Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 INCENTIVE
SUBSCRIPTION AGREEMENT 
 This Incentive Subscription Agreement (this “Agreement”) is made as of November 15, 2016
(the “Effective Date”), by and among Evercore LP, a Delaware limited partnership (the “Partnership”), Evercore Partners Inc., a Delaware corporation, as general partner of the Partnership (the “General
Partner” and, together with the Partnership and their subsidiaries, “Evercore”), and John S. Weinberg (the “Executive”). Capitalized terms used herein but not defined herein shall have the meaning set forth
in the Partnership Agreement (as defined below). 
 RECITALS 

WHEREAS, on the terms and subject to the conditions hereof, Executive desires to subscribe for and acquire from the Partnership, and the
Partnership desires to issue and provide to Executive, 400,000 Class I-P Units in the Partnership (each an “I-P Unit” and, collectively, the “I-P Units”), having the rights, powers, duties and preferences set forth
in the Fifth Amended and Restated Limited Partnership Agreement of Evercore LP (as amended from time to time, the “Partnership Agreement”); 

WHEREAS, upon the vesting of an I-P Unit as set forth in this Agreement, such I-P Unit is automatically converted, subject to the provisions
of the Partnership Agreement, into a Class I Unit of the Partnership (each an “I Unit” and, collectively, the “I Units”), having the rights, powers, duties and preferences set forth in the Partnership Agreement;

 WHEREAS, Executive is willing to purchase, and the Partnership is willing to sell to Executive, one share of Class B common stock, par
value $.01 per share, of the General Partner (the “Class B Share”); and 
 WHEREAS, this Agreement is intended to
constitute an equity-compensation plan (as defined in the New York Stock Exchange Listed Company Manual) and an employee benefit plan (as defined in Rule 405 under the Securities Act) and the issuance of the I-P Units and the Class B Share is made
in reliance on the employment inducement exception provided under Section 303A.08 of the New York Stock Exchange Listed Company Manual. 

NOW, THEREFORE, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the parties
hereto, intending to be legally bound, hereby agree as follows: 
 1. Subscription for I-P Units; Sale and Purchase of the Class B
Share; Admission. 
 (a) Upon the terms and subject to the conditions of this Agreement, Executive hereby subscribes for and agrees
to acquire, and the Partnership hereby agrees to issue to Executive, 400,000 I-P Units, in exchange for the services to be performed for the Partnership by Executive, with such issuance occurring immediately upon the effectiveness of the
registration statement covering such I-P Units (the “Grant Date”). In addition, the Partnership hereby agrees to sell to Executive one Class B Share for par value. 

(b) Upon the issuance of the I-P Units to Executive, Executive shall be admitted to the Partnership as a limited partner of the Partnership
and Executive hereby agrees to 

 
be bound by the terms and conditions of the Partnership Agreement and agrees to execute any documents or agreements required by the General Partner in connection with his subscription and
admission as a limited partner of the Partnership, including a counterpart of the Partnership Agreement. The I-P Units and, following the vesting of the I-P Units, the I Units issued in respect thereof, shall be subject, in all respects, to the
terms and conditions of the Partnership Agreement. Executive is not obligated (now or in the future) to make any Capital Contribution to the Partnership on account of the I-P Units. 

(c) Executive shall timely (within 30 days of the Effective Date) file (via certified mail, return receipt requested) an election under
Section 83(b) of the Code in the form of Exhibit A to this Agreement and shall thereafter notify the Partnership it has made such timely filing and provide a copy of such filing to the Partnership. Executive should consult his tax
advisor regarding the consequences of a Section 83(b) election, as well as the receipt, vesting, holding and sale of the I-P Units, I Units and Class B Share. 

(d) Notwithstanding anything in this Agreement to the contrary, the Partnership shall be under no obligation to issue the I-P Units or sell
the Class B Share to Executive unless the representations of Executive contained in Section 2 hereof are true and correct in all material respects as of the Effective Date. 

2. Representations and Warranties of Executive. 

Executive represents and warrants, as of the date hereof, that: 

(a) Executive has full legal capacity to execute and deliver this Agreement and the Partnership Agreement and to perform his obligations
hereunder and thereunder. This Agreement and the Partnership Agreement have been duly authorized (if applicable), executed and delivered by Executive and are the legal, valid and binding obligations of Executive enforceable against him in accordance
with the terms hereof and thereof, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable remedies. 

(b) Executive acknowledges and agrees that he previously has been furnished with the Partnership Agreement and has been given the opportunity
to examine all documents and to ask questions of, and receive answers from, the Partnership and its representatives concerning the Partnership, the Partnership Agreement, the Partnership’s organizational documents and the terms and conditions
of issuance of the I-P Units and to obtain any additional information which Executive deems necessary. 
 (c) Executive has been advised
that the I-P Units and I Units are subject to restrictions upon transfer as set forth in the Partnership Agreement. In addition, the I-P Units, I Units and the Class B Share have not been registered under the Securities Act or any state securities
laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. Executive is aware that the General Partner and
the Partnership are under no obligation to effect any such registration with respect to the I-P Units, I Units or the Class B Share or to file for or comply with any exemption from registration. Executive is acquiring the

  
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I-P Units and Class B Share for his own account for investment purposes only and not with a view to, or for resale in connection with, the distribution thereof in violation of the Securities Act.
Executive has such knowledge and experience in financial and business matters that such Executive is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment and is able to bear the economic
risk of such investment for an indefinite period of time. Executive is an “accredited investor” (as that term is defined in Regulation D under the Securities Act) or the issuance of the I-P Units, I Units and Class B Share, as applicable,
to Executive otherwise satisfies an exemption from the registration requirements of the Securities Act. 
 3. Vesting. 

(a) Each I-P Unit shall be an Unvested Unit upon grant. An I-P Unit shall vest only to the extent provided in this Section 3. The maximum
number of I-P Units that may vest under this Agreement is 400,000 I-P Units. Upon conversion of an I-P Unit into an I Unit as provided herein and in the Partnership Agreement, the I-P Unit shall be cancelled. 

(b) An I-P Unit will become a Vested Unit upon satisfaction of both the Service Condition and the Performance Condition (each as described
below). Upon becoming a Vested Unit, the I-P Unit will immediately and automatically convert into an I Unit on a one-for-one basis, as set forth in this Section 3, subject to the provisions of the Partnership Agreement. For the avoidance of
doubt, (i) because the vesting of the I-P Unit requires satisfaction of the Service Condition and the Performance Condition, an I-P Unit will not become a Vested Unit (if at all) until a Service Vesting Date has occurred, regardless of whether
the applicable Performance Condition has been satisfied and (ii) an I-P Unit will be forfeited if the Performance Condition has not become satisfied prior to earlier of (x) the End Date (as defined below) and (y) the first anniversary
of a Good Leaver Termination (as defined below). An I-P Unit shall remain outstanding until the earliest of (A) the End Date, (B) a termination of employment that is not a Good Leaver Termination, (C) the one year anniversary of a
Good Leaver Termination, (D) a Change in Control (as defined in the Amended and Restated 2016 Evercore Partners Inc. Stock Incentive Plan (the “Plan”)), (E) a breach of the Restrictive Covenant Agreement (as defined below)
and (F) conversion of the I-P Unit into an I Unit. 
 (c) The “Service Condition” will be satisfied if
(i) Executive remains a full time employee of Evercore in good standing through March 1, 2022 (“End Date”) or (ii) prior to the End Date, Executive’s employment with Evercore terminates due to Executive’s
death, Disability (as defined in the Plan), a termination by Evercore without Cause (as defined in the Employment Agreement by and among Executive, the Partnership and the General Partner, dated as of November 15, 2016 (the “Employment
Agreement”)), Executive’s resignation for Good Reason (as defined in the Employment Agreement) or Executive’s retirement on or after January 15, 2022 in accordance with the terms of the Employment Agreement including, without
limitation, the advance notice requirements thereof (each such termination of employment, a “Good Leaver Termination”). The earlier of the End Date and the date of a Good Leaver Termination is referred to as the “Service
Vesting Date.” No Service Vesting Date will occur in the event Executive’s employment with Evercore is terminated by the Company with Cause or by Executive’s resignation without Good Reason (which resignation does not satisfy the
requirements for retirement under the Employment Agreement), and the I-P Units shall be immediately forfeited without any consideration on the date of any such termination of employment. 

  
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 (d) The “Performance Condition” with respect to an I-P Unit will be satisfied if
at any time after the Grant Date but prior to the earlier of the End Date and the first anniversary of a Good Leaver Termination, the average of the high and low price of Class A Common Stock on a trading day (the “Stock
Price”) is equal to or falls within the range of the Stock Prices included in the table below opposite such I-P Unit for at least 20 consecutive trading days: 
  

					
	
Number of I-P Units
	  	Stock Price	  	Number of I Units
Issuable
	 200,000
	  	$65.00 - $74.99	  	200,000
	 200,000
	  	$75.00 and greater	  	200,000

 For the avoidance of doubt, to the extent the Performance Condition is satisfied based on a Stock Price of
$75.00 or greater, the Performance Condition with respect to all 400,000 I-P Units shall be satisfied (to the extent not previously satisfied). The Stock Prices included in the table shall be equitably adjusted to reflect any change in the
capitalization of the General Partner or shares of Class A Common Stock, including by reason of stock dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination or transaction or exchange of shares of
Class a Common Stock or other corporate exchange, or any distributions to shareholders of shares of Class A Common Stock or cash (other than a regular cash dividend) or any transaction similar to the foregoing, in a manner as to preserve and
not distort the Performance Condition. 
 (e) Notwithstanding anything in the foregoing to the contrary, in the event of a Change in
Control, the Service Condition shall be satisfied and the Performance Condition may be satisfied (in full or in part) based on the value of the consideration paid per share of Class A Common Stock in such transaction or, as applicable, the per
share value of Class A Common Stock implied by such transaction (the “CIC Value”). Solely to the extent such treatment is consistent with the treatment of the I-P Units as “profits interests” within the meaning of
Rev. Proc. 93-27, 1993-2 C.B. 343 and Rev. Proc. 2001-43, 2001-2 C.B. 191, and other Internal Revenue Service guidance and the Partnership Agreement (the “Profits Interest Restriction”), immediately prior to a Change in Control, the
I-P Units will vest and convert into the number of I Units that would be issuable if the Performance Condition was satisfied based on a Stock Price equal to the CIC Value plus $10.00. Any I-P Unit that does not vest based on the CIC Value shall be
forfeited immediately prior to the Change in Control. 
 As an illustrative example, assuming no I-P Units have vested prior to the Change
in Control, if the CIC Value is $65.00, the Performance Condition with respect to 400,000 I-P Units shall be satisfied and 400,000 I Units shall be issuable to Executive (as $65.00 plus $10.00 equals $75.00). 

4. Restrictive Covenants. Executive acknowledges and recognizes the highly competitive nature of the businesses of the
Partnership and its affiliates and accordingly agrees, 

  
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in Executive’s capacity as an investor and equity holder in the Partnership, to comply the provisions of the Confidentiality, Non-Solicitation and Proprietary Information Agreement by and
between Executive and the General Partner, dated November 15, 2016 (the “Restrictive Covenant Agreement”). Executive acknowledges and agrees that the Partnership’s remedies at law for a breach of any of the provisions of
the Restrictive Covenant Agreement would be inadequate and the Partnership would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach, in
addition to any remedies at law or equity, the I-P Units that as of the date of such violation are not Vested Units shall be immediately forfeited without any consideration on the date of any such breach. 

5. Miscellaneous. 

(a) Tax Issues. THE ISSUANCE OF THE I-P UNITS TO EXECUTIVE PURSUANT TO THIS AGREEMENT INVOLVES COMPLEX AND SUBSTANTIAL TAX
CONSIDERATIONS, INCLUDING, WITHOUT LIMITATION, CONSIDERATION OF THE ADVISABILITY OF EXECUTIVE MAKING AN ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE. EXECUTIVE ACKNOWLEDGES HE HAS CONSULTED HIS OWN TAX ADVISOR WITH RESPECT TO THE
TRANSACTIONS DESCRIBED IN THIS AGREEMENT. THE PARTNERSHIP MAKES NO WARRANTIES OR REPRESENTATIONS WHATSOEVER TO EXECUTIVE REGARDING THE TAX CONSEQUENCES OF EXECUTIVE’S RECEIPT OF THE I-P UNITS. 

(b) Registration; Exchanges for Class A Common Stock. The Company shall cause the Class A Common Stock issuable in respect of
the I Units to be registered under the Securities Act of 1933, as amended, on the Grant Date, and thereafter for such registration to be maintained, as required by Section 5(d) of the Employment Agreement. I Units (but, for the avoidance of
doubt, not I-P Units) issued in accordance with this Agreement and the Partnership Agreement shall be exchangeable for Class A Common Stock pursuant to the Amended and Restated Certificate of Incorporation of the General Partner. Class A
Common Stock delivered by the General Partner or its Affiliates upon exchange of the I Units shall be deemed to have been issued under this Agreement, which constitutes an equity-compensation plan (as defined in the New York Stock Exchange Listed
Company Manual) and an employee benefit plan (as defined in Rule 405 under the Securities Act of 1933, as amended). 
 (c) Transfers.
Executive may not Transfer, directly or indirectly, all or any portion of an I-P Unit (whether or not vested) or I Unit, or any rights therein (economic or otherwise), to any other Person except in accordance with the Partnership Agreement. For the
avoidance of doubt, Executive shall have no right to exchange any I-P Unit. 
 (d) Entire Agreement. This Agreement and the other
agreements referred to herein set forth the entire understanding among the parties hereto with respect to the subject matter hereof. The parties hereto acknowledge and agree that the provisions of the Partnership Agreement apply to the issuance of
the I-P Units and the I Units and that, upon issuance, as applicable, the I-P Units and the I Units will be subject to the terms, conditions, rights and obligations contained in the Partnership Agreement. 

  
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 (e) Amendment; Waiver. 

(i) This Agreement can be amended only by an instrument in writing signed by each of the parties hereto. Any provision of this Agreement may
be waived if, but only if, such waiver is in writing and is signed by the party against whom the waiver is to be effective. 
 (ii) No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies provided herein shall be cumulative and not exclusive of any rights or remedies provided by law. 

(f) No Third Party Beneficiaries; Assignment. 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. The rights and obligations under this Agreement may not be assigned by any party hereto without the prior written consent of the other parties and any attempted assignment shall be null and void and of no force or effect. 

(g) Administration. Subject to the terms of the Partnership Agreement, the General Partner shall have the authority to
(i) construe, interpret and implement this Agreement, (ii) establish rules and regulations and make all determinations necessary or advisable in administering this Agreement and (iii) correct any defect, supply any omission and
reconcile any inconsistency in this Agreement. All such interpretations, rules, determinations and regulations shall be final, binding and conclusive on all Persons, including the Partnership and Executive. 

(h) Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) 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 all purposes. 
 (i)
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 or by
registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the addresses specified in Section 11.02 of the Partnership Agreement. 

(j) Severability. In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby 
 (k) Cooperation.
Executive agrees to cooperate with the Partnership in taking action reasonably necessary to consummate the transactions contemplated by this Agreement. 

  
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 (l) Executive’s Employment by Evercore. Nothing contained in this Agreement shall be
deemed to obligate any Evercore entity to employ Executive in any capacity whatsoever or to prohibit or restrict the Evercore entity from terminating the employment of Executive at any time or for any reason whatsoever, with or without Cause. 

(m) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware. 

[Remainder of page intentionally left blank] 

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

					
	GENERAL PARTNER
	
	EVERCORE PARTNERS INC.
		
	By:	 	 /s/ Roger C. Altman

		 	Name:	 	Roger C. Altman
		 	Title:	 	Senior Chairman
	
	PARTNERSHIP
	
	EVERCORE LP
	
	By Evercore Partners Inc., its general partner
		
	By:	 	 /s/ Roger C. Altman

		 	Name:	 	Roger C. Altman
		 	Title:	 	Senior Chairman
	
	EXECUTIVE
	
	 /s/ John. S. Weinberg

	John S. Weinberg

 [Signature Page to Weinberg Subscription Agreement] 

 Exhibit A 

ELECTION TO INCLUDE UNITS IN GROSS 

INCOME PURSUANT TO SECTION 83(b) OF THE 

INTERNAL REVENUE CODE 

The undersigned acquired equity units (the “Units”) of Evercore LP (the “Company”) on November
    , 2016. The undersigned desires to make an election to have the Units taxed under the provision of Section 83(b) of the Internal Revenue Code of 1986, as amended (“Code §83(b)”), at the time
the undersigned acquired the Units. 
 Therefore, pursuant to Code §83(b) and Treasury Regulation §1.83-2 promulgated thereunder,
the undersigned hereby makes an election, with respect to the Units (described below), to report as taxable income for the applicable calendar year the excess, if any, of the Units’ fair market value on the applicable acquisition date over the
acquisition price thereof. 
 The following information is supplied in accordance with Treasury Regulation §1.83-2(e): 

1. The name, address and social security number of the undersigned: 

        Name: John S. Weinberg 

        Address: 

                       
                                      

                       
                                      

        SSN:
        -    -         

2. A description of the property with respect to which the election is being made: 

        400,000 Class I-P Units in the Company 

3. The date on which the property was transferred: November     , 2016. The taxable year for which such election is
made: calendar year 2016 
 4. The restrictions to which the property is subject: If the undersigned ceases to be employed by certain
affiliates of the Company under certain circumstances, all or a portion of the Units may be subject to forfeiture and/or repurchase by the Company at the lower of the fair market value of such Units and the original acquisition price paid for the
Units, regardless of the fair market value of the Units on the date of such repurchase. The Units are also subject to transfer restrictions. 

5. The aggregate fair market value on the applicable acquisition date of the property with respect to which the election is being made,
determined without regard to any lapse restrictions: 
         Class I-P Units: $0 

6. The aggregate amount paid for such property: 

        Class I-P Units: $0 

A copy of this election has been furnished to the Secretary of the Company pursuant to Treasury Regulations §1.83-2(e)(7). 

 

					
	Dated:
                                         
                   	 		  	                                     
                       
		 		  	Name: John S. WeinbergEX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 EVERCORE
PARTNERS INC. 
 NOTICE OF AWARD OF INDUCEMENT RESTRICTED STOCK UNITS 

Evercore Partners Inc. (the “Company”) hereby awards to the participant identified below a restricted stock unit award (the
“Award”) with respect to the number of shares of the Company’s Class A common stock (“Shares”) indicated below in this Notice of Award of Restricted Stock Units (the “Notice”). The Award
is intended to qualify as an “employee inducement grant” under the rules of the New York Stock Exchange and is being granted outside of any equity incentive plan previously adopted by the Company. The Award is effective on the grant date
indicated below immediately upon the effectiveness of the registration statement covering such Award, and is subject to the terms set forth herein and in the Restricted Stock Unit Award Terms and Conditions attached hereto (the “Terms and
Conditions”). 
  

			
	Participant	  	John S. Weinberg
		
	Grant Date	  	November 18, 2016
		
	Number of RSUs Granted	  	900,000
		
	Vesting Schedule	  	18% of this Award will vest on December 31, 2016, 14% of this Award will vest on March 1, 2018 (the “Reference Vesting Date”) and each of the first, second and third anniversaries of the Reference Vesting Date,
and 26% of this Award will vest on the fourth anniversary of the Reference Vesting Date, subject in each case to the Participant’s continued service with one or more of the Company’s Affiliates through the applicable vesting date and
subject further to accelerated vesting in certain cases, all as specified in the attached Terms and Conditions.

  

			
	EVERCORE PARTNERS INC.
		
	By:	 	 /s/ Roger C. Altman

	Name:	 	Roger C. Altman
	Title:	 	Senior Chairman
		
	Date:	 	 November 15, 2016

  

			
	Attachments:	  	Restricted Stock Unit Award Terms and Conditions S-8 Prospectus

 INDUCEMENT RESTRICTED STOCK UNIT AWARD TERMS AND CONDITIONS 

This document contains the Terms and Conditions of the restricted stock units awarded by the Company to the Participant indicated in the
attached Notice. 
 1. General. 

(a) Non-Plan Grant; Incorporation of Certain Terms of Plan. This Award is granted as a stand-alone award separate and apart from, and
outside of, the Amended and Restated 2016 Evercore Partners Inc. Stock Incentive Plan (the “Plan”) and any other any equity incentive plan previously adopted by the Company, and shall not constitute an award granted under or
pursuant to the Plan or any other such previously adopted equity incentive plan. However, except as otherwise expressly stated herein, this Award shall be governed by terms and conditions identical to those of the Plan, which are incorporated herein
by reference, and shall be interpreted in accordance with the Plan. In the event of any conflict between the terms and conditions of this document and the terms and conditions of the Plan, the terms and conditions of this document shall govern.
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Plan, a copy of which has been provided to the Participant. 

(b) Employment Inducement Grant. This Award is intended to constitute an “employment inducement award” under rule 303A.08 of
the New York Stock Exchange and consequently is intended to be exempt from the New York Stock Exchange rules regarding shareholder approval of equity compensation plans. This document and the terms and conditions of the Award shall be interpreted in
accordance with and consistent with such exemption. Shares issued in respect of vested RSUs shall be deemed to have been issued under this Agreement, which constitutes an equity-compensation plan (as defined in the New York Stock Exchange Listed
Company Manual) and an employee benefit plan (as defined in Rule 405 under the Securities Act of 1933, as amended). The Company shall cause the Shares issuable in respect of the RSUs to be registered under the Securities Act of 1933, as amended, no
later than the Commencement Date (as defined in the Employment Agreement), and thereafter for such registration to be maintained, as required by Section 5(d) of the Employment Agreement. 

2. Grant of RSUs. Upon the effectiveness of the registration statement covering the Award, the Company grants to the Participant the
number of restricted stock units (“RSUs”) indicated in the Notice, on the terms and conditions hereinafter set forth. Each RSU represents the unfunded, unsecured right of the Participant to receive one Share. The Participant will
become vested in the RSUs, and take delivery of the Shares subject thereto, as set forth in these Terms and Conditions. 
 3. Vesting and
Delivery. 
 (a) Subject to the Participant remaining in continuous service with the Company through the relevant Vesting Event (as
hereinafter defined), the Participant shall become vested in the RSUs subject hereto as follows (the occurrence of each such event described herein, a “Vesting Event”): 

(i) 18% of the total number of RSUs subject hereto shall become vested on December 31, 2016; 

 (ii) 14% of the total number of RSUs subject hereto shall become vested on
March 1, 2018; 
 (iii) 14% of the total number of RSUs subject hereto shall become vested on March 1, 2019; 

(iv) 14% of the total number of RSUs subject hereto shall become vested on March 1, 2020; 

(v) 14% of the total number of RSUs subject hereto shall become vested on March 1, 2021; and 

(vi) 26% of the total number of RSUs subject hereto shall become vested on March 1, 2022. 

(vii) Any otherwise unvested RSUs shall become one hundred percent (100%) vested upon (A) the occurrence of a Change
in Control, (B) the Participant’s death, (C) the Participant’s Disability, (D) a Qualifying Termination (as defined below), or (E) a Qualifying Retirement (as defined below). 

(b) Upon cessation of the Participant’s service with the Company for any reason other than death, Disability, Qualifying Termination or
Qualifying Retirement, all then unvested RSUs shall immediately be forfeited by the Participant, without payment of any consideration therefor. 

(c) Upon the occurrence of a Vesting Event, one Share shall be issuable for each RSU that vests on the date of such Vesting Event, subject to
the terms and provisions of the Plan and these Terms and Conditions (including, without limitation, Section 3(e) below and the last sentence of this Section 3(c)). Thereafter, upon satisfaction of any required tax withholding obligations,
except as otherwise provided in Section 3(d) and Section 3(e) below, and the subject to the last sentence of this Section 3(c), the Company shall deliver to the Participant Shares underlying any vested RSUs as soon as practicable (but
in no event later than 15 calendar days after the Vesting Event). It is the Company’s intention to deliver to the Participant Shares underlying any vested RSUs but the Company may, in its sole discretion, deliver a cash payment equal to the
equivalent Fair Market Value at such time of such Shares. 
 (d) In the event of a Vesting Event described in Section 3(a)(vii)(D) (a
Qualifying Termination), each Share issuable in respect of an RSU then vesting will be delivered by the Company, following satisfaction of applicable tax withholding requirements, on the earliest of (A) the date the RSU would otherwise have
vested (but for a cessation of the Participant’s service) under Sections 3(a)(i)-(vi) (scheduled vesting dates), (B) Section 3(a)(vii)(A) (Change in Control), (C) Section 3(a)(vii)(B) (death),
(D) Section 3(a)(vii)(C) (Disability), and (E) the earlier of the first business day that is 120 days after the date of the Qualifying Termination and March 15th of the year
immediately following the year in which the Qualifying Termination occurs; provided that, within 30 days following such termination, the Participant has executed the Release (as defined in, and required by, the Employment Agreement) and such
release has become irrevocable. If the Participant fails to timely satisfy the release requirement described in the preceding sentence, any RSUs vesting under Section 3(a)(vii)(D) and any Shares in respect of such RSUs otherwise issuable under
this paragraph will be forfeited and the Participant will have no further rights hereunder. 

  
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 (e) In the event of a Vesting Event described in Section 3(a)(vii)(E) (Qualifying
Retirement), following satisfaction of applicable tax withholding requirements, each Share issuable in respect of an RSU then vesting will be delivered by the Company on the earliest of (A) the first anniversary of the Qualifying Retirement
(and in no event later than March 15th of the year immediately following the year in which the Qualifying Retirement occurs), (B) Section 3(a)(vii)(A) (Change in Control),
(C) Section 3(a)(vii)(B) (death) and (D) Section 3(a)(vii)(C) (Disability); provided that, in any case, no cancellation of the RSU is required pursuant to Section 12. If the forfeiture of an RSU is required pursuant
to Section 12, the RSU will be cancelled and the Participant (and his heirs or intestate successors) will have no further rights in respect thereof. 

(f) In the event of the death of the Participant, the delivery of Shares under this Section 3 shall be made in accordance with the
beneficiary designation form on file with the Company; provided, however, that, in the absence of any such beneficiary designation form, the delivery of Shares under this Section 3 shall be made to the person or persons to whom
the Participant’s rights with respect to this Award shall pass by will or by the applicable laws of descent and distribution. 
 (g)
For purposes of these Terms and Conditions, service with the Company will be deemed to include service with the Company’s Affiliates, but only during the period of such affiliation. 

4. Certain Definitions. For purposes of these Terms and Conditions and notwithstanding any provision of the Plan to the contrary, the
following definitions will apply: 
 (a) “Cause” shall have the meaning set forth in, and be effectuated pursuant to the
procedures applicable under, Sections 8(a)(ii) and (iii) of the Employment Agreement. 
 (b) “Change in Control” shall
have the meaning set forth in the Plan. 
 (c) “Disability” shall have the meaning set forth in the Plan; provided
that with respect to any provision of this Agreement providing for the issuance of Shares in connection with a Disability, no issuance of Shares will be made unless the Disability qualifies as a disability within the meaning of Section 409A of
the Code, as it has been and may be amended from time to time, and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 

(d) “Employment Agreement” means the Employment Agreement by and among the Participant, the Company and Evercore LP, dated as
of November 15, 2016, as amended from time to time. 
 (e) “Good Reason” shall have the meaning set forth in the
Employment Agreement. 

  
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 (f) “Qualifying Retirement” means a resignation of employment on or following
January 15, 2022 without Good Reason; provided that the Participant has completed one year of service with the Company after providing the Company with written notice of his intent to retire, which notice may not be provided earlier than
January 15, 2021. 
 (g) “Qualifying Termination” means a termination of employment by the Company without Cause or
Participant’s resignation for Good Reason. 
 5. Adjustments upon Certain Events. The Committee shall, in its sole discretion,
make equitable substitutions or adjustments to the number of Shares and RSUs subject hereto, in a manner consistent with Section 9(a) of the Plan and restricted stock unit awards granted under the Plan and held by other senior executives of the
Company. 
 6. No Right to Continued Employment. Neither the Notice nor these Terms and Conditions shall be construed as giving the
Participant the right to be retained in the employ of, or in any consulting relationship with, the Company or any of its Affiliates. Further, the Company (or, as applicable, its Affiliates) may at any time dismiss the Participant, free from any
liability or any claim under the Notice or these Terms and Conditions, except as otherwise expressly provided herein. 
 7. No Acquired
Rights. This Award has been granted entirely at the discretion of the Committee. The grant of this Award does not obligate the Company to grant additional Awards to the Participant in the future (whether on the same or different terms). 

8. No Rights of a Stockholder; Dividend Equivalent Payments. 

(a) The Participant shall not have any rights or privileges as a stockholder of the Company, which for the avoidance of doubt includes no
rights to dividends or to vote, until the Shares in question have been registered in the Company’s register of stockholders as being held by the Participant. 

(b) The foregoing notwithstanding: 

(i) if the Company declares and pays a cash dividend or distribution with respect to its Shares, the Company shall credit the
Participant with a dollar amount equal to the total dividend or distribution that would then be payable with respect to a number of Shares equal to the number of RSUs outstanding hereunder on the dividend or distribution record date for which no
Vesting Event has yet occurred (the “Dividend Equivalent Right”). Any Dividend Equivalent Rights credited under this paragraph will be subject to the same terms and conditions (including the same vesting and delivery schedule, but
not including the right to be credited with additional dividend equivalent rights under this section) as the RSUs outstanding hereunder on the applicable dividend or distribution record date for which no Vesting Event has yet occurred and shall be
considered part of the Award under this Agreement; provided, however, that the Company will decide in its sole discretion to pay Dividend Equivalent Rights in Shares, in cash or in a combination thereof, in each case, without interest;
and 
 (ii) if the Company declares and pays a cash dividend or distribution with respect to its Shares after the occurrence
of a Vesting Event with respect to particular RSUs but before Shares are issued in respect thereof, the Company will make a special cash payment to the Participant equal to the amount of the dividend or distribution that would have been payable to
the Participant had he been the record holder of those Shares on the record date of such dividend or distribution. Such special cash payment will be subject to withholding for applicable taxes and will be payable within 30 days of the date such
dividend or distribution is payable to shareholders generally. 

  
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 9. Transferability of Shares. Any Shares issued or transferred to the Participant pursuant
to this Award shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable, including under the Notice, these Terms and Conditions or the rules, regulations, and other requirements of the Securities and
Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable Federal or state laws or relevant securities laws of the jurisdiction of the domicile of the Participant, and the Committee may cause a legend or legends
to be put on any certificates representing such Shares or make an appropriate entry on the record books of the appropriate registered book-entry custodian, if the Shares are not certificated, to make appropriate reference to such restrictions. 

10. Transferability of RSUs. Except as set forth in Section 3(f), the RSUs (and, prior to their actual issuance, the Shares
subject hereto) may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and distribution, and any purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance not permitted by this Section 10 shall be void and unenforceable. 
 11. Withholding.
The Company or any Affiliate shall have the right and are hereby authorized to withhold from any Shares issuable in respect of the RSU or amounts in respect of the Dividend Equivalent Right under this Award, or from any other compensation or amount
owing to the Participant, applicable withholding taxes with respect to this Award to satisfy all obligations for the payment of such taxes, at the time any such taxes become due. 

12. Restrictive Covenants. 

(a) The Participant has agreed to be bound by certain restrictive covenants during his service to the Company and following the cessation of
that service for any reason pursuant to the terms of the Confidentiality, Non-Solicitation and Proprietary Information Agreement attached as Exhibit D to the Employment Agreement (such covenants, the “Restrictive Covenants”).
As a condition to the issuance or delivery of Shares in respect of RSUs, the Participant may be required to (i) certify, in a manner acceptable to the Company, that he continues to be in compliance with the Restrictive Covenants and
(ii) irrevocably appoint the Company as his agent and attorney-in-fact to take any actions necessary or appropriate to facilitate enforcement of this Section 12, including without limitation executing and delivering stock powers and
instruments of transfer, making endorsements and/or making, initiating or issuing instructions or entitlement orders, all in the Participant’s name and on his behalf. 

  
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 (b) If the Participant violates any of the terms of the Restrictive Covenants, then the
Participant will immediately forfeit any remaining RSUs (even if otherwise vested) for which Shares have not yet been delivered within the time periods set forth in Section 3 (it being understood that nothing in this Section 12 is intended
to or shall be interpreted to extend the time periods of any Restrictive Covenants), and no such Shares shall be deliverable. In addition, in the event of such conduct, the Participant will forfeit to the Company any amount or distribution payable
pursuant to the Dividend Equivalent Right under Section 8(b) in respect of the forfeited RSUs that related to such Shares. 
 (c) The
remedies contained in this section will be in addition to, not in lieu of, any other available remedies. 
 13. Section 409A of the
Code. 
 (a) The Award is intended to be exempt from Section 409A of the Code pursuant to the short-term deferral exception and
should be interpreted accordingly. Notwithstanding the foregoing or any provision of the Plan, the Notice or these Terms and Conditions to the contrary, if it is determined that the Award constitutes deferred compensation within the meaning of
Section 409A of the Code, it is intended that the provisions of the Award comply with Section 409A of the Code, and all provisions of the Plan, the Notice and these Terms and Conditions shall be construed and interpreted in a manner
consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code, and if Section 409A of the Code requires a delivery or payment event to qualify as a permissible payment event under Section 409A of the
Code (i.e., Change in Control or Disability), the provisions of the Award shall be deemed to provide that such delivery or payment event (but not the right to vesting) is required to be (and is defined herein as) a permissible event under
Section 409A of the Code. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Award (including any taxes and penalties
under Section 409A of the Code), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold the Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect
to any portion of the Award that is considered “deferred compensation” subject to Section 409A of the Code, references to “termination of employment” (and substantially similar phrases) shall mean “separation from
service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of the Award is designated as a separate payment. 

(b) Notwithstanding anything in the Plan, the Notice or these Terms and Conditions to the contrary, if the Participant is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, if the Award or any portion thereof constitutes “deferred compensation” within the meaning of Section 409A of the Code, no Shares in respect thereof or
payments with respect to the Dividend Equivalent Right that would otherwise be delivered or paid upon the Participant’s “separation from service” (as defined in Section 409A of the Code) shall be delivered or paid to the
Participant prior to the date that is six (6) months after the date of the Participant’s “separation from service” or, if earlier, the date of the Participant’s death. Following any applicable six (6) month delay, all
Shares so delayed will be delivered in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. 

  
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 (c) If the period during which the Participant has discretion to execute and/or revoke a release
of claims straddles two calendar years, the issuance of Shares and the payments in respect of the Dividend Equivalent Right, to the extent such Award constitutes deferred compensation within the meaning of Section 409A of the Code, shall
commence as soon as practicable in the second of the two calendar years, regardless of within which calendar year the Participant actually delivers the executed release of claims. Consistent with Section 409A of the Code, the Participant may
not, directly or indirectly, designate the calendar year of payment. 
 14. Choice of Law. THIS AWARD SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW. 
 15. Amendment. The Notice and
these Terms and Conditions may only be amended in writing. 
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