Document:

Investor Rights Agreement

 Exhibit 10.7 
 Execution Copy 
  
  
  
 INVESTOR RIGHTS AGREEMENT 
 BY AND AMONG 
 APOLLO GLOBAL
MANAGEMENT, LLC, 
 AGM MANAGEMENT, LLC, 
 AND 
 CREDIT SUISSE SECURITIES (USA) LLC 
 DATED AS OF AUGUST 8, 2007 
  
  
  

 INVESTOR RIGHTS AGREEMENT, dated as of August 8, 2007 (this “Agreement”), by
and among Credit Suisse Securities (USA) LLC (together with its Affiliates that become Investors under this Agreement, “Credit Suisse”), Apollo Global Management, LLC, a Delaware limited liability company (the
“Company”), A.P. Professional Holdings, L.P., a Cayman Islands exempt limited partnership (“Holdings”), and AGM Management, LLC, a Delaware limited liability company (the “Manager”). Credit Suisse
intends to assign this Agreement to a Permitted Transferee prior to the Closing Date. 
 RECITALS 
 WHEREAS, on July 16, 2007, the Company and Credit Suisse entered into a Stock Purchase Agreement (as such agreement may be amended,
supplemented, restated or otherwise modified from time to time, the “Stock Purchase Agreement”), pursuant to which the Company agreed to issue to Credit Suisse and Credit Suisse agreed to purchase from the Company the Class A
Common Shares (as defined below), upon the terms and conditions set forth in the Stock Purchase Agreement; and 
 WHEREAS, in
connection with the transactions contemplated by the Stock Purchase Agreement, the Company, the Manager, Holdings and Credit Suisse desire to address herein certain relationships among themselves, including certain terms and conditions relating to
the transfer restrictions and registration rights applicable to Credit Suisse’s Class A Common Shares. 
 NOW,
THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS

 Section 1.1 Definitions. 
 As used in this Agreement, the following terms shall have the following meanings: 
 “Action” has the meaning set
forth in Section 5.8. 
 “ADIA” means APOC Holdings LTD, a Cayman Islands exempt company, together with its
Affiliates that become Investors under the Lender Rights Agreement. 
 “Affiliate” of any Person means any other Person
that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person. Except as expressly stated otherwise in this Agreement, the term “Affiliate” with respect
to the Company does not include at any time any Fund or Portfolio Company. 
 “Agreement” has the meaning set forth in the
introductory paragraph to this Agreement. 
  

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 “Agreement Among Principals” means the Agreement Among Principals, dated as of
July 13, 2007, among the Principals and the other parties named therein, as it may be amended, supplemented, restated or otherwise modified from time to time; provided, however, that any amendments or supplements to such Agreement
Among Principals that would materially alter Credit Suisse’s rights or obligations under this Agreement will be disregarded for purposes of this Agreement unless agreed to by Credit Suisse. 
 “APO Corp.” means APO Corp., a Delaware corporation. 
 “APO LLC” means APO Asset Co., LLC, a Delaware limited liability company. 
 “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 the
Company’s carry vehicles, management companies or other entities formed to engage in the asset management business (including alternative asset management) and (ii) any such carry vehicles, management companies or other entities formed to
engage in the asset management business (including alternative asset management) and receiving management fees, incentive fees, fees paid by Portfolio Companies, carry or other remuneration which are not Subsidiaries of the Persons described in
clause (i), excluding any Funds and any Portfolio Companies. 
 “Apollo Securities” means (i) capital stock or other
equity interests (including the Class A Common Shares and the Class B Common Shares) of the Company, (ii) options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, capital
stock or other equity interests of the Company and (iii) Operating Group Units. 
 “Applicable Law” means, with respect
to any Person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any Governmental Entity applicable to such Person. 
 “BRH Holdings” means BRH Holdings, L.P., a Cayman Islands exempted limited partnership and any successor entity thereto. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or
required by law to close. 
 “CalPERS” means the California Public Employees’ Retirement System. 
 “Class A Common Shares” means the Class A Common Shares of the Company (including non-voting Class A Common Shares)
representing limited liability company interests in the Company, having such rights associated with such Class A Common Shares as set forth in the Operating Agreement and any Equity Securities issued or issuable in exchange for or with respect
to such Class A Common Shares (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification, recapitalization, merger, consolidation or other reorganization. 
  

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 “Class B Common Shares” means the Class B Common Shares of the Company representing
limited liability company interests in the Company, having such rights associated with such Class B Common Shares as set forth in the Operating Agreement and any Equity Securities issued or issuable in exchange for or with respect to such Class B
Common Shares (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification, recapitalization, merger, consolidation or other reorganization. 
 “Closing” has the meaning set forth in the Stock Purchase Agreement. 
 “Closing Date” has the meaning set forth in the Stock Purchase Agreement. 
 “Closing Price” means, with respect to any security, as of any date of determination, the closing price per share of such security on
such date published in The Wall Street Journal (National Edition) or, if no such closing price on such date is published in The Wall Street Journal (National Edition), the average of the last reported bid and asked prices (or, if more
than one (1) in either case, the average of the average bid and average asked prices) on such date, as officially reported on the principal National Securities Exchange on which such security is then listed or admitted to trading. 

“Company” has the meaning set forth in the introductory paragraph to this Agreement. 
 “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities, by contract or otherwise, and “controlling” and “controlled” shall have meanings correlative thereto. 
 “Demand” has the meaning set forth in Section 2.1(a). 
 “Demand Registration” has the meaning set forth in Section 2.1(a). 
 “Equity Securities” means (i) capital stock or other equity interests (including, the Class A Common Shares and the Class B
Common Shares) of the Company then outstanding or (ii) options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, capital stock or other equity interests of the Company.

 “Exchange” has the meaning set forth in the Agreement Among Principals. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to
such statute, and the rules and regulations promulgated thereunder. 
 “Exchange Agreement” means the Exchange Agreement,
dated as of July 13, 2007, by and among the Company, each member of the Apollo Operating Group, Holdings and the other parties named therein. 
 “Fund” means any pooled investment vehicle or similar entity sponsored or managed by the Company or any of its Subsidiaries. 
  

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 “GAAP” means generally accepted accounting principles in the United States in effect
from time to time, consistently applied. 
 “Governmental Entity” means any Federal, state, county, city, local or foreign
governmental, administrative or regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body). 
 “Group” has the meaning set forth in Section 13(d) of the Exchange Act as in effect on the date of this Agreement. 
 “Holdings” has the meaning set forth in the introductory paragraph to this Agreement, including any successor entity thereto. 
 “Inspectors” has the meaning set forth in Section 2.5(a)(viii). 
 “Investment” has the meaning set forth in the Stock Purchase Agreement. 
 “Investors” means
Credit Suisse and each other Person who becomes an “Investor” in accordance with this Agreement. 
 “IPO” means
the earlier of (i) the consummation of an underwritten public offering of Class A Common Shares pursuant to an effective registration statement (other than on Forms S-4 or S-8 or successors and/or equivalents to such forms), with the
Shares sold representing at least 10% of the then outstanding Class A Common Shares of the Company (to be determined assuming that all outstanding Operating Group Units have been exchanged for Class A Common Shares pursuant to the Exchange
Agreement) and (ii) the effectiveness of the shelf registration statement to be filed by the Company in respect of the Class A Common Shares to be sold in the Private Placement; provided, that in the case of clauses (i) and
(ii) above, such registration statement is to be filed by the Company with the SEC or (in connection with a listing on the London Stock Exchange) with the Financial Services Authority of the United Kingdom. 
 “Lender Rights Agreement” means the Lender Rights Agreement, dated as of July 13, 2007, by and among the Company, the
Manager, BRH Holdings GP, Ltd. ADIA and CalPERS and the other parties thereto, as such agreement may be amended, supplemented, restated or otherwise modified from time to time; provided, however, that any amendments or supplements to
such Lender Rights Agreement that would materially alter Credit Suisse’s rights or obligations under this Agreement will be disregarded for purposes of this Agreement unless agreed to by Credit Suisse. 
 “Losses” has the meaning set forth in Section 2.7(a). 
 “Majority Requesting Holders” has the meaning set forth in Section 2.1(i). 
 “Manager” has the meaning set forth in the introductory paragraph to this Agreement, including any successor entity thereto;
provided, however, that if the Operating Agreement authorizes the board of directors of the Company or any committee thereof or any other governing body to make the determination at issue under this Agreement, the “Manager”
for purpose of such determination shall be deemed to refer to the board of directors of the Company or such committee or other governing body and any such determination made in accordance with the terms of this Agreement and the Operating Agreement
shall be final and binding on the parties hereto. 
  

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 “National Securities Exchange” means any of the New York Stock Exchange, The NASDAQ
Stock Market, the American Stock Exchange or the London Stock Exchange. 
 “Notes” has the meaning set forth in the
Strategic Agreement. 
 “Operating Agreement” means the Amended and Restated Limited Liability Company Agreement of the
Company, dated as of July 13, 2007, as it may be amended, supplemented, restated or otherwise modified from time to time; provided, however, that any amendments or supplements to such Operating Agreement that would materially
alter Credit Suisse’s rights or obligations under this Agreement will be disregarded for purposes of this Agreement unless agreed to by Credit Suisse. 
 “Operating Group Units” refers to units in the Apollo Operating Group, each of which represents one limited partnership 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. 
 “Other Demanding Sellers” has the meaning set forth in Section 2.2(b). 
 “Other Proposed Sellers” has the meaning set forth in Section 2.2(b). 
 “Permitted Transferee” with respect to an Investor, means such Investor’s Affiliates so long as such Affiliates are
“accredited investors” within the meaning of Regulation D under the Securities Act or “qualified institutional buyers” as defined in Rule 144A under the Securities Act; provided, however, that the transferee shall
not become a “Permitted Transferee” until (a) such Transfer is made in accordance with the terms of the Transaction Documents, and (b) such transferee has executed and delivered to the Company a joinder to each Transaction
Document in the form annexed hereto as Annex A pursuant to which such Permitted Transferee agrees to be bound by the Transaction Documents and to be treated as an “Investor” for all purposes of the Transaction Documents. 

“Person” shall be construed broadly and includes any individual, corporation, firm, partnership, limited liability company, joint
venture, estate, business, association, trust, Governmental Entity or other entity. 
 “Piggyback Notice” has the meaning
set forth in Section 2.2(a). 
 “Piggyback Registration” has the meaning set forth in
Section 2.2(a). 
 “Piggyback Seller” has the meaning set forth in Section 2.2(a). 
  

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 “Portfolio Company” means any Person in which any Fund owns or has made, directly or
indirectly, an Investment. 
 “Principal” means any of Leon D. Black, Marc J. Rowan or Joshua J. Harris. 
 “Private Placement” means a private placement of Class A Common Shares pursuant to Rule 144A (or any successor provision) and
Regulation S promulgated under the Securities Act, in an offering (i) to at least fifteen (15) purchasers and (ii) that requires the Company to file with the SEC a shelf registration statement permitting registered re-sales of the
Class A Common Shares within eight (8) months of the consummation of such offering. 
 “Proceeding” means any
action, suit, lawsuit, customer claim, warranty claim, insurance claim, counterclaim, proceeding or investigation at law, or in equity, or by or before any Governmental Entity. 
 “Purchased Securities” means the Class A Common Shares acquired by Credit Suisse on the Closing Date pursuant to the Stock Purchase
Agreement. 
 “Records” shall have the meaning set forth in Section 2.5(a)(viii). 
 “Registrable Amount” means a number of Registrable Securities representing at least $75 million (such value shall to be determined
based on the value of such Registrable Securities on the date immediately preceding the date upon which the Demand has been received by the Company). 
 “Registrable Securities” means any Class A Common Shares currently owned or hereafter held by any member of the Company, including pursuant to the Stock Purchase Agreement, an Exchange or the
conversion of Notes into Class A Common Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a registration statement registering such securities under the Securities Act
has been declared effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration statement or (ii) such securities are sold in accordance with Rule 144 (or any successor
provision) promulgated under the Securities Act. 
 “Registration Expenses” has the meaning set forth in
Section 2.6(a). 
 “Requested Information” has the meaning set forth in Section 2.7(g). 

“Requesting Investor” has the meaning set forth in Section 2.1(a). 
 “Roll-up Agreements” mean collectively, each Roll-up Agreement, by and among Holdings, BRH Holdings, the Company, APO LLC, APO Corp.,
and an employee of Apollo or one of its Subsidiaries, dated as of July 13, 2007, each as amended, restated, supplemented or otherwise modified from time to time; provided, however, that any amendments or supplements to any such
Roll-Up Agreement that would materially alter Credit Suisse’s rights or obligations under this Agreement will be disregarded for purposes of this Agreement unless agreed to by Credit Suisse. 
  

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 “SEC” means the United States Securities and Exchange Commission or any similar agency
then having jurisdiction to enforce the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended,
supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 “Stock Purchase Agreement” has the meaning set forth in the Recitals to this Agreement. 
 “Selected
Courts” has the meaning set forth in Section 5.8. 
 “Selling Investors” has the meaning set forth in
Section 2.5(a)(i). 
 “Selling Investors’ Counsel” has the meaning set forth in
Section 2.5(a)(i). 
 “Shareholders” means the Persons designated as “Shareholders” under the
Shareholders Agreement. 
 “Shareholders Agreement” means the Shareholders Agreement, dated as of July 13, 2007, by and
among the Company, Holdings, BRH Holdings, Black Family Partners, L.P., a Delaware limited partnership, MRJ Foundation LLC, a New York limited liability company, and each of the Principals; provided, however, that any amendments or
supplements to such Shareholders Agreement that would materially alter Credit Suisse’s rights or obligations under this Agreement will be disregarded for purposes of this Agreement unless agreed to by Credit Suisse. 
 “Shares” means, collectively, the outstanding Class A Shares (as equitably adjusted to reflect any split, combination,
reorganization, recapitalization, reclassification or other similar event involving the Class A Shares). 
 “Strategic
Agreement” means the Agreement, dated as of July 13, 2007, by and among the Company, the Manager, BRH Holdings GP, Ltd. and each of the Strategic Investors, pursuant to which the Company sold convertible securities to the Strategic
Investors, as such agreement may be amended, supplemented, restated or otherwise modified from time to time; provided, however, that any amendments or supplements to such Strategic Agreement that would materially alter Credit
Suisse’s rights or obligations under this Agreement will be disregarded for purposes of this Agreement unless agreed to by Credit Suisse. 
 “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such Person owns, directly or indirectly, or otherwise controls, more than 50% of the voting shares or other
similar interests or the sole general partner interest or managing member or similar interest of such Person. The term “Subsidiary” does not include at any time any Funds or Portfolio Companies. 
 “Strategic Investors” means each of ADIA and CalPERS. 
 “Transaction Documents” means this Agreement and the Stock Purchase Agreement. 
  

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 “Transfer” means a direct or indirect sale, assignment, gift, exchange or any other
disposition by law or otherwise, including any transfer upon foreclosure of any pledge, encumbrance, hypothecation or mortgage. 
 “Unaffiliated Transferee” has the meaning set forth in Section 3.1(c). 
 “Underwritten
Offering” means a sale of equity securities of the Company to an underwriter or underwriters for reoffering to the public. 
 “United States Dollars” means the lawful currency of the United States. 
 “Well-Known Seasoned
Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or
(ii) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the
Securities Act. 
 Section 1.2 Interpretation. 
 In this Agreement, unless the context otherwise requires: 
 (a) words importing the singular include the
plural and vice versa; 
 (b) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; 
 (c) a reference to a clause, party, annex, exhibit or schedule is a reference to a clause of, and a party, annex, exhibit and schedule to this Agreement,
and a reference to this Agreement includes any annex, exhibit and schedule hereto; 
 (d) a reference to a statute, regulation, proclamation,
ordinance or by-law includes all statues, regulations, proclamations, ordinances or by-laws amending, consolidating or replacing it, whether passed by the same or another Governmental Entity with legal power to do so, and a reference to a statute
includes all regulations, proclamations, ordinances and by-laws issued under the statute; 
 (e) a reference to a document includes all
amendments or supplements to, or replacements or novations of that document; 
 (f) a reference to a party to a document includes that
party’s, successors, permitted transferees and permitted assigns; 
 (g) the use of the term “including” means
“including, without limitation”; 
 (h) the words “herein”, “hereof”, “hereunder” and other words of
similar import refer to this Agreement as a whole, including the annexes, schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular section, subsection, paragraph,
subparagraph or clause contained in this Agreement; 
  

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 (i) the section and paragraph headings used in this Agreement are for convenience of reference only and
shall not govern of affect the interpretation of any of the terms or provisions in this Agreement; 
 (j) where specific language is used to
clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates; 
 (k) the language used in this Agreement has been chosen by the parties to express their mutual intent, and no rule of strict construction shall be
applied against any party; 
 (l) unless expressly provided otherwise, the measure of a period of one month or year for purposes of this
Agreement shall be that date of the following month or year corresponding to the starting date; provided, that if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the next day
following the starting date (for example, one month following February 18 is March 18, and one month following March 31 is May 1 (or in the case of January 29, 30 or 31, the following month shall be March 1));

 (m) unless otherwise specified herein, all statements or references to dollar amounts or “$” set forth herein or in any other
Transaction Document shall refer to United States Dollars; and 
 (n) accounting terms not defined in this Agreement shall have the
respective meanings given to them under GAAP. 
 ARTICLE 2 
 REGISTRATION RIGHTS 
 Section 2.1 Demand Registration. 
 (a) At any time after the one year anniversary of the Closing Date, Credit Suisse shall be entitled to make a written request of the Company (a
“Demand” and upon making a Demand, Credit Suisse to be a “Requesting Investor”) for registration under the Securities Act of an amount of Registrable Securities owned by Credit Suisse and the other Investors that
either (x) equals or is greater than the Registrable Amount (based on the number of Registrable Securities outstanding on the date such Demand is made), or (y) constitutes all of the Registrable Securities of all of the Investors (a
“Demand Registration”) and thereupon the Company will, subject to the terms of this Agreement, use its commercially reasonable efforts to effect the registration as promptly as practicable under the Securities Act of: 
 (i) the Registrable Securities which the Company has been so requested to register by the Requesting Investor for disposition in
accordance with the intended method of disposition stated in such Demand; and 
 (ii) all equity securities of the Company
which the Company may elect to register in connection with any offering of Registrable Securities pursuant to this Section 2.1, but subject to Section 2.1(h), all to the extent necessary to permit the disposition (in
accordance with the intended methods thereof) of the Registrable Securities and the additional securities, if any, to be so registered. 
  

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 (b) Each Demand shall specify: (i) the aggregate number of Registrable Securities requested to be
registered in such Demand Registration; (ii) the intended method of disposition in connection with such Demand Registration, to the extent then known; and (iii) the identity of the Requesting Investor and any of its Permitted Transferees
who are participating in the Demand. 
 (c) [reserved] 
 (d) Credit Suisse shall be entitled to an aggregate of three (3) Demand Registrations. 
 (e) A Demand
Registration shall not be deemed to have been effected and shall not count as a Demand: 
 (i) unless a registration statement
with respect thereto has become effective and has remained effective for a period of at least ninety (90) days (or such shorter period in which all Registrable Securities included in such Demand Registration have actually been sold thereunder);

 (ii) if, after it has become effective, such Demand Registration becomes subject, prior to ninety (90) days after
effectiveness, to any stop order, injunction or other order or requirement of the SEC or other Governmental Entity for any reason and such order or requirement is not cured within ten (10) Business Days; 
 (iii) unless at least fifty percent (50%) of the number of Registrable Securities requested to be registered by Credit Suisse in any
Demand Registration for which Credit Suisse is the Requesting Investor are actually registered in such Demand Registration; 
 (iv) if such Demand Registration is withdrawn pursuant to Section 2.3 after the Company exercises its right to postpone the filing or effectiveness of a registration statement pursuant to Section 2.1(g); or

 (v) if the conditions to closing specified in the underwriting agreement entered into in connection with such Demand
Registration are not satisfied, other than by reason of any act or omission by such Requesting Investors. 
 (f) Demand Registrations shall
be on Form S-1 or any similar long-form registration, (ii) on Form S-3 or any similar short-form registration (other than a shelf registration), if such a short-form registration is then available to the Company or (iii) on Form S-3ASR if
the Company is, at the time a Demand is made, a Well-Known Seasoned Issuer. 
  

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 (g) The Company shall not be obligated to: 
 (i) subject to the proviso in Section 2.5(a)(ii), maintain the effectiveness of a registration statement under the Securities
Act filed pursuant to a Demand Registration for a period longer than ninety (90) days; or 
 (ii) effect any Demand
Registration: 
 (A) within six months after the effective date of a registration statement with respect to a “firm
commitment” Underwritten Offering in which all Piggyback Sellers (as hereinafter defined) were given “piggyback” rights pursuant to Section 2.2 (subject to Section 2.1(h)) and at least fifty percent
(50%) of the number of Registrable Securities requested by such Piggyback Seller to be included in such Demand Registration were included; 
 (B) within four months after the effective date of a registration statement with respect to any other Demand Registration; or 
 (C) if, in the Company’s reasonable judgment, it is not feasible for the Company to proceed with the Demand Registration because of
the unavailability of audited or other require financial statements; provided, that the Company shall use its commercially reasonable efforts to obtain such financial statements as promptly as practicable. 
 In addition, the Company shall be entitled to postpone (upon written notice to the Requesting Investor) the filing or the effectiveness of a registration
statement for any Demand Registration (but no more than twice in any period of 12 consecutive months and in no event for more than an aggregate of ninety (90) days in any 365 day period) if the Manager determines in its reasonable judgment that
the filing or effectiveness of the registration statement relating to such Demand Registration would cause the disclosure of material, non-public information that the Company has a bona fide business purpose for preserving as confidential or because
of the unavailability of audited or other required financial statements. In the event of a postponement by the Company of the filing or effectiveness of a registration statement for a Demand Registration, the Requesting Investors shall have the
right to withdraw such Demand in accordance with Section 2.3. 
 (h) The Company shall not include any securities in a Demand
Registration except Registrable Securities held by the Investors and securities held by the Strategic Investors pursuant to the Strategic Agreement and by the Shareholders, or with the written consent of Investors participating in such Demand
Registration that hold a majority of the Registrable Securities included in such Demand Registration. If, in connection with a Demand Registration, the lead bookrunning underwriters (or, if such Demand Registration is not an Underwritten Offering, a
nationally recognized independent investment bank selected by the Company and reasonably acceptable to Investors holding a majority of the Registrable Securities included in such Demand Registration, and whose fees and expenses shall be borne solely
by the Company) advise the Company in writing that, in their reasonable opinion, the inclusion of all of the securities, including securities of the Company that are not Registrable Securities, sought to be registered in connection with such Demand
Registration would adversely affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall include 

  

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in such registration statement only such securities as the Company is reasonably advised by such underwriters or investment bank can be sold without such
adverse effect as follows and in the following order of priority: (i) first, up to the number of Class A Common Shares requested to be included in such Demand Registration by any Shareholders, any Investors, and the Strategic Investors,
which, in the opinion of the underwriter or investment bank can be sold without adversely affecting the marketability of the offering, pro rata among such Shareholders, the Investors and the Strategic Investors, based upon the number
of Class A Common Shares deemed to be owned by such Persons (with any Class A Common Shares that are subject to restrictions on transfer pursuant to Section 3.1 hereof, Section 2.2 of the Shareholders Agreement,
Section 4.3 of any Roll-up Agreement or Section 7.2 of the Lender Rights Agreement, being deemed as not owned by such Investors, such Shareholders or such Strategic Investors, and any Class A Common Shares being issuable
upon conversion of non-voting Class A Common Shares or in connection with an Exchange being deemed to be owned by the holder thereof); (ii) second, securities the Company proposes to sell; and (iii) third, all other equity
securities duly requested to be included in such registration statement, pro rata on the basis of the amount of such other securities requested to be included or such other method determined by the Company. 
 (i) Any time that a Demand Registration involves an Underwritten Offering (i) the Investors holding a majority of the Registrable Securities
requested to be included in the Demand Registration (the “Majority Requesting Holders”) shall select a nationally-recognized investment banking firm (reasonably acceptable to the Company) to act as a co-lead bookrunning underwriter
with respect to the offering of such Registrable Securities, (ii) the Company shall select a nationally-recognized investment banking firm (reasonably acceptable to the Majority Requesting Holders) to act as a co-lead bookrunning underwriter
with respect to the offering of such Registrable Securities, and (iii) the Company shall enter into an underwriting agreement that is reasonably acceptable to the Company and the Majority Requesting Holders, with such agreement containing
representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of securities similar to the Class A Common Shares in
underwriting agreements with respect to offerings of securities similar to the Class A Common Shares for the account of, or on behalf of, such issuers. 
 (j) In connection with any Underwritten Offering under this Section 2.1(j), (i) the Company shall not be required to include the Registrable Securities of an Investor (other than a Majority Requesting
Holder) in the Underwritten Offering unless such Investor accepts the terms of the underwriting (pursuant to the underwriting agreement to be negotiated and entered into as specified in Section 2.1(i)) as agreed upon between the Company
and the underwriters selected by the Company, in accordance with the terms hereof, and (ii) any Majority Requesting Holder shall enter into the underwriting agreement referred to in Section 2.1(i)(iii) above. 
 (k) All rights of Investors under this Section 2.1 shall be subject to the restrictions of Article 3. 
  

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 Section 2.2 Piggyback Registration. 
 (a) Subject to the terms and conditions hereof, whenever the Company proposes to register any of its equity securities under the Securities Act (other
than a registration by the Company on a registration statement on Form S-4 or a registration statement on Form S-8, any successor forms thereto, and excluding any resale shelf registration statement that the Company agrees to file in connection with
the Private Placement) (a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give each Investor prompt written notice thereof (but not less than ten (10) Business Days prior
to the filing by the Company with the SEC of any registration statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify, at a minimum, the number of equity securities proposed to be registered, the proposed
date of filing of such registration statement with the SEC, the proposed means of distribution, the proposed managing underwriter or underwriters (if any and if known) and a reasonable estimate by the Company of the proposed minimum offering price
of such equity securities. Upon the written request of any Persons that on the date of the Piggyback Notice constitute an Investor (a “Piggyback Seller”) (which written request shall specify the number of Registrable Securities then
presently intended to be disposed of by such Piggyback Seller) given within ten (10) days after such Piggyback Notice is received by such Piggyback Seller, the Company, subject to the terms and conditions of this Agreement, shall use its
commercially reasonable efforts to cause all such Registrable Securities held by Piggyback Sellers with respect to which the Company has received such written requests for inclusion to be included in such Piggyback Registration on the same terms and
conditions as the Company’s equity securities being sold in such Piggyback Registration. 
 (b) If, in connection with a Piggyback
Registration, the lead bookrunning underwriter (or, if such Piggyback Registration is not an Underwritten Offering, a nationally recognized independent investment bank selected by the Company and reasonably acceptable to Investors holding a majority
of the Registrable Securities included in such Piggyback Registration, and whose fees and expenses shall be borne solely by the Company) advises the Company in writing that, in its reasonable opinion, the inclusion of all the equity securities of
the Company sought to be included in such Piggyback Registration by (i) the Company, (ii) others who have sought to have equity securities of the Company registered in such Piggyback Registration pursuant to rights to demand (other than
pursuant to so-called “piggyback” or other incidental or participation registration rights) such registration (such Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers, the Shareholders who have
sought to have Class A Common Shares included in such Piggyback Registration pursuant to “piggyback” rights provided in the Shareholders Agreement and within the Lender Rights Agreement, and (iv) any other proposed sellers of
equity securities of the Company (such Persons being “Other Proposed Sellers”), as the case may be, would adversely affect the marketability of the securities sought to be sold pursuant thereto, then the Company shall include in the
registration statement applicable to such Piggyback Registration only such equity securities of the Company as the Company is so advised by such underwriter can be sold without such an effect, as follows and in the following order of priority:

 (i) if the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such
number of equity securities of the Company to be sold by the Company for its own account, (B) second, Class A Common Shares requested to be 

  

 13 

 
included in such Piggyback Registration by any Other Demanding Sellers, any Piggyback Sellers, any Strategic Investors and any Shareholders (who have sought
to have Class A Common Shares included in such Piggyback Registration pursuant to “piggyback” rights provided in the Shareholders Agreement or the Lender Rights Agreement, as applicable) pro rata among such Other
Demanding Sellers, Piggyback Sellers and Shareholders based upon the number of Class A Common Shares deemed to be owned by such Persons (with any Class A Common Shares that are subject to restrictions on transfer pursuant to
Section 3.1 hereof, Section 2.2 of the Shareholders Agreement, Section 4.3 of any Roll-up Agreement or Section 7.2 of the Lender Rights Agreement, being deemed as not owned by such Investors, such
Shareholders or such Strategic Investors, and any Class A Common Shares being issuable upon conversion of non-voting Class A Common Shares or in connection with an Exchange being deemed to be owned by the holder thereof) and
(C) third, other equity securities of the Company proposed to be sold by any Other Proposed Sellers (excluding the Investors and the Strategic Investors); or 
 (ii) if the Piggyback Registration relates to an offering other than for the Company’s own account, then (A) first, Class A
Common Shares requested to be included in such Piggyback Registration by any Other Demanding Sellers, any Piggyback Sellers, any Strategic Investors and any Shareholders (each, as applicable, who have sought to have Class A Common Shares
included in such Piggyback Registration pursuant to “piggyback” rights provided in the Shareholders Agreement or the Lender Rights Agreement, as applicable) pro rata among such Other Demanding Sellers, Piggyback Sellers, the
Strategic Investors and Shareholders based upon the number of Class A Common Shares deemed to be owned by such Persons (with any Class A Common Shares that are subject to restrictions on transfer pursuant to Section 3.1 hereof,
Section 2.2 of the Shareholders Agreement, Section 4.3 of any Roll-up Agreement or Section 7.2 of the Lender Rights Agreement, being deemed as not owned by such Investors, such Shareholders or such Strategic
Investors, and any Class A Common Shares being issuable upon conversion of non-voting Class A Common Shares or in connection with an Exchange being deemed to be owned by the holder thereof), and (B) second, the other equity securities
of the Company proposed to be sold by any Other Proposed Sellers (excluding Investors and the Strategic Investors) or to be sold by the Company as determined by the Company. 
 (c) In connection with any Underwritten Offering under this Section 2.2, the Company shall not be required to include the Registrable
Securities of an Investor in the Underwritten Offering unless such Investor accepts the terms of the underwriting as agreed upon between the Company and the underwriters. 
 (d) If, at any time after giving written notice of its intention to register any of its equity securities as set forth in this Section 2.2 and prior to the time the registration statement filed in
connection with such Piggyback Registration is declared effective, the Company shall determine, at its election, for any reason not to register such equity securities, the Company may give written notice of such determination to each Piggyback
Seller within five (5) days thereof and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such particular withdrawn or abandoned Piggyback Registration (but not from its obligation to pay
the Registration Expenses in connection therewith as provided herein); provided, however, that Investors may continue the registration as a Demand Registration pursuant to the terms of Section 2.1. 
  

 14 

 (e) All rights of Investors under this Section 2.2 shall be subject to the restrictions of
Article 3. 
 Section 2.3 Withdrawal Rights. 
 Any Requesting Investor having notified or directed the Company to include any or all of its Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice
or direction with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to the Company prior to the effective date of such registration statement. In the event of any such
withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of this Agreement. No such withdrawal shall affect the
obligations of the Company with respect to the Registrable Securities not so withdrawn. If the Requesting Investor withdraws its notification or direction to the Company to include Registrable Securities in a registration statement in accordance
with this Section 2.3, such Investor shall be required to promptly reimburse the Company for all expenses incurred by the Company in connection with preparing for the registration of such Registrable Securities and such withdrawn
registration request shall also count as a Demand for purposes of Section 2.1(d). Notwithstanding anything to the contrary, with respect to any such registration withdrawn as a result of a Company postponement pursuant to
Section 2.1(g), (i) such Investor shall not be required to reimburse the Company for any expenses incurred by the Company in connection with preparing for such registration and (ii) such registration shall not count as a Demand
for purposes of Section 2.1(d). 
 Section 2.4 Holdback Agreements. 
 (a) To the extent (a) requested (i) by the Company or the Requesting Investor, as the case may be, in the case of a non-Underwritten Offering or
(ii) by the lead bookrunning underwriter in the case of an Underwritten Offering, and (b) the Company and all of the Company’s executive officers, directors and holders in excess of 5% of its outstanding equity securities (on a
fully-diluted and as-converted basis) execute agreements substantially identical to or more restrictive than those referred to in this Section 2.4(a), each Investor agrees not to effect any public sale or distribution (including sales
pursuant to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such equity securities of the Company, during any time period reasonably requested by the Company (which shall not
exceed ninety (90) days) with respect to the IPO, any Demand Registration or any Piggyback Registration (in each case, except as part of such registration), or, in each case, during any time period (which shall not exceed one hundred and eighty
(180) days) required by any underwriting agreement with respect thereto. 
 (b) With respect to each relevant offering, the Company
shall use its commercially reasonable efforts to cause all of its officers, directors and holders of more than 5% of the Registrable Securities (or any securities convertible into or exchangeable or exercisable for such Registrable Securities) to
execute holdback agreements that contain restrictions that are no less restrictive than the restrictions contained in the holdback agreements executed by the Company. 
  

 15 

 Section 2.5 Registration Procedures. 
 (a) If and whenever the Company is required to use commercially reasonable efforts to effect the registration of any Registrable Securities under the
Securities Act as provided in Section 2.1 and Section 2.2, the Company shall as expeditiously as reasonably possible: 
 (i) prepare and file with the SEC a registration statement to effect such registration and thereafter use commercially reasonable efforts to cause such registration statement to become and remain effective pursuant to
the terms of this Agreement and cause such registration statement to contain a “Plan of Distribution” that permits the distribution of securities pursuant to all legal means; provided, however, that the Company may
discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the registration statement relating thereto; provided, further, that a reasonable time before filing such
registration statement, prospectus or any amendments thereto, the Company will furnish to the counsel (“Selling Investors’ Counsel”) selected by the Investors that are including Registrable Securities in such registration
(“Selling Investors”) copies of all such documents proposed to be filed, which documents will be subject to the review of Selling Investors’ Counsel, and such review to be conducted with reasonable promptness; 
 (ii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier of such
time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement, or: 
 (A) in the case of a Demand Registration pursuant to Section 2.1, the expiration of ninety (90) days after such
registration statement becomes effective; 
 (B) in the case of a Piggyback Registration pursuant to Section 2.2,
the expiration of ninety (90) days after such registration statement becomes effective; 
 provided, that in each case, if
the Company shall have exercised its right to postpone the filing or effectiveness of a registration statement pursuant to Section 2.1(g), the Company shall be obligated to extend the effectiveness of such registration statement by the
duration of any such postponement; 
 (iii) furnish to each Selling Investor and each underwriter, if any, of the securities
being sold by such Selling Investors, prior to filing a registration statement, at least one copy of such registration statement as is proposed to be filed, and thereafter 

  

 16 

 
such number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits), such
number of copies of the prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing
Prospectus”) utilized in connection therewith and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling Investor and
underwriter, if any, may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Investors; 
 (iv) use commercially reasonable efforts to register or qualify such Registrable Securities covered by such registration statement under
such other securities laws or blue sky laws of such jurisdictions as any Selling Investor and any underwriter of the securities being sold by such Selling Investor shall reasonably request, and take any other action which may be reasonably necessary
or advisable to enable such Selling Investor and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Investor, except that the Company shall not for any such purpose be required to:

 (A) qualify generally to do business as a foreign limited liability company in any jurisdiction wherein it would not but
for the requirements of this clause (iv) be obligated to be so qualified; 
 (B) subject itself to taxation in any
such jurisdiction; or 
 (C) file a general consent to service of process in any such jurisdiction; 
 (v) use commercially reasonable efforts to cause such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities to be listed on a National Securities Exchange; 
 (vi) use commercially reasonable efforts to cause such Registrable Securities covered by such registration statement to be registered with
or approved by such other Governmental Entities as may be necessary to enable each Selling Investor thereof to consummate the disposition of such Registrable Securities; 
 (vii) in connection with an Underwritten Offering, obtain for each Selling Investor and underwriter: 
 (A) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings and
such other matters as may be reasonably requested by such Selling Investor and underwriters, and 
  

 17 

 (B) a “comfort” letter (or, in the case of any such Person which does not
satisfy the conditions for receipt of a “comfort” letter specified in Statement on Auditing Standards No. 100, an “agreed upon procedures” letter) signed by the independent public accountants who have certified the
Company’s financial statements included in such registration statement; 
 (viii) promptly make available for
inspection by any Selling Investor, any underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Investor or underwriter
(collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to
exercise their due diligence responsibility in connection with such registration statement, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such registration
statement; provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is required by Applicable Law or is
ordered pursuant to a subpoena or other order from a court, other Governmental Entity or self-regulatory organization of competent jurisdiction, the Company shall not be required to provide any information under this subparagraph
(viii) if: 
 (A) the Company reasonably believes, after consultation with counsel for the Company, that to do so
would cause the Company to forfeit an attorney-client privilege that was applicable to such information; or 
 (B) if either:
(x) the Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise; or (y) the Company reasonably determines that
such Records are confidential and so notifies the Inspectors in writing, 
 unless prior to furnishing any such information with respect to
(A) or (B) above, such Selling Investor requesting such information agrees, and causes each of its Inspectors (other than attorneys), to enter into a confidentiality agreement on terms reasonably acceptable to the Company
(which terms shall include customary exceptions and shall permit disclosure of such Records (i) as necessary to avoid or correct a misstatement or omission in the registration statement, (ii) as required by Applicable Law or (iii) as
ordered pursuant to a subpoena or other order from a court, other Governmental Entity or self-regulatory organization of competent jurisdiction); and provided, further, that each Selling Investor and Inspector agrees that it will, upon
learning that disclosure of such Records by such Selling Investor or Inspector is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent
disclosure of the Records deemed confidential; 
  

 18 

 (ix) promptly notify in writing each Selling Investor and the underwriters, if any, of
the following events: 
 (A) the filing of the registration statement, the filing of a prospectus or any prospectus supplement
related thereto or the filing of any amendment to the registration statement or the filing of any Free Writing Prospectus utilized in connection therewith, and, with respect to the registration statement or any amendment thereto, when the same has
become effective; 
 (B) any request by the SEC or any other Governmental Entity for amendments or supplements to the
registration statement or the prospectus or for additional information; 
 (C) the issuance by the SEC or any other
Governmental Entity of any stop order suspending the effectiveness of the registration statement or the initiation or threat of any Proceedings by any Person for that purpose; and
 (D) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for
sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any Proceeding for such purpose; 
 (x) notify each Selling Investor, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly prepare and
furnish to such Selling Investor a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 
 (xi) use commercially reasonable efforts to prevent the issuance of and, if issued, obtain the withdrawal of any order suspending the
effectiveness of such registration statement or any suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction; 
 (xii) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to
each Selling Investor, as soon as reasonably practicable but in no event later than fifteen (15) months after the effective date of the registration statement, an earnings statement of the Company covering the period of at least twelve
(12) months, but not more than eighteen (18) months, beginning with the first day of the Company’s first full quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder; 
  

 19 

 (xiii) cooperate with the Selling Investors and the managing underwriter to facilitate
the timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under Applicable Law) representing securities sold under any registration statement, and enable such securities to be in such
denominations and registered in such names as the managing underwriter or such Selling Investor may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply
of such certificates, or, if requested by a Selling Investor or an underwriter, to facilitate the delivery of such securities in book-entry form; 
 (xiv) have appropriate officers of the Company prepare and make presentations at any “road shows” and before analysts and rating agencies, as the case may be, and other information meetings organized by the
underwriters, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise use its commercially reasonable efforts to cooperate as reasonably requested by the Selling Investors and the
underwriters in the offering, marketing or selling of the Registrable Securities; provided, that such presentations, meetings, actions and efforts do not cause unreasonable disruption to the management of the Company’s business;

 (xv) with respect to each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that
no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Free Writing Prospectus or other materials without the prior written consent of the Investors holding the Registrable
Securities covered by such registration statement, which Free Writing Prospectuses or other materials shall be subject to the prior reasonable review of the Selling Investors and Selling Investors’ Counsel; 
 (xvi) (A) as expeditiously as possible and within the deadlines specified by the Securities Act, make all required filings of all
prospectuses and Free Writing Prospectuses with the SEC and (B) after the consummation of the IPO, within the deadlines specified by the Exchange Act, make all filings of periodic and current reports and other materials required by the Exchange
Act; 
 (xvii) as expeditiously as possible and within the deadlines specified by the Securities Act, make all required filing
fee payments in respect of any registration statement or prospectus used under this Agreement (and any offering covered thereby); 
 (xviii) as expeditiously as practicable, keep Selling Investors’ Counsel advised as to the initiation and progress of any registration under Article 2; 
 (xix) cooperate with each Selling Investor and each underwriter participating in the disposition of such Registrable Securities and their
respective counsel in connection with any filings required to be made with the NASD; 
 (xx) furnish the Selling Investors
(and Selling Investors’ Counsel) and the underwriters, as expeditiously as possible, copies of all correspondence with or from the SEC, the NASD, any stock exchange or other self-regulatory organization relating to the registration statement or
the transactions contemplated thereby and, a reasonable time prior to furnishing or filing any such correspondence to the SEC, the NASD, 

  

 20 

 
stock exchange or self-regulatory organization, furnish drafts of such correspondence to the Selling Investors (and Selling Investors’ Counsel) and the
underwriters for review and comment, such review and comment to be conducted with reasonable promptness; and 
 (xxi) to take
all other reasonable steps necessary to effect the registration and disposition of the Registrable Securities contemplated hereby. 
 (b) The
Company may require each Selling Investor and each underwriter, if any, to furnish the Company in writing such information regarding each Selling Investor or underwriter and the distribution of such Registrable Securities as the Company may from
time to time reasonably request to complete or amend the information required by such registration statement. 
 (c) Without limiting the
terms of this Article 2, in the event that the offering of Registrable Securities is to be made by or through an underwriter, the Company, if requested by the underwriter, shall enter into an underwriting agreement with a managing underwriter
or underwriters in connection with such offering containing representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of
securities similar to the Class A Common Shares in underwriting agreements with respect to offerings of securities similar to the Class A Common Shares for the account of, or on behalf of, such issuers. 
 (d) Each Selling Investor agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 2.5(a)(ix)(C), (a)(ix)(D) or (x), such Selling Investor shall forthwith discontinue such Selling Investor’s disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating
thereto until such Selling Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.5(a)(ix) or lifting of any suspension of (i) effectiveness of the Registration Statement or
(ii) qualification of any Registrable Security contemplated by Section 2.5(a)(x) and, if so directed by the Company, deliver to the Company, at the Company’s expense, all copies, other than permanent file copies, then in such Selling
Investor’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities. In the event the Company shall give such notice, any applicable ninety (90) day period during which such
registration statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date of giving of a notice pursuant to Section 2.5(a)(ix)(c), (a)(ix)(d) or (x) to the date when all
such Selling Investors are again able to sell their Registrable Securities under such registration statement with an appropriate a supplemented or amended prospectus and any such prospectus shall have been filed with the SEC. 
 Section 2.6 Registration Expenses.
 (a) All expenses incident to the Company’s performance of, or compliance with, its obligations under this Article 2 including, all registration and filing fees, all fees and expenses of compliance with securities and “blue
sky” laws, all fees and expenses associated with filings required to be made with the NASD (including, if applicable, reasonable and customary fees and expenses of any “qualified independent underwriter” as such term is defined in
Schedule E of the 

  

 21 

 
By-Laws of the NASD), all fees and expenses of compliance with securities and “blue sky” laws, all printing (including, expenses of printing
certificates for the Registrable Securities in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by a holder of Registrable Securities) and copying expenses, all
messenger and delivery expenses, all fees and expenses of the Company’s independent certified public accountants and counsel (including, with respect to “comfort” letters and opinions), the reasonable and customary fees and expenses
of one firm of counsel to the Selling Investors (which firm shall be selected by the Selling Investors that hold a majority of the Registrable Securities included in such registration), and all customary “road show” expenses (collectively,
the “Registration Expenses”) shall be borne by the Company, regardless of whether a registration is effected. The Company will pay its internal expenses (including, all salaries and expenses of its officers and employees performing
legal or accounting duties, the expense of any annual audit and the expense of any liability insurance) and the expenses and fees for listing the securities to be registered on each securities exchange and included in each established
over-the-counter market on which similar securities issued by the Company are then listed or traded. Each Selling Investor shall pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such
Selling Investor’s Registrable Securities pursuant to any registration. 
 Section 2.7 Indemnification. 
 (a) By the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each of the Selling Investors and
its Affiliates and their respective officers, directors, employees, managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such Selling
Investor or such other Person indemnified under this Section 2.7(a) from and against all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses)
(collectively, the “Losses”) to which they are or any of them may become subject under the Securities Act, the Exchange Act or other U.S. federal or state statutory law (including any applicable “blue sky” laws), rule or
regulation, at common law or otherwise, insofar as such Losses arise out of, are based upon, are caused by or relate to (i) any untrue statement or alleged untrue statement of a material fact contained in the Disclosure Package, the
Registration Statement, the Prospectus, any Free Writing Prospectus, any filing or document incidental to such registration or qualification of the securities as required by this Agreement or in any amendment or supplement to any of the foregoing,
and (ii) the omission or alleged omission to state in the Disclosure Package, the Registration Statement, the Prospectus, any Free Writing Prospectus, any filing or document incidental to such registration or qualification of the securities as
required by this Agreement or in any amendment or supplement to any of the foregoing any material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are made in conformity with
and reliance on information furnished in writing to the Company by such Selling Investor expressly for use therein. In connection with an Underwritten Offering and without limiting any of the Company’s other obligations under this Agreement,
the Company shall also indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriters
or such other Person indemnified under this Section 2.7(a) to the same extent as provided above with respect to the indemnification (and exceptions thereto) of Selling 

  

 22 

 
Investors. Reimbursements payable pursuant to the indemnification contemplated by this Section 2.7(a) will be made by periodic payments during
the course of any investigation or defense, as and when bills are received or expenses incurred. 
 (b) By the Selling Investors. In
connection with any registration statement in which a Selling Investor is participating, each such Selling Investor will furnish to the Company in writing information regarding such Selling Investor’s ownership of Registrable Securities and its
intended method of distribution thereof and, to the extent permitted by law, shall, indemnify the Company, its Affiliates and their respective directors, officers, employees and agents and each Person who controls (within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act) the Company or such other Person indemnified under this Section 2.7(b) against all Losses to which they are or any of them may become subject under the
Securities Act, the Exchange Act or other U.S. federal or state statutory law (including any applicable “blue sky” laws), rule or regulation, at common law or otherwise, insofar as such Losses arise out of, are based upon, are caused by or
relate to (i) any untrue statement or alleged untrue statement of a material fact contained in the Disclosure Package, the Registration Statement, the prospectus, any Free Writing Prospectus, any filing or document incidental to such
registration or qualification of the securities as required by this Agreement or in any amendment or supplement to any of the foregoing, and (ii) the omission or alleged omission to state in the Disclosure Package, the Registration Statement,
the prospectus, any Free Writing Prospectus, any filing or document incidental to such registration or qualification of the securities as required by this Agreement or in any amendment or supplement to any of the foregoing any material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in conformity with and reliance on information so furnished in writing by such Selling Investor.
In connection with an Underwritten Offering and without limiting any of each Selling Investors other obligations under this Agreement, each Selling Investor shall also indemnify such underwriters, their officers, directors, employees and agents and
each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriters or such other Person indemnified under this Section 2.7(b) to the same extent as provided
above with respect to the indemnification (and exceptions thereto) of the Company. Notwithstanding the foregoing, indemnification by the Selling Investors shall be several and not joint, and no Selling Investors shall be liable to the Company under
this Section 2.7 for amounts in excess of the net amount received by such Selling Investor in the offering giving rise to such liability. 
 (c) Notice. Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification; provided,
however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the indemnifying party has forfeited substantive rights or defenses as a result of such failure to provide such
notice on a timely basis. 
 (d) Defense of Actions. In any case in which any such action is brought against any indemnified party,
and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the
defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the 

  

 23 

 
indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not (so long as it shall continue
to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently incurred by such indemnified party in
connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it
which are different from or in addition to the defenses available to such indemnifying party, (ii) counsel to the indemnifying party has informed the indemnifying party that the joint representation of the indemnifying party and one or more
indemnified parties could be inappropriate under applicable standards of professional conduct, or (iii) the indemnifying party shall have failed within a reasonable period of time to assume such defense (with counsel reasonably satisfactory to
the indemnified party), in any such event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with retaining separate legal counsel). No indemnifying party shall be liable for any
settlement of any proceeding effected without its written consent, which consent shall not be withheld unreasonably, but if settled with such consent or if there is a final judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party to the extent provided elsewhere herein against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 2.7, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than (x) 60 days after receipt by such indemnifying party of the aforesaid request and (y) 30 days after receipt by such indemnifying party of the material terms
of such settlement, and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. The indemnifying party shall lose its right to defend, contest, litigate
and settle a matter if it shall fail to diligently contest such matter (except to the extent settled in accordance with the next following sentence). No matter shall be settled by an indemnifying party without the consent of the indemnified party
(which consent shall not be unreasonably withheld, it being understood that the indemnified party shall not be deemed to be unreasonable in withholding its consent if the proposed settlement imposes any obligation on the indemnified party). No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not include a
statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party. 
 (e) Survival.
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified Person and will survive the transfer of the Registrable Securities and the
termination of this Agreement. 
  

 24 

 (f) Contribution. If recovery is not available or is insufficient under the foregoing
indemnification provisions for any reason or reasons other than as specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with
respect to which such Person would be entitled to such indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative
knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the circumstances. It is
hereby agreed that it would not necessarily be equitable if the amount of such contribution were determined by pro rata or per capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not found guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Investor shall be required to make a contribution in excess of the net
amount received by such Selling Investor from its sale of Registrable Securities in connection with the offering that gave rise to the contribution obligation. 
 (g) Request for Information. Not less than ten (10) Business Days before the expected
filing date of each registration statement pursuant to this Agreement, the Company shall notify each Investor who has timely provided the requisite notice hereunder entitling such Investor to register Registrable Securities in such registration
statement of the information, documents and instruments from such Investor that the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to a questionnaire, custody agreement,
power of attorney, lock-up letter and underwriting agreement (the “Requested Information”). If the Company has not received, on or before the second (2nd) day before the expected filing date, the Requested Information (or a written assurance from such Investor that the Requested Information that cannot be practicably provided prior to the filing of the
registration statement shall be provided in a timely fashion) from such Investor, the Company may file the registration statement without including Registrable Securities of such Investor (or amend such registration statement to exclude the
Registrable Securities of an Investor who fails to provide information when needed). The failure to so include in any registration statement the Registrable Securities of an Investor (with regard to that registration statement) shall not in and of
itself result in any liability on the part of the Company to such Investor. 
 ARTICLE 3 
 TRANSFER RESTRICTIONS 
 Section 3.1
Permitted Transferees. 
 (a) No Investor may Transfer any of its Purchased Securities prior to the one (1) year anniversary of
the Closing Date, other than to its Permitted Transferees and between Permitted Transferees of an Investor. The Company shall not be obligated to register any proposed Transfer of Purchased Securities by any Investor pursuant to this Article
3 on the stock transfer books of the Company until the Company shall have received an opinion of counsel reasonably satisfactory to the Company, to the effect that the proposed transfer is in compliance with the Securities Act or any such other
Applicable Laws and/or representation letters in form and substance reasonably satisfactory to the Company, in each case to the extent necessary to ensure compliance with the provisions of the Securities Act and any other Applicable Laws. Upon

  

 25 

 
satisfaction of conditions described in the immediately preceding sentence and the execution and delivery to the Company of a joinder to the Transaction
Documents, as required under the terms of the definition of “Permitted Transferee” hereunder, the applicable Permitted Transferee shall be treated as an “Investor” for all purposes under the Transaction Documents.

 (b) No Investor (together with its Permitted Transferees and any other Investor) may transfer, in one transaction or a series of related
transactions, Purchased Securities representing 2% or more of the total outstanding Class A Common Shares (calculated on a fully-diluted basis as if all Operating Group Units had been exchanged for Class A Common Shares) to any one Person
or “group” (as defined in Section 13(d) or the Exchange Act as in effect on the date this Agreement) of related Persons; provided, that transfers of Purchased Securities representing 2% or more of the total outstanding
Class A Common Shares (calculated on a fully-diluted basis as if all Operating Group Units had been exchanged for Class A Common Shares) to underwriters or placement agents shall be permissible so long as such underwriters or placement
agents are themselves bound to comply with such restriction. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, in
the event any Permitted Transferee that holds any Purchased Securities or Apollo Securities acquired pursuant to Section 3.1 ceases to be an Affiliate of Credit Suisse (an “Unaffiliated Transferee”), such Unaffiliated
Transferee and Credit Suisse shall promptly give notice to the Company of the change in circumstances and such Unaffiliated Transferee shall immediately and unconditionally Transfer any Purchased Securities held by it back to Credit Suisse.

 (d) Notwithstanding anything to the contrary contained herein, each Investor that is an entity that was formed for the primary purpose of
directly or indirectly acquiring equity securities of the Company or that has no substantial assets other than the equity securities of the Company or direct or indirect interests in the equity securities of the Company agrees that
(i) certificates for units of its common stock or other instruments reflecting equity interests in such entity (and the certificates for units of common stock or other equity interests in any similar entities controlling such entity) will note
the Transfer restrictions contained in this Agreement as if such common stock or other equity interests were equity securities of the Company, (ii) no units of such common stock or other equity interests may be Transferred (including any
Transfer or issuance by such entity) to any Person other than in accordance with the terms and provisions of this Agreement as if such common stock or other equity interests were equity securities of the Company and (iii) any Transfer of such
common stock or other equity interests shall be deemed to be a Transfer of a proportionate percentage of equity securities of the Company. 
 ARTICLE 4 
 TERM 
 The provisions of this Agreement shall become effective immediately upon consummation of the Closing and shall terminate and become void and of no further force and effect after the five (5) year anniversary of the Closing Date;
provided, that, the provisions of Section 2.7 and Article 5 shall survive any termination of this Agreement; provided, further, that the right by a party to commence a Proceeding against any other party
for any breach of this Agreement by such other party that occurs prior to the earlier of (x) termination of this Agreement and (y) the termination of the applicable provision, shall survive such termination, unimpaired, for a period of
eighteen (18) months from the date of such termination. 
  

 26 

 ARTICLE 5 
 MISCELLANEOUS 
 Section 5.1 Transfers and Related Matters. 
 (a) Any Transfer or attempted Transfer not in conformity with this Agreement and the Stock Purchase Agreement shall be null, void and of no effect. In
connection with any attempted Transfer not in conformity therewith or herewith, the Company may hold and refuse to Transfer any Apollo Securities, or any certificates therefore, in addition to, and without prejudice to, any and all other rights and
remedies that may be available to it. 
 Section 5.2 Notices. 
 All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument
delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 5.2) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set
forth below or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties: 
 (a) if
to the Company, to: 
 Apollo Management, L.P. 
 9 West 57th Street, 43rd Floor 
 New York, NY 10019 
 Attention: John J. Suydam 
 Facsimile: (212) 515-3288 
 with a copy to: 
 O’Melveny &
Myers LLP 
 7 Times Square 
 New
York, NY 10036 
 Attention: Harvey M. Eisenberg 
 Facsimile: (212) 326-2061 
 (b) if to Credit Suisse, to: 
 Credit Suisse Securities (USA) LLC 
 11
Madison Avenue 
 New York, NY 10010 
 Attention: 
 Facsimile: 
  

 27 

 with a copy to 
 Cravath, Swaine & Moore LLP 
 825 Eighth Avenue 
 New York, New York 10019 
 Attention: Kris F.
Heinzelman 
 Facsimile: (212) 474-3700 
 Section 5.3 Severability. 
 It is the desire and intent of the parties hereto that the provisions of
this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by an
arbitrator in accordance with Section 5.9 or, if applicable, a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 Section 5.4 Counterparts. 
 This Agreement may be executed in any number of counterparts, including by facsimile transmission, and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same document. All such
counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. 
 Section 5.5
Entire Agreement; No Third Party Beneficiaries. 
 The Transaction Documents and any other written agreement executed contemporaneously
herewith constitute the entire agreement by, between and among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements, both written and oral, by, between and among the Company on one hand and
Investors on the other hand, with respect to the subject matter hereof and thereof. This Agreement is not intended to confer upon any Person, other than the parties hereto, their Permitted Transferees or a third party purchaser pursuant to an
Investor Private Sale, except as provided in Section 2.7(a) and Section 2.7(b) of this Agreement, any rights or remedies hereunder or under the Operating Agreement. 
 Section 5.6 Further Assurances. 
 Each
party hereto shall do and perform, or cause to be done and performed, all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request
in order to carry out the provisions of this Agreement and the consummation of the transactions contemplated hereby. 
  

 28 

 Section 5.7 Governing Law. 
 THE TRANSACTION DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The parties hereto agree that
irreparable damage would occur in the event that any of the provisions of the Transaction Documents were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that in the event that
(a) arbitration pursuant to Section 5.9 is not available, or (b) circumstances exist such that immediate action must be taken to preserve the intent of the Transaction Documents, as applicable, pending an arbitration in
accordance with Section 5.9, the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of the Transaction Documents and to enforce specifically the terms and provisions hereof
in and thereof in the Selected Court, this being in addition to any other remedy to which they are entitled at law or in equity. In such event, any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by
each of the parties hereto. Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance pursuant to this Section 5.7, it will not
assert the defense that a remedy at law would be adequate. 
 Section 5.8 Consent to Jurisdiction. 
 It is the desire and intent of the parties hereto that any disputes or controversies arising under or in connection with the Transaction Documents be
resolved pursuant to arbitration in accordance with Section 5.9; provided, however, that, to the extent that Section 5.9 is held to be invalid or unenforceable for any reason, and the result is that the parties hereto are
precluded from resolving any claim arising under or in connection with the Transaction Documents, as applicable, pursuant to the terms of Section 5.9 (after giving effect to the terms of Section 5.3), the following provisions
of this Section 5.8 shall govern the resolution of all such disputes or controversies. With respect to any suit, action or proceeding (“Action”) arising out of or relating to the Transaction Documents or any transaction
contemplated hereby and thereby each of the parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction (A) of the United States District Court for the Southern District of New York or (B) in the event that such court
lacks jurisdiction to hear the claim, in the State Courts of New York located in the borough of Manhattan, New York City (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on
the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Action other than before one of the Selected Courts; provided, however, that a party may commence any Action in a court other than the Selected Court solely
for the purpose of enforcing an order or judgment issued by the Selected Court; (b) consents to service of process in any Action by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international
express carrier or delivery service, to the Company and such Investor at their respective addresses referred to in Section 5.2; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any
other manner permitted by law; and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THE TRANSACTION 

  

 29 

 
DOCUMENTS OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES
THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM
RELATING TO THE TRANSACTION DOCUMENTS OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 Section 5.9 [reserved] 
 Section 5.10
Amendments; Waivers 
 (a) The terms and provisions of the Transaction Documents may be modified or amended, and any of the provisions
thereof be waived, temporarily or permanently, pursuant to a written instrument executed by the Company and the holders of 66% of the Purchased Securities that are Registrable Securities; provided, that as long as Credit Suisse holds
at least 50% of the Purchased Securities that are Registrable Securities, such written instrument shall also separately require the execution of Credit Suisse; provided, further that any such amendment, modification or waiver that
would adversely affect the rights hereunder of any Investor, in its capacity as an Investor, without similarly affecting the rights hereunder of all Investors, in their capacities as Investors, shall not be effective as to such Investor without its
prior written consent. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law. 
 Section 5.11 Assignment. 
 Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of
the other parties; provided, that (a) the Company may assign its rights and/or obligations, in whole or in part, under this Agreement to one or more of its Affiliates; provided, that such Affiliate(s) execute and
deliver to Investors a joinder to this Agreement and (if applicable) the Operating Agreement pursuant to which such Affiliate agrees to be bound by all of the obligations of the Company to the applicable Transaction Documents and the Operating
Agreement (if applicable); and (b) each Investor may assign its rights under this Agreement to a Permitted Transferee to the extent that such Investor Transfers Purchased Securities to such Person; provided, however, that such
Investors will not as a group have greater rights with respect to any provision of this Agreement than Credit Suisse is entitled to under such provision, including with respect to the aggregate number of demand rights pursuant to
Section 2.1(c). Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. 
  

 30 

 Section 5.12 No Inconsistent Agreements. 
 No Investor hereunder shall enter into any investor agreements or arrangements of any kind with any Person with respect to any Apollo Securities on terms
inconsistent with the Transaction Documents, the Lender Rights Agreement or the Operating Agreement (whether or not such agreements or arrangements are with other holders of securities of the Company or with Persons that are not parties to the
Transaction Documents), including agreements or arrangements with respect to the acquisition or disposition of any securities of the Company in a manner inconsistent with the Transaction Documents, the Lender Rights Agreement or the Operating
Agreement. 
 Section 5.13 Exercise of Rights. 
 In the event that any Investor exercises any rights hereunder, such Investor will be deemed to have exercised such right on behalf of itself and its Affiliates. 
 Section 5.14 Investor Cooperation. 
 Without limitation to any rights of the Investors hereunder (including Section 3.3), each Investor shall, and shall cause its Subsidiaries to, provide all reasonable cooperation requested by the Company to the extent necessary
or helpful to permit the Company and its Affiliates to comply with Applicable Laws or obtain approvals from any Governmental Entity or make filings with any Governmental Entity necessary or helpful to carry out the businesses of the Company and its
Subsidiaries, including in connection with an IPO or Private Placement; provided, that Credit Suisse shall not be obligated to furnish any information regarding its activities (financial or otherwise) that it deems, in its commercially
reasonable discretion, proprietary or confidential. 
 Section 5.15 Rights Terminate. 
 Any Investor who disposes of all of its Purchased Securities in conformity with the terms and conditions set forth in this Agreement shall cease to be a
party to this Agreement and shall have no further rights hereunder; provided, that any such disposal of Purchased Securities by an Investor shall not serve to release such Investor from any liability arising from its breach of this
Agreement. 
 Section 5.16 The Company, the Manager and Holdings. 
 Both the Manager and Holdings agree, as applicable, that either (acting on their own or in concert) shall cause, or cause any of their respective
Affiliates to cause, the Company to comply with all of the terms and conditions of this Agreement that are applicable to the Company. 
 [Signature page follows] 
  

 31 

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

			
	APOLLO GLOBAL MANAGEMENT, LLC
	
	By: AGM Management, LLC
	        its manager
	
	By: BRH Holdings GP, Ltd.
	        its Sole Member
		
	By:	 	/s/ John J. Suydam
	Name:	 	John J. Suydam
	Title:	 	Vice President
	
	AGM MANAGEMENT, LLC
	
	By: BRH Holdings GP, Ltd.
	        its Sole Member
		
	By:	 	/s/ John J. Suydam
	Name: 	 	John J. Suydam
	Title:	 	Vice President
	
	A.P. PROFESSIONAL HOLDINGS, L.P.
	
	By: BRH Holdings GP, Ltd.
	        its General Partner
		
	By:	 	/s/ John J. Suydam
	Name: 	 	John J. Suydam
	Title:	 	Vice President
	
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	/s/ Credit Suisse Securities (USA) LLC
	Name:	 	
	Title:	 	

 [Investor Rights Agreement — Apollo Global Management] 

 Annex A 
 Form of Joinder Agreement 
 Reference is made to the (i) the Stock Purchase Agreement, dated as of
July 16, 2007 and as amended, restated, supplemented or otherwise modified from time to time (the “Stock Purchase Agreement”), by and among Apollo Global Management, LLC (the “Company”), a Delaware limited
liability company, AGM Management, LLC, a Delaware limited liability company (the “Manager”), and Credit Suisse Securities (USA) LLC, a Delaware limited liability company (“Credit Suisse”), and (ii) the
Investor Rights Agreement, dated as of •, 2007 and as amended, restated, supplemented or otherwise modified from time to time (the “Investor Rights Agreement” and, together with the Stock Purchase Agreement, the
“Transaction Documents”), by and among the Company, the Manager and Credit Suisse. Capitalized terms used but not defined in this Joinder Agreement have the meanings ascribed to them in the Investor Rights Agreement. 
 You hereby agree to be bound by, and to act in accordance with, the terms and conditions of the Transaction Documents as if you had signed the
Transaction Documents and been a party thereto. 
 You agree that you will be an “Investor” for all purposes under the Transaction
Documents. 
 Please sign and return to us this joinder agreement to indicate your acceptance of the terms and conditions set forth herein.

  

	
	
	  
	Name:
	Address:
	Date:

  

 A-1Apollo Global Management, LLC 2007 Omnibus Equity Incentive Plan

 Exhibit 10.8 
 Originally Adopted October 23, 2007 
 As Amended as of March 31, 2008 
 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. 
  

 2 

 (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. 
  

 3 

 (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 

  

 4 

 
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. 
 (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. 
  

 5 

 (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; 
  

 6 

 (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 

  

 7 

 
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. 
 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, 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. 
  

 8 

 (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, 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 

  

 9 

 
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 includible in the gross income of the Participant for U.S. federal, state or local income tax purposes and/or for other 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 federal, state, or local 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, 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 

  

 16 

 
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. 
 (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] 
  

 17

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