Document:

Employment Agreement with Henry Silverman

 Exhibit 10.19 
 Employment Agreement – Summary of Terms 
  

			
	Relationship with Apollo:	  	Effective as of February 1, 2009 (the “Commencement Date”), Henry R. Silverman (“Executive”) shall cease to serve as a Senior Advisor to
Apollo Investment Consulting LLC and shall become an employee of Apollo Management, L.P. (“Apollo”) and serve as the Chief Operating Officer of Apollo Global Management, LLC.
		
	Exclusive Arrangement:	  	Executive will not work as a representative, consultant or employee for any other “Investment Fund” or pursue investment opportunities with any Investment Fund other
than Apollo during the Term or such time as Executive’s services are terminated, if earlier (except to the extent provided in Annex A hereto or the terms of any other restrictive covenants applicable to Executive pursuant to an agreement with
an Apollo entity). “Investment Fund” is defined as any private equity fund, hedge fund or any other investment vehicle engaged in the business of acquiring companies as a financial investor. Notwithstanding the foregoing, Executive
may continue to serve as a director of those boards of directors on which he currently serves and on any other boards that Apollo and Executive may reasonably agree.
		
	Term of Services:	  	Commencing on the Commencement Date and continuing until December 31, 2012, unless extended beyond such date as provided below (the “Term”).
		
	 Early Termination of

Services:
	  	Either party may terminate the services of the Executive (the “Services”) at any time by providing three months notice. If Apollo terminates the Services prior to the
expiration of the Term, Apollo will promptly pay Executive a lump sum cash amount equal to the remaining compensation due Executive with respect to the Services through the end of the Term.
		
	Extension of Services:	  	 The Term may be extended for an additional year on the expiration of the initial Term and each

subsequent extension thereof, if both parties consent in writing to such extension at least sixty (60) days in advance of such
date.

			
	 Non-Compete for

Services:
	  	Executive shall be subject to the restrictive covenants set forth on Annex A to this Term Sheet.
		
	 Base Consideration

for Services:
	  	During the Term, Executive will be paid $7.0 million per full year (pro-rated for a partial year of service), payable in equal monthly installments in arrears at the end of each
month.
		
	 Expense Reimbursement

for Services:
	  	Executive shall also be entitled to reimbursement for all reasonable out-of-pocket expenses incurred in connection with provision of the Services, to be paid in accordance with
Apollo’s policy.
		
	Additional Matters:	  	Apollo Management Holdings, L.P. shall guaranty payment to Executive of all amounts due hereunder from Apollo (or any of its controlled subsidiaries) and the performance by
Apollo (or any of its controlled subsidiaries) of their respective obligations hereunder. This Term Sheet shall be the sole agreement by and between Executive and Apollo with respect to the matters contained herein and shall supersede any other
agreement or understanding by and between Executive and Apollo. No provision of this Term Sheet may be amended or modified unless in writing signed by Executive and a designated representative of Apollo. This Term Sheet shall be governed by and
construed in accordance with the laws of the State of New York, without giving reference to principles of conflicts of laws.

 ***** 

  
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 Agreed on February 1, 2009: 

 

			
	APOLLO MANAGEMENT, L.P.
		
	By:	 	 Apollo Management GP, LLC

its general partner

  

			
	By:	 	 /s/ John J. Suydam

	Name:	 	JOHN J. SUYDAM
	Title:	 	VICE PRESIDENT

  

			
	APOLLO MANAGEMENT HOLDINGS, L.P.
		
	By:	 	Apollo Management Holdings GP, LLC
		 	its general partner
		
	By:	 	 /s/ John J. Suydam

	Name:	 	JOHN J. SUYDAM
	Title:	 	VICE PRESIDENT

  

	
	 /s/ Henry R. Silverman

	Henry R. Silverman

  
 3 

 Annex A 
 Restrictive Covenants 
  

	1.	Confidentiality. Executive shall not disclose or use at any time, either during the Term or thereafter, any information that is not generally known to the public
and that is used, developed or obtained by Apollo in connection with its businesses of which Executive is or becomes aware, whether or not such information is developed by Executive, except to the extent such disclosure or use is directly related
to, and required by, Executive in Executive’s performance in good faith of the Services. For purposes of this Annex A, “affiliates” of Apollo shall include, without limitation, Apollo-affiliated management companies, funds, managed
accounts and portfolio companies. 

  

	2.	No Solicitation or Competition. From the date hereof until six months after the end of the Term, or six months from the termination of Executive’s services,
if earlier, Executive shall not directly or indirectly (including through another person) (a) induce or attempt to induce any employee of, or consultant to, Apollo earning total annual compensation in excess of $100,000 to leave the employ or
consultancy of Apollo (other than Executive’s personal secretarial assistants) or to take up employment, consultancy or engagement in a similar capacity with an Investment Fund or a Competitive Business, or employ or engage any such person on
behalf of an Investment Fund or a Competitive Business, (b) solicit any customer, supplier, investor or other business relation of Apollo with whom Executive has dealt during the 12 months prior to termination of Executive’s engagement or
in respect of whom Executive was, on termination of engagement, in possession of confidential information, to reduce or cease doing business with the Apollo, (c) engage in any Competitive Business for Executive’s own account or enter the
employ of, or render any services to, an Investment Fund or any entity engaged in any Competitive Business, or (d) acquire a material financial interest in any Investment Fund or Competitive Business. Nothing herein shall, however, prohibit
Executive from being a passive owner of not more than 2% of the outstanding stock of any class of a company or corporation that is publicly quoted or listed, so long as Executive has no active participation in the business of such company or
corporation. 

  

	3.	Remedies. In the event of a breach or threatened breach an any provisions of this Annex A, Apollo or its successors or assigns may, in addition to other rights
and remedies existing in their favor at law or in equity, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without
posting a bond or other security). If any provisions of this Term Sheet or this Annex A shall be held invalid, illegal or unenforceable in any jurisdiction for any reason, then, to the full extent permitted by law, (a) all other provisions
hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intent of the parties hereto as nearly as may be possible, (b) such invalidity, illegality or unenforceability shall
not affect the validity, legality or enforceability of any other provision hereof, and (c) any court or arbitrator having jurisdiction thereover shall have the power to reform such provision to the extent necessary for such provision to be
enforceable under applicable law. 

  
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	4.	“Competitive Business” means a business in any jurisdiction in which an Apollo-affiliated fund or account or another Apollo-affiliated management
company, manages or owns investments, which business manages or invests, on behalf of a private equity fund, hedge fund or business development corporation, in assets substantially similar to those an Apollo-affiliated fund or account or such
management company directly or indirectly manages or invests in and with which Executive has been involved (other than de minimis) during his engagement by Apollo. 

  
 5Employment Agreement with James Zelter

 Exhibit 10.29 
 Apollo Investment Management, L.P. 
 9 West 57th St. 43rd Floor 

New York, NY 10019 
 May 15, 2006 
 Personal and Confidential 

James C. Zelter 
 [Address on File with Company]

 Dear James: 
 We
are pleased to offer you the opportunity to join Apollo Investment Management, L.P. (“Apollo”) as lead partner with senior management responsibility for capital markets investment advisory activities for the management companies of
Apollo Distressed Investment Fund, L.P. (“DIF”), Apollo Investment Corporation (“AIC”), Apollo Strategic Value Fund, L.P. (“SVF”), the proposed European mezzanine investment fund
(“EMP”), the first fund we form to invest primarily in public securities of companies in China, Hong Kong, and/or Japan (“ACM”), the first fund we form to invest primarily in public securities of infrastructure
companies (“INF”), and the first fund we form to invest primarily in public securities of real estate-related companies (“REF”). You shall also have senior management responsibility for other future funds as
determined by you and the general partner. As lead partner, the investment professionals of such funds will report to you. 
 We
are excited to have you join our team. Apollo will use its reasonable best efforts to cause you to become a member of the Board of Directors of AIC. You will also serve as chief executive officer of EMF and as a member of its board. 

Key terms of your offer are as follows: 
  

	•	 	 Compensation. You will be entitled to participate in net management fee income and in incentive fees or incentive allocations
(“incentive compensation”) attributable to the Apollo-managed funds while a partner, as follows: 

  

					
	 `
	 	 •      AIC
	 	200 out of 2,000 points with respect to AIC.
			
		 	 •      EMF
	 	200 out of 2,000 points with respect to EMF.
			
		 	 •      DIF
	 	200 out of 2,000 points with respect to DIF.
			
		 	 •      ACM
	 	400 out of 2,000 points with respect to ACM.
			
		 	 •      SVF
	 	200 out of 2,000 points on the first $1 billion of funds under management in SVF and 300 out of 2,000 points on all funds under management in SVF in excess of $1
billion.
			
		 	 •      INF and REF
	 	200 out of 2,000 points with respect to each of INF and REF.

 The above points represent your proportionate share of the management fee income net of allocated expenses (including bonuses of investment professionals who do not share in net management fee income) and
net incentive compensation available for distribution to Apollo partners (which is the income that is available to Apollo partners from such funds excluding their returns on capital invested in such funds) based on amounts earned by the applicable
investment manager under the management agreement or the general partner under the partnership agreement for such fund. 

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 You will also receive 20 out of 2,000 points in Apollo Advisors VI, L.P. (“Advisors VI”), which serves as the general partner to, and earns the carried interest in Apollo Investment Fund
VI, L.P. (“Fund VI”). A copy of the partnership agreement of Advisors VI has been provided to you. 
 In
addition, you will receive $10,000,000 in the form of a profits interest in Fund VI (which interest represents a profits interest derived from the Apollo management waiver program and is generally payable out of the first realized investment gains
of Fund VI), to be funded as capital is drawn in Fund VI. Although no assurance can be given as to the value of such profits interest, if Fund VI performs in a manner consistent with prior Apollo funds, such interest would be worth in excess of
$15,000,000 over time. 
 All distributions will be payable in the same manner as such distributions are generally made to
partners of Apollo, and you shall be subject to the same vesting provisions and other terms (e.g., regarding confidentiality, nonsolicitation and noncompetition) as are generally applicable to other partners of Apollo. Your interests in the
entities described above shall he granted as of your start date, pursuant to definitive documentation in the form generally applicable to other partners of the respective entities. 

Your start date will be a date to be mutually agreed by the parties, but not later than 60 days after the date hereof. You represent to
Apollo that other than the 60-day notice/garden leave provisions with Citigroup, there are no obligations or restrictions that would keep you from joining Apollo and performing the services contemplated thereby or would restrict Apollo from publicly
disclosing, after the date hereof, that you are a partner at the firm. However, solely for purposes of your compensation, you will be treated as if your start date had been January 1, 2006. In addition, to the extent that all cash payments to
you from all Apollo-related entities relating to the year ending December 31, 2006 (including any such payments customarily made on or before April 15, 2007) are less than $10,000,000 in the aggregate, you will receive an additional amount
as necessary for you to receive total cash payments for such year of $10,000,000. 
 A portion of your cash compensation will be
deferred pursuant to a deferred compensation plan to be established by Apollo for deferral of compensation in funds for which you have senior management responsibility. Any amounts deferred under the plan will be subject to three year vesting in
equal annual installments, which vesting shall be contingent on your continued service through each vesting date. The amounts deferred shall be as follows: 
  

	 	•	 	 7.5% of the first million dollars of cash compensation each year; 

 

	 	•	 	 10% of the next million dollars of cash compensation each year; 

 

	 	•	 	 15% of the next million dollars of cash compensation each year; and 

 

	 	•	 	 25% of cash compensation each year in excess of $3,000,000. 

 Notwithstanding the foregoing, no such amount shall be deferred to the extent such deferral would cause your total cash payments received for 2006 to be less than $10,000,000. 

 

	•	 	 Coinvestment. You shall be obligated to coinvest on the same terms as other partners of each fund in which you have points on a pro rata basis,
with the current estimated coinvestment amounts as follows: 

  

	 	•	 	 $2,500,000 in Fund VI; 

  

	 	•	 	 $2,500,000 in AIC (which investments shall provide for liquidity rights after employment termination); and

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	 	•	 	 $1,700,000 in DIF (which investments shall provide for liquidity rights after employment termination). 

 

	•	 	 New Apollo Funds. You will participate in all new Apollo funds formed while you are a partner at Apollo, on terms to be determined by the
general partner. 

  

	•	 	 Management Deferral and Waiver Plans. You will be eligible to participate in all management deferral and waiver plans on the same terms as
generally applicable to other Apollo partners. 

  

	•	 	 Benefits. You will be eligible to participate in all benefit programs generally applicable to other Apollo partners as in effect from time to
time. You will be provided an office at the firm’s principal offices in New York. You will be entitled to the same life insurance and disability insurance that is provided generally to Apollo partners as part of their benefits package.

  

	•	 	 Indemnification. You will be entitled to rights of indemnification similar to those provided generally to other Apollo partners.

  

	•	 	 Term. The initial term of your employment shall be two years from your start date and is subject to renewal for additional one year periods
unless notice to the contrary is provided by either party at least 90 days prior to the start of any renewal term. If your employment is terminated by the firm without cause (excluding, for purposes of clarity, by reason of death or disability) at
any time, (i) you will vest in your points in Advisors VI in accordance with the provisions of the Advisors VI partnership agreement, and (ii) you will continue to receive payments with respect to the other funds in which you have points
as if you owned your points for the greater of one year after such termination or, if such termination is during the initial term, the remainder of the initial term. For these purposes, “cause” has the meaning set forth in the Advisors VI
partnership agreement, with appropriate technical modifications made to reflect the agreements with the firm that you will be asked to sign. Your noncompete/nonsolicit covenants shall similarly apply for a period that is the longer of the remainder
of the initial term or one year after any employment termination. 

 The effectiveness of these terms is
subject to your execution and return of this letter on or before May 16, 2006 and is subject to customary background and reference checks. This letter supersedes any other arrangements or understandings with respect to the subject matter
hereof. 
  

									
		 		 		 		 	Sincerely,
				
		 		 		 	 /s/ Josh Harris

				
	Agreed and Accepted:	 		 		 	
				
	 /s/ James C. Zelter
	 		 		 	
	James C. Zelter	 		 		 	
	Date:	 	5/14/06

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