreciation, amortization, or extraordinary or special items
		or book value per share (which may exclude nonrecurring items); (ii) pre-tax
		income or after-tax income; (iii) earnings per Share (basic or diluted); (iv)
		operating profit; (v) distributable earnings; (vi) revenue, revenue growth or
		rate of revenue growth; (vii) return on assets (gross or net), return on
		investment, return on capital, or return on equity; (vii) returns on sales or
		revenues; (ix) operating expenses; (x) share price appreciation; (xi) cash
		flow, free cash flow, cash flow return on investment (discounted or otherwise),
		net cash provided by operations, or cash flow in excess of cost of capital;
		(xii) implementation or completion of critical projects or processes; (xiii)
		economic value created; (xiv) cumulative earnings per share growth; (xv)
		operating margin or profit margin; (xvi) Share price or total shareholder
		return; (xvii) cost targets, reductions and savings, productivity and
		efficiencies; (xviii) strategic business criteria, consisting of one or more
		objectives based on meeting specified market penetration, geographic business
		expansion, investor satisfaction, employee satisfaction, human 

	  

	 5

	  

	 

	 
	 

	 
	  

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

	 

	 (gg)
		"Performance
		Shares" means
		Shares that are subject to restrictions based upon the attainment of specified
		performance objectives granted pursuant to Section 9 below.

	 

	 (hh)
		“Person”
		means any individual, corporation, firm, partnership, joint venture, limited
		liability company, estate, trust, business association, organization,
		Governmental Entity or other entity.

	 

	 (ii)
		“Plan”
		means this Fortress Investment Group LLC 2007 Omnibus Equity Incentive
		Plan.

	 

	 (jj)
		"Restricted
		Shares" means
		Shares subject to certain restrictions granted pursuant to Section 9
		below.

	 

	 (kk)
		"Retirement" means
		a termination of a Participant's employment, other than for Cause, on or after
		attainment of age 65.

	  

	 6

	  

	 

	 
	 

	 
	  

	 (ll)
		"Shares" means
		the Company’s Class A Shares (as specified in the applicable Award
		Agreement) reserved for issuance under the Plan, as adjusted pursuant to the
		Plan, and any successor (pursuant to a merger, consolidation or other
		reorganization) security.

	 

	 (mm)
		"Share
		Appreciation Right" means
		the right pursuant to an award granted under Section 8 below to receive an
		amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as
		of the date such Share Appreciation Right or portion thereof is surrendered, of
		the Shares covered by such right or such portion thereof, over (ii) the
		aggregate Exercise Price of such right or such portion thereof.

	 

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

	 

	 Section
		3.  Administration.

	 

	 (a)
		The Plan
		shall be administered by the Administrator and shall be administered in
		accordance with the requirements of Section 162(m) of the Code (but only to the
		extent necessary and desirable to maintain qualification of awards under the
		Plan under Section 162(m) of the Code) and, to the extent applicable, Rule
		16b-3 under the Exchange Act ("Rule
		16b-3").
		

	 

	 (b)
		Pursuant
		to the terms of the Plan, the Administrator, subject, in the case of any
		Committee, to any restrictions on the authority delegated to it by the Board,
		shall have the power and authority, without limitation:

	 

	 (1)
		to
		select those Eligible Recipients who shall be Participants;

	 

	 (2)
		to
		determine whether and to what extent Options, Share Appreciation Rights, awards
		of Restricted Shares, Deferred Shares, Performance Shares, Other Share-Based
		Awards or a combination of any of the foregoing, are to be granted hereunder to
		Participants;

	 

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

	 

	 (4)
		to
		determine the terms and conditions, not inconsistent with the terms of the
		Plan, which shall govern all written instruments evidencing Options, Share
		Appreciation Rights, awards of Restricted Shares, Deferred Shares, Performance
		Shares, Other Share-Based Awards or any combination of the foregoing
		

	  

	 7

	  

	 

	 
	 

	 
	  

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

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

	 

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

	 

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

	 

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

	 

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

	 

	 (10)
		determine
		at any time whether, to what extent and under what circumstances and method or
		methods Awards may be settled by the Company, or any Participating Subsidiary
		or Affiliate. In the event of such determination, references to the Company
		shall be deemed to be references to the applicable Participating Subsidiary or
		Affiliate for purposes of the Plan as appropriate.

	 

	 (c)
		Notwithstanding
		paragraph (b) of this Section 3, (i) the automatic, nondiscretionary grants of
		Shares shall be made to Non-Employee Directors pursuant to and in accordance
		with the terms of Section 11 below and (ii) neither the Board, the Committee
		nor their respective delegates shall have the authority to reprice (or cancel
		and regrant) any Option or, if applicable, other Award at a lower exercise,
		base or purchase price without first obtaining the approval of the Company's
		shareholders.

	  

	 8

	  

	 

	 
	 

	 
	 

	 (d)
		All
		decisions made by the Administrator pursuant to the provisions of the Plan
		shall be final, conclusive and binding on all persons, including the Company
		and the Participants. No member of the Board or the Committee, nor any officer
		or employee of the Company or any Subsidiary or Affiliate acting on behalf of
		the Board or the Committee, shall be personally liable for any action,
		omission, determination, or interpretation taken or made in good faith with
		respect to the Plan, and all members of the Board or the Committee and each and
		any officer or employee of the Company and of any Subsidiary or Affiliate
		acting on their behalf shall, to the maximum extent permitted by law, be fully
		indemnified and protected by the Company in respect of any such action,
		omission, determination or interpretation.

	 

	 Section
		4.  Shares
		Reserved for Issuance Under the Plan.

	 

	 (a) Subject
		to Section 5 hereof, the maximum number of Shares that may be delivered
		pursuant to Awards granted under the Plan (the "Share Limit") shall be
		115,000,000 subject to adjustment as provided herein, as increased on the first
		day of each fiscal year beginning in calendar year 2008 by a number of Class A
		Shares equal to the lesser of (x) the excess of (i) 15% of the number of
		outstanding Class A and Class B shares of the Company on the last day of the
		immediately preceding fiscal year over (ii) the number of Shares reserved and
		available for issuance under the Plan as of such date or (y) 60,000,000 Shares.
		From and after such time as the Plan is subject to Code Section 162(m), the
		aggregate Awards granted during any fiscal year to any single individual who is
		likely to be a "covered employee" as defined under Code Section 162(m) shall
		not exceed (i) 10,000,000 shares subject to Options or Share Appreciation
		Rights or (ii) 10,000,000 shares subject to Restricted Shares, Deferred Shares,
		Performance Shares, unrestricted Shares or Other Share-Based Awards.
		Determinations made in respect of the limitation set forth in the preceding
		sentence shall be made in a manner consistent with Section 162(m) of the Code.
		

	 

	 (b) Shares
		issued under the Plan may, in whole or in part, be authorized but unissued
		Shares or Shares that shall have been or may be reacquired by the Company or an
		Affiliate or Subsidiary in the open market, in private transactions or
		otherwise. If any Shares subject to an Award are forfeited, cancelled,
		exchanged or surrendered or if an Award otherwise terminates or expires without
		a distribution of shares to the Participant, the Shares with respect to such
		Award shall, to the extent of any such forfeiture, cancellation, exchange,
		surrender, termination or expiration, again be available for Awards under the
		Plan. 

	 

	 Section
		5.  Equitable
		Adjustments.

	  

	 In the
		event of any Change in Capitalization, an equitable substitution or
		proportionate adjustment shall be made, in each case, in the manner to be
		determined by the Administrator, in its sole discretion, in (i) the aggregate
		number of Shares reserved  

	  

	 9

	  

	 

	 
	 

	 
	  

	 for
		issuance under the Plan and the maximum number of Shares that may be subject to
		Awards granted to any Participant in any calendar or fiscal year, (ii) the
		kind, number and Exercise Price subject to outstanding Options and Share
		Appreciation Rights granted under the Plan, and (iii) the kind, number and
		purchase price of Shares subject to outstanding awards of Restricted Shares,
		Deferred Shares, Performance Shares, unrestricted shares or Other Share-Based
		Awards granted under the Plan, provided, however, that any fractional shares
		resulting from the adjustment shall be eliminated. Equitable substitutions or
		adjustments shall also be made if the Administrator determines in its sole
		discretion that such adjustment is necessary in order to avoid an adverse
		impact on the value of any outstanding award granted hereunder. Without
		limiting the generality of the foregoing, in connection with a Change in
		Capitalization, the Administrator shall take such action as is necessary to
		adjust the outstanding awards to reflect the Change in Capitalization,
		including, but not limited to, the cancellation of any outstanding award
		granted hereunder in exchange for payment in cash or other property of the
		aggregate Fair Market Value of the Shares covered by such award, reduced by the
		aggregate Exercise Price or purchase price thereof, if any. Notwithstanding the
		foregoing, no such adjustment shall cause any Award hereunder that is or
		becomes subject to Section 409A of the Code to fail to comply with the
		requirements of such section. The Administrator’s determinations pursuant
		to this Section 5 shall be final, binding and conclusive.

	  

	 Section
		6.  Eligibility.

	 

	 Except
		as set forth in Section 11 below, the Participants under the Plan shall be
		selected from time to time by the Administrator, in its sole discretion, from
		among Eligible Recipients. Notwithstanding the foregoing, Non-Employee
		Directors shall be eligible for awards other than those set forth in Section
		11, as determined by the Administrator from time to time. 

	 

	 Section
		7.  Options.

	 

	 (a)
		General. Each
		Participant who is granted an Option shall enter into an Award Agreement with
		the Company, containing such terms and conditions as the Administrator shall
		determine, in its discretion, which Award Agreement shall set forth, among
		other things, the Exercise Price of the Option, the term of the Option and
		provisions regarding exercisability of the Option granted thereunder. The
		provisions of each Option need not be the same with respect to each
		Participant. More than one Option may be granted to the same Participant and be
		outstanding concurrently hereunder. Options granted under the Plan shall be
		subject to the terms and conditions set forth in this Section 7 and shall
		contain such additional terms and conditions, not inconsistent with the terms
		of the Plan, as the Administrator shall deem desirable and set forth in the
		applicable Award Agreement.

	 

	 (b)
		Exercise
		Price. The
		Exercise Price of Shares purchasable under an Option shall be determined by the
		Administrator in its sole discretion at the time 

	  

	 10

	  

	 

	 
	 

	 
	  

	 of
		grant, provided that the Exercise Price of any Option intended to qualify as
		performance-based compensation under Section 162(m) of the Code shall not be
		less than 100% of the Fair Market Value of the Shares on the date of
		grant.

	  

	 (c)
		Option
		Term. The
		maximum term of each Option shall be fixed by the Administrator, but no Option
		shall be exercisable more than ten years after the date such Option is granted.
		Each Option's term is subject to earlier expiration pursuant to the applicable
		provisions in the Plan and the Award Agreement. Notwithstanding the foregoing,
		the Administrator shall have the authority to accelerate the exercisability of
		any outstanding Option at such time and under such circumstances as it, in its
		sole discretion, deems appropriate.

	 

	 (d)
		Exercisability. Each
		Option shall be exercisable at such time or times and subject to such terms and
		conditions, including the attainment of preestablished corporate performance
		goals, as shall be determined by the Administrator in the applicable Award
		Agreement. The Administrator may also provide that any Option shall be
		exercisable only in installments, and the Administrator may waive such
		installment exercise provisions at any time, in whole or in part, based on such
		factors as the Administrator may determine in its sole discretion.
		Notwithstanding anything to the contrary contained herein, an Option may not be
		exercised for a fraction of a share.

	 

	 (e)
		Method
		of Exercise.
		Options may be exercised in whole or in part by giving written notice of
		exercise to the Company specifying the number of Shares to be purchased,
		accompanied by payment in full of the aggregate Exercise Price of the Shares so
		purchased in cash or its equivalent, as determined by the Administrator. As
		determined by the Administrator, in its sole discretion, with respect to any
		Option or category of Options, payment in whole or in part may also be made (i)
		by means of consideration received under any cashless exercise procedure
		approved by the Administrator (including the withholding of Shares otherwise
		issuable upon exercise), (ii) in the form of unrestricted Shares already owned
		by the Participant which, (x) in the case of unrestricted Shares acquired upon
		exercise of an Option, have been owned by the Participant for more than six
		months on the date of surrender, and (y) have a Fair Market Value on the date
		of surrender equal to the aggregate option price of the Shares as to which such
		Option shall be exercised, (iii) any other form of consideration approved by
		the Administrator and permitted by applicable law or (iv) any combination of
		the foregoing.

	 

	 (f)
		Rights
		as Shareholder. A
		Participant shall have no rights to distributions or any other rights of a
		shareholder with respect to the Shares subject to an Option until the
		Participant has given written notice of exercise, has paid in full for such
		Shares, has satisfied the requirements of Section 15 hereof and, if requested,
		has given the representation described in paragraph (b) of Section 16
		hereof.

	  

	 11

	  

	 

	 
	 

	 
	 

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

	 

	 (h)
		Termination
		of Employment or Service.

	 

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

	 

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

	  

	 12

	  

	 

	 
	 

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

	 

	 (i)
		Other
		Change in Employment Status. An
		Option shall be affected, both with regard to vesting schedule and termination,
		by leaves of absence, changes from full-time to part-time employment, partial
		disability or other changes in the employment status of an Participant, in the
		discretion of the Administrator. The Administrator shall follow any applicable
		written policies of the Company (if any), including such rules, guidelines and
		practices as may be adopted pursuant to Section 3 hereof, as they may be in
		effect from time to time, with regard to such matters. 

	 

	 Section
		8.  Share
		Appreciation Rights.

	 

	 (a)
		General. Share
		Appreciation Rights may be granted either alone ("Free
		Standing Rights") or in
		conjunction with all or part of any other Award granted under the Plan
		("Related
		Rights"),
		provided that, in each case, the Shares underlying the Shares Appreciation
		Right is traded on an "established securities market" within the meaning of
		Section 409A of the Code. Related Rights may be granted either at or after the
		time of the grant of such Award. The Administrator shall determine the Eligible
		Recipients to whom, and the time or times at which, grants of Share
		Appreciation Rights shall be made; the number of Shares to be awarded, the
		price per share, and all other conditions of Share Appreciation Rights.
		Notwithstanding the foregoing, no Related Right may be granted for more shares
		than are subject to the Award to which it relates and any Share Appreciation
		Right must be granted with an Exercise Price not less than the Fair Market
		Value of Shares on the date of grant. The provisions of Share Appreciation
		Rights need not be the same with respect to each Participant. Share
		Appreciation Rights granted under the Plan shall be subject to the following
		terms and conditions set forth in this Section 8 and shall contain such
		additional terms and conditions, not inconsistent with the terms of the Plan,
		as the Administrator shall deem desirable, as set forth in the applicable Award
		Agreement.

	 

	 (b)
		Awards. The
		prospective recipient of a Share Appreciation Right shall not have any rights
		with respect to such Award, unless and until such recipient has executed an
		Award Agreement and delivered a fully executed copy thereof to the Company,
		within a period of sixty days (or such other period as the Administrator may
		specify) after the award date. Participants who are granted Share Appreciation
		Rights shall have no rights as shareholders of the Company with respect to the
		grant or exercise of such rights. 

	 

	 (c)
		Exercisability.

	  

	 (1)
		Share
		Appreciation Rights that are Free Standing Rights ("Free
		Standing Share Appreciation Rights") shall
		be exercisable at such time or  

	  

	 13

	  

	 

	 
	 

	 
	  

	 times
		and subject to such terms and conditions as shall be determined by the
		Administrator at or after grant.

	 

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

	 

	 (d)
		Payment
		Upon Exercise.

	 

	 (1)
		Upon the
		exercise of a Free Standing Share Appreciation Right, the Participant shall be
		entitled to receive up to, but not more than, that number of Shares equal in
		value to the excess of the Fair Market Value of a Share as of the date of
		exercise over the price per share specified in the Free Standing Share
		Appreciation Right (which price shall be no less than 100% of the Fair Market
		Value of such Share on the date of grant) multiplied by the number of Shares in
		respect of which the Free Standing Share Appreciation Right is being exercised,
		with the Administrator having the right to determine the form of
		payment.

	 

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

	  

	 (3)
		Notwithstanding
		the foregoing, the Administrator may determine to settle the exercise of a
		Share Appreciation Right in cash (or in any combination of Shares and cash) to
		the extent that such settlement does not violate Section 409A of the
		Code.

	 

	 (e)
		Non-Transferability.

	 

	 (1)
		Free
		Standing Share Appreciation Rights shall be transferable only when and to the
		extent that an Award would be transferable under Section 7 of the
		Plan.

	  

	 14

	  

	 

	 
	 

	 
	 

	 (2)
		Related
		Share Appreciation Rights shall be transferable only when and to the extent
		that the underlying Award would be transferable under Section 7 of the
		Plan.

	 

	 (f)
		Termination
		of Employment or Service.

	 

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

	 

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

	 

	 (g)
		Term.

	 

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

	 

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

	 

	 Section
		9.  Restricted
		Shares, Deferred Shares and Performance Shares.

	 

	 (a)
		General. Awards
		of Restricted Shares, Deferred Shares or Performance Shares may be issued
		either alone or in addition to other Awards granted under the Plan. The
		Administrator shall determine the Eligible Recipients to whom, and the time or
		times at which, awards of Restricted Shares, Deferred Shares or Performance
		Shares shall be made; the number of Shares to be awarded; the price, if any, to
		be paid by the Participant for the acquisition of Restricted Shares, Deferred
		Shares or Performance Shares; the Restricted Period (as defined in paragraph
		(c) of this Section 9), if any, applicable to awards of Restricted Shares or
		Deferred Shares; the performance objectives applicable to awards of Restricted
		Shares, Deferred Shares or Performance Shares; and all other conditions of the
		awards of Restricted Shares, Deferred Shares and Performance Shares. The
		Administrator may also condition the grant of the award of Restricted Shares,
		Deferred Shares or Performance Shares upon the exercise of Options, or upon
		such other criteria as the Administrator may determine, in its sole discretion.
		If the restrictions, performance objectives and/or conditions established by
		the Administrator  

	  

	 15

	  

	 

	 
	 

	 
	  

	 are not
		attained, a Participant shall forfeit his or her shares of Restricted Shares,
		Deferred Shares or Performance Shares. The provisions of the awards of
		Restricted Shares, Deferred Shares or Performance Shares need not be the same
		with respect to each Participant.

	 

	 (b)
		Awards
		and Certificates. The
		prospective recipient of awards of Restricted Shares, Deferred Shares or
		Performance Shares shall not have any rights with respect to any such award,
		unless and until such recipient has executed an Award Agreement and delivered a
		fully executed copy thereof to the Company, within a period of sixty days (or
		such other period as the Administrator may specify) after the award date.
		Except as otherwise provided below in this Section 9, (i) each Participant who
		is granted an award of Restricted Shares or Performance Shares shall be issued
		a share certificate in respect of such shares of Restricted Shares or
		Performance Shares (or such other appropriate evidence of ownership as
		determined by the Administrator); and (ii) such certificate (or other evidence
		of ownership) shall be registered in the name of the Participant, and, if
		appropriate, shall bear a legend referring to the terms, conditions, and
		restrictions applicable to any such award.

	 

	 The
		Company may require that the share certificates evidencing Restricted Shares or
		Performance Shares granted hereunder be held in the custody of the Company
		until the restrictions thereon shall have lapsed, and that, as a condition of
		any award of Restricted Shares or Performance Shares, the Participant shall
		have delivered a power of attorney, endorsed in blank, relating to the Shares
		covered by such award.

	  

	 With
		respect to awards of Deferred Shares, at the expiration of the Restricted
		Period, share certificates in respect of such shares of Deferred Shares shall
		be delivered to the Participant, or his legal representative, in a number equal
		to the number of Shares covered by the Deferred Shares award.

	  

	 (c)
		Restrictions
		and Conditions. The
		awards of Restricted Shares, Deferred Shares and Performance Shares granted
		pursuant to this Section 9 shall be subject to the following restrictions and
		conditions and any additional restrictions or conditions as determined by the
		Administrator at the time of grant or thereafter:

	 

	 (1)
		Subject
		to the provisions of the Plan and the Restricted Shares Award Agreement,
		Deferred Shares Award Agreement or Performance Shares Award Agreement, as
		appropriate, governing any such award, during such period as may be set by the
		Administrator commencing on the date of grant (the "Restricted
		Period"), the
		Participant shall not be permitted to sell, transfer, pledge or assign shares
		of Restricted Shares, Deferred Shares or Performance Shares awarded under the
		Plan; provided,
		however, that
		the Administrator may, in its sole discretion, provide for the lapse of such
		restrictions in installments and may accelerate or waive such restrictions in
		whole or in part based on such factors and such circumstances as the
		Administrator may determine, in its sole discretion, including, but not limited
		to, the attainment of certain performance related goals, the Participant's
		termination of 

	  

	 16

	  

	 

	 
	 

	 
	  

	 employment
		or service as a director or Consultant to the Company or any Subsidiary or
		Affiliate, the Participant's death or Disability. Notwithstanding the
		foregoing, upon a Change in Control, the outstanding Awards shall be subject to
		Section 12 hereof.

	 

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

	 

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

	 

	 Section
		10.  Other
		Share-Based Awards.

	 

	 (a)
		The
		Administrator is authorized to grant Awards to Participants in the form of
		Other Share-Based Awards, as deemed by the Administrator to be consistent with
		the purposes of the Plan and as evidenced by an Award Agreement, including, but
		not limited to, awards of LTIP Units, awards of restricted share units and
		awards that are valued in whole or in part by reference to Class A Shares,
		including awards valued by reference to book value, fair value or performance
		of a subsidiary, partner interests or FOG Units, including distribution
		equivalent rights and performance units. Other Share-Based Awards may be
		granted as free-standing awards or in tandem with other Awards under the Plan.
		The Administrator shall determine the terms and conditions of such Awards,
		consistent with the terms of the Plan, at the date of grant or thereafter,
		including any Performance Goals and performance periods. Shares or other
		securities or property delivered pursuant to an Award in the nature of a
		purchase right granted under this Section 10 shall be purchased for such
		consideration, paid for at such times, by such methods, and in such forms,
		including, without limitation, Shares, other Awards, notes or other property,
		as the Administrator shall determine, subject to any required corporate action.
		The Administrator may, in its sole discretion, settle such Other Share-Based
		Awards for cash or other property as appropriate.

	  

	 (b)
		 LTIP
		Units may be granted as free-standing awards or in tandem with other Awards
		under the Plan, and may be valued by reference to the 

	  

	 17

	  

	 

	 
	 

	 
	  

	 
		(Company’s
		Class A Shares, and will be subject to such other conditions and restrictions
		as the Administrator, in its sole and absolute discretion, may determine,
		including, but not limited to, continued employment or service, computation of
		financial metrics and/or achievement of pre-established performance goals and
		objectives. LTIP Unit awards, whether vested or unvested, may entitle the
		participant to receive, currently or on a deferred or contingent basis,
		distributions or distribution equivalent payments with respect to the number
		Class A Shares corresponding to the LTIP Unit or other distributions from FOG
		and the Administrator may provide in the applicable Award Agreement that such
		amounts (if any) shall be deemed to have been reinvested in additional Class A
		Shares or LTIP Units. The LTIP Units granted under the Plan, subject to such
		terms and conditions as may be determined by the Administrator in its sole and
		absolute discretion, including, but not limited to the conversion ratio, may be
		exchanged for Class A shares in accordance with the terms of the LLC Agreement.
		LTIP units may be structured as ‘‘profits interests,’’
		"capital interests" or other types of interests for federal income tax
		purposes. The Administrator has the authority to determine the number of shares
		underlying an award of LTIP Units in light of all applicable circumstances,
		including performance-based vesting conditions, operating partnership
		“capital account allocations,” to the extent set forth in the
		partnership agreements for Fortress Operating Group, the Code, or value
		accretion factors and conversion ratios.

	 

	 (c)
		To the
		extent that the Plan is subject to Section 162(m) of the Code, no payment shall
		be made to a "covered employee" (within the meaning of Section 162(m) of the
		Code) prior to the certification by the Committee that the Performance Goals
		have been attained. The Committee may establish such other rules applicable to
		the Other Share-Based Awards, provided, however, that in the event that the
		Plan is subject to Section 162(m) of the Code, such rules shall be in
		compliance with Section 162(m) of the Code. 

	 

	 Section
		11.  Non-Employee
		Director Grants. 

	 

	 (a)
		Annual
		Grant. Except
		as otherwise provided by the Administrator, on the first business day after the
		annual shareholders' meeting of the Company and each annual shareholders'
		meeting thereafter during the term of the Plan (beginning with the annual
		shareholders' meeting in 2010), each Non-Employee Director shall be granted
		that number of Class A Shares, the aggregate Fair Market Value of which shall
		equal the portion of the Non-Employee Directors’ compensation that is
		determined by the Compensation Committee of the Board in that year to be
		awarded in Shares on the date of grant (the "Non-Employee Director Shares").
		The Non-Employee Director Shares shall be fully vested as of the date of grant.
		

	 

	 (b)
		Share
		Availability. In the
		event that the number of Shares available for grant under the Plan is not
		sufficient to accommodate the awards of Non-Employee Director Shares, the
		remaining Shares available for such automatic awards shall be granted to each
		Non-Employee Director who is to receive such an award on a 

	  

	 18

	  

	 

	 
	 

	 
	  

	 pro-rata
		basis. No further grants shall be made until such time, if any, as additional
		Shares become available for grant under the Plan.

	 

	 Section
		12.  Intentionally
		Deleted.

	 

	 Section
		13.  Amendment
		and Termination.

	 

	 The
		Board may amend, alter or terminate the Plan, but no amendment, alteration, or
		termination shall be made that would impair the rights of a Participant under
		any Award theretofore granted without such Participant's consent. Unless the
		Board determines otherwise, the Board shall obtain approval of the Company's
		shareholders for any amendment that would require such approval in order to
		satisfy the requirements of sections 162(m) of the Code, any rules of the stock
		exchange on which the Shares are traded or other applicable law. If any Award
		is subject to Section 409A of the Code and fails to comply with the
		requirements of Section 409A of the Code, the Administrator reserves the right
		to (but is not obligated to) amend, modify or supplement such Award in order to
		cause it to either not be subject to Section 409A of the Code or to comply with
		the applicable provisions of Section 409A of the Code. The Administrator may
		amend the terms of any Award theretofore granted, prospectively or
		retroactively, but, subject to Section 5 of the Plan, no such amendment shall
		impair the rights of any Participant without his or her consent. 

	 

	 Section
		14.  Unfunded
		Status of Plan.

	 

	 The Plan
		is intended to constitute an "unfunded" plan for incentive compensation. With
		respect to any payments not yet made to a Participant by the Company, nothing
		contained herein shall give any such Participant any rights that are greater
		than those of a general creditor of the Company.

	 

	 Section
		15.  Withholding
		Taxes.

	 

	 Each
		Participant shall, no later than the date as of which the value of an Award
		first becomes includible in the gross income of the Participant for federal
		and/or state income tax purposes, pay to the Company, or make arrangements
		satisfactory to the Administrator regarding payment of, any federal, state, or
		local taxes of any kind required by law to be withheld with respect to the
		Award. The obligations of the Company under the Plan shall be conditional on
		the making of such payments or arrangements, and the Company shall, to the
		extent permitted by law, have the right to deduct any such taxes from any
		payment of any kind otherwise due to the Participant. Whenever cash is to be
		paid pursuant to an award granted hereunder, the Company shall have the right
		to deduct therefrom an amount sufficient to satisfy any federal, state and
		local withholding tax requirements related thereto. Whenever Shares are to be
		delivered pursuant to an award, the Company shall have the right to require the
		Participant to remit to the Company in cash an amount sufficient to satisfy any
		federal, state and local withholding tax 

	  

	 19

	  

	 

	 
	 

	 
	  

	 requirements
		related thereto. With the approval of the Administrator, a Participant may
		satisfy the foregoing requirement by electing to have the Company withhold from
		delivery of Shares or by delivering already owned unrestricted Shares, in each
		case, having a value equal to the minimum amount of tax required to be
		withheld. Such shares shall be valued at their Fair Market Value on the date of
		which the amount of tax to be withheld is determined. Fractional share amounts
		shall be settled in cash. Such an election may be made with respect to all or
		any portion of the Shares to be delivered pursuant to an award. The Company may
		also use any other method of obtaining the necessary payment or proceeds, as
		permitted by law, to satisfy its withholding obligation with respect to any
		Option or other Award. 

	 

	 Section
		16.  General
		Provisions.

	 

	 (a)
		Shares
		shall not be issued pursuant to the exercise of any Award granted hereunder
		unless the exercise of such Award and the issuance and delivery of such Shares
		pursuant thereto shall comply with all relevant provisions of law, including,
		without limitation, the Securities Act of 1933, as amended, the Exchange Act
		and the requirements of any stock exchange upon which the Shares may then be
		listed, and shall be further subject to the approval of counsel for the Company
		with respect to such compliance. 

	 

	 (b)
		The
		Administrator may require each person acquiring Shares to represent to and
		agree with the Company in writing that such person is acquiring the Shares
		without a view to distribution thereof. The certificates for such Shares may
		include any legend that the Administrator deems appropriate to reflect any
		restrictions on transfer which the Administrator determines, in its sole
		discretion, arise under applicable securities laws or are otherwise
		applicable.

	 

	 (c)
		All
		certificates for Shares delivered under the Plan shall be subject to such
		stop-transfer orders and other restrictions as the Administrator may deem
		advisable under the rules, regulations, and other requirements of the
		Securities and Exchange Commission, any stock exchange upon which the Shares
		may then be listed, and any applicable federal or state securities law, and the
		Administrator may cause a legend or legends to be placed on any such
		certificates to make appropriate reference to such restrictions.

	 

	 (d)
		The
		Administrator may require a Participant receiving Shares pursuant to the Plan,
		as a condition precedent to receipt of such Shares, to enter into a shareholder
		agreement or "lock-up" agreement in such form as the Committee shall determine
		is necessary or desirable to further the Company's interests.

	 

	 (e)
		The
		adoption of the Plan shall not confer upon any Eligible Recipient any right to
		continued employment or service with the Company or any Subsidiary, as the case
		may be, nor shall it interfere in any way with the right of the 

	  

	 20

	  

	 

	 
	 

	 
	  

	 Company
		or any Subsidiary to terminate the employment or service of any of its Eligible
		Recipients at any time.

	 

	 Section
		17.  Effective
		Date.

	 

	 The Plan
		became effective upon adoption by the Board on February 1, 2007 (the "Effective
		Date"), and approval by shareholders of the Company on February 1,
		2007.

	 

	 Section
		18.  Term
		of Plan.

	 

	 No award
		shall be granted pursuant to the Plan on or after the tenth anniversary of the
		Effective Date, but awards theretofore granted may extend beyond that
		date.

	  

	 21

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