Document:

Registration Rights Agreement

 Exhibit 4.3 
 Execution Copy 
   
  
  
 REGISTRATION RIGHTS AGREEMENT 
 OF

 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 Dated as of November 19, 2007 
  
  
  

 Table of Contents 
  

					
	 	  	 	  	 Page

			
		  	 ARTICLE I
 DEFINITIONS AND OTHER MATTERS
	  	
			
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Definitions Generally	  	6
			
		  	 ARTICLE II
 REGISTRATION RIGHTS
	  	
			
	 Section 2.1
	  	Exchange Registration	  	7
	 Section 2.2
	  	Demand Registration	  	7
	 Section 2.3
	  	Shelf Registration	  	9
	 Section 2.4
	  	Suspension of Use of Registration Statement	  	10
	 Section 2.5
	  	Piggyback Registration	  	11
	 Section 2.6
	  	Lock-Up Agreements	  	13
	 Section 2.7
	  	Registration Procedures	  	13
	 Section 2.8
	  	Indemnification by the Company	  	16
	 Section 2.9
	  	Indemnification by Registering Covered Persons	  	17
	 Section 2.10
	  	Conduct of Indemnification Proceedings	  	18
	 Section 2.11
	  	Contribution	  	18
	 Section 2.12
	  	Participation in Underwritten Public Offering	  	19
	 Section 2.13
	  	Other Indemnification	  	19
	 Section 2.14
	  	Cooperation by the Company	  	19
	 Section 2.15
	  	Parties in Interest	  	19
	 Section 2.16
	  	Acknowledgement Regarding the Company	  	19
	 Section 2.17
	  	Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities	  	20
			
		  	 ARTICLE III
 MISCELLANEOUS
	  	
			
	 Section 3.1
	  	Term of the Agreement; Termination of Certain Provisions	  	20
	 Section 3.2
	  	Amendments; Waiver	  	20
	 Section 3.3
	  	Governing Law	  	21
	 Section 3.4
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	21
	 Section 3.5
	  	Notices	  	22
	 Section 3.6
	  	Severability	  	23
	 Section 3.7
	  	Specific Performance	  	23
	 Section 3.8
	  	Assignment; Successors	  	23
	 Section 3.9
	  	No Third-Party Rights	  	23
	 Section 3.10
	  	Section Headings	  	23

  

 i 

					
	 Section 3.11
	  	Execution in Counterparts	  	23
			
	 Appendix A
	  	Covered Persons	  	
			
	 Appendix B
	  	Covered Person Questionnaire	  	

  

 ii 

 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (including Appendix A hereto, as such Appendix A may be amended from time to time pursuant to the provisions hereof,
this “Agreement”), is made and entered into as of November 19, 2007, by and among Och-Ziff Capital Management Group LLC, a Delaware limited liability company (the “Company”), and the Covered Persons (defined below)
from time to time party hereto. 
 WHEREAS, the Covered Persons are holders of Och-Ziff Operating Group A Units (defined below), which,
subject to certain restrictions and requirements, are exchangeable at the option of the holder thereof with the Och-Ziff Operating Group (defined below), pursuant to the Exchange Agreement (defined below) for Class A Shares (defined below) or,
at the option of the Och-Ziff Operating Group, the cash equivalent thereof; and 
 WHEREAS, the Company desires to provide the Covered
Persons with registration rights with respect to Class A Shares that may be delivered in exchange for their Och-Ziff Operating Group A Units and any other Class A Shares they may otherwise hold from time to time. 
 NOW, THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein contained, the parties hereto agree as
follows: 
 ARTICLE I 
 DEFINITIONS
AND OTHER MATTERS 
 Section 1.1 Definitions. Capitalized terms used in this Agreement without other definition shall, unless
expressly stated otherwise, have the meanings specified in this Section 1.1: 
 “Affiliate” means any other person that
directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control of such first person and “control” for these purposes means the direct or indirect power to direct or cause the direction of
the management and policies of another person, whether by operation of law or regulation, through ownership of securities, as trustee or executor or in any other manner. 
 “Agreement” has the meaning ascribed to such term in the Recitals. 
 “Beneficial
owner” has the meaning set forth in Rule 13d-3 under the Exchange Act. 
 “Board” means the Board of Directors of
the Company. 

 “Chairman” shall mean the Chairman of the Demand Committee, who shall be the Chairman of
the Partner Management Committee as determined pursuant to the applicable Och-Ziff Operating Group Agreements. Initially, Daniel Och shall serve as Chairman. 
 “Class A Shares” means Class A shares representing limited liability company interests in the Company. 
 “Class B Shares” means Class B shares representing limited liability company interests in the Company. 
 “Company” has the meaning ascribed to such term in the Recitals. 
 “Covered
Person” means those persons from time to time listed on Appendix A hereto, and all persons who may become parties to this Agreement and whose name is required to be listed on Appendix A hereto, in each case in accordance with the terms
hereof. 
 “Covered Och-Ziff Operating Group A Units” means, with respect to a Covered Person, such Covered Person’s
Och-Ziff Operating Group A Units. 
 “Demand Committee” shall mean a committee consisting of the individuals that are from
time to time members of the Partner Management Committee as determined pursuant to the applicable Och-Ziff Operating Group Agreements. The Chairman of the Demand Committee shall be the same as the Chairman of the Partner Management Committee, and
the Chairman of the Demand Committee shall have the sole and exclusive right and authority to take any action (including, without limitation, the exercise of any demand or request for registration and the consent to any amendment of this Agreement)
pursuant to this Agreement on behalf of the Demand Committee, provided, however, that if and to the extent that at any time no Chairman of the Partner Management Committee exists and, therefore, no Chairman of the Demand Committee
exists, any such action may be taken by a simple majority of the members of the Demand Committee. In addition, on and after the fifth anniversary of the date of this Agreement, any such action may be taken by the Chairman of the Demand Committee or
by a simple majority of the Demand Committee (whether or not the Chairman, if any, votes in favor of such action). 
 “Demand
Notice” has the meaning ascribed to such term in Section 2.2(a). 
 “Demand Registration” has the meaning
ascribed to such term in Section 2.2(a). 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder. 
  

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 “Exchange Agreement” means the exchange agreement dated as of the date hereof among the
Company, each of the Och-Ziff Operating Group entities and the limited partners of each Och-Ziff Operating Group entity, as amended from time to time. 
 “Exchange Registration” has the meaning ascribed to such term in Section 2.1(a). 
 “FINRA” means the Financial Industry Regulatory Authority. 
 “Governmental Authority” means any
national, local or foreign (including U.S. federal, state or local) or supranational (including European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or
authority of competent jurisdiction. 
 “Indemnified Parties” has the meaning ascribed to such term in Section 2.8.

 “Indemnifying Party” has the meaning ascribed to such term in Section 2.10. 
 “Maximum Covered Person Participation Amount” has the meaning ascribed to such term in Section 2.5(a). 
 “Maximum Demand Offering Size” has the meaning ascribed to such term in Section 2.2(e). 
 “Maximum Piggyback Offering Size” has the meaning ascribed to such term in Section 2.5(b). 
 “New York Courts” has the meaning ascribed to such term in Section 3.4. 
 “Och-Ziff” means the Company and its consolidated subsidiaries, including the Och-Ziff Operating Group. 
 “Och-Ziff Operating Group” means, collectively, persons directly controlled by Och-Ziff Holding Corporation, a Delaware corporation, or
Och-Ziff Holding LLC, a Delaware limited liability company, during the term of this Agreement. As of the date hereof, the Och-Ziff Operating Group is comprised of OZ Management LP, a Delaware limited partnership, OZ Advisors LP, a Delaware limited
partnership and OZ Advisors II LP, a Delaware limited partnership. 
  

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 “Och-Ziff Operating Group Agreements” means, collectively, the limited partnership
agreements and other organizational documents of each of the entities within the Och-Ziff Operating Group, as the same may be amended or implemented from time during the term of this Agreement. 
 “Och-Ziff Operating Group A Units” means, collectively, the units designated as the “Class A common units” representing
limited partnership interests in each of the entities within the Och-Ziff Operating Group issued under the applicable Och-Ziff Operating Group Agreement on or prior to the date hereof. 
 “Partner Management Committee” shall mean the Partner Management Committee of each Och-Ziff Operating Group entity as it may be
constituted from time to time in accordance with the applicable Och-Ziff Operating Group Agreement and, which, as of the date hereof, consists of Messrs. Och, Windreich, Frank, Cohen, Varga, Kelly and Brown, with Mr. Och serving as Chairman.

 “Permitted Transferee” means any transferee of an Och-Ziff Operating Group A Unit after the date hereof, the transfer of
which was permitted by the Och-Ziff Operating Group Agreements. 
 “Piggyback Registrable Securities” means Registrable
Securities then held by Covered Persons or to be held by Covered Persons upon an exchange pursuant to the Exchange Agreement occurring in connection with a Piggyback Registration hereunder. 
 “Pro Rata Basis” means a pro rata amount, determined based on the sum of (i) the number of Class A Shares held of record by
each relevant Person as of such date of determination and (ii) any Class A Shares that each relevant Person has the right to acquire in the future as a result of any exchange, conversion, exercise or settlement of any securities or rights
held of record by such Person as of such date of determination (disregarding for such purposes all vesting provisions and transfer restrictions and assuming that all of such securities or rights are settled in Class A Shares). 
 “Proposed Participation Amount” means the aggregate number of Class A Shares each relevant Person has validly elected to include in
any Demand Registration or Piggyback Registration, as applicable. 
 “Registering Covered Person” has the meaning ascribed
to such term in Section 2.7(a). 
 “Registrable Securities” means Class A Shares that may be delivered in exchange
for Och-Ziff Operating Group A Units or otherwise held by Covered Persons from time to time. For purposes of this Agreement, Registrable Securities shall cease to be Registrable Securities when 

  

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(i) a registration statement covering resales of such Registrable Securities has been declared effective under the Securities Act by the SEC and such
Registrable Securities have been disposed of pursuant to such effective Registration Statement or (ii) such Registrable Securities cease to be outstanding (or issuable upon exchange of Och-Ziff Operating Group A Units). Registrable Securities
shall not include any such Class A Shares covered by an Exchange Registration (as defined in Section 2.1(a)) and delivered in exchange for Och-Ziff Operating Group A Units held by persons who are not “affiliates” (as such term is
defined in Rule 144 promulgated under the Securities Act) of the Company. 
 “Registration Expenses” means any and all
expenses incident to the performance of or compliance with any registration or marketing of Registrable Securities, including all (i) SEC and securities exchange registration and filing fees, and all other fees and expenses payable in
connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements
of counsel in connection with “blue sky” qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents
in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) reasonable fees and disbursements of counsel for Och-Ziff and customary fees and expenses for independent certified
public accountants retained by Och-Ziff, (vi) reasonable fees and expenses of any special experts retained by Och-Ziff in connection with such registration, (vii) reasonable fees, out-of-pocket costs and expenses of the Covered Persons,
including one counsel for all of the Covered Persons participating in the offering selected by the Demand Committee, (viii) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the
offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of any counsel thereto, (ix) fees and disbursements of underwriters customarily paid by issuers or sellers of securities,
but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (x) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal
investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (xi) transfer agents’ and registrars’ fees and expenses and the fees and expenses of
any other agent or trustee appointed in connection with such offering, (xii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the
Registrable Securities and (xiii) all out-of-pocket costs and expenses incurred by Och-Ziff or their appropriate officers in connection with their compliance with Section 2.7(l). 
 “Required Third-Party Piggyback Securities” shall mean the number of Class A Shares that the Company is required to include in any
Demand Registration, Piggyback Registration or Resale Shelf Registration hereunder pursuant to the terms of any Third-Party Agreement. 
 “Resale Shelf Registration” has the meaning ascribed to such term in Section 2.3(a). 
  

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 “Resale Shelf Registration Statement” has the meaning ascribed to such term in
Section 2.3(a). 
 “SEC” means the Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Shelf Registration” has the meaning ascribed to such term in Section 2.2(c). 
 “Third-Party Agreement” means any agreement by and between the Issuer and any Person that is not a Covered Person that holds or has a
right to acquire Class A Shares, pursuant to which such Person has the right to require the Company to include such Class A Shares in a registration statement filed by the Company (whether or not for its own account) under the Securities
Act. 
 “Underwritten Public Offering” means an underwritten public offering pursuant to an effective registration statement
under the Securities Act. 
 “Ziffs” means, collectively, Ziff Investors Partnership, L.P. II and Ziff Investors
Partnership, L.P. IIA. 
 Section 1.2 Definitions Generally. Wherever required by the context of this Agreement, the singular
shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or
instrument as amended, supplemented or modified from time to time. When used herein: 
 (a) the word “or” is not
exclusive; 
 (b) the words “including,” “includes,” “included” and “include” are
deemed to be followed by the words “without limitation”; 
 (c) the terms “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
  

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 (d) the word “person” means any individual, corporation, limited liability
company, trust, joint venture, association, company, partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 
 (e) all section, paragraph or clause references not attributed to a particular document shall be references to such parts of this
Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 
 ARTICLE II 
 REGISTRATION RIGHTS 
 Section 2.1 Exchange Registration. 
 (a) The Company may, in its sole discretion, elect to file and cause to be declared effective under the Securities Act by the SEC one or more registration statements on any appropriate form (the “Exchange
Registration”) covering the delivery by the Company or its subsidiaries, from time to time, to the Covered Persons of Class A Shares registered under the Securities Act in exchange for such Och-Ziff Operating Group A Units. 

(b) If the Company elects to utilize an Exchange Registration, it shall give prompt notice of such election to the Demand Committee,
which notice shall include the anticipated filing date of the registration statement relating to such Exchange Registration. The notice referred to in this Section 2.1(b) may be revoked at any time. 
 (c) If the Company elects to utilize an Exchange Registration, it shall be liable for and pay all Registration Expenses in connection with
any Exchange Registration, regardless of whether such registration is effected. 
 (d) The Company shall have no obligation
pursuant to this Section 2.1 to file an Exchange Registration, cause an Exchange Registration to be declared effective, maintain the effectiveness of an Exchange Registration or deliver Class A Shares to a Covered Person pursuant to an
Exchange Registration. 
 Section 2.2 Demand Registration. 
 (a) If at any time prior to the fifth anniversary of the date of consummation of the Company’s initial public offering the Company
shall receive a written request (a “Demand Notice”) from the Demand Committee that the Company effect the registration under the Securities Act of all or any portion of the Registrable Securities specified in the 

  

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Demand Notice (a “Demand Registration”), specifying the information set forth under Section 2.7(i), then the Company shall use its
commercially reasonable efforts to effect, as expeditiously as reasonably practicable, subject to the restrictions in Section 2.4, the registration under the Securities Act of the Registrable Securities for which the Demand Committee has
requested registration under this Section 2.2, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as specified) of such Registrable Securities. If the Demand Committee elects to effect a
Demand Registration, the provisions of Section 2.5(a) with respect to the notices required and the determination of the number of Piggyback Registrable Securities to be included in a Piggyback Registration shall apply mutatis mutandis to
such Demand Registration, but the inclusion of such Registrable Securities pursuant to this Section 2.2 shall be treated as part of the Demand Registration and not as a Piggyback Registration hereunder. 
 (b) The Demand Committee may request an unlimited number of Demand Registrations at any time prior to the fifth anniversary of the date of
consummation of the Company’s initial public offering, subject to the limitations set forth in Section 2.4. 
 (c)
Subject to the availability of Form S-3 or any successor registration form to effect a Demand Registration, at the request of the Demand Committee, any Demand Registration shall be a shelf registration effected in accordance with Rule 415 under the
Securities Act or any successor or similar rule (a “Shelf Registration”). 
 (d) At any time, the Demand
Committee may revoke such Demand Registration request by providing a notice to the Company revoking such request. The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, whether or not so
revoked. 
 (e) At the request of the Demand Committee, the Demand Registration shall involve an Underwritten Public Offering.
If a Demand Registration involves an Underwritten Public Offering and the managing underwriter advises the Company and the Demand Committee that, in its view, the number of Registrable Securities and other securities requested to be included in such
registration exceeds the largest number of Class A Shares that can be sold without having a material adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Demand Offering Size”),
the Company shall include in such Demand Registration, in the priority listed below, up to the Maximum Demand Offering Size: 
 (i) first, all Registrable Securities requested to be registered in the Demand Registration by the Demand Committee and all Required Third-Party Piggyback Securities (allocated as between the Covered Persons that have elected to participate
in such Demand Registration in the aggregate and the holders of Required Third-Party Piggyback Securities in the aggregate on a Pro Rata Basis, and further allocated among the Covered Persons participating in such Demand 

  

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Registration on a pro rata basis based on their respective Proposed Participation Amount, in each case, as and if necessary to ensure that the offering does
not to exceed the Maximum Demand Offering Size); and 
 (ii) second, any securities proposed to be registered by the Company
or any securities proposed to be registered for the account of any other persons, with such priorities among them as the Company shall determine. 
 Section 2.3 Shelf Registration. 
 (a) The Company shall prepare and file, at its own expense, not later
than the fifth anniversary of the date of consummation of the Company’s initial public offering, a “shelf” registration statement with respect to the resale of all Registrable Securities (“Resale Shelf Registration”)
by the Covered Persons on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (the “Resale Shelf Registration Statement”) and permitting registration of such
Registrable Securities for resale by such Covered Persons in accordance with the methods of distribution elected by the Covered Persons pursuant to the questionnaire referred to in paragraph (b) below and set forth in the Resale Shelf
Registration Statement. The Company shall use its reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective by the SEC as promptly as reasonably practicable after the filing thereof, and, subject to Sections 2.3(c)
and 2.4, to keep such Resale Shelf Registration Statement continuously effective for a period ending when all Class A Shares of the Company covered by the Resale Shelf Registration Statement are no longer Registrable Securities. The Demand
Committee shall have the right to request that an Underwritten Public Offering be effected off the Resale Shelf Registration at any time, subject to Section 2.4. Any such Underwritten Public Offering shall be subject to the same priority
provisions as set forth in Section 2.2(e). 
 (b) The Company shall give written notice to all Covered Persons at least
20 business days prior to the anticipated filing date of the Resale Shelf Registration Statement, which notice shall include a questionnaire in the form set forth in Appendix B hereto. At the time the Resale Shelf Registration Statement is declared
effective, each Covered Person that has delivered to the Company a duly completed and executed questionnaire on or prior to the date which is ten business days prior to such time of effectiveness shall be named as a selling securityholder in the
Resale Shelf Registration Statement and the related prospectus in such a manner as to permit such Covered Person to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law. If required by applicable law,
subject to the terms and conditions hereof, after effectiveness of the Resale Shelf Registration Statement, the Company shall file a supplement to such prospectus or amendment to the Resale Shelf Registration Statement not less than once a quarter
as necessary to name as selling securityholders therein any Covered Persons that provide to the Company a duly completed and executed questionnaire in the form set forth in Appendix B hereto and shall use reasonable efforts 

  

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to cause any post-effective amendment to such Resale Shelf Registration Statement filed for such purpose to be declared effective by the SEC as promptly as
reasonably practicable after the filing thereof. 
 (c) The Company shall prepare and file such additional registration
statements as necessary every three years (or such other period of time as may be required to maintain continuously effective shelf registration statements) and use its commercially reasonable efforts to cause such registration statements to be
declared effective by the SEC so that a shelf registration statement remains continuously effective, subject to Section 2.4, with respect to resales of Registrable Securities as and for the periods required under Section 2.3(a), such
subsequent registration statements to constitute a Resale Shelf Registration Statement hereunder. 
 Section 2.4 Suspension of Use of
Registration Statement. 
 (a) Upon prior written notice to the Demand Committee and the Covered Persons, the Company may
postpone effecting a registration (or suspend the use of a Resale Shelf Registration Statement or Shelf Registration) pursuant to Section 2.2 and Section 2.3 on up to three occasions during any period of six consecutive months for a
reasonable time specified in the notice but not exceeding 120 days in the aggregate (which period may not be extended or renewed), if (i) the Board determines in good faith that effecting the registration (or permitting sales under an effective
registration) would materially and adversely affect an offering of securities of the Company; (ii) a Demand Registration or a Piggyback Registration (defined in Section 2.5(a) below) in which Covered Persons were able to participate was
completed within the prior 90 days; or (iii) the Company is in possession of material non-public information and the Board determines in good faith that the disclosure of such information during the period specified in such notice would not be
in the best interests of the Company. 
 (b) If all reports required to be filed by the Company pursuant to the Exchange Act
have not been filed by the required date without regard to any extension, or if the consummation of any business combination by the Company has occurred or is probable for purposes of Rule 3-05 or Article 11 of Regulation S-X promulgated under the
Securities Act or any similar successor rule, upon written notice thereof by the Company to the Demand Committee and the Covered Persons, the rights of the Demand Committee and the Covered Persons to offer, sell or distribute any Registrable
Securities pursuant to any registration statement or to require the Company to take action with respect to the registration or sale of any Registrable Securities pursuant to any registration statement shall be suspended until the date on which the
Company has filed such reports or obtained and filed the financial information required by Rule 3-05 or Article 11 of Regulation S-X to be included or incorporated by reference, as applicable, in a registration statement, and the Company shall
notify the Demand Committee and the Covered Persons in writing as promptly as practicable when such suspension is no longer required. 
  

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 Section 2.5 Piggyback Registration. 
 (a) Subject to any contractual obligations to the contrary, if the Company proposes at any time to register any Class A Shares under
the Securities Act (other than an Exchange Registration or a registration on Form S-8 or Form S-4, or any similar successor forms), whether or not for sale for its own account, the Company shall each such time give prompt written notice at least 20
business days prior to the anticipated filing date of the registration statement relating to such registration to the Demand Committee, which notice shall offer the Demand Committee the opportunity to elect to include in such registration statement
the number of Registrable Securities held by Covered Persons as the Demand Committee may request (the “Maximum Covered Person Participation Amount”), subject to the provisions of Section 2.5(b) (a “Piggyback
Registration”). 
 If the Demand Committee elects to effect a Piggyback Registration, the Company shall give written
notice of the registration statement relating to such Piggyback Registration to all Covered Persons at least 15 business days prior to such anticipated filing date (which date shall be specified in such notice), and any Covered Person electing to
participate in such Piggyback Registration shall notify the Demand Committee and the Company at least 10 business days prior to any such anticipated filing date of its election to include Registrable Securities in such Piggyback Registration. Each
Covered Person electing to so participate may elect to include, in the Piggyback Registration, Piggyback Registrable Securities in an amount up to that number of Piggyback Registrable Securities then held by such Covered Person multiplied by a
fraction, the numerator of which shall be the Maximum Covered Person Participation Amount and the denominator of which shall be the aggregate number of Piggyback Registrable Securities then held by all Covered Persons electing to participate in such
Piggyback Registration; provided, that if any Covered Person elects not to participate in such Piggyback Registration up to its portion of the Maximum Covered Person Participation Amount as provided above, the Demand Committee shall have the
sole discretion to permit the other Covered Persons to include in such Piggyback Registration additional Piggyback Registrable Securities in the same proportions as determined above; and provided further, that the participation of each
Covered Person in any such Piggyback Registration shall be reduced (without duplication) by the aggregate number of Registrable Securities sold by such Covered Person and its Permitted Transferees pursuant to Rule 144 under the Securities Act or
another exemption from the registration requirements of the Securities Act prior to the date of such Piggyback Registration. Any determination with respect to the number of Registrable Securities that may be included in any Piggyback Registration by
any Covered Person shall be made by the Demand Committee in accordance with this Agreement and such determination shall be final. 
 Upon the request of the Demand Committee, the Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities that the Company has been so requested to register by the
Demand 

  

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Committee, to the extent necessary to permit the disposition of such Registrable Securities to be so registered, provided, that: (i) if such
registration involves an Underwritten Public Offering, all such Covered Persons to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected by the Company on the same terms and conditions as
apply to the Company or any other selling person, as applicable, and (ii) if, at any time after giving notice of its intention to register any securities pursuant to this Section 2.5(a) and prior to the effective date of the registration
statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company shall give written notice to all such Covered Persons and, thereupon, shall be relieved of its obligation
to register any Registrable Securities in connection with such registration. No registration effected under this Section 2.5 shall relieve the Company of its obligations to effect a Demand Registration to the extent required by Section 2.2
or a Resale Shelf Registration to the extent required by Section 2.3. The Company shall pay all Registration Expenses in connection with each Piggyback Registration. 
 (b) Subject to any contractual obligations to the contrary, if a Piggyback Registration involves an Underwritten Public Offering and the
managing underwriter advises the Company that, in its view, the number of Registrable Securities and other securities intended to be included in such registration exceeds the largest number of Class A Shares that can be sold without having a
material adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Piggyback Offering Size”), the Company shall include in such registration, in the following priority, up to the Maximum
Piggyback Offering Size: 
 (i) first, the Company securities proposed to be registered for the account of the Company or, if
such registration is not for the sale of Company securities for the account of the Company but is to comply with the demand registration rights of third parties, the Company securities proposed to be registered pursuant to such demand registration
rights of third parties; and 
 (ii) second, all Registrable Securities permitted to be included in such registration by
Covered Persons and all Required Third-Party Piggyback Securities (allocated as between the Covered Persons that have elected to participate in such Piggyback Registration in the aggregate and the holders of Required Third-Party Piggyback Securities
in the aggregate on a Pro Rata Basis, and further allocated among the Covered Persons participating in such Piggyback Registration on a pro rata basis based on their respective Proposed Participation Amount, in each case, as and if necessary to
ensure that the offering does not to exceed the Maximum Piggyback Offering Size). 
 (c) Notwithstanding any provision in this
Section 2.5 or elsewhere in this Agreement, no provision relating to the registration of Registrable Securities shall be construed as permitting any Covered Person to effect a transfer of securities that is otherwise prohibited by the terms of
any agreement between such Covered Person and any Och-Ziff entity. 
  

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 Section 2.6 Lock-Up Agreements. If any registration of Registrable Securities shall be
effected in connection with an Underwritten Public Offering, neither the Company nor any Covered Person shall offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase or otherwise transfer, dispose of or hedge, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of
ownership of any Class A Shares or other securities of the Company or any securities convertible into or exercisable or exchangeable for Class A Shares or other securities of the Company (except as part of such Underwritten Public Offering
and except as otherwise permitted by any lock-up executed or granted in connection with such Underwritten Public Offering) during the period beginning 14 days prior to the effective date of the applicable registration statement until the earlier of
(i) such time as the Company and the lead managing underwriter shall agree and (ii) 180 days following the pricing of the Underwritten Public Offering, provided, however, in the event the Ziffs do not elect to participate in
any such Underwritten Public Offering, the Ziffs will not be subject to the lock-up provisions of this Section 2.6, unless the lead managing underwriter(s) inform(s) the Company in writing that any refusal by the Ziffs to agree to such lock-up
may have a negative impact on the price and/or execution of the Underwritten Public Offering, in which case, the Ziffs shall agree to the provisions of this Section 2.6, but for a period not to exceed 90 days. 
 Section 2.7 Registration Procedures. In connection with any request by the Demand Committee that Registrable Securities be registered
pursuant to Sections 2.2 or 2.5 and in connection with any Resale Shelf Registration pursuant to Section 2.3, subject to the provisions of such Sections and unless otherwise set forth in this Section 2.7, the paragraphs below shall be
applicable: 
 (a) The Company shall as expeditiously as reasonably practicable prepare and file with the SEC a registration
statement on any form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the registration of the Registrable Securities to be registered thereunder in accordance with the
intended method of distribution thereof, and use its commercially reasonable efforts to cause such filed registration statement to become and remain effective for a period of 30 days or such earlier date as, all of the Registrable Securities of the
Covered Persons included in any such registration statement (each, a “Registering Covered Person”) shall have actually been sold, or in the case of a Resale Shelf Registration and a Shelf Registration, the date on which all of the
Registrable Securities of all Registering Covered Persons shall have actually been sold. 
 (b) Prior to filing a registration
statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish to each Registering Covered Person and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of
such registration statement as proposed to be filed. Upon 

  

 13 

 
and after the filing of such registration statement, the Company shall furnish to such Registering Covered Person and underwriter, if any, (in each case in
an electronic format, unless otherwise required by applicable law) such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference
therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the Securities Act and such other documents as such
Registering Covered Person or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Registering Covered Person. Each Registering Covered Person shall have the right to request in
writing that the Company modify any information contained in such registration statement, amendment and supplement thereto pertaining solely to such Registering Covered Person and the Company shall use its commercially reasonable efforts to comply
with such request; provided, however, that the Company shall not have any obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (c) After the filing of a registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the
Securities Act, (ii) comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of
disposition by the Registering Covered Person thereof set forth in such registration statement or supplement to such prospectus and (iii) promptly notify in writing each Registering Covered Person holding Registrable Securities covered by such
registration statement of any stop order issued or threatened by the SEC suspending the effectiveness of such registration statement or any state securities commission and use commercially reasonable efforts to prevent the entry of such stop order
or to obtain the withdrawal of such order if entered. 
 (d) To the extent any “free writing prospectus” (as defined
in Rule 405 under the Securities Act) is used, the Company shall file with the SEC any free writing prospectus that is required to be filed by the Company with the SEC in accordance with the Securities Act and retain any free writing prospectus not
required to be filed. 
 (e) The Company shall use its commercially reasonable efforts to (i) register or qualify the
Registrable Securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering Covered Person holding such Registrable Securities or each
underwriter, if any, reasonably (in light of such Covered Person’s or underwriter’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary by 

  

 14 

 
virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such
Registering Covered Person to consummate the disposition of the Registrable Securities owned by such person; provided, that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 2.7(e), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (f) The Company shall promptly notify in writing each Registering Covered Person holding such Registrable Securities covered by such
registration statement or each underwriter, if any, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading and promptly prepare and make available to each such Registering Covered Person or underwriter, if any, and file with the SEC any such supplement or amendment. 
 (g) The Demand Committee may select an underwriter or underwriters in connection with any Underwritten Public Offering made pursuant to a
Demand Registration or Resale Shelf Registration hereunder, and the Company shall retain such underwriter or underwriters as soon as reasonably practicable after such selection. In connection with any Underwritten Public Offering, the Company shall
enter into customary agreements (including an underwriting agreement in customary form) and take all such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such
Underwritten Public Offering, including if necessary the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with FINRA. 
 (h) Subject to the execution of confidentiality agreements reasonably satisfactory in form and substance to the Company, upon the
reasonable request of the Demand Committee or underwriter (if any), the Company shall give to each Registering Covered Person, each underwriter (if any) and their respective counsel and accountants (i) reasonable and customary access to the
books and records of the Company and (ii) such opportunities to discuss the business of the Company with its directors, officers, counsel and the independent public accountants who have certified its financial statements, as shall be
appropriate, in the reasonable judgment of counsel to such Registering Covered Person or underwriter, to enable them to exercise their due diligence responsibility. 
 (i) Each Registering Covered Person registering securities under Sections 2.2, 2.3 or 2.5 shall promptly furnish in writing to the Company
the information set forth in Appendix B and such other information regarding itself, the distribution of the Registrable Securities as the Company may from time to time reasonably request and 

  

 15 

 
such other information as may be legally required or advisable in connection with such registration, including such information necessary to correct any
inaccuracies in information previously provided to the Company. 
 (j) Each Registering Covered Person and each underwriter,
if any, agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.7(f), such Registering Covered Person or underwriter shall forthwith discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Registering Covered Person’s or underwriter’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.7(f), and, if so directed by the Company, such Registering Covered Person or underwriter shall deliver to the Company all copies, other than any permanent file copies then in such Registering Covered Person’s possession, of the
most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective
(including the period referred to in Section 2.7(a)) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.7(f) to the date when the Company shall make available to such
Registering Covered Person a prospectus supplemented or amended to conform with the requirements of Section 2.7(f). 
 (k) The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then
listed or traded. 
 (l) The Company shall have appropriate officers of Och-Ziff (i) prepare and make presentations at
any “road shows” and before analysts and rating agencies, as the case may be and (ii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling
of the Registrable Securities. 
 (m) The Company shall cooperate with the Registering Covered Persons to facilitate the
timely delivery of Registrable Securities to be sold, which shall not bear any restrictive legends, and to enable such Registrable Securities to be issued in such denominations and registered in such names as such Registering Covered Persons may
reasonably request at least two business days prior to the closing of any sale of Registrable Securities. 
 Section 2.8
Indemnification by the Company. In the event of any registration of any Registrable Securities of the Company under the Securities Act pursuant to this Article II, the Company will, and it hereby does, indemnify and hold harmless, to the
extent permitted by law, a Registering Covered Person, each Affiliate of such Registering Covered Person and their respective directors and officers or general and limited partners or members and managing members (including any director, officer,
Affiliate, employee, agent and controlling person of 

  

 16 

 
any of the foregoing) and each other person, if any, who controls such seller within the meaning of the Securities Act (collectively, the
“Indemnified Parties”), from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim
asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any registration statement or amendment or
supplement thereto under which such Registrable Securities were registered or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or
(2) any untrue statement or alleged untrue statement of a material fact contained in any prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities
Act in respect of the Registrable Securities, or amendment or supplement thereto, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, that the Company shall not be liable to any Indemnified Party in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises
out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, prospectus, any free writing prospectus or any “issuer information” filed or required to be filed
pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Company with respect to such seller
specifically for use in the preparation thereof. 
 Section 2.9 Indemnification by Registering Covered Persons. Each Registering
Covered Person hereby indemnifies and holds harmless, and the Company may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with this Article II, that the Company shall have received an
undertaking reasonably satisfactory to it from any underwriter to indemnify and hold harmless, the Company and all other prospective sellers of Registrable Securities, the Board, each officer of the Company who signed the Registration Statement and
each person, if any, who controls the Company and all prospective sellers of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in
Section 2.8 above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
written information furnished to the Company with respect to such seller or any underwriter, as applicable, specifically for use in the preparation of such registration statement, prospectus, any free writing prospectus or any “issuer
information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company, any of the Registering Covered Persons or any underwriter, or any of their respective Affiliates, directors, officers or controlling persons and shall survive the transfer of such securities by such
person. In no event shall any such indemnification liability of any Registering Covered Person be greater in amount than the dollar amount of the proceeds received by such Registering Covered Person upon the sale of the Registrable Securities giving
rise to such indemnification obligation. 
  

 17 

 Section 2.10 Conduct of Indemnification Proceedings. Promptly after receipt by an Indemnified
Party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to Section 2.8 or Section 2.9 above, such Indemnified Party shall, if a claim of
indemnification in respect thereof is to be made pursuant to this Article II, give written notice of the commencement of such action to the person against whom indemnification is sought (the “Indemnifying Party”); provided,
that the failure of the Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Article II, except to the extent that the Indemnifying Party is materially prejudiced by such failure
to give notice. 
 In case any such action is brought against an Indemnified Party, unless in such Indemnified Party’s reasonable
judgment a conflict of interest between such Indemnified Party and indemnifying parties may exist in respect of such claim, the Indemnifying Party shall be entitled to participate in and to assume the defense thereof, jointly with any other
Indemnifying Party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense
thereof, the Indemnifying Party will not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. It is understood
and agreed that the Indemnifying Party shall not, in connection with any proceeding, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Parties, and that all such fees and
expenses shall be reimbursed as they are incurred. Any such separate firm (x) for any Covered Person, its Affiliates, directors and officers and any control persons of such Indemnified Party, shall be designated in writing by the Demand
Committee, and (y) in all other cases shall be designated in writing by the Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its prior written consent, but if settled with such consent or
if there shall be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Party shall, without the prior
written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnification could have been sought hereunder by such Indemnified
Party, unless such settlement (A) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such Indemnified Party, from all liability on claims that are the subject matter of such proceeding
and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 
 Section 2.11 Contribution. If the indemnification provided for in this Article II from the Indemnifying Party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as
well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Parties shall be determined by 

  

 18 

 
reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action. The amount paid or payable by a party under this Section 2.11 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred
by such party in connection with any investigation or proceeding. 
 The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 2.11 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. 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 guilty of such fraudulent misrepresentation. 
 Section 2.12 Participation in Underwritten Public Offering. No Covered Person may participate in any Underwritten Public Offering hereunder
unless such Covered Person (a) agrees to sell such Covered Person’s securities on the basis provided in any underwriting arrangements approved by the Demand Committee and the Company and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement. 
 Section 2.13 Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall be given by the
Company and the Registering Covered Person participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation or Governmental Authority other than the Securities Act.

 Section 2.14 Cooperation by the Company. If a Covered Person shall transfer any Registrable Securities pursuant to Rule 144,
the Company shall use its commercially reasonable efforts to cooperate with such Covered Person and shall use commercially reasonable efforts to provide to such Covered Person such information and legal opinions as may be required to be provided to
effect a transfer of such Registrable Securities under Rule 144. 
 Section 2.15 Parties in Interest. Each Covered Person shall
be entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement by reason of such Covered Person’s election to participate in a registration under this Article II. To the extent the
Och-Ziff Operating Group A Units held by Covered Persons are effectively transferred to a Permitted Transferee, the Permitted Transferee shall be entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions of
this Agreement upon becoming bound hereby pursuant to Section 3.1(c). 
 Section 2.16 Acknowledgement Regarding the Company.
Other than those determinations reserved expressly to the Demand Committee, all determinations necessary or advisable under this Article II shall be made by the Board, the determinations of which shall be final and binding. 
  

 19 

 Section 2.17 Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable
Securities. The provisions of this Agreement shall apply to the full extent set forth herein with respect to the Registrable Securities, to any and all securities or units of the Och-Ziff Operating Group or the Company or any successor or assign
of any such person (whether by merger, amalgamation, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend, split, issuance,
reverse split, combination, recapitalization, reclassification, merger, amalgamation, consolidation or otherwise. 
 ARTICLE III 

MISCELLANEOUS 
 Section 3.1 Term of
the Agreement; Termination of Certain Provisions. 
 (a) The term of this Agreement shall continue until such time as no
Covered Person holds any Covered Och-Ziff Operating Group A Units or Registrable Securities. 
 (b) Unless this Agreement is
terminated pursuant to Section 3.1(a) hereof, a Covered Person shall be bound by the provisions of this Agreement with respect to any Covered Och-Ziff Operating Group A Units or Registrable Securities until such time as such Covered Person
ceases to hold any Covered Och-Ziff Operating Group A Units or Registrable Securities. Thereafter, such Covered Person shall no longer be bound by the provisions of this Agreement other than Sections 2.9, 2.10, 2.11 and 2.13 and this Article III,
and such Covered Person’s name shall be removed from Appendix A to this Agreement. Any person that has ceased to be a Covered Person and that reacquires Covered Och-Ziff Operating Group A Units or Registrable Securities shall be added to
Appendix A as a Covered Person; provided, that such person shall first sign an agreement in the form approved by the Company acknowledging that such person is bound by the terms and provisions of this Agreement. 
 (c) Any Permitted Transferee shall be added to Appendix A as a Covered Person; provided, that such Permitted Transferee shall first
sign an agreement in the form approved by the Company acknowledging that such Permitted Transferee is bound by the terms and provisions of this Agreement. 
 Section 3.2 Amendments; Waiver 
 (a) Subject to Section 3.2(c), no provision
of this Agreement may be amended unless such amendment is approved in writing by the Company and the Covered Persons who, together with their Permitted Transferees, collectively hold at least two-thirds of the 

  

 20 

 
Registrable Securities; provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on certain Covered
Persons unless all such Covered Persons disproportionately affected consent in writing to such amendment and provided, further, no such amendment shall impair or diminish the rights of the Demand Committee, unless approved in writing by the
Demand Committee. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a 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) The Company may amend this Agreement in writing without the approval or consent of any Covered Person
or Permitted Transferee if such amendment does not materially and adversely affect any Covered Person’s or Permitted Transferee’s rights under this Agreement. Each Covered Person understands that from time to time certain other persons may
become Covered Persons and certain Covered Persons will cease to be bound by the provisions of this Agreement pursuant to the terms hereof. This Agreement may be amended from time to time by the Company (without the approval of any other person) for
the purposes of (i) adding to Appendix A Permitted Transferees of the Covered Och-Ziff Operating Group A Units as provided in Section 3.1(c) who agree to be bound by this Agreement and (ii) removing from Appendix A such persons as
shall cease to be bound by the provisions of this Agreement pursuant to Sections 3.1(b) hereof, which additions and removals shall be given effect from time to time by appropriate changes to Appendix A. 
 Section 3.3 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT
REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF. 
 Section 3.4 Submission to Jurisdiction; Waiver of Jury Trial. Each party to
this Agreement hereby irrevocably and unconditionally, with respect to any matter or dispute arising under, or in connection with, this Agreement and the transactions contemplated hereby (i) submits for itself and its property in any legal
action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York, and any appellate courts thereof (the “New York Courts”) (and covenants not to commence any legal action or proceeding in any other venue or jurisdiction); (ii) consents that any such action or
proceeding may be brought in the New York Courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
agrees not to plead or claim the same; (iii) agrees that service of process in any such action will be in accordance with the laws of the State of New York but that nothing 

  

 21 

 
herein shall affect the right to effect service of process in any other manner permitted by law; (iv) waives any and all immunity from suit, execution,
attachment or other legal process; and (v) waives in connection with any such action any and all rights to a jury trial. The parties agree that any judgment of any New York Court may be enforced in any court having jurisdiction over any party
of any of their assets. 
 Section 3.5 Notices. 
 (a) All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the
following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 3.5): 
 If to a Covered Person, initially to the address indicated in such Covered Person’s questionnaire (a form of which is attached hereto as Appendix B) or to the address then in the records of the Och-Ziff Operating Group or the Company,
as applicable, with a copy to the Chief Legal Officer of the Company, as set forth below, or if no such questionnaire has been delivered or if no address is then in the records of the Och-Ziff Operating Group or the Company, 
 c/o Och-Ziff Capital Management Group LLC 
 9 West 57th Street 
 New York, New York 10019 
 Attention: Chief Legal Officer 
 Fax: (212) 719-7402 
 Electronic Mail: Jeffrey.Blockinger@ozcap.com 
 If to the Company, 
 c/o
Och-Ziff Capital Management Group LLC 
 9 West 57th Street, 13th Floor 
 New York, New York 10019 
 Attention: Chief Legal Officer 
 Fax: (212) 719-7402 
 Electronic Mail: Jeffrey.Blockinger@ozcap.com 
 The Company shall be responsible for notifying each Covered Person of the receipt of a notice, request, claim, demand or other communication under this Agreement relevant to such Covered Person as set forth above (and
each Covered Person shall notify the Company of any change in address for notices, requests, claims, demands or other communications). 
  

 22 

 Section 3.6 Severability. If any provision of this Agreement is finally held to be invalid,
illegal or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes
closest to expressing the intention of the invalid or unenforceable term or provision. 
 Section 3.7 Specific Performance. Each
party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition
to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may be then
available. 
 Section 3.8 Assignment; Successors. This Agreement shall be binding upon and inure to the benefit of the respective
legatees, legal representatives, successors and assigns of the Covered Persons; provided, however, that a Covered Person may not assign this Agreement or any of his rights or obligations hereunder, and any purported assignment in
breach hereof by a Covered Person shall be void; and provided further, that no assignment of this Agreement by the Company or to a successor of the Company (by operation of law or otherwise) shall be valid unless such assignment is made to a
person which succeeds to the business of such person substantially as an entirety. 
 Section 3.9 No Third-Party Rights. Other
than as expressly provided herein, nothing in this Agreement shall be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of
this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns. 
 Section 3.10 Section Headings. The headings of sections in this Agreement are provided for convenience only and will not affect its
construction or interpretation. 
 Section 3.11 Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have duly executed or caused to be duly executed this Agreement as
of the dates indicated. 
  

			
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	 /s/ Daniel S. Och

	Daniel S. Och
	
	THE OCH FAMILY 2007 GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Och Family
2007 GRAT

	
	THE JONATHAN OCH GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Jonathan Och
GRAT

	
	THE NANCY G. BERNSTEIN GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for The Nancy G.
Bernstein GRAT

	
	THE SUSAN OCH KALVER GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact for
 The Susan Och
Kalver GRAT

	
	DANIEL S. OCH DESCENDANTS TRUST
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for the Daniel S. Och
Descendants Trust

	
	JANE C. OCH 1999 GRAT
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	 Daniel S. Och, as attorney-in-fact
 for the Jane C.
Och 1999 GRAT

	
	 /s/ Joel Frank

	Joel Frank
	
	THE JOEL M. FRANK 2007 ANNUITY TRUST
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank, as Trustee
	
	 /s/ David Windreich

	David Windreich
	
	THE DAVID WINDREICH GRAT I
		
	By:	 	 /s/ David Windreich

	Name:	 	 David Windreich, as attorney-in-fact
 for The David
Windreich GRAT I

	
	THE DAVID WINDREICH GRAT II
		
	By:	 	 /s/ David Windreich

	Name:	 	 David Windreich, as attorney-in-fact
 for The David
Windreich GRAT II

	
	 /s/ Joshua Ross

	Joshua Ross
	
	THE JOSHUA ROSS 2007 ANNUITY TRUST
		
	By:	 	 /s/ Joshua Ross

	Name:	 	Joshua Ross, as Trustee
	
	 /s/ James-Keith Brown

	James-Keith (JK) Brown
	
	THE JAMES-KEITH BROWN 2007 ANNUITY     TRUST
		
	By:	 	 /s/ James-Keith Brown

	Name:	 	James-Keith Brown, as Trustee
	
	 /s/ Harold Kelly

	Harold Kelly
	
	THE HAROLD A. KELLY, JR. 2007 ANNUITY     TRUST
		
	By:	 	 /s/ Harold A. Kelly, Jr.

	Name:	 	Harold A. Kelly, Jr., as Trustee
	
	 /s/ Boaz Sidikaro

	Boaz Sidikaro
	
	THE BOAZ SIDIKARO 2007 ANNUITY TRUST
		
	By:	 	 /s/ Boaz Sidikaro

	Name:	 	Boaz Sidikaro, as Trustee
	
	 /s/ Zoltan Varga

	Zoltan Varga
	
	 /s/ Michael Cohen

	Michael Cohen
	
	THE MICHAEL COHEN GRAT I
		
	By:	 	 /s/ Joel Frank

	Name:	 	 Joel Frank, as attorney-in-fact
 for The Michael Cohen
GRAT I

	
	THE MICHAEL COHEN GRAT II
		
	By:	 	 /s/ Joel Frank

	Name:	 	 Joel Frank, as attorney-in-fact
 for The Michael Cohen
GRAT II

	
	 /s/ Richard Lyon

	Richard Lyon
	
	THE RICHARD E. LYON, III 2007 ANNUITY     TRUST
		
	By:	 	 /s/ Richard E. Lyon, III

	Name:	 	Richard E. Lyon, III, as Trustee
	
	 /s/ James O’Connor

	James O’Connor
	
	THE JAMES O’CONNOR 2007 ANNUITY TRUST
		
	By:	 	 /s/ James O’Connor

	Name:	 	James O’Connor, as Trustee
	
	 /s/ Kaushik Ghosh

	Kaushik Ghosh
	
	THE KAUSHIK GHOSH 2007 ANNUITY TRUST
		
	By:	 	 /s/ Kaushik Ghosh

	Name:	 	Kaushik Ghosh, as Trustee
	
	 /s/ Raaj Shah

	Raaj Shah
	
	THE RAAJ SHAH 2007 ANNUITY TRUST
		
	By:	 	 /s/ Raaj Shah

	Name:	 	Raaj Shah, as Trustee
	
	 /s/ Anthony Fobel

	Anthony Fobel
	
	 /s/ Arnaud Achache

	Arnaud Achache
	
	ARNAUD C. ACHACHE FAMILY TRUST
		
	By:	 	 /s/ Arnaud C. Achache

	Name:	 	Arnaud C. Achache
	Title:	 	 Acting as attorney-in-fact
 for the Arnaud C. Achache
Family Trust

	
	 /s/ Dan Manor

	Dan Manor
	
	 /s/ Massimo Bertoli

	Massimo Bertoli
	
	 /s/ David Stonehill

	David Stonehill
	
	THE DAVID STONEHILL 2007 ANNUITY TRUST
		
	By:	 	 /s/ David Stonehill

	Name:	 	David Stonehill, as Trustee
	
	THE ALISSA BUTTERFASS 2007 ANNUITY     TRUST
		
	By:	 	 /s/ David Stonehill

	Name:	 	David Stonehill, as Trustee
	
	THE LYNNE FRENKEL 2007 ANNUITY TRUST
		
	By:	 	 /s/ David Stonehill

	Name:	 	David Stonehill, as Trustee
	
	ZIFF INVESTORS PARTNERSHIP, L.P. II
		
	By:	 	Ziff Investment Management, L.L.C., its general partner
		
	By:	 	 /s/ Robert D. Ziff

	Name:	 	Robert D. Ziff
	Title:	 	Co-President
	
	ZIFF INVESTORS PARTNERSHIP, L.P. IIA
		
	By:	 	Ziff Investment Management, L.L.C., its general partner
		
	By:	 	 /s/ Robert D. Ziff

	Name:	 	Robert D. Ziff
	Title:	 	Co-President

 Registration Rights Agreement Signature Page 
  

 24 

 Appendix A 
 Covered Persons 
 Daniel S. Och 
 Arnaud Achache 
 Massimo Bertoli 
 James-Keith Brown

 Michael Cohen 
 Anthony Fobel 
 Joel Frank 
 Kaushik Ghosh 
 Harold Kelly 
 Rick Lyon 
 Dan Manor 
 James O’Connor 
 Joshua Ross 
 Raaj Shah 
 Boaz Sidikaro 
 David Stonehill 
 Zoltan Varga 
 David Windreich 

 Appendix B 
 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 Covered Person Questionnaire 
 The undersigned Covered Person understands that the Company has filed or intends to file with the SEC a registration statement for the registration of the Class A
Shares (as such may be amended, the “Registration Statement”), in accordance with Sections 2.2, 2.3 or 2.5 of the Registration Rights Agreement, dated as of November     , 2007 (the “Registration Rights
Agreement”), among the Company and the Covered Persons referred to therein. A copy of the Agreement is available from the Company upon request at the address set forth below. All capitalized terms used and not otherwise defined herein shall
have the meanings ascribed thereto in the Registration Rights Agreement. 
 NOTICE 
 The undersigned Covered Person hereby gives notice to the Company of its intention to register Registrable Securities beneficially owned by it and listed below in
Item 3 (unless otherwise specified under Item 3) pursuant to the Registration Statement. The undersigned, by signing and returning this Questionnaire, understands that it will be bound by the terms and conditions of this Questionnaire and
the Registration Rights Agreement. 
 Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company
and all other prospective sellers of Registrable Securities, the Board, each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company and all other prospective sellers of Registrable Securities
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities arising in connection with statements made or omissions concerning the
undersigned in the Registration Statement, prospectus, any free writing prospectus or any “issuer information” in reliance upon the information provided in this Questionnaire. 
 The undersigned Covered Person hereby provides the following information to the Company and represents and warrants that such information is accurate and complete: 
  

 2 

 QUESTIONNAIRE 
  

	 	

							
	1.	 	Name.
			
		 	(a)	 	Full Legal Name of Covered Person:
			
		 		 	  

			
		 	(b)	 	Full Legal Name of Covered Person (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below are held:
			
		 		 	  

			
		 	(c)	 	Full Legal name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item 3 below are held:
			
		 		 	  

			
		 	(d)	 	Full Legal Name of natural control person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the Registrable Securities
listed in Item 3 below):
			
		 		 	  

		
	2.	 	Address for Notices to Covered Person:
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 	Telephone:	 	  

							
			
		 	Fax:	 	  

							
			
		 	Email:	 	  

							
			
		 	Contact Person:	 	  

  

 3 

							
		
	 3.
	 	Beneficial Ownership of Registrable Securities:
			
		 		 	Number of Registrable Securities beneficially owned:
			
		 		 	  

			
		 		 	  

			
		 		 	  

		
	 4.
	 	Broker-Dealer Status:
			
		 	(a)	 	Are you a broker-dealer?
				
		 		 		 	Yes   ̈    No   ̈
			
		 	Note:	 	If yes, the SEC’s staff has indicated that you should be identified as an underwriter in the Registration Statement.
			
		 	(b)	 	 Are  you an affiliate of a broker-dealer?

				
		 		 		 	Yes   ̈    No   ̈
		
		 	If yes, please identify the broker-dealer with whom the Covered Person is affiliated and the nature of the affiliation:
			
		 		 	  

			
		 		 	  

			
		 		 	  

  

 4 

							
			
		 	(c)	 	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the
Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?
				
		 		 		 	Yes   ̈    No   ̈
			
		 	Note:	 	If no, the SEC’s staff has indicated that you should be identified as an underwriter in the Registration Statement.
			
		 	(d)	 	If you are (1) a broker-dealer or (2) an affiliate of a broker-dealer and answered “no” to Question 4(c), do you consent to being named as an underwriter in
the Registration Statement?
				
		 		 		 	Yes   ̈    No   ̈

							
		
	 5.
	 	Beneficial Ownership of Other Securities of the Company Owned by the Covered Person.
				
		 		 		 	Except as set forth below in this Item 5, the undersigned Covered Person is not the beneficial or registered owner of any securities of the Company other than the Registrable
Securities listed above in Item 3.
				
		 		 		 	Type and Amount of Other Securities beneficially owned by the Covered Person:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

		
	 6.
	 	Relationships with the Company:
				
		 		 		 	Except as set forth below, neither the undersigned Covered Person nor any of its affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities
of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
				
		 		 		 	State any exceptions here:
				
		 		 		 	  

				
		 		 		 	  

  

 5 

							
		
	 7.
	 	Intended Method of Disposition of Registrable Securities (Only Applicable to a Demand Registration Effected Pursuant to Section 2.2 or a Resale Shelf Registration Effected
Pursuant to Section 2.3 of the Registration Rights Agreement):
				
		 		 		 	Intended Method or Methods of Disposition of Registrable Securities beneficially owned:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided
herein that may occur subsequent to the date hereof and at any time while the Registration Statement remains in effect. 
 By signing below, the undersigned
consents to the disclosure of the information contained herein in its answers to Items 1 through 7 and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned understands that such information will
be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus. 
 IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

									
	Dated:	 	  
	 		 	Beneficial Owner:	 	  

					
		 		 		 	By: 	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  

 6 

 PLEASE SEND A COPY OF THE COMPLETED AND EXECUTED QUESTIONNAIRE BY FAX OR ELECTRONIC MAIL, AND RETURN
THE ORIGINAL BY OVERNIGHT MAIL, TO: 
  

	
	Och-Ziff Capital Management Group LLC
	9 West 57th Street
	New York, NY 10019
	Attention: Chief Legal Officer
	Facsimile: (212) 719-7402
	Electronic Mail: Jeffrey.Blockinger@ozcap.com

  

 7Registration Rights Agreement

 Exhibit 4.4 
 EXECUTION COPY 
  
  
 REGISTRATION RIGHTS AGREEMENT 
 OF

 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 Dated as of November 19, 2007 
  
  

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS AND OTHER MATTERS
			
	Section 1.1	  	Definitions	  	1
	
	ARTICLE II PIGGYBACK REGISTRATION
			
	Section 2.1	  	Right to Piggyback	  	4
	Section 2.2	  	Priority on Piggyback Registrations	  	5
	Section 2.3	  	Lock-Up and Other Agreements	  	5
	Section 2.4	  	Registration Procedures	  	6
	Section 2.5	  	Payment of Registration Expenses	  	8
	Section 2.6	  	Indemnification by the Company	  	8
	Section 2.7	  	Indemnification by the Investor	  	9
	Section 2.8	  	Conduct of Indemnification Proceedings	  	9
	Section 2.9	  	Contribution	  	10
	Section 2.10	  	Participation in Public Offering	  	10
	Section 2.11	  	Other Indemnification	  	11
	Section 2.12	  	Cooperation by the Company	  	11
	Section 2.13	  	Parties in Interest	  	11
	Section 2.14	  	Acknowledgement Regarding the Company	  	11
	Section 2.15	  	Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities	  	11
	
	ARTICLE III MISCELLANEOUS
			
	Section 3.1	  	Term of the Agreement; Termination of Certain Provisions	  	11
	Section 3.2	  	Amendments; Waiver	  	12
	Section 3.3	  	Governing Law; Jurisdiction	  	12
	Section 3.4	  	Waiver of Sovereign Immunity	  	12
	Section 3.5	  	Notices	  	13
	Section 3.6	  	Severability	  	14
	Section 3.7	  	Specific Performance	  	14
	Section 3.8	  	Assignment; Successors	  	14
	Section 3.9	  	No Third-Party Rights	  	14
	Section 3.10	  	Section Headings	  	15
	Section 3.11	  	Execution in Counterparts	  	15

  

 i 

 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is entered into as of November 19, 2007, between Och-Ziff Capital Management
Group LLC, a Delaware limited liability company (the “Company”), and DIC Sahir Limited, an exempted company formed under the laws of the Cayman Islands (the “Investor”). 
 WHEREAS, the Company, the Investor and Dubai International Capital LLC are parties to the Securities Purchase and Investment Agreement, dated as of
October 29, 2007, as the same may be amended from time to time (the “Securities Purchase Agreement”); 
 WHEREAS, the
Investor is the holder of the Company’s class A shares representing class A limited liability company interests of the Company (“Class A Shares”); and 
 WHEREAS, the Company desires to provide the Investor with certain registration rights with respect to such Class A Shares. 
 NOW, THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein contained, the parties hereto agree as
follows: 
 ARTICLE I 
 DEFINITIONS
AND OTHER MATTERS 
 Section 1.1 Definitions. Capitalized terms used in this Agreement without other definition shall, unless
expressly stated otherwise, have the meanings specified in the Securities Purchase and Investment Agreement or in this Section 1.1: 
 “Agreement” has the meaning ascribed to such term in the Recitals. 
 “Beneficial Owner” has the
meaning assigned to such term in Rules 13d-3 and 13d-5 under the Exchange Act (and “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings). 
 “Board of Directors” means the board of directors of the Company. 
 “Class A Shares” has the meaning ascribed to such term in the Recitals. 
 “Company” has the meaning ascribed to such term in the Recitals. 
 “Covered Class A Shares” means the Class A Shares purchased by the Investor pursuant to the Securities Purchase Agreement.

  

 1 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder. 
 “Exchange Agreement” means the Exchange Agreement, to be entered into by the
Company, Och-Ziff Holding Corporation, Och-Ziff Holding LLC, OZ Management LP, OZ Advisors LP, OZ Advisors II LP and the Och-Ziff Limited Partners (as defined in the Exchange Agreement) and Class B Shareholders (as defined in the Exchange Agreement)
on the consummation of the initial Public Offering of Class A shares. 
 “Existing Partners” means Daniel Och and the
17 other existing partners of the Company prior to the completion of the initial Public Offering of Class A Shares. 
 “FINRA” means the Financial Industry Regulatory Authority. 
 “Governmental Authority” means any
national, local or foreign (including U.S. federal, state or local) or supranational (including European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or
authority of competent jurisdiction. 
 “Guarantor Controlled Affiliate” means any person that directly, or indirectly
through one or more intermediaries, is controlled by Dubai International Capital LLC, a limited liability company organized under the laws of the Emirate of Dubai and “control” for these purposes means the direct or indirect power to
direct or cause the direction of the management and policies of another person, whether by operation of law or regulation, through ownership of securities, as trustee or executor or in any other manner. 
 “Indemnified Parties” has the meaning ascribed to such term in Section 2.6. 
 “Och-Ziff Operating Group A Units” has the meaning ascribed to such term in the Registration Statement on Form S-1 (File
No. 333-144256) (as amended from time to time) as filed by the Company with the SEC. 
 “Permitted Transferee” means
(i) any Guarantor Controlled Affiliate or (ii) any successor entity of such person that has complied with the requirements of Section 3.8 hereof applicable to Permitted Transferees. 
 “person” means any individual, corporation, limited liability company, trust, joint venture, association, company, partnership or other
legal entity or a government or any department or agency thereof or self-regulatory organization. 
 “Piggyback Amount” has
the meaning ascribed to such term in Section 2.1(a). 
 “Piggyback Notice” has the meaning ascribed to such term in
Section 2.1(a). 
 “Piggyback Registration” has the meaning ascribed to such term in Section 2.1(a). 

 

 2 

 “Public Offering” means an underwritten public offering pursuant to an effective
registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form. 
 “Registrable Securities” means Covered Class A Shares held by the Investor or any Permitted Transferee from time to time. For purposes of this Agreement, Registrable Securities shall cease to be
Registrable Securities when (i) a Registration Statement covering resales of such Registrable Securities has been declared effective under the Securities Act by the SEC and such Registrable Securities have been disposed of pursuant to such
effective Registration Statement or (iii) such Registrable Securities cease to be outstanding. 
 “Registration
Expenses” means any and all expenses incident to the performance of or compliance with any registration or marketing of securities, including all (i) SEC and securities exchange registration and filing fees, and all other fees and
expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees
and disbursements of counsel in connection with “blue sky” qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses
and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including, without limitation, all salaries and expenses of the
officers and employees of the Company performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the
Company, (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration, (viii) reasonable fees of one counsel for all such persons having rights to participate in such registration,
(ix) fees and expenses in connection with any review by the FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses
of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities which
shall be the sole obligation of the Investor, (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents
in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such
offering, (xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities and (xiv) fees and expenses
payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “SEC” means the U.S. Securities
and Exchange Commission. 
  

 3 

 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Securities Purchase Agreement” has the meaning ascribed to such term in the
Recitals. 
 “underwritten offering” means a registration in which securities of the Company are sold to an underwriter for
reoffering to the public. 
 ARTICLE II 
 PIGGYBACK REGISTRATION 
 Section 2.1 Right to Piggyback. 
 (a) Subject to the terms and conditions hereof, at any time after the second anniversary of the Closing of the transactions under the Securities Purchase
Agreement, whenever the Company proposes to register any of the equity securities of the Company owned by the Existing Partners under the Securities Act, the Company shall give prompt written notice of such proposed filing but not less than ten
(10) business days before the anticipated filing date (the “Piggyback Notice”) to the Investor. The Piggyback Notice shall offer the Investor the opportunity to include in such registration statement a pro rata portion
of Registrable Securities held by the Investor (based on the ratio of the number of Purchased Class A Shares held by Investor on the date such registration statement is filed to the number of Class A Shares held by the Existing Partners on
the date such registration statement is filed (calculated as if all of the then issued and outstanding Och-Ziff Operating Group A Units had been exchanged for Class A Shares pursuant to the terms of the Exchange Agreement, but disregarding any
Class A restricted share units)) (the “Piggyback Amount”); provided, however, that the Piggyback Amount shall be reduced by the aggregate number of Class A Shares sold by the Investor pursuant to Rule 144 or another
exemption from the registration requirements of the Securities Act at any time during the 12-month period immediately prior to the date such registration is filed with the SEC (a “Piggyback Registration”). Subject to
Section 2.2 hereof, the Company shall include in each such Piggyback Registration all Registrable Securities (up to the Piggyback Amount, as reduced) with respect to which the Company has received a written request for inclusion therein within
ten (10) days after such Piggyback Notice has been received by the Investor. The Investor shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time prior to the effective date of such
Piggyback Registration. The Company shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (i) 180 days after the effective date thereof and
(ii) consummation of the distribution, sale or other transfer by the Investor of the Registrable Securities included in such Registration Statement. For the avoidance of doubt, other than the restrictions on transfer required by law and as set
forth in Section 2.3 hereof, nothing herein shall be deemed to restrict the ability of the Investor to sell the Class A Shares pursuant to Rule 144. 
 (b) Notwithstanding any provision in this Section 2.1 or elsewhere in this Agreement, no provision relating to the registration of Registrable Securities shall be construed as permitting the Investor to effect a
transfer of securities that is otherwise prohibited by the terms of the Securities Purchase Agreement or any other agreement between the Investor and the Company or any of its subsidiaries. 
  

 4 

 (c) If, at any time after giving written notice of its intention to register any of its equity securities
as set forth in this Section 2.1 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company shall determine for any reason not to register such equity securities, the
Company shall give written notice of such determination to the Investor within five (5) 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). 
 Section 2.2 Priority on Piggyback Registrations. The Company shall use commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Investor to include
Registrable Securities in the registration for such offering and to include all such Registrable Securities (up to the Piggyback Amount, as reduced) on the same terms and conditions as any other shares of capital stock, if any, of the Company
included therein. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering have informed the Company that it is their good faith opinion that the total amount of securities that the Investor, the
Company and any other persons having rights to participate in such registration, intend to include in such offering is such as to adversely affect the success of such offering, then the amount of securities to be offered (i) for the account of
the Investor and (ii) for the account of all such other persons (other than the Company) shall be reduced to the extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such
managing underwriter or underwriters by (a) first reducing the securities requested to be included by the Investor and all such other persons (other than the Company) requesting such registration, pro rata among such holders on the basis of the
number of equity securities requested to be included in such Registration Statement by such holders and (b) second, reducing the securities proposed to be sold by the Company, if any. 
 Section 2.3 Lock-Up and Other Agreements. If any registration of Registrable Securities shall be effected in connection with an underwritten
offering, neither the Company nor the Investor shall offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase or otherwise transfer, dispose of or hedge, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of any Class A Shares or other securities
of the Company or any securities convertible into or exercisable or exchangeable for Class A Shares or other securities of the Company (except as part of such underwritten offering and except as otherwise permitted by any lock-up executed or
granted in connection with such underwritten offering) during the period beginning 10 business days prior to the effective date of the applicable registration statement until the earlier of (i) such time as the Company and the lead managing
underwriter shall agree and (ii) 180 days following the pricing of the underwritten offering. 
  

 5 

 Section 2.4 Registration Procedures. In connection with any request by the Investor that
Registrable Securities be registered pursuant to Section 2.1, subject to the provisions of Section 2, the paragraphs below shall be applicable: 
 (a) Prior to filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish to the Investor and each underwriter, if any, of the Registrable Securities
covered by such registration statement copies of such registration statement as proposed to be filed, and thereafter the Company shall furnish to the Investor and underwriter, if any, such number of copies of such registration statement, each
amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus)
and any other prospectus filed under Rule 424 or Rule 430A under the Securities Act and such other documents as the Investor or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by the
Investor. The Investor shall have the right to request that the Company modify any information contained in such registration statement, amendment and supplement thereto pertaining to the Investor and the Company shall use all commercially
reasonable efforts to comply with such request, provided, however, that the Company shall not have any obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (b) After the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to
Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the
intended methods of disposition by the Investor thereof set forth in such registration statement or supplement to such prospectus and (iii) promptly notify the Investor of any stop order issued or threatened by the SEC suspending the
effectiveness of such registration statement or any state securities commission and take all commercially reasonable efforts to prevent the entry of such stop order or to obtain the withdrawal of such order if entered. 
 (c) To the extent any “free writing prospectus” (as defined in Rule 405 under the Securities Act) is used, the Company shall file with the SEC
any free writing prospectus that is required to be filed by the Company with the SEC in accordance with the Securities Act and retain any free writing prospectus not required to be filed. 
 (d) The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by such registration
statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests and (ii) cause such Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable the Investor to consummate the
disposition of the Registrable Securities owned by the Investor, provided that the Company shall not be required to (A) qualify 

  

 6 

 
generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.4(d), (B) subject itself to
taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (e) The Company shall
immediately notify the Investor at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading and promptly prepare and make available to the Investor or underwriter, if any, and file with the SEC any such supplement or amendment. 
 (f) The Company shall have the right to select the investment banker or investment bankers and managers to administer any Piggyback Registration. In connection with any Public Offering, the Company shall enter into
customary agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering,
including if necessary the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with the FINRA. 
 (g) Subject to the execution of confidentiality agreements satisfactory in form and substance to the Company in the exercise of its good faith judgment,
pursuant to the reasonable request of the Investor, the Company will give to the Investor and its counsel and accountants (i) reasonable and customary access to its books and records and (ii) such opportunities to discuss the business of
the Company with its directors, officers, employees, counsel and the independent public accountants who have certified its financial statements, as shall be appropriate, in the reasonable judgment of counsel to the Investor, to enable it to exercise
its due diligence responsibility, provided that any such discussions shall be done upon the prior written request therefor by Investor to the Company and such discussions shall be held during normal business hours and in a manner so as to not
unreasonably disrupt the operation of the business of the Company. 
 (h) The Investor shall promptly furnish in writing to the Company such
information regarding itself and the distribution, sale or other transfer of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required or advisable in connection with
such registration. 
 (i) The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 2.4(e), the Investor shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until the Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 2.4(e), and, if so directed by the Company, the Investor shall deliver to the Company all copies, other than any permanent file copies then in the Investor’s possession, of the
most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend 

  

 7 

 
the period during which such registration statement shall be maintained effective (including the period referred to in Section 2.1(a)) by the number of
days during the period from and including the date of the giving of notice pursuant to Section 2.4(e) to the date when the Company shall make available to the Investor a prospectus supplemented or amended to conform with the requirements of
Section 2.4(e). 
 (j) The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such
registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 
 (k) The Company shall cooperate with the Investor to facilitate the timely delivery of Registrable Securities to be sold, which shall not bear any restrictive legends, and to enable such Registrable Securities to be issued in such
denominations and registered in such names as the Investor may reasonably request at least two business days prior to the closing of any sale of Registrable Securities. 
 Section 2.5 Payment of Registration Expenses. The Company shall pay or promptly reimburse the Investor for all Registration Expenses in connection with any Piggyback Registration. 
 Section 2.6 Indemnification by the Company. In the event of any registration of any Registrable Securities of the Company under the
Securities Act pursuant to this Article II, the Company will, and it hereby does, indemnify and hold harmless, to the extent permitted by law, Investor, each affiliate of Investor and their respective directors and officers or general and limited
partners or members and managing members (including any director, officer, affiliate, employee, agent and controlling person of any of the foregoing) and each other person, if any, who controls such seller within the meaning of the Securities Act
(collectively, the “Indemnified Parties”, which definition shall, for purposes of Section 2.8, be deemed to include those persons entitled to indemnification pursuant to Section 2.7), from and against any and all losses,
claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out
of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any registration statement or amendment or supplement thereto under which such Registrable Securities were registered or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any
prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, or any
omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the Company shall not be liable to
any Indemnified Party in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement, prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable
Securities, or amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Company with respect to such seller specifically for use in the preparation thereof. 
  

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 Section 2.7 Indemnification by the Investor. The Investor hereby indemnifies and holds
harmless, and the Company may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with this Article II, that the Company shall have received an undertaking reasonably satisfactory to it
from any underwriter to indemnify and hold harmless, the Company and all other prospective sellers of securities of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and their
respective directors and officers or general and limited partners or members and managing members (including any director, officer, employee, agent and controlling person of any of the foregoing) to the same extent as the indemnity set forth in
Section 2.6 above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
written information furnished to the Company by and in respect of the Investor or any underwriter specifically for use in the preparation of such registration statement, prospectus, any free writing prospectus or any “issuer information”
filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by
or on behalf of the Company, the Investor or any underwriter, or any of their respective directors and officers or general and limited partners or members and managing members (including any director, officer, employee, agent and controlling person
of any of the foregoing) and shall survive the transfer of such securities by such person. In no event shall any such indemnification liability of the Investor be greater in amount than the dollar amount of the proceeds received by the Investor upon
the sale of the Registrable Securities giving rise to such indemnification obligation. 
 Section 2.8 Conduct of Indemnification
Proceedings. Promptly after receipt by an Indemnified Party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article II, such Indemnified
Party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided, that the failure of the Indemnified Party to give notice as provided herein
shall not relieve the indemnifying party of its obligations under this Article II, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. 
 In case any such action is brought against an Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of interest
between such Indemnified Party and indemnifying parties may exist in respect of such claim, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to
the extent that it may wish, 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 be
liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. It is understood and agreed that the indemnifying person shall
not, in connection with any proceeding or related 

  

 9 

 
proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all
Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. The indemnifying person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying person agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No indemnifying person shall, without the
written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnification could have been sought hereunder by such Indemnified
Party, unless such settlement (A) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such Indemnified Party, from all liability on claims that are the subject matter of such proceeding
and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 
 Section 2.9 Contribution. If the indemnification provided for in this Article II from the indemnifying party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to herein, then the indemnifying party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as
well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or Indemnified Parties, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 2.9 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
 The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in the immediately preceding paragraph. 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 guilty of such
fraudulent misrepresentation. 
 Section 2.10 Participation in Public Offering. The Investor may not participate in any Public
Offering hereunder and the Company shall not be required to include the securities of the Investor unless the Investor completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably
required under the provisions of this Agreement in respect of registration rights. 
  

 10 

 Section 2.11 Other Indemnification. Indemnification similar to that specified herein (with
appropriate modifications) shall be given by the Company and the Investor with respect to any required registration or other qualification of securities under any federal or state law or regulation or Governmental Authority other than the Securities
Act. 
 Section 2.12 Cooperation by the Company. If Investor shall transfer any Registrable Securities pursuant to Rule 144 (and
not in violation of the Securities Purchase Agreement), the Company shall use its commercially reasonable efforts to cooperate with Investor and shall use commercially reasonable efforts to provide to Investor such information and legal opinions as
may be required to be provided to effect a transfer of such Registrable Securities under Rule 144. 
 Section 2.13 Parties in
Interest. The Investor shall be entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement by reason of the Investor’s election to participate in a registration under this Article II.

 Section 2.14 Acknowledgement Regarding the Company. Other than those determinations reserved expressly to the Investor, all
determinations necessary or advisable under this Article II shall be made by the Board of Directors of the Company, the determinations of which shall be final and binding. 
 Section 2.15 Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities. The provisions of this Agreement
shall apply to the full extent set forth herein with respect to the Registrable Securities to any and all securities or shares of the Company or any successor or assign of any such person (whether by merger, amalgamation, consolidation, sale of
assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend, split, issuance, reverse split, combination, recapitalization, reclassification, merger,
amalgamation, consolidation or otherwise. 
 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1 Term of the Agreement; Termination of Certain Provisions.

 (a) The term of this Agreement shall continue until the first to occur of (i) such time as the Investor does not hold any Registrable
Securities and (ii) such time as the Agreement is terminated by the Investor. 
 (b) Unless this Agreement is theretofore terminated
pursuant to Section 3.1(a) hereof, the Investor shall be bound by the provisions of this Agreement with respect to any Registrable Securities until such time as the Investor ceases to hold any Registrable Securities. Thereafter, the Investor shall
no longer be bound by the provisions of this Agreement other than Sections 2.6, 2.7, 2.8 and 2.10 and this Article III. 
  

 11 

 Section 3.2 Amendments; Waiver. 
 (a) The provisions of this Agreement may be amended only by written agreement of the Company and the Investor. 
 (b) No provision of this Agreement may be waived except by an instrument in writing executed by the party against whom the waiver is to be effective.

 Section 3.3 Governing Law; Jurisdiction. This Agreement and the rights and obligations of the parties hereunder shall be
governed by, and construed and interpreted in accordance with, the laws of the State of New York without reference to any choice of law provision thereof that would mandate the application of the laws of another jurisdiction, and shall inure to the
benefit of, and be binding upon and inure to the benefit of the parties hereto and their respective successors. Each party to this Agreement hereby irrevocably and unconditionally, with respect to any matter or dispute arising under, or in
connection with, this Agreement and the transactions contemplated hereby (i) submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect
thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and any appellate courts thereof (the “New York Courts”) (and
covenants not to commence any legal action or proceeding in any other venue or jurisdiction); (ii) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (iii) agrees that service of process in any such action will be in accordance
with the laws of the State of New York but that nothing herein shall affect the right to effect service of process in any other manner permitted by law; (iv) waives any and all immunity from suit, execution, attachment or other legal process;
and (v) waives in connection with any such action any and all rights to a jury trial. The parties agree that any judgment of any New York Court may be enforced in any court having jurisdiction over any party of any of their assets. 

Section 3.4 Waiver of Sovereign Immunity. With respect to the contractual liability of Investor to perform its obligations under this
Agreement, with respect to itself or its property, the Investor: 
 (a) agrees that the execution, delivery and performance by it of this
Agreement constitutes private and commercial acts done for private and commercial purposes; 
 (b) agrees that, should any proceedings be
brought against it or its assets in any jurisdiction in relation to this Agreement or any transaction contemplated by this Agreement, the Investor is not entitled to any immunity on the basis or sovereignty or otherwise in respect of its obligations
under this Agreement, and no immunity from such proceedings (including, without limitation, immunity from service of process from suit, from the jurisdiction of any court, from an order or injunction of such court or the enforcement of same against
its assets) shall be claimed by or on behalf of such party or with respect to its assets; 
  

 12 

 (c) waives, in any such proceedings, to the fullest extent permitted by law, any right of immunity which
it or any of its assets now has or may acquire in the future in any jurisdiction; 
 (d) consents generally in respect of the enforcement of
any judgment or award against it in any such proceedings to the giving of any relief or the issue of any process in any jurisdiction in connection with such proceedings (including, without limitation, pre-judgment attachment, post judgment
attachment, the making, enforcement or execution against or in respect of any assets whatsoever irrespective of their use or intended use of any order or judgment that may be made or given in connection therewith); and 
 (e) specifies that, for the purposes of this provision, “assets” shall be taken as excluding “premises of the mission” as defined in
the Vienna Convention on Diplomatic Relations signed at Vienna, April 18, 1961, “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, and military property or military assets or property of the
Investor. 
 Section 3.5 Notices. All notices, demands and other communications provided for or permitted hereunder shall be made
in writing and shall be by facsimile, overnight courier service or personal delivery as follows: 
  

					
	 if to the Company:

		
		 	Och-Ziff Capital Management Group LLC
		 	9 West 57th Street
		 	New York, New York 10019
		 	Facsimile:	  	(212) 719-7402
		 	Attention:	  	Chief Legal Officer
		
		 	with a copy (which shall not constitute notice) to:
		
		 	Skadden, Arps, Slate, Meagher & Flom LLP
		 	Four Times Square
		 	New York, New York 10036-6518
		 	Facsimile:	  	(212) 735-2000
		 	Attention:	  	 Mark C. Smith
 Allison R.
Schneirov

  

 13 

					
	if to Investor:
		
		 	DIC Sahir Limited
		 	c/o Dubai International Capital LLC
		 	P.O. Box 72888
		 	The Gate, East Wing 13th Floor
		 	DIFC, Sheikh Zayed Road
		 	Dubai
		 	United Arab Emirates
		 	Facsimile:	  	971 4 362 0999
		 	Attention:	  	Anand Krishnan

 All such notices, demands and other communications shall be deemed to have been duly given when
delivered by hand, if personally delivered; the next business day, if delivered by overnight courier service; and when receipt is mechanically acknowledged, if sent by facsimile. Any party may by notice given in accordance with this Section 3.5
designate another address or person for receipt of notices hereunder. 
 Section 3.6 Severability. If any provision of this
Agreement is finally held to be invalid, illegal or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision
that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision. 
 Section 3.7 Specific Performance. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party
to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy that may be then available. 
 Section 3.8 Assignment; Successors. This Agreement shall
be binding upon and inure to the benefit of the respective legatees, legal representatives, successors and assigns of the Investor; provided, however, that the Investor may not assign this Agreement or any of its rights or obligations
hereunder except to any Permitted Transferee who executes a written agreement in form and substance reasonably satisfactory to the Company agreeing to be bound by the terms and conditions of this Agreement, and any purported assignment in breach
hereof by the Investor shall be void; and provided further that no assignment of this Agreement by the Company or to a successor of the Company (by operation of law or otherwise) shall be valid unless such assignment is made to a person which
succeeds to the business of such person substantially as an entirety. 
 Section 3.9 No Third-Party Rights. Other than as
expressly provided herein, nothing in this Agreement will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this
Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns. 
  

 14 

 Section 3.10 Section Headings. The headings of sections in this Agreement are provided for
convenience only and will not affect its construction or interpretation. 
 Section 3.11 Execution in Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have duly executed or caused to be duly executed this Agreement as
of the dates indicated. 
  

			
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
		
	By:	 	 /s/ Daniel Och

	Name:	 	Daniel Och
	Title:	 	CEO
	
	DIC SAHIR LIMITED
		
	By:	 	 /s/ Anand Krishman

	Name:	 	Anand Krishnan
	Title:	 	Director
		
	By:	 	 /s/ Andrew Wright

	Name:	 	Andrew Wright
	Title:	 	Director

 [Signature page to Registration Rights Agreement] 
  

 16

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