Document:

Agreement Among Principals, dated as of July 13, 2007

 Exhibit 10.9 
 AGREEMENT AMONG PRINCIPALS 
 dated as of 
 July 13, 2007 
 among 
 LEON D. BLACK, 
 MARC J. ROWAN, 
 JOSHUA J. HARRIS, 
 BLACK FAMILY PARTNERS, L.P., 
 MJR FOUNDATION LLC, 
 AP PROFESSIONAL
HOLDINGS, L.P., 
 and 
 BRH
HOLDINGS, L.P. 

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	ARTICLE I         DEFINITIONS	  	1
			
	 SECTION 1.1
	  	DEFINITIONS	  	1
			
	 SECTION 1.2
	  	GENDER	  	10
		
	ARTICLE II         OWNERSHIP	  	10
			
	 SECTION 2.1
	  	OWNERSHIP	  	10
			
	 SECTION 2.2
	  	SHARING PERCENTAGE ADJUSTMENTS	  	12
			
	 SECTION 2.3
	  	HERITAGE POINTS PERCENTAGE ADJUSTMENTS	  	12
			
	 SECTION 2.4
	  	TRANSFERS; REGISTRATION RIGHTS	  	13
			
	 SECTION 2.5
	  	EXCLUDED ASSETS	  	15
			
	 SECTION 2.6
	  	ALLOCATION OF ADJUSTMENTS	  	15
			
	 SECTION 2.7
	  	DISTRIBUTION ACCOUNTS	  	16
			
	 SECTION 2.8
	  	DISTRIBUTIONS	  	17
		
	ARTICLE III         EMPLOYMENT	  	18
			
	 SECTION 3.1
	  	TERMINATION	  	18
			
	 SECTION 3.2
	  	VESTING	  	18
			
	 SECTION 3.3
	  	COMPENSATION; OTHER ECONOMIC BENEFITS	  	18
		
	ARTICLE IV         FORFEITURE	  	19
			
	 SECTION 4.1
	  	FORFEITURE AMONG PRINCIPALS	  	19
			
	 SECTION 4.2
	  	FORFEITURE BY OTHER PERSONS	  	20
		
	ARTICLE V         GOVERNANCE; CERTAIN RIGHTS; COMPETING ACTIVITIES	  	20
			
	 SECTION 5.1
	  	EXECUTIVE COMMITTEE; LIMITATIONS ON HOLDINGS AND THE HOLDINGS GP	  	20
			
	 SECTION 5.2
	  	AUTHORITY OF EXECUTIVE COMMITTEE	  	21
			
	 SECTION 5.3
	  	FILLING VACANCIES ON EXECUTIVE COMMITTEE	  	22
			
	 SECTION 5.4
	  	EXTRAORDINARY TRANSACTIONS	  	23
			
	 SECTION 5.5
	  	EMPLOYMENT MATTERS	  	24
			
	 SECTION 5.6
	  	ACKNOWLEDGEMENTS BY THE PRINCIPALS	  	25
			
	 SECTION 5.7
	  	ACCESS TO BOOKS, RECORDS AND FINANCIAL INFORMATION	  	25
			
	 SECTION 5.8
	  	CONFIDENTIAL INFORMATION	  	25

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 ARTICLE VI         MISCELLANEOUS
	  	26
			
	 SECTION 6.1
	  	NOTICES	  	26
			
	 SECTION 6.2
	  	INTERPRETATION	  	26
			
	 SECTION 6.3
	  	SEVERABILITY	  	26
			
	 SECTION 6.4
	  	COUNTERPARTS	  	27
			
	 SECTION 6.5
	  	ENTIRE AGREEMENT; NO THIRD PARTY BENEFICIARIES	  	27
			
	 SECTION 6.6
	  	FURTHER ASSURANCES	  	27
			
	 SECTION 6.7
	  	GOVERNING LAW; EQUITABLE REMEDIES	  	27
			
	 SECTION 6.8
	  	CONSENT TO JURISDICTION	  	27
			
	 SECTION 6.9
	  	ARBITRATION	  	28
			
	 SECTION 6.10
	  	AMENDMENTS; WAIVERS; NO DISCRIMINATORY ACTION	  	30
			
	 SECTION 6.11
	  	ASSIGNMENT	  	31
			
	 SECTION 6.12
	  	SCHEDULE VI	  	31

  

 -ii- 

 AGREEMENT AMONG PRINCIPALS (the “Agreement”), dated as of July 13, 2007, among Leon
D. Black (“LB”), Marc J. Rowan (“MR”), Joshua J. Harris (“JH”, and together with LB and MR, the “Principals”, and each individually, a “Principal”), Black Family Partners, L.P., a
Delaware limited partnership, MJR Foundation LLC, a New York limited liability company, AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership (“Intermediate Holdings”), and BRH Holdings, L.P., a Cayman
Islands exempted limited partnership (“Holdings”). 
 WHEREAS, the Principals and other members of their respective
Principal Groups (as defined herein) own all of the equity interests in Holdings; 
 WHEREAS, BRH Holdings GP, Ltd., a Cayman Islands
exempted company (the “Holdings GP”) is the general partner of Holdings and Intermediate Holdings; 
 WHEREAS, the
Principals are the sole members of the Holdings GP; 
 WHEREAS, immediately prior to the effectiveness of this Agreement, the parties hereto
have entered into the Principals Contribution Agreement (as defined herein) whereby the Principals and their Groups contributed certain equity interests in the Apollo Operating Group to Intermediate Holdings (as defined herein) and sold certain
equity interests in the Apollo Operating Group to APO Corp. and APO LLC (each as defined herein); and 
 WHEREAS, immediately prior to the
effectiveness of this Agreement, certain Apollo senior managers entered into the Roll-up Agreements, whereby such senior managers contributed certain equity interests in the Apollo Operating Group to Intermediate Holdings and sold certain equity
interests in the Apollo Operating Group to APO Corp. and APO LLC; 
 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: 
 “AAA” has the meaning set forth in Section 6.9. 
 “Agreement” has the meaning set forth in the recitals to this Agreement. 
 “AOG Unit” refers to a unit in the Apollo Operating Group, which represents one limited partnership interest in each of the limited
partnerships that comprise the Apollo Operating Group and any securities issued or issuable in exchange for or with respect to such AOG 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. 

 “APO Corp.” means APO Corp., a Delaware corporation. 
 “APO LLC” means APO Asset Co., LLC, a Delaware limited liability company. 
 “Apollo” means Apollo Global Management, LLC. 
 “Apollo Employer” means Apollo or any successor thereto. 
 “Apollo Operating
Group” means (i) Apollo Management Holdings, L.P., a Delaware limited partnership, Apollo Principal Holdings I, L.P., a Delaware limited partnership, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo Principal
Holdings III, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings IV, L.P., a Cayman Islands exempted limited partnership, and any successors thereto or other entities formed to serve as holding vehicles for Apollo carry
vehicles, management companies or other entities formed to engage in the asset management business (including alternative asset management) and (ii) any such Apollo carry vehicles, management companies or other entities formed to engage in the
asset management business (including alternative asset management) and receiving management fees, incentive fees, fees paid by Portfolio Companies, carry or other remuneration which are not Subsidiaries of the Persons described in clause (i),
excluding any Funds and any Portfolio Companies. 
 “Base Cause Amount” has the meaning set forth in
Section 3.2(a). 
 “Base Disability Amount” has the meaning set forth in Section 3.2(a). 

“Board” means the board of directors of Apollo. 
 “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. 
 “Cause” means (i) a final, non-appealable conviction of or plea of nolo contendere to a
felony prohibiting such Principal from continuing to provide services as an investment professional to Apollo due to legal restriction or physical confinement; or (ii) ceasing to be eligible to continue performing services as an investment
professional on behalf of Apollo or any of its material Subsidiaries, in each case, pursuant to a final, non-appealable legal restriction (such as a final, non-appealable injunction, but expressly excluding a preliminary injunction or other
provisional restriction). 
 “Charitable Institution” means an organization described in Section 501(c)(3) of the Code
(or any corresponding provision of a future United State Internal Revenue law) which is exempt from income taxation under Section 501(a) thereof. 
 “Class A Shares” means the Class A Shares of Apollo representing Class A limited liability company interests of Apollo 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. 
  

 2 

 “Class B Share” means the Class B Share of Apollo representing Class B limited liability
company interests of Apollo and any equity securities issued or issuable in exchange for or with respect to such Class B Share (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification,
recapitalization, merger, consolidation or other reorganization. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Confidential Information” means information that is not generally known to the public and that is or was used,
developed or obtained by Holdings or any member of the Apollo Operating Group, their respective Subsidiaries or any Fund or Portfolio Company, including but not limited to, (i) information, observations, procedures and data obtained by the
Principal while employed by the Apollo Employer or while a member of Holdings, or in connection with being a partner of any business or predecessor of the Apollo Operating Group or its Subsidiaries, concerning the business or affairs of Holdings,
Apollo and its Subsidiaries, any Fund or any Portfolio Companies, (ii) products or services, (iii) costs and pricing structures, (iv) analyses, (v) performance data (vi) computer software, including operating systems,
applications and program listings, (vii) flow charts, manuals and documentation, (viii) data bases, (ix) accounting and business methods, (x) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (xi) investors, customers, vendors, suppliers and investor, customer, vendor and supplier lists, (xii) other copyrightable works, (xiii) all production methods, processes,
technology and trade secrets, (xiv) this Agreement and the governing agreements of Apollo or any of its Subsidiaries, (xv) investment memoranda and investment documentation concerning any potential, actual or aborted Investments, and
(xvi) all similar and related information in whatever form. Confidential Information will not include any information that is generally available to the public prior to the date the Principal proposes to disclose or use such information. For
the avoidance of doubt, Confidential Information does not include information concerning non-proprietary business or investment practices, methods or relationships customarily employed or entered into by comparable business enterprises. 

“Continuing Principal” shall have the meaning set forth in Section 4.1(a). 
 “Deficit Restoration Amount” shall have the meaning set forth in Section 2.3(b). 
 “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 the Apollo Employer in such capacity for any period of one hundred eighty (180) consecutive days or any aggregate period of eight (8) 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).

 “Dispute” has the meaning set forth in Section 6.9(a). 
 “Distribution Account” means any of the LB Distribution Account, the MR Distribution Account and the JH Distribution Account.

  

 3 

 “Employment Fraction” means (i) with respect to a Principal who resigns, retires or
is terminated for Cause, a fraction (not to exceed one), the numerator of which is the number of whole months elapsed from January 1, 2007 until the date of such Principal’s termination and the denominator of which is 60, if such Principal
is MR or JH and 72, if such Principal is LB, and (ii) with respect to a Principal who is terminated due to death or Disability, a fraction (not to exceed one), the numerator of which is the number of whole months elapsed from January 1,
2007 until the date of such Principal’s termination and the denominator of which is 60. 
 “Equivalent Heritage Points”
means, with respect to each Principal Group, the number of Heritage Points a Principal Group would own if the Heritage Points were allocated in accordance with the Sharing Percentages. Equivalent Heritage Points shall be adjusted pursuant to
Section 2.3. 
 “Equivalent Heritage Points Deficit” means, with respect to a Principal Group, as of immediately
prior to any Exchange, the excess (if any) of the number of Equivalent Heritage Points of such Principal Group over the Pecuniary Interest in the Heritage Points of such Principal Group. 
 “Exchange” means (i) the exchange by Holdings of an AOG Unit for a Class A Share pursuant to the Exchange Agreement, and the
subsequent sale of such Class A Share, at prevailing market prices for a Class A Share (unless the Person requesting such Exchange is willing to accept a lower price, e.g., to effect a block trade), (ii) a redemption of AOG Units
initiated by Apollo or any of its Subsidiaries, solely upon Apollo’s election, in which any Principal elects to participate, (iii) a sale by Intermediate Holdings of AOG Units in an LB Extraordinary Transaction or any other transaction
approved by the Persons who will be selling Pecuniary Interests in AOG Units or (iv) at the option of the Executive Committee, in the event of a Pro Rata Exchange or a Non-Pro Rata Exchange, an In-Kind Exchange Distribution. 
 “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. 
 “Exchange Agreement” means the Exchange Agreement,
dated as of the date hereof, among Apollo, each member of the Apollo Operating Group, Intermediate Holdings and the other parties thereto. 
 “Exchange Percentage” means a fraction, the numerator of which is the number of AOG Units transferred by a Principal Group pursuant to an Exchange and the denominator of which is the number of AOG Units in which such
Principal Group had a Pecuniary Interest immediately prior to such transfer. 
 “Excluded Assets” means any direct or
indirect (i) personal investment or co-investment in any Fund or co-investment vehicle by any Principal or other member of his Principal Group (including future personal investments or co-investments and investments funded through any Apollo
fee waiver program, provided, that in connection with the Apollo fee waiver program, a Principal may only waive compensation or distributions that would otherwise be paid to such Principal (directly or indirectly) from the members of the
Apollo Operating Group consistent 

  

 4 

 
with the terms of the Reorganization Documents (as such term is defined in the Strategic Agreement)), (ii) any amounts owed to any Subsidiary of Apollo
by a Fund pursuant to a fee deferral arrangement in an investment management agreement with respect to any periods ending on or prior to the date hereof (which amount includes deferred fees and earnings thereon earned anytime after such fees are
deferred), which for this purpose shall include with respect to fees deferred for 2007, the portion of such fees that bears the same relationship to the total deferred fees as the number of days from January 1, 2007 through the date of this
agreement bears to 365 days, (iii) interest in any of the entities set forth on Schedule II hereto (including any indirect interest in the profits, losses and returns of capital associated with a Fund’s general partner making
capital commitments to such Fund, as described on Schedule II), (iv) amounts owed to any Principal or other member of his Principal Group pursuant to any escrow of carried interest earned that has been escrowed to secure the clawback
obligation of the general partner of any Fund pursuant to its organizational documents, (v) compensation and benefits paid or given to a Principal consistent with the terms of such Principal’s Employment Agreement, (vi) director
options issued prior to January 1, 2007 by any Portfolio Company, (vii) an entity formed (without any material economics) to control the investment in Harrah’s Entertainment, Inc. and (viii) interest in the Gulfstream IV aircraft
and any associated purchase debt. 
 “Executive Committee” has the meaning set forth in Section 5.1(a).

 “Extraordinary Transaction” means (i) a sale or other disposition of the Apollo Operating Group and/or its
Subsidiaries or any portion thereof, through a merger, recapitalization, stock sale, asset sale or otherwise, to an unaffiliated third party, or (ii) a borrowing to finance a direct or indirect distribution to Holdings; provided,
however, that (x) Non-Pro Rata Exchanges and Pro Rata Exchanges in which each seller has the option not to sell, (y) transfers by a Principal or a member of his Group to another member of such Principal’s Group and (z) the
issuance of bona fide equity incentives to any employee (other than the Principals) of Apollo, the Apollo Operating Group or their respective Subsidiaries shall not constitute an Extraordinary Transaction. 
 “First Closing” means with respect to any Fund, the bona fide first closing with respect to any Fund that includes at least twenty
percent (20%) of capital contributed or committed by unaffiliated third party Persons or any Fund. 
 “Forfeited
Interests” shall have the meaning set forth in Section 4.1(a). 
 “Forfeiting Principal” shall have the
meaning set forth in Section 4.1(a). 
 “Forfeiture Date” means, as to the Forfeited Interests to be forfeited
within Holdings for the benefit of the Continuing Principals, the date which is the earlier of (i) the date that is six (6) months after the applicable date of termination of employment and (ii) the date on or after such termination
date that is six (6) months after the date of the latest publicly-reported disposition (or deemed disposition subject to Section 16 of the Exchange Act) of equity securities of Apollo by any of the Continuing Principals. 
 “FRCP” has the meaning set forth in Section 6.9. 
  

 5 

 “Fund” means any pooled investment vehicle or similar entity sponsored or managed by
Apollo or any of its Subsidiaries. 
 “Fund IV” means, collectively, Apollo Investment Fund IV, L.P., a Delaware limited
partnership, and Apollo Overseas Partners IV, L.P., a Cayman Islands exempted limited partnership. 
 “Fund IV GP” means
Apollo Advisors IV, L.P., a Delaware limited partnership. 
 “Fund V” means, collectively, Apollo Investment Fund V, L.P., a
Delaware limited partnership, Apollo Overseas Partners V, L.P., a Cayman Islands exempted limited partnership, Apollo Netherlands Partners V(A), L.P., a Cayman Islands exempted limited partnership, Apollo Netherlands Partners V(B), L.P., a Cayman
Islands exempted limited partnership, Apollo German Partners V GmbH & Co. KG, a German limited partnership, AIF V Euro Holdings, L.P., a Cayman Islands exempted limited partnership, and Apollo Investment Fund V (PLASE), L.P., a Delaware
limited partnership. 
 “Fund V GP” means, collectively, Apollo Advisors V, L.P., a Delaware limited partnership and Apollo
Advisors V, (EH Cayman), L.P., a Cayman Islands exempted limited partnership. 
 “Fund VI GP” means, collectively, Apollo
Advisors VI, L.P., a Delaware limited partnership and Apollo Advisors VI, (EH), L.P., a Cayman Islands exempted limited partnership. 
 “Group” shall mean with respect to each Principal, such Principal and (i) such Principal’s spouse, (ii) a lineal descendant of such Principal’s parents, the spouse of any such descendant or a lineal
descendent of any such spouse, (iii) a Charitable Institution solely controlled by such Principal and other members of his Group, (iv) 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 (i) through (iii) of this definition, (v) 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 (i) through (iv) of this definition, (vi) an individual mandated under a qualified domestic relations order, or
(vii) a legal or personal representative of such Principal in the event of his death or Disability. For purposes of this definition, (x) “lineal descendants” shall not include individuals adopted after attaining the age of
eighteen (18) years and such adopted Person’s descendants; and (y) “presumptive remaindermen” shall refer to those Persons entitled to a share of a trust’s assets if it were then to terminate. No Principal shall ever be
a member of the Group of another Principal. 
 “Heritage Fund” means Fund IV and/or Fund V, as applicable. 
 “Heritage Points” means the nominal number of “points” with respect to each Heritage Fund contributed by each Principal Group
to the Apollo Operating Group, as set forth on Schedule I hereto. The general partner of each Heritage Fund has issued 2,000 “points” in the aggregate, with each “point” representing 0.05% of the carried interest paid by
such Heritage Fund to its general partner. 
  

 6 

 “Heritage Points Percentage” means, with respect to any Principal Group and Heritage
Fund, such Principal Group’s Pecuniary Interest in the Heritage Points of such Heritage Fund divided by the Pecuniary Interest of all the Principal Groups in the Heritage Points of such Heritage Fund as set forth on Schedule I hereto, as
adjusted pursuant to Sections 2.3, 4.1(d) and 4.2. For the avoidance of doubt, Persons other than the Principal Groups own interests, directly or indirectly, in Fund IV and Fund V, and therefore, a Principal Group’s
Heritage Points Percentage will be greater than its ownership percentage in Fund IV and Fund V, respectively. 
 “Holdings”
has the meaning set forth in the recitals. 
 “Holdings GP” has the meaning set forth in the recitals. 
 “In-Kind Exchange Distribution” means a Pro Rata Exchange or a Non-Pro Rata Exchange accomplished by the distribution of AOG Units to
all the Principals in the case of a Pro Rata Exchange or, in the case of a Non-Pro Rata Exchange, to those Principals directing such Non-Pro Rata Exchange. 
 “Independent Board” has the meaning set forth in Section 5.3(a). 
 “Intermediate Holdings” has the meaning set forth in the recitals. 
 “Investment” shall mean any
investment (or similar term describing the results of the deployment of capital) as defined in the governing document of any Fund managed (directly or indirectly) by a member of the Apollo Operating Group. 
 “JH” has the meaning set forth in the recitals to this Agreement. 
 “JH Distribution Account” has the meaning set forth in Section 2.7(a). 
 “JH Group” means JH and his Group. 
 “LB” has the meaning set forth in the recitals to this Agreement. 
 “LB Distribution Account” has
the meaning set forth in Section 2.7(a). 
 “LB Extraordinary Transaction” has the meaning set forth in
Section 5.4(b). 
 “LB Group” means LB and his Group. 
 “Lender Rights Agreement” means the Lender Rights Agreement, dated as of the date hereof, by and among Apollo, APOC Holdings Ltd., a
Cayman Islands exempted company, the California Public Employees’ Retirement System and the other parties thereto, as such agreement may be amended, supplemented, restated or otherwise modified from time to time. 
 “MR” has the meaning set forth in the recitals to this Agreement. 
 “MR Distribution Account” has the meaning set forth in Section 2.7(a). 
 “MR Group” means MR and his Group. 
  

 7 

 “Non-Pro Rata Exchange” means an Exchange the proceeds of which (including in the case
of an In-Kind Distribution, the AOG Units) will be distributed to (or otherwise benefit) the Principal Groups within Holdings in any manner other than a Pro Rata Exchange. 
 “Partial Vested Cause Amount” has the meaning set forth in Section 3.2(a). 
 “Partial Vested Disability Amount” has the meaning set forth in Section 3.2(c). 
 “Partnership Agreement” means the Amended and Restated Exempted Limited Partnership Agreement of Holdings, dated as of the date hereof,
by and among the Holdings GP and each member of the Principal Groups. 
 “Pecuniary Interest” means (i) with respect to
AOG Units, the number of AOG Units that would be distributable to a Principal Group assuming that Holdings, Intermediate Holdings and any other Person that holds AOG Units in which Holdings has a direct or indirect interest were liquidated and
distributed their respective assets in accordance with their respective governing agreements and (ii) with respect to Heritage Points, the number of Heritage Points that would be distributable to a Principal Group assuming that Holdings,
Intermediate Holdings and any other Person that holds Heritage Points in which Holdings has a direct or indirect interest were liquidated and distributed their respective assets in accordance with their respective governing agreements (in each case,
assuming the interests held by the Principal Groups were fully vested). 
 “Permitted Transferee” means with respect to any
Person who proposes to transfer an interest in Holdings, (i) another Person in the same Group as the transferee, (ii) any other Principal with respect to transactions contemplated by Sections 2.3 and 4.1 of this Agreement or
(iii) any Continuing Principal or any member of such Continuing Principal’s Group. 
 “Person” shall be construed
broadly and includes any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 
 “Portfolio Company” means any Person in which any Fund owns an Investment. 
 “Principal Group” means with respect to any Principal, such Principal and his Group. 
 “Principal” and “Principals” have the meaning set forth in the recitals to this Agreement. 
 “Principals Contribution Agreement” means the Contribution, Purchase and Sale Agreement, dated the date hereof, by and among the
Partnership, Black Family Partners, L.P., a Delaware limited partnership, MJR Foundation LLC, a New York limited liability company, Joshua J. Harris, Holdings, Intermediate Holdings, APO Corp., APO LLC and each member of the Apollo Operating Group.

 “Pro Rata Exchange” means an Exchange in which all three Principal Groups participate and transfer a number of AOG Units
in proportion to their respective Sharing Percentages. 
 “Proceeding” shall have the meaning set forth in
Section 6.8. 
  

 8 

 “Roll-up Agreement” means any Roll-up Agreement by and among Holdings, Intermediate
Holdings, Apollo, APO LLC and APO Corp., on the one hand, and a senior manager of Apollo, on the other hand, in each case, dated as of the date hereof. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Selected
Courts” shall have the meaning set forth in Section 6.8. 
 “Senior Professional” means any executive
officer of Apollo or any of the investment professionals who provide services (either as partners or employees) to Apollo or any of its Subsidiaries whose “total income” for the most recent preceding fiscal year is among the 25 highest
(excluding the Principals from the 25 employees); provided, that any such individual must provide services to Apollo or any of its Subsidiaries on a substantially full-time basis; and provided, further, that the Principals shall
not be considered Senior Professionals. As used herein, “total income” is an amount equal to the sum of (without duplication) (i) total compensation determined pursuant to Item 402 of Regulation S-K and (ii) total income
listed on the applicable K-1 from Holdings, Intermediate Holdings or any Subsidiary of Apollo (excluding Funds and co-investment vehicles that invest in Funds). 
 “Shareholders Agreement” shall mean the shareholders agreement by and among Apollo, Holdings, Intermediate Holdings and the other parties thereto dated the date hereof. 
 “Shares” means, collectively, the outstanding Class A Shares and Class B Share (as equitably adjusted to reflect any split,
combination, reorganization, recapitalization, reclassification or other similar event involving the Class A Shares and/or Class B Share). 
 “Sharing Percentage” means, with respect to any Principal Group, the amount, expressed as a percentage, obtained by dividing (i) the Pecuniary Interest of such Principal Group in AOG Units by (ii) the Pecuniary
Interest of all the Principal Groups in AOG Units, as set forth on Schedule III hereto, as adjusted pursuant to Sections 2.2 and 4.1. For the avoidance of doubt, Persons other than the Principal Groups own interests, directly or
indirectly, in the Apollo Operating Group and related management companies, and therefore, a Principal Group’s Sharing Percentage will be greater than its ownership percentage in any particular entity within the Apollo Operating Group.

 “Strategic Agreement” means the Strategic Agreement, dated as of the date hereof, by and among Apollo, APOC Holdings
Ltd., a Cayman Islands exempted company, the California Public Employees’ Retirement System and the other parties thereto. 
 “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” means all federal, foreign, state, county, local or other taxes, charges, fees or assessments based on or measured with respect to income, including, without limitation, withholding, social security, payroll,
employments, franchise and unemployment, imposed by a taxing authority, and shall include all interest, penalties and additions imposed with respect to such amounts. 
  

 9 

 “Tax Receivable Agreement” means the Tax Receivable Agreement, dated as of the date
hereof, by and among APO Corp., a Delaware corporation, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo Principal Holdings IV, L.P., a Cayman Islands exempted limited partnership, Apollo Management Holdings, L.P., a
Delaware limited partnership (together with all other Persons in which APO Corp. acquires a partnership interest, member interest or similar interest after the date thereof and who becomes party thereto by execution of a joinder), and the other
parties thereto. 
 “Term Sheet” means the Restructuring Term Sheet executed on March 19, 2007 among LB, MR and JH.

 “Transferred Equivalent Heritage Points” has the meaning set forth in Section 2.3(b). 
 “Transferred Interests” has the meaning set forth in Section 2.2(b). 
 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 
 OWNERSHIP 
 SECTION 2.1 OWNERSHIP.

 (a) The Principal Groups own Holdings in accordance with their respective Sharing Percentages; provided,
however, that each Principal Group’s interest in income and gains derived by Holdings from its indirect interest in the Heritage Funds shall be in accordance with such Principal Group’s Pecuniary Interest in Heritage Points.

 (b) Other than Excluded Assets, each Principal (i) has contributed all of his interests in Intermediate Holdings,
Apollo, the Apollo Operating Group and their respective Subsidiaries to Holdings and (ii) will not directly own any interests in Intermediate Holdings, the Apollo Operating Group and their respective Subsidiaries in the future; provided,
however, that any future salary, compensation, equity incentives and other fringe benefits made available to any of the Principals or any member of their respective Groups by Apollo, the Apollo Operating Group or their respective Subsidiaries
shall be Excluded Assets and shall not be contributed to Holdings. 
 (c) The Executive Committee shall negotiate in good
faith with potential Fund investors to provide that any future mandatory capital commitments to be made by the general partner of any Fund shall be funded by Apollo (and not directly by the Principals). Notwithstanding the foregoing, the Executive
Committee shall have the authority to determine whether it is commercially advantageous to have the Principals fund such capital commitments and, in the event that the Executive Committee so determines, the Principals agree to fund such 

  

 10 

 
capital commitments; provided, however, that (i) without the unanimous consent of the Executive Committee, no general partner of any Fund
or any co-investment vehicle established to invest in any Fund shall commit to make a capital commitment in excess of 2.5%, in the aggregate, of the total capital commitments received by such Fund, and the portion of such capital commitment to be
made by the Principals shall be reduced by the amount of such capital commitments to be made (as determined by the majority approval of the Executive Committee) by (A) Apollo and its Subsidiaries (excluding any Funds that may be Subsidiaries)
and (B) the other investment professionals employed by Apollo and its Subsidiaries; (ii) without the unanimous consent of the Executive Committee, no Principal shall be required to make a capital commitment in excess of $75 million in any
individual Fund; (iii) except as provided in clauses (iv) and (v) below, if the Principals are obligated to make future capital commitments to any Fund or any co-investment vehicle established to invest in any Fund, such capital
commitments will be made by the Continuing Principals (or other members of their respective Groups) outside of Holdings ratably in accordance with the Sharing Percentages of their respective Groups as of the date of the First Closing of such Fund
(for the avoidance of doubt, each such capital commitment by a Principal or his Group shall be an Excluded Asset); (iv) no Principal shall be required to make any future capital commitment to any Fund that has a First Closing after the date of
such Principal’s termination or to any co-investment vehicle established to invest in any Fund that has a First Closing after the date of such Principal’s termination; and (v) any mandatory capital commitments by Holdings to a
Heritage Fund will be made by the Principals in accordance with the Heritage Points Percentages in such Heritage Fund without giving effect to any adjustments thereto (for the avoidance of doubt, each such capital commitment by a Principal or his
Group shall be an Excluded Asset). 
 (d) Each Principal shall determine individually whether such Principal and his Group
shall indirectly participate in the management fee waiver program with respect to such Principal Group’s indirect right to receive distributions from Apollo Management Holdings, L.P. with respect to management fees that would have otherwise
been payable on July 2, 2007. After July 2, 2007, the Principals and Holdings shall not indirectly participate in any management fee waiver program in effect from time to time unless the Executive Committee determines otherwise (it being
understood that so long as participation by the Principals does not have an adverse impact on the financial results of Apollo and its Subsidiaries, the Executive Committee shall work diligently toward developing a plan that would allow such
participation in compliance with clauses (i) through (iii) below); provided, that (i) to the extent that the Principals or Holdings participate in any such management fee waiver program, the Principals shall be entitled to
indirectly participate in accordance with their respective Sharing Percentages, (ii) if there is any limitation on the amount of investment pursuant to any such management fee waiver program, the amount available to the Principals shall be
allocated among the Principals in accordance with their respective Sharing Percentages, and (iii) to the extent that participation by the Principals or Holdings in any such management fee waiver program has an adverse economic impact on any
non-participating Principal or the unitholders of Apollo generally, the Executive Committee must approve such participation by unanimous consent. The Executive Committee shall initially determine whether any “adverse economic impact”
referred to in clause (iii) above will occur, but any Principal may dispute such determination. 
  

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 (e) The Executive Committee will determine whether and to what extent any entity or
investment professional (including the Principals) may invest in the Funds on terms more favorable than those offered to third party investors. If the Executive Committee permits any Principal to invest on terms more favorable than those offered to
third party investors, it will permit all Continuing Principals to do so, and if any limit is imposed upon the amounts that may be invested on more favorable terms then such amount shall be allocated among the Continuing Principals in accordance
with their respective Sharing Percentages. 
 (f) Holdings may hold interests in AOG Units, Shares, Heritage Points or other
securities indirectly through Intermediate Holdings or other Persons. In such instance, this Agreement will be construed as if Holdings held such securities directly and Holdings shall cause such other Persons to take any actions necessary to carry
out the transactions contemplated herein. 
 SECTION 2.2 SHARING PERCENTAGE ADJUSTMENTS. 
 (a) Upon the occurrence of an Exchange directed by any Principal Group pursuant to Section 2.4 hereof, such Principal
Group’s Pecuniary Interest in AOG Units shall be decreased by the number of AOG Units transferred. 
 (b) Holdings shall
track all transfers of AOG Units, other than (i) transfers pursuant to Sections 4.1(d) and 4.2, (ii) transfers made pursuant to an LB Extraordinary Transaction and (iii) transfers between members of the same Principal
Group, in a tracking account (with sales represented as additions to the tracking account and acquisitions (other than as a result of the operation of the forfeiture provisions contained in Sections 4.1 and 4.2) represented as
subtractions from the tracking account) and the total positive or negative sum of such transfers for each Principal Group at any given time shall be hereinafter referred to as such Principal’s “Transferred Interests”.

 (c) Upon the termination of a Principal, such Principal’s Sharing Percentage shall be adjusted in accordance with
Article IV. 
 SECTION 2.3 HERITAGE POINTS PERCENTAGE ADJUSTMENTS. 
 (a) Each Principal Group’s Heritage Points shall be adjusted and reallocated in accordance with the provisions of this
Section 2.3 and Sections 4.1(d) and 4.2. Schedule I sets forth the Heritage Points Percentage of each Principal Group, and Schedule I shall be updated by the Principals from time to time to give effect to the
provisions of this Section 2.3. 
 (b) In the event of an Exchange by a Principal Group (whether a Pro Rata
Exchange or a Non-Pro Rata Exchange), the number of Heritage Points attributable to the AOG Units transferred by such Principal Group in the Exchange shall be equal to the product of such Principal Group’s Equivalent Heritage Points and the
Exchange Percentage (the “Transferred Equivalent Heritage Points”); provided, that immediately prior to such Exchange, the Pecuniary Interests of all of the Principal Groups in the Heritage Points shall be adjusted and
reallocated among the Principal Groups by debiting the LB Group’s Pecuniary Interest in the Heritage Points and crediting the MR Group’s or the JH Group’s (as applicable) Pecuniary Interest in the Heritage Points by an amount equal to
fifty (50) percent of the product of (1) the Equivalent Heritage Points Deficit of the MR Group and/or JH Group (as applicable) and (2) the Exchange Percentage of the MR Group and/or JH Group (as applicable) 

  

 12 

 
(the “Deficit Restoration Amount”); provided, further, that if and to the extent the Transferred Equivalent Heritage
Points for the MR Group and/or the JH Group exceeds such Principal Group’s Pecuniary Interest in the Heritage Points (after giving effect to the Deficit Restoration Amount), the LB Group’s Pecuniary Interest in Heritage Points will be
further debited by the amount of such excess and the amount so debited shall be reallocated to the JH Group and/or MR Group as applicable. 
 (c) If new AOG Units or equity interests in the Apollo Operating Group are issued to any Person (e.g., issuances to Apollo to reflect the proceeds of a sale of newly issued Class A Shares or issuances to
employees of Apollo or its Subsidiaries pursuant to an equity incentive plan), the economic interest of Holdings in the Heritage Funds will be diluted. In each such instance, the Heritage Points of each Principal Group will be adjusted as if
Holdings sold that number of AOG Units in a Pro Rata Exchange which would result in the same reduction in Holdings’ direct or indirect interest in the carried interest of the Heritage Funds. 
 (d) The LB Group shall retain a sufficient number of Heritage Points in each Heritage Fund to honor its obligations in this
Section 2.3. 
 (e) For the avoidance of doubt, the Heritage Points Percentages may be further adjusted as set
forth in Sections 4.1(d) and 4.2. 
 SECTION 2.4 TRANSFERS; REGISTRATION RIGHTS. 
 (a) Subject to the limitations set forth in this Section 2.4 and the Exchange Agreement, each Principal (and upon the death or
Disability of such Principal, his duly appointed personal representative) individually shall have the right to cause Holdings to effect, at any time and from time to time, on one or more occasions, an Exchange with respect to all or a portion of
such Principal Group’s Pecuniary Interest in AOG Units. The proceeds from any such Exchange (including any payments received by Holdings pursuant to the Tax Receivable Agreement), net of all selling expenses (other than selling expenses borne
by Apollo pursuant to the Shareholders Agreement), shall be distributed by Holdings to the members of such selling Principal’s Group in proportion to their Pecuniary Interest in AOG Units subject to such Exchange. Upon the direction by a
Principal (and upon the death or Disability of such Principal, his duly appointed personal representative) to effect an Exchange in compliance with this Agreement, Holdings shall be required to cause Intermediate Holdings to undertake an exchange,
on a one-for-one basis, of an AOG Unit for a Class A Share and shall use commercially reasonable efforts to promptly consummate such Exchange (it being understood that no such transfer shall be effective unless such Principal and his Group have
vested into the Pecuniary Interest in the AOG Units proposed to be transferred); provided, however, that each Principal acknowledges that one or more events, such as an underwriter cutback, the unavailability of a registration, the
possession of material non-public information, or general market dislocation may affect the timing of a proposed sale or disposition of Class A Shares following an exchange, and accordingly, any Person that receives Class A Shares shall
sell or dispose of such shares as promptly as practicable upon receipt thereof, taking into account the circumstances surrounding such proposed sale or disposition. Anything herein to the contrary notwithstanding, at the option of the Executive
Committee, Holdings will cause Intermediate Holdings to make an In-Kind Exchange Distribution to Holdings, and Holdings will make an In-Kind Exchange Distribution. No In-Kind Exchange Distribution may be made unless (i) the recipient is already
a party to the 

  

 13 

 
Exchange Agreement as an “Apollo Principal Holder” and a party to the Shareholders Agreement as a “Shareholder” (or becomes so on or
substantially simultaneous with such In-Kind Exchange Distribution) and (ii) Holdings shall make such election and cause Intermediate Holdings to make such In-Kind Exchange Distribution in a manner that would permit the applicable notice
provisions under the Exchange Agreement to be met in order for the Exchange to occur on the same Quarterly Exchange Date with respect to which the Principal directed such Exchange. In addition, upon an In-Kind Exchange Distribution, the recipient
shall exchange the AOG Units received for Class A Shares, as soon as possible, pursuant to the Exchange Agreement by the next Quarterly Exchange Date thereafter (as defined in the Exchange Agreement). The Principal Group that directed any such
Exchange shall indemnify and hold harmless Holdings and its other partners from any liabilities or expenses (other than selling expenses borne by Apollo pursuant to the Shareholders Agreement) incurred in connection with such Exchange other than
with respect to any taxable income realized by such other Principal Group as a result of such Exchange. 
 (b) Notwithstanding
the foregoing, and subject to Sections 4.1(d) and 4.2, Holdings may not undertake an Exchange at the direction of a Principal unless (i) the vested portion of the Pecuniary Interest of such Principal and his Group in AOG Units
(calculated on a pro-forma basis assuming such Principal voluntarily resigned immediately prior to such Exchange and such resignation constitutes a resignation under Section 3.2(b) hereof) is sufficient to cover the number of AOG Units
proposed to be Exchanged and (ii) such Principal is permitted to direct an Exchange pursuant to Section 2.2 of the Shareholders Agreement. No party may request that an Exchange be made pursuant to the Exchange Agreement if the
intended transferee is a member of such party’s Group. Notwithstanding anything else contained herein to the contrary, prior to consummating an Exchange within six (6) months of any purchase or sale of AOG Units by Holdings or Intermediate
Holdings, the Principal proposing such Exchange shall consult with and obtain the approval of the general counsel of Apollo; provided, that all Principals subject to the same legal restrictions shall be treated ratably in accordance with
their respective Sharing Percentages. 
 (c) Neither the Principal Group nor any Person controlled by the Principal Group
shall own any Class A Shares other than Class A Shares received in an Exchange and then only to the extent provided in the Exchange Agreement. 
 (d) Subject to Section 5.4(b), no member of a Principal Group shall (i) direct Holdings to undertake an Exchange in violation of the Shareholders Agreement, the Exchange Agreement, the Partnership
Agreement or any applicable lock-up agreement, or (ii) transfer its interests in Holdings without unanimous consent of the Principals other than to a Permitted Transferee; provided, that a Principal may not transfer any of its interests
in Holdings to a Permitted Transferee unless such Permitted Transferee becomes a party to this Agreement by executing a joinder in the form attached as Exhibit A hereto. 
 (e) In connection with the registration rights provided in the Shareholders Agreement, each Principal and his Group will have the right
(and all of the Principals shall have equal rights) to direct Holdings to cause Intermediate Holdings to exercise any of its rights under Article V of the Shareholders Agreement for the benefit of the Principal or members of his Group as if such
Person were a Shareholder thereunder, in which event Holdings will cause 

  

 14 

 
Intermediate Holdings to direct Apollo to use its commercially reasonable efforts to effect the registration under the Securities Act of Class A
Shares. Any underwriter cutbacks affecting the Class A Shares indirectly held by Holdings shall be borne among the Principals or their respective Groups pro rata in accordance with their respective Sharing Percentages. Holdings and
Intermediate Holdings shall promptly notify the other Principals (i) upon the exercise of a demand registration right by a Principal or any other Person or (ii) upon the registration by another Person (including Apollo) in which
Intermediate Holdings is entitled to participate in accordance with its piggyback registration rights as set forth in the Shareholders Agreement, and in the case of a registration described in clause (i) or (ii), prior to causing Apollo to
include any shares in such registration, afford each Principal through Holdings and Intermediate Holdings, equal rights to direct Apollo to include Class A Shares in any such registration to be sold for the benefit of the members of that
Principal’s Group. Notwithstanding the foregoing, in the event of a Principal’s death, for purposes of calculating cutbacks within Holdings, the Class A Shares indirectly proposed to be included in such offering by Holdings for
the benefit of such Principal’s estate will be adjusted such that the Class A Shares allocable to the Principal’s estate to be included in such offering shall be three times (3x) the number of Class A Shares otherwise
allocable to such Principal in such offering. 
 (f) At least five days prior to submitting formal notice of a request for an
Exchange pursuant to the Exchange Agreement, a Principal shall inform the other Principals of his intention to direct such an Exchange. 
 (g) Each Principal shall cause his Group to take any action (or refrain from taking any action) reasonably necessary to carry out the intent of this Agreement. 
 SECTION 2.5 EXCLUDED ASSETS. The terms of this Agreement shall not in any way affect the ownership of the Excluded Assets, and the Principal Groups shall
continue to share the benefits and burdens of ownership in the Persons set forth on Schedule II hereto in the manner provided for in the existing arrangements among the Principals without regard to the terms of this Agreement;
provided, however, that to the extent that a Principal or his respective Group controls or influences the general partner, managing member or similar governing party of any of the Persons listed on Schedule II, such Principal
will (and will cause his Group to) exercise such control or influence in the manner directed by the Executive Committee. 
 SECTION 2.6
ALLOCATION OF ADJUSTMENTS. The members of each Principal Group are set forth on Schedule IV hereto, which may be updated from time to time to reflect additional transfers to a Permitted Transferee that is a member of a Principal Group. Any
adjustment to a Principal Group’s Pecuniary Interest in AOG Units or Heritage Points pursuant to this Agreement shall be allocated among the members of such Group in a manner directed by the Principal of such Group or absent such instructions,
pro rata among the members of such Group based upon their relative interests in Holdings. 
  

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 SECTION 2.7 DISTRIBUTION ACCOUNTS. 
 (a) Holdings shall establish and maintain a ledger account on behalf of the (i) LB Group (the “LB Distribution
Account”), (ii) MR Group (the “MR Distribution Account”) and (iii) JH Group (the “JH Distribution Account”), in each case, in accordance with this Section 2.7. 
 (b) Other than cash or in-kind distributions described in Sections 2.8(b)(i) or 2.8(b)(ii) and 2.8(c), each
Distribution Account shall be increased as follows: 
 (i) the LB Distribution Account shall be increased by the amount of any
distributions to Holdings received (x) with respect to Heritage Points in Fund IV, in accordance with the LB Group’s Heritage Points Percentage applicable to Fund IV in effect on the date of such distribution, (y) with respect to
Heritage Points in Fund V, in accordance with the LB Group’s Heritage Points Percentage applicable to Fund V in effect on the date of such distribution, and (z) with respect to any other distributions to Holdings, in accordance with the LB
Group’s Sharing Percentage in effect on the date of such distribution; 
 (ii) the MR Distribution Account shall be
increased by the amount of any distributions to Holdings received (x) with respect to Heritage Points in Fund IV, in accordance with the MR Group’s Heritage Points Percentage applicable to Fund IV in effect on the date of such
distribution, (y) with respect to Heritage Points in Fund V, in accordance with the MR Group’s Heritage Points Percentage applicable to Fund V in effect on the date of such distribution, and (z) with respect to any other distributions
to Holdings, in accordance with the MR Group’s Sharing Percentage in effect on the date of such distribution; and 
 (iii) the JH Distribution Account shall be increased by the amount of any cash distributions to Holdings received (x) with respect to Heritage Points in Fund IV, in accordance with the JH Group’s Heritage Points Percentage
applicable to Fund IV in effect on the date of such distribution, (y) with respect to Heritage Points in Fund V, in accordance with the JH Group’s Heritage Points Percentage applicable to Fund V in effect on the date of such distribution,
and (z) with respect to any other distributions to Holdings, in accordance with the JH Group’s Sharing Percentage in effect on the date of such distribution. 
 Holdings shall be deemed to have received any distribution made by the Fund IV GP, the Fund V GP, and, without duplication, the Apollo Operating Group, in each case, with respect to its pecuniary interest in such
Persons. 
 (c) Each Distribution Account shall be decreased as follows: 
 (i) the LB Distribution Account shall be decreased by the amount of (x) any distributions from Holdings to the LB Group other than
distributions pursuant to Sections 2.8(b)(i), 2.8(b)(ii) and 2.8(c), and (y) the LB Group’s Sharing Percentage of any expenses incurred by Holdings, other than expenses that are expressly payable by a particular
Principal or his Group pursuant to this Agreement; 
  

 16 

 (ii) the MR Distribution Account shall be decreased by the amount of (x) any
distributions from Holdings to the MR Group other than distributions pursuant to Sections 2.8(b)(i), 2.8(b)(ii) and 2.8(c), and (y) the MR Group’s Sharing Percentage of any expenses incurred by Holdings, other than
expenses that are expressly payable by a particular Principal or his Group pursuant to this Agreement; and 
 (iii) the JH
Distribution Account shall be decreased by the amount of (x) any distributions from Holdings to the JH Group other than distributions pursuant to Sections 2.8(b)(i), 2.8(b)(ii) and 2.8(c), and (y) the JH Group’s
Sharing Percentage of any expenses incurred by Holdings, other than expenses that are expressly payable by a particular Principal or his Group pursuant to this Agreement; 
 provided, that, any expenses incurred by Holdings that solely relate to a particular Heritage Fund, and are not expressly payable by a particular Principal or his Group shall be allocated among the
Groups in accordance with their respective Heritage Points Percentages. 
 SECTION 2.8 DISTRIBUTIONS. 
 (a) Subject to the retention of cash reserves to account for reasonably anticipated expenses and other liabilities as the Executive
Committee may determine to be appropriate, Holdings shall make distributions to the Principal Groups promptly upon receipt of any cash distributions from the Apollo Operating Group. Such distributions shall be made in cash, without interest. At no
time shall Holdings or any of the Principals take any action that shall prevent Intermediate Holdings or any other similar holding vehicle from making cash distributions to Holdings upon receipt of a cash distribution from the Apollo Operating
Group. 
 (b) The net proceeds of any (i) Pro Rata Exchange (including, in the case of an In-Kind Exchange Distribution,
the AOG Units) shall be distributed to the Principal Groups in accordance with their respective Sharing Percentages, (ii) Non-Pro Rata Exchange (including, in the case of an In-Kind Exchange Distribution, the AOG Units) shall be distributed
entirely to the Principal Group(s) that directed such Non-Pro Rata Exchange, (iii) other distribution to Holdings which has properly been reflected in the Distribution Accounts pursuant to Section 2.7 shall be distributed to the
Principal Groups in proportion to (and not in excess of) their respective Distribution Accounts and (iv) other distribution (other than a distribution of Heritage Points) shall be distributed to the Principal Groups in accordance with their
respective Sharing Percentages (it being understood that any expenses incurred in connection with any Exchange shall be borne by the Principals directing such Exchange in proportion to the number of AOG Units being Exchanged by such Principals).

 (c) In the event that Holdings distributes the partnership interests represented by the Heritage Points to the Principal
Groups, it shall distribute such partnership interests in accordance with Heritage Points Percentages for the applicable Heritage Fund. 
  

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 ARTICLE III 
 EMPLOYMENT 
 SECTION 3.1 TERMINATION. 
 (a) Termination by Apollo Employer. A Principal may be terminated by the Apollo Employer only for Cause. The Principals shall take
all actions necessary to ensure that no Principal shall be terminated by the Apollo Employer for any other reason. 
 (b)
Termination by Principal. Each Principal shall be deemed terminated upon his death, Disability, retirement or resignation from the Apollo Employer. 
 SECTION 3.2 VESTING. Each Principal Group’s Pecuniary Interest in the AOG Units shall be subject to vesting as provided in this Section 3.2. 
 (a) Upon a Principal’s termination for Cause, the vested portion of his Group’s Pecuniary Interest in AOG Units shall equal
(i) the product (such product, the “Partial Vested Cause Amount”) of (x) the sum (such sum, the “Base Cause Amount”) of such Principal Group’s then-current Pecuniary Interest in AOG Units plus such
Principal Group’s Transferred Interests (if any), multiplied by (y) such Principal’s Employment Fraction; plus (ii) fifty percent (50%) of the difference between (x) the Base Cause Amount and (y) the Partial Vested
Cause Amount; minus (iii) such Principal Group’s Transferred Interests. 
 (b) Upon a Principal’s termination
as a result of resignation or retirement, the vested portion of his Group’s Pecuniary Interest in AOG Units shall equal (i) (x) such Principal Group’s then-current Pecuniary Interest in AOG Units plus such Principal Group’s
Transferred Interests (if any) multiplied by (y) such Principal’s Employment Fraction; minus (ii) such Principal Group’s Transferred Interests. 
 (c) Upon a termination of MR or JH for death or Disability, the vested portion of his Group’s Pecuniary Interest in AOG Units shall
equal (i) the product (such product, the “Partial Vested Disability Amount”) of (x) the sum (such sum, the “Base Disability Amount”) of such Principal Group’s then-current Pecuniary Interest in AOG
Units plus such Principal Group’s Transferred Interests (if any), multiplied by (y) such Principal’s Employment Fraction; plus (ii) fifty percent (50%) of the difference between (x) the Base Disability Amount and
(y) the Partial Vested Disability Amount; minus (iii) such Principal Group’s Transferred Interests. 
 (d) Upon
a termination of LB for death or Disability, 100% of his Group’s Pecuniary Interest in AOG Units shall be vested. 
 SECTION 3.3
COMPENSATION; OTHER ECONOMIC BENEFITS. Until the fifth anniversary of the date hereof, each Continuing Principal shall receive the same salary, compensation, equity incentives and other fringe benefits as the other Continuing Principals.
Additionally, the Principals may from time to time use aircraft owned or leased by Apollo, the Apollo Operating Group or any of their respective Subsidiaries for their personal use. In such instance, such Principal will reimburse Apollo, the Apollo
Operating Group or such Subsidiary for his personal use of such aircraft at then-prevailing charter rates. Alternatively, if a Principal uses his own aircraft for business of Apollo, the Apollo Operating Group or their respective Subsidiaries,
Apollo shall reimburse such Principal for the use of his aircraft at then-prevailing charter rates. 
  

 18 

 ARTICLE IV 
 FORFEITURE 
 SECTION 4.1 FORFEITURE AMONG PRINCIPALS. 
 (a) Upon a Principal’s (the “Forfeiting Principal”) resignation, retirement, death, Disability or termination for
Cause, the Pecuniary Interest in AOG Units held by such Forfeiting Principal and his Group that has not vested in accordance with Section 3.2 (if any) shall be forfeited (the “Forfeited Interests”) as of the applicable
Forfeiture Date within Holdings for the benefit of the Principals (the “Continuing Principals”) who continue to be employed by the Apollo Employer as of the applicable Forfeiture Date pro rata in accordance with the respective
Sharing Percentages of such Continuing Principals’ Groups as of the Forfeiture Date. 
 (b) All credits and debits to the
Distribution Account of a Forfeiting Principal’s Group shall, from the date of termination of such Forfeiting Principal until the applicable Forfeiture Date, be computed on a pro-forma basis assuming the Sharing Percentage and Heritage Points
Percentage of such Forfeiting Principal had been adjusted on the date of termination to give effect to the forfeiture to occur on the Forfeiture Date. Amounts that would, but for the preceding sentence, be debited or credited to the Distribution
Account of such Forfeiting Principal and his Group shall, on the applicable Forfeiture Date, be debited or credited to the Distribution Accounts of the Continuing Principals in accordance with such Continuing Principals’ respective Sharing
Percentages, as adjusted pursuant to Section 4.1(a). 
 (c) Upon the termination of any Principal, the Pecuniary
Interest of such Principal Group in Heritage Points shall be reduced by multiplying such amount by a fraction, the numerator of which is the vested portion of such Group’s Pecuniary Interest in AOG Units calculated pursuant to
Section 3.2 above and the denominator of which is such Group’s Pecuniary Interest in AOG Units immediately prior to such Principal’s termination. The Heritage Points subject to reduction shall be reallocated among the
respective Groups of the Continuing Principals in the same manner as the Forfeited Interests are allocated pursuant to Section 4.1(a). 
 (d) The Continuing Principals receiving Forfeited Interests shall be permitted to direct Holdings to sell (as part of an Exchange) without regard to the transfer restrictions set forth in Section 2.4(b),
such number of Class A Shares as required to pay Taxes payable, if any, as a result of the receipt of such Forfeited Interests and Heritage Points, calculated based on the maximum combined U.S. federal, New York State and New York City tax rate
applicable to individuals. Transfers pursuant to this Section 4.1(d) shall not increase a Principal Group’s number of Transferred Interests. 
  

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 SECTION 4.2 FORFEITURE BY OTHER PERSONS 
 (a) In the event of any forfeiture to (or for the benefit of) Holdings of AOG Units or other economic interest in Apollo, the Apollo
Operating Group or any Subsidiary thereof by any Person other than a Principal or his Group, the AOG Units or other economic interest related to such “points” shall be allocated among the Principal Groups based upon their respective
Sharing Percentages as of the date of such forfeiture. The Heritage Points Percentages will be appropriately adjusted to give effect to this re-allocation with respect to any such forfeiture of “points” in a Heritage Fund. Notwithstanding
the foregoing, the Executive Committee may elect to assign such AOG Units or other economic interest in the Apollo Operating Group or any Subsidiary thereof to the Apollo Operating Group, it being understood that in such circumstance each limited
partnership interest that comprises an AOG Unit shall be contributed to the respective issuer within the Apollo Operating Group and any other economic interest shall be similarly contributed to the member of the Apollo Operating Group that is the
parent entity of the issuer of such economic interest. 
 (b) The Continuing Principals receiving such forfeited interests
shall be permitted to direct Holdings to sell (as part of an Exchange) without regard to the transfer restrictions set forth in Section 2.4(b), such number of Class A Shares as required to pay Taxes payable, if any, as a result of
the receipt of such forfeited interests, calculated based on the maximum combined U.S. federal, New York State and New York City tax rate applicable to individuals. Transfers pursuant to this Section 4.2 shall not increase a Principal
Group’s number of Transferred Interests. 
 ARTICLE V 
 GOVERNANCE; CERTAIN RIGHTS; COMPETING ACTIVITIES 
 SECTION 5.1 EXECUTIVE
COMMITTEE; LIMITATIONS ON HOLDINGS AND THE HOLDINGS GP. 
 (a) Except as expressly provided herein or as otherwise delegated
to another Person by the Executive Committee, Holdings, Intermediate Holdings, the Holdings GP, Apollo (and its managing member, if any), the Apollo Operating Group and their respective Subsidiaries will be governed by, and the business and affairs
of each such entity shall be managed by or under the direction of, a three (3) person executive committee (the “Executive Committee”) with each Principal having the right to be a member of such Executive Committee for so long
as each such Principal is employed by the Apollo Employer; provided, however, that upon his retirement, LB may, at his option, remain on such Executive Committee until the earlier of his death or Disability or commission of an act or
omission that would constitute Cause assuming that LB was still employed by the Apollo Employer. For so long as a Principal is a member of the Executive Committee, such Principal shall not transfer any equity interests in the Holdings GP under any
circumstances unless approved by the unanimous consent of the Executive Committee. In the event that any of the Principals ceases to be a member of the Executive Committee, any equity interests held by such Principal in the Holdings GP shall
automatically be transferred to his successor on the Executive Committee without any action on the part of such Principal. In the event that any of Apollo (and its managing member, if any), the Apollo 

  

 20 

 
Operating Group or any of their respective Subsidiaries is not governed by the Executive Committee, the Principals shall, to the extent permitted to do so by
law, ensure that any decision undertaken by a Principal, whether pursuant to the Shareholders Agreement, the Partnership Agreement or otherwise, conforms to the provisions of this Article V, and Holdings, Intermediate Holdings and the
Holdings GP shall continue to be governed by the Executive Committee pursuant to this Agreement. 
 (b) Each of the Principals
hereby agrees and acknowledges that Holdings (i) has been formed strictly as a passive holding vehicle for the Principal Groups, (ii) has not and will not engage in any active business, and (iii) has not and will not engage in any
activity of any kind, except in connection with and in furtherance of this Agreement or with the unanimous consent of the Principals. 
 (c) Each of the Principals hereby agrees and acknowledges that the Holdings GP (i) has been formed strictly as a passive, non-economic general partner of Holdings and Intermediate Holdings, (ii) has not and
will not engage in any active business, and (iii) has not and will not engage in any activity of any kind, except in connection with and in furtherance of this Agreement or with the unanimous consent of the Principals. 
 SECTION 5.2 AUTHORITY OF EXECUTIVE COMMITTEE. 
 (a) Except as otherwise expressly provided herein, any action taken by the Executive Committee shall require the affirmative vote of at least two (2) of the Principals. 
 (b) In addition to other actions specifically provided herein, all (i) decisions regarding (x) the employment of senior
investment professionals at or (y) the engagement of senior consultants by Apollo, the Apollo Operating Group or their respective Subsidiaries, including without limitation, hiring, terminating and compensating (whether through an equity-based
arrangement or otherwise) such persons shall require the unanimous consent of the Executive Committee, (ii) any delegation of the authority of the Executive Committee to any Person and (iii) the dissolution of Holdings or any actions or
transactions that result or could result in non-pro rata treatment or effect upon a Principal (other than as a result of termination of such Principal for Cause), within Holdings, Intermediate Holdings or otherwise, shall require the unanimous
consent of the Principals. If Apollo, the Apollo Operating Group or any of their respective Subsidiaries become parties to a joint venture engaged in any business similar to any of the businesses of Apollo, then any rights that such Apollo joint
venture party may have to control or influence the terms of the employment of the senior investment professionals and consultants of such joint venture (including in connection with the establishment of such terms at the commencement of such joint
venture) shall be subject to clause (i) of the preceding sentence. 
 (c) Each Principal and his Group will take all
action necessary to cause Holdings and/or Intermediate Holdings to elect each Principal to the Board so long as such Principal is eligible to actively participate on the Executive Committee. The designation of the other directors to the Board shall
be determined by the Executive Committee; provided, that LB shall have a veto over the designation of any such other director for so long he is a member of the Executive Committee. 
  

 21 

 SECTION 5.3 FILLING VACANCIES ON EXECUTIVE COMMITTEE. 
 (a) All vacancies on the Executive Committee will be filled by a Senior Professional. Except as provided in Section 5.3(b), if
a vacancy exists on the Executive Committee as a result of the termination of any member of the Executive Committee, then the remaining members of the Executive Committee shall select the replacement. If the remaining members of the Executive
Committee cannot agree on a replacement, each such member shall recommend a Senior Professional to the independent directors of Apollo (the “Independent Board”) who shall then select (by majority vote) one of the two Senior
Professionals presented to them by the Executive Committee to serve on the Executive Committee. If, for any reason, there are no members of the Executive Committee and the rights to appoint a member of the Executive Committee set forth in
Section 5.3(b) have expired, the Independent Board shall select the successors to the Executive Committee from among the Senior Professionals. 
 (b) If a vacancy exists on the Executive Committee as a result of the death or Disability of LB or the termination of any subsequent individual who was appointed to the Executive Committee pursuant to this
Section 5.3(b), then LB (or his personal representative, if applicable) shall, after consultation with the Executive Committee, nominate a Senior Professional to fill such vacancy. Such nominee must be approved by at least one
(1) member of the Executive Committee, such approval not to be unreasonably withheld or delayed. The right of LB (or his personal representative, as applicable) to exercise the rights set forth in this Section 5.3(b) shall terminate
upon the earlier of (i) LB ceasing to be a member of the Executive Committee for any reason other than death or Disability, (ii) LB’s commission of an act or omission that would constitute Cause assuming that LB was still employed by
the Apollo Employer, or (iii) the LB Group ceases to be the largest beneficial owner of Shares (for these purposes, (x) each Group shall be deemed to own that number of Class A Shares beneficially owned by Holdings (or indirectly
owned by Holdings through Intermediate Holdings or another intermediary) multiplied by such Group’s Sharing Percentage and (y) the number of Shares beneficially owned by stockholders (other than any member of a Principal Group) shall be
aggregated with the number of Shares beneficially owned by such stockholder’s affiliates). Beneficial ownership shall be calculated pursuant to Section 13(d) of the Exchange Act. 
 (c) Any Senior Professional who becomes a member of the Executive Committee shall not be terminated from Apollo and its Subsidiaries or
removed from the Executive Committee other than for Cause. So long as such Senior Professional remains on the Executive Committee, his “points” in any Person that is a Subsidiary of the Apollo Operating Group shall not be reduced (other
than due to pro rata dilution in the ordinary course reflecting the issuance of “points” to or for the benefit of Persons other than any member of a Principal Group). Additionally, such Senior Professional shall be entitled to no less than
the highest number of “points” awarded to any other Senior Professional in a future Apollo private equity fund which has a First Closing while such Senior Professional remains on the Executive Committee and the vesting of such
“points” will be on terms no less favorable than those given to any other Senior Professional, considered in the aggregate and as reasonably determined by the Executive Committee after giving effect to the aggregate “points”
awarded, the value of such “points” and related factors. Additionally, such Senior Professional, so long as he is on the Executive Committee, shall participate in all other Apollo incentive plans and fringe benefits on terms determined by
the Independent Board (by majority vote). 
  

 22 

 SECTION 5.4 EXTRAORDINARY TRANSACTIONS. 
 (a) Except as provided in Section 5.4(b), the initiation of any Extraordinary Transaction will be determined by the Executive
Committee upon the affirmative vote of two (2) Principals; provided, that LB shall have a veto over any such Extraordinary Transaction to the extent that it involves (i) the direct or indirect sale of a ratable interest (or
substantially ratable interest) in each Person that constitutes the Apollo Operating Group or (ii) a sale of all or substantially all of the assets of Apollo, in each case, so long as he is on the Executive Committee. 
 (b) Subject to approval of the Independent Board, at any time after December 31, 2009, LB, in consultation with, but not subject to
the approval of, the Executive Committee, may cause an Extraordinary Transaction to the extent that it involves (i) the direct or indirect sale of a ratable interest (or substantially ratable interest) in each Person that constitutes the Apollo
Operating Group or (ii) a sale of all or substantially all of the assets of Apollo, in each case; provided, however, that: 
 (i) LB must provide the other Principals with written notice of any such Extraordinary Transaction at least thirty (30) days prior to the consummation thereof; 
 (ii) all Principal Groups shall be treated ratably with respect to proceeds or other consideration, hold-backs, and any related matters
based upon Sharing Percentages; 
 (iii) any indemnification obligations of Holdings, Intermediate Holdings and/or the
Principal Groups shall survive for no more than two (2) years from the closing of such Extraordinary Transaction, other than indemnification for representations and warranties made on a several basis, as described in
Section 5.4(b)(vii) below, which may survive longer; 
 (iv) the transaction shall be on an arms-length basis with
an unaffiliated third party or parties; 
 (v) the terms of the transaction shall not obligate any member of a Principal Group
to any covenants or other provisions beyond the terms and scope of this Agreement; 
 (vi) if any Principal Group is given an
option as to the form and amount of consideration to be received, all Principal Groups will be given the same option ratably in accordance with their Sharing Percentages; 
 (vii) no Principal Group shall be obligated to pay more than its pro rata amount of expenses incurred (based upon Sharing Percentages) in
connection with such consummated Extraordinary Transaction to the extent such expenses are incurred for the benefit of all Principal Groups and are not otherwise paid by Apollo or the acquiring party (expenses incurred by or on behalf of a Principal
Group for its sole benefit not being considered expenses incurred for the benefit of all Principal Groups); and 
  

 23 

 (viii) in the event that the Principal Groups are required to provide any
representations, warranties or indemnities in connection with such Extraordinary Transaction (other than representations, warranties and indemnities made on a several basis concerning each Principal Group’s valid ownership of its equity
interests, free of all liens and encumbrances, enforceability of transaction documents, and each Principal Group’s authority, power, and right to enter into and consummate agreements relating to such Extraordinary Transaction without violating
applicable law or any other agreement), then each Principal Group shall not be liable for more than its pro rata amount (based upon Sharing Percentages) of any liability for misrepresentation or indemnity (except in respect of such several
representations and warranties) and such liability shall not exceed the total purchase price received by such Principal Group from such purchaser (an Extraordinary Transaction which meets the criteria set forth in this Section 5.4(b) is
referred to herein as an “LB Extraordinary Transaction”). 
 (c) The other Principals shall and shall direct
their respective Groups and Holdings to (x) approve and consent to, and raise no objections to, any LB Extraordinary Transaction and (y) take all necessary and desirable actions to facilitate the consummation of any LB Extraordinary
Transaction. Each Principal shall and shall direct their respective Groups and Holdings to waive any dissenters rights, appraisal rights or similar rights in connection with any LB Extraordinary Transaction, if any, and vote all of his or its
interests in favor of any LB Extraordinary Transaction and execute definitive documents negotiated by LB in order to effect any LB Extraordinary Transaction. 
 (d) In the event of any LB Extraordinary Transaction, then the vesting schedule of any Principal (other than LB) who has not previously
been terminated and who elected a six (6) year vesting schedule with a one (1) year non-compete/non-solicitation provision shall automatically convert (retroactively) to a five (5) year vesting schedule with a two (2) year
non-compete/non-solicitation provision. 
 (e) Any distribution of net cash proceeds from an Extraordinary Transaction shall
not be subject to vesting. 
 (f) The Executive Committee shall determine the use of proceeds from an Extraordinary
Transaction; provided, that LB shall have a veto over any such use so long as he is on the Executive Committee; and, provided, further, that the proceeds from any LB Extraordinary Transaction shall be distributed in accordance
with Section 5.4(b). 
 SECTION 5.5 EMPLOYMENT MATTERS. The definitions of “Cause” and “Disability” in this
Agreement are used solely in connection with the vesting and forfeiture of each Principal’s Pecuniary Interest in AOG Units. A Principal’s vesting in his Pecuniary Interest in AOG Units shall cease upon his termination for Cause or
Disability in accordance with this Agreement. However, there may be a delay between the act or omission that may constitute Cause or the condition that may result in a Disability, and the effective date of such termination. In such case, the
Executive Committee may temporarily appoint a Senior Professional to perform the functional responsibilities and duties of such Principal until Cause or Disability definitively occurs or is determined not to have occurred. Notwithstanding the
foregoing, (a) the Executive Committee may so appoint a Senior Professional only if such Principal is unable to perform his 

  

 24 

 
responsibilities and duties to the Apollo Employer, or, as a matter of fiduciary duty, should be prohibited from performing his responsibilities and duties,
and (b) such Principal shall continue to serve on the Executive Committee unless otherwise prohibited from doing so pursuant to this Agreement. 
 SECTION 5.6 ACKNOWLEDGEMENTS BY THE PRINCIPALS 
 (a) Each Principal and his Group shall
comply with the provisions of (i) Sections 4.1, 4.2 and 5.1 (“drags and tags” and “Sale of the Company”) of the Lender Rights Agreement and (ii) Sections 3.6 and 5.2 (“tags and
drags”) of each Roll-up Agreement. 
 (b) Each Principal and his Group shall comply with the provisions of
(i) Clause E (“Disparaging Comments”) of Exhibit A to the employment agreements entered into by the Principals on the date hereof, (ii) Clause F (“Competing Activities”) of Exhibit A to the
employment agreements entered into by the Principals on the date hereof and (iii) Section 5.6(e) (non-disparagement) of each Roll-up Agreement. 
 SECTION 5.7 ACCESS TO BOOKS, RECORDS AND FINANCIAL INFORMATION. Each Principal shall have the right, upon reasonable request for purposes reasonably related to the interest of such Principal as a partner or former
partner of Holdings, to inspect, during normal business hours, Holdings’ books and records (including such financial and other information relating to Holdings or any other Person in which Holdings directly or indirectly owns an interest)
relating to any period of time during which such Principal was a partner of Holdings. All requests for information or access shall be made in writing and shall specify the reasons for such request. Holdings shall have twenty (20) Business Days
to respond to such request (or such longer period as may be reasonable under the circumstances given the volume or complexity of the request). The requesting Principal shall reimburse Holdings for all reasonable expenses incurred by Holdings in
order to provide such information or access (including expenses necessary to provide such information or access in a manner that is prudent in order to protect the interests of Holdings and its affiliates). Holdings shall have no obligation to
generate information that does not exist nor organize information in a format that does not exist. Holdings shall not have to respond to more than one request in any thirty (30) day period made by the same Principal. The rights of a Principal
pursuant to this Section 5.7 shall expire when such Principal’s Group no longer owns an interest in Holdings. The Principals acknowledge and agree that they have bargained for and agreed to the provisions of this
Section 5.7 and any other provisions of this Agreement which restrict access to information, that such provisions constitute a fundamental element of their agreement relating to the affairs of Holdings, that such provisions limit rights
of inspection otherwise available to them and that such provisions are intended to be enforceable notwithstanding any rights of inspection otherwise available at law or in equity. 
 SECTION 5.8 CONFIDENTIAL INFORMATION 
 (a) A Principal will not disclose or use at any time, either prior to his termination or thereafter, any Confidential Information of which such Principal is or becomes aware, whether or not such information is authored or developed by him,
except to the extent that (i) such disclosure or use is directly related to and required by such Principal’s performance of 

  

 25 

 
duties to Apollo or any of its Subsidiaries or any Portfolio Company, (ii) subject to Sections 6.8 and 6.9, to the extent that such disclosure is
required in connection with any action by such Principal to enforce rights under this Agreement or any other agreement with Holdings, Apollo or any of its Subsidiaries, (iii) such disclosure is expressly permitted by the terms of this Agreement
or by the Executive Committee, or (iv) such disclosure is legally required to be made; provided, that such Principal shall provide ten (10) days prior written notice, if practicable, to Holdings of such disclosure so that Holdings
may seek a protective order or similar remedy; and, provided further, that, in each case set forth above, such Principal informs the recipients that such information or communication is confidential in nature. Notwithstanding anything
contained herein, upon the expiration of the term of any non-competition agreement that a Principal is party to with Apollo, the Apollo Operating Group or any of their respective Subsidiaries, a Principal shall be permitted to use, and will be given
full access to, performance information of the Apollo Funds related to such Principal’s respective tenure as an employee or active manager of Apollo, the Apollo Operating Group or any of their respective Subsidiaries; provided, that
Holdings, Intermediate Holdings, Apollo, the Apollo Operating Group and their respective Subsidiaries shall not be responsible for any misrepresentations on such Principal’s part to any third parties regarding the foregoing. 
 (b) Any trade secrets of Holdings, Apollo or any of its Subsidiaries or any Portfolio Company will be entitled to all of the protections
and benefits under any applicable law. If any information that Holdings deems to be a trade secret is found by a court of competent jurisdiction not to be a trade secret for purposes of this Agreement, such information will, nevertheless, be
considered Confidential Information for purposes of this Agreement. Each Principal hereby waives any requirement that Holdings submit proof of the economic value of any trade secret or post a bond or other security. 
 ARTICLE VI 
 MISCELLANEOUS

 SECTION 6.1 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 by nationally recognized overnight courier, addressed to such party at the address set forth on Schedule V. 
 SECTION 6.2 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”. 
 SECTION 6.3 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 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 

  

 26 

 
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 6.4 COUNTERPARTS.
This Agreement may be executed in one or more counterparts, including via facsimile, 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 6.5 ENTIRE AGREEMENT; NO THIRD PARTY BENEFICIARIES. This Agreement (a) constitutes the
entire agreement and (except with respect to Excluded Assets and any agreements entered into contemporaneously herewith) supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof,
including, without limitation, the Term Sheet, and (b) is not intended to confer upon any Person, other than the parties hereto and their successors and permitted assigns, any rights or remedies hereunder. 
 SECTION 6.6 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 6.7 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 in the event that (a) arbitration
pursuant to Section 6.9 is not available or (b) circumstances exist such that immediate action must be taken to preserve the intent of this Agreement pending an arbitration in accordance with Section 6.9, 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 the Selected Courts (as defined below), this being in addition
to any other remedy to which they are entitled at law or in equity. In such event, any 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 pursuant to this Section 6.7, it will not assert the defense that a remedy at law would be adequate.

 SECTION 6.8 CONSENT TO JURISDICTION. It is the desire and intent of the parties hereto that any disputes or controversies arising under or
in connection with this Agreement be resolved pursuant to arbitration in accordance with Section 6.9; provided, however, that, to the extent that Section 6.9 is held to be invalid or unenforceable for any
reason, and the result is that the parties hereto are precluded from resolving any claim arising under or in connection with this Agreement pursuant to the terms of Section 6.9 (after giving effect to the terms of
Section 6.3), the following provisions of this Section 6.8 shall govern the resolution of 

  

 27 

 
all disputes or controversies arising under this Agreement. 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 (a) submits to the exclusive jurisdiction of (A) the United States District Court for the Southern District of New York or
(B) in the event that such court lacks jurisdiction to hear the claim, the state courts of New York located in the borough of Manhattan, New York City (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; (b) 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 Holdings and the Principals at their respective addresses referred to in Section 6.1 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 (c) 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. 
 SECTION 6.9 ARBITRATION.  
 (a) Except as provided in Sections 6.7, the parties hereto agree that any dispute, controversy or claim arising out of or relating to this Agreement, whether based on contract, tort, statute or other legal or equitable theory
(including without limitation, any claim of fraud, intentional misconduct, misrepresentation or fraudulent inducement or any question of validity or effect of this Agreement including this clause) or the breach or termination hereof (the
“Dispute”), shall be resolved in binding arbitration in accordance with the following provisions: 
 (i) Such
dispute shall be resolved by binding arbitration to be conducted before JAMS in accordance with the provisions of JAMS’ Comprehensive Arbitration Rules and Procedures as in effect at the time of the arbitration. 
 (ii) The arbitration shall be held before a panel of three arbitrators appointed by JAMS, in accordance with its rules, who are not
affiliates of any party to such arbitration and do not have any potential for bias or conflict of interest with respect any of the parties hereto, directly or indirectly, by virtue of any direct or indirect financial interest, family relationship or
close friendship. 
  

 28 

 (iii) Such arbitration shall be held at such place as the arbitrators appointed by JAMS
may determine within New York, New York, or such other location to which the parties hereto may agree. 
 (iv) The arbitrators
shall have the authority, taking into account the parties’ desire that any arbitration proceeding hereunder be reasonably expedited and efficient, to permit the parties hereto to conduct discovery. Any such discovery shall be (i) guided
generally by but be no broader than permitted under the United States Federal Rules of Civil Procedure (the “FRCP”), and (ii) subject to the arbitrators and the parties hereto entering into a mutually acceptable confidentiality
agreement. 
 (v) The arbitrators shall have the authority to issue subpoenas for the attendance of witnesses and for the
production of records and other evidence at any hearing and may administer oaths. Any such subpoena must be served in the manner for service of subpoenas under the FRCP and enforced in the manner for enforcement of subpoenas under the FRCP.

 (vi) The arbitrators’ decision and award in any such arbitration shall be made by majority vote and delivered within
thirty (30) calendar days of the conclusion of the evidentiary hearings. In addition, the arbitrators shall have the authority to award injunctive relief to any of the parties. 
 (vii) The arbitrators’ decision shall be in writing and shall be as brief as possible and will include the basis for the
arbitrators’ decision. A record of the arbitration proceeding shall be kept. 
 (viii) Judgment on the award rendered by
the arbitrators may be entered in any court having jurisdiction thereof. 
 (ix) The parties shall share equally all expenses
of JAMS (including those of the arbitrators) incurred in connection with any arbitration. Notwithstanding the foregoing, if the arbitrators determine that any party’s claim or position was frivolous, such party shall reimburse the other parties
to such arbitration for all reasonable expenses incurred (including reasonable legal fees and expenses) in connection with such arbitration. 
 (x) The parties hereto agree to participate in any arbitration in good faith. 
 (b) If JAMS
is unable or unwilling to commence arbitration with regard to any such Dispute within thirty (30) calendar days after the parties have met the requirements for commencement as set forth in Rule 5 of the JAMS Comprehensive Arbitration Rules and
Procedures, then the Disputes shall be resolved by binding arbitration, in accordance with the International Arbitration Rules of the American Arbitration Association (the “AAA”), before a panel of three arbitrators who shall be
selected jointly by the parties involved in such Dispute, or 

  

 29 

 
if the parties cannot agree on the selection of the arbitrators, shall be selected by the AAA (provided that any arbitrators selected by the AAA shall meet
the requirements of subparagraph (a)(ii) above). Any such arbitration shall be subject to the provisions of subparagraphs (a)(iii) through (a)(x) above (as if the AAA were JAMS). If the AAA is unable or unwilling to commence such arbitration within
thirty (30) calendar days after the parties have met the requirements for such commencement set forth in the aforementioned rules, then either party may seek resolution of such Dispute through litigation in accordance with Sections 6.7
and 6.8. 
 (c) Except as may be necessary to enter judgment upon the award or to the extent required by applicable
law, all claims, defenses and proceedings (including, without limiting the generality of the foregoing, the existence of the controversy and the fact that there is an arbitration proceeding) shall be treated in a confidential manner by the
arbitrators, the parties and their counsel, and each of their agents, and employees and all others acting on behalf of or in concert with them. Without limiting the generality of the foregoing, no one shall divulge to any Person not directly
involved in the arbitration the contents of the pleadings, papers, orders, hearings, trials, or awards in the arbitration, except as may be necessary to enter judgment upon an award or as required by applicable law. Any court proceedings relating to
the arbitration hereunder, including, without limiting the generality of the foregoing, to prevent or compel arbitration or to confirm, correct, vacate or otherwise enforce an arbitration award, shall be filed under seal with the court, to the
extent permitted by law. 
 SECTION 6.10 AMENDMENTS; WAIVERS; NO DISCRIMINATORY ACTION. 
 (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,
in writing, of the Principals (or their legal representative, if applicable). 
 (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. 
 (c) Except in
connection with a termination for Cause, no Principal shall take any action against another Principal that is discriminatory against such Principal without the consent of such affected Principal. Additionally, each Principal shall use his best
efforts to cause each of Holdings, Intermediate Holdings, the Holdings GP, Apollo (and its managing member, if any), the Apollo Operating Group and their respective Subsidiaries to refrain from taking any action that is discriminatory against any
Principal without the consent of such affected Principal. 
 (d) Each Principal, whether on his own behalf or on behalf of his
Group, will not take any action as a Principal, stockholder, director, partner, member, officer or otherwise except in a manner that is consistent with the terms of this Agreement, and no Principal shall enter into any agreement or arrangement of
any kind with any Person on terms inconsistent with the provisions of this Agreement (whether or not such agreement or arrangement is with other Principals, Permitted Transferees or with Persons that are not party to this Agreement). Each Permitted
Transferee will not take any action as a stockholder, director, partner, member, officer 

  

 30 

 
or otherwise except in a manner that is consistent with the terms of this Agreement, and no Permitted Transferee shall enter into any agreement or
arrangement of any kind with any Person on terms inconsistent with the provisions of this Agreement (whether or not such agreement or arrangement is with a Principal, any other Permitted Transferee or with Persons that are not party to this
Agreement). 
 SECTION 6.11 ASSIGNMENT. Except as expressly provided herein, 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 permitted assigns. 
 SECTION 6.12 SCHEDULE VI. Schedule VI is hereby incorporated by reference. 

[Remainder of page intentionally left blank] 
  

 31 

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

	
	
	/s/ Leon D. Black
	Leon D. Black
	
	/s/ Marc J. Rowan
	Marc J. Rowan
	
	/s/ Joshua J. Harris
	Joshua J. Harris

			
	
	BLACK FAMILY PARTNERS, L.P.
		
	By: 	 	 Black Family GP, LLC,
 its General
Partner

		
	By: 	 	/s/ Leon D. Black
		 	Leon D. Black
		 	Manager

			
	
	MJR FOUNDATION LLC
		
	By: 	 	/s/ Marc J. Rowan
		 	Name: Marc J. Rowan
		 	Title: Manager

			
	
	BRH HOLDINGS, L.P.
		
	By: 	 	 BRH Holdings GP, LTD.
 its General
Partner

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

 [Agreement Among Principals] 

			
	AP PROFESSIONAL HOLDINGS, L.P.
		
	By: 	 	 BRH Holdings GP, LTD.
 its General
Partner

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

 [Agreement Among Principals]Shareholders Agreement, dated as of July 13, 2007

 Exhibit 10.10 
 SHAREHOLDERS AGREEMENT 
 dated as of 
 July 13, 2007 
 among 
 APOLLO GLOBAL MANAGEMENT, LLC, 
 AP
PROFESSIONAL HOLDINGS, L.P., 
 BRH HOLDINGS, L.P., 
 BLACK FAMILY PARTNERS, L.P., 
 MJR FOUNDATION LLC, 
 LEON D. BLACK, 
 MARC J. ROWAN 

 AND 
 JOSHUA J.
HARRIS 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 ARTICLE I         ARTICLE I DEFINITIONS
	  	1
			
	 Section 1.1
	 	 Definitions
	  	1
			
	 Section 1.2
	 	 Interpretation
	  	9
		
	 ARTICLE II         TRANSFER AND OWNERSHIP RESTRICTIONS
	  	10
			
	 Section 2.1
	 	 Transfer Restrictions - Shareholders
	  	10
			
	 Section 2.2
	 	 Transfer Restrictions - Restricted Parties
	  	11
			
	 Section 2.3
	 	 Ownership Restrictions
	  	12
		
	 ARTICLE III         BOARD REPRESENTATION
	  	13
			
	 Section 3.1
	 	 Nominees
	  	13
			
	 Section 3.2
	 	 Vacancies
	  	13
		
	 ARTICLE IV         TERMINATION
	  	13
			
	 Section 4.1
	 	 Term
	  	13
			
	 Section 4.2
	 	 Survival
	  	13
		
	 ARTICLE V         REGISTRATION RIGHTS
	  	13
			
	 Section 5.1
	 	 Demand Registration
	  	13
			
	 Section 5.2
	 	 Piggyback Registration
	  	16
			
	 Section 5.3
	 	 Shelf Registration
	  	18
			
	 Section 5.4
	 	 Withdrawal Rights
	  	19
			
	 Section 5.5
	 	 Holdback Agreements
	  	20
			
	 Section 5.6
	 	 Registration Procedures
	  	20
			
	 Section 5.7
	 	 Registration Expenses
	  	25
			
	 Section 5.8
	 	 Registration Indemnification
	  	26
			
	 Section 5.9
	 	 Request for Information; Certain Rights
	  	28
		
	 ARTICLE VI         REPRESENTATIONS AND WARRANTIES
	  	29
			
	 Section 6.1
	 	 Representations and Warranties of Each Shareholder
	  	29
			
	 Section 6.2
	 	 Representations and Warranties of the Company
	  	30
		
	 ARTICLE VII         INDEMNIFICATION
	  	30
			
	 Section 7.1
	 	 Indemnification of Principals
	  	30
			
	 Section 7.2
	 	 Indemnification of Other Professionals
	  	31

  

 -i- 

					
	 Section 7.3
	  	 Company Actions
	  	31
		
	 ARTICLE VIII         MISCELLANEOUS
	  	31
			
	 Section 8.1
	  	 Notices
	  	31
			
	 Section 8.2
	  	 Severability
	  	32
			
	 Section 8.3
	  	 Counterparts
	  	32
			
	 Section 8.4
	  	 Entire Agreement; No Third Party Beneficiaries
	  	32
			
	 Section 8.5
	  	 Further Assurances
	  	33
			
	 Section 8.6
	  	 Governing Law; Equitable Remedies
	  	33
			
	 Section 8.7
	  	 Consent To Jurisdiction
	  	33
			
	 Section 8.8
	  	 Amendments; Waivers
	  	34
			
	 Section 8.9
	  	 Assignment
	  	34

  

 -ii- 

 SHAREHOLDERS AGREEMENT (the “Agreement”), dated as of
July 13, 2007, among Apollo Global Management, LLC, a Delaware limited liability company (the “Company”), AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership (“Holdings” and,
collectively with all other Persons (as defined herein) who become parties to this Agreement as “Shareholders” in accordance with the terms of this Agreement, the “Shareholders”), BRH Holdings, L.P., a Cayman Islands
exempted limited partnership (“BRH”), Black Family Partners, L.P., a Delaware limited partnership, Leon D. Black (“LB”), MJR Foundation LLC, a New York limited liability company, Marc J. Rowan
(“MR”), Joshua J. Harris (“JH”, and together with LB and MR, the “Principals”, and each individually, a “Principal”). 
 WHEREAS, the Principals and the other members of their respective Groups (as defined herein) own all of the equity interests of (i) BRH, the
entity through which the Principals and the other members of their respective Groups own their equity interests in Holdings and (ii) BRH Holdings GP, Ltd., a Cayman Islands exempted company and the general partner of BRH and Holdings (the
“Holdings GP”); 
 WHEREAS, Holdings owns certain Shares of the Company and certain equity interests in the
Apollo Operating Group (as defined herein); and 
 WHEREAS, the Shareholders, the Principals, BRH and the Company desire to
address herein certain relationships among themselves, including with respect to the equity interests in the Apollo 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 
 ARTICLE I DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement, the following terms have the following
meanings: 
 “Affiliate” of any Person means any other Person that, directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, such first Person. As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and
“under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by
contract or otherwise) of a Person. The term “Affiliate” does not include at any time any direct or indirect Portfolio Companies. 
 “Agreement” has the meaning set forth in the recitals to this Agreement. 
  

 1 

 “Agreement Among Principals” means the Agreement Among Principals, dated as of the date
hereof, among the Principals and the other parties named therein, as it may be amended, supplemented, restated or otherwise modified from time to time. 
 “APO Corp.” means APO Corp., a Delaware corporation. 
 “APO LLC” means APO
Asset Co., LLC, a Delaware limited liability company. 
 “Apollo Group” means (i) Holdings and its Affiliates,
including their respective general partners, members and limited partners, (ii) each Principal and such Principal’s Group, (iii) any former or current investment professional of or other employee of an Apollo Service Recipient or the
Apollo Operating Group and any member of such Person’s Group, (iv) any former or current executive officer of an Apollo Service Recipient or the Apollo Operating Group and any member of such Person’s Group; and (v) any former or
current director of an Apollo Service Recipient or the Apollo Operating Group and any member of such Person’s Group. 
 “Apollo
Operating Group” means (i) Apollo Management Holdings, L.P., a Delaware limited partnership, Apollo Principal Holdings I, L.P., a Delaware limited partnership, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo
Principal Holdings III, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings IV, L.P., a Cayman Islands exempted limited partnership, and any successors thereto or other entities formed to serve as holding vehicles for
Apollo carry vehicles, management companies or other entities formed to engage in the asset management business (including alternative asset management) and (ii) any such Apollo carry vehicles, management companies or other entities formed to
engage in the asset management business (including alternative asset management) and receiving management fees, incentive fees, fees paid by Portfolio Companies, carry or other remuneration which are not Subsidiaries of the Persons described in
clause (i), excluding any Funds and any Portfolio Companies. 
 “Apollo Service Recipient” means the Company (or such
successor thereto or such other entity controlled by the Company or its successor as may be the recipient of a senior executive’s services at such time). Service to a Portfolio Company shall not be deemed service as a partner to, or employment
by, an Apollo Service Recipient, and Portfolio Companies shall not be considered Apollo Service Recipients. 
 “Beneficial
Owner” means, (i) with respect to a Shareholder, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (A) voting power, which includes the power to vote,
or to direct the voting of, such security and/or (B) investment power, which includes the power to dispose, or to direct the disposition of, such security and (ii) with respect to a Restricted Party, a Person who, directly or indirectly,
holds a Pecuniary Interest. The terms “Beneficially Own” and “Beneficial Ownership” have correlative meanings. 
 “Board” means (i) if prior to the consummation of an Initial Offering, the Manager and (ii) if following the consummation of an Initial Offering, the board of directors of the Company or any duly authorized
committee thereof. 
  

 2 

 “BRH” has the meaning set forth in the recitals to this Agreement. 
 “CS” means Credit Suisse and any of its Affiliates and/or transferees. 
 “CS Rights Agreement” means the Registration Rights Agreement to be entered into with CS. 
 “Charitable Institution” means an organization described in Section 501(c)(3) of the Code (or any corresponding provision of a
future United States Internal Revenue law) which is exempt from income taxation under § 501(a) thereof. 
 “Class A
Shares” means the Class A Shares of the Company (including Conversion Shares) representing Class A limited liability company interests of the Company 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. 
 “Class B Share” means the Class B Share of the Company representing Class B limited liability company interests of the Company and any
equity securities issued or issuable in exchange for or with respect to such Class B Share (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification, recapitalization, merger, consolidation or
other reorganization. 
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time.

 “Company” shall have the meaning set forth in the recitals to this Agreement. 
 “Company Indemnifying Parties” means the Company, APO Corp., APO LLC, and each Person that is a member of the Apollo Operating Group.

 “Conversion Shares” means the Class A Shares issued upon conversion of the Notes. 
 “Demand” has the meaning set forth in Section 5.1(a). 
 “Demand Registration” has the meaning set forth in Section 5.1(a). 
 “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 an Apollo Service Recipient in such capacity for any period of one hundred eighty (180) consecutive days or any aggregate period of eight (8) months in any 12-month period, as determined
(x) after an Initial Offering, in its sole discretion, by a majority of the members of the Board, including a majority of the Continuing Principals (as defined in the Agreement Among 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), and (y) prior to an Initial Offering, in his or her sole discretion, by a licensed doctor selected by the executive committee of the Holdings GP.

  

 3 

 “Disclosure Package” means, with respect to any offering of securities, (i) the
preliminary prospectus, (ii) each Free Writing Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of securities at the time of
sale of such securities (including a contract of sale). 
 “Exchange” means (i) the exchange by Holdings of an
Operating Group Unit for a Class A Share pursuant to the Exchange Agreement, and the subsequent sale of such Class A Share, at prevailing market prices for a Class A Share (unless the Person requesting such Exchange is willing to
accept a lower price, e.g., to effect a block trade), (ii) a redemption of Operating Group Units initiated by the Company or any of its Subsidiaries, solely upon the Company’s election, in which any limited partner of Holdings elects to
participate, (iii) a sale by Holdings of Operating Group Units, or (iv) at the option of the Holdings GP, in the event of a Pro Rata Exchange or a request by a limited partner of Holdings for a Non-Pro Rata Exchange, an In-Kind Exchange
Distribution. 
 “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. A reference to an “Exchange Act Rule” means such rule or regulation of the SEC under the Exchange Act, as in effect from time to time or as
replaced by a successor rule thereto. 
 “Exchange Agreement” means the Exchange Agreement, dated as of the date hereof,
among the Company, APO Corp., APO LLC, Holdings and the other parties thereto. 
 “Form S-3” has the meaning set forth in
Section 5.3. 
 “Free Writing Prospectus” has the meaning set forth in Section 5.6(a)(iii).

 “Fund” means any pooled investment vehicle or similar entity sponsored or managed by the Company or any of its
Subsidiaries. 
 “Governmental Entity” means any Federal, state, county, city, local or foreign governmental, administrative
or regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body). 
 “Group”
shall mean with respect to any Person, such Person’s and (i) such Person’s spouse, (ii) a lineal descendant of such Person’s parents, the spouse of any such descendant or a lineal descendent of any such spouse, (iii) a
Charitable Institution controlled solely by such Person or other member of his Group, (iv) 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 Persons described in clauses (i) through (iii) of this definition, (v) 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 Persons described in clauses (i) through (iv) of this definition, (vi) an individual mandated under a qualified domestic relations order, or (vii) a legal or personal representative of such Person in the event of his
death or Disability. For purposes of this definition, (x) “lineal descendants” shall not include individuals adopted after attaining the age of eighteen (18) years and such adopted Person’s 

  

 4 

 
descendants; and (y) “presumptive remaindermen” shall refer to those Persons entitled to a share of a trust’s assets if it were then to
terminate. No Principal shall ever be a member of the Group of another Principal or a senior executive, and no senior executive shall ever be a member of the Group of another senior executive or a Principal. Each Transferor (as defined in each
Roll-up Agreement) that is a party to a Roll-up Agreement with a senior executive, and each other Person listed on Annex A to such Roll-up Agreement as a member of the “Group” of such senior executive pursuant to such Roll-up
Agreement shall also constitute a member of the Group of such senior executive hereunder. 
 “Holdings” has the meaning set
forth in the recitals to this Agreement. 
 “Holdings GP” has the meaning set forth in the recitals to this Agreement.

 “In-Kind Exchange Distribution” means a Non-Pro Rata Exchange accomplished by the distribution of Operating Group Units
to the limited partner of Holdings directing such Non-Pro Rata Exchange. 
 “Indemnifiable Percentage” means, with respect
to each Other Professional, the percentage set forth opposite such Other Professional’s name on Schedule I attached hereto. 
 “Initial Offering” means the earlier to occur of (i) an IPO or (ii) a Private Placement. 
 “Inspectors” has the meaning set forth in Section 5.6(a)(viii). 
 “Investment” shall
mean any investment (or similar term describing the results of the deployment of capital) as defined in the governing document of any Fund managed (directly or indirectly) by a member of the Apollo Operating Group. 
 “Investors” means any holders of Notes and/or Conversion Shares. 
 “IPO” means the earlier of (i) the consummation of an underwritten public offering of Class A Shares pursuant to an effective
registration statement (other than on Forms S-4 or S-8 or successors and/or equivalents to such forms), with the Shares sold representing at least 10% of the then outstanding Class A Shares of the Company (to be determined assuming that all
outstanding Operating Group Units have been exchanged for Class A Shares pursuant to the Exchange Agreement) and (ii) the effectiveness of the shelf registration statement to be filed by the Company in respect of the Class A Shares to
be sold in the Private Placement; provided, that in the case of clauses (i) and (ii) above, such registration statement is to be filed by the Company with the SEC or (in connection with a listing on the London Stock Exchange) with
the Financial Services Authority of the United Kingdom. 
 “Lender Rights Agreement” means the Lender Rights Agreement,
dated as of the date hereof, by and among the Company, APOC Holdings Ltd., a Cayman Islands exempted company, the California Public Employees’ Retirement System and the other parties thereto, as such agreement may be amended, supplemented,
restated or otherwise modified from time to time. 
 “Losses” has the meaning set forth in Section 5.8(a).

  

 5 

 “Manager” means AGM Management, LLC, a Delaware limited liability company and the
manager of the Company. 
 “Non-Pro Rata Exchange” means an Exchange the proceeds of which (including in the case of an
In-Kind Exchange Distribution, the Operating Group Units) will be distributed to (or otherwise benefit) the limited partners of Holdings in any manner other than a Pro Rata Exchange. 
 “Notes” has the meaning ascribed to such term in the Strategic Agreement. 
 “Operating Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company, as it may be amended,
supplemented, restated or otherwise modified from time to time. 
 “Operating Group Units” refers to units in the Apollo
Operating Group, which represent one limited partnership interest in each of the limited partnerships that comprise the Apollo Operating Group and any securities issued or issuable in exchange for or with respect to such Operating Group 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. 
 “Other Demanding Sellers” has the meaning set forth in Section 5.2(b). 
 “Other Professional” means each of the Persons set forth on Schedule I attached hereto and any members of a Group of such Persons
who is a “Permitted Transferee” under the Roll-up Agreement of such Person. 
 “Other Proposed Sellers” has the
meaning set forth in Section 5.2(b). 
 “Pecuniary Interest” means with respect to the Operating Group Units
(and all securities into which such Operating Group Units are exchanged therefor) held by a Restricted Party, the number of Operating Group Units (and all securities into which such Operating Group Units are exchanged therefor) that would be
distributable to a Principal and his Group, assuming that BRH, Holdings and any other Person that holds Operating Group Units, securities into which such Operating Group Units are exchanged therefor, and such other securities in which BRH has a
direct or indirect interest, were liquidated and BRH, Holdings and such other Person distributed their respective assets in accordance with their respective governing agreements. 
 “Permitted Transferee” means, with respect to any Restricted Party, any member of his Group or any other Restricted
Party. 
 “Person” shall be construed broadly and includes any individual, corporation, firm, partnership,
limited liability company, joint venture, estate, business, association, trust, Governmental Entity or other entity. 
 “Piggyback
Notice” has the meaning set forth in Section 5.2(a). 
  

 6 

 “Piggyback Registration” has the meaning set forth in Section 5.2(a).

 “Piggyback Seller” has the meaning set forth in Section 5.2(a). 
 “Principal” and “Principals” each have the meaning set forth in the recitals to this Agreement. 
 “Private Placement” means a private placement of Shares by the Company pursuant to Rule 144A, Regulation D and Regulation S under the
Securities Act, in an offering (i) to at least 15 purchasers and (ii) that requires the Company to file with the SEC a shelf registration statement permitting registered resales of the Company’s Shares, with the Shares sold
representing at least 10% of the outstanding Class A Shares of the Company (to be determined assuming that all outstanding Operating Group Units have been exchanged for Class A Shares pursuant to the Exchange Agreement). 
 “Proceeding” has the meaning set forth in Section 8.7. 
 “Pro Rata Exchange” means an Exchange in which all the limited partners of Holdings participate and transfer a number of Operating Group
Units in proportion to their respective ownership percentages of Holdings. 
 “Quarterly Exchange Date” has the meaning
ascribed to such term in the Exchange Agreement. 
 “Records” has the meaning set forth in Section 5.6(a)(viii).

 “Registrable Amount” means a number of Registrable Securities representing at least the lesser of (i) 2.5% of the
Total Voting Power of the Company then outstanding and (ii) $10 million (such value shall be determined based on the value of such Registrable Securities on the date immediately preceding the date upon which the Demand or Shelf Notice, as
applicable, has been received by the Company). 
 “Registrable Securities” means any Class A Shares currently owned or
hereafter acquired by any Shareholder, including pursuant to an Exchange. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) such securities have been sold or otherwise transferred by
the holder thereof pursuant to an effective registration statement or (ii) such securities are sold in accordance with Rule 144 (or any successor provision) promulgated under the Securities Act. 
 “Requesting Shareholder” has the meaning set forth in Section 5.1(a). 
 “Restricted Party” means any Principal and members of such Principal’s Group. 
 “Roll-up Agreements” mean the several Roll-up Agreements, each dated as of the date hereof, among Holdings, BRH, the Company, APO LLC,
APO Corp., and a senior executive of Apollo or one of its Subsidiaries and/or with members of such senior executive’s Group. 
  

 7 

 “Sale of the Company” a sale by the one or more Restricted Parties in one or a series of
related transactions resulting in the Restricted Parties owning or controlling, directly or indirectly, less than 50.1% of the economic or voting interests in the Company or the Apollo Operating Group, or any other Person shall exercise control over
the Company or the Apollo Operating Group by contract. 
 “SEC” means the United States Securities and Exchange Commission
or any similar agency then having jurisdiction to enforce the Securities Act. 
 “Securities Act” means the Securities Act
of 1933, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 “Selected Courts” has the meaning set forth in Section 8.7. 
 “Selling
Shareholders” means the Persons named as selling shareholders in any registration statement under Article V hereof and who is the Beneficial Owner of Registrable Securities being offered thereunder. 
 “Shareholder” has the meaning set forth in the recitals. 
 “Shares” means, collectively, the outstanding Class A Shares (as equitably adjusted to reflect any split, combination, reorganization, recapitalization, reclassification or other similar event
involving the Class A Shares). 
 “Shelf Notice” has the meaning set forth in Section 5.3. 
 “Shelf Registration Statement” has the meaning set forth in Section 5.3. 
 “Strategic Agreement” means the Strategic Agreement, dated as of the date hereof, by and among Apollo, APOC Holdings Ltd., a Cayman
Islands exempted company, the California Public Employees’ Retirement System and the other parties thereto. 
 “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. For purposes of this definition, the term “controlled” means the possession, directly or
indirectly, of the power to direct the management and policies of a Person, whether through the ownership of Voting Securities, by contract or otherwise. The term “Subsidiary” does not include at any time any Funds or Portfolio Companies.

 “Suspension Period” has the meaning set forth in Section 5.3(d). 
 “Total Voting Power of the Company” means the total number of votes that may be cast in the election of directors of the Company if all
Voting Securities outstanding or treated as outstanding pursuant to the final two sentences of this definition were present and voted at a meeting held for such purpose. The percentage of the Total Voting Power of the Company 

  

 8 

 
Beneficially Owned by any Person is the percentage of the Total Voting Power of the Company that is represented by the total number of votes that may be cast
in the election of directors of the Company by Voting Securities Beneficially Owned by such Person. In calculating such percentage, the Voting Securities Beneficially Owned by any Person that are not outstanding but are subject to issuance upon
exercise or exchange of rights of conversion or any options, warrants or other rights Beneficially Owned by such Person shall be deemed to be outstanding for the purpose of computing the percentage of the Total Voting Power of the Company
represented by Voting Securities Beneficially Owned by such Person, but shall not be deemed to be outstanding for the purpose of computing the percentage of the Total Voting Power of the Company represented by Voting Securities Beneficially Owned by
any other Person. 
 “Underwritten Offering” means a sale of securities of the Company to an underwriter or underwriters for
reoffering to the public. 
 “Voting Securities” means the Class A Shares, the Class B Share and any other securities
of the Company entitled to vote generally in the election of directors of the Company. 
 “Well-Known Seasoned Issuer” means
a “well-known seasoned issuer” as defined in Rule 405 promulgated under the Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (ii) is a “well-known
seasoned issuer” under paragraph (1)(i)(B) of such definition and is also eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act. 
 Section 1.2 Interpretation. In this Agreement, unless the context otherwise requires: 
 (a) words importing the singular include the plural and vice versa; 
 (b) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; 
 (c) a reference to a clause, party, annex, exhibit or schedule is a reference to a clause of, and a party, annex, exhibit and schedule to
this Agreement, and a reference to this Agreement includes any annex, exhibit and schedule hereto; 
 (d) a reference to a
statute, regulations, proclamation, ordinance or by-law includes all statues, regulations, proclamations, ordinances or by-laws amending, consolidating or replacing it, whether passed by the same or another Governmental Entity with legal power to do
so, and a reference to a statute includes all regulations, proclamations, ordinances and by-laws issued under the statute; 
 (e) a reference to a document includes all amendments or supplements to, or replacements or novations of that document; 
  

 9 

 (f) a reference to a party to a document includes that party’s successors, permitted
transferees and permitted assigns; 
 (g) the use of the term “including” means “including, without
limitation”; 
 (h) the words “herein”, “hereof”, “hereunder” and other words of similar
import refer to this Agreement as a whole, including the annexes, schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular section, subsection, paragraph, subparagraph or
clause contained in this Agreement; 
 (i) the title of and the section and paragraph headings used in this Agreement are for
convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions in this Agreement; 
 (j) where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it
relates; 
 (k) the language used in this Agreement has been chosen by the parties to express their mutual intent, and no rule
of strict construction shall be applied against any party; and 
 (l) unless expressly provided otherwise, the measure of a
period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be that date of the following month or
year corresponding to the next day following the starting date (for example, one month following February 18 is March 18, and one month following March 31 is May 1 (or in the case of January 29, 30 or 31, the following month
shall be March 1)). 
 ARTICLE II 
 TRANSFER AND OWNERSHIP RESTRICTIONS 
 Section 2.1 Transfer Restrictions - Shareholders.

 (a) Each Shareholder may transfer all or any portion of its Shares at any time, and from time to time, subject to this
Article II. 
 (b) The Company shall not be obligated to register any proposed transfer of any Shares by any
Shareholder, on the stock transfer books of the Company, until the Company shall have received: (i) an opinion of counsel reasonably satisfactory to the Company, to the effect that the proposed transfer is in compliance with the Securities Act
or any such other applicable laws and/or representation letters in form and substance reasonably satisfactory to the Company, in each case to the extent necessary to ensure compliance with the provisions of the Securities Act and any other
applicable laws (provided, that no such opinion 

  

 10 

 
will be necessary for transfers pursuant to a registered offering or the Private Placement); and (ii) if the proposed transferee is not a
“Shareholder” under this Agreement, a joinder to this Agreement and the Operating Agreement, executed by the proposed transferee and in form and substance reasonably acceptable to the Company, in which such proposed transferee agrees to be
bound by the terms of this Agreement and the Operating Agreement; provided, that, without limiting, and subject to, the terms of the Operating Agreement, Shares acquired in a transaction that is consummated in accordance with Rule 144, a
Private Placement approved by the Company, or a registered public offering shall not be subject to the terms of this Section 2.1. 
 Section 2.2 Transfer Restrictions - Restricted Parties. 
 (a) No Restricted Party may, directly or
indirectly, voluntarily effect cumulative transfers of his Pecuniary Interests representing more than (the percentages set forth in this Section 2.2(a), in each case, shall be determined based on the aggregate amount of Pecuniary
Interests held by such Restricted Party as of the date hereof and as adjusted pursuant to Section 2.2(d)): 
 (i)
0% of his Pecuniary Interests at any time prior to the second anniversary of the closing date of the IPO; 
 (ii) 7.5% of his
Pecuniary Interests at any time after the second anniversary and prior to the third anniversary of the closing date of the IPO; 
 (iii) 15% of his Pecuniary Interests at any time after the third anniversary and prior to the fourth anniversary of the closing date of the IPO; 
 (iv) 22.5% of his Pecuniary Interests at any time after the fourth anniversary and prior to the fifth anniversary of the closing date of the IPO; 
 (v) 30% of his Pecuniary Interests at any time after the fifth anniversary and prior to the sixth anniversary of the closing date of the
IPO; and 
 (vi) 100% of his Pecuniary Interests at any time after the sixth anniversary of the closing date of the IPO.

 Notwithstanding anything contained to the contrary in this Section 2.2(a), any Restricted Party may transfer any of his Pecuniary Interests:
(x) to any Permitted Transferee or (y) in connection with a Sale of the Company. Any transfers consummated permitted pursuant to the preceding sentence shall not count for purposes of calculating whether the total amount of Pecuniary
Interests transferred by a Restricted Party is below the percentage thresholds set forth in clauses (i) through (vi) above. 
 (b) Any Restricted Party may, at any time, assign all or any portion of his rights to transfer a percentage of his Pecuniary Interests pursuant to Section 2.2(a) to any other Restricted Party; provided, however,
that any assignee of such rights shall not be relieved of his status as a “Restricted Party” under this Agreement with respect to such assignment. 
  

 11 

 (c) No Restricted Party shall be deemed to be in violation of this
Section 2.2 solely as a result of any exchange directed by such Restricted Party of any of the Operating Group Units which it owns or in which it has a Pecuniary Interest for Class A Shares received in such exchange. 
 (d) To the extent a Restricted Party receives Pecuniary Interests pursuant to the forfeiture provisions of Section 4.1 and
4.2 of the Agreement Among Principals, such forfeited Pecuniary Interests will be deemed to be Pecuniary Interests of such Restricted Party for all purposes of this Section 2.2. 
 (e) Notwithstanding anything to the contrary contained in this Section 2.2, a Restricted Party that receives Pecuniary
Interests pursuant to the forfeiture provisions of Sections 4.1 and 4.2 of the Agreement Among Principals is permitted to sell, in addition to the Pecuniary Interests he is otherwise entitled to sell pursuant to this
Section 2.2, up to that amount of forfeited Pecuniary Interests that would provide such Restricted Party with aggregate sales proceeds equal to the amount of taxes that such Restricted Party will be required to pay as a result of the
receipt of such forfeited Pecuniary Interests, calculated based on the maximum combined U.S. federal, New York State and New York City tax rate applicable to individuals. 
 (f) Each Principal and his Group shall comply with the provisions of Sections 4.1, 4.2 and 5.1 (“drags and
tags” and “Sale of the Company”) of the Lender Rights Agreement and Sections 3.6 and 5.2 (“tags and drags”) of each Roll-up Agreement. 
 Section 2.3 Ownership Restrictions. Prior to the fifth anniversary of the date hereof, (i) no Restricted Party may participate (other than
through his ownership of Operating Group Units or Class A Shares) in the carried interest, incentive fees or management fees of any future Funds and (ii) no Restricted Party shall be issued additional Operating Group Units (other than
pursuant to the forfeiture provisions of Section 4.1 and 4.2 of the Agreement Among Principals); provided, however, that a Restricted Party may purchase outstanding Operating Group Units or Class A Shares to the
extent not otherwise prohibited by any other agreement to which such Restricted Party is a party. 
 Section 2.4 Adjustments. In the
event of: any reclassification, recapitalization, stock split or reverse stock split; any merger, combination, consolidation, or other reorganization; any split-up, spin-off, or similar extraordinary dividend distribution in respect of the
Class A Shares; or any similar extraordinary transaction, in each case, that affects the AOG Units, the Manager or the Board, as the case may be, shall equitably and proportionately adjust the AOG Units to the extent necessary to preserve (but
not increase) each such holder’s rights with respect to such AOG Units immediately prior to such transaction or event. Any good faith determination by the Manager or the Board, as the case may be, as to whether an adjustment is required in the
circumstances pursuant to this Section 2.4, and the extent and nature of any such adjustment, shall be conclusive and binding on all Persons. 
  

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 ARTICLE III 
 BOARD REPRESENTATION 
 Section 3.1 Nominees. Following consummation of an Initial Offering and
for so long as the Apollo Group Beneficially Owns Voting Securities representing more than 10% of the Total Voting Power of the Company, the Board shall nominate individuals designated by the Manager such that the Manager will have a majority of the
designees on the Board. 
 Section 3.2 Vacancies. In the event that any designee of the Manager under Section 3.1 shall
for any reason cease to serve as a member of the Board during his or her term of office, the resulting vacancy on the Board shall be filled by an individual designated by the Manager. 
 ARTICLE IV 
 TERMINATION 
 Section 4.1 Term. This Agreement shall automatically terminate upon the earlier of (a) July 13, 2050 and (b) the date on which the
Apollo Group no longer Beneficially Owns Shares representing at least 1% of the Total Voting Power of the Company. 
 Section 4.2
Survival. If this Agreement is terminated pursuant to Section 4.1, this Agreement shall become void and of no further force and effect, except for the provisions set forth in Section 5.8, Section 7.1,
Section 7.2 and Article VIII. 
 ARTICLE V 
 REGISTRATION RIGHTS 
 Section 5.1 Demand Registration. 
 (a) At any time after the six month anniversary of the IPO, one or more Shareholders (each a “Requesting Shareholder”)
shall be entitled to make a written request of the Company (a “Demand”) for registration under the Securities Act of an amount of Registrable Securities that, in the aggregate taking into account all of the Requesting Shareholders,
equals or is greater than the Registrable Amount (based on the number of Registrable Securities outstanding on the date such Demand is made) (a “Demand Registration”) and thereupon the Company will, subject to the terms of this
Agreement, use its commercially reasonable efforts to effect the registration as promptly as practicable under the Securities Act of: 
 (i) the Registrable Securities which the Company has been so requested to register by the Requesting Shareholders for disposition in accordance with the intended method of disposition stated in such Demand;

  

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 (ii) all other Registrable Securities which the Company has been requested to register
pursuant to Section 5.1(b); and 
 (iii) all equity securities of the Company which the Company may elect to
register in connection with any offering of Registrable Securities pursuant to this Section 5.1, but subject to Section 5.1(h); 
 all to the extent necessary to permit the disposition (in accordance with the intended methods thereof) of the Registrable Securities and the additional Shares, if any, to be so registered. 
 (b) Each Demand shall specify: (i) the aggregate number of Registrable Securities requested to be registered in such Demand
Registration, (ii) the intended method of disposition in connection with such Demand Registration, to the extent then known and (iii) the identity of the Requesting Shareholder (or Requesting Shareholders). Each Requesting Shareholder
shall make such Demand at least seventy-five (75) days prior to such Quarterly Exchange Date in which such Requesting Shareholder expects to request an Exchange to obtain the Registrable Securities to be sold in such registration. Within five
business days after receipt of a Demand, the Company shall give written notice of such Demand to all other Shareholders. Subject to Section 5.1(h), the Company shall include in the Demand Registration covered by such Demand all
Registrable Securities with respect to which the Company has received a written request for inclusion therein within ten days after the Company’s notice required by this paragraph has been given, or, to the extent practicable, within such
longer period of time specified by the Company sufficient to comply with the notice requirements under the Exchange Agreement for any Shareholder who must effect an Exchange prior to such registration. Such written request shall comply with the
requirements of a Demand as set forth in this Section 5.1(b). 
 (c) Each of the Shareholders shall be entitled to
an unlimited number of Demand Registrations. 
 (d) Demand Registrations shall be on (i) Form S-1 or any similar
long-form registration, (ii) Form S-3 or any similar short form registration, if such short form registration is then available to the Company, or (iii) Form S-3ASR if the Company is, at the time a Demand is made, a Well-Known Seasoned
Issuer, in each case, reasonably acceptable to the Requesting Shareholders holding a majority of the Registrable Securities included in the applicable Demand Registration. 
 (e) The Company shall not be obligated to (i) maintain the effectiveness of a registration statement under the Securities Act, filed
pursuant to a Demand Registration, for a period longer than 90 days or (ii) effect any Demand Registration (A) within six months of the effective date of a registration statement with respect to a “firm commitment” Underwritten
Offering in which all Piggyback Sellers were given “piggyback” rights pursuant to Section 5.2 (subject to Section 5.1(f)) and at least 50% of the number of Registrable Securities requested by such Piggyback Sellers
to be included in such Demand Registration were included, (B) within four months of the effective date of a registration statement with respect to any other Demand Registration or (C) if, in the Company’s reasonable judgment, it is
not feasible for the Company to proceed with the Demand Registration because of the 

  

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unavailability of audited or other required financial statements, provided that the Company shall use its commercially reasonable efforts to obtain
such financial statements as promptly as practicable. In addition, the Company shall be entitled to postpone (upon written notice to all Shareholders) the filing or the effectiveness of a registration statement for any Demand Registration (but no
more than twice in any period of 12 consecutive months and in no event for more than an aggregate of 120 days in any 365 consecutive day period) if the Board determines in its reasonable judgment that the filing or effectiveness of the registration
statement relating to such Demand Registration would cause the disclosure of material, non-public information that the Company has a bona fide business purpose for preserving as confidential. 
 (f) The Company shall not include any securities other than Registrable Securities in a Demand Registration, except securities held by the
Investors pursuant to the Lender Rights Agreement, CS pursuant to the CS Rights Agreement, any shareholders who acquire shares after the date hereof and whom the Company gives pari passu rights, or with the written consent of Shareholders
participating in such Demand Registration that hold a majority of the Registrable Securities included in such Demand Registration. If, in connection with a Demand Registration, the lead bookrunning underwriters (or, if such Demand Registration is
not an Underwritten Offering, a nationally recognized independent investment bank selected by the Company and reasonably acceptable to Shareholders holding a majority of the Registrable Securities included in such Demand Registration, and whose fees
and expenses shall be borne solely by the Company) advise the Company, in writing, that, in their reasonable opinion, the inclusion of all of the securities, including securities of the Company that are not Registrable Securities, sought to be
registered in connection with such Demand Registration would adversely affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall include in such registration statement only such securities as
the Company is reasonably advised by such underwriters or investment bank can be sold without such adverse effect as follows and in the following order of priority: (i) first, up to the number of Class A Shares requested to be included in
such Demand Registration by any Shareholders, any Investors and CS, which, in the opinion of the underwriter or investment bank can be sold without adversely affecting the marketability of the offering, pro rata among such Shareholders, Investors
and CS based upon the number of Class A Shares deemed to be owned by such Persons (with any Class A Shares that are subject to restrictions on transfer pursuant to Section 2.2 hereof, Section 7.2 of the Lender
Rights Agreement, or Section 4.3 of any Roll-up Agreement, being deemed as not owned by a Shareholder, an Investor, or CS, and any Class A Shares being issuable in connection with an Exchange and any non-voting Class A Common
Shares issuable upon conversion of the Notes being deemed to be owned by the holder thereof); (ii) second, securities the Company proposes to sell; and (iii) third, all other equity securities of the Company duly requested to be included
in such registration statement, pro rata on the basis of the amount of such other securities requested to be included or such other method determined by the Company. 
 (g) Any time that a Demand Registration involves an Underwritten Offering, the Company shall (i) select the investment banker or
investment bankers and managers that will serve as lead and co-managing underwriters with respect to the offering of such Registrable Securities, and (ii) enter into an underwriting agreement that is reasonably acceptable to the Shareholders
holding a majority of the Registrable Securities requested to be 

  

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included in the Demand Registration and the Company, with such agreement containing representations, warranties, indemnities and agreements customarily
included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to offerings of common stock for the account of, or on behalf of, such issuers.

 (h) In connection with any Underwritten Offering under this Section 5.1, the Company shall not be required to
include the Registrable Securities of a Shareholder in the Underwritten Offering unless such Shareholder accepts the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company, in accordance with the
terms hereof. 
 (i) All rights of the Shareholders under this Section 5.1 shall be subject to the restrictions of
Section 2.2. 
 Section 5.2 Piggyback Registration. 
 (a) Subject to the terms and conditions hereof, whenever the Company proposes to register any of its equity securities under the
Securities Act (other than a registration by the Company on a registration statement on Form S-4 or a registration statement on Form S-8 or any successor forms thereto and excluding any resale shelf registration statement that the Company agrees to
file in connection with the Private Placement) (a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give each Shareholder, prompt written notice thereof (but not less than ten
business days prior to the filing by the Company with the SEC of any registration statement with respect thereto, and, to the extent practicable, with sufficient time in order to comply with the notice requirements under the Exchange Agreement if
such Shareholder must effect an Exchange prior to such registration). Such notice (a “Piggyback Notice”) shall specify, at a minimum, the number of equity securities proposed to be registered, the proposed date of filing of such
registration statement with the SEC, the proposed means of distribution, the proposed managing underwriter or underwriters (if any and if known) and a reasonable estimate by the Company of the proposed minimum offering price of such equity
securities. Upon the written request of any Person that on the date of the Piggyback Notice is a Shareholder or such other Person who has given notice of their intent to effect an Exchange pursuant to the notice requirements under the Exchange
Agreement (a “Piggyback Seller”) (which written request shall specify the number of Registrable Securities then presently intended to be disposed of by such Piggyback Seller) given within ten days after such Piggyback Notice is
received by such Piggyback Seller, the Company, subject to the terms and conditions of this Agreement, shall use its commercially reasonable efforts to cause all such Registrable Securities held by Piggyback Sellers with respect to which the Company
has received such written requests for inclusion to be included in such Piggyback Registration on the same terms and conditions as the Company’s equity securities being sold in such Piggyback Registration. 
 (b) If, in connection with a Piggyback Registration, any managing underwriter (or, if such Piggyback Registration is not an Underwritten
Offering, a nationally recognized independent investment bank selected by the Company and reasonably acceptable to the Shareholders holding a majority of the Registrable Securities included in such Piggyback 

  

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Registration, and whose fees and expenses shall be borne solely by the Company) advises the Company in writing that, in its opinion, the inclusion of all the
equity securities sought to be included in such Piggyback Registration by (i) the Company, (ii) others who have sought to have equity securities of the Company registered in such Piggyback Registration pursuant to rights to demand (other
than pursuant to so-called “piggyback” or other incidental or participation registration rights) such registration (such Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers, the Investors, and CS and
(iv) any other proposed sellers of equity securities of the Company (such Persons being “Other Proposed Sellers”), as the case may be, would adversely affect the marketability of the equity securities sought to be sold pursuant
thereto, then the Company shall include in the registration statement applicable to such Piggyback Registration only such equity securities as the Company is so advised by such underwriter can be sold without such an effect, as follows and in the
following order of priority: 
 (i) if the Piggyback Registration relates to an offering for the Company’s own account,
then (A) first, such number of equity securities to be sold by the Company for its own account, (B) second, Class A Shares requested to be included in such Piggyback Registration by any Other Demanding Sellers, any Piggyback Sellers,
any Investors, and CS, pro rata among such Other Demanding Sellers, Piggyback Sellers, Investors and CS based upon the number of shares of Class A Shares deemed to be owned by such Persons (with any Class A Shares that are subject to
restrictions on transfer pursuant to Section 2.2 hereof, Section 7.2 of the Lender Rights Agreement, or Section 4.3 of any Roll-up Agreement being deemed as not owned by a Shareholder, Investor or CS, and any
Class A Shares being issuable in connection with an Exchange or upon conversion of non-voting Class A Shares being deemed to be owned by the holder thereof) and (C) third, other equity securities of the Company proposed to be sold by
any Other Proposed Sellers (excluding the Investors and CS); or 
 (ii) if the Piggyback Registration relates to an offering
other than for the Company’s own account, then (A) first, Class A Shares requested to be included in such Piggyback Registration by any Other Demanding Sellers, any Piggyback Sellers and any Investors, pro rata among such Other
Demanding Sellers, Piggyback Sellers, the Investors, and CS based upon the number of shares of Class A Shares deemed to be owned by such Persons (with any Class A Shares that are subject to restrictions on transfer pursuant to
Section 2.2 hereof, Section 7.2 of the Lender Rights Agreement, or Section 4.3 of any Roll-up Agreement being deemed as not owned by a Shareholder, Investor, or CS and any Class A Shares being issuable in
connection with an Exchange or upon conversion of non-voting Class A Shares being deemed to be owned by the holder thereof), and (B) second, the other equity securities of the Company proposed to be sold by any Other Proposed Sellers
(excluding the Investors and CS) or to be sold by the Company as determined by the Company. 
 (c) In connection with any
Underwritten Offering under this Section 5.2, the Company shall not be required to include the Registrable Securities of a Shareholder in the Underwritten Offering unless such Shareholder accepts the terms of the underwriting as agreed
upon between the Company and the underwriters selected by the Company in accordance with the terms of hereof. 
  

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 (d) If, at any time after giving written notice of its intention to register any of its
equity securities as set forth in this Section 5.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company shall determine, at its election, for any reason
not to register such equity securities, the Company may give written notice of such determination to each Shareholder within five days thereof and thereupon shall be relieved of its obligation to register any Registrable Securities in connection
with such particular withdrawn or abandoned Piggyback Registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein); provided, that Shareholders may continue the registration as a
Demand Registration pursuant to the terms of Section 5.1. 
 (e) All rights of the Shareholders under this
Section 5.2 shall be subject to the restrictions of Section 2.2. 
 Section 5.3 Shelf Registration. 
 (a) At any time after the six month anniversary of the IPO, subject to Section 5.3(d), and further subject to the availability
of a Registration Statement on Form S-3 or on any other form which permits incorporation of substantial information by reference to other documents filed by the issuer with the SEC (“Form S-3”) to the Company, any of the
Shareholders may by written notice delivered to the Company (the “Shelf Notice”) require the Company to file as soon as practicable (but no later than 60 days after the date the Shelf Notice is delivered), and to use reasonable
efforts to cause to be declared effective by the SEC within 90 days after such filing date, a Form S-3 providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale, from time
to time, of a number of Registrable Securities that is equal to or greater than the Registrable Amount (based on the number of Registrable Securities outstanding on the date such notice is delivered) owned by such Shareholders and any other
Shareholders who elect to participate therein as provided in Section 5.3(b) in accordance with the plan and method of distribution set forth in the prospectus included in such Form S-3 (the “Shelf Registration
Statement”). 
 (b) A Shareholder that delivers a Shelf Notice to the Company shall do so at least seventy-five
(75) days prior to such Quarterly Exchange Date in which such Shareholder expects to request an Exchange to obtain the Registrable Securities to be sold in such registration. Within five business days after receipt of a Shelf Notice pursuant to
Section 5.3, the Company will deliver written notice thereof to each Shareholder. Each Piggyback Seller may elect to participate in the Shelf Registration Statement by delivering to the Company a written request to so participate within
ten days after the Shelf Notice is received by any such Piggyback Seller, or, to the extent practicable, within such longer period of time specified by the Company sufficient to comply with the notice requirements under the Exchange Agreement for
any Shareholder who must effect an Exchange prior to such registration. 
 (c) Subject to Section 5.3(d), the
Company will use reasonable efforts to keep the Shelf Registration Statement continuously effective until the earlier of (i) two years after the Shelf Registration Statement has been declared effective; and (ii) the date on which all
Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise. 

 

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 (d) Notwithstanding anything to the contrary contained in this Agreement, the Company
shall be entitled to suspend the use of the prospectus included in the Shelf Registration Statement, filed in accordance with Section 5.3, for a reasonable period of time not to exceed 90 days in succession or 180 days in the aggregate
in any 12 month period (a “Suspension Period”) if the Company shall determine in its reasonable judgment that (A) it is not feasible for the Shareholder to use the prospectus for the sale of Registrable Securities because of
the unavailability of audited or other required financial statements, provided that the Company shall use its reasonable efforts to obtain such financial statements as promptly as practicable, or (B) the filing or effectiveness of the
prospectus relating to the Shelf Registration Statement would cause the disclosure of material, non-public information that the Company has a bona fide business purpose for preserving as confidential; provided, however, that any
Suspension Period shall terminate at such time as the public disclosure of such information is made. After the expiration of any Suspension Period and without any further request from a Shareholder, the Company shall as promptly as reasonably
practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading. 
 (e) All rights of the Shareholders under this Section 5.3(e) shall be subject to the
restrictions of Section 2.2. 
 (f) The Shareholders shall be entitled to demand such number of shelf
registrations as shall be necessary to sell all of its Registrable Securities pursuant to this Section 5.3. 
 Section 5.4
Withdrawal Rights. 
 Any Shareholder having notified or directed the Company to include any or all of its Registrable Securities in a
registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to the
Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be
Registrable Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case of a Demand
Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount, then the Company shall as promptly as practicable give each Shareholder seeking to register
Registrable Securities notice to such effect and, within ten days following the mailing of such notice, such Shareholders still seeking registration shall, by written notice to the Company, elect to register additional 

  

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Registrable Securities, when taken together with elections to register Registrable Securities by their Permitted Transferees, to satisfy the Registrable
Amount or elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During such ten day period, the Company shall not file such registration statement if not theretofore filed or, if such registration statement has
been theretofore filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness thereof. If a Shareholder withdraws its notification or direction to the Company to include Registrable Securities in a
registration statement in accordance with this Section 5.4 with respect to a sufficient number of shares so as to reduce the number of Registrable Securities requested to be included in such registration statement below the Registrable
Amount, such Shareholder shall be required to promptly reimburse the Company for all expenses incurred by the Company in connection with preparing for the registration of such Registrable Securities. 
 Section 5.5 Holdback Agreements. 
 Each Shareholder agrees not to effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such equity securities,
during any time period reasonably requested by the Company (which shall not exceed 90 days) with respect to the IPO, any Demand Registration or any Piggyback Registration (in each case, except as part of such registration or to members of such
Shareholder’s Group), or, in each case, during any time period (which shall not exceed 180 days) required by any underwriting agreement with respect thereto. 
 Section 5.6 Registration Procedures. 
 (a) If and whenever the Company is required to
use commercially reasonable efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Section 5.1, Section 5.2, and Section 5.3 the Company shall as expeditiously as
reasonably possible: 
 (i) prepare and file with the SEC a registration statement to effect such registration and thereafter
use commercially reasonable efforts to cause such registration statement to become and remain effective pursuant to the terms of this Agreement and cause such registration statement to contain a “Plan of Distribution” that permits the
distribution of securities pursuant to all legal means; provided, however, that the Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the
registration statement relating thereto; provided, further that before filing such registration statement, prospectus or any amendments thereto, the Company will furnish to the counsel selected by the Shareholders which are including
Registrable Securities in such registration copies of all such documents proposed to be filed, which documents will be subject to the review of such counsel, and such review to be conducted with reasonable promptness; 
 (ii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective and to comply with the 

  

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provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier of such time as
all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement or (i) in the case of a Demand Registration pursuant to
Section 5.1, the expiration of 90 days after such registration statement becomes effective or (ii) in the case of a Piggyback Registration pursuant to Section 5.2, the expiration of 90 days after such registration
statement becomes effective or (iii) in the case of a shelf registration pursuant to Section 5.3, the expiration of two year after such registration statement becomes effective; 
 (iii) furnish to each Selling Shareholder and each underwriter, if any, of the securities being sold by such Selling Shareholder such
number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statement (including each
preliminary prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”) utilized in connection therewith and any other prospectus filed under
Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling Shareholder and underwriter, if any, may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities owned by such Selling Shareholder; 
 (iv) use commercially reasonable efforts to
register or qualify such Registrable Securities covered by such registration statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Shareholder and any underwriter of the securities being sold by such
Selling Shareholder shall reasonably request, and take any other action which may be reasonably necessary or advisable to enable such Selling Shareholder and underwriter to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such Selling Shareholder, except that the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign limited liability company in any jurisdiction wherein it would not but for the
requirements of this clause (iv) be obligated to be so qualified, (B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction; 
 (v) use commercially reasonable efforts to cause such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities to be listed on the New York Stock Exchange, the American Stock Exchange or the
NASDAQ Stock Market; 
 (vi) use commercially reasonable efforts to cause such Registrable Securities covered by such
registration statement to be registered with or approved by such other Governmental Entities as may be necessary to enable each Selling Shareholder thereof to consummate the disposition of such Registrable Securities; 
  

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 (vii) in connection with an Underwritten Offering, obtain for each Selling Shareholder
and underwriter: 
 (A) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested
in underwritten offerings and such other matters as may be reasonably requested by such Selling Shareholder and underwriters, and 
 (B) a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for receipt of a “comfort” letter specified in Statement on Auditing Standards No. 72, an “agreed upon
procedures” letter) signed by the independent public accountants who have certified the Company’s financial statements included in such registration statement; 
 (viii) promptly make available for inspection by any Selling Shareholder, any underwriter participating in any disposition pursuant to any
registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Shareholder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate
documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility in connection with such registration statement, and cause the
Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement; provided, however, that, unless the disclosure of such Records is necessary to
avoid or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any
information under this subparagraph (viii) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information
or (ii) if either (A) the Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company
reasonably determines that such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) such Selling Shareholder requesting such information agrees, and
causes each of its Inspectors, to enter into a confidentiality agreement on terms reasonably acceptable to the Company; and provided, further, that each Selling Shareholder agrees that it will, upon learning that disclosure of such
Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 
 (ix) promptly notify in writing each Selling Shareholder and the underwriters, if any, of the following events: 
 (A) the filing of the registration statement, the prospectus or any prospectus supplement related thereto or post-effective amendment to
the registration statement or any Free Writing Prospectus utilized in connection therewith, and, with respect to the registration statement or any post-effective amendment thereto, when the same has become effective; 
  

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 (B) any request by the SEC or any other Governmental Entity for amendments or
supplements to the registration statement or the prospectus or for additional information; 
 (C) the issuance by the SEC or
any other Governmental Entity of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose; and 
 (D) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for
sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 
 (x) notify each Selling Shareholder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included
in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly prepare and
furnish to such Selling Shareholder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 
 (xi) use commercially reasonable efforts to prevent the issuance of and, if issued, obtain the withdrawal of any order suspending the
effectiveness of such registration statement or any suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction; 
 (xii) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to
each Selling Shareholder, as soon as reasonably practicable, an earning statement of the Company covering the period of at least 12 months, but not more than 18 months, beginning with the first day of the Company’s first full quarter after the
effective date of such registration statement, which earning statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (xiii) cooperate with the Selling Shareholders and the managing underwriter to facilitate the timely preparation and delivery of
certificates (which shall not bear any restrictive legends unless required under applicable law) representing securities sold under any registration statement, and enable such securities to be in such denominations and registered in such names as
the managing underwriter or such Selling Shareholders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of such certificates, or, if requested by
a Selling Shareholder or an underwriter, to facilitate the delivery of such securities in book-entry form; 
  

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 (xiv) have appropriate officers of the Company prepare and make presentations at any
“road shows” and before analysts and rating agencies, as the case may be, and other information meetings organized by the underwriters, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated)
and otherwise use its commercially reasonable efforts to cooperate as reasonably requested by the Selling Shareholders and the underwriters in the offering, marketing or selling of the Registrable Securities; provided, that such
presentations, meetings, actions and efforts do not cause unreasonable disruption to the management of the Company’s business; 
 (xv) with respect to each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the
Securities Act) such Free Writing Prospectus or other materials without the prior written consent of the Shareholders holding the Registrable Securities covered by such registration statement, which Free Writing Prospectuses or other materials shall
be subject to the prior reasonable review of the Selling Shareholders and their counsel; 
 (xvi) (A) as expeditiously as
possible and within the deadlines specified by the Securities Act, make all required filings of all prospectuses and Free Writing Prospectuses with the SEC and (B) after the consummation of the IPO, within the deadlines specified by the
Exchange Act, make all filings of periodic and current reports and other materials required by the Exchange Act; 
 (xvii) as
expeditiously as possible and within the deadlines specified by the Securities Act, make all required filing fee payments in respect of any registration statement or prospectus used under this Agreement (and any offering covered thereby);

 (xviii) as expeditiously as practicable, keep the Selling Shareholders and their counsel advised as to the initiation and
progress of any registration hereunder; 
 (xix) cooperate with each Selling Shareholder and each underwriter participating in
the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD; 
 (xx) furnish the Selling Shareholders, their counsel and the underwriters, as expeditiously as possible, copies of all correspondence with or from the SEC, the NASD, any stock exchange or other self-regulatory
organization relating to the registration statement or the transactions contemplated thereby and, a reasonable time prior to furnishing or filing any such correspondence to the SEC, the NASD, stock exchange or self-regulatory organization, furnish
drafts of such correspondence to the Selling Shareholders, their counsel, and the underwriters for review and comment, such review and comment to be conducted with reasonable promptness; and 
 (xxi) to take all other reasonable steps necessary to effect the registration and disposition of the Registrable Securities contemplated
hereby. 
  

 24 

 (b) The Company may require each Selling Shareholder and each underwriter, if any, to
furnish the Company in writing such information regarding each Selling Shareholder or underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request to complete or amend the information
required by such registration statement. 
 (c) Without limiting the terms of Section 5.1(a), in the event that
the offering of Registrable Securities is to be made by or through an underwriter, the Company, if requested by the underwriter, shall enter into an underwriting agreement with a managing underwriter or underwriters in connection with such offering
containing representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to
offerings of common stock for the account of, or on behalf of, such issuers. 
 (d) Each Selling Shareholder agrees that upon
receipt of any notice from the Company of the happening of any event of the kind described in Sections 5.6(a)(ix)(C), 5.6(a)(ix)(D), or 5.6(a)(x), such Selling Shareholder shall forthwith discontinue (in the case of
Section 5.6(a)(ix)(D), only in the relevant jurisdiction set forth in such notice) such Selling Shareholder’s disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto
until such Selling Shareholder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 5.6(a)(x) and, if so directed by the Company, deliver to the Company, at the Company’s expense, all
copies, other than permanent file copies, then in such Selling Shareholder’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities. In the event the Company shall give such notice,
any applicable 90 day or two year period during which such registration statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date of giving of a notice regarding the happening
of an event of the kind described in Section 5.6(a)(ix) or (x) to the date when all such Selling Shareholders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the SEC.

 Section 5.7 Registration Expenses. All expenses incident to the Company’s performance of, or compliance with, its obligations
under Article V of this Agreement including, without limitation, all registration and filing fees, all fees and expenses of compliance with securities and “blue sky” laws, all fees and expenses associated with filings required to be
made with the NASD (including, if applicable, reasonable and customary fees and expenses of any “qualified independent underwriter” as such term is defined in Schedule E of the by-laws of the NASD), all fees and expenses of compliance with
securities and “blue sky” laws, all printing (including, without limitation, expenses of printing certificates for the Registrable Securities in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if
the printing of prospectuses is requested by a holder of Registrable Securities) and copying expenses, all messenger and delivery expenses, all fees and expenses of the Company’s independent certified public accountants and counsel (including
with respect to “comfort” letters and opinions) and reasonable and customary fees and expenses of one firm of counsel to the Selling Shareholders (which firm shall be selected by the Selling Shareholders that hold a majority of the
Registrable Securities included in such registration) (collectively, 

  

 25 

 
the “Registration Expenses”) shall be borne by the Company, regardless of whether a registration is effected. The Company will pay its
internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit and the expense of any liability insurance) and the expenses and fees
for listing the securities to be registered on each securities exchange and included in each established over-the-counter market on which similar securities issued by the Company are then listed or traded. Each Selling Shareholder shall pay its
portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling Shareholder’s Registrable Securities pursuant to any registration. 
 Section 5.8 Registration Indemnification. 
 (a) By the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Selling Shareholder, each Apollo Group member and each of their respective Affiliates and
their respective officers, directors, employees, managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such Selling Shareholder, such Apollo
Group member or such other Person indemnified under this Section 5.8(a) from and against all losses, claims, damages, liabilities and expenses, whether joint or several (including reasonable expenses of investigation and reasonable
attorneys’ fees and expenses) (collectively, the “Losses”), to which they are or any of them may become subject under the Securities Act, the Exchange Act or other U.S. federal or state statutory law (including any applicable
“blue sky” laws), rule or regulation, at common law or otherwise, insofar as such Losses arise out of, are based upon, are caused by or relate to any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus or preliminary prospectus, offering circular, offering memorandum or Disclosure Package (including the Free Writing Prospectus) or any amendment or supplement thereto or any filing or document incidental to such
registration or qualification of the securities as required by this Agreement, or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein not misleading, except that no Person
indemnified shall be indemnified hereunder insofar as the same are made in conformity with and in reliance on information furnished in writing to the Company by such Person concerning such Person expressly for use therein. Such indemnification
obligation shall be in addition to any liability that the Company may otherwise have to any such indemnified person. In connection with an Underwritten Offering and without limiting any of the Company’s other obligations under this Agreement,
the Company shall also indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriters
or such other Person indemnified under this Section 5.8(a) to the same extent as provided above with respect to the indemnification (and exceptions thereto) of Selling Shareholders. Reimbursements payable pursuant to the indemnification
contemplated by this Section 5.8(a) will be made by periodic payments during the course of any investigation or defense, as and when bills are received or expenses incurred. 
 (b) By the Selling Shareholders. In connection with any registration statement in which a Shareholder is participating, each such
Selling Shareholder will cause such member of the Apollo Group participating in the registration statement to furnish to the 

  

 26 

 
Company in writing information regarding such Person’s ownership of Registrable Securities and its intended method of distribution thereof and, to the
extent permitted by law, shall, severally and not jointly, indemnify the Company, its Affiliates and their respective directors, officers, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act) the Company or such other Person indemnified under this Section 5.8(b) against all Losses caused by any untrue statement of material fact contained in the registration statement, prospectus or
preliminary prospectus or Free Writing Prospectus or any amendment or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is made in conformity with and in reliance on information furnished in writing by such Person concerning such Person expressly for use therein; provided, however, that each Selling Shareholder’s
obligation to indemnify the Company hereunder shall, to the extent more than one Person is subject to the same indemnification obligation, be apportioned between each Person based upon the net amount received by each Person from the sale of
Registrable Securities, as compared to the total net amount received by all of the indemnifying Persons pursuant to such registration statement. Notwithstanding the foregoing, no Person shall be liable to the Company and the underwriters for
aggregate amounts in excess of the lesser of (i) such apportionment and (ii) the net amount received by such holder in the offering giving rise to such liability. 
 (c) Notice. Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any
claim with respect to which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the indemnifying party has been materially
prejudiced by such failure to provide such notice on a timely basis. 
 (d) Defense of Actions. In any case in which
any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or
other expense subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such
assumption on the grounds that there may be defenses available to it which are different from or in addition to the defenses available to such indemnifying party, (ii) counsel to the indemnifying party has informed the indemnifying party that
the joint representation of the indemnifying party and one or more indemnified parties could be inappropriate under applicable standards of professional conduct, or (iii) the indemnifying party shall have failed within a reasonable period of
time to assume such defense and the indemnified party is or is reasonably likely to be prejudiced by such delay, in any such event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection
with retaining separate legal counsel). An indemnifying party shall not be liable for any settlement of an action or claim effected without its consent (such 

  

 27 

 
consent not to be unreasonably withheld). The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if it shall fail to
diligently contest such matter (except to the extent settled in accordance with the next following sentence). No matter shall be settled by an indemnifying party without the consent of the indemnified party (which consent shall not be unreasonably
withheld, it being understood that the indemnified party shall not be deemed to be unreasonable in withholding its consent if the proposed settlement imposes any obligation on the indemnified party). 
 (e) Survival. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified Person and will survive the transfer of the Registrable Securities and the termination of this Agreement. 
 (f) Contribution. If recovery is not available or is insufficient under the foregoing indemnification provisions for any reason or
reasons other than as specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with respect to which such Person would be entitled
to such indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative knowledge and access to information concerning the
matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be
equitable if the amount of such contribution were determined by pro rata or per capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not found guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Shareholder or transferee thereof shall be required to make a contribution in excess of the net amount received by such holder
from its sale of Registrable Securities in connection with the offering that gave rise to the contribution obligation. 
 Section 5.9
Request for Information; Certain Rights. 
 (a) Request for Information. Not less than five business days before
the expected filing date of each registration statement pursuant to this Agreement, the Company shall notify each Shareholder who has timely provided the requisite notice hereunder entitling the Shareholder to register Registrable Securities in such
registration statement of the information, documents and instruments from such Shareholder that the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to a questionnaire, custody
agreement, power of attorney, lock-up letter and underwriting agreement (the “Requested Information”). Such Shareholder shall promptly return the Requested Information to the Company. If the Company has not received the Requested
Information (or a written assurance from such Shareholder that the Requested Information that cannot practicably be provided prior to filing of the registration statement will be provided in a timely fashion) from such Shareholder within a
reasonable period of time (as determined by the Company) prior to the filing of the applicable Registration Statement, the Company may file such Registration Statement without including Registrable Securities of 

  

 28 

 
such Shareholder. The failure to so include in any registration statement the Registrable Securities of a Shareholder (with regard to that registration
statement) shall not in and of itself result in any liability on the part of the Company to such Shareholder. 
 (b) No
Grant of Future Registration Rights. The Company shall not grant any shelf, demand, piggyback or incidental registration rights that are senior to the rights granted to the Shareholders hereunder to any other Person without the prior written
consent of Shareholders holding a majority of the Registrable Securities held by all Shareholders; provided, however, that nothing herein shall preclude the Company from granting registration rights to any Person that are pari
passu with those of the (i) Shareholders hereunder, (ii) Investors pursuant to the Lender Rights Agreement or (iii) CS pursuant to the CS Rights Agreement. 
 (c) Alternative Markets. In the event that a trading market for the Company’s Class A Shares develops that does not
require that the Class A Shares be registered under Section 12 of the Exchange Act (e.g. outside the United States or through a Rule 144A trading market), the Company agrees to provide alternative liquidity provisions to the Shareholders
that would be the functional equivalent of this Article V, including the provision of offering documents, the entering into of placement and/or listing agreements and the functional equivalent of the other terms of this Article V and
with the functional equivalent of the division of liabilities and expenses as provided in this Article V. 
 (d)
Rights of Principals. In connection with any registration rights provided in this Article V, each Principal, through Holdings and BRH, will have equal rights to direct the Company to use its commercially reasonable efforts to effect
the registration under the Securities Act of Class A Shares. Any underwriter cutbacks affecting the Class A Shares held by Holdings or BRH shall be borne among the Principals or their respective Groups as provided in the Agreement Among
Principals. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
 Section 6.1 Representations and Warranties of Each Shareholder. 
 (a) Each Shareholder and each Restricted Party (that is not a natural person) represents and warrants to the Company that (a) this
Agreement has been duly authorized, executed and delivered by such Shareholder or such Restricted Party, as applicable, and is a valid and binding agreement of such Shareholder or such Restricted Party, as applicable, enforceable against it in
accordance with its terms, except that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally
and to general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (v) the execution, delivery and performance by such Shareholder or such Restricted Party, as applicable, of this
Agreement does not violate or conflict with or result in a breach of or constitute (or with notice or lapse of time or both constitute) a default under any agreement to which such Shareholder or such Restricted Party, as applicable, is a party or,
the organizational documents of such Shareholder or such Restricted Party, as applicable. 
  

 29 

 (b) Each Shareholder and each Restricted Party (that is a natural person) represents and
warrants to the Company that this Agreement has been duly executed and delivered by such Shareholder or such Restricted Party, as applicable, and is a valid and binding agreement of such Shareholder or such Restricted Party, as applicable,
enforceable against it in accordance with its terms, except that the enforcement thereof may be subject to bankruptcy, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally
and to general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 
 Section
6.2 Representations and Warranties of the Company. The Company represents and warrants to each Shareholder and to each Restricted Party that (a) this Agreement has been duly authorized, executed and delivered by the Company and is a
valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights generally and to general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); and (b) the execution, delivery
and performance by the Company of this Agreement does not violate or conflict with or result in a breach by the Company of or constitute (or with notice or lapse of time or both constitute) a default by the Company under its Certificate of Formation
or Operating Agreement, any existing applicable law, rule, regulation, judgment, order, or decree of any Governmental Entity exercising any statutory or regulatory authority of any of the foregoing, domestic or foreign, having jurisdiction over the
Company or any of its Subsidiaries or any of their respective properties or assets, or any agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or any of their
respective properties or assets may be bound. 
 ARTICLE VII 
 INDEMNIFICATION 
 Section 7.1 Indemnification of Principals. The Company
Indemnifying Parties hereby agree to indemnify, jointly and severally, to the fullest extent permitted by law, each Principal (and each member of such Principal’s Group) for all amounts (including all costs and expenses incurred or paid by such
Principal that relate to investigating the basis for, or objecting to any claims made in respect of, such Principal’s guaranties) that such Principal is required to pay pursuant to such Principal’s personal guaranties of the obligations of
a general partner of any Fund to repay incentive income received by the Company or any of its Affiliates, whether received before or after the date hereof, in the event certain specified return thresholds are not ultimately achieved by such Fund.
The Company shall advance to the Principals any amount payable pursuant to this Section 7.1; provided, that if the Principal pays any such amount directly, the Company shall reimburse each Principal for such amount paid by such
Principal within two business days of receiving reasonable evidence from such Principal that he has paid any amount that is covered by the indemnification set forth in this Section 7.1. 
  

 30 

 Section 7.2 Indemnification of Other Professionals. The Company Indemnifying Parties hereby agree
to indemnify, jointly and severally, to the fullest extent permitted by law, each Other Professional for such Other Professional’s Indemnifiable Percentage of all amounts (including all costs and expenses incurred or paid by such Other
Professional that relate to investigating the basis for, or objecting to any claims made in respect of, such Other Professional’s guaranties) that such Other Professional is required to pay pursuant to such Other Professional’s personal
guaranties of the obligations of a general partner of any Fund to repay incentive income received by the Company or any of its Affiliates, whether received before or after the date hereof, in the event certain specified return thresholds are not
ultimately achieved by such Fund. The Company shall advance to the Other Professionals any amount payable pursuant to this Section 7.2; provided, that if the Other Professional pays any such amount directly, the Company shall
reimburse each Other Professional for such indemnifiable amount (pursuant to the immediately preceding sentence) paid by such Other Professional within two business days of receiving reasonable evidence from such Other Professional that he has paid
any amount that is covered by the indemnification set forth in this Section 7.2. 
 Section 7.3 Company Actions. The
Company shall (i) cause any new member of the Apollo Operating Group to agree to be bound by this Article VII and (ii) use commercially reasonable efforts to cause any indemnification payments made by the Company Indemnifying
Parties hereunder to be made by the members of the Apollo Operating Group prior to any other Company Indemnifying Party making any indemnification payment. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1 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 8.1) 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 the Company, to: 
 Apollo Global Management, LLC 
 9 West 57th Street 
 New York, NY 10019

 Attention: John J. Suydam 
 Telephone: (212) 515-3200 
 Facsimile: (212) 515-3251 
  

 31 

 with a copy to: 
 O’Melveny & Myers LLP 
 Times Square Tower 
 7 Times Square 
 New York, NY 10036

 Attention: Harvey M. Eisenberg 
 Taurie M. Zeitzer 
 Telephone: (212) 326-2000 
 Facsimile: (212) 326-2061 
 (b) if to Holdings, to: 
 c/o Apollo Global Management, LLC 
 9 West 57th Street 
 New York, NY 10019

 Attention: Leon D. Black 
 Marc J. Rowan 
 Joshua J. Harris 
 John J. Suydam 
 Telephone:
(212) 515-3200 
 Facsimile: (212) 515-3251 
 (c) if to the Shareholders (other than Holdings) or to the Restricted Parties, to their respective addresses set forth on Schedule
II. 
 Section 8.2 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 8.3 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. Facsimile counterpart
signatures to this Agreement shall be binding and enforceable. 
 Section 8.4 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) except (i) for the Investors, who are intended third
party beneficiaries solely with respect to Section 2.2, (ii) the Other Professionals, who are intended third party beneficiaries solely with respect to Article V, (iii) each Principal’s Group, and (iv) as
provided in Section 5.8, Section 7.1 and Section 7.2, is not intended to confer upon any Person, other than the parties hereto, any rights or remedies hereunder. 
  

 32 

 Section 8.5 Further Assurances. Each party hereto shall do and perform or cause to be done and
performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and
the consummation of the transactions contemplated hereby. 
 Section 8.6 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 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 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 8.7 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 (a) submits to the exclusive
jurisdiction of (A) the United States District Court for the Southern District of New York or (B) in the event that such court lacks jurisdiction to hear the claim, the state courts of New York located in the borough of Manhattan, New York
City (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;
(b) 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 Company or to the applicable
party hereto at their respective addresses referred to in Section 8.1; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law; and
(c) 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 

  

 33 

 
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.

 Section 8.8 Amendments; Waivers. 
 (a) No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the case of an amendment, by the Company, the Principals and the holders of a majority of the
then outstanding Registrable Securities, or in the case of a waiver, by the party against whom the waiver is to be effective; provided, that such amendment or waiver which adversely affects any party to this Agreement and is prejudicial to
such party relative to all other parties (other than the Company) cannot be effected without the consent of such party. 
 (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 8.9 Assignment. Without limiting, and subject to, the provisions set forth in Section 2.1, 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. 
 [Remainder of page intentionally left blank] 
  

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

			
	APOLLO GLOBAL MANAGEMENT, LLC
		
	By: 	 	 AGM Management, LLC,
 its Manager

		
	By:	 	 BRH Holdings GP, Ltd.,
 its Sole
Member

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President
	
	AP PROFESSIONAL HOLDINGS, L.P.
		
	By:	 	 BRH Holdings GP, Ltd.,
 its General
Partner

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President
	
	BRH HOLDINGS, L.P.
		
	By:	 	 BRH Holdings GP, Ltd.,
 its General
Partner

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President
	
	BLACK FAMILY PARTNERS, L.P.
		
	By:	 	 Black Family GP, LLC,
 its General
Partner

		
	By:	 	/s/ Leon D. Black
		 	Leon D. Black
		 	Manager

 [Apollo Global Management Shareholders Agreement] 

			
	MJR FOUNDATION LLC
		
	By:	 	/s/ Marc J. Rowan
		 	Marc J. Rowan
		 	Manager
		
		 	/s/ Leon D. Black
		 	Leon D. Black
		
		 	/s/ Marc J. Rowan
		 	Marc J. Rowan
		
		 	/s/ Joshua J. Harris
		 	Joshua J. Harris

 Agreed and acknowledged solely 
 in connection with Article VII: 
  

			
	APOLLO PRINCIPAL HOLDINGS I, L.P.
		
	By:	 	 Principal Holdings I GP, LLC,
 its General
Partner

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS II L.P.
		
	By:	 	 Principal Holdings I GP, LLC,
 its General
Partner

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President and Secretary

 [Apollo Global Management Shareholders Agreement] 

			
	APOLLO PRINCIPAL HOLDINGS III L.P.
		
	By:	 	 Principal Holdings III GP, LLC,
 its General
Partner

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO PRINCIPAL HOLDINGS IV L.P.
		
	By:	 	 Principal Holdings IV GP, LLC,
 its General
Partner

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President and Secretary
	
	APOLLO MANAGEMENT HOLDINGS, L.P.
		
	By:	 	 Apollo Management Holdings GP, LLP,
 its General Partner

		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President and Secretary
	
	APO ASSET CO., LLC
		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President and Secretary

 [Apollo Global Management Shareholders Agreement] 

			
	APO CORP.
		
	By:	 	/s/ John J. Suydam
		 	John J. Suydam
		 	Vice President and Secretary

 [Apollo Global Management Shareholders Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}]]