Document:

Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan

 Exhibit 10.8 

Originally Adopted October 23, 2007 

As Amended as of March 31, 2008 and March 13, 2009 

APOLLO GLOBAL MANAGEMENT, LLC 

2007 OMNIBUS EQUITY INCENTIVE PLAN 

Section 1. Purpose of Plan. 

The name of this plan is the Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan. The purpose of the Plan is to provide
additional incentive to selected employees, directors, and other service providers of the Company, its Subsidiaries or Affiliates (as hereinafter defined) whose contributions are integral to the growth and success of the Company’s business, in
order to strengthen the commitment of such persons to the Company and its Subsidiaries and Affiliates, motivate such persons to faithfully and diligently perform their responsibilities and attract and retain competent and dedicated persons whose
efforts shall result in the long-term growth and profitability of the Company. To accomplish such purposes, the Plan provides that the Company may (or may cause a Subsidiary or Affiliate to) grant (a) Options, (b) Share Appreciation
Rights, (c) Awards of Restricted Shares, Restricted Share Units, Performance Shares, unrestricted Shares or Other Share-Based Awards, or (d) any combination of the foregoing. 

Section 2. Definitions. 

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

(a) “Administrator” means the Board, or if and to the extent the Board does not administer the Plan, the Committee in
accordance with Section 3 hereof. 
 (b) “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, “control” means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

(c) “AOG” means the Apollo Operating Group. 

(d) “AOG Unit” refers to a unit in the Apollo Operating Group, which represents one limited partnership interest in each
of the limited partnerships that comprise the Apollo Operating Group and any securities issued or issuable in exchange for or with respect to such AOG Units (i) by way of a dividend, split or combination of shares or (ii) in connection
with a reclassification, recapitalization, merger, consolidation or other reorganization. 
 (e) “Apollo Operating
Group” means (i) Apollo Management Holdings, L.P., a Delaware limited partnership, Apollo Principal Holdings I, L.P., a Delaware limited partnership, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo Principal
Holdings III, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings IV, L.P., a Cayman Islands exempted limited partnership, and any successors thereto or other entities formed to serve as holding vehicles for Apollo carry
vehicles, management companies or other entities formed to engage in the asset management business (including alternative asset management) and (ii) any such Apollo carry vehicles, management companies or other entities formed to engage in the
asset management business (including alternative asset management) and receiving management fees, incentive fees, fees paid by Portfolio Companies, carry or other remuneration which are not Subsidiaries of the Persons described in clause (i),
excluding any Funds and any Portfolio Companies. 
 (f) “Award” means, individually or collectively, any
Option, Share Appreciation Right, Restricted Share, Restricted Share Unit, Performance Share, unrestricted Share or Other Share-Based Award granted under the Plan. 

 (g) “Award Agreement” means any written agreement, contract or other
instrument or document evidencing an Award. 
 (h) A “Beneficial Owner” of a security is a Person who directly
or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security, and/or (ii) investment power, which
includes the power to dispose, or to direct the disposition of, such security. The term “Beneficially Own” shall have a correlative meaning. 

(i) “Board” means AGM Management, LLC, a Delaware limited liability company and the sole manager of the Company, except
that at such time as AGM Management, LLC ceases to have all management powers over the business and affairs of the Company in accordance with Section 6.1 of the LLC Agreement, the Board shall mean the Board of Directors of the Company.

 (j) “Cause” means, unless otherwise provided in an applicable Award Agreement, a termination of employment
or service, based upon a finding by the Company, acting in good faith, after the occurrence of any of the following: (1) the Participant is convicted or charged with a criminal offense; (2) the Participant’s intentional violation of
law in connection with any transaction involving the purchase, sale, loan or other disposition of, or the rendering of investment advice with respect to, any security, futures or forward contract, insurance contract, debt instrument, financial
instrument or currency; (3) the Participant’s dishonesty, bad faith, gross negligence, willful misconduct, fraud or willful or reckless disregard of duties in connection with the performance of any services on behalf of the Company or any
of its Affiliates or the Participant’s engagement in conduct which is injurious to the Company or any of its Affiliates, monetarily or otherwise; (4) the Participant’s intentional failure to comply with any reasonable directive by a
supervisor in connection with the performance of any services on behalf of the Company of any of its Affiliates; (5) the Participant’s intentional breach of any material provision of an Award Agreement or any other agreements of the
Company or any of its Affiliates; (6) the Participant’s material violation of any written policies adopted by the Company or any of its Affiliates governing the conduct of persons performing services on behalf of the Company or such
Affiliate or the Participant’s non-adherence to Apollo’s policies and procedures or other applicable Apollo compliance manuals; (7) the taking of or omission to take any action that has caused or substantially contributed to a
material deterioration in the business or reputation of the Company or any of its Affiliates, or that was otherwise materially disruptive of their business or affairs; provided, however, that the term Cause shall not include for this purpose
any mistake of judgment made in good faith with respect to any transaction respecting a portfolio investment or account managed by the Company; (8) the failure by the Participant to devote a significant portion of time to performing services as
an agent of the Company without the prior written consent of the Company, other than by reason of death or Disability; (9) the obtaining by the Participant of any material improper personal benefit as a result of a breach by the Participant of
any covenant or agreement (including, without limitation, a breach by the Participant of the Company’s code of ethics or a material breach by the Participant of other written policies furnished to the Participant relating to personal investment
transactions or of any covenant, agreement, representation or warranty contained in any limited partnership agreement); or (10) the Participant’s suspension or other disciplinary action against the Participant by an applicable regulatory
authority; provided, however, that if a failure, breach, violation or action or omission described in any of clauses (4) to (7) is capable of being cured, the Participant has failed to do so after being given notice and a reasonable
opportunity to cure. As used in this definition, “material” means “more than de minimis.” 
 (k)
“Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) distribution (whether in
the form of cash, Shares, or other property), share split or reverse share split, (iii) combination or exchange of shares, (iv) other change in structure, or (v) declaration of a distribution, which the Administrator determines, in
its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate. 
  

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 (l) “Class A Shares” means the Class A Shares of the Company.

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

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

(o) “Company” means Apollo Global Management, LLC, a Delaware limited liability company, and any successors thereto.

 (p) “Consultant” means a consultant or advisor who is a natural person, engaged to render bona fide
services to the Company or any Subsidiary. 
 (q) “Disability” shall have the meaning provided under
Section 409A(a)(2)(C) of the Code. Notwithstanding the foregoing or any other provision of this Plan, the definition of Disability (or any analogous term) in an Award Agreement shall supersede the foregoing definition; provided,
however, that if no definition of Disability or any analogous term is set forth in such agreement, the foregoing definition shall apply. 

(r) “Eligible Recipient” means an employee, director, partner or Consultant of the Company, any Subsidiary or Affiliate
who has been selected as an eligible participant by the Administrator. 
 (s) “Exchange Act” means the
Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 

(t) “Exercise Price” means the per share price (if any) at which a holder of an Award granted hereunder may purchase the
Shares issuable upon exercise of such Award. 
 (u) “Fair Market Value” as of a particular date shall mean the
fair market value as determined by the Administrator in its sole discretion; provided, however, (i) if the Share or other security is admitted to trading on a national securities exchange, on the private over-the-counter market for
Tradable Unregistered Equity Securities developed by Goldman, Sachs & Co. (“GS TrUE”) or on a substantially similar over-the-counter market, the fair market value on any date shall be the closing sale price reported on such
date, or (ii) if the Share or other security is then traded in an over-the-counter market that, as determined by the Administrator in its sole discretion, is not substantially similar to GS TrUE, the fair market value on any date shall be the
average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on which there was a sale of such share in such market. 

 

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 (v) “Fund” means any pooled investment vehicle or similar entity sponsored
or managed by the Company or any of its Subsidiaries. 
 (w) “Investment” shall mean any investment (or similar
term describing the results of the deployment of capital) as defined in the governing document of any Fund managed (directly or indirectly) by a member of the Apollo Operating Group. 

(x) “LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of Apollo Global Management, LLC,
as amended from time to time. 
 (y) “LTIP Units” means Awards issued with respect to AOG Units, as more fully
described in Section 10. 
 (z) “Option” means an option to purchase Shares granted pursuant to
Section 7 hereof. 
 (aa) “Other Share-Based Awards” means a right or other interest granted to a
Participant under the Plan that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares, including but not limited to restricted units, distribution equivalent rights, LTIP Units or
performance units, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms or conditions as permitted under the Plan. 

(bb) “Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s
authority in Section 3 below, to receive grants of Options, Share Appreciation Rights, Awards of Restricted Shares, Awards of unrestricted Shares, Restricted Share Units, Performance Shares, Other Share-Based Awards or any combination of the
foregoing, and upon his or her death, his or her successors, heirs, executors and administrators, as the case may be. 
 (cc)
“Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings including operating income, earnings before or after taxes, earnings before or after interest, depreciation, amortization,
or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income, after-tax income, or economic net income; (iii) earnings per Share (basic or diluted); (iv) operating profit;
(v) distributable earnings; (vi) revenue, revenue growth or rate of revenue growth; (vii) return on assets (gross or net), return on investment, return on capital, or return on equity; (vii) returns on sales or revenues;
(ix) operating expenses; (x) share price appreciation; (xi) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital;
(xii) implementation or completion of critical projects or processes; (xiii) economic value created; (xiv) cumulative earnings per share growth; (xv) operating margin or profit margin; (xvi) Share price or total shareholder
return; (xvii) cost targets, reductions and savings, productivity and efficiencies; (xviii) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion,
investor satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons;
(xix) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans, the negotiation of transactions, the development of long term business goals, formation of joint ventures,
research or development collaborations, and the completion of other corporate transactions; and (xx) any combination of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of
attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company, a Subsidiary or Affiliate, or a division or strategic
business unit of the Company, or may be applied to the performance of 
  

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the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance
below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made
(or at which full vesting shall occur). Each of the foregoing Performance Goals shall not be required to be determined in accordance with generally accepted accounting principles and shall be subject to certification by the Committee;
provided that the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of
the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the
disposal of a segment of a business or related to a change in accounting principles. 
 (dd) “Performance
Shares” means Shares that are subject to restrictions based upon the attainment of specified performance objectives granted pursuant to Section 9 below. 

(ee) “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization, Governmental Entity or other entity. 
 (ff) “Plan” means this
Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan, as the same may be amended, modified or supplemented from time to time. 

(gg) “Portfolio Company” means any Person in which any Fund owns an Investment. 

(hh) “Restricted Shares” means Shares subject to certain restrictions granted pursuant to Section 9 below.

 (ii) “Restricted Share Units” means the right to receive Shares at the end of a specified period, or upon
specified dates, granted pursuant to Section 9 below. 
 (jj) “Retirement” means a termination of a
Participant’s employment, other than for Cause, on or after attainment of age 65. 
 (kk) “SEC” means the
United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act. 

(ll) “Section 409A” means Section 409A of the Code and U.S. Department of Treasury regulations and interpretative
guidance issued thereunder. 
 (mm) “Securities Act” means the Securities Act of 1933, as amended, supplemented
or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 (nn)
“Shares” means the Company’s Class A Shares (as specified in the applicable Award Agreement) reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation or
other reorganization) security. 
 (oo) “Share Appreciation Right” means the right pursuant to an Award granted
under Section 8 below to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Share Appreciation Right or portion thereof is surrendered, of the Shares covered by such right or such
portion thereof, over (ii) the aggregate Exercise Price of such right or such portion thereof. 
  

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 (pp) “Subsidiary” means, with respect to any Person, as of any date of
determination, any other Person as to which such Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of
such Person. 
 Section 3. Administration. 

(a) The Plan shall be administered by the Administrator and shall be administered in accordance with the requirements of
Section 162(m) of the Code (but only to the extent necessary and desirable to maintain qualification of Awards under the Plan under Section 162(m) of the Code) and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule
16b-3”). 
 (b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any
restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation: 

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

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

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

(4) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written
instruments evidencing Options, Share Appreciation Rights, Awards of Restricted Shares, Restricted Share Units, Performance Shares, Other Share-Based Awards or any combination of the foregoing granted hereunder (including, but not limited to,
(i) the restrictions applicable to Awards and the conditions under which restrictions applicable to such Awards shall lapse, (ii) the performance goals and periods applicable to Awards of Performance Shares, (iii) the Exercise Price,
if any, of Awards, (iv) the vesting schedule (and, for unit Awards, Share issuance schedule) applicable to Awards, (v) the terms upon which Awards may be forfeited, (vi) the number of Shares subject to Awards, and (vii) any
amendments or modifications to the terms and conditions of outstanding Awards, including, but not limited to reducing the Exercise Price of such Awards, extending the exercise period of such Awards and accelerating the vesting schedule of such
Awards); 
 (5) to determine the Fair Market Value with respect to any Award; 

(6) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting
a termination of the Participant’s employment for purposes of Options granted under the Plan; 
 (7) to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 

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

 

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

(10) to determine the manner and timing of sales or other dispositions of Shares received pursuant to an Award, including
by requiring that any such disposition occur on a date or dates designated by the Company or Administrator and/or pursuant to a block trade; and 

(11) to determine at any time whether, to what extent and under what circumstances and method or methods (including in the
form of cash or other property) Awards may be settled by the Company or any of its Subsidiaries or Affiliates. In the event of such determination, references to the Company shall be deemed to be references to the applicable Subsidiary or Affiliate
for purposes of the Plan as appropriate. 
 (c) All decisions made by the Administrator pursuant to the provisions of the Plan
shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary or Affiliate acting on behalf of the Board or
the Committee, shall be personally liable for any action, omission, determination or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the
Company and of any Subsidiary or Affiliate acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation. 

Section 4. Shares Reserved for Issuance Under the Plan. 

(a) Subject to Section 5 hereof, the maximum number of Shares that may be delivered pursuant to Awards granted under the Plan (the
“Share Limit”) shall be 52,950,000 shares, subject to adjustment as provided herein, as increased on the first day of each fiscal year beginning in calendar year 2008 by a number of Class A Shares equal to the lesser of
(x) the excess of (i) 15% of the number of outstanding Class A shares of the Company and those AOG Units that are exchangeable for Class A Shares of the Company on the last day of the immediately preceding fiscal year over
(ii) the number of Class A Shares reserved and available for issuance under the Plan as of such date, or (y) such lesser amount as the Administrator may decide to increase the number of Class A Shares by as of such date. For
purposes of clause (ii) of the immediately preceding sentence, the number of Class A Shares reserved and available for issuance under the Plan shall be determined net of the number of Shares covered by Awards approved by the Administrator
during the fiscal year ending on such date. From and after such time as the Plan is subject to Code Section 162(m), the aggregate Awards granted during any fiscal year to any single individual who is likely to be a “covered employee”
as defined under Code Section 162(m) shall not exceed (i) 3,000,000 shares subject to Options or Share Appreciation Rights or (ii) 3,000,000 shares subject to Restricted Shares, Restricted Share Units, Performance Shares, unrestricted
Shares or Other Share-Based Awards. Determinations made in respect of the limitation set forth in the immediately preceding sentence shall be made in a manner consistent with Section 162(m) of the Code. 

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

  

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 Section 5. Equitable Adjustments. 

In the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, in the
manner to be determined by the Administrator, in (i) the aggregate number of Shares reserved for issuance under the Plan and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar or fiscal
year, (ii) the kind, number and Exercise Price subject to outstanding Options and Share Appreciation Rights granted under the Plan, and (iii) the kind, number and purchase price of Shares subject to outstanding Awards of Restricted Shares,
Restricted Share Units, Performance Shares, unrestricted shares or Other Share-Based Awards granted under the Plan; provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Equitable substitutions or
adjustments shall also be made if the Administrator determines in its sole discretion that such adjustment is necessary in order to avoid an adverse impact on the value of any outstanding Award granted hereunder. Without limiting the generality of
the foregoing, in connection with a Change in Capitalization, the Administrator shall take such action as is necessary to adjust the outstanding Awards to reflect the Change in Capitalization, including, but not limited to, the cancellation of any
outstanding Award granted hereunder in exchange for payment in cash or other property of the aggregate Fair Market Value of the Shares covered by such Award under the circumstances (to the extent then vested), reduced by the aggregate Exercise Price
or purchase price thereof, if any. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive. 

Section 6. Eligibility. 

The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible
Recipients. 
 Section 7. Options. 

(a) General. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms
and conditions as the Administrator shall determine, in its discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option granted
thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject
to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award
Agreement. 
 (b) Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the
Administrator in its sole discretion at the time of grant, provided that the Exercise Price of any Option intended to qualify as performance-based compensation under Section 162(m) of the Code shall not be less than 100% of the Fair
Market Value of the Shares on the date of grant. 
 (c) Option Term. The maximum term of each Option shall be fixed by
the Administrator, but no Option shall be exercisable more than ten years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement.
Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. 

 

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 (d) Exercisability. Each Option shall be exercisable at such time or times and
subject to such terms and conditions, including the attainment of preestablished corporate performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be
exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the
contrary contained herein, an Option may not be exercised for a fraction of a share. 
 (e) Method of Exercise. Options
may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its
equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received
under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which, (x) in the case of
unrestricted Shares acquired upon exercise of an Option, have been owned by the Participant for more than six months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate option price of the
Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing. 

(f) Rights as Shareholder. A Participant shall have no rights to distributions or any other rights of a shareholder with respect
to the Shares subject to an Option until the Participant has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements of Section 13 hereof and, if requested, has given the representation described in
paragraph (b) of Section 14 hereof or in the applicable Award Agreement. 
 (g) Transfers of Options. Except as
otherwise determined by the Administrator, no Option granted under the Plan shall be transferable by a Participant other than by the laws of descent and distribution. Unless otherwise determined by the Administrator in accordance with the provisions
of the immediately preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during the period the Participant is under a legal disability, by the Participant’s guardian or legal
representative. The Administrator may, in its sole discretion, subject to applicable law, permit the gratuitous transfer during a Participant’s lifetime of an Option, (i) by gift to a member of the Participant’s immediate family,
(ii) by transfer by instrument to a trust for the benefit of such immediate family members, or (iii) to a partnership or limited liability company in which such family members are the only partners or members; provided, however,
that, in addition to such other terms and conditions as the Administrator may determine in connection with any such transfer, no transferee may further assign, sell, hypothecate or otherwise transfer the transferred Option, in whole or in part,
other than by operation of the laws of descent and distribution. Each permitted transferee shall agree to be bound by the provisions of this Plan and the applicable Award Agreement. 

(h) Termination of Employment or Service. 

(1) Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant
with the Company or any Subsidiary or Affiliate shall terminate for any reason other than Cause, Retirement, Disability, or death, (A) if such termination occurs before the effectiveness of the registration of the Company’s Shares in
accordance with the Securities Act, Options granted to Participants, whether vested or unvested, 
  

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shall be forfeited and be terminated and cancelled with no consideration therefor; and (B) if such termination occurs after the effectiveness of the registration of the Company’s Shares
in accordance with the Securities Act, then (x) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the date that is 90 days after such termination, on
which date they shall expire, and (y) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. The 90-day period
described in this Section 7(h)(1) shall be extended to one year after the date of such termination in the event of the Participant’s death during such 90-day period. Notwithstanding the foregoing, no Option shall be exercisable after the
expiration of its term. 
 (2) Unless the applicable Award Agreement provides otherwise, in the event that the
employment or service of a Participant with the Company or any Subsidiary shall terminate on account of the Retirement, Disability, or death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable
at the time of such termination, shall remain exercisable until the date that is one year after such termination, on which date they shall expire and (B) Options granted to such Participant, to the extent that they were not exercisable at the
time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term. 

(3) In the event of the termination of a Participant’s employment or service for Cause, all outstanding Options
granted to such Participant shall expire at the commencement of business on the date of such termination. 
 Section 8.
Share Appreciation Rights. 
 (a) General. Share Appreciation Rights may be granted either alone (“Standalone
Rights”) or in conjunction with all or part of any other Award granted under the Plan (“Tandem Rights”). Tandem Rights may be granted either at or after the time of the grant of such Award. The Administrator shall determine
the Eligible Recipients to whom, and the time or times at which, grants of Share Appreciation Rights shall be made, the number of Shares to be awarded, the price per share, and all other conditions of Share Appreciation Rights. Notwithstanding the
foregoing, no Tandem Right may be granted for more shares than are subject to the Award to which it relates and any Share Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of Shares on the date of grant.
The provisions of Share Appreciation Rights need not be the same with respect to each Participant. Share Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall
contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 

(b) Awards. The prospective recipient of a Share Appreciation Right shall not have any rights with respect to such Award, unless
and until such recipient has executed an Award Agreement and delivered a fully executed copy thereof to the Company, within a period of 60 days (or such other period as the Administrator may specify) after the award date. Participants who are
granted Share Appreciation Rights shall have no rights as shareholders of the Company with respect to the grant or exercise of such rights. 
  

 10 

 (c) Exercisability. 

(1) Share Appreciation Rights that are Standalone Rights (“Standalone Share Appreciation Rights”) shall
be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after grant. 

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

(d) Payment Upon Exercise. 

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

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

(3) Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in
cash (or in any combination of Shares and cash). 
 (e) Non-Transferability. 

(1) Standalone Share Appreciation Rights shall be transferable only when and to the extent that an Award would be
transferable under Section 7 of the Plan. 
 (2) Tandem Share Appreciation Rights shall be transferable only
when and to the extent that the underlying Award would be transferable under Section 7 of the Plan. 
 (f) Termination
of Employment or Service. 
 (1) In the event of the termination of employment or service with the Company,
any Subsidiary or any Affiliate of a Participant who has been granted one or more Standalone Share Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Administrator at or after grant. 
 (2) In the event of the termination of employment or service with the Company
or any Subsidiary of a Participant who has been granted one or more Tandem Share Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options. 

 

 11 

 (g) Term. 

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

Section 9. Restricted Shares, Restricted Share Units and Performance Shares. 

(a) General. Awards of Restricted Shares, Restricted Share Units or Performance Shares may be issued either alone or in addition to
other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, Awards of Restricted Shares, Restricted Share Units or Performance Shares shall be made; the number of Shares to
be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares, Restricted Share Units or Performance Shares; the “Restricted Period” (as defined in the applicable Award Agreement), if any,
applicable to Awards of Restricted Shares or Restricted Share Units; the performance objectives applicable to Awards of Restricted Shares, Restricted Share Units or Performance Shares; and all other conditions of Awards of Restricted Shares,
Restricted Share Units and Performance Shares. The Administrator may also condition the grant of the award of Restricted Shares, Restricted Share Units or Performance Shares upon the exercise of Options, or upon such other criteria as the
Administrator may determine, in its sole discretion. If the restrictions, performance objectives and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her shares of Restricted Shares, Restricted
Share Units or Performance Shares. The provisions of Awards of Restricted Shares, Restricted Share Units or Performance Shares need not be the same with respect to each Participant. 

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

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

 12 

 (2) With respect to Awards of Restricted Share Units, at such times as are
indicated in the applicable Award Agreement, share certificates (or such other appropriate evidence of ownership, including book entry, as determined by the Administrator) in respect of such shares of Restricted Share Units shall be delivered to the
Participant, or his legal representative, in a number equal to the number of Shares the Participant is entitled to be issued pursuant to the terms of the Award Agreement. 

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

(1) Subject to the provisions of the Plan and except as otherwise provided in the Restricted Shares Award Agreement,
Restricted Share Units Award Agreement or Performance Shares Award Agreement, as appropriate, governing any such Award, during such period as may be set by the Administrator commencing on the date of grant, the Participant shall not be permitted to
sell, transfer, pledge or assign shares of Restricted Shares, Restricted Share Units or Performance Shares awarded under the Plan; provided, however, that the Administrator may, in its sole discretion, provide for the lapse of such
restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of
certain performance related goals, the Participant’s termination of employment or service as a director, partner or Consultant of the Company or any Subsidiary or Affiliate, the Participant’s death or Disability. 

(2) Except as otherwise provided in the applicable Award Agreement, the Participant shall generally not have the rights of
a shareholder with respect to Shares subject to Awards of Restricted Share Units until such Shares are issued in accordance with the terms of the Award Agreement. Except as may be provided in the applicable Award Agreement, the Participant shall
generally have the rights of a shareholder of the Company with respect to Restricted Shares or Performance Shares; provided, however, that unless otherwise provided in the Award Agreement, the Participant shall not have rights to any
distributions declared on unvested Restricted Shares or Performance Shares. 
 (3) The rights of Participants
granted Awards of Restricted Shares, Restricted Share Units or Performance Shares upon termination of employment or service as a director or Consultant to the Company or to any Subsidiary or Affiliate terminates for any reason during the Restricted
Period shall be set forth in the Award Agreement and subject to the Plan. 
 Section 10. Other Share-Based Awards. 

 (a) The Administrator is authorized to grant Awards to Participants in the form of Other Share-Based Awards, as deemed by the
Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement, including, but not limited to, Awards of LTIP Units, Awards of restricted units and Awards that are valued in whole or in part by reference to
Shares, including Awards valued by reference to book value, fair value or performance of a Subsidiary, partner interests or AOG Units, including distribution equivalent rights and performance units. Other Share-Based Awards may be granted as
free-standing Awards or in tandem with other Awards under the Plan. The Administrator shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including any Performance Goals
and performance periods. The Administrator may, in its sole discretion, provide for the lapse of restrictions applicable to Other Share-Based Awards in installments and may accelerate or waive such restrictions in whole or in part based on such
factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain performance related goals, the Participant’s

  

 13 

 
termination of employment or service as a director or Consultant to the Company or any Subsidiary or Affiliate, the Participant’s death or Disability. Shares or other securities or property
delivered pursuant to an Award in the nature of a purchase right granted under this Section 10 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other
Awards, notes or other property, as the Administrator shall determine, subject to any required corporate action. The Administrator may, in its sole discretion, settle such Other Share-Based Awards for cash or other property as appropriate.

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

(c) To the extent that the Plan is subject to Section 162(m) of the Code, no payment shall be made to a “covered employee”
(within the meaning of Section 162(m) of the Code) prior to the certification by the Committee that the Performance Goals have been attained. The Committee may establish such other rules applicable to the Other Share-Based Awards, provided,
however, that in the event that the Plan is subject to Section 162(m) of the Code, such rules shall be in compliance with Section 162(m) of the Code. Any rules contained herein that apply by reason of Section 162(m) of the Code
shall not be binding on the Administrator during any period in which Section 162(m) of the Code does not apply to the Plan. 

Section 11. Amendment and Termination. 

The Board may amend, alter or terminate the Plan, but, subject to Sections 5 and 17 of the Plan, no amendment, alteration, or termination
shall be made that would materially impair the rights of a Participant under any Award theretofore granted without the Participant’s consent. Unless the Board determines otherwise, the Board shall obtain approval of the Company’s
shareholders for any amendment that would require such approval in order to satisfy the requirements of Section 162(m) of the Code, any rules of the stock exchange on which the Shares are traded or other law, in each case to the extent
applicable. The Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Sections 5 and 17, no such amendment shall materially impair the rights of any Participant without his or her
consent. Notwithstanding the foregoing, a Participant’s consent shall not be required to the extent the Board or Administrator (as applicable) in its sole discretion, determines that an amendment, alteration or termination is required or
advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of any accounting standard or to correct an administrative error. 

 

 14 

 Section 12. Unfunded Status of Plan. 

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

Section 13. Withholding Taxes. 

Each Participant shall, no later than the date as of which the value of an Award first becomes subject to tax for U.S. federal, state or
local income or other tax purposes and/or for any non-U.S. tax purposes, pay to the Company or any of its Subsidiaries or Affiliates (as determined by the Administrator), or make arrangements satisfactory to the Administrator regarding payment of,
any taxes of any kind required by law to be withheld or accounted for by the Company or any of its Subsidiaries or Affiliates with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such
payments or arrangements, and the Company or its Subsidiaries or Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Whenever cash is to be paid
pursuant to an Award granted hereunder, the Company or its Subsidiaries or Affiliates shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements (or local taxes required to be
accounted for by the Company or its Subsidiaries or Affiliates) related thereto. Whenever Shares are to be delivered pursuant to an Award or taxes otherwise become due with respect to an Award, the Company shall have the right to require the
Participant to remit to the Company or its Subsidiaries or Affiliates in cash an amount sufficient to satisfy any federal, state and local withholding tax requirements (or local taxes required to be accounted for by the Company or its Subsidiaries
or Affiliates) related thereto. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company or its Subsidiaries or Affiliates withhold from delivery of Shares or by delivering already
owned unrestricted Shares, in each case, having a value equal to the minimum amount of tax required to be withheld or paid. Such shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld or paid is
determined. Solely for this purpose, fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an Award. The Company, its Subsidiaries or Affiliates
may also use any other method or procedure of obtaining the necessary payment or proceeds, as permitted by law, to satisfy their withholding or other tax obligations with respect to any Option or other Award and the Participant shall comply with any
reasonable requests made by the Company, its Subsidiaries or Affiliates to complete and execute documentation necessary to implement such method or procedure. 

Section 14. General Provisions. 

(a) Compliance with Law. Shares shall not be issued pursuant to the exercise of any Award granted hereunder unless the exercise of
such Award and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act and the requirements of any stock
exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. The Company shall be under no obligation to register the Shares pursuant to the Securities
Act or any other federal or state securities laws. 
 (b) Legending and Other Considerations. The Administrator may
require each person acquiring Shares to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. The certificates for such Shares may include any legend that the
Administrator deems appropriate to reflect any restrictions on transfer which the Administrator determines, in its sole discretion, arise under applicable securities laws or are otherwise applicable. All certificates for Shares delivered under the
Plan shall be subject to such stop-transfer 
  

 15 

 
orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which
the Shares may then be listed, and any applicable federal or state securities law, and the Administrator may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. 

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

(d) No Right to Continued Service. The adoption of the Plan shall not confer upon any Eligible Recipient any right to continued
employment or service with the Company or any Subsidiary or Affiliate, as the case may be, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment or service of any of its Eligible
Recipients at any time. 
 (e) Governing Law; Venue; Waiver of Jury Trial. The Plan and all Awards shall be governed by,
interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State of
Delaware. The agreed venue for the resolution of disputes relating to an Award Agreement or the Plan, if any, shall be set forth in the applicable Award Agreement. Unless otherwise specifically provided by explicit reference to the jury waiver
provision in this Section 14(e) in an applicable Award Agreement, each Participant, TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT THE PARTICIPANT WILL NOT ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THE PLAN OR ANY AWARD AGREEMENT, WHETHER AT THE EFFECTIVE DATE OR THEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, AND AGREES THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR THE PARTICIPANT MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS
AFFILIATES, ON THE ONE HAND, AND THE PARTICIPANT, ON THE OTHER HAND, IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THE PLAN OR ANY AWARD AGREEMENT, AND THAT ANY SUCH PROCEEDING WILL INSTEAD BE
TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 (f) Certain Changes in Employment
Status. Unless otherwise specifically provided in the applicable Award Agreement, an Award shall be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial
disability or other changes in the employment status of a Participant, in the discretion of the Administrator. The Administrator shall follow any applicable written policies (if any) of the Company, its Subsidiaries or Affiliates, including such
rules, guidelines and practices as may be adopted pursuant to Section 3 hereof, as they may be in effect from time to time, with regard to such matters. 

(g) Notices. All notices, requests, consents and other communications with respect to the Plan or any Award Agreement to any party
shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 14(g)) or by a nationally recognized overnight
courier. If to the Company, such notice shall be sent to Apollo Global Management, LLC, Attention: Gerard F. Cruse, 9 West 57th St. 41st Floor,
 New York, NY 10019. If to a Participant, such notice shall be delivered by hand or sent to the last
home address on file with the Company. 
  

 16 

 (h) Regional Variation. The Administrator reserves the right to authorize the
establishment of, and to grant Awards pursuant to, annexes, sub-plans or other supplementary documentation as the Administrator deems appropriate in light of local laws, rules and customs. 

Section 15. Effective Date. 

The Plan became effective upon adoption by the Board and approval by the shareholders as of October 23, 2007 (the “Effective
Date”). 
 Section 16. Term of Plan. 

No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may
extend beyond that date. 
 Section 17. Section 409A. 

To the extent applicable, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A, including
without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding other provisions of the Plan or any Award Agreements thereunder, it is intended that no Award shall be granted, deferred,
accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional U.S. tax under Section 409A upon a Participant. In the event that it is reasonably determined by the Administrator
that, as a result of Section 409A, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award Agreement, as the case may be, without causing the Participant holding
such Award to be subject to taxation under Section 409A, the Company may take whatever actions the Administrator determines necessary or advisable to comply with, or exempt the Plan and Award Agreement from the requirements of,
Section 409A, and, to the extent necessary to avoid the imposition of an additional tax under Section 409A, any payment of “deferred compensation” arising solely due to a “separation from service” (and not by reason of
the lapse of a “substantial risk of forfeiture”), as such terms are used in Section 409A, to a Participant who is a “specified employee” as defined in Code Section 409A(a)(2)(B)(i) and Treasury Regulation
§1.409A-1(i)(1) shall be delayed until the first day following the six-month period beginning on the date of the Participant’s separation from service under Section 409A (or, if earlier, until the Participant’s death). Neither
the Company, the Administrator nor any employee, director, advisor or representative of the Company or of any of its Affiliates shall have any liability to Participants with respect to this Section 17. 

[END OF PLAN]Second Amended and Restated LP Agreement of Apollo Principal Holdings V, L.P.

 Exhibit 10.20 

PROPRIETARY & CONFIDENTIAL 

EXECUTION VERSION 

SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 

APOLLO PRINCIPAL HOLDINGS V, L.P. 

Dated as of April 14, 2010 

THE PARTNERSHIP UNITS OF APOLLO PRINCIPAL HOLDINGS V, L.P. HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, THE
SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY
AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR PROVINCE, AND ANY OTHER APPLICABLE SECURITIES
LAWS; AND (II) THE TERMS AND CONDITIONS OF THIS LIMITED PARTNERSHIP AGREEMENT. THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS LIMITED PARTNERSHIP AGREEMENT. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH
UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME. 

 TABLE OF CONTENTS 

 

			
	 	  	Page
	 Article I DEFINITIONS
	  	1
	 Section 1.01. Definitions
	  	1
		
	 Article II FORMATION, TERM, PURPOSE AND POWERS
	  	7
	 Section 2.01. Formation
	  	7
	 Section 2.02. Name
	  	8
	 Section 2.03. Term
	  	8
	 Section 2.04. Offices
	  	8
	 Section 2.05. Agent for Service of Process
	  	8
	 Section 2.06. Business Purpose
	  	8
	 Section 2.07. Powers of the Partnership
	  	8
	 Section 2.08. Partners; Admission of New Partners
	  	8
	 Section 2.09. Withdrawal
	  	8
		
	 Article III MANAGEMENT
	  	9
	 Section 3.01. General Partner
	  	9
	 Section 3.02. Compensation
	  	9
	 Section 3.03. Expenses
	  	10
	 Section 3.04. Authority of Partners
	  	10
	 Section 3.05. Action by Written Consent or Ratification
	  	10
		
	 Article IV DISTRIBUTIONS
	  	11
	 Section 4.01. Distributions
	  	11
	 Section 4.02. Liquidation Distribution
	  	12
	 Section 4.03. Limitations on Distribution
	  	12
		
	 Article V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS
	  	12
	 Section 5.01. Initial Capital Contributions
	  	12
	 Section 5.02. No Additional Capital Contributions
	  	12
	 Section 5.03. Capital Accounts
	  	12
	 Section 5.04. Allocations of Profits and Losses
	  	12
	 Section 5.05. Special Allocations
	  	13
	 Section 5.06. Tax Allocations
	  	14
	 Section 5.07. Tax Advances
	  	14
	 Section 5.08. Tax Matters
	  	15
	 Section 5.09. Other Allocation Provisions
	  	15
		
	 Article VI BOOKS AND RECORDS; REPORTS
	  	16
	 Section 6.01. Books and Records
	  	16
		
	 Article VII PARTNERSHIP UNITS
	  	16
	 Section 7.01. Units
	  	16
	 Section 7.02. Register
	  	17
	 Section 7.03. Registered Partners
	  	17

  

 i 

			
	 Article VIII FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS
	  	17
	 Section 8.01. Limited Partner Transfers
	  	17
	 Section 8.02. Encumbrances
	  	18
	 Section 8.03. Further Restrictions
	  	18
	 Section 8.04. Rights of Assignees
	  	18
	 Section 8.05. Admissions, Withdrawals and Removals
	  	19
	 Section 8.06. Admission of Assignees as Substitute Limited Partners
	  	19
	 Section 8.07. Withdrawal and Removal of Limited Partners
	  	19
		
	 Article IX DISSOLUTION, LIQUIDATION AND TERMINATION
	  	20
	 Section 9.01. No Dissolution
	  	20
	 Section 9.02. Events Causing Dissolution
	  	20
	 Section 9.03. Distribution upon Dissolution
	  	20
	 Section 9.04. Time for Liquidation
	  	21
	 Section 9.05. Termination
	  	21
	 Section 9.06. Claims of the Partners
	  	21
	 Section 9.07. Survival of Certain Provisions
	  	21
		
	 Article X LIABILITY AND INDEMNIFICATION
	  	22
	 Section 10.01. Liability of Partners
	  	22
	 Section 10.02. Indemnification
	  	23
		
	 Article XI MISCELLANEOUS
	  	24
	 Section 11.01. Severability
	  	24
	 Section 11.02. Notices
	  	24
	 Section 11.03. Cumulative Remedies
	  	25
	 Section 11.04. Binding Effect
	  	25
	 Section 11.05. Interpretation
	  	25
	 Section 11.06. Counterparts
	  	25
	 Section 11.07. Further Assurances
	  	25
	 Section 11.08. Entire Agreement
	  	26
	 Section 11.09. Governing Law
	  	26
	 Section 11.10. Expenses
	  	26
	 Section 11.11. Amendments and Waivers
	  	26
	 Section 11.12. No Third Party Beneficiaries
	  	27
	 Section 11.13. Headings
	  	27
	 Section 11.14. Construction
	  	28
	 Section 11.15. Power of Attorney
	  	28
	 Section 11.16. Letter Agreements; Schedules
	  	28
	 Section 11.17. Partnership Status
	  	28

  

 ii 

 SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT OF 

APOLLO PRINCIPAL HOLDINGS V, L.P. 

This SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Apollo Principal Holdings V, L.P.
(the “Partnership”) is made as of April 14, 2010, by and among Apollo Principal Holdings V GP, LLC, a limited liability company formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as
defined herein) of the Partnership. 
 WHEREAS, the Partnership was formed as a limited partnership pursuant to the Act on the
execution of the Limited Partnership Agreement of the Partnership on August 20, 2008 (the “Original Agreement”), by the General Partner and the initial limited partners set forth therein and the filing of a Certificate of
Limited Partnership (the “Certificate”) with the Office of the Secretary of State of the State of Delaware on August 20, 2008; 

WHEREAS, on August 20, 2008 the Original Agreement was amended and restated (the “Amended Agreement”) to make the
changes set forth therein; and 
 WHEREAS, the Partners wish to amend and restate the Amended Agreement to make the changes set
forth below. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally
bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. Capitalized terms used herein without definition have the following meanings (such meanings
being equally applicable to both the singular and plural form of the terms defined): 
 “Act” means, the
Delaware Revised Uniform Limited Partnership Act, 6 Del. C. Section 17-101, et seq., as it may be amended from time to time. 

“Additional Credit Amount” has the meaning set forth in Section 4.01(b)(ii). 

“Adjusted Capital Account Balance” means, with respect to each Partner, the balance in such Partner’s Capital
Account adjusted (i) by taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(c)(4), (5) and (6); and (ii) by adding to such balance such Partner’s share
of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5), and any amounts such Partner is obligated to restore pursuant to any provision of this
Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

  

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 “Affiliate” means, with respect to a specified Person, any other Person
that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 

“Agreement” has the meaning set forth in the recitals. 

“Amended Agreement” has the meaning set forth in the recitals. 

“Amended Tax Amount” has the meaning set forth in Section 4.01(b)(ii). 

“APO LLC” means APO Asset Co., LLC, a Delaware limited liability company. 

“Apollo Operating Group” means each of the Partnership, Apollo Principal Holdings I, L.P., a Delaware limited
partnership, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo Principal Holdings III, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings IV, L.P., a Cayman Islands exempted limited partnership,
Apollo Principal Holdings VI, L.P., a Delaware limited partnership, Apollo Principal Holdings VII, L.P., a Cayman Islands exempted limited partnership, Apollo Principal Holdings VIII, L.P., a Cayman Islands exempted limited partnership, Apollo
Principal Holdings IX, L.P., a Cayman Islands exempted limited partnership, and Apollo Management Holdings, L.P., a Delaware limited partnership, and any successors thereto or other entities formed to serve as holding vehicles for the Issuer’s
carry vehicles, management companies or other entities formed to engage in the asset management business (including alternative asset management), as set forth on Annex A, as amended from time to time. 

“Assignee” has the meaning set forth in Section 8.04. 

“Assumed Tax Rate” means the highest effective marginal combined United States federal, state and local income tax rate
for a Fiscal Year prescribed for an individual or corporate resident in New York, New York (taking into account (a) the nondeductibility of expenses subject to the limitation described in Section 67(a) of the Code and (b) the
character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for United States federal income tax purposes). For the
avoidance of doubt, the Assumed Tax Rate will be the same for all Partners. 
 “Authorized Person” has the
meaning set forth in Section 3.01(b). 
 “Capital Account” means the separate capital account maintained
for each Partner in accordance with Section 5.03. 
 “Capital Contribution” means, with respect to any
Partner, the aggregate amount of money contributed to the Partnership and the Carrying Value of any property (other than money), net of any liabilities assumed by the Partnership upon contribution or to which such property is subject, contributed to
the Partnership pursuant to Article V. 
 “Carrying Value” means, with respect to any Partnership asset, the
asset’s adjusted basis for United States federal income tax purposes, except that the initial carrying value of assets contributed to the Partnership shall be their respective gross fair market values on the date of

  

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contribution as determined by the General Partner, and the Carrying Values of all Partnership assets shall be adjusted to equal their respective fair market values, in accordance with the rules
set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of (a) the date of the acquisition of any additional Partnership interest by any new or existing Partner in exchange for more than a de
minimis Capital Contribution; (b) the date of the distribution of more than a de minimis amount of Partnership assets to a Partner; (c) the date a Partnership interest is relinquished to the Partnership; (d) any other date specified
in the Treasury Regulations or (e) any other date specified by the General Partner; provided, however, that adjustments pursuant to clauses (a), (b) (c) and (d) above shall be made only if such adjustments are deemed
necessary or appropriate by the General Partner to reflect the relative economic interests of the Partners. The Carrying Value of any Partnership asset distributed to any Partner shall be adjusted immediately before such distribution to equal its
fair market value. In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits (Losses)”
rather than the amount of depreciation determined for United States federal income tax purposes, and depreciation shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis. 

“Certificate” has the meaning set forth in the recitals. 

“Class” means the classes of Units into which the interests in the Partnership may be classified or divided from time to
time pursuant to the provisions of this Agreement. 
 “Class A Shares” means the Class A Common Shares of
the Issuer representing Class A limited liability company interests of the Issuer. 
 “Class A Units”
means the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Contingencies” has the meaning set forth in Section 9.03(a). 

“Control” (including the terms “Controlled by” and “under common Control with”) means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise, including,
without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 

“Covered Person” and “Covered Persons” have the meanings set forth in Section 10.02(a).

 “Credit Amount” has the meaning set forth in Section 4.01(b)(ii). 

“Creditable Non-U.S. Tax” means a non-United States tax paid or accrued for United States federal income tax purposes by
the Partnership, in either case to the extent that such tax is 
  

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eligible for credit under Section 901(a) of the Code. A non-United States tax is a Creditable Non-U.S. Tax for these purposes without regard to whether a partner receiving an allocation of
such non-United States tax elects to claim a credit for such amount. This definition is intended to be consistent with the definition of “Creditable Non-U.S. Tax” in Temporary Treasury Regulations Section 1.704-1T(b)(4)(xi)(b), and
shall be interpreted consistently therewith. 
 “Disabling Event” means the General Partner ceasing to be the
general partner of the Partnership pursuant to Section 17-402 of the Act. 
 “Distributable Cash” means
cash received by the Partnership from dividends and distributions or other income, other than cash reserves to account for reasonably anticipated expenses and other liabilities, including, without limitation, tax liabilities, as the General Partner
may determine to be appropriate. 
 “Encumbrance” means any mortgage, claim, lien, encumbrance, conditional
sales or other title retention agreement, right of first refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title of any nature whatsoever. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Exchange Agreement” means the exchange agreement dated as of July 13, 2007
among the Issuer, the Apollo Operating Group, and the limited partners of the Apollo Operating Group entities from time to time, as amended from time to time. 

“Exchange Transaction” means an exchange of Units for Class A Shares pursuant to, and in accordance with, the
Exchange Agreement or, if the Issuer and the exchanging Limited Partner shall mutually agree, a Transfer of Units to the Issuer, the Partnership or any of their subsidiaries for other consideration. 

“Final Adjudication” has the meaning set forth in Section 10.02(a). 

“Final Tax Amount” has the meaning set forth in Section 4.01(b)(ii). 

“Fiscal Year” means (i) the period commencing upon the formation of the Partnership and ending on December 31,
2008 or (ii) any subsequent twelve-month period commencing on January 1 and ending on December 31. 

“Fund” means any pooled investment vehicle or similar entity sponsored or managed, directly or indirectly, by the Issuer
or any of its subsidiaries. 
 “General Partner” means Apollo Principal Holdings V GP, LLC, a limited liability
company formed under the laws of the State of Delaware or any successor general partner admitted to the Partnership in accordance with the terms of this Agreement, each in its capacity as general partner of the Partnership. 

 

 4 

 “Incapacity” means, with respect to any Person, the bankruptcy,
dissolution, termination, entry of an order of incompetence, or the insanity, permanent disability or death of such Person. 

“Issuer” means Apollo Global Management, LLC, a limited liability company formed under the laws of the State of
Delaware, or any successor thereto. 
 “Issuer Manager” means AGM Management, LLC, a limited liability company
formed under the laws of the State of Delaware and the manager of the Issuer, or any successor manager of the Issuer. 

“Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other
order issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority therefrom with jurisdiction over the Partnership or any Partner, as the
case may be. 
 “Limited Partner” means each of the Persons from time to time listed as a limited partner in
the books and records of the Partnership, each in their capacity as a limited partner of the Partnership. 

“Liquidation Agent” has the meaning set forth in Section 9.03. 

“Net Taxable Income” has the meaning set forth in Section 4.01(b)(i). 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(b). The amount of
Nonrecourse Deductions of the Partnership for a Fiscal Year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that Fiscal Year, determined according to the provisions of Treasury Regulations
Section 1.704-2(c). 
 “Operating Group Units” refers to units in the Apollo Operating Group, each of
which represents one limited partner interest in each of the limited partnerships that comprise the Apollo Operating Group and any other securities issued or issuable in exchange for or with respect to such Operating Group Units (i) by way of a
dividend, split or combination of shares or (ii) in connection with a reclassification, recapitalization, merger, consolidation or other reorganization. All calculations in respect of the Operating Group Units shall assume that all Operating
Group Units shall have vested fully as of the date of determination. 
 “Original Agreement” has the meaning
set forth in the recitals. 
 “Partners” means, at any time, each person listed as a partner (including the
General Partner) on the books and records of the Partnership, in each case for so long as he, she or it remains a partner of the Partnership as provided hereunder. 

“Partnership” has the meaning set forth in the recitals. 

 

 5 

 “Partnership Minimum Gain” has the meaning set forth in Treasury
Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 
 “Partner Nonrecourse Debt Minimum Gain” means an amount
with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as
defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 

“Partner Nonrecourse Deductions” has the meaning ascribed to the term “partner nonrecourse deductions” set
forth in Treasury Regulations Section 1.704-2(i)(2). 
 “Percentage Interest” means, with respect to any
Partner, the quotient obtained by dividing the number of Units then owned by such Partner by the number of Units then owned by all Partners. 

“Person” means any individual, corporation, partnership, limited partnership, limited liability company, limited
company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 

“Profits” and “Losses” means, for each Fiscal Year or other period, the taxable income or loss of the
Partnership, or particular items thereof, determined in accordance with the accounting method used by the Partnership for United States federal income tax purposes with the following adjustments: (a) all items of income, gain, loss or deduction
allocated pursuant to Section 5.05 shall not be taken into account in computing such taxable income or loss; (b) any income of the Partnership that is exempt from United States federal income taxation and not otherwise taken into account
in computing Profits and Losses shall be added to such taxable income or loss; (c) if the Carrying Value of any asset differs from its adjusted tax basis for United States federal income tax purposes, any gain or loss resulting from a
disposition of such asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value,
the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (e) if the Carrying Value of any asset differs from its adjusted tax basis for United States federal income tax purposes, the amount of
depreciation, amortization or cost recovery deductions with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio to such Carrying Value as the United States federal income tax
depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis; provided that if the United States federal income tax depreciation, amortization or other cost recovery deduction is zero, the General Partner may use any
reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures of the Partnership not deductible in
computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profits and Losses pursuant to this definition shall be treated as deductible items. 

“Roll-up Agreements” mean collectively, each Roll-up Agreement, by and among BRH Holdings, L.P., a Cayman Islands
exempted limited partnership, AP Professional Holdings, L.P., 
  

 6 

 
a Cayman Islands exempted limited partnership, the Issuer, APO LLC, APO Corp., a Delaware corporation, and an employee of the Issuer or one of its subsidiaries, dated as of July 13, 2007,
each as amended, restated, supplemented or otherwise modified from time to time. 
 “SEC” means the United
States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act. 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Similar Law” means any law or regulation that could cause the underlying assets of the
Partnership to be treated as assets of the Limited Partner by virtue of its limited partner interest in the Partnership and thereby subject the Partnership and the General Partner (or other persons responsible for the investment and operation of the
Partnership’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. 

“Tax Advances” has the meaning set forth in Section 5.07. 

“Tax Amount” has the meaning set forth in Section 4.01(b)(i). 

“Tax Distributions” has the meaning set forth in Section 4.01(b)(i). 

“Tax Matters Partner” has the meaning set forth in Section 5.08. 

“Transfer” means, in respect of any Unit, property or other asset, any sale, assignment, transfer, distribution or other
disposition thereof, whether voluntarily or by operation of Law, including, without limitation, the exchange of any Unit for any other security. 

“Treasury Regulations” means the income tax regulations, including temporary regulations, promulgated under the Code, as
such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Units” means the Class A Units and any other Class of Units authorized in accordance with this Agreement, which
shall constitute interests in the Partnership as provided in this Agreement and under the Act; entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the Partnership at any
particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided in this Agreement, together with the obligations of such Partner to comply with all terms and
provisions of this Agreement. 
 ARTICLE II 

FORMATION, TERM, PURPOSE AND POWERS 

Section 2.01. Formation. The Partnership was formed as a limited partnership under the provisions of the Act by the
filing on August 20, 2008 of the Certificate as provided in the recitals of this Agreement. The Partnership is hereby continued pursuant to the Act and this 

 

 7 

 
Agreement. If requested by the General Partner, the Limited Partners shall promptly execute all certificates and other documents consistent with the terms of this Agreement necessary for the
General Partner to accomplish all filing, recording, publishing and other acts as may be appropriate to comply with all requirements for (a) the formation and operation of a limited partnership under the laws of the State of Delaware,
(b) if the General Partner deems it advisable, the operation of the Partnership as a limited partnership, or partnership in which the Limited Partners have limited liability, in all jurisdictions where the Partnership proposes to operate and
(c) all other filings required to be made by the Partnership. 
 Section 2.02. Name. The name of the
Partnership shall be, and the business of the Partnership shall be conducted under the name of, Apollo Principal Holdings V, L.P. 

Section 2.03. Term. The term of the Partnership commenced on the date of the filing of the Certificate, and the term
shall continue until the dissolution of the Partnership in accordance with Article IX. The existence of the Partnership shall continue until cancellation of the Certificate in the manner required by the Act. 

Section 2.04. Offices. The Partnership may have offices at such places as the General Partner from time to time may
select. 
 Section 2.05. Agent for Service of Process. The Partnership’s registered agent for service of
process in the State of Delaware shall be as set forth in the Certificate, as the same may be amended by the General Partner from time to time. 

Section 2.06. Business Purpose. The Partnership shall have the power to engage in any lawful act or activity for which
limited partnerships may be formed under the Act and engage in any and all activities necessary or incidental thereto. 

Section 2.07. Powers of the Partnership. Subject to the limitations set forth in this Agreement, the Partnership will
possess and may exercise all of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation of the assets contributed to the Partnership by the Partners, by any other Law or this Agreement, together
with all powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the purpose of the Partnership set forth in Section 2.06. 

Section 2.08. Partners; Admission of New Partners. Each of the Partners of the Partnership hereby continue as Partners
of the Partnership. The rights, duties and liabilities of the Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided
herein. A Person may be admitted from time to time as a new Partner in accordance with Section 8.05 and Section 8.06; provided, however, that each new Partner shall execute and deliver to the General Partner an appropriate
supplement or counterpart to this Agreement pursuant to which the new Partner agrees to be bound by the terms and conditions of the Agreement, as it may be amended from time to time. 

Section 2.09. Withdrawal. No Partner shall have the right to withdraw as a Partner of the Partnership other than
following the Transfer of all Units owned by such Partner in accordance with Article VIII; provided, however, that a new General Partner or substitute General Partner may be admitted to the Partnership in accordance with Section 8.05.

  

 8 

 ARTICLE III 

MANAGEMENT 

Section 3.01. General Partner. 

(a) The business, property and affairs of the Partnership shall be managed under the sole, absolute and exclusive direction of the
General Partner, which may from time to time delegate authority to officers or to others to act on behalf of the Partnership. 

(b) The Partners hereby agree that the Partnership, acting by the General Partner and/or any officer of the General Partner, including
but not limited to Wendy F. Dulman, Barry J. Giarraputo, Joseph D. Glatt, Jessica L. Lomm, Laurie D. Medley, Cindy Z. Michel, Henry R. Silverman, and John J. Suydam (each, an “Authorized Person”) on its behalf, shall be and hereby
is authorized to (i) open bank accounts on behalf of the Partnership in such banks, and designate the persons authorized to sign checks, notes, drafts, bills of exchange, acceptances, undertakings or orders for payment of money from funds of
the Partnership on deposit in such accounts, as may be deemed by the General Partner or any Authorized Person, or any of them, to be necessary, appropriate or otherwise in the best interests of the Partnership and, in connection therewith, execute
any form of required resolution necessary to open any such bank accounts; (ii) prepare and file, or cause to be prepared and filed, by mail, facsimile or telephone, for and on behalf of the Partnership, an Application for Employer
Identification Number on United States Internal Revenue Service Form SS-4, and to prepare, execute and file with the appropriate authorities such other federal, state or local applications, forms and papers on behalf of the Partnership as may be
required by law or deemed by the General Partner or any Authorized Person, or any of them, to be necessary, appropriate or otherwise in the best interests of the Partnership, as applicable; and (iii) pay on behalf of the Partnership any and all
fees and expenses incident to and necessary to perfect the organization of the Partnership. Notwithstanding any other provision of this Agreement, the Partnership, acting by the General Partner and/or any Authorized Person on its behalf, is hereby
authorized to enter into, and to perform its obligations under, the aforementioned agreements, deeds, receipts, certificates, filings and other documents, without any consent of any Limited Partner, but such authorization shall not be deemed a
restriction on the power of the Partnership or the General Partner and/or any Authorized Person acting on behalf of the Partnership to enter into, and to perform its obligations under, other agreements on behalf of the Partnership. The Partners
agree that the General Partner and/or any Authorized Person may execute the aforementioned agreements, deeds, receipts, certificates, filings and other documents on behalf of the Partnership under any title, including without limitation
“Authorized Person,” that the General Partner or any Authorized Person, or any of them, deems appropriate and that any prior acts of the Partnership and the General Partner and/or any Authorized Person acting on behalf of the Partnership,
consistent with the foregoing authorizations, are hereby ratified and confirmed. 
 Section 3.02.
Compensation. The General Partner shall not be entitled to any compensation for services rendered to the Partnership in its capacity as General Partner. 
  

 9 

 Section 3.03. Expenses. The Partnership shall bear and/or reimburse
(i) the General Partner for any expenses incurred by the General Partner in connection with serving as the general partner of the Partnership, and (ii) Issuer and APO LLC, with respect to the Partnership’s allocable share of any
expenses solely incurred by or attributable to the Issuer or APO LLC but excluding obligations incurred under the Tax Receivable Agreement, dated as of July 13, 2007 among APO Corp. and the Apollo Operating Group entities party thereto, by the
Issuer, income tax expenses of the Issuer or APO LLC and indebtedness incurred by the Issuer or APO LLC. 

Section 3.04. Authority of Partners. No Limited Partner, in its capacity as such, shall
participate in or have any control over the business of the Partnership. Except as expressly provided herein, the Units do not confer any rights upon the Limited Partners to participate in the affairs of the Partnership described in this Agreement.
Except as expressly provided herein, the Limited Partners shall have no right to vote on any matter involving the Partnership, including with respect to any merger, consolidation, combination or conversion of the Partnership. The conduct, control
and management of the Partnership shall be vested exclusively in the General Partner. In all matters relating to or arising out of the conduct of the operation of the Partnership, the decision of the General Partner shall be the decision of the
Partnership. Except as required or permitted by Law, or by separate agreement with the Partnership, no Partner who is not also a General Partner (and acting in such capacity) shall take any part in the management or control of the operation or
business of the Partnership in. its capacity as a Partner,
nor shall any Partner who is not also a General Partner (and acting in such capacity) have any right, authority or power to act for or on behalf of or bind the Partnership in his or its capacity as a Partner in any respect or assume any obligation
or responsibility of the Partnership or of any other Partner. Notwithstanding the foregoing, the Partnership may employ one or more Partners from time to time, and such Partners, in their capacity as employees of the Partnership (and not, for
clarity, in their capacity as Limited Partners of the Partnership), may take part in the control and management of the business of the Partnership to the extent such authority and power to act for or on behalf of the Partnership has been delegated
to them by the General Partner. 
 Section 3.05. Action by Written Consent or Ratification. Any action
required or permitted to be taken by the Partners pursuant to this Agreement shall be taken if all Partners whose consent or ratification is required consent thereto or provide a consent or ratification in writing. 

 

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 ARTICLE IV 

DISTRIBUTIONS 

Section 4.01. Distributions. 

(a) All distributions of Distributable Cash shall be made, at the discretion of the General Partner, to the Limited Partners pro rata in
accordance with their respective Percentage Interests. 
 (b) Tax Distributions. 

(i) In addition to the foregoing, if the General Partner reasonably determines that the taxable income of the Partnership for a Fiscal
Year will give rise to taxable income for the Partners (“Net Taxable Income”), the General Partner shall cause the Partnership to distribute Distributable Cash in respect of income tax liabilities (the “Tax
Distributions”) to the extent that other distributions made by the Partnership for such year were otherwise insufficient to cover such tax liabilities, provided that distributions pursuant to Section 4.02 and allocations pursuant to
Section 5.04 related to such distributions shall not be taken into account for purposes of this Section 4.01(b). The Tax Distributions payable with respect to any Fiscal Year shall be computed based upon the General Partner’s estimate
of the allocable Net Taxable Income in accordance with Article V, multiplied by the Assumed Tax Rate (the “Tax Amount”). For purposes of computing the Tax Amount, the effect of any benefit under Section 743(b) of the Code will
be ignored. Any Tax Distributions shall be made to all Partners, whether or not they are subject to such applicable United States federal, state and local taxes, pro rata in accordance with their Percentage Interest. 

(ii) Tax Distributions shall be calculated and paid no later than one day prior to each quarterly due date for the payment by
corporations on a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25% of the Tax Amount, (B) for the second quarterly period, 50% of the Tax Amount, less the prior Tax
Distributions for the Fiscal Year, (C) for the third quarterly period, 75% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and (D) for the fourth quarterly period, 100% of the Tax Amount, less the prior Tax
Distributions for the Fiscal Year. Following each Fiscal Year, and no later than one day prior to the due date for the payment by corporations of income taxes for such Fiscal Year, the General Partner shall make an amended calculation of the Tax
Amount for such Fiscal Year (the “Amended Tax Amount”), and shall cause the Partnership to distribute a Tax Distribution, out of Distributable Cash, to the extent that the Amended Tax Amount so calculated exceeds the cumulative Tax
Distributions previously made by the Partnership in respect of such Fiscal Year. If the Amended Tax Amount is less than the cumulative Tax Distributions previously made by the Partnership in respect of the relevant Fiscal Year, then the difference
(the “Credit Amount”) shall be applied against, and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Within 30 days following the date on which the Partnership files a tax return on Form 1065, the
General Partner shall make a final calculation of the Tax Amount of such Fiscal Year (the “Final Tax Amount”) and shall cause the Partnership to distribute a Tax Distribution, out of Distributable Cash, to the extent that the Final
Tax Amount so calculated exceeds the Amended Tax Amount. If the Final Tax Amount is less than the 
  

 11 

 
Amended Tax Amount in respect of the relevant Fiscal Year, then the difference (“Additional Credit Amount”) shall be applied against, and shall reduce, the amount of Tax
Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount applied against future Tax Distributions shall be treated as an amount actually distributed pursuant to this Section 4.01(b) for purposes of the
computations herein. 
 Section 4.02. Liquidation Distribution. Distributions made upon dissolution of the
Partnership shall be made as provided in Section 9.03. 
 Section 4.03. Limitations on Distribution.
Notwithstanding any provision to the contrary contained in this Agreement, the General Partner shall not make a Partnership distribution to any Partner if such distribution would violate the Act or other applicable Law. 

ARTICLE V 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; 

TAX ALLOCATIONS; TAX MATTERS 

Section 5.01. Initial Capital Contributions. The Partners have made, on or prior to the date hereof, Capital
Contributions and have acquired the number of Class A Units as specified in the books and records of the Partnership. 

Section 5.02. No Additional Capital Contributions. Except as otherwise provided in this Article V, no Partner shall be
required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional Capital Contributions to the Partnership without the consent of the General Partner. 

Section 5.03. Capital Accounts. A separate capital account (a “Capital Account”) shall be established
and maintained for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited with such Partner’s Capital Contributions, if any, all Profits
allocated to such Partner pursuant to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses allocated to such Partner pursuant to Section 5.04, any
items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner and the liabilities to which such
property is subject) distributed by the Partnership to such Partner. Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same may be credited or debited from
time to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the
transferred interest. 
 Section 5.04. Allocations of Profits and Losses. Except as otherwise provided in
this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect to the
special allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article 

 

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IV if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each
non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership
Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its sole
discretion to be appropriate to ensure allocations are made in accordance with a Partner’s interest in the Partnership. 

Section 5.05. Special Allocations. Notwithstanding any other provision in this Article V: 

(a) Minimum Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain
(determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if
necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in
accordance with Treasury Regulations Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections and shall be interpreted consistently therewith;
including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 

(b) Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or distributions described in
Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the deficit balance in such Partner’s
Adjusted Capital Account Balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this Section 5.05(b) shall be made only to the extent that a Partner would have a
deficit Adjusted Capital Account Balance in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if this Section 5.05(b) were not in this Agreement. This Section 5.05(b) is intended to
comply with the “qualified income offset” requirement of the Code and shall be interpreted consistently therewith. 

(c) Gross Income Allocation. If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the
sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury
Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this
Section 5.05(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b)
and this Section 5.05(c) were not in this Agreement. 
  

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 (d) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners
in accordance with their respective Percentage Interests. 
 (e) Partner Nonrecourse Deductions. Partner Nonrecourse
Deductions for any taxable period shall be allocated to the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations
Section 1.704-2(j). 
 (f) Creditable Non-U.S. Taxes. Creditable Non-U.S. Taxes for any taxable period attributable
to the Partnership, or an entity owned directly or indirectly by the Partnership, shall be allocated to the Partners in proportion to the Partners’ distributive shares of income (including income allocated pursuant to Section 704(c) of the
Code) to which the Creditable Non-U.S. Tax relates (under principles of Treasury Regulations Section 1.904-6). The provisions of this Section 5.05(f) are intended to comply with the provisions of Temporary Treasury Regulations
Section 1.704-1T(b)(4)(xi), and shall be interpreted consistently therewith. 
 (g) Ameliorative Allocations. Any
special allocations of income or gain pursuant to Section 5.05(b) or (c) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.04 and this Section 5.05(g), so that the net amount of any
items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Section 5.05(b) or (c) had not
occurred. 
 Section 5.06. Tax Allocations. For income tax purposes, each item of income, gain, loss and
deduction of the Partnership shall be allocated among the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for Capital Account purposes; provided that in the case of any
asset the Carrying Value of which differs from its adjusted tax basis for United States federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income tax purposes in accordance with the
principles of Sections 704(b) and (c) of the Code (in any manner determined by the General Partner and permitted by the Code and Treasury Regulations) so as to take account of the difference between Carrying Value and adjusted basis of such
asset. Notwithstanding the foregoing, the General Partner shall make such allocations for tax purposes as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a Partner’s interest in the
Partnership. 
 Section 5.07. Tax Advances. To the extent the General Partner reasonably believes that the
Partnership is required by law to withhold or to make tax payments on behalf of or with respect to any Partner or the Partnership is subjected to tax itself by reason of the status of any Partner (“Tax Advances”), the General
Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise
have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. For all purposes of this Agreement such Partner shall be treated as having
received the amount of the distribution that is equal to the Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the other Partners from and against any liability (including, without

  

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limitation, any liability for taxes, penalties, additions to tax or interest other than any penalties, additions to tax or interest imposed as a result of the Partnership’s failure to
withhold or make a tax payment on behalf of such Partner which withholding or payment is required pursuant to applicable Law but only to the extent amounts sufficient to pay such taxes were not timely distributed to the Partner pursuant to
Section 4.01(b)) with respect to income attributable to or distributions or other payments to such Partner. 

Section 5.08. Tax Matters. The General Partner shall be the initial “tax matters partner” within the meaning
of Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Partnership shall file as a partnership for federal, state, provincial and local income tax purposes, except where otherwise required by Law. All elections
required or permitted to be made by the Partnership, and all other tax decisions and determinations relating to federal, state, provincial or local tax matters of the Partnership, shall be made by the Tax Matters Partner, in consultation with the
Partnership’s attorneys and/or accountants. Tax audits, controversies and litigations shall be conducted under the direction of the Tax Matters Partner. The Tax Matters Partner shall keep the other Partners reasonably informed as to any tax
actions, examinations or proceedings relating to the Partnership and shall submit to the other Partners, for their review and comment, any settlement or compromise offer with respect to any disputed item of income, gain, loss, deduction or credit of
the Partnership. As soon as reasonably practicable after the end of each Fiscal Year, the Partnership shall send to each Partner a copy of United States Internal Revenue Service Schedule K-1, and any comparable statements required by applicable
United States state or local income tax Law as a result of the Partnership’s activities or investments, with respect to such Fiscal Year. The Partnership also shall provide the Partners with such other information as may be reasonably requested
for purposes of allowing the Partners to prepare and file their own tax returns. The Partnership shall use any reasonable method or combination of methods in accordance with Section 706(d) of the Code for the purpose of allocating or
specifically allocating items of income, gain, loss, deduction and expense of the Partnership for federal income tax purposes to account for the varying interests of the Partners for the Fiscal Year. 

Section 5.09. Other Allocation Provisions. Certain of the foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1 (b) and shall be interpreted and applied in a manner consistent with such regulations. Section 5.03,
Section 5.04 and Section 5.05 may be amended at any time by the General Partner if the General Partner believes such amendment is advisable, so long as any such amendment does not materially change the relative economic interests of the
Partners. Furthermore, the General Partner shall use its reasonable best efforts to cause its subsidiaries to make adjustments to Capital Accounts to reflect an adjustment to the carrying value of such subsidiaries assets consistent with the
adjustments to Carrying Values of the Partnerships assets hereunder. 
  

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 ARTICLE VI 

BOOKS AND RECORDS; REPORTS 

Section 6.01. Books and Records. 

(a) At all times during the continuance of the Partnership, the Partnership shall prepare and maintain separate books of account for the
Partnership. 
 (b) Except as limited by Section 6.01(c), each Limited Partner shall have the right to receive, for a
purpose reasonably related to such Limited Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand stating the purpose of such demand and at such Limited Partner’s own expense: 

(i) a copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of all powers
of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and 
 (ii)
promptly after their becoming available, copies of the Partnership’s federal, state and local income tax returns and reports, if any, for the three most recent years. 

(c) The General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its
sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the General Partner believes is not in the best interests of the
Partnership, could damage the Partnership or its business or that the Partnership is required by law or by agreement with any third party to keep confidential. 

ARTICLE VII 

PARTNERSHIP UNITS 

Section 7.01. Units. Interests in the Partnership shall be represented by Units. The Units initially are comprised of
one Class: Class A Units. The General Partner may establish, from time to time in accordance with such procedures as the General Partner shall determine from time to time, other Classes, one or more series of any such Classes, or other
Partnership securities with such designations, preferences, rights, powers and duties (which may be senior to existing Classes and series of Units or other Partnership securities), as shall be determined by the General Partner, including
(i) the right to share in Profits and Losses or items thereof; (ii) the right to share in Partnership distributions; (iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions
upon which, the Partnership may or shall be required to redeem the Units or other Partnership securities (including sinking fund provisions); (v) whether such Unit or other Partnership security is issued with the privilege of conversion or
exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which each Unit or other Partnership security will be issued, evidenced by certificates and assigned or transferred; (vii) the
method for determining the Percentage Interest as to such Units or other Partnership securities; and (viii) the right, if any, of the holder of each such Unit or other Partnership security to vote on Partnership matters,

  

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including matters relating to the relative designations, preferences, rights, powers and duties of such Units or other Partnership securities. Except as expressly provided in this Agreement to
the contrary, any reference to “Units” shall include the Class A Units and any other Classes that may be established in accordance with this Agreement. All Units of a particular Class shall have identical rights in all respects as all
other Units of such Class, except in each case as otherwise specified in this Agreement. 
 Section 7.02.
Register. The register of the Partnership shall be the definitive record of ownership of each Unit and all relevant information with respect to each Partner. Unless the General Partner shall determine otherwise, Units shall be uncertificated
and recorded in the books and records of the Partnership. 
 Section 7.03. Registered Partners. The
Partnership shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any
other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Act or other applicable Law. 

ARTICLE VIII 

FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS 

Section 8.01. Limited Partner Transfers. 

(a) Except as provided in clauses (b) and (c), of this Section 8.01, no Limited Partner or Assignee thereof may Transfer
(including by exchanging in an Exchange Transaction) all or any portion of its Units or other interest in the Partnership (or beneficial interest therein) without the prior consent of the General Partner, which consent may be given or withheld, or
made subject to such conditions (including, without limitation, the receipt of such legal opinions and other documents that the General Partner may require) as are determined by the General Partner, in each case in the General Partner’s sole
discretion. Any such determination in the General Partner’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited Partners, whether or not such Limited
Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units that is not in accordance with, or subsequently violates, this Agreement
shall be, to the fullest extent permitted by law, null and void. 
 (b) Notwithstanding clause (a) above, and subject to
Section 8.03, each Limited Partner may exchange or otherwise Transfer Units in an Exchange Transaction pursuant to the terms of the Exchange Agreement. In the case of a Transfer of Units in connection with an Exchange Transaction, the
Percentage Interests of the Limited Partners shall be appropriately adjusted to provide for, as applicable, a decrease in the number of Units owned by the exchanging Limited Partner and an increase in the number of Units owned by APO LLC.

  

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 (c) Notwithstanding clause (a) above, and subject to Section 8.04, each Limited
Partner that is a party to a Roll-up Agreement may exchange or otherwise Transfer Units pursuant to the terms and provisions thereof. 

Section 8.02. Encumbrances. No Limited Partner or Assignee may create an Encumbrance with respect to all or any
portion of its Units (or any beneficial interest therein) other than Encumbrances that run in favor of the Limited Partner unless the General Partner consents in writing thereto, which consent may be given or withheld, or made subject to such
conditions as are determined by the General Partner, in the General Partner’s sole discretion. Consent of the General Partner shall be withheld until the holder of the Encumbrance acknowledges the terms and conditions of this Agreement. Any
purported Encumbrance that is not in accordance with this Agreement shall be, to the fullest extent permitted by law, null and void. 

Section 8.03. Further Restrictions. Notwithstanding any contrary provision in this Agreement, in no event may any
Transfer of a Unit be made by any Limited Partner or Assignee if: 
 (a) such Transfer is made to any Person who lacks the legal
right, power or capacity to own such Unit; 
 (b) such Transfer would require the registration of such transferred Unit or of
any Class of Unit pursuant to any applicable United States federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other non-U.S securities laws (including Canadian provincial or territorial
securities laws) or would constitute a non-exempt distribution pursuant to applicable provincial or state securities laws; 

(c) such Transfer would cause (i) all or any portion of the assets of the Partnership to (A) constitute “plan assets”
(under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to the provisions of ERISA, Section 4975 of the Code or any applicable Similar Law, or (ii) the General Partner
to become a fiduciary with respect to any existing or contemplated Limited Partner, pursuant to ERISA, any applicable Similar Law, or otherwise; 

(d) to the extent requested by the General Partner, the Partnership does not receive such legal and/or tax opinions and written
instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the General Partner, as determined in the General
Partner’s sole discretion; or 
 (e) such Transfer would create a substantial risk that the Partnership would be classified
or otherwise treated other than as a partnership for United States federal income tax purposes. 
 Section 8.04.
Rights of Assignees. Subject to Section 8.05 and Section 8.06, the transferee of any permitted Transfer pursuant to this Article VIII will be an assignee only (“Assignee”), and only will receive, to the extent
transferred, the distributions and allocations of income, gain, loss, deduction, credit or similar item to which the Partner which transferred its 

 

 18 

 
Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations relating to, or in
connection with, such interest remaining with the transferring Partner. The transferring Partner will remain a Partner even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the
Partnership as a Partner pursuant to Section 8.05 or Section 8.06. 
 Section 8.05. Admissions,
Withdrawals and Removals. 
 (a) No Person may be admitted to the Partnership as an additional General Partner or substitute
General Partner without the prior written consent or ratification of APO LLC. A General Partner will not be entitled to Transfer all of its Units or to withdraw from being a General Partner of the Partnership unless another General Partner shall
have been admitted hereunder (and not have previously been removed or withdrawn). 
 (b) No Limited Partner will be removed or
entitled to withdraw from being a Partner of the Partnership except in accordance with Section 8.07. 
 (c) Except as
otherwise provided in Article IX or the Act, no admission, substitution, withdrawal or removal of a Partner will cause the dissolution of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is
not in accordance with this Agreement shall be null and void. 
 Section 8.06. Admission of Assignees as
Substitute Limited Partners. An Assignee will become a substitute Limited Partner only if and when each of the following conditions is satisfied: 

(a) the General Partner consents in writing to such admission, which consent may be given or withheld, or made subject to such conditions
as are determined by the General Partner, in each case in the General Partner’s sole discretion; 
 (b) if required by the
General Partner, the General Partner receives written instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner) that are in a
form satisfactory to the General Partner (as determined in its sole discretion); 
 (c) if required by the General Partner, the
General Partner receives an opinion of counsel satisfactory to the General Partner to the effect that such Transfer is in compliance with this Agreement and all applicable Law; and 

(d) if required by the General Partner, the parties to the Transfer, or any one of them, pays all of the Partnership’s reasonable
expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Partnership). 

Section 8.07. Withdrawal and Removal of Limited Partners. If a Limited Partner ceases to hold any Units, then such
Limited Partner shall withdraw from the Partnership and shall cease to be a Limited Partner and to have the power to exercise any rights or powers of a Limited Partner. 
  

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 ARTICLE IX 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 9.01. No Dissolution. Except as required by the Act, the Partnership shall not be dissolved by the admission
of additional Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby
irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets. 

Section 9.02. Events Causing Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon
the occurrence of any of the following events: 
 (a) the entry of a decree of judicial dissolution of the Partnership under
Section 17-802 of the Act upon the finding that it is not reasonably practicable to carry on the business of the Partnership in conformity with this Agreement; 

(b) any event which makes it unlawful for the business of the Partnership to be carried on by the Partners; 

(c) the written consent of the General Partner and APO LLC; 

(d) any other event not inconsistent with any provision hereof causing a dissolution of the Partnership under the Act; 

(e) the Incapacity or removal of the General Partner or the occurrence of a Disabling Event with respect to the General Partner;
provided that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified in this Section 9.02(e) if: (i) at the time of the occurrence of such event there is at least one other
general partner of the Partnership who is hereby authorized to, and elects to, carry on the business of the Partnership; or (ii) APO LLC consents to or ratifies the continuation of the business of the Partnership and the appointment of another
general partner of the Partnership, effective as of the event that caused the General Partner to cease to be a general partner of the Partnership, within 120 days following the occurrence of any such event. 

Section 9.03. Distribution upon Dissolution. Upon dissolution, the Partnership shall not be terminated and shall
continue until the winding up of the affairs of the Partnership is completed. Upon the dissolution of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take
full account of the assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any
liquidation shall be applied and distributed in the following order: 
 (a) First, to the satisfaction of debts and liabilities
of the Partnership (including satisfaction of all indebtedness to Partners and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment of any reserve which the Liquidation
Agent shall deem reasonably necessary for 
  

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any contingent, conditional or unmatured contractual liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may be paid over by the Liquidation Agent
to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the balance in
the manner hereinafter provided in this Section 9.03; and 
 (b) The balance, if any, to the Partners, pro rata to each of
the Partners in accordance with their Percentage Interests. 
 Section 9.04. Time for Liquidation. A
reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation.

 Section 9.05. Termination. The Partnership shall terminate when all of the assets of the Partnership,
after payment of or due provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall have been cancelled in the
manner required by the Act. 
 Section 9.06. Claims of the Partners. The Partners shall look solely to the
Partnership’s assets for the return of their Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are insufficient to return such
Capital Contributions, the Partners shall have no recourse against the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have any obligation to the Partnership or to
the other Partners or to any creditor or other Person to restore such negative balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to the extent required by the Act. 

Section 9.07. Survival of Certain Provisions . Notwithstanding anything to the contrary in this Agreement, the
provisions of Section 10.02 and Section 11.09 shall survive the termination of the Partnership. 
  

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 ARTICLE X 

LIABILITY AND INDEMNIFICATION 

Section 10.01. Liability of Partners. 

(a) No Limited Partner shall be liable for any debt, obligation or liability of the Partnership or of any other Partner or have any
obligation to restore any deficit balance in its Capital Account solely by reason of being a Limited Partner of the Partnership, except to the extent required by the Act. 

(b) Except as required by law, this Agreement is not intended to, and does not, create or impose any fiduciary duty on any of the
Partners (including without limitation, the General Partner) hereto or on their respective Affiliates. Further, the Partners hereby eliminate, to the fullest extent permitted by law, any and all fiduciary duties that, absent such elimination, may
exist at or be implied by Law or in equity, and in doing so, recognize, acknowledge and agree that their duties and obligations to one another and to the Partnership are only as expressly set forth in this Agreement and those required by the Act.

 (c) To the extent that, at law or in equity, any Partner (including without limitation, the General Partner) has duties
(including fiduciary duties) and liabilities relating thereto to the Partnership or to another Partner, the Partners (including without limitation, the General Partner) acting under this Agreement will not be liable to the Partnership or to any such
other Partner for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Partner (including without
limitation, the General Partner) otherwise existing at law or in equity to the Partnership or the Partners, are agreed by the Partners to replace or eliminate to that extent such other duties and liabilities of the Partners relating thereto
(including without limitation, the General Partner). 
 (d) The General Partner may consult with legal counsel, accountants and
financial or other advisors and any act or omission suffered or taken by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in good faith in reliance upon and in accordance with the advice of such
counsel, accountants or financial or other advisors will, with respect to the Partnership and the other Partners, be full justification for any such act or omission, and the General Partner will be fully protected from liability to the Partnership
and the other Partners in so acting or omitting to act so long as such counsel or accountants or financial or other advisors were selected with reasonable care. 

(e) To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or any agreement contemplated herein
or otherwise applicable provision of law or equity otherwise, whenever in this Agreement the General Partner is permitted or required to make a decision (i) in its “sole discretion” or “discretion” or under a grant of
similar authority or latitude, such General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or
factors affecting the Partnership or 
  

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the Limited Partners, or (ii) in its “good faith” or under another expressed standard, such General Partner shall act under such express standard and shall not be subject to any
other or different standards. 
 Section 10.02. Indemnification. 

(a) The General Partner (including, without limitation, for this purpose each former and present director, officer, consultant, advisor,
manager, member, employee and stockholder of the General Partner) and each Limited Partner (including any former Limited Partner), in his capacity, as such, and to the extent such Limited Partner participates, directly or indirectly, in the
Partnership’s activities (each, a “Covered Person” and collectively, the “Covered Persons”) shall not be liable to the Partnership or, to the extent applicable, to any of the other Partners for any loss, claim,
damage or liability occasioned by any acts or omissions in the performance of its services hereunder, unless it shall ultimately be determined by final judicial decision from which there is no further right to appeal (a “Final
Adjudication”) that such loss, claim, damage or liability is due to an act or omission of a Covered Person (i) made in bad faith or with criminal intent or (ii) that adversely affected the Partnership and that failed to satisfy
the duty of care owed pursuant to the Partnership (as modified by this Agreement). 
 (b) A Covered Person shall be indemnified
to the fullest extent permitted by law by the Partnership against any losses, claims, damages, liabilities, and expenses (including attorneys’ fees, judgments, fines, penalties and amounts paid in settlement) incurred by or imposed upon him by
reason of or in connection with any action taken or omitted by such Covered Person arising out of the Covered Person’s status as a Partner or its activities on behalf of the Partnership, including in connection with any action, suit,
investigation or proceeding before any judicial, administrative, regulatory or legislative body or agency to which it may be made a party or otherwise involved or with which it shall be threatened by reason of being or having been the General
Partner or by reason of serving or having served as a director, officer, consultant, advisor, manager, member, partner, employee or stockholder of any enterprise in which the Partnership or any of its Affiliates has or had a financial interest;
provided that the Partnership may, but shall not be required to, indemnify a Covered Person with respect to any matter as to which there has been a Final Adjudication that its acts or its failure to act (i) were in bad faith or with criminal
intent, or (ii) were of a nature that makes indemnification by the relevant Affiliate unavailable. The right to indemnification granted by this Section 10.02 shall be in addition to any rights to which a Covered Person may otherwise be
entitled and shall inure to the benefit of the successors by operation of law or valid assigns of such Covered Person. The Partnership shall pay the expenses incurred by a Covered Person in defending a civil or criminal action, suit, investigation
or proceeding in advance of the final disposition of such, action, suit, investigation or proceeding, upon receipt of an undertaking by the Covered Person to repay such payment if there shall be a Final Adjudication that it is not entitled to
indemnification as provided herein. In any suit brought by the Covered Person to enforce a right to indemnification hereunder it shall be a defense that the Covered Person has not met the applicable standard of conduct set forth in this
Section 10.02, and in any suit in the name of the Partnership to recover expenses advanced pursuant to the terms of an undertaking the Partnership shall be entitled to recover such expenses upon Final Adjudication that the Covered Person has
not met the applicable standard of conduct set forth in this Section 10.02. In any such suit brought to enforce a right to indemnification or to recover an advancement of expenses 

 

 23 

 
pursuant to the terms of an undertaking, the burden of proving that the Covered Person is not entitled to be indemnified, or to an advancement of expenses, shall be on the Partnership (or any
Limited Partner acting derivatively or otherwise on behalf of the Partnership or the Limited Partners). The General Partner may not satisfy any right of indemnity or reimbursement granted in this Section 10.02 or to which it may be otherwise
entitled except out of the assets of the Partnership (including, without limitation, insurance proceeds and rights pursuant to indemnification agreements), and no Partner shall be personally liable with respect to any such claim for indemnity or
reimbursement. The General Partner may enter into appropriate indemnification agreements and/or arrangements reflective of the provisions of this Section 10.02 and obtain appropriate insurance coverage on behalf and at the expense of the
Partnership to secure the Partnership’s indemnification obligations hereunder and may enter into appropriate indemnification agreements and/or arrangements reflective of the provisions of this Section 10.02. Each Covered Person shall be
deemed a third party beneficiary (to the extent not a direct party hereto) to this Agreement and, in particular, the provisions of this Section 10.02. 

(c) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to
the Partnership or the Partners, the Covered Person shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or
eliminate the duties and liabilities of a Covered Person otherwise existing at law or in equity to the Partnership or the Partners, are agreed by the Partners to replace or eliminate such other duties and liabilities of each such Covered Person.

 ARTICLE XI 

MISCELLANEOUS 

Section 11.01. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or
incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected
in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 11.02. Notices. 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 11.02): 

 

	 	(a)	If to the Partnership, to: 

Apollo Principal Holdings V, L.P. 

c/o Apollo Principal Holdings V GP, LLC 

9 West
57th St.,
43rd Floor 

New York, NY 10019 
  

 24 

	 	(b)	If to any Limited Partner, to: 

Apollo Principal Holdings V, L.P. 

c/o Apollo Principal Holdings V GP, LLC 

9 West
57th St.,
43rd Floor 

New York, NY 10019 
  

	 	(c)	If to the General Partner, to: 

Apollo Principal Holdings V GP, LLC 

9 West
57th St.,
43rd Floor 

New York, NY 10019 

Section 11.03. Cumulative Remedies. The rights and remedies provided by this Agreement are cumulative and the use of
any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by Law. 

Section 11.04. Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties
and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

Section 11.05. Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine,
feminine, neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and paragraphs shall refer to corresponding provisions of this Agreement.

 Section 11.06. Counterparts. This Agreement may be executed and delivered (including by facsimile
transmission or other electronic means) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.06. 

Section 11.07. Further Assurances. Each Limited Partner shall perform all other acts and execute and deliver all other
documents as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
  

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 Section 11.08. Entire Agreement. 

(a) This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all
prior agreements and understandings pertaining thereto. 
 (b) For the avoidance of doubt, each of the Limited Partners that
serve as a senior managing director of any of the Apollo Operating Group entities or their subsidiaries may from time to time enter into agreements with the Partnership in respect of the terms of such service. 

Section 11.09. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware. To the fullest extent permitted by applicable law, the General Partner and each Limited Partner hereby agree that any claim, action or proceeding by any Limited Partner seeking any relief whatsoever based on, arising out of or in
connection with, this Agreement or the Partnership’s business or affairs shall be brought only in the Chancery Court of the State of Delaware (or other appropriate state court in the State of Delaware) or the federal courts located in the State
of Delaware, and not in any other state or federal court in the United States of America or any court in any other country. EACH PARTNER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.10. Expenses. Except as otherwise specified in this Agreement, the Partnership shall be responsible for all
costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with its operation. 

Section 11.11. Amendments and Waivers. 

(a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or modified by the written consent of the General
Partner; provided that any amendment that would have a material adverse effect on the rights or preferences of any Class of Units in relation to other Classes of Units must be approved by the holders of not less than a majority of the Percentage
Interests of the Class affected; provided further, that the General Partner may, without the written consent of any Limited Partner or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to,
acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: (i) any amendment, supplement, waiver or modification that the General Partner determines to be necessary or appropriate in connection
with the creation, authorization or issuance of any class or series of equity interest in the Partnership; (ii) the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement; (iii) a change in the name of
the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver or modification that the General
Partner determines in its sole discretion to be necessary or appropriate to address changes in United States federal 

 

 26 

 
income tax regulations, legislation or interpretation; and (v) a change in the Fiscal Year or taxable year of the Partnership and any other changes that the General Partner determines to be
necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Partnership including a change in the dates on which distributions are to be made by the Partnership. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period
of time specified herein) 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 General Partner may, in its
sole discretion, unilaterally amend this Agreement on or before the effective date of the final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(1) (or any similar provision)
under which the fair market value of a partnership interest that is transferred is treated as being equal to the liquidation value of that interest, (ii) an agreement by the Partnership and each of its Partners to comply with all of the
requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the Internal Revenue Service with respect to such election) with respect to all partnership interests transferred in connection with the performance of
services while the election remains effective, (iii) the allocation of items of income, gains, deductions and losses required by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and (c), and
(iv) any other related amendments. 
 (d) Except as may be otherwise required by law in connection with the winding-up,
liquidation, or dissolution of the Partnership, each Partner hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of any of the Partnership’s property. 

(e) Upon obtaining such approvals required by this Agreement and without further action or execution by any other Person, including any
Limited Partner, (i) any amendment to this Agreement may be implemented and reflected in a writing executed solely by the General Partner, and (ii) the Limited Partners shall be deemed a party to and bound by such amendment of this
Agreement. 
 Section 11.12. No Third Party Beneficiaries. This Agreement shall be binding upon and inure
solely to the benefit of the parties hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement (other than pursuant to Section 10.02). 

Section 11.13. Headings. The headings and subheadings in this Agreement are included for convenience and
identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 
  

 27 

 Section 11.14. Construction. Each party hereto acknowledges and agrees it
has had the opportunity to draft, review and edit the language of this Agreement and that it is the intent of the parties hereto that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied
in any dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted by law the benefit of any rule of Law or any legal decision that would require that in cases of
uncertainty, the language of a contract should be interpreted most strongly against the party who drafted such language. 

Section 11.15. Power of Attorney. Each Limited Partner, by its execution hereof, hereby irrevocably makes, constitutes
and appoints the General Partner as its true and lawful agent and attorney in fact, with full power of substitution and full power and authority in its name, place and stead, to make, execute, sign, acknowledge, swear to, record and file
(a) any amendment to this Agreement that has been adopted as herein provided; (b) all certificates and other instruments (including consents and ratifications which the Limited Partners have agreed to provide upon a matter receiving the
agreed support of Limited Partners) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions of Section 8.04) and Law or to permit the Partnership to become or to continue as a limited
partnership or partnership wherein the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business; (c) all instruments that the General Partner deems appropriate to reflect a change or modification
of this Agreement or the Partnership in accordance with this Agreement, including, without limitation, the admission of additional Limited Partners or substituted Limited Partners pursuant to the provisions of this Agreement; (d) all
conveyances and other instruments or papers deemed advisable by the General Partner to effect the liquidation and termination of the Partnership; and (e) all fictitious or assumed name certificates required or permitted (in light of the
Partnership’s activities) to be filed on behalf of the Partnership. 
 Section 11.16. Letter Agreements;
Schedules. Notwithstanding the provisions of this Agreement, including Section 11.11, it is hereby acknowledged and agreed that the General Partner on its own behalf or on behalf of the Partnership without the approval of any Limited
Partner or any other Person may enter into a side letter or similar agreement to or with a Limited Partner which has the effect of establishing rights under, or altering or supplementing the terms of, this Agreement. The parties hereto agree that
any terms contained in a side letter or similar agreement to or with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. The General Partner may from time to time execute and deliver
to the Limited Partners schedules which set forth information contained in the books and records of the Partnership and any other matters deemed appropriate by the General Partner. Such schedules shall be for information purposes only and shall not
be deemed to be part of this Agreement for any purpose whatsoever. 
 Section 11.17. Partnership Status. The
parties intend to treat the Partnership as a partnership for United States federal income tax purposes. 
 [Signature Page
Follows] 
  

 28 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement of the date first
written above. 
  

					
	General Partner:	 	APOLLO PRINCIPAL HOLDINGS V GP, LLC
			
		 	By:	 	 /s/ John J. Suydam

		 		 	Name: John J. Suydam
		 		 	Title: Vice President
		
	Limited Partners:	 	APO ASSET CO., LLC
			
		 	By:	 	 /s/ John J. Suydam

		 		 	Name: John J. Suydam
		 		 	Title: Vice President
		
		 	AP PROFESSIONAL HOLDINGS, L.P.
			
		 	By:	 	 BRH Holdings GP, Ltd.,
 its
general partner

			
		 	By:	 	 /s/ John J. Suydam

		 		 	Name: John J. Suydam
		 		 	Title: Vice President

 Apollo Principal
Holdings V, L.P. 
 Second Amended and Restated LPA 

Signature Page 

 Annex A

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