Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

AMENDED AND RESTATED 
 AGREEMENT
OF LIMITED PARTNERSHIP 
 OF 

OZ ADVISORS LP 
 Dated as of
February 7, 2019 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
	 Section 1.1
	 	Definitions	  	 	2	 
		
	 ARTICLE II GENERAL PROVISIONS
	  	 	24	 
	 Section 2.1
	 	Organization	  	 	24	 
	 Section 2.2
	 	Partnership Name	  	 	24	 
	 Section 2.3
	 	Registered Office, Registered Agent	  	 	25	 
	 Section 2.4
	 	Certificates	  	 	25	 
	 Section 2.5
	 	Nature of Business; Permitted Powers	  	 	25	 
	 Section 2.6
	 	Fiscal Year	  	 	25	 
	 Section 2.7
	 	Perpetual Existence	  	 	25	 
	 Section 2.8
	 	Limitation on Partner Liability	  	 	25	 
	 Section 2.9
	 	Indemnification	  	 	25	 
	 Section 2.10
	 	Exculpation	  	 	26	 
	 Section 2.11
	 	Fiduciary Duty	  	 	27	 
	 Section 2.12
	 	Confidentiality; Intellectual Property	  	 	27	 
	 Section 2.13
	 	Non-Competition; Non-Solicitation; Non-Disparagement;
Non-Interference; and Remedies	  	 	29	 
	 Section 2.14
	 	Insurance	  	 	34	 
	 Section 2.15
	 	Representations and Warranties	  	 	34	 
	 Section 2.16
	 	Devotion of Time	  	 	35	 
	 Section 2.17
	 	Partnership Property; Partnership Interest	  	 	35	 
	 Section 2.18
	 	Short Selling and Hedging Transactions	  	 	35	 
	 Section 2.19
	 	Compliance with Policies	  	 	36	 
		
	 ARTICLE III INTERESTS AND ADMISSION OF PARTNERS
	  	 	36	 
	 Section 3.1
	 	Units and other Interests	  	 	36	 
	 Section 3.2
	 	Issuance of Additional Units and other Interests	  	 	55	 
		
	 ARTICLE IV VOTING AND MANAGEMENT
	  	 	57	 
	 Section 4.1
	 	General Partner: Power and Authority	  	 	57	 
	 Section 4.2
	 	Partner Management Committee	  	 	58	 
	 Section 4.3
	 	Partner Performance Committee	  	 	60	 
	 Section 4.4
	 	Books and Records; Accounting	  	 	61	 
	 Section 4.5
	 	Expenses	  	 	62	 
	 Section 4.6
	 	Partnership Tax and Information Returns	  	 	62	 
		
	 ARTICLE V CONTRIBUTIONS AND CAPITAL ACCOUNTS
	  	 	63	 
	 Section 5.1
	 	Capital Contributions	  	 	63	 
	 Section 5.2
	 	Capital Accounts	  	 	63	 
	 Section 5.3
	 	Determinations by General Partner	  	 	65	 

							
	 ARTICLE VI ALLOCATIONS
	  	 	66	 
	 Section 6.1
	 	Allocations for Capital Account Purposes	  	 	66	 
	 Section 6.2
	 	Allocations for Tax Purposes	  	 	70	 
		
	 ARTICLE VII DISTRIBUTIONS
	  	 	72	 
	 Section 7.1
	 	Distributions	  	 	72	 
	 Section 7.2
	 	Distributions in Kind	  	 	73	 
	 Section 7.3
	 	Tax Distributions	  	 	73	 
	 Section 7.4
	 	Expense Amount Distributions	  	 	74	 
	 Section 7.5
	 	Borrowing	  	 	74	 
	 Section 7.6
	 	Restrictions on Distributions	  	 	75	 
		
	 ARTICLE VIII TRANSFER OR ASSIGNMENT OF INTEREST; CESSATION OF PARTNER STATUS
	  	 	75	 
	 Section 8.1
	 	Transfer and Assignment of Interest	  	 	75	 
	 Section 8.2
	 	Withdrawal by General Partner	  	 	78	 
	 Section 8.3
	 	Withdrawal and Special Withdrawal of Limited Partners	  	 	78	 
	 Section 8.4
	 	Vesting	  	 	80	 
	 Section 8.5
	 	Tag-Along Rights	  	 	81	 
	 Section 8.6
	 	Drag-Along Rights	  	 	81	 
	 Section 8.7
	 	Reallocation of Common Units pursuant to Partner Agreements	  	 	82	 
		
	 ARTICLE IX DISSOLUTION
	  	 	82	 
	 Section 9.1
	 	Duration and Dissolution	  	 	82	 
	 Section 9.2
	 	Notice of Liquidation	  	 	83	 
	 Section 9.3
	 	Liquidator	  	 	83	 
	 Section 9.4
	 	Liquidation	  	 	83	 
	 Section 9.5
	 	Capital Account Restoration	  	 	84	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	84	 
	 Section 10.1
	 	Incorporation of Agreements	  	 	84	 
	 Section 10.2
	 	Amendment to the Agreement	  	 	84	 
	 Section 10.3
	 	Successors, Counterparts	  	 	85	 
	 Section 10.4
	 	Applicable Law; Submission to Jurisdiction; Severability	  	 	85	 
	 Section 10.5
	 	Arbitration	  	 	86	 
	 Section 10.6
	 	Filings	  	 	88	 
	 Section 10.7
	 	Power of Attorney	  	 	88	 
	 Section 10.8
	 	Headings and Interpretation	  	 	89	 
	 Section 10.9
	 	Additional Documents	  	 	89	 
	 Section 10.10
	 	Notices	  	 	89	 
	 Section 10.11
	 	Waiver of Right to Partition	  	 	89	 
	 Section 10.12
	 	Partnership Counsel	  	 	89	 
	 Section 10.13
	 	Survival	  	 	89	 
	 Section 10.14
	 	Ownership and Use of Name	  	 	89	 
	 Section 10.15
	 	Remedies	  	 	90	 
	 Section 10.16
	 	Entire Agreement	  	 	90	 

  
 ii 

 This AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF OZ ADVISORS LP, a Delaware
limited partnership (the “Partnership”), is made as of February 7, 2019 (the “Recapitalization Date”), by and among Och-Ziff Holding Corporation, a Delaware corporation,
as general partner (the “Initial General Partner”) and the Limited Partners (as defined below). 
 WHEREAS, OZ Advisors,
L.L.C. (the “Original Company”) was originally organized as a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act, 6 Del. C.
§18-101, et seq. (the “LLC Act”) on December 12, 1997; 
 WHEREAS, on
June 25, 2007, the Original Company was converted from a Delaware limited liability company to a Delaware limited partnership organized pursuant to the Delaware Revised Uniform Limited Partnership Act, 6 Del. C.
§17-101, et seq. (the “Act”), and an Agreement of Limited Partnership of OZ Advisors LP dated as of June 25, 2007 (the “Initial Partnership Agreement”); 

WHEREAS, from the date of the Initial Partnership Agreement, Och-Ziff Associates, L.L.C. ceased to be
a Limited Partner and each of Daniel S. Och, David Windreich and their respective Related Trusts which on the date of the Initial Partnership Agreement were also members of Och-Ziff Associates, L.L.C. became
Limited Partners as of such date; and 
 WHEREAS, the Initial Partnership Agreement was amended and restated on November 13, 2007 (the
Initial Partnership Agreement, as amended and restated on such date, the “Prior Partnership Agreement”), on February 11, 2008, on September 30, 2009, on August 1, 2012, on December 14, 2015, and on March 1,
2017, and was subsequently amended by the amendments thereto dated (i) March 28, 2018 and effective as of February 16, 2018 and (ii) as of January 3, 2019; 

WHEREAS, in connection with the transactions described in the letter agreement, dated as of December 5, 2018 (the “Letter
Agreement”), among Och-Ziff, Daniel Och, the Operating Group Entities and the Intermediate Holding Companies, the Partnership entered into an Agreement and Plan of Merger, dated as of the
Recapitalization Date (the “Merger Agreement”), with Orion Merger Sub II LP, a Delaware limited partnership (“Merger Sub”); and 

WHEREAS, pursuant to the Merger Agreement, Merger Sub merged with and into the Partnership on the Recapitalization Date (the
“Merger”), and the Prior Partnership Agreement was amended and restated to read as set forth herein. 
 NOW THEREFORE, in
consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

  
 1 

 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions. As used herein, the following terms shall have the following meanings: 
 “4Q Distribution Date” means
the date on which distributions are made by the Operating Group Entities in respect of Common Units with respect to Net Income earned by the Operating Group Entities during the fourth quarter of any Fiscal Year. 

“Act” has the meaning specified in the recitals to this Agreement. 

“Active Individual LP” means each of the Individual Limited Partners that is an Executive Managing Director of the
General Partner, prior to the Withdrawal or Special Withdrawal of such Individual Limited Partner or such Individual Limited Partner ceasing to be actively involved with the Partnership and its Affiliates due to death or Disability. 

“Additional Class E Common Units” has the meaning set forth in Section 3.1(g)(ii). 

“Additional Limited Partner” has the meaning specified in Section 3.2(a). 

“Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end of each Fiscal Year,
(a) increased by any amounts that such Partner is obligated to restore under the standards set by Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury
Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the amount of all losses and deductions that, as of the end of such Fiscal Year, are
reasonably expected to be allocated to such Partner in subsequent years under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section 1.751-1(b)(2)(ii), and (ii) the amount of all
distributions that, as of the end of such Fiscal Year, are reasonably expected to be made to such Partner in subsequent years in accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such
Partner’s Capital Account that are reasonably expected to occur during (or prior to) the year in which such distributions are reasonably expected to be made (other than increases as a result of a minimum gain chargeback pursuant to
Section 6.1(d)(i) or Section 6.1(d)(ii)). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith. 
 “Adjusted Class A Shares” as of any date means the total
number of Class A Shares (calculated on an as-converted basis) most recently reported by Och-Ziff as outstanding (other than any Class D Common Units,
Class E Common Units, Class P Common Units or Class A Restricted Share Units (or any similar interests) included in such number). 

“Adjusted Property” means any property the Carrying Value of which has been adjusted pursuant to Section 5.2(b)(iii).

  
 2 

 “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. 

“Agreed Value” of any Contributed Property means the fair market value of such property or other consideration at the time of
contribution as determined by the General Partner, without taking into account any liabilities to which such Contributed Property was subject at such time. The General Partner shall use such method as it determines to be appropriate to allocate the
aggregate Agreed Value of Contributed Properties contributed to the Partnership in a single or integrated transaction among each separate property on a basis proportional to the fair market value of each Contributed Property. 

“Agreement” means this Amended and Restated Agreement of Limited Partnership of the Partnership, as amended, modified,
supplemented or restated from time to time. 
 “Annual Capital Expenditures” shall have the meaning set forth in the
Class A Preferred Unit Designation as of the Recapitalization Date. 
 “Applicable Securities Exchange” for any period
means the New York Stock Exchange or another exchange registered with the United States Securities and Exchange Commission under Section 6(a) of the Exchange Act on which the Class A Shares are listed for trading during such period. 

“Average Share Price” for any period shall mean the average closing price on the Applicable Securities Exchange of one
Class A Share for each of the trading days that occur during such period. 
 “Book-Tax
Disparity” means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis
thereof for U.S. federal income tax purposes as of such date. 
 “Book-Up
Provisions” means the provisions herein governing a revaluation of the Capital Accounts of the Partners, including Sections 3.1(d)(ii), 5.2(b)(iii) and 6.1(c) and each relevant definition. 

“Book-Up Target” means, at any time, and with respect to any Unit, that the Economic
Capital Account Balance attributable to such Unit is equal to (i) the aggregate Economic Capital Account Balances attributable to all Common Units outstanding at such time, divided by (ii) the total number of Common Units then outstanding
(in each case of clauses (i) and (ii), other than any Class A-1 Common Units and any other Common Units or PSIs that are subordinate to such Unit in order of priority under
Section 6.1(c)(i)-(iv)). 
 “Business Day” means any day other than Saturday, Sunday or any other day on which
commercial banks in the State of New York are authorized or required by law or executive order to remain closed. 

  
 3 

 “Capital Account” means the capital account maintained for a Partner
pursuant to Section 5.2. 
 “Capital Contribution” means any cash, cash equivalents or the Net Agreed Value of
Contributed Property that a Partner contributes to the Partnership pursuant to this Agreement. 
 “Carrying Value” means
(a) with respect to a Contributed Property, the Agreed Value of such property reduced (but not below zero) by all depreciation, amortization and cost recovery deductions charged to the Partners’ Capital Accounts in respect of such
Contributed Property, and (b) with respect to any other Partnership property, the adjusted basis of such property for U.S. federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted to
equal its respective gross fair market value (taking Section 7701(g) of the Code into account) upon an adjustment to the Capital Accounts of the Partners in accordance with Section 5.2(b)(iii) and to reflect changes, additions or other
adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, in the sole and absolute discretion of the General Partner. 

“Cause” means, in respect of an Individual Limited Partner, that such Partner (i) has committed an act of fraud,
dishonesty, misrepresentation or breach of trust; (ii) has been convicted of a felony or any offense involving moral turpitude; (iii) has been found by any regulatory body or self-regulatory organization having jurisdiction over the Och-Ziff Group to have, or has entered into a consent decree determining that such Partner, violated any applicable regulatory requirement or a rule of a self-regulatory organization; (iv) has committed an act
constituting gross negligence or willful misconduct; (v) has violated in any material respect any agreement relating to the Och-Ziff Group; (vi) has become subject to any proceeding seeking to
adjudicate such Partner bankrupt or insolvent, or seeking liquidation, reorganization, arrangement, adjustment, protection, relief or composition of the debts of such Partner under any law relating to bankruptcy, insolvency or reorganization or
relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for such Partner or for any substantial part of the property of such Partner, or such Partner has taken any action
authorizing such proceeding; or (vii) has breached any of the non-competition, non-solicitation or non-disparagement
covenants in Section 2.13 or, if applicable, any of those provided in such Partner’s Partner Agreement, the breach of any of which shall be deemed to be a material breach of this Agreement. 

“Certificate of Limited Partnership” means the Certificate of Limited Partnership executed and filed in the office of the
Secretary of State of the State of Delaware on June 25, 2007 (and any and all amendments thereto and restatements thereof) on behalf of the Partnership pursuant to the Act. 

“Certificate of Ownership” has the meaning set forth in Section 3.1. 

“Change of Control” means the occurrence of the following: (i) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Operating Group Entities, taken as a whole, to any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than to a 

  
 4 

 
Continuing OZ Person; or (ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that
term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing OZ Person, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the
Exchange Act or any successor provision) of a majority of the voting interests in (1) Och-Ziff or (2) one or more of the Operating Group Entities comprising all or substantially all of the assets of
the Operating Group Entities or (B) entitled to receive a Majority Economic Interest in connection with such transaction. 

“Class A Common Units” has the meaning set forth in Section 3.1(a). 

“Class A Cumulative Preferred Units” has the meaning set forth in Section 3.1(a). 

“Class A Exchange Agreement” means that certain Amended and Restated Exchange Agreement (as amended, restated or
supplemented) relating to Exchangeable Common Units, dated as of the Recapitalization Date, by and among Och-Ziff, the Intermediate Holdings Companies, the Operating Group Entities and Class B
Shareholders from time to time party thereto. 
 “Class A Parity Units” means (a) any equity securities in the
Partnership or any other entity in the Och-Ziff Group (or any debt or other securities convertible into equity securities of the Operating Group Entities or any other entity in the Och-Ziff Group), in each case other than any Subsidiaries of the Operating Group Entities, that Och-Ziff, the Partnership or any other entity in the Och-Ziff Group may authorize or issue, the terms of which provide that, or otherwise result in, such securities ranking pari passu or senior to the Class A Common Units and (b) any equity securities
in any Subsidiary of the Partnership (or any debt or other securities convertible into equity securities of any Subsidiary of the Partnership). For purposes of clause (b), (i) a Subsidiary of the Partnership does not include any OZ Fund, any OZ CLO
or any of their respective Subsidiaries and (ii) securities issued by a Subsidiary of the Partnership are not Class A Parity Units to the extent they are issued (A) solely to the Operating Group Entities or any of their wholly-owned
Subsidiaries or (B) to satisfy, upon the advice of outside counsel, any regulatory or other legal requirements as contemplated by clause (ii) of Section 9(a) of the Class A Preferred Unit Designation. For the avoidance of doubt,
securities described in clause (a) of this definition of Class A Parity Units shall include Class D Common Units, Class E Common Units, Class P Common Units and Class A Restricted Share Units. 

“Class A Preferred Unit Designation” has the meaning set forth in Section 3.2(b). 

“Class A Restricted Share Unit” means a Class A Restricted Share Unit of
Och-Ziff. 
 “Class A Share” means a common share representing a limited liability
company interest in Och-Ziff designated as a “Class A Share” or any security into which such shares are converted in connection with any conversion of Och-Ziff
into a corporation. 
 “Class A-1 Common Units” has the meaning set forth in
Section 3.1(a). 
 “Class B Common Units” has the meaning set forth in Section 3.1(a). 

  
 5 

 “Class B Share” means a common share representing a limited liability
company interest in Och-Ziff designated as a “Class B Share” or any security into which such shares are converted in connection with any conversion of Och-Ziff
into a corporation. 
 “Class B Shareholder Committee” means the Class B Shareholder Committee established pursuant to
the Class B Shareholders Agreement. 
 “Class B Shareholders Agreement” means the Class B Shareholders Agreement,
dated as of November 13, 2017, entered into by and among Och-Ziff and the holders of Class B Shares, as amended, modified, supplemented or restated from time to time. 

“Class C Approval” means, in respect of the determinations to be made in Sections 6.1(a)(i) and 7.1(b)(iii), a prior
determination made in writing at the sole and absolute discretion: (i) of the Chairman of the Partner Management Committee (or, with respect to distributions to such Chairman or in the event there is no such Chairman, the full Partner
Management Committee acting by majority vote); or (ii) of the General Partner, in the event that the Class B Shareholders collectively beneficially own securities entitled to vote generally in the election of directors of Och-Ziff representing less than 40% of the total number of votes that may be cast in any such election; provided, however, in the case of each of the foregoing clauses (i) and (ii), that any such determination
with respect to distributions to a Partner who is also the Chief Executive Officer or other executive officer of Och-Ziff in respect of such Partner’s Class C
Non-Equity Interests shall be made by the compensation committee of the Och-Ziff Board in its sole and absolute discretion after consultation with the Partner Management
Committee. 
 “Class C Non-Equity Interests” means a fractional non-equity share of the Interests in the Partnership that may be issued to a Limited Partner as consideration for the provision of services to the Partnership solely for the purpose of making future allocations of
Net Income to such Limited Partner. Class C Non-Equity Interests shall not constitute Common Units or other Units of the Partnership. 

“Class D Common Units” has the meaning set forth in Section 3.1(a). 

“Class D Limited Partner” has the meaning set forth in Section 3.1(f). 

“Class E Common Units” has the meaning set forth in Section 3.1(a). 

“Class E Limited Partner” has the meaning set forth in Section 3.1(g). 

“Class E Parity Units” means (a) any equity securities in the Partnership or any other entity in the Och-Ziff Group (or any debt or other securities convertible into equity securities of the Operating Group Entities or any other entity in the Och-Ziff Group), in each case
other than any Subsidiaries of the Operating Group Entities, that Och-Ziff, the Partnership or any other entity in the Och-Ziff Group may authorize or issue, the terms
of which provide that, or otherwise result in, such securities ranking pari passu or senior to the Class E Common Units and (b) any equity securities in any Subsidiary of the Partnership (or any debt or other securities convertible
into equity securities of any Subsidiary of the Partnership). For purposes of clause (b), (i) a Subsidiary of the Partnership does not include any OZ Fund, any OZ CLO or any of their respective Subsidiaries and (ii) securities issued by a
Subsidiary of the Partnership 

  
 6 

 
are not Class E Parity Units to the extent they are issued (A) solely to the Operating Group Entities or any of their wholly-owned Subsidiaries or (B) to satisfy, upon the advice
of outside counsel, any regulatory or other legal requirements as contemplated by clause (ii) of Section 9(a) of the Class A Preferred Unit Designation. For the avoidance of doubt, securities described in clause (a) of this
definition of Class E Parity Units shall include Class A Common Units, Class D Common Units, Class P Common Units and Class A Restricted Share Units. 

“Class E-1 Common Units” has the meaning set forth in Section 3.1(g). 

“Class P Common Units” has the meaning set forth in Section 3.1(a). 

“Class P Limited Partner” has the meaning set forth in Section 3.1(j). 

“Class P Liquidity Event” means (i) a Change of Control, or (ii) a similar event, provided that the holders of
other classes of Common Units are participating in the proceeds from such similar event in respect of their Common Units and the PMC Chairman in his sole discretion determines such similar event to be a Class P Liquidity Event. 

“Class P Performance Condition” for any Class P Common Unit held by a Class P Limited Partner means that the Total
Shareholder Return since the grant date of such Class P Common Unit has equalled or exceeded the Class P Performance Threshold relating to such Class P Common Unit on or after the third anniversary of the grant date of such
Class P Common Unit, or such other performance condition as may be specified in such Class P Limited Partner’s Partner Agreement. 

“Class P Performance Period” means, with respect to the Class P Common Units issued to any Class P Limited Partner
on any grant date, the period ending on the sixth anniversary of such grant date, or such other performance period as may be specified in such Class P Limited Partner’s Partner Agreement. 

“Class P Performance Threshold” means, with respect to the Class P Common Units issued to any Class P Limited
Partner on any grant date, the required threshold of Total Shareholder Return that must be achieved for a portion of such Class P Common Units to vest, which shall be expressed as a percentage, and set forth in a Partner Agreement of the
Class P Limited Partner. With respect to Class P Common Units issued on March 1, 2017, the required Class P Performance Thresholds shall be as follows: (i) the Class P Performance Threshold is 25% for 20% of such
Class P Common Units to vest; (ii) the Class P Performance Threshold is 50% for an additional 40% of such Class P Common Units to vest; (iii) the Class P Performance Threshold is 75% for an additional 20% of such
Class P Common Units to vest; and (iv) the Class P Performance Threshold is 125% for an additional 20% of such Class P Common Units to vest. 

“Class P Service Condition” for any Class P Common Unit held by a Class P Limited Partner means that such
Class P Limited Partner has continued in the uninterrupted service of the Operating Group Entities until the third anniversary of the grant date of such Class P Common Unit, or such other service condition as may be specified in such
Class P Limited Partner’s Partner Agreement. 

  
 7 

 “Closing Date” means November 19, 2007. 

“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. 

“Common Units” means Class A Common Units, Class A-1 Common Units,
Class B Common Units, Class D Common Units, Class E Common Units, Class P Common Units and any other class of Units hereafter designated as Common Units by the General Partner, but shall not include the Class C Non-Equity Interests, PSIs or Class A Cumulative Preferred Units. 
 “Company
Securities” means outstanding Class A Shares, Related Securities and Class A-1 Common Units, as applicable. 

“Competing Business” means any Person, or distinct portion thereof, that engages in: (a) the alternative asset
management business (including, without limitation, any hedge or private equity fund management business) or (b) any other business in which the Och-Ziff Group or any member thereof (1) is actively
involved, or (2) in the twelve-month period prior to the relevant Individual Limited Partner’s Withdrawal or Special Withdrawal, planned, developed, or undertook efforts to become actively involved and, in the case of the foregoing clause
(b), in which the relevant Individual Limited Partner actively participated or was materially involved or about which the relevant Individual Limited Partner possesses Confidential Information. 

“Confidential Information” means the confidential matters and information described in Section 2.12. 

“Continuing OZ Person” means, immediately prior to and immediately following any relevant date of determination, (i) an
individual who is an executive managing director of the Intermediate Holding Companies (or the equivalent officers at the relevant time) or previously served in such capacity, (ii) any Person in which any one or more of such individuals
directly or indirectly, singly or as a group, holds a majority of the voting interests, (iii) any Person that is a family member of such individual or individuals or (iv) any trust, foundation or other estate planning vehicle for which
such individual or any descendant of such individual is a trustee, beneficiary, director or other fiduciary, as the case may be. 

“Continuing Partners” means the group of Partners comprised of each Individual Original Partner (or, where applicable, his
estate or legal or personal representative) who has not Withdrawn, been subject to a Special Withdrawal or breached Section 2.13(b). 

“Contributed Property” means each property or other asset, in such form as may be permitted by the Act, but excluding cash,
contributed to the Partnership. If the Carrying Value of a Contributed Property is adjusted pursuant to Section 5.2(b)(iii), such property shall no longer constitute a Contributed Property, but shall be deemed an Adjusted Property. 

“Control” means, in respect of a Person, the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise. “Controlled by,” “Controls” and “under common Control with” have the correlative
meanings. 

  
 8 

 “Conversion Class D Common Unit” has the meaning set
forth in Section 3.1(e). 
 “Conversion Class E-2 Common
Unit” has the meaning set forth in Section 3.1(e). 
 “Conversion
Class E-2 Notice Date” has the meaning set forth in Section 3.1(e)(i). 

“Conversion Operating Group E-2 Units” means, collectively, one Conversion Class E-2 Common Unit in each of the Operating Group Entities. 
 “Covered Person”
means (a) the General Partner, the Withdrawn General Partner and their respective Affiliates and the directors, officers, shareholders, members, partners, employees, representatives and agents of the General Partner, the Withdrawn General
Partner and their respective Affiliates and any Person who was at the time of any act or omission described in Section 2.9 or 2.10 such a Person, and (b) any other Person the General Partner designates as a “Covered Person” for
the purposes of this Agreement. 
 “Damages” has the meaning set forth in Section 2.9(a). 

“DCI Plan” means the Och-Ziff Deferred Cash Interest Plan, as amended from time to
time. 
 “Debt Securities” means the Loans (as defined in the Senior Subordinated Loan Agreement) made pursuant to that
certain Senior Subordinated Loan Agreement. 
 “Deferred Cash Distribution” has the meaning set forth in
Section 3.1(i)(iv)(A). 
 “Deferred Cash Interests” shall mean an award made under the DCI Plan. 

“Disability” means that a Person is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as determined by the General Partner with PMC Approval in its sole and absolute
discretion and in accordance with applicable law. 
 “Disabling Conduct” has the meaning set forth in Section 2.9(a).

 “Distribution Holiday” means the period commencing on October 1, 2018 and ending on the earlier of (i) 45 days
after the last day of the Distribution Holiday Achievement Quarter, and (ii) April 1, 2026. 
 “Distribution Holiday
Achievement Quarter” means the first calendar quarter as of which $600 million or more of Distribution Holiday Economic Income has been realized. 

  
 9 

 “Distribution Holiday Distribution” means any distribution paid during the
period from the Recapitalization Date until the end of the Distribution Holiday and any distribution paid in the calendar quarter in which the Distribution Holiday ends; provided that, (i) if more than $600 million of Distribution Holiday
Economic Income has been realized on a cumulative basis during the Distribution Holiday, a portion of any distributions paid with respect to the Distribution Holiday Achievement Quarter may be treated as Distribution Holiday Distributions in an
amount not to exceed the product of (x) the amount available to be distributed for such calendar quarter and (y) the fraction derived by dividing (A) $600 million minus the cumulative Distribution Holiday Economic Income realized
prior to such calendar quarter by (B) the Economic Income realized during such calendar quarter, and (ii) for the avoidance of doubt, no distribution paid for any calendar quarter following the end of the Distribution Holiday Achievement
Quarter shall constitute a Distribution Holiday Distribution. 
 “Distribution Holiday Economic Income” as of any date
means the amount of Economic Income realized during the period between October 1, 2018 and such date by Och-Ziff and its consolidated subsidiaries (including the Operating Group Entities) collectively.

 “Drag-Along Purchaser” means, in respect of a Drag-Along Sale, the third-party purchaser or purchasers proposing to
acquire the Company Securities to be transferred in such Drag-Along Sale. 
 “Drag-Along Right” has the meaning set forth
in Section 8.6(a). 
 “Drag-Along Sale” means any proposed transfer (other than a pledge, hypothecation, mortgage or
encumbrance) pursuant to a bona fide offer from a Drag-Along Purchaser, in one or a series of related transactions, by any Limited Partner or a group of Limited Partners of Company Securities representing in the aggregate at least 50% of all
then-outstanding Company Securities (calculated as if all Related Securities had been converted into, exercised or exchanged for, or repaid with, Class A Shares). For purposes of this definition, each outstanding
Class A-1 Common Unit shall be deemed to be a Class A Common Unit. 
 “Drag-Along
Securities” means, with respect to a Limited Partner, that number of Company Securities equal to the product of (A) the total number of Company Securities to be acquired by the Drag-Along Purchaser pursuant to a Drag-Along Sale and
(B) a fraction, the numerator of which is the number of Company Securities then held by such Limited Partner and the denominator of which is the total number of Company Securities then held by all Limited Partners (calculated, in the case of
both the numerator and denominator, as if all Related Securities held by the relevant Limited Partners had been converted into, exercised or exchanged for, or repaid with, Class A Shares). For purposes of this definition, each outstanding Class A-1 Common Unit shall be deemed to be a Class A Common Unit. 
 “Drag-Along
Sellers” means the Limited Partner or group of Limited Partners proposing to dispose of or sell Company Securities in a Drag-Along Sale in accordance with Section 8.6. 

“DSO Parties” means Daniel S. Och and each of his affiliates and Related Trusts that own Class A Common Units. 

“Economic Capital Account Balance” means, with respect to a Partner as of any date, the Partner’s Capital Account
balance, increased by the Partner’s share of any Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain, computed on a hypothetical basis after taking into account all allocations through such date. 

  
 10 

 “Economic Income” means, for any period, an amount calculated on a
consolidated basis for Och-Ziff and its consolidated subsidiaries determined on the basis of economic income, in accordance with the methodology set forth on Exhibit G hereto, applied in a manner consistent
with the manner utilized by Och-Ziff to derive economic income in Och-Ziff’s earnings press release for the quarter ended September 30, 2018, minus
(a) the amount of any distributions or dividends paid on any Class A Cumulative Preferred Units issued by the Operating Group Entities; minus (b) Permitted Dividends. 

“Economic Risk of Loss” has the meaning set forth in Treasury Regulation
Section 1.752-2(a). 
 “Election Notice” has the meaning set forth in
Section 3.1(e)(i). 
 “Eligible Common Units” has the meaning set forth in Section 8.1(b). 

“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 one or more
exchange agreements providing for the exchange of Exchangeable Common Units or Class P Common Units (or other securities issued by the Operating Group Entities) for Class A Shares and/or cash, and the corresponding cancellation of
applicable Class B Shares, if any, as such agreements are amended, modified, supplemented or restated from time to time, including the Class A Exchange Agreement. 

“Exchange Committee” shall mean, for any Exchange Agreement, the Exchange Committee, as defined in such Exchange Agreement.

 “Exchange Date” shall have the meaning ascribed to such term in the Class A Exchange Agreement. 

“Exchange Event” has the meaning set forth in Section 8.1(b)(i). 

“Exchange Rights Effective Date” has the meaning set forth in Section 8.1(b). 

“Exchangeable Common Unit” has the meaning set forth in Section 8.1(b). 

“Existing Class D Common Units” means Class D Common Units outstanding immediately prior to
March 1, 2017. 
 “Expense Allocation Agreement” means any agreement entered into among the Operating Group Entities, Och-Ziff and the Intermediate Holding Companies that provides for allocations of certain expense amounts, as such agreement is amended, modified, supplemented or restated from time to time. 

  
 11 

 “Expense Amount” means any amount allocated to the Partnership pursuant to
an Expense Allocation Agreement. 
 “Expense Amount Distribution” has the meaning set forth in Section 7.4. 

“Fair Market Value” means, as of any date, the fair market value of the Partnership at such date, determined by (i) if
the Class A Shares are listed on an Applicable Securities Exchange, (1) multiplying (x) the closing price on the Applicable Securities Exchange of one Class A Share on the immediately preceding trading day by (y) the number of
Adjusted Class A Shares, subject in each case to any equitable adjustments for stock splits and other capitalization changes, and (2) allocating the product obtained from clause (1) among the Operating Group Entities based on the most
recent determination of their relative fair market values and (ii) if the Class A Shares are not listed on an Applicable Securities Exchange, the excess, if any, of (1) the total pre-tax
proceeds which would be received by the Partnership if the assets of the Partnership were sold for their fair market value over (2) all outstanding debts and liabilities of the Partnership, in each case as reasonably determined by the General
Partner; provided, however, that such determination shall be made with due regard to the value implied by any transaction giving rise to the need for a determination of Fair Market Value. 

“First Quarterly Period” means, with respect to any Fiscal Year, the period commencing on and including January 1 and
ending on and including March 31 of such Fiscal Year unless and until otherwise determined by the General Partner. 
 “Fiscal
Year” has the meaning set forth in Section 2.6. 
 “Fourth Quarterly Period” means, with respect to any
Fiscal Year, the period commencing on and including January 1 and ending on and including December 31 of such Fiscal Year unless and until otherwise determined by the General Partner. 

“General Partner” means the Initial General Partner and any successor general partner admitted to the Partnership in
accordance with this Agreement. 
 “General Release” has the meaning set forth in Section 8.3(g). 

“Governance Agreement” means that certain Governance Agreement, dated as of the Recapitalization Date, entered into by and
among Och-Ziff, the Intermediate Holding Companies, the Operating Group Entities and Daniel S. Och, as the same may be amended, supplemented, modified or replaced from time to time. 

“Governance Articles” has the meaning set forth in Section 10.16. 

“incur” means to issue, assume, guarantee, incur or otherwise become liable for. 

“Individual Limited Partner” means each of the Limited Partners that is a natural person. 

“Individual Original Partner” means each of the Original Partners that is a natural person. 

  
 12 

 “Initial Class E Grant” has the meaning set forth in
Section 3.1(g)(i). 
 “Initial General Partner” has the meaning set forth in the Preamble to this Agreement. 

“Initial Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 

“Intellectual Property” means any of the following that are conceived of, developed, reduced to practice, created, modified,
or improved by a Partner, either solely or with others, in whole or in part, whether or not in the course of, or as a result of, such Partner carrying out his responsibilities to the Partnership, whether at the place of business of the Partnership
or any of its Affiliates or otherwise, and whether on the Partner’s own time or on the time of the Partnership or any of its Affiliates: (i) trademarks, service marks, brand names, certification marks, trade dress, assumed names, trade
names, Internet domain names, and all other indications of source or origin, including, without limitation, all registrations and applications to register any of the foregoing; (ii) inventions, discoveries (whether or not patentable or reduced
to practice), patents, including, without limitation, design patents and utility patents, provisional applications, reissues, reexaminations, divisions, continuations,
continuations-in-part, and extensions thereof, in each case including, without limitation, all applications therefore and equivalent foreign applications and patents
corresponding, or claiming priority, thereto; (iii) works of authorship, whether copyrightable or not, copyrights, registrations and applications for copyrights, and all renewals, modifications and extensions thereof, moral rights, and design
rights; (iv) computer systems and software; and (v) trade secrets, know-how, and other confidential and protectable information. 

“Interest” means a Partner’s interest in the Partnership, including the right of the holder thereof to any and all
benefits to which a Partner may be entitled as provided in this Agreement, together with the obligations of a Partner to comply with all of the terms and provisions of this Agreement. 

“Intermediate Holding Companies” means Och-Ziff Holding Corporation, a Delaware
corporation, Och-Ziff Holding LLC, a Delaware limited liability company, or any other entity that serves as the general partner of (or in a similar capacity to) an Operating Group Entity. 

“International Dispute” has the meaning set forth in Section 10.5(a). 

“International Partner” means each Individual Limited Partner who either (i) has or had his principal business address
outside the United States at the time any International Dispute arises or arose; or (ii) has his principal residence or business address outside of the United States at the time any proceeding with respect to such International Dispute is
commenced. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended, supplemented or restated from
time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 

  
 13 

 “Investor” means any client, shareholder, limited partner, member or other
beneficial owner of the Och-Ziff Group, other than holders of Class A Shares solely in their capacity as such shareholders thereof. 

“IRS” means the U.S. Internal Revenue Service. 

“Issue Date” means, with respect to any Unit, the date on which such Unit was first issued. 

“Letter Agreement” has the meaning set forth in the recitals to this Agreement. 

“Limited Partner” means each of the Persons from time to time listed as a limited partner in the books and records of the
Partnership. 
 “Liquidating Gains” means any net gain realized in connection with a Sale or an adjustment of Carrying
Value of any Partnership asset pursuant to the second sentence of the definition of Carrying Value (in each case, determined by reference to Fair Market Value). 

“Liquidator” has the meaning set forth in Section 9.3. 

“LLC Act” has the meaning set forth in the recitals to this Agreement. 

“Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity distributions or partner
allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in the Operating Group
Entities. 
 “Merger” has the meaning specified in the recitals to this Agreement. 

“Merger Agreement” has the meaning specified in the recitals to this Agreement. 

“Merger Sub” has the meaning specified in the recitals to this Agreement. 

“Minimum Retained Ownership Requirements” has the meaning set forth in Section 8.1(a). 

“Net Agreed Value” means, (a) in the case of any Contributed Property, the Agreed Value of such property reduced by any
liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed, and (b) in the case of any property distributed to a Partner by the Partnership, the fair market value of such property
at the time such property is distributed, reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property is subject at the time of distribution, in either case, as determined under Section 752 of the
Code. 
 “Net Income” means, for any taxable year, the excess, if any, of the Partnership’s items of income and gain
for such taxable year over the Partnership’s items of loss and deduction for such taxable year. The items included in the calculation of Net Income shall be determined in accordance with Section 5.2(b) and shall not include any items
specially allocated under Section 6.1(d). 

  
 14 

 “Net Loss” means, for any taxable year, the excess, if any, of the
Partnership’s items of loss and deduction for such taxable year over the Partnership’s items of income and gain for such taxable year. The items included in the calculation of Net Loss shall be determined in accordance with
Section 5.2(b) and shall not include any items specially allocated under Section 6.1(d). 
 “New Partnership Audit
Procedures” means Subchapter C of Chapter 63 of the Code, as modified by Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, any amended or successor version, Treasury
Regulations promulgated thereunder, official interpretations thereof, related notices, or other related administrative guidance. 

“Non-Participating Class P Common Units” means all Class P
Common Units other than Participating Class P Common Units. 
 “Nonrecourse Deductions” means any and all items of
loss, deduction, or expenditure (including, without limitation, any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation
Section 1.704-2(b), are attributable to a Nonrecourse Liability. 
 “Nonrecourse
Liability” has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2). 

“Notice” has the meaning set forth in Section 8.6(a). 

“Och-Ziff” means Och-Ziff Capital Management
Group LLC, a Delaware limited liability company, and any successor thereto. 
 “Och-Ziff
Board” means the Board of Directors of Och-Ziff. 

“Och-Ziff Group” means Och-Ziff and its
Subsidiaries (including the Operating Group Entities), their respective Affiliates, and any investment funds and accounts managed by any of the foregoing. 

“Och-Ziff Incentive Plan” means the Och-Ziff
Capital Management Group LLC 2013 Incentive Plan (as amended, modified, supplemented or restated from time to time), or any predecessor or successor plan. 

“Och-Ziff LLC Agreement” means the Second Amended and Restated Limited Liability
Company Agreement of Och-Ziff, dated November 13, 2007, as amended, modified, supplemented or restated from time to time. 

“Operating Group A Unit” means, collectively, one Class A Common Unit in each of the Operating Group Entities. 

  
 15 

 “Operating Group A-1 Unit” means,
collectively, one Class A-1 Common Unit in each of the Operating Group Entities. 

“Operating Group D Unit” means, collectively, one Class D Common Unit in each of the Operating Group Entities. 

“Operating Group E Unit” means, collectively, one Class E Common Unit in each of the Operating Group Entities. 

“Operating Group Entity” means any Person that is directly Controlled by any of the Intermediate Holding Companies. 

“Operating Group P Unit” means, collectively, one Class P Common Unit in each of the Operating Group Entities. 

“Operating Group Unit” means, collectively, one Common Unit in each of the Operating Group Entities. 

“Organizational Documents” means, with respect to any entity, the charter, articles, certificate of incorporation,
certificate of formation, certificate of limited partnership, bylaws, limited liability company agreement, operating agreement, limited partnership agreement or other document that governs the business and affairs of such entity, as applicable. 

“Original Common Units” means the Common Units held by the Limited Partners as of the Closing Date or, if an Original Partner
was admitted after the Closing Date, the Common Units held by such Original Partner upon the date of his admission. 
 “Original
Company” has the meaning set forth in the recitals to this Agreement. 
 “Original Partners” means, collectively,
(i) each Individual Limited Partner that was a Limited Partner as of the Closing Date, (ii) each other Individual Limited Partner designated as an Original Partner in a Partner Agreement, and (iii) the Original Related Trusts; and
each, individually, is an “Original Partner.” 
 “Original Related Trust” means any Related Trust of an
Individual Original Partner that was a Limited Partner on the Closing Date. 
 “OZ CLO” shall have the meaning set forth in
the Class A Preferred Unit Designation as of the Recapitalization Date. 
 “OZ Fund” shall have the meaning set forth
in the Class A Preferred Unit Designation as of the Recapitalization Date. 
 “Participating Class P Common
Units” means all Class P Common Units with respect to which the applicable Class P Performance Condition has been satisfied during the Class P Performance Period with respect to such Class P Common Units and the
applicable Class P Service Condition has been satisfied or waived. 

  
 16 

 “Partner” means any Person that is admitted as a general partner or limited
partner of the Partnership pursuant to the provisions of this Agreement and named as a general partner or limited partner of the Partnership in the books of the Partnership and includes any Person admitted as an Additional Limited Partner pursuant
to the provisions of this Agreement, in each case, in such Person’s capacity as a partner of the Partnership. 
 “Partner
Agreement” means, with respect to one or more Partners, any separate written agreement entered into between such Partner(s) and the Partnership or one of its Affiliates regarding the rights and obligations of such Partner(s) with respect to
the Partnership or such Affiliate, as amended, modified, supplemented or restated from time to time. 
 “Partner Management
Committee” has the meaning set forth in Section 4.2(a). 
 “Partner Nonrecourse Debt” has the meaning set
forth in Treasury Regulation Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt
Minimum Gain” has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2). 

“Partner Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including, without limitation,
any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(i), are attributable to a Partner Nonrecourse Debt. 

“Partner Performance Committee” has the meaning set forth in Section 4.3(a). 

“Partnership” has the meaning set forth in the Preamble to this Agreement. 

“Partnership Minimum Gain” means that amount determined in accordance with the principles of Treasury Regulation Section 1.704-2(d). 
 “Partnership Representative” has the meaning set forth in
Section 4.6(d). 
 “Percentage Interest” means, as of any date of determination, (a) as to each Common Unit
(other than Non-Participating Class P Common Units and Class A-1 Common Units), the percentage such Common Unit represents of all such outstanding Common Units
(other than Non-Participating Class P Common Units and Class A-1 Common Units), as such Percentage Interest per Common Unit is reduced to take into account the
Percentage Interests attributable to other Units such that the sum of the Percentage Interests of all Common Units and other Units is 100%; (b) as to any Non-Participating Class P Common Units or Class A-1 Common Units, zero; (c) as to any PSIs, the aggregate PSI Percentage Interest with respect to such PSIs; and (d) as to any other Units, the percentage established for such Units by the
General Partner as a part of such issuance, which percentage could be zero. References in this definition to a Partner’s Common Units, PSIs or other Units shall refer to all vested or unvested Common Units, PSIs or other Units of such Partner.

 “Permitted Dividends” shall have the meaning set forth in the Class A Preferred Unit Designation as of the
Recapitalization Date. 

  
 17 

 “Permitted RSU Settlements” shall have the meaning set forth in the
Class A Preferred Unit Designation as of the Recapitalization Date. 
 “Permitted Transferee” means, with respect to
each Limited Partner and his Permitted Transferees, (a) a Charitable Institution (as defined below) Controlled by such Partner, (b) a trust (whether inter vivos or testamentary) or other estate planning vehicle, all of the current
beneficiaries and presumptive remaindermen (as defined below) of which are lineal descendents (as defined below) of such Partner and his spouse, (c) a corporation, limited liability company or partnership, of which all of the outstanding shares
of capital stock or interests therein are owned by no one other than such Partner, his spouse and his lineal descendents and (d) a legal or personal representative of such Partner in the event of his Disability. For purposes of this definition:
(i) “lineal descendants” shall not include natural persons adopted after attaining the age of eighteen (18) years and such adopted Person’s descendants; (ii) “Charitable Institution” shall refer to an organization
described in section 501(c)(3) of the Code (or any corresponding provision of a future United States Internal Revenue law) which is exempt from income taxation under section 501(a) thereof; and (iii) “presumptive remaindermen” shall refer
to those Persons entitled to a share of a trust’s assets if it were then to terminate. 
 “Person” means a natural
person or a corporation, limited liability company, firm, partnership, joint venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenancy, plan, board,
council or committee), governmental entity or other entity (or series thereof). 
 “PMC Approval” means the prior
written approval of (a) Daniel S. Och or any successor as Chairman of the Partner Management Committee or (b) if there is no such Chairman, by majority vote of the Partner Management Committee; provided, however, that “PMC
Approval” shall mean the prior written approval by majority vote of the Partner Management Committee in the case of Transfers (and waivers of the requirements thereof), vesting requirements, the Minimum Retained Ownership Requirements, and the
determination described in the definition of “Reallocation Date,” each by or with respect to the Chairman of the Partner Management Committee. 

“PMC Chairman” means (a) the Chairman of the Partner Management Committee or (b) if there is no such Chairman, the
Partner Management Committee acting by majority vote in accordance with Section 4.2. 
 “Post-Recap Class A
Units” means the Class A Common Units that were outstanding on the Recapitalization Date, immediately following the Merger. 

“Potential Tag-Along Seller” means each Limited Partner not constituting a Tag-Along Seller. 
 “Presumed Tax Liability” means, with respect to the Capital Account
of any Partner for any Quarterly Period, an amount equal to the product of (x) the amount of taxable income that, in the good faith judgment of the General Partner, would have been allocated to such Partner in respect of such Partner’s
Units if allocations pursuant to the provisions of Article VI hereof were made in respect of such Quarterly Period and (y) the Presumed Tax Rate as of the end of such Quarterly Period. 

  
 18 

 “Presumed Tax Rate” means the effective combined federal, state and local
income tax rate applicable to either a natural person or corporation, whichever is higher, residing in New York, New York, taxable at the highest marginal federal income tax rate and the highest marginal New York State and New York City income tax
rates (taking into account the character of the income) and, if applicable, after giving effect to the greatest extent possible to the federal income tax deduction for such state and local income taxes and taking into account the effects of Sections
67 and 68 of the Code (or successor provisions thereto). 
 “Prior Distributions” means distributions made to the Partners
pursuant to Section 7.1 or 7.3. 
 “Prior Partnership Agreement” has the meaning set forth in the recitals to this
Agreement. 
 “PSI” has the meaning set forth in Section 3.1(i) with respect to the Partnership and the corresponding
interests in each other Operating Group Entity with respect to such Operating Group Entity. 
 “PSI Cash Distribution” has
the meaning set forth in Section 3.1(i)(iv)(A). 
 “PSI Cash Percentage” means the percentage of any PSI Distribution
paid in the form of PSI Cash Distributions (other than Deferred Cash Interests). 
 “PSI Class D Unit
Distribution” has the meaning set forth in Section 3.1(i)(iv)(B). 
 “PSI Distribution” has the meaning set
forth in Section 3.1(i)(ii). 
 “PSI Limited Partner” has the meaning set forth in Section 3.1(i). 

“PSI Liquidity Event” means (i) a Change of Control, or (ii) a similar event, provided in each case that the
holders of Common Units are participating in the proceeds from such event in respect of their Common Units and the PMC Chairman in his sole discretion determines such event to be a PSI Liquidity Event. 

“PSI Number” means the number of PSIs held by a PSI Limited Partner in each Operating Group Entity as of the first day of any
Fiscal Year or, if later, the first day during such Fiscal Year on which the PSI Limited Partner held PSIs (as such number of PSIs are increased or reduced in accordance with the terms of this Agreement or any applicable Partner Agreement); in each
case, subject to any equitable adjustments for stock splits and other capitalization changes. 
 “PSI Percentage Interest”
means, with respect to any PSI as of any date of determination, (a) solely for purposes of allocations under Article VI (other than Section 6.1(d)(v)) and distributions under Article VII for any Fiscal Year, a percentage equal to the
product of (i) the PSI Cash Percentage applicable to such PSI and (ii) the Percentage Interest attributable to one Common Unit (other than Non-Participating Class P Common Units and Class A-1 Common Units) as of such date; and (b) for all other purposes, a percentage equal to the Percentage Interest attributable to one such Common Unit as of such date. 

  
 19 

 “Quarterly Period” means any of the First Quarterly Period, the Second
Quarterly Period, the Third Quarterly Period and the Fourth Quarterly Period; provided, however, that if there is a change in the periods applicable to payments of estimated federal income taxes by natural persons, then the Quarterly Period
determinations hereunder shall change correspondingly such that the Partnership is required to make periodic Tax Distributions under Section 7.3 at the times and in the amounts sufficient to enable a Partner to satisfy such payments in full
with respect to amounts allocated pursuant to the provisions of Article VI (other than Section 6.2(d)), treating the Partner’s Presumed Tax Liability with respect to the relevant Quarterly Period (as such Quarterly Period is changed as
provided above) as the amount of the Partner’s actual liability for the payment of estimated federal income taxes with respect to such Quarterly Period (as so changed). 

“Reallocation Date” means, as to the Common Units (including all distributions received thereon after the relevant date of
Withdrawal) to be reallocated to the Continuing Partners pursuant to Section 2.13(g), Section 8.3(a) or Section 8.7 or any Partner Agreement, the date determined with PMC Approval. 

“Recapitalization” means the transactions effected on the Recapitalization Date, including the Merger, pursuant to the Letter
Agreement and the agreements implementing the transactions contemplated therein. 
 “Recapitalization Date” has the meaning
set forth in the Preamble to this Agreement. 
 “Recapitalization Units” means the Class A Common Units, Class A-1 Common Units and Class B Common Units outstanding immediately following the Recapitalization. 

“Recapitalization Value” means the Fair Market Value of the Partnership on the Recapitalization Date. 

“Reference Price” for a Class P Common Unit means the Average Share Price for the calendar month prior to the month in
which the grant date of the Class P Common Unit occurred; provided that (i) for any Class P Common Units granted on March 1, 2017, the Reference Price shall be the Average Share Price for January 2017, and (ii) a
Class P Limited Partner’s Partner Agreement may specify any other Reference Price for such Class P Common Unit. 

“Registration Rights Agreement” means one or more Registration Rights Agreements providing for the registration of
Class A Shares entered into among Och-Ziff and certain holders of Units, as amended, modified, supplemented or restated from time to time. 

“Related Security” means any security convertible into, exercisable or exchangeable for or repayable with Class A Shares
(or the cash value thereof) including, without limitation, any Class A Common Units, Class D Common Units, Class E Common Units, Participating Class P Common Units or other Class P Common Units deemed to be Participating
Class P Common Units to the extent provided in Section 3.1(j), in each case that may be exchangeable for Class A Shares pursuant to the Exchange Agreement. 

  
 20 

 “Related Trust” means, in respect of any Individual Limited Partner, any
other Limited Partner that is an estate, family limited liability company, family limited partnership of such Individual Limited Partner, a trust the grantor of which is such Individual Limited Partner, or any other estate planning vehicle or family
member relating to such Individual Limited Partner. 
 “Related Trust Supplementary Agreement” means, in respect of any
Original Related Trust, the Supplementary Agreement to which such Original Related Trust is a party. 
 “Required
Allocations” means (a) any limitation imposed on any allocation of Net Loss under Section 6.1(b) and (b) any allocation of an item of income, gain, loss or deduction pursuant to Section 6.1(d)(i) - (viii). 

“Residual Gain” or “Residual Loss” means any item of gain or loss, as the case may be, of the Partnership
recognized for federal income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 6.2(b)(i)(A) or
6.2(b)(ii), respectively, to eliminate Book-Tax Disparities. 
 “Restricted Period”
means, with respect to any Partner, the period commencing on the later of the date of the Prior Partnership Agreement and the date of such Partner’s admission to the Partnership, and concluding on the last day of the 24-month period immediately following the date of Special Withdrawal or Withdrawal of such Partner. 

“Retirement” of an Active Individual LP means a Withdrawal pursuant to clause (C) of Section 8.3(a)(i)
(Resignation) after ten consecutive calendar years of service as an Active Individual LP or an employee of the Partnership or its Affiliates, provided that the Active Individual LP is over 55 years of age as of the effective date of such
Withdrawal. 
 “Rules” has the meaning set forth in Section 10.5(a). 

“Sale” means a sale of all or substantially all of the assets of the Partnership. 

“Second Quarterly Period” means, with respect to any Fiscal Year, the period commencing on and including January 1 and
ending on and including May 31 of such Fiscal Year, unless and until otherwise determined by the General Partner. 

“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. 
 “Senior Subordinated Loan Agreement” means that
certain Senior Subordinated Term Loan and Guaranty Agreement, dated as of the Recapitalization Date, among the Operating Group Entities, as borrowers and guarantors, the other guarantors from time to time party thereto, Wilmington Trust, National
Association, as administrative agent, and the other parties thereto, as 

  
 21 

 
amended, modified or supplemented from time to time; provided, that for purposes of any defined terms set forth herein that reference the corresponding defined terms in the Senior Subordinated
Loan Agreement, references to the “Borrower” shall mean the Partnership and “Credit Parties” shall mean Och-Ziff, the Operating Group Entities and their respective Subsidiaries for purposes
of this Agreement. 
 “Special Withdrawal” (a) in respect of an Individual Limited Partner, has the meaning set forth
in Section 8.3(b), and (b) in respect of any Related Trust, means the Special Withdrawal of such Related Trust in accordance with Section 8.3(b). 

“Subsequent Related Trust” means, in respect of an Original Related Trust of an Individual Original Partner, the Related
Trust of such Individual Original Partner to which the Interest of such Original Related Trust shall be Transferred in accordance with its Related Trust Supplementary Agreement. 

“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 a general partner interest or managing member or similar interest of such Person. 

“Substitute Limited Partner” means each Person who acquires an Interest of any Limited Partner in connection with a Transfer
by a Limited Partner whose admission as a Limited Partner is approved by the General Partner. 
 “Supplementary Agreement”
means, with respect to one or more Limited Partners, any supplementary agreement entered into prior to the date of the Prior Partnership Agreement between the Partnership and such Limited Partners regarding their rights and obligations with respect
to the Partnership, as the same may be amended, supplemented, modified or replaced from time to time. 
 “Tag-Along Offer” has the meaning set forth in Section 8.5(b). 
 “Tag-Along Purchaser” means, in respect of a Tag-Along Sale, the Person or group of Persons proposing to acquire the Class A Shares and/or Class A Common
Units to be transferred in such Tag-Along Sale. 

“Tag-Along Sale” means any transfer (other than a pledge, hypothecation, mortgage or
encumbrance), in one or a series of related transactions, by any Limited Partner or group of Limited Partners to a single Person or group of Persons (other than Related Trusts or Permitted Transferees of such Limited Partners) pursuant to any
transaction exempt from registration under the Securities Act and any similar applicable state securities laws of Class A Shares and/or Class A Common Units representing in the aggregate at least 5% of the Class A Shares (calculated
as if all Class A Common Units held by each Limited Partner had been exchanged for Class A Shares) then held by all of the Limited Partners, but only in the event that (i) such Person or group of Persons to which such transfer is made
is a strategic buyer, or (ii) the Limited Partners participating in such transfer include Daniel S. Och or any of his Related Trusts. For the avoidance of doubt, sales of Class A Shares pursuant to the provisions of Rule 144 shall not
constitute a Tag-Along Sale or any part thereof. 

  
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 “Tag-Along Securities” means, with
respect to a Potential Tag-Along Seller, such number of Class A Shares and/or vested and unvested Class A Common Units, as applicable, equal to the product of (i) the total number of
Class A Shares (assuming the exchange for Class A Shares of any vested and unvested Class A Common Units) to be acquired by the Tag-Along Purchaser in a
Tag-Along Sale and (ii) a fraction, the numerator of which is the total number of Class A Shares (assuming the exchange for Class A Shares of any vested and unvested Class A Common Units)
then held by such Potential Tag-Along Seller and the denominator of which is the total number of Class A Shares (assuming the exchange for Class A Shares of any vested and unvested Class A
Common Units) then held by all Limited Partners. If any other Potential Tag-Along Sellers do not accept the Tag-Along Offer, the foregoing shall also include each
accepting Potential Tag-Along Seller’s pro rata share of the non-accepting Potential Tag-Along Sellers’ Class A
Shares and/or vested and unvested Class A Common Units, determined as set forth in the preceding sentence. 
 “Tag-Along Seller” has the meaning set forth in Section 8.5(b). 
 “Tax
Distributions” has the meaning set forth in Section 7.3. 
 “Tax Matters Partner” means the Person designated
as such in Section 4.6(c). 
 “Tax Receivable Agreement” means the Tax Receivable Agreement entered into by and among Och-Ziff, the Intermediate Holding Companies, the Operating Group Entities and each partner of any Operating Group Entity, as the same may be amended, supplemented, modified or replaced from time to time. 

“Third Quarterly Period” means, with respect to any Fiscal Year, the period commencing on and including January 1 and
ending on and including August 31 of such Fiscal Year, unless and until otherwise determined by the General Partner. 

“Threshold Value” means, (i) with respect to Existing Class D Common Units, the Fair Market Value of the
Partnership on February 28, 2017, (ii) with respect to Class A Common Units and Class E Common Units outstanding immediately following the Recapitalization, the Recapitalization Value, and (iii) with respect to any other Units,
the Fair Market Value of the Partnership immediately prior to the Issue Date(s) of such Units. 
 “Total Shareholder
Return” for a Class P Common Unit as of any date means (i) a fraction, the numerator of which is the sum of (A) the increase in the Average Share Price for the previous 30 trading days compared to the Reference Price as of
the grant date of such Class P Common Unit and (B) the aggregate amount of distributions per Class A Share made by Och-Ziff during the same period, and the denominator of which is the Reference
Price, or (ii) as otherwise set forth in a Partner Agreement; in each case, subject to any equitable adjustments for stock splits and other capitalization changes including, without limitation, the reverse stock split of the Class A Shares
and Class B Shares of Och-Ziff that was effective as of January 3, 2019. The “Total Shareholder Return” for any Class P Common Unit shall not take into account more than $4.00 (subject
to any equitable adjustments for stock splits and other capitalization changes) of aggregate distributions per Class A Share made by Och-Ziff during the period beginning on the Recapitalization Date until
the end of the Distribution Holiday. 

  
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 “Transfer” means, with respect to any Interest, any sale, exchange,
assignment, pledge, hypothecation, bequeath, creation of an encumbrance, or any other transfer or disposition of any kind, whether voluntary or involuntary, of such Interest. “Transferred” shall have a correlative meaning. 

“Transfer Agent” means, with respect to any class of Units or the Class C
Non-Equity Interests, such bank, trust company or other Person (including the Partnership or one of its Affiliates) as shall be appointed from time to time by the Partnership to act as registrar and transfer
agent for such class of Units or the Class C Non-Equity Interests; provided, however, that if no Transfer Agent is specifically designated for such class of Units or the Class C Non-Equity Interests, the Partnership shall act in such capacity. 
 “Transition Date”
shall have the meaning ascribed to such term in the Governance Agreement. 
 “Treasury Regulations” means the regulations,
including temporary regulations, promulgated under the Code, as amended from time to time, or any federal income tax regulations promulgated after the date of this Agreement. A reference to a specific Treasury Regulation refers not only to such
specific Treasury Regulation but also to any corresponding provision of any federal tax regulation enacted after the date of this Agreement, as such specific Treasury Regulation or corresponding provision is in effect and applicable on the date of
application of the provisions of this Agreement containing such reference. 
 “Unit” means a fractional share of the
Interests in the Partnership that entitles the holder thereof to such benefits as are specified in this Agreement or any Unit Designation and shall include the Common Units and PSIs but not the Class C
Non-Equity Interests. 
 “Unit Designation” has the meaning set forth in
Section 3.2(b). 
 “Voting Holiday Proxy” has the meaning set forth in Section 3.1(n)(iv)(A). 

“Withdrawal” (a) in respect of an Individual Limited Partner, has the meaning set forth in Section 8.3(a), and
(b) in respect of any Related Trust, means the Withdrawal of such Related Trust in accordance with Section 8.3(a). “Withdrawn” has the correlative meaning. 

“Withdrawn General Partner” has the meaning set forth in Section 4.1(a). 

ARTICLE II 
 GENERAL PROVISIONS

 Section 2.1 Organization. The Original Company was originally organized as a Delaware limited liability company under the LLC
Act. The Original Company was converted to a Delaware limited partnership pursuant to the Act on June 25, 2007. 
 Section 2.2
Partnership Name. The name of the Partnership is “OZ Advisors LP.” The name of the Partnership may be changed from time to time by the General Partner. 

  
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 Section 2.3 Registered Office, Registered Agent. The Partnership shall maintain
a registered office in the State of Delaware at, and the name and address of the Partnership’s registered agent in the State of Delaware is, National Corporate Research, Ltd., 615 South DuPont Highway, Dover, Delaware 19901. Such office and
such agent may be changed from time to time by the General Partner. 
 Section 2.4 Certificates. Any Person authorized by the
General Partner shall execute, deliver and file any amendment to or restatements of the Certificate of Limited Partnership and any other certificates (and any amendments and/or restatements thereof) necessary for the Partnership to qualify to do
business in a jurisdiction in which the Partnership may wish to conduct business. 
 Section 2.5 Nature of Business; Permitted
Powers. The purposes of the Partnership shall be to engage in any lawful act or activity for which limited partnerships may be formed under the Act. 

Section 2.6 Fiscal Year. Unless and until otherwise determined by the General Partner in its sole and absolute discretion, the
fiscal year of the Partnership for federal income tax purposes shall, except as otherwise required in accordance with the Code, end on December 31 of each year (each, a “Fiscal Year”). 

Section 2.7 Perpetual Existence. The Partnership shall have a perpetual existence unless dissolved in accordance with the
provisions of Article IX of this Agreement. 
 Section 2.8 Limitation on Partner Liability. Except as otherwise expressly
required by law, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and no Partner shall be obligated personally for
any such debt, obligation or liability of the Partnership solely by reason of being a Partner. No Partner shall have any obligation to restore any negative or deficit balance in its Capital Account, including any negative or deficit balance in its
Capital Account upon liquidation and dissolution of the Partnership. For federal income tax purposes, the rules of Treasury Regulation Section 1.752-3 shall apply to determine a Partner’s share of
any debt or obligation the terms of which provide that, in respect of the Partnership, the creditor has recourse only to the Partnership and its assets and not to any Partner. 

Section 2.9 Indemnification. 

(a) To the fullest extent permitted by applicable law, each Covered Person shall be indemnified and held harmless by the Partnership for and
from any liabilities, demands, claims, actions or causes of action, regulatory, legislative or judicial proceedings or investigations, assessments, levies, judgments, fines, amounts paid in settlement, losses, fees, penalties, damages, costs and
expenses, including, without limitation, reasonable attorneys’, accountants’, investigators’, and experts’ fees and expenses and interest on any of the foregoing (collectively, “Damages”) sustained or incurred by
such Covered Person by reason of any act performed or omitted by such Covered Person or by any other Covered Person in connection with the affairs of the Partnership or the General Partner unless such act or omission constitutes fraud, gross
negligence or willful misconduct (the “Disabling Conduct”); provided, however, that 

  
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any indemnity under this Section 2.9 shall be provided out of and to the extent of Partnership assets only, and no Limited Partner or any Affiliate of any Limited Partner shall have any
personal liability on account thereof. The right of indemnification pursuant to this Section 2.9 shall include the right of a Covered Person to have paid on his behalf, or be reimbursed by the Partnership for, the reasonable expenses incurred
by such Covered Person with respect to any Damages, in each case in advance of a final disposition of any action, suit or proceeding, including expenses incurred in collecting such amounts from the Partnership; provided, however, that such Covered
Person shall have given a written undertaking to reimburse the Partnership in the event it is subsequently determined that he is not entitled to such indemnification. 

(b) The right of any Covered Person to the indemnification provided herein (i) shall be cumulative of, and in addition to, any and all
rights to which such Covered Person may otherwise be entitled by contract or as a matter of law or equity, (ii) in the case of Covered Persons that are Partners, shall continue as to such Covered Person after any Withdrawal or Special
Withdrawal of such Partner and after he has ceased to be a Partner, and (iii) shall extend to such Covered Person’s successors, assigns and legal representatives. 

(c) The termination of any action, suit or proceeding relating to or involving a Covered Person by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that such Covered Person committed an act or omission that constitutes Disabling Conduct. 

(d) For purposes of this Agreement, no action or failure to act on the part of any Covered Person in connection with the management or conduct
of the business and affairs of such Covered Person and other activities of such Covered Person which involve a conflict of interest with the Partnership, any other Person in which the Partnership has a direct or indirect interest or any Partner (or
any of their respective Affiliates) or in which such Covered Person realizes a profit or has an interest shall constitute, per se, Disabling Conduct. 

Section 2.10 Exculpation. 

(a) To the fullest extent permitted by applicable law, no Covered Person shall be liable to the Partnership or any Partner or any Affiliate of
any Partner for any Damages incurred by reason of any act performed or omitted by such Covered Person unless such act or omission constitutes Disabling Conduct. In addition, no Covered Person shall be liable to the Partnership, any other Person in
which the Partnership has a direct or indirect interest or any Partner (or any Affiliate thereof) for any action taken or omitted to be taken by any other Covered Person. 

(b) A Covered Person shall be fully protected in relying upon the records of the Partnership and upon such information, opinions, reports or
statements presented to the Partnership by any Person (other than such Covered Person) as to matters the Covered Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Partnership, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the existence and amount of assets
from which distributions to Partners might properly be paid. 

  
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 (c) The right of any Partner that is a Covered Person to the exculpation provided in this
Section 2.10 shall continue as to such Covered Person after any Withdrawal or Special Withdrawal of such Partner and after he has ceased to be a Partner. 

(d) The General Partner may consult with legal counsel and accountants and any act or omission suffered or taken by the General Partner on
behalf of the Partnership in reliance upon and in accordance with the advice of such counsel or accountants will be full justification for any such act or omission, and the General Partner will be fully protected in so acting or omitting to act so
long as such counsel or accountants were selected with reasonable care. 
 Section 2.11 Fiduciary Duty. 

(a) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating to the
Partnership or to any Limited Partner or any Affiliate of any Limited Partner (or other Person with any equity interest in the Partnership) or other Person bound by (or having rights pursuant to) the terms of this Agreement, a Covered Person acting
pursuant to the terms, conditions and limitations of this Agreement shall not be liable to the Partnership or to any Limited Partner or any Affiliate of any Limited Partner (or other Person) for its reliance on the provisions of this Agreement. The
provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of a Covered Person otherwise existing at law or equity, are agreed by the Partners (and any other Person bound by or having rights pursuant to this
Agreement) to modify to that extent such other duties and liabilities of the Covered Person to the extent permitted by law. 
 (b)
Notwithstanding anything to the contrary in the Agreement or under applicable law, whenever in this Agreement the General Partner is permitted or required to make a decision or take an action or omit to do any of the foregoing acting solely in its
capacity as the General Partner, the General Partner shall, except where an express standard is set forth, be entitled to make such decision in its sole and absolute discretion (and the words “in its sole and absolute discretion” should be
deemed inserted therefor in each case in association with the words “General Partner,” whether or not the words “sole and absolute discretion” are actually included in the specific provisions of this Agreement), and in so acting
in its sole and absolute discretion the General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or
factors affecting the Partnership, any of the Partnership’s Affiliates, any Limited Partner or any other Person. To the fullest extent permitted by applicable law, if pursuant to this Agreement the General Partner, acting solely in its capacity
as the General Partner, is permitted or required to make a decision in its “good faith” or under another express standard, the General Partner shall act under such express standard and shall not be subject to any other or different
standard imposed by this Agreement or other applicable law. 
 Section 2.12 Confidentiality; Intellectual Property. 

(a) Confidentiality. Each Partner acknowledges and agrees that the information contained in the books and records of the Partnership is
confidential and, except in the course of such Partner performing such duties as are necessary for the Partnership and its 

  
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Affiliates, as required by law or legal process or to enforce the terms of this Agreement, at all times such Partner shall keep and retain in the strictest confidence and shall not disclose to
any Person any confidential matters of the Partnership or any Person included within the Och-Ziff Group and their respective Affiliates and successors and the other Partners, including, without limitation, the
identity of any Investors, confidential information concerning the Partnership, any Person included within the Och-Ziff Group and their respective Affiliates and successors, the General Partner, the other
Partners and any fund, account or investment managed by any Person included within the Och-Ziff Group, including marketing, investment, performance data, fund management, credit and financial information, and
other business or personal affairs of the Partnership, any Person included within the Och-Ziff Group and their respective Affiliates and successors, the General Partner, the other Partners and any fund,
account or investment managed directly or indirectly by any Person included within the Och-Ziff Group learned by the Partner heretofore or hereafter. This Section 2.12(a) shall not apply to (i) any
information that has been made publicly available by the Partnership or any of its Affiliates or becomes public knowledge (except as a result of an act of any Partner in violation of this Agreement), (ii) the disclosure of information to the extent
necessary for a Partner to prepare and file his tax returns, to respond to any inquiries regarding the same from any taxing authority or to prosecute or defend any action, proceeding or audit by any taxing authority with respect to such returns or
(iii) the disclosure of information with the prior written consent of the General Partner. Notwithstanding anything to the contrary herein, each Partner (and each employee, representative or other agent of such Partner) may disclose to any and
all Persons, without limitation of any kind, the tax treatment and tax structure of (x) the Partnership and (y) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the
Partners relating to such tax treatment and tax structure. In addition, nothing in this Agreement or any policies, rules and regulations of OZ Management LP, or any other agreement between a Limited Partner and any member of the Och-Ziff Group prohibits or restricts the Limited Partner from initiating communications with, or responding to any inquiry from, any regulatory or supervisory authority regarding any good faith concerns about
possible violations of law or regulation. 
 (b) Intellectual Property. (i) Each Partner acknowledges and agrees that the
Intellectual Property shall be the sole and exclusive property of the Partnership and such Partner shall have no right, title, or interest in or to the Intellectual Property. 

(ii) All copyrightable material included in the Intellectual Property shall be deemed a “work made for hire” under
the applicable copyright law, to the maximum extent permitted under such applicable copyright law, and ownership of all rights therein shall vest in the Partnership. To the extent that a Partner may retain any interest in any Intellectual Property
by operation of law or otherwise, such Partner hereby assigns and transfers to the Partnership his or her entire right, title and interest in and to all such Intellectual Property. 

(iii) Each Partner hereby covenants and binds himself and his successors, assigns, and legal representatives to cooperate
fully and promptly with the Partnership and its designee, successors, and assigns, at the Partnership’s reasonable expense, and to do all acts necessary or requested by the Partnership and its designee, successors, and assigns, to secure,
maintain, enforce, and defend the Partnership’s rights in the Intellectual Property. Each Partner further agrees, and binds himself and his successors, assigns, and legal representatives, to cooperate fully and assist the Partnership in every
way possible in the application for, or prosecution of, all rights pertaining to the Intellectual Property. 

  
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 (c) If a Partner commits a breach, or threatens to commit a breach, of any of the
provisions of Section 2.12(a) or Section 2.12(b), the General Partner shall have the right and remedy to have the provisions of such Section specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction
without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Partnership, the other Partners, any Person included within the Och-Ziff Group, and the investments, accounts and funds managed by Persons included within the Och-Ziff Group and that money damages alone shall not provide an adequate remedy
to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 2.13 Non-Competition; Non-Solicitation; Non-Disparagement; Non-Interference; and Remedies. 
 (a) Each
Individual Limited Partner acknowledges and agrees, in connection with such Individual Limited Partner’s participation in the Partnership on the terms described in the Prior Partnership Agreement and this amendment and restatement of the terms
of the Prior Partnership Agreement or, in the case of an Individual Limited Partner admitted to the Partnership subsequent to the date of the Prior Partnership Agreement, on the terms described herein and in such Individual Limited Partner’s
Partner Agreement, if any, that: (i) the alternative asset management business (including, without limitation, for purposes of this paragraph, any hedge or private equity fund management business) is intensely competitive, (ii) such
Partner, for the benefit of and on behalf of the Partnership in his capacity as a Partner, has developed, and will continue to develop and have access to and knowledge of, Confidential Information (including, but not limited to, material non-public information of the Och-Ziff Group and its Investors), (iii) the direct or indirect use of any such information for the benefit of, or disclosure of any such
information to, any existing or potential competitors of the Och-Ziff Group would place the Och-Ziff Group at a competitive disadvantage and would do damage to the Och-Ziff Group, (iv) such Partner, for the benefit of and on behalf of the Partnership in his capacity as a Partner, has developed relationships with Investors and counterparties through investment by and
resources of the Och-Ziff Group, while a Limited Partner of the Partnership, (v) such Partner, for the benefit of and on behalf of the Partnership in his capacity as a Partner, may continue to develop
relationships with Investors and counterparties, through investment by and resources of the Och-Ziff Group, while a Limited Partner of the Partnership, (vi) such Partner engaging in any of the activities
prohibited by this Section 2.13 would constitute improper appropriation and/or use of the Och-Ziff Group’s Confidential Information and/or Investor and counterparty relationships, (vii) such
Partner’s association with the Och-Ziff Group has been critical, and such Partner’s association with the Och-Ziff Group is expected to continue to be critical,
to the success of the Och-Ziff Group, (viii) the services to be rendered, and relationships developed, for the benefit of and on behalf of the Partnership in his capacity as a Partner, are of a special
and unique character, (ix) the Och-Ziff Group conducts the alternative asset management business throughout the world, (x) the non-competition and other
restrictive covenants and agreements set forth in this Agreement are fair and reasonable, and (xi) in light of 

  
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the foregoing and of such Partner’s education, skills, abilities and financial resources, such Partner acknowledges and agrees that such Partner will not assert, and it should not be
considered, that enforcement of any of the covenants set forth in this Section 2.13 would prevent such Partner from earning a living or otherwise are void, voidable or unenforceable or should be voided or held unenforceable. 

(b) During the Restricted Period, each Individual Limited Partner will not, directly or indirectly, either on his own behalf or on behalf of
or with any other Person: 
 (i) without the prior written consent of the General Partner, (A) engage or otherwise
participate in any manner or fashion in any Competing Business, (B) render any services to any Competing Business, or (C) acquire a financial interest in or become actively involved with any Competing Business (other than as a passive
investor holding less than 2% of the issued and outstanding stock of public companies); or 
 (ii) in any manner solicit or
induce any of the Och-Ziff Group’s current or prospective Investors to (A) terminate (or diminish in any material respect) his investments with the Och-Ziff
Group for the purpose of associating or doing business with any Competing Business, or otherwise encourage such Investors to terminate (or diminish in any respect) his investments with the Och-Ziff Group for
any other reason or (B) invest in or otherwise participate in or support any Competing Business. 
 (c) During the Restricted Period,
each Individual Limited Partner will not, directly or indirectly, either on his own behalf or on behalf of or with any other Person: 

(i) in any manner solicit or induce any of the Och-Ziff Group’s current, former
or prospective financing sources, capital market intermediaries, consultants, suppliers, partners or other counterparties to terminate (or diminish in any material respect) his relationship with the Och-Ziff
Group for the purpose of associating with any Competing Business, or otherwise encourage such financing sources, capital market intermediaries, consultants, suppliers, partners or other counterparties to terminate (or diminish in any respect) his
relationship with the Och-Ziff Group for any other reason; or 
 (ii) in any manner
interfere with the Och-Ziff Group’s business relationship with any Investors, financing sources, capital market intermediaries, consultants, suppliers, partners or other counterparties. 

(d) During the Restricted Period, each Individual Limited Partner will not, directly or indirectly, either on his own behalf or on behalf of
or with any other Person, in any manner solicit any of the owners, members, partners, directors, officers or employees of any member of the Och-Ziff Group to terminate their relationship or employment with the
applicable member of the Och-Ziff Group, or hire any such Person (i) who is employed at the time of such solicitation by any member of the Och-Ziff Group,
(ii) who is or was once an owner, member, partner, director, officer or employee of any member of the Och-Ziff Group as of the date of Special Withdrawal or Withdrawal of such Partner, or (iii) whose
employment or relationship with any such member of the Och-Ziff Group terminated within the 24-month period prior to the

  
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date of Special Withdrawal or Withdrawal of such Partner or thereafter. Additionally, the Partner may not solicit or encourage to cease to work with any member of the Och-Ziff Group any consultant, agent or adviser that the Partner knows or should know is under contract with any member of the Och-Ziff Group. 

(e) During the Restricted Period and at all times thereafter, each Individual Limited Partner will not, directly or indirectly, make, or cause
to be made, any written or oral statement, observation, or opinion disparaging the business or reputation of the Och-Ziff Group, or any owners, partners, members, directors, officers, or employees of any
member of the Och-Ziff Group. Notwithstanding any other provision of this Agreement or any other agreement entered into between an Individual Limited Partner and any member of the Och-Ziff Group and, in the case of any Individual Limited Partner that is an attorney, subject to such Individual Limited Partner’s compliance with any applicable obligations under the New York Rules of
Professional Conduct and any similar rules applicable to such Individual Limited Partner: (a) pursuant to 18 U.S.C. § 1833(b), each Limited Partner understands that he will not be held criminally or civilly liable under any Federal or
State trade secret law for the disclosure of a trade secret of the Och-Ziff Group that (i) is made (x) in confidence to a Federal, State, or local government official, either directly or indirectly,
or to the Limited Partner’s attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other
proceeding; (b) the Limited Partner understands that if he files a lawsuit for retaliation by the Och-Ziff Group for reporting a suspected violation of law, the Limited Partner may disclose the trade
secret to his attorney and use the trade secret information in the court proceeding if he (I) files any document containing the trade secret under seal, and (II) does not disclose the trade secret, except pursuant to court order;
(c) nothing in this Agreement or any other agreement or arrangement with any member of the Och-Ziff Group is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade
secrets that are expressly allowed by such section; and (d) nothing in this Agreement or any other agreement or arrangement with any member of the Och-Ziff Group shall prohibit or restrict the Limited
Partner from making any voluntary disclosure of information or documents pertaining to alleged violations of law to any governmental agency or legislative body, any self-regulatory organization, the legal departments of the Och-Ziff Group, and/or pursuant to the Dodd-Frank Act or Sarbanes-Oxley Act without prior notice to the Och-Ziff Group. 

(f) Each Individual Limited Partner acknowledges and agrees that an attempted or threatened breach by such Person of this Section 2.13
would cause irreparable injury to the Partnership and the other members of the Och-Ziff Group not compensable in money damages and the Partnership shall be entitled, in addition to the remedies set forth in
Sections 2.13(g) and 2.13(i), to obtain a temporary, preliminary or permanent injunction prohibiting any breaches of this Section 2.13 without being required to prove damages or furnish any bond or other security. 

(g) Each Individual Limited Partner agrees that it would be impossible to compute the actual damages resulting from a breach of
Section 2.13(b) or, if applicable, any of the non-competition covenants provided in such Partner’s Partner Agreement, and that the amounts set forth in this Section 2.13(g) are reasonable and do
not operate as a penalty, but are a genuine pre-estimate of the anticipated loss that the Partnership and other members of the Och-

  
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Ziff Group would suffer from a breach of Section 2.13(b) or, if applicable, of any of the non-competition covenants provided in such Partner’s
Partner Agreement. In the event an Individual Limited Partner breaches Section 2.13(b) or, if applicable, any of the non-competition covenants provided in such Partner’s Partner Agreement, then: 

(i) on or after the date of such breach, all Class P Common Units of such Partner and its Related Trusts, if any, shall
be forfeited and cancelled and any other unvested Common Units of such Partner and its Related Trusts, if any, shall cease to vest and thereafter shall be reallocated in accordance with this Section 2.13(g); 

(ii) on or after the date of such breach, (x) any PSIs or Deferred Cash Interests of such Partner and its Related Trusts
shall be forfeited and cancelled, and (y) and all allocations and distributions on such PSIs or in respect of such Deferred Cash Interests that would otherwise have been received by such Partner and its Related Trusts on or after the date of
such breach shall not thereafter be made; 
 (iii) on or after the date of such breach, no other allocations shall be made
to the respective Capital Accounts of such Partner and its Related Trusts, if any, and no other distributions shall be made to such Partners; 

(iv) on or after the date of such breach, no Transfer (including any exchange pursuant to the Exchange Agreement) of any of
the Common Units of such Partner or its Related Trusts, if any, shall be permitted under any circumstances notwithstanding anything to the contrary in this Agreement; 

(v) on or after the date of such breach, no sale, exchange, assignment, pledge, hypothecation, bequeath, creation of an
encumbrance, or any other transfer or disposition of any kind may be made of any of the Class A Shares acquired by such Partner or its Related Trusts, if any, through an exchange pursuant to the Exchange Agreement; 

(vi) as of the applicable Reallocation Date, except as provided in Section 2.13(g)(i), all of the unvested and vested
Common Units of such Partner and its Related Trusts, if any, and all allocations and distributions on such Common Units that would otherwise have been received by such Partners on or after the date of such breach shall be reallocated from such
Partners to the Partnership and then subsequently reallocated from the Partnership to the Continuing Partners in proportion to the total number of Original Common Units owned by each such Continuing Partner and its Original Related Trusts. 

(vii) each of such Partner and its Related Trusts, if any, agrees that, on the Reallocation Date, it shall immediately: 

(A) pay to the Continuing Partners, in proportion to the total number of Original Common Units owned by each such Continuing
Partner and its Original Related Trusts, a lump-sum cash amount equal to the sum of: (i) the total after-tax proceeds received by such Individual Limited
Partner or Related Trust thereof for any Class A Shares acquired at any time pursuant to the Exchange Agreement and that were 

  
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subsequently transferred during the 24-month period prior to the date of such breach; and (ii) any distributions received by such Individual Limited
Partner or Related Trust thereof during such 24-month period on Class A Shares acquired pursuant to the Exchange Agreement; 

(B) transfer any Class A Shares that were acquired at any time pursuant to the Exchange Agreement and held by such
Individual Limited Partner or Related Trust thereof on and after the date of such breach to the Partnership and then subsequently reallocated from the Partnership to the Continuing Partners in proportion to the total number of Original Common Units
owned by each such Continuing Partner and its Original Related Trusts; and 
 (C) pay to the Continuing Partners in
proportion to the total number of Original Common Units owned by each such Continuing Partner and its Original Related Trusts a lump-sum cash amount equal to the sum of: (i) the total after-tax proceeds received by such Individual Limited Partner or Related Trust thereof for any Class A Shares acquired at any time pursuant to the Exchange Agreement and that were subsequently transferred on
or after the date of such breach; and (ii) all distributions received by such Individual Limited Partner or Related Trust thereof on or after the date of such breach on Class A Shares acquired pursuant to the Exchange Agreement; 

(viii) each of such Partner and its Related Trusts, if any, agrees that, on the Reallocation Date, it shall immediately pay a lump-sum cash amount equal to the total after-tax amount received by them as PSI Cash Distributions (including cash distributions in respect of Deferred Cash Interests), in
each case during the 24-month period prior to the date of such breach, with such lump-sum cash amount to be paid to the Continuing Partners in proportion to the total
number of Original Common Units owned by such Continuing Partner and its Original Related Trusts; and 
 (ix) such Partner
and its Related Trusts agrees that he shall receive no payments, if any, that he would have otherwise received under the Tax Receivable Agreement on or after the date of such breach, and shall have no further rights under the Tax Receivable
Agreement, the Exchange Agreement or the Registration Rights Agreement after such date. 
 Any reallocated Common Units received by a Continuing Partner
pursuant to this Section 2.13(g) shall be deemed for all purposes of this Agreement to be Common Units of such Continuing Partner and subject to the same vesting requirements, if any, in accordance with Section 8.4 as the transferring
Limited Partner had been before his breach of Section 2.13(b) or, if applicable, of the relevant non-competition covenants provided in such Partner’s Partner Agreement. Any Continuing Partner
receiving reallocated Class A Common Units pursuant to this Section 2.13(g) shall be permitted to exchange fifty percent (50%) of such number of Class A Common Units (and sell any Class A Shares issued in respect thereof),
notwithstanding the transfer restrictions set forth in Section 8.1 in the event that the Exchange Committee determines in its sole discretion that the reallocation is taxable; provided, however, that such exchange of Class A Common Units
is made in accordance with the Class A Exchange Agreement (including the restrictions and other provisions in the Class A Exchange Agreement that address Section 382 of the Code). 

  
 33 

 (h) Notwithstanding anything in Section 2.13(g) to the contrary, the General Partner
may elect in its sole and absolute discretion to waive the application of any portion, all or none of the provisions of Section 2.13(g) in the case of the breach by any Partner of Section 2.13(b) or, if applicable, of the relevant non-competition covenants provided in such Partner’s Partner Agreement. 
 (i) Without limiting the
right of the Partnership to obtain injunctive relief for any attempted or threatened breach of this Section 2.13, in the event a Partner breaches Section 2.13(c), (d) or (e), then at the election of the General Partner in its sole and
absolute discretion the Partnership shall be entitled to seek any other available remedies including, but not limited to, an award of money damages. 

Section 2.14 Insurance. The Partnership may purchase and maintain insurance, to the extent and in such amounts as the General
Partner shall deem reasonable, on behalf of Covered Persons and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by any such Person in connection with the
activities of the Partnership and/or its Subsidiaries regardless of whether the Partnership would have the power or obligation to indemnify such Person against such liability under the provisions of this Agreement. The Partnership may enter into
indemnity contracts with Covered Persons and such other Persons as the General Partner shall determine and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding of obligations under this
Section 2.14, and containing such other procedures regarding indemnification as are appropriate and consistent with this Agreement. 

Section 2.15 Representations and Warranties. Each Partner hereby represents and warrants to the others and to the Partnership as
follows: 
 (a) Such Partner has all requisite power to execute, deliver and perform this Agreement; the performance of its obligations
hereunder will not result in a breach or a violation of, or a default under, any material agreement or instrument by which such Partner or any of such Partner’s properties is bound or any statute, rule, regulation, order or other law to which
it is subject, nor require the obtaining of any consent, approval, permit or license from or filing with, any governmental authority or other Person by such Person in connection with the execution, delivery and performance by such Partner of this
Agreement. 
 (b) This Agreement constitutes (assuming its due authorization and execution by the other Partners) such Partner’s legal,
valid and binding obligation. 
 (c) Each Limited Partner expressly agrees that the Partners may, subject to the restrictions set forth in
Sections 2.12, 2.13, 2.16, 2.18 and 2.19 and, if applicable, any Partner Agreement, regarding Confidential Information, Intellectual Property, non-competition,
non-solicitation, non-disparagement, non-interference, devotion of time, short selling and hedging transactions, and compliance
with relevant policies and procedures, engage independently or with others, for its or their own accounts and for the accounts of others, in other 

  
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business ventures and activities of every nature and description whether such ventures are competitive with the business of the Partnership or otherwise, including, without limitation,
purchasing, selling or holding investments for the account of any other Person or enterprise or for its or his own account, regardless of whether or not any such investments are also purchased, sold or held for the direct or indirect account of the
Partnership. Neither the Partnership nor any Limited Partner shall have any rights or obligations by virtue of this Agreement in and to such independent ventures and activities or the income or profits derived therefrom. 

(d) Such Partner understands that (i) the Interests have not been registered under the Securities Act and applicable state securities
laws and (ii) the Interests may not be sold, transferred, pledged or otherwise disposed of except in accordance with this Agreement and then only if they are subsequently registered in accordance with the provisions of the Securities Act and
applicable state securities laws or registration under the Securities Act or any applicable state securities laws is not required. 
 (e)
Such Partner understands that the Partnership is not obligated to register the Interests for resale under any applicable federal or state securities laws and that the Partnership is not obligated to supply such Partner with information or assistance
in complying with any exemption under any applicable federal or state securities laws. 
 Section 2.16 Devotion of Time. Each
Individual Limited Partner agrees to devote substantially all of his business time, skill, energies and attention to his responsibilities to the Och-Ziff Group in a diligent manner at all times prior to his
Special Withdrawal or Withdrawal. 
 Section 2.17 Partnership Property; Partnership Interest. No real or other property of the
Partnership shall be deemed to be owned by any Partner individually, but shall be owned by and title shall be vested solely in the Partnership. The Interests of the Partners shall constitute personal property. 

Section 2.18 Short Selling and Hedging Transactions. While each Partner is a Limited Partner of the Partnership
(irrespective of whether or not a Special Withdrawal or Withdrawal has occurred in respect of such Partner) and at all times thereafter, such Partner and its Affiliates shall not, without PMC Approval, directly or indirectly, (a) effect any
short sale (as such term is defined in Regulation SHO under the Exchange Act) of Class A Shares or any short sale of any Related Security, or (b) enter into any swap or other transaction, other than a sale (which is not a short sale) of
Class A Shares or any Related Security to the extent permitted by this Agreement, that transfers to another, in whole or in part, any of the economic risks, benefits or consequences of ownership of Class A Shares or any Related Security.
The foregoing clause (b) is expressly agreed to preclude each Partner and its Affiliates, while such Partner is a Limited Partner of the Partnership (irrespective of whether or not a Special Withdrawal or Withdrawal has occurred in respect of
such Partner) and at all times thereafter, from engaging in any hedging or other transaction (other than a sale, which is not a short sale, of Class A Shares or any Related Security to the extent permitted by this Agreement) which is designed
to or which reasonably could be expected to lead to or result in a transfer of the economic risks, benefits or consequences of ownership of Class A Shares or any Related Security, or a disposition of Class A Shares or any Related Security,
even if such transfer or disposition would be made by someone other than such Partner or Affiliate thereof or any Person contracting directly with such Partner or Affiliate. For purposes of this Section 2.18 only, “Related Securities”
shall include Class A-1 Common Units, PSIs and Deferred Cash Interests. 

  
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 Section 2.19 Compliance with Policies. Each Individual Limited Partner hereby
agrees that he shall comply with all policies and procedures adopted by any member of the Och-Ziff Group or which Limited Partners are required to observe by law, or by any recognized stock exchange, or other
regulatory body or authority. 
 ARTICLE III 

INTERESTS AND ADMISSION OF PARTNERS 

Section 3.1 Units and other Interests. 

(a) General. As of the Recapitalization Date, the Partnership has interests designated as “Class A Cumulative Preferred
Units,” “Class A Common Units,” “Class A-1 Common Units,” “Class B Common Units,” “Class C Non-Equity
Interests,” “Class D Common Units,” “Class E Common Units,” “Class P Common Units” and “Profit Sharing Interests.” Any Partnership interest may be held by the General
Partner or any Limited Partner. Except as expressly provided herein, Common Units of each class shall entitle the holders thereof to equal rights under this Agreement. The General Partner shall record in the books of the Partnership the names of all
Partners, and the number and class or type of interests held by them. Units and Class C Non-Equity Interests are allocated Net Income and Net Loss pursuant to Article VI. Distributions are paid with
respect to the Units and Class C Non-Equity Interests as described in this Article III and pursuant to Article VII. 

(b) Certificated and Uncertificated Units. From time to time, the General Partner may establish other classes or series of Units
pursuant to Section 3.2. Units may (but need not, in the sole and absolute discretion of the General Partner) be evidenced by a certificate (a “Certificate of Ownership”) in such form as the General Partner may approve in
writing in its sole and absolute discretion. The Certificate of Ownership may contain such legends as may be required by law or as may be appropriate to evidence, if approved by the General Partner pursuant to Section 8.1, the pledge of a
Partner’s Units. Each Certificate of Ownership shall be signed by or on behalf of the General Partner by either manual or facsimile signature. The Certificates of Ownership of the Partnership shall be numbered and registered in the register or
transfer books of the Partnership as they are issued. The Partnership or other Transfer Agent shall act as registrar and transfer agent for the purposes of registering the ownership and Transfer of Units. If a Certificate of Ownership is defaced,
lost or destroyed it may be replaced on such terms, if any, as to evidence and indemnity as the General Partner determines in its sole and absolute discretion. Notwithstanding the foregoing, Class A Common Units,
Class A-1 Common Units, Class B Common Units, Class D Common Units, Class E Common Units, Class P Common Units and PSIs shall not be evidenced by Certificates of Ownership and a
Partner’s interest in any such Units shall be reflected through appropriate entries in the books and records of the Partnership. 

  
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 (c) Record Holder. Except to the extent that the Partnership shall have received
written notice of a Transfer of Units and such Transfer complies with the applicable requirements of Section 8.1, the Partnership shall be entitled to treat (i) in the case of Units evidenced by Certificates of Ownership, the Person in
whose name any Certificates of Ownership stand on the books of the Partnership and (ii) in the case of Units not evidenced by Certificates of Ownership and Class C Non-Equity Interests, the Person
listed in the books of the Partnership as the holder of such Units or Class C Non-Equity Interests, as the absolute owner thereof, and shall not be bound to recognize any equitable or other claim to, or
interest in, such Units or Class C Non-Equity Interests on the part of any other Person. The name and business address of each Partner shall be set forth in the books of the Partnership. 

(d) Class A Common Units and Class A-1 Common Units. 

(i) Class A-1 Common Units. In the Merger, each Class A Common Unit
outstanding immediately prior to the Merger was converted into 0.65 Class A Common Units and 0.35 Class A-1 Common Units. There shall only be one series of
Class A-1 Common Units and, except as otherwise set forth in this Agreement or an applicable Partner Agreement, each Class A-1 Common Unit shall have the same
rights, powers and duties, which shall be as set forth in this Section 3.1(d) and elsewhere in this Agreement. 
 (ii)
Capital Accounts Attributable to Class A and Class A-1 Common Units. Immediately following the Merger, each Limited Partner retained the portion of such Limited
Partner’s Capital Account attributable to the Class A Common Units outstanding immediately prior to the Merger that were converted into Class A-1 Common Units in the Merger. Such Limited
Partner’s Capital Account attributable to such Class A Common Units that were converted into Class A-1 Common Units in the Merger (and federal income tax basis and other tax attributes,
including, without limitation, the debt allocations pursuant to Section 752 of the Code, to the extent permissible) shall not be affected by any future cancellation of such Class A-1 Common Units as
provided in Section 3.1(d)(v); instead such portion of such Limited Partner’s Capital Account shall be allocated in its entirety to the portion of such Limited Partner’s Capital Account attributable to such Limited Partner’s
Class A Common Units. 
 (iii) Consent Rights. 

(A) Class A Consent Rights. Notwithstanding anything contained in this Agreement to the contrary, from and after the
Recapitalization Date, the following actions shall not be taken without the prior written consent of (i) the holders of a majority of the then-outstanding Class A Common Units and (ii) until 100% of the then-outstanding Post-Recap
Class A Units have become Eligible Common Units, the holders of a majority of the then-outstanding Post-Recap Class A Units: 
  

	 	(I)	 Any action by the Och-Ziff Group (directly or indirectly, whether by
merger, recapitalization, amendment, or otherwise) that is adverse to the holders of Class A Common Units or Class A-1 Common Units in a manner disproportionate to

  
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the holders of the Class A Shares (taking into account, for such purposes, the effect on the Class A Shares and/or the Class B Common Units), including, for the avoidance of doubt,
any such disproportionate impact resulting from (w) any amendments to the terms of the Class D Common Units, the Class E Common Units or the Class P Common Units, (x) any amendments to the terms of any Class A
Restricted Share Units, (y) the disproportionate allocation of income (loss) to any class of Units or (z) the creation of any new class of Class A Parity Units; other than, in each case, any disproportionate treatment pursuant to the
express terms of such units that are set forth in this Agreement as of the date hereof (and not, for the avoidance of doubt, as a result of the exercise by the General Partner or any other Person of its discretion or other rights to take or omit to
take actions or make other determinations hereunder). 

  

	 	(II)	 The issuance of any additional Class A Common Units or
Class A-1 Common Units (excluding Class A Common Units issued upon the conversion of any other Common Units in accordance with Sections 3.1(f) or 3.1(g)).

 

	 	(III)	 (x) the creation of any new class of Class A Parity Units or (y) amending, modifying or otherwise
causing the terms of an existing class of equity securities to become Class A Parity Units, in each of the foregoing clauses (x) and (y), by Och-Ziff, the Partnership or any other entity in the Och-Ziff Group until the achievement of the Book-Up Target for all outstanding Class A Common Units following the end of the Distribution Holiday. For the avoidance of
doubt, any consent rights of the holders of Class A Common Units described in this Agreement will not limit the rights of the holders of the Class A Cumulative Preferred Units and Debt Securities (which as of the Recapitalization Date have
separate consent rights with respect to issuances of Class A Parity Units). 

  

	 	(IV)	 The amendment (directly or indirectly, whether by merger, recapitalization, amendment, or otherwise) of
(i) the Book-Up Provisions in a manner that is adverse to the Class A Common Units or Class A-1 Common Units, except as required by a change in applicable
laws, regulations or IRS guidance following the date hereof or upon the written advice of outside counsel to the Och-Ziff Group as to the interpretation of the tax law or (ii) this
Section 3.1(d)(iii) (other than Section 3.1(d)(iii)(B)). 

 In connection with any consents to be obtained from
the holders of Class A Common Units under this Section 3.1(d)(iii)(A), no consent fee or other consideration shall be offered to such holders. 

(B) Class A Consent Rights for Non-DSO Parties. From the Recapitalization Date
until the end of the Distribution Holiday, without the approval of holders of a majority of the Class A Common Units (excluding any Class A Common Units held by any DSO Parties at the applicable time) (such holders, the “Non-DSO Class A Holders”), the Och-Ziff Group shall not amend (directly or indirectly, whether by merger, recapitalization, amendment, or
otherwise) (i) this Agreement if the impact of such amendment on the Non-DSO Class A Holders (solely in their capacity as holders of 

  
 38 

 
Class A Common Units or Class A-1 Common Units) is disproportionately adverse, in any material respect, relative to the impact to the DSO Parties
(solely in the DSO Parties’ capacity as holders of Class A Common Units or Class A-1 Common Units, as applicable) or (ii) this Section 3.1(d)(iii)(B). 

(C) Amendments to Terms of Class A-1 Common Units. For all
purposes of Section 10.2(a), holders of Class A-1 Common Units shall vote (i) together as a single class and (ii) separately from the other classes of Units. 

(iv) Tag-Along Sales. Each Limited Partner that holds Class A Common Units
or Class A-1 Common Units shall be a Potential Tag-Along Seller with respect to such Common Units in connection with any proposed
Tag-Along Sale and any such Class A-1 Common Units shall be deemed to be Class A Common Units for purposes of Section 8.5; provided that any consideration
received by such Limited Partner with respect to any Class A Common Units or Class A-1 Common Units shall be subject to Section 3.1(h). 

(v) Cancellation of Class A-1 Common Units. Upon (A) any
Class E-1 Common Units or Additional Class E Common Units becoming Eligible Common Units or (B) any such Class E Common Units being cancelled (other than any
Class E-1 Common Units cancelled as of March 11, 2019 pursuant to Section 3.1(g)(i)), in either case an equal number of Class A-1 Common Units shall
be automatically cancelled, with each holder of Class A-1 Common Units bearing its pro rata share of such cancellation. 

(vi) Participation through Additional Capital Contributions. Notwithstanding the final sentence of Section 8.5(b),
in circumstances wherein the General Partner shall permit Class A Limited Partners or the other Limited Partners to participate in (or the Class A Limited Partners or the other Limited Partners are otherwise entitled to participate
in) (i) a sale of Class A Common Units, or (ii) an exchange of Class A Common Units pursuant to the Exchange Agreement, the General Partner shall allow each Class A Limited Partner to make such Capital Contributions to the
Partnership as would enable the relevant number of Class A Common Units of such Class A Limited Partner to achieve the applicable Book-Up Target. 

(e) Conversion into Class E-2 Common Units. In the Merger, each Class D
Common Unit outstanding immediately prior to the Merger was converted into (x) one Class D Common Unit on the same vesting schedule as prior to such conversion (each, a “Conversion Class D Common Unit”),
and (y) one Class E-2 Common Unit (each, a “Conversion Class E-2 Common Unit”); provided that (i) on and immediately
following the Conversion Class E-2 Notice Date, each Class D Limited Partner shall have outstanding either solely Conversion Class D Common Units or solely Conversion Class E-2 Common Units, as set forth below, and (ii) prior to the Conversion Class E-2 Notice Date, the Conversion
Class E-2 Common Units shall not have rights under this Agreement, including with respect to voting, approval, distributions or allocations. 

  
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 (i) Conversion
Class E-2 Notice Date. A Class D Limited Partner shall have the right, at such Limited Partner’s option, to either: (A) retain all of such Conversion Class D Common
Units or (B) retain all of such Conversion Class E-2 Common Units. In order to exercise such election right, a Class D Limited Partner shall deliver to the General Partner, prior to
March 8, 2019 (the “Conversion Class E-2 Notice Date” ), a completed and executed notice in the form attached to this Agreement as Exhibit D (an “Election
Notice”), in the manner specified in Section 10.10 of this Agreement. 
 (ii) Delivery of Election Notice;
Cancellation of Conversion Units. If a Class D Limited Partner delivers a properly completed and executed Election Notice before the close of business on the Conversion Class E-2 Notice Date
electing to retain all of his Conversion Class E-2 Common Units, then all of his Conversion Class D Common Units shall be cancelled automatically and he shall retain all of his Conversion Class E-2 Common Units as of the close of business on such date. If a Class D Limited Partner either fails to deliver a properly completed and executed Election Notice before the close of business on the
Conversion Class E-2 Notice Date, or delivers a properly completed and executed Election Notice before the close of business on such date electing to retain all of his Conversion Class D Common
Units, then all of his Conversion Class E-2 Common Units shall be cancelled automatically and he shall retain all of his Conversion Class D Common Units as of the close of business on such date. In
all cases, the Book-Up Target with respect to a Conversion Class E-2 Common Unit may not be satisfied sooner than 30 days following the issuance of such Unit. 

(iii) Following the Conversion Class E-2 Notice Date. As of
the opening of business on the first business day following the Conversion Class E-2 Notice Date, the books and records of the Partnership shall be updated to reflect the cancellation of each Class D
Limited Partner’s Conversion Class D Common Units or Conversion Class E-2 Common Units, as applicable, in accordance with Section 3.1(e)(ii). Thereafter, any such retained Conversion Class E-2 Common Units shall have the same rights, powers and duties as the Class E-1 Common Units except as specified in the applicable Partner Agreement or in
Section 3.1(g)(iv) or 3.1(n) or elsewhere in this Agreement. 
 (f) Class D Common Units. Class D Common Units may be
conditionally issued in one or more series of such class. Class D Common Units of the first such series were designated as “Class D-1 Common Units,” with each subsequent series of Class D
Common Units to be designated with a consecutive number or as otherwise recorded in the books of the Partnership and the applicable Partner Agreement. Class D Common Units may be conditionally granted to or held by any Individual Limited
Partner and his Related Trusts (each, a “Class D Limited Partner”). Except as otherwise set forth in this Agreement or the applicable Partner Agreement, if any, of any Class D Limited Partner, each series of Class D Common
Units shall have the same rights, powers and duties, which shall be as set forth below and elsewhere in this Agreement: 

(i) Exchanges; Conversion of Class D Common Units into Class A Common Units. No
Class D Limited Partner shall be permitted to exchange any Class D Common Unit pursuant to the Exchange Agreement except (i) to the extent that the Class D Common Unit has converted into a Class A Common Unit and satisfies
the Book-Up Target at the time of such exchange and (ii) subject to the other terms of this Agreement. 

  
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Upon achieving the Book-Up Target in accordance with Sections 5.2(b)(iii) and 6.1(c) following the end of the Distribution Holiday or immediately prior to
an Exchange Event in which such Class D Common Unit is to be exchanged, a Class D Common Unit will automatically convert into a Class A Common Unit; provided that such automatic conversion will only occur to the extent a corresponding
number of Class D common units in each of the other Operating Group Entities are also to be simultaneously converted into Class A common units pursuant to their Organizational Documents. 

(ii) Tag-Along Sales. Each Class D Limited Partner shall be a Potential Tag-Along Seller with respect to its Class D Common Units in connection with any proposed Tag-Along Sale and such Class D Common Units shall be deemed to be
Class A Common Units for purposes of Section 8.5; provided that any consideration received by such Class D Limited Partner with respect to any such Class D Common Units shall be subject to Section 3.1(h). 

(iii) Participation through Additional Capital Contributions. Notwithstanding the provisions of Section 3.1(f)(i)
and the final sentence of Section 8.5(b), in circumstances wherein the General Partner shall permit Class D Limited Partners or the other Limited Partners to participate in (or the Class D Limited Partners or the other Limited
Partners are otherwise entitled to participate in) (i) a sale of Class A Common Units, or (ii) an exchange of Class A Common Units pursuant to the Exchange Agreement, the General Partner shall allow each Class D Limited
Partner to make such Capital Contributions to the Partnership as would enable the relevant number of Class D Common Units of such Class D Limited Partner to become economically equivalent to Class A Common Units, in which case each
such Class D Common Unit will automatically convert into a Class A Common Unit and such Class D Limited Partner will then be permitted to participate in such sale or exchange. 

(iv) Participation in Liquidity Events. If any Class D Limited Partner does not participate in any sale or exchange
of Common Units by the other Limited Partners occurring within two years after the applicable Issue Date of such Class D Limited Partner’s Class D Common Units and in which such Class D Limited Partner would have been entitled to
participate in accordance with Section 3.1(f)(i), then, following the end of such two-year period, such Class D Limited Partner shall, subject to the satisfaction of the conditions set forth in
Section 3.1(f)(i) or Section 3.1(f)(iii) and satisfaction of the Book-Up Target at such future time, be entitled to exchange the number of Common Units equal to such Class D Limited
Partner’s pro rata share of the total number of Common Units that all Individual Limited Partners and their Related Trusts were entitled to Transfer in such sale or exchange. 

(v) Amendments. With respect to amendments (A) pursuant to Section 10.2(a)(ii), (x) the Class D Common
Units shall be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment that adversely affects the rights of the Class D Common Units and the rights of the
Class A Common Units similarly and (y) the Class D Common Units shall vote separately in respect of any amendment that only adversely affects the rights of the Class D Common Units or otherwise adversely affects the rights of
Class D Common 

  
 41 

 
Units and the rights of Class A Common Units dissimilarly (other than in a de minimis manner), and (B) pursuant to Section 10.2(a)(iii), the Class D Common Units shall
be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment requiring approval thereunder. For the avoidance of doubt, notwithstanding the foregoing provisions of
this Section 3.1(f)(v), the Class D Common Units shall not be treated as Class A Common Units for any purposes under Sections 3.1(d)(iii)(A) or 3.1(d)(iii)(B). 

(vi) Adjustments to Class D Common Units. The General Partner shall maintain a one-to-one correspondence between each Class D Common Unit and each Class A Common Unit into which each such Class D Common Unit may convert, and may make
equitable adjustments to the Class D Common Units to take into account changes in the number of Common Units, reclassifications, recapitalizations and similar factors provided that such adjustments are consistent with the intent of
Section 6.1(c) and the other relevant provisions of this Agreement; provided, however, that no such equitable adjustment may adversely affect the Class D Common Units’ rights to the allocations and distributions set forth in this
Agreement and any applicable Partner Agreement. 
 (g) Class E Common Units. Class E Common Units may be conditionally issued in
one or more series of such class. Class E Common Units of the first such series granted after the Merger shall be designated as “Class E-1 Common Units,” and each subsequent series of
Class E Common Units shall be designated with a consecutive number commencing with Class E-3 Common Units or as otherwise recorded in the books of the Partnership and the applicable Partner
Agreement. Class E Common Units may be conditionally granted to or held by any Individual Limited Partner and his Related Trusts (each, a “Class E Limited Partner”). Except as otherwise set forth in this Agreement or the
applicable Partner Agreement, if any, of any Class E Limited Partner, each series of Class E Common Units shall have the same rights, powers and duties, which shall be as set forth below and elsewhere in this Agreement: 

(i) Initial Class E Grant. On the Recapitalization Date, immediately following the Merger, 9,655,232 Class E-1 Common Units (such number, the “Initial Class E Grant”) shall be issued to existing Limited Partners. The retention of each grant shall be subject to the terms and
conditions of an award agreement to be entered into between the applicable Limited Partner and the Operating Partnerships. The retention of any Class E-1 Common Units granted to each such Limited
Partner is subject to such Limited Partner (A) delivering to the General Partner, prior to March 8, 2019, a completed and executed version of such award agreement, and (B) satisfying the conditions specified in such award agreement;
and any grant as to which the conditions in the foregoing clauses (A) and (B) are not met shall be canceled as of March 11, 2019. All Class E-1 Common Units shall be subject to vesting in
accordance with Exhibit E-1 hereto. 

  
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 (ii) Additional Class E Common Units. After the
Recapitalization Date, the General Partner may conditionally issue additional Class E Common Units (“Additional Class E Common Units”) in an aggregate number up to the excess of (A) the aggregate number
of Class A-1 Common Units outstanding on the Recapitalization Date, over (B) the Initial Class E Grant (as reduced by any Class E-1 Common Units
cancelled as of March 11, 2019 pursuant to Section 3.1(g)(i)), with any such Additional Class E Common Units to be issued on such terms determined by the Chief Executive Officer of Och-Ziff with
the approval of the Compensation Committee, if applicable. The Additional Class E Common Units shall be granted to Active Individual LPs. 

(iii) Class E Consent Rights. Notwithstanding anything contained in this Agreement to the contrary, from and after the
Recapitalization Date, until the number of then-outstanding Class E Common Units (excluding those that have converted into Class A Common Units) is less than 10% of the number of Class E Common Units outstanding on the
Recapitalization Date immediately following the Merger (including any Conversion Class E Common Units that the holders thereof elect to retain pursuant to Section 3.1(e)), the following actions shall not be taken without the prior written
consent of the holders of a majority of the then-outstanding Class E Common Units (excluding those that have converted into Class A Common Units): 

(A) Any action by the Och-Ziff Group (directly or indirectly, whether by merger,
recapitalization, amendment, or otherwise) that is adverse to the holders of Class E Common Units in a manner disproportionate to the holders of the Class A Shares (taking into account, for such purposes, the effect on the Class A
Shares and/or the Class B Common Units), including, for the avoidance of doubt, any such disproportionate impact resulting from (w) any amendments to the terms of the Class A Common Units, the Class D Common Units or the
Class P Common Units, (x) any amendments to the terms of any Class A Restricted Share Units, (y) the disproportionate allocation of income (loss) to any class of Units or (z) the creation of any new class of Class E
Parity Units; other than, in each case, any disproportionate treatment pursuant to the express terms of such units that are set forth in this Agreement as of the Recapitalization Date (and not, for the avoidance of doubt, as a result of the exercise
by the General Partner or any other Person of its discretion or other rights to take or omit to take actions or make other determinations hereunder). 

(B) (x) the creation of any new class of Class E Parity Units or (y) amending, modifying or otherwise causing the
terms of an existing class of equity securities to become Class E Parity Units, in each of the foregoing clauses (x) and (y), by Och-Ziff, the Partnership or any other entity in the Och-Ziff Group until the achievement of the Book-Up Target for all outstanding Class E Common Units following the end of the Distribution Holiday. 

(C) The amendment (directly or indirectly, whether by merger, recapitalization, amendment, or otherwise) of (i) the Book-Up Provisions in a manner that is adverse to the Class E Common Units, except as required by a change in applicable laws, regulations or IRS guidance following the date hereof or upon the written advice of
outside counsel to the Och-Ziff Group as to the interpretation of the tax law or (ii) this Section 3.1(g). 

  
 43 

 In connection with any consents to be obtained from the holders of Class E Common Units
under this Section 3.1(g)(iii), no consent fee or other consideration shall be offered to such holders. 
 (iv)
Vesting of Conversion Class E-2 Common Units. If a Class D Limited Partner elects to retain any Conversion Class E-2 Common Units in
accordance with Section 3.1(e), such Conversion Class E-2 Common Units shall be subject to vesting in accordance with Exhibit E-2 hereto. 

(v) Exchanges; Conversion of Class E Common Units into Class A Common Units. No
Class E Limited Partner shall be permitted to exchange any Class E Common Unit pursuant to the Exchange Agreement except (i) to the extent that the Class E Common Unit has converted into a Class A Common Unit and satisfies
the Book-Up Target at the time of such exchange and (ii) subject to the other terms of this Agreement. Upon achieving the Book-Up Target in accordance with Sections
5.2(b)(iii) and 6.1(c) following the end of the Distribution Holiday or immediately prior to an Exchange Event in which such Class E Common Unit is to be exchanged, a Class E Common Unit will automatically convert into a Class A
Common Unit; provided that such automatic conversion will only occur to the extent a corresponding number of Class E common units in each of the other Operating Group Entities are also to be simultaneously converted into Class A common
units pursuant to their Organizational Documents. 
 (vi) Tag-Along Sales.
Each Class E Limited Partner shall be a Potential Tag-Along Seller with respect to its Class E Common Units in connection with any proposed Tag-Along Sale and
such Class E Common Units shall be deemed to be Class A Common Units for purposes of Section 8.5; provided that any consideration received by such Class E Limited Partner with respect to any such Class E Common Units shall
be subject to Section 3.1(h). 
 (vii) Participation through Additional Capital Contributions Notwithstanding the
provisions of Section 3.1(g)(v) and the final sentence of Section 8.5(b), in circumstances wherein the General Partner shall permit Class E Limited Partners or the other Limited Partners to participate in (or the Class E Limited
Partners or the other Limited Partners are otherwise entitled to participate in) (i) a sale of Class A Common Units, or (ii) an exchange of Class A Common Units pursuant to the Exchange Agreement, the General Partner shall allow
each Class E Limited Partner to make such Capital Contributions to the Partnership as would enable the relevant number of Class E Common Units of such Class E Limited Partner to become economically equivalent to Class A Common
Units, in which case each such Class E Common Unit will automatically convert into a Class A Common Unit and such Class E Limited Partner will then be permitted to participate in such sale or exchange. 

(viii) Participation in Liquidity Events. If any Class E Limited Partner does not participate in any sale or
exchange of Common Units by the other Limited Partners occurring within two years after the applicable Issue Date of such Class E Limited Partner’s Class E Common Units and in which such Class E Limited Partner would have been
entitled to participate in accordance with Section 3.1(g)(v), then, 

  
 44 

 
following the end of such two-year period, such Class E Limited Partner shall, subject to the satisfaction of the conditions set forth in
Section 3.1(g)(v) or Section 3.1(g)(vii) and satisfaction of the Book-Up Target at such future time, be entitled to exchange the number of Common Units equal to such Class E Limited
Partner’s pro rata share of the total number of Common Units that all Individual Limited Partners and their Related Trusts were entitled to Transfer in such sale or exchange. 

(ix) Amendments. With respect to amendments (A) pursuant to Section 10.2(a)(ii), (x) the Class E Common
Units shall be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment that adversely affects the rights of the Class E Common Units and the rights of the
Class A Common Units similarly and (y) the Class E Common Units shall vote separately in respect of any amendment that only adversely affects the rights of the Class E Common Units or otherwise adversely affects the rights of
Class E Common Units and the rights of Class A Common Units dissimilarly (other than in a de minimis manner), and (B) pursuant to Section 10.2(a)(iii), the Class E Common Units shall be treated as Class A Common
Units and shall vote together as a single class with the Class A Common Units in respect of any amendment requiring approval thereunder. For the avoidance of doubt, notwithstanding the foregoing provisions of this Section 3.1(g)(ix), the
Class E Common Units shall not be treated as Class A Common Units for any purposes under Sections 3.1(d)(iii)(A), 3.1(d)(iii)(B) or 3.1(g)(iii). 

(x) Adjustments to Class E Common Units. The General Partner shall maintain a one-to-one correspondence between each Class E Common Unit and each Class A Common Unit into which each such Class E Common Unit may convert, and may make
equitable adjustments to the Class E Common Units to take into account changes in the number of Common Units, reclassifications, recapitalizations and similar factors provided that such adjustments are consistent with the intent of
Section 6.1(c) and the other relevant provisions of this Agreement; provided, however, that no such equitable adjustment may adversely affect the Class E Common Units’ rights to the allocations and distributions set forth in this
Agreement and any applicable Partner Agreement. 
 (h) Participation by Class A Common Units,
Class A-1 Common Units, Class D Common Units and Class E Common Units in a Liquidity Event. Notwithstanding anything in this Agreement to the contrary, in the event of a Drag-Along Sale, Tag-Along Sale, a Change of Control or any other liquidity event, (i) if any class of Common Units is permitted to participate in a sale of such Common Units in such Drag-Along Sale, Tag-Along Sale, a Change of Control or any other liquidity event (such class of Common Units, the “Initial Permitted Common Units”), all other classes of Common Units shall be permitted to participate in a
sale of those Common Units in such Drag-Along Sale, Tag-Along Sale, a Change of Control or any other liquidity event, in each case on the same terms and conditions as the Initial Permitted Common Units, and
(ii) the consideration to which any Limited Partner holding Class A Common Units, Class A-1 Common Units, Class D Common Units or Class E Common Units shall be entitled with respect to
any such Common Unit that is to be sold in such Drag-Along Sale, Tag-Along Sale, a Change of Control or any other liquidity event shall be in proportion to such Limited Partner’s Economic Capital Account
Balance attributable to such 

  
 45 

 
Common Unit (taking into account the Economic Capital Account Balances of the Common Units participating directly or indirectly in such event, including Class B Common Units). For the
avoidance of doubt, to the extent the Common Units have achieved their Book-Up Target at the time of any such liquidity event, any such consideration paid in respect of such Common Units shall be in proportion
to such Common Units’ Percentage Interests relative to the Percentage Interests of all the Common Units entitled to participate in such liquidity event. 

(i) Profit Sharing Interests. Interests in the Partnership shall include a class of Units designated as “Profit Sharing
Interests,” which may be conditionally issued in one or more series of such class (each, a “PSI”). The first series of such class shall be designated as “Series 1 PSIs,” with each subsequent series of PSIs to be
designated with consecutive numbers indicating the order in which series have been issued, or as otherwise recorded in the books of the Partnership and the applicable Partner Agreement. The respective Interests in the PSIs conditionally held by each
Individual Limited Partner (each, a “PSI Limited Partner”) shall be as recorded in the books of the Partnership as being owned by such Partner pursuant to this Section 3.1, with each Person receiving a conditional grant of PSIs
being admitted as a Limited Partner upon such grant if such Person was not previously a Limited Partner. Except as otherwise set forth in this Agreement or any applicable Partner Agreement and subject to Section 3.1(i)(ix), each PSI shall have
the rights, powers and duties set forth below and elsewhere in this Agreement: 
 (i) Grants, Reallocations and
Cancellations of PSIs. At all times, each PSI Limited Partner will conditionally own an equal number of PSIs in the Partnership and each of the other Operating Group Entities. The PMC Chairman may in his discretion conditionally grant any number
of PSIs at any time to any existing Individual Limited Partners or other Person who becomes an Individual Limited Partner in connection with such grant. At any time, the PMC Chairman in his sole discretion may determine to (A) conditionally
reallocate PSIs held by any PSI Limited Partner to any other Limited Partners, whether or not they are PSI Limited Partners, or (B) cancel any PSIs held by any PSI Limited Partner. PSIs forfeited by any PSI Limited Partner in accordance with
this Agreement or the terms of any Partner Agreement shall automatically be cancelled. 
 (ii) PSI Distributions.
Unless otherwise specified in any applicable Partner Agreement, a PSI Limited Partner shall conditionally receive distributions with respect to such PSI Limited Partner’s PSIs from the Partnership and the other Operating Group Entities in
respect of any Fiscal Year in an aggregate annual amount equal to the product of (i) such PSI Limited Partner’s PSI Number in respect of such Fiscal Year, and (ii) the aggregate distributions made by the Operating Group Entities with
respect to each Operating Group A Unit in respect of the Net Income earned by the Operating Group Entities during such Fiscal Year (the aggregate amounts to be distributed to any PSI Limited Partner with respect to such PSI Limited Partner’s
PSIs by the Partnership and the other Operating Group Entities in respect of any Fiscal Year, such PSI Limited Partner’s “PSI Distribution” in respect of such Fiscal Year). In order to be eligible to receive any portion of the
PSI Distribution in respect of any Fiscal Year, the PSI Limited Partner shall not have been subject to a Withdrawal or Special Withdrawal as of the applicable distribution date of such portion of such PSI Distribution. 

  
 46 

 (iii) Types of PSI Distributions. Unless otherwise specified in any
applicable Partner Agreement and subject to Section 3.1(i)(ix), any PSI Distribution to be made to any PSI Limited Partner by the Partnership and the other Operating Group Entities with respect to the PSIs of such PSI Limited Partner shall be
conditionally distributed at the times and in the amounts described in this Section 3.1(i) in a combination of (A) cash to be conditionally distributed to the Limited Partner by one or more of the Operating Group Entities, which may
include a conditional grant of Deferred Cash Interests by the Partnership and/or the other Operating Group Entities in the sole discretion of the General Partner, and (B) a conditional grant by the Operating Group Entities of Operating Group D
Units. 
 (iv) Proportions of Cash and Units. Unless otherwise specified in any applicable Partner Agreement and
subject to Section 3.1(i)(ix), any PSI Distribution to be made to any PSI Limited Partner in respect of any Fiscal Year shall be conditionally distributed at the times specified in Section 3.1(i)(v) such that, on an aggregate basis, it
shall be conditionally made: 
 (A) 75% in the form of cash distributions, to be satisfied by distributions from one or more
of the Operating Group Entities in the proportions determined by the General Partner in its sole discretion (the “PSI Cash Distribution”), of which a portion equal to 60% of the PSI Distribution shall be distributed in accordance
with clauses (A) and (B) of Section 3.1(i)(v) and the remainder shall be distributed in the form of Deferred Cash Interests in accordance with clause (C) of Section 3.1(i)(v) (the “Deferred Cash Distribution”);
and 
 (B) 25% in the form of a grant of Operating Group D Units by the Operating Group Entities in accordance with clause
(D) of Section 3.1(i)(v) (the “PSI Class D Unit Distribution”). 
 (v)
Timing of PSI Distributions. Unless otherwise specified in any applicable Partner Agreement and subject to Article VII and Section 3.1(i)(ix), any PSI Distribution to be made to any PSI Limited Partner in respect of any Fiscal Year may
be conditionally made during the subsequent Fiscal Year, on January 15 and the 4Q Distribution Date, provided that the PSI Limited Partner has not been subject to a Withdrawal or a Special Withdrawal as of the applicable date, as follows: 

(A) as of such January 15, a portion of the PSI Cash Distribution for such Fiscal Year shall be distributed in cash to
such PSI Limited Partner in an amount equal to 50% of such PSI Cash Distribution (not including any Deferred Cash Distribution); provided that, for purposes of this Clause (A), these amounts shall be determined by the PMC Chairman in his sole
discretion taking into account the General Partner’s estimate of the aggregate distributions to be made by the Operating Group Entities with respect to each Operating Group A Unit in respect of the Net Income earned by the Operating Group
Entities during such Fiscal Year, with such amount to be distributed by one or more of the Operating Group Entities in the proportions determined by the General Partner in its sole discretion; 

  
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 (B) as of such 4Q Distribution Date, the amount of the PSI Cash
Distribution in respect of such Fiscal Year, less the amounts of such PSI Cash Distribution to be distributed in accordance with Clause (A) above or Clause (C) below, shall be distributed in cash to such PSI Limited Partner, with such
amount to be distributed by one or more of the Operating Group Entities in the proportions determined by the General Partner in its sole discretion; 

(C) as of such 4Q Distribution Date, the Deferred Cash Distribution in respect of such Fiscal Year shall be distributed to
such PSI Limited Partner in the form of Deferred Cash Interests relating to one or more OZ Funds (as defined in the DCI Plan) in accordance with the DCI Plan by the Partnership and/or the other Operating Group Entities in the sole discretion of the
General Partner; and 
 (D) the PSI Class D Unit Distribution in respect of such Fiscal Year shall be satisfied by a
grant of Operating Group D Units to be made by the Operating Group Entities as of the 4Q Distribution Date relating to such Fiscal Year, with the number of Operating Group D Units to be calculated in accordance with the applicable Partner Agreement.

 (vi) Vesting; Transfer. PSIs shall not vest and may be reallocated or cancelled as provided in this
Section 3.1(i) and any Partner Agreement. No PSI Limited Partner may Transfer any PSIs or Deferred Cash Interests under any circumstances, and any purported Transfer of PSIs or Deferred Cash Interests shall be null and void and of no force and
effect. 
 (vii) PSI Liquidity Events. Notwithstanding the provisions of Section 3.1(i)(vi), in the PMC
Chairman’s sole discretion, a PSI Limited Partner may participate in a PSI Liquidity Event with respect to such PSI Limited Partner’s PSIs on the same terms as Class A Common Units participate, provided that such PSI Limited Partner
may only participate in such a PSI Liquidity Event to the extent that the PSIs held by such PSI Limited Partner have become economically equivalent to Class A Common Units, although PSIs shall not convert into Class A Common Units upon
becoming economically equivalent to them. The General Partner in its sole discretion may permit any such PSI Limited Partner to make such Capital Contributions as would enable the relevant number of PSIs of such PSI Limited Partner to become
economically equivalent to Class A Common Units, in which case such PSIs shall be permitted to participate in such PSI Liquidity Event. 

(viii) Adjustments to PSIs. The General Partner may in its sole discretion make equitable adjustments to the PSIs to
take into account changes in the number of Common Units, reclassifications, recapitalizations and similar factors. 
 (ix)
Terms of the PSIs and PSI Distributions. The PMC Chairman at any time may determine in his sole discretion to amend, supplement, modify or waive the terms of this Section 3.1(i) and any other provisions in this Agreement or any Partner
Agreement relating to PSIs, PSI Distributions, PSI Class D Unit Distributions or PSI Cash Distributions, including Deferred Cash Interests, including, without limitation, with respect to the terms of previously granted PSIs or distributions
thereon; and such amendments, supplements, modifications or waivers shall not require the consent or approval of any Partner. 

  
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 (x) Terms of Deferred Cash Interests. Anything herein to the contrary
notwithstanding, any Deferred Cash Interests shall be paid pursuant to the terms of the DCI Plan and the applicable Partner Agreements and award agreements relating to individual grants of Deferred Cash Interests which shall set forth the applicable
vesting and payment terms and all such terms shall be subject to the requirements of Section 409A of the Code. 
 (j) Class P Common
Units. Class P Common Units may be conditionally issued in one or more series of such class. Class P Common Units of the first such series shall be designated as “Class P-1 Common
Units,” and each subsequent series of Class P Common Units shall be designated with a consecutive number or as otherwise recorded in the books of the Partnership and the applicable Partner Agreement. Class P Common Units shall be
issued to Active Individual LPs (each, a “Class P Limited Partner”) as and when determined by the General Partner with the approval of the PMC Chairman, and shall be issued pursuant to a Partner Agreement substantially in the form
of award agreement attached to this Agreement as Exhibit B or in such other form that is otherwise determined by the General Partner. Except as otherwise set forth in this Agreement or the applicable Partner Agreement of any Class P Limited
Partner, each series of Class P Common Units shall have the same rights, powers and duties, which shall be as set forth below and elsewhere in this Agreement: 

(i) Vesting; Forfeiture. Each Class P Common Unit of a Class P Limited Partner shall conditionally vest on the
date that both the Class P Service Condition and the Class P Performance Condition applicable to such Class P Common Unit have been satisfied; provided, that, upon the earlier of (x) such Class P Limited Partner ceasing to
be an Active Individual LP and (y) the last day of the Class P Performance Period, each such Class P Limited Partner’s unvested Class P Common Units shall be forfeited and cancelled except as follows: 

(A) upon such Class P Limited Partner’s Withdrawal for Cause at any time pursuant to clause (A) of
Section 8.3(a)(i) (Cause), all of the vested and unvested Class P Common Units held by such Class P Limited Partner shall be forfeited and cancelled; 

(B) if the Class P Service Condition is satisfied on or prior to the effective date of any Withdrawal of such
Class P Limited Partner resulting from Retirement but prior to the Class P Performance Condition being satisfied, all of the Class P Common Units held by such Class P Limited Partner shall be conditionally retained; provided that
any Class P Common Units that have not satisfied the applicable Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be forfeited and cancelled and any Class P Common Units that have
satisfied the Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be retained as Participating Class P Common Units; 

  
 49 

 (C) if the Class P Service Condition is satisfied on or prior to the
effective date of such Class P Limited Partner’s Special Withdrawal or Withdrawal (other than any Withdrawal pursuant to clause (A) of Section 8.3(a)(i) (Cause) or pursuant to clause (C) of Section 8.3(a)(i)
(Resignation) as a result of Retirement), all of the Class P Common Units held by such Class P Limited Partner shall be conditionally retained until the first anniversary of the effective date of such Withdrawal or Special
Withdrawal; provided that any Class P Common Units that have not satisfied the applicable Class P Performance Condition on or prior to the earlier of (i) such first anniversary date or (ii) the last day of the Class P
Performance Period shall be forfeited and cancelled; and provided, further, that any Class P Common Units that have satisfied the Class P Performance Condition on or prior to such date shall be retained as Participating Class P Common
Units; and 
 (D) in the event of the death or Disability of such Class P Limited Partner, all of the Class P
Common Units held by such Class P Limited Partner shall be conditionally retained by such Class P Limited Partner and the Class P Service Condition (but not the Class P Performance Condition) shall be waived (if not already
satisfied); provided that any Class P Common Units that have not satisfied the applicable Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be forfeited and cancelled and any
Class P Common Units that have satisfied the Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be retained as Participating Class P Common Units. 

(ii) Exchange Rights. No Class P Limited Partner shall be permitted to exchange pursuant to the Exchange Agreement
any Class P Common Unit issued on any grant date except to the extent that (A) both the Class P Service Condition and the Class P Performance Condition applicable to such Class P Common Unit have been satisfied or waived,
(B) the Class P Common Unit has achieved the Book-Up Target, and (C) the Distribution Holiday has ended, provided that, in the event that the Exchange Committee has established an Exchange Event
during the Distribution Holiday in accordance with Section 8.1(b) then each Class P Limited Partner holding any Class P Common Units that have satisfied the conditions in the foregoing clauses (A) and (B) as of the date of such
Exchange Event (any such Class P Common Units, “Eligible Class P Units”) shall be permitted to exchange any such Eligible Class P Units; provided that the number of Eligible Class P Units to be
exchanged may not represent a greater percentage of the Class P Common Units then held by such Class P Limited Partner than the percentage of all then outstanding Class A Common Units, Class D Common Units and Class E Common
Units that are Exchangeable Common Units in respect of such Exchange Event. In addition, notwithstanding anything to the contrary with respect to any Exchange Agreement governing any Class P Common Units, any exchange of Eligible Class P
Units shall be subject to the restrictions and other provisions in the Class A Exchange Agreement that address Section 382 of the Code and limitations arising pursuant to any applicable insider trading policy, treating such Eligible
Class P Units as though they were Exchangeable Common Units for this purpose; provided, that if any Delayed Exchangeable Group Units (as defined in the Class A Exchange Agreement) (including any Eligible Class P Units that are treated
as Delayed Exchangeable Group Units pursuant to this sentence, “Delayed Exchangeable Units”) are outstanding immediately 

  
 50 

 
prior to any Class P Common Unit becoming an Eligible Class P Unit or any other Common Unit becoming an Exchangeable Common Unit (all such Eligible Class P Units or Exchangeable
Common Units, “Subsequently Exchangeable Units”), then any such Subsequently Exchangeable Units shall not be eligible for exchange until all such Delayed Exchangeable Units have been exchanged in accordance with the applicable
Exchange Agreement. 
 (iii) Tag-Along Rights; Drag-Along Rights. Each
Class P Limited Partner shall be a Potential Tag-Along Seller with respect to its Class P Common Units in connection with any proposed Tag-Along Sale and such
Class P Common Units shall be deemed to be Class A Common Units for purposes of Section 8.5, but only to the extent that (A) the Class P Service Condition applicable to such Class P Common Unit has been satisfied or
waived in the General Partner’s discretion, (B) the Class P Performance Condition applicable to such Class P Common Unit has already been satisfied or is deemed satisfied based on the price per Class A Share implied by the
terms of the Tag-Along Offer, and (C) the Class P Common Unit has achieved the Book-Up Target. Certain Class P Common Units may be deemed to be
Participating Class P Common Units upon the occurrence of a proposed Drag-Along Sale to the extent and as provided in Section 3.1(j)(iv). Any Class P Common Units that are not Participating Class P Common Units upon the
occurrence of a proposed Tag-Along Sale but are permitted to participate in such Tag-Along Sale in accordance with this Section 3.1(j)(iii) shall be deemed to be
Participating Class P Common Units. Subject to the other terms of this Agreement, Class P Common Units that are Non-Participating Class P Common Units prior to the occurrence of a proposed
Drag-Along Sale that is not subject to Section 3.1(j)(iv) shall be retained as Non-Participating Class P Common Units following the Drag-Along Sale; provided, that any Class P Common Units that
are Non-Participating Class P Common Units following a Drag-Along Sale subject to Section 3.1(j)(iv) shall be forfeited and cancelled upon the date of such event as provided in
Section 3.1(j)(iv). 
 (iv) Class P Liquidity Events. Upon the occurrence of a Class P Liquidity Event, each
Class P Common Unit shall participate on a pro rata basis with other classes of Common Units regardless of whether the Class P Service Condition has been satisfied or waived, but only to the extent that (A) the Class P
Performance Condition applicable to such Class P Common Unit has already been satisfied or is deemed satisfied based on the price per Class A Share implied by the relevant Class P Liquidity Event, and (B) the Class P Common
Unit has achieved the Book-Up Target. If the Total Shareholder Return upon the date of the applicable Class P Liquidity Event is greater than one Class P Performance Threshold and less than the next
Class P Performance Threshold, a ratable portion of the Class P Common Units with the higher Class P Performance Threshold shall become entitled to participate pro rata in such Class P Liquidity Event. Any Class P Common
Units that are not Participating Class P Common Units upon the occurrence of such Class P Liquidity Event but are permitted to participate in such Class P Liquidity Event in accordance with this Section 3.1(j)(iv) shall be deemed
to be Participating Class P Common Units. Any Non-Participating Class P Common Unit that is not deemed to satisfy the relevant Class P Performance Condition immediately prior to such
Class P Liquidity Event shall be forfeited and cancelled upon the date of such event. 

  
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 (v) Adjustments to Class P Common Units. The
General Partner shall maintain a one-to-one correspondence between each Operating Group P Unit and each Class A Share into which each such Operating Group P Unit
may be exchanged, and may make equitable adjustments to the Class P Common Units to take into account changes in the number of Common Units, reclassifications, recapitalizations and similar factors provided that such adjustments are consistent
with the intent of Section 6.1(c) and the other relevant provisions of this Agreement; provided, however, that no such equitable adjustment may adversely affect the Class P Common Units’ rights to the allocations and distributions set
forth in this Agreement and any applicable Partner Agreement. 
 (vi) Amendments. The provisions of this
Section 3.1(j) and other provisions of this Agreement relating to Class P Common Units may be amended, supplemented, modified or waived by the General Partner with the approval of the PMC Chairman; and such amendments, supplements,
modifications or waivers shall not require the consent or approval of any Limited Partner, except (A) as provided in Section 10.2(a)(i); (B) that pursuant to Section 10.2(a)(ii), (x) the Class P Common Units shall be treated as
Class A Common Units and shall vote together with Class A Common Units in respect of any amendment that adversely affects the rights of the Class P Common Units and the rights of the Class A Common Units similarly, and
(y) the Class P Common Units shall vote separately in respect of any amendment that only adversely affects the rights of the Class P Common Units; and (C) that pursuant to Section 10.2(a)(iii), the Class P Common Units
shall be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment requiring approval thereunder. 

(k) Reallocations of Common Units. In the event of any reallocation of Common Units under this Agreement forfeited from and after the
date hereof, notwithstanding anything to the contrary in any Partner Agreement entered into prior to the date hereof, the General Partner shall determine in its sole discretion the class and series of Common Units to which each such Common Unit
shall belong upon its reallocation, and such class and series may differ from those of the reallocated Common Unit if doing so may mitigate any adverse tax consequences that might otherwise result from such reallocation. 

(l) Voting Rights relating to Common Units, PSIs and Class C Non-Equity
Interests. Holders of Common Units (other than Class B Common Units) shall have no voting, consent or approval rights with respect to any matter submitted to holders of Units for their consent or approval, except as set forth in Sections
3.1(d)(iii), 3.1(f)(v), 3.1(g)(iii), 3.1(g)(ix), 3.1(j)(vi) and 10.2. Holders of Class C Non-Equity Interests and PSI Limited Partners (other than as holders of Common Units) shall have no voting, consent
or approval rights with respect to any matter. 
 (m) Automatic Conversion upon Exchanges. If, as a result of an exchange pursuant to
the Exchange Agreement, Och-Ziff or any of its Subsidiaries (excluding any Operating Group Entity and any Subsidiary of an Operating Group Entity) acquires (in any manner) any Common Units, each such Common
Unit will automatically convert into one Class B Common Unit, unless otherwise determined or cancelled. 

  
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 (n) Class A Shares; Class B Shares. 

(i) Reservation of Class A Shares. The Class E Limited Partners agree and acknowledge that, in
addition to being subject to Section 3.1(g)(v), the exchange rights of holders of Class E Common Units issued on any grant date are conditional upon a sufficient number of Class A Shares being reserved under the Och-Ziff Incentive Plan to satisfy such exchange rights. If the Och-Ziff Incentive Plan does not have the capacity on the relevant grant date (or, in the case of any
Conversion Class E-2 Common Units being retained by a Class E Limited Partner pursuant to Section 3.1(e), at the close of business on the Conversion
Class E-2 Notice Date) to reserve a sufficient number of Class A Shares then such Class E Common Units shall not become exchangeable unless and until the shareholders of Och-Ziff subsequently approve an amendment to the Och-Ziff Incentive Plan to permit such reservations to be made. 

(ii) Issuance of Class B Shares to Class E Limited Partners. The Partnership will
cause Och-Ziff to issue one Class B Share to each Class E Limited Partner who is an Individual Limited Partner upon the vesting of any Operating Group E Unit held by such Class E Limited Partner
or his Related Trusts (or, if such Operating Group E Unit has converted into an Operating Group A Unit prior to vesting, then upon the vesting of such Operating Group A Unit); provided that any such Class B Share shall be issued on the date on
which shareholder approval to any such amendment to the Och-Ziff Incentive Plan is received, if later than the vesting date. 

(iii) Issuance of Class B Shares to Class D Limited Partners. The Partnership will
cause Och-Ziff to issue one Class B Share to each Class D Limited Partner who is an Individual Limited Partner in respect of each additional complete Operating Group A Unit conditionally owned by him
and his Related Trusts as their Operating Group D Units convert into Operating Group A Units, with each such Class B Share to be issued to such Class D Limited Partner as of the date from which such Class D Limited Partner holds such
additional complete Operating Group A Unit. 
 (iv) Class B Shareholders Agreement; Proxy. 

(A) Each Individual Limited Partner agrees that, if he is issued Class B Shares at a time when he is not a party to the
Class B Shareholders Agreement, then simultaneously with such issuance of Class B Shares, he shall execute either (A) if the Class B Shareholders Agreement has not been terminated as of the date of such issuance, a joinder
providing for him to become a party to, and bound by, the Class B Shareholders Agreement, or (B) if the Class B Shareholders Agreement has been terminated as of the date of such issuance, a separate instrument pursuant to which he
agrees to be bound by the terms of the proxy set forth in Section 2.3(b) of the Class B Shareholders Agreement, as amended pursuant to the Governance Agreement (the “Voting Holiday Proxy”). 

  
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 (B) In the event that the Voting Holiday Proxy ceases to be effective prior
to the end of the Voting Holiday (as defined in the Governance Agreement), each holder of Corresponding Class B Shares (as defined in the Governance Agreement) hereby irrevocably constitutes and appoints the Chief Executive Officer and the
Chief Financial Officer of Och-Ziff as the sole and exclusive attorneys-in-fact and proxies of such Class B Shareholder,
each of them with the power to act alone and with full power of substitution and resubstitution, on the same terms and to the same extent as if the Voting Holiday Proxy had remained in effect, with the proxy under this Section 3.1(n)(iv)(B) to
then remain in effect until the end of the Voting Holiday. 
 (v) Transfer Restrictions; Automatic Transfer of
Class B Shares. Unless otherwise determined by the General Partner, in the event that any Operating Group A Units or Operating Group E Units in respect of which Class B Shares have been issued are reallocated or
Transferred directly or indirectly to any other Limited Partner, then the Class B Shares associated with such any Operating Group A Units or Operating Group E Units shall be automatically reallocated to the Operating Group Entities and then
subsequently reallocated to such Limited Partner (or, if such Limited Partner is a Related Trust of an Individual Limited Partner, to such Individual Limited Partner); provided, however, that if any such Operating Group A Units are converted into
unvested Operating Group E Units upon receipt by a Limited Partner, then the Partnership shall cause Och-Ziff to simultaneously cancel the Class B Shares associated with such Operating Group A Units
pursuant to Och-Ziff’s Organizational Documents. Except as provided herein, each Limited Partner agrees that it may not, under any circumstances, Transfer any Class B Shares without the consent of
the General Partner, and any purported Transfer of Class B Shares shall be null and void and of no force and effect. 

(vi) Cancellation of Class B Shares. 

(A) Upon the issuance of any Class B Shares to a Class E Limited Partner pursuant to Section 3.1(n)(ii) upon
the vesting of any Operating Group E Units comprised of Class E-1 Common Units or Additional Class E Common Units (or the vesting of an Operating Group A Unit into which any such Operating Group E
Unit has converted) held by such Class E Limited Partner or his Related Trusts, then the Partnership shall cause Och-Ziff, pursuant to its Organizational Documents, to simultaneously cancel an equal
number of the Class B Shares associated with the Operating Group A-1 Units, with each holder of Operating Group A-1 Units bearing its pro rata share of such
cancellation. The Partnership shall provide each holder of Operating Group A-1 Units with prompt written notice of any such cancellation. 

(B) If the Operating Group Units of any Individual Limited Partner or his Related Trusts are cancelled for any reason, then,
to the extent that any Class B Shares have been issued and remain outstanding in respect of such Operating Group Units at the relevant time, the Partnership shall cause Och-Ziff, pursuant to its
Organizational Documents, to simultaneously cancel an equal number of the Class B Shares held by such Individual Limited Partner. 

(C) In accordance with Och-Ziff’s Organizational Documents, any Class B
Shares that are cancelled as described in this Section 3.1(n)(vi) or in Section 3.1(n)(v) shall be cancelled on the books and records of Och-Ziff and such Class B Shares shall have no further
rights or privileges and shall no longer be deemed to be outstanding equity securities of Och-Ziff for any purpose from and after the date of their cancellation. 

  
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 Section 3.2 Issuance of Additional Units and other Interests. 

(a) Additional Units. The General Partner may from time to time in its sole and absolute discretion admit any Person as an additional
Limited Partner of the Partnership (each such Person, if so admitted, an “Additional Limited Partner” and, collectively, the “Additional Limited Partners”). A Person shall be deemed admitted as a Limited Partner at
the time such Person (i) executes this Agreement or a counterpart of this Agreement and (ii) is named as a Limited Partner in the books of the Partnership. Each Substitute Limited Partner shall be deemed an Additional Limited Partner whose
admission as an Additional Limited Partner has been approved in writing by the General Partner for all purposes hereunder. Subject to the satisfaction of the foregoing requirements and Section 4.1(c), the General Partner is hereby expressly
authorized to cause the Partnership to issue additional Units for such consideration and on such terms and conditions, and to such Persons, including the General Partner, any Limited Partner or any of their Affiliates, as shall be established by the
General Partner in its sole and absolute discretion, in each case without the approval of any other Partner or any other Person. Without limiting the foregoing, but subject to Section 4.1(c), the General Partner is expressly authorized to cause
the Partnership to issue Units (A) upon the conversion, redemption or exchange of any debt or other securities issued by the Partnership, (B) for less than fair market value or no consideration, so long as the General Partner concludes
that such issuance is in the best interests of the Partnership and its Partners, and (C) in connection with the merger of any other Person into the Partnership if the applicable merger agreement provides that Persons are to receive Units in
exchange for their interests in the Person merging into the Partnership. The General Partner is hereby expressly authorized to take any action, including without limitation amending this Agreement without the approval of any other Partner, to
reflect any issuance of additional Units. Subject to Section 4.1(c), additional Units may be Class A Common Units, Class B Common Units or other Units. 

(b) Unit Designations. Any additional Units may be issued in one or more classes, or one or more series of any of such classes, with
such designations, preferences and relative, participating, optional or other special rights, powers and duties (including, without limitation, rights, powers and duties that may be senior or otherwise entitled to preference over existing Units) as
shall be determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner or any other Person, and set forth in a written document thereafter attached to and made an exhibit to this Agreement, which
exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Unit Designation”). 

(i) Class A Cumulative Preferred Units. The Class A Cumulative Preferred Units outstanding immediately prior to the
Merger were exchanged for Class A Cumulative Preferred Units created pursuant to the Unit Designation attached as Exhibit C hereto (the “Class A Preferred Unit Designation”) and Debt Securities under the Senior Subordinated
Loan Agreement pursuant to Section 2.3(d) of the Merger Agreement. The Partnership and each of the Partners acknowledge and agree to treat for federal income tax purposes (and applicable state and local income tax purposes), except to the
extent 

  
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otherwise required by applicable law, (i) such exchange for Debt Securities under the Senior Subordinated Loan Agreement as a promise to make future payments on the exchanged Class A
Cumulative Preferred Units, (ii) any cash payments of interest made pursuant to the Senior Subordinated Loan Agreement to Partners that held such exchanged Class A Cumulative Preferred Units as guaranteed payments within the meaning of
Section 707(c) of the Code made by the Partnership to such Partners with respect to such exchanged Class A Cumulative Preferred Units, and (iii) any payments, other than interest payments, made pursuant to the Senior Subordinated Loan
Agreement to Partners that held such exchanged Class A Cumulative Preferred Units as a distribution made by the Partnership to such Partners with respect to such exchanged Class A Cumulative Preferred Units pursuant to Article VII. 

(c) Unit Rights. Without limiting the generality of the foregoing, but subject to Section 4.1(c), in respect of additional Units
the General Partner shall have authority to specify (i) the allocations of items of Partnership income, gain, loss, deduction and credit to holders of each such class or series of Units; (ii) the right of holders of each such class or
series of Units to share (on a pari passu, junior or preferred basis) in Partnership distributions; (iii) the rights of holders of each such class or series of Units upon dissolution and liquidation of the Partnership; (iv) the
voting rights, if any, of holders of each such class or series of Units; and (v) the conversion, redemption or exchange rights applicable to each such class or series of Units. The total number of Units that may be created and issued pursuant
to this Section 3.2 is not limited. 
 (d) Class C Non-Equity Interests. Class C Non-Equity Interests may only be issued to a Limited Partner as consideration for the provision of services to the Partnership in the form of future allocations of Net Income to such Limited Partner. No Partner may,
under any circumstances, Transfer any Class C Non-Equity Interests, and any purported Transfer of Class C Non-Equity Interests shall be null and void and of no
force and effect. Holders of Class C Non-Equity Interests shall have no right to receive any allocations thereon, and allocations, if any, made thereon to such Limited Partner need not be made in
proportion to the number of Common Units or other Units held by such Limited Partner. Holders of Class C Non-Equity Interests shall have only the limited rights expressly set forth in this Agreement. The
Partnership or other Transfer Agent shall act as registrar and transfer agent for the purposes of registering the ownership of Class C Non-Equity Interests. 

(e) Additional Limited Partners. Subject to the other terms of this Agreement, the rights and obligations of an Additional Limited
Partner to which Units are issued shall be set forth in such Additional Limited Partner’s Partner Agreement, the Unit Designation relating to the Units issued to such Additional Limited Partner or a written document thereafter attached to and
made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement (but shall not require the approval of any Limited Partner) and shall be incorporated herein by this reference. Such rights and obligations may include, without
limitation, provisions describing the vesting of the Units issued to such Additional Limited Partner and the reallocation of such Units or other consequences of the Withdrawal of such Additional Limited Partner other than due to a breach of any of
the covenants in Section 2.13(b) or, if applicable, any of those provided in such Additional Limited Partner’s Partner Agreement. 

  
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 ARTICLE IV 

VOTING AND MANAGEMENT 

Section 4.1 General Partner: Power and Authority. 

(a) Pursuant to the Prior Partnership Agreement, Och-Ziff GP LLC, a Delaware limited liability company
(the “Withdrawn General Partner”), was removed as general partner of the Partnership and the Initial General Partner was admitted as general partner of the Partnership from the date of the Prior Partnership Agreement. The business
and affairs of the Partnership shall be managed exclusively by the General Partner; provided, however, that the General Partner may delegate such power and authority to the Partner Management Committee (or its Chairman), the Partner Performance
Committee (or its Chairman) or such other committee (or its chairman) as it shall deem necessary, advisable or appropriate in its sole and absolute discretion from time to time, which delegation may be set forth in this Agreement, as an amendment
hereto (which shall not require the vote or approval of any Limited Partner) or in a resolution duly adopted by the General Partner. Initially the General Partner has delegated certain power and authority to the Partner Management Committee and the
Partner Performance Committee, as set forth elsewhere in this Agreement. Subject to Sections 3.1(d)(iii) and 3.1(g)(iii), the General Partner shall have the power and authority, on behalf of and in the name of the Partnership, to carry out any and
all of the objects and purposes and exercise any and all of the powers of the Partnership and to perform all acts which it may deem necessary or advisable in connection therewith, with such acts including, but not being limited to, the approval of a
merger or consolidation involving the Partnership, or of the conversion, transfer, domestication or continuance of the Partnership, or of the compromise of any obligation of a Partner to make a contribution or return money or other property to the
Partnership, to the fullest extent permitted by applicable law, by the General Partner without the consent or approval of any of the other Partners. Appraisal rights permitted under Section 17-212 of the
Act shall not apply or be incorporated into this Agreement, and no Partner or assignee of an Interest shall have any of the dissenter or appraisal rights described therein. The Limited Partners, in their capacity as limited partners (and not as
officers of the General Partner or members of any committee established by the General Partner), shall have no part in the management of the Partnership and shall have no authority or right to act on behalf of or bind the Partnership in connection
with any matter. The Partners agree that all determinations, decisions and actions made or taken by the General Partner, the Partner Management Committee (or its Chairman) or the Partner Performance Committee (or its Chairman) in accordance with
this Agreement shall be conclusive and absolutely binding upon the Partnership, the Partners and their respective successors, assigns and personal representatives. 

(b) Limited Partners holding a majority of the outstanding Class B Common Units shall have the right to remove the General Partner at any
time, with or without cause. Upon the withdrawal or removal of the General Partner, Limited Partners holding a majority of the outstanding Class B Common Units shall have the right to appoint a successor General Partner; provided, however, that
any successor General Partner must be a direct or indirect wholly owned Subsidiary of Och-Ziff. Any Person appointed as a successor General Partner by the Limited Partners holding a majority of the outstanding
Class B Common Units shall become a successor General Partner for all purposes herein, and shall be vested with the 

  
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powers and rights of the transferring General Partner, and shall be liable for all obligations of the General Partner arising from and after such date, and shall be responsible for all duties of
the General Partner, once such Person has executed such instruments as may be necessary to effectuate its admission and to confirm its agreement to be bound by all the terms and provisions of this Agreement in its capacity as the General Partner.

 (c) In order to protect the economic and legal rights of the Original Partners set forth in this Agreement and the Exchange Agreement,
unless the General Partner has received PMC Approval, (i) the General Partner shall not take any action, and shall not permit any Subsidiary of the Partnership to take any action, that is prohibited under Section 2.9 of the Och-Ziff LLC Agreement (or any similar provision of Och-Ziff’s Organizational Documents at the applicable time) and (ii) the General Partner shall cause the
Partnership and its Subsidiaries to comply with the provisions of Section 2.9 of the Och-Ziff LLC Agreement (or any similar provision of Och-Ziff’s
Organizational Documents at the applicable time). 
 (d) The General Partner may, from time to time, employ any Person or engage third
parties to render services to the Partnership on such terms and for such compensation as the General Partner may determine in its sole and absolute discretion, including, without limitation, attorneys, investment consultants, brokers or finders,
independent auditors and printers. Such employees and third parties may be Affiliates of the General Partner or of one or more of the Limited Partners. Persons retained, engaged or employed by the Partnership may also be engaged, retained or
employed by and act on behalf of any Partner or any of their respective Affiliates. 
 Section 4.2 Partner Management
Committee.  
 (a) Establishment. The General Partner has established a partner management committee (the “Partner
Management Committee”), with Daniel S. Och serving as its Chairman as of the date hereof. Daniel S. Och shall continue to serve as Chairman of the Partner Management Committee until the Transition Date or his earlier death or Disability, at
which time (i) Mr. Och shall automatically cease to serve as Chairman and shall also cease to be a member of the Partner Management Committee, and (ii) provided that he continues to be an Active Individual LP, Robert Shafir (or his
successor as Chief Executive Officer of Och-Ziff) shall succeed Mr. Och as Chairman of the Partner Management Committee effective as of such date and continuing until at least the end of the Distribution
Holiday and the achievement of the Book-Up Target for all Class A Common Units. As of the date Mr. Shafir (or his successor) succeeds Mr. Och as Chairman of the Partner Management Committee in
accordance with the foregoing sentence, the Partner Management Committee shall be comprised of the individuals named on Exhibit F hereto, provided that each such individual is an Active Individual LP on such date; thereafter, the membership of the
Partner Management Committee may change from time to time in accordance with Section 4.2(b). The Partner Management Committee shall have the powers and responsibilities described in Section 4.2(d). 

  
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 (b) Membership. Subject to Section 4.2(a), the Partner Management
Committee’s membership may change in accordance with this Section 4.2(b): 
 (i) Committee Members. Each
member of the Partner Management Committee shall serve until such member’s Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner Management Committee, or, other than with respect to the Chairman of the Partner
Management Committee, removal by a majority vote of the other members of the Partner Management Committee. Upon the Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner Management Committee or removal of any of the members
of the Partner Management Committee, the remaining members of the Partner Management Committee shall act by majority vote to fill such vacancy or reduce the size of the committee to the remaining members. The Chairman or, if there is no Chairman, a
majority of the Partner Management Committee, may appoint a new member of the Partner Management Committee at any time. 

(ii) Chairman. The Chairman of the Partner Management Committee shall serve in such capacity until his Special
Withdrawal, Withdrawal, death, Disability, resignation as Chairman or from the Partner Management Committee, or removal as Chairman by the Och-Ziff Board. In any such case, the
Och-Ziff Board shall either (A) appoint a new Chairman, who may be an existing member of the Partner Management Committee or any other Active Individual LP, or (B) determine that there shall be no
Chairman of the Partner Management Committee. 
 (c) Procedure. Meetings of the Partner Management Committee shall be held at such
time, at such place and in such manner as the Chairman shall determine (or, in the case of there being no Chairman, at such times as a majority of the other members of the Partner Management Committee request). When the Partner Management Committee
acts by full committee, all decisions shall be made by the majority vote of all members, with each member having one vote except that, if a tie would otherwise result, the Chairman shall have two votes. The Chairman of the Partner Management
Committee shall have the ability to take action unilaterally as expressly set forth in this Agreement. Where the Chairman acts unilaterally, no meeting need be held. Members of the Partner Management Committee may participate in a meeting of the
Partner Management Committee by means of telephone, video conferencing or other communications technology by means of which all Persons participating in the meeting can hear and be heard. Any member of the Partner Management Committee who is unable
to attend a meeting of the Partner Management Committee may grant in writing to another member of the Partner Management Committee such member’s proxy to vote on any matter upon which action is to be taken at such meeting. No meeting may
be held without the attendance of a majority of the members of the Partner Management Committee, including the Chairman (if any). Any decision or action that may be approved by a vote of the Partner Management Committee in a meeting held in
accordance with this Section 4.2 shall be equally valid if approved, without a meeting being held, by the written consent of members of the Partner Management Committee who could together have approved such decision or action by their votes at
a meeting. The Partner Management Committee shall conduct its business by such other procedures as approved in writing by a majority of its members including the Chairman. 

(d) Powers and Responsibilities. The powers and responsibilities of the Partner Management Committee and its Chairman individually
shall be limited to those powers and responsibilities set forth expressly in this Agreement (including, without limitation, in Sections 3.1, 4.1, 4.2, 7.1, 8.1, 8.3, 8.4 and 10.2), and to the reconstitution of the Class B

  
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Shareholder Committee (by majority vote of the Partner Management Committee) pursuant to the Class B Shareholders Agreement; provided, however, that the General Partner may delegate in
writing such further power and responsibilities to the Partner Management Committee or its Chairman as it shall deem necessary, advisable or appropriate in its sole and absolute discretion from time to time, which delegation may be set forth in this
Agreement, as an amendment hereto (which shall not require the vote or approval of any Limited Partner) or a resolution duly adopted by the General Partner. 

Section 4.3 Partner Performance Committee. 

(a) Establishment. The General Partner has established a partner performance committee (the “Partner Performance
Committee”), with Daniel S. Och serving as its Chairman as of the date hereof. Daniel S. Och shall continue to serve as Chairman of the Partner Performance Committee until the Transition Date or his earlier death or Disability, at which
time (i) Mr. Och shall automatically cease to serve as Chairman and shall also cease to be a member of the Partner Performance Committee, and (ii) provided that he continues to be an Active Individual LP, Robert Shafir (or his
successor as Chief Executive Officer of Och-Ziff) shall succeed Mr. Och as Chairman of the Partner Performance Committee. As of the date Mr. Shafir (or his successor) succeeds Mr. Och as
Chairman of the Partner Performance Committee in accordance with the foregoing sentence, the Partner Performance Committee shall be comprised of the individuals named on Exhibit F hereto, provided that each such individual is an Active Individual LP
on such date; thereafter, the membership of the Partner Performance Committee may change from time to time in accordance with Section 4.3(b). The Partner Performance Committee shall have the powers and responsibilities described in
Section 4.3(d). 
 (b) Membership. Subject to Section 4.3(a), the Partner Performance Committee’s membership may
change in accordance with this Section 4.3(b): 
 (i) Committee Members. Each member of the Partner Performance
Committee shall serve until such member’s Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner Performance Committee, or, other than with respect to the Chairman of the Partner Performance Committee, removal by a
majority vote of the other members of the Partner Performance Committee. Upon the Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner Performance Committee or removal of any of the members of the Partner Performance
Committee, the remaining members of the Partner Performance Committee shall act by majority vote to fill such vacancy or reduce the size of the committee to the remaining members. The Chairman or, if there is no Chairman, a majority of the Partner
Performance Committee, may appoint a new member of the Partner Performance Committee at any time. 
 (ii) Chairman.
The Chairman of the Partner Performance Committee shall serve in such capacity until his Special Withdrawal, Withdrawal, death, Disability, resignation as Chairman or from the Partner Performance Committee, or removal as Chairman by the Och-Ziff Board. In any such case, the Och-Ziff Board shall either (A) appoint a new Chairman, who may be an existing member of the Partner Performance Committee or any
other Active Individual LP, or (B) determine that there shall be no Chairman of the Partner Performance Committee. 

  
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 (c) Procedure. Meetings of the Partner Performance Committee shall be held at such
time, at such place and in such manner as the Chairman shall determine (or, in the case of there being no Chairman, at such times as a majority of the other members of the Partner Performance Committee request). When the Partner Performance
Committee acts by full committee, all decisions shall be made by the majority vote of all members, with each member having one vote except that, if a tie would otherwise result, the Chairman shall have two votes. The Chairman of the Partner
Performance Committee shall have the ability to take action as expressly set forth in this Agreement. Where the Chairman acts unilaterally, no meeting need be held. Members of the Partner Performance Committee may participate in a meeting of the
Partner Performance Committee by means of telephone, video conferencing or other communications technology by means of which all Persons participating in the meeting can hear and be heard. Any member of the Partner Performance Committee who is
unable to attend a meeting of the Partner Performance Committee may grant in writing to another member of the Partner Performance Committee such member’s proxy to vote on any matter upon which action is to be taken at such meeting. No meeting
may be held without the attendance of a majority of the members of the Partner Performance Committee, including the Chairman (if any). Any decision or action that may be approved by a vote of the Partner Performance Committee in a meeting held in
accordance with this Section 4.3 shall be equally valid if approved, without a meeting being held, by the written consent of members of the Partner Performance Committee who could together have approved such decision or action by their votes at
a meeting. The Partner Performance Committee shall conduct its business by such other procedures as approved in writing by a majority of its members including the Chairman. 

(d) Powers and Responsibilities. The powers and responsibilities of the Partner Performance Committee and its Chairman individually
shall be limited to those powers and responsibilities set forth expressly elsewhere in this Agreement (including, without limitation, in Sections 4.1, 4.3 and 8.3); provided, however, that the General Partner may delegate in writing such further
power and responsibilities to the Partner Performance Committee or its Chairman as it shall deem necessary, advisable or appropriate in its sole and absolute discretion from time to time, which delegation may be set forth in this Agreement, as an
amendment hereto (which shall not require the vote or approval of any Limited Partner) or a resolution duly adopted by the General Partner. 

Section 4.4 Books and Records; Accounting. The General Partner shall have responsibility for the day-to-day management and general oversight of the accounting and finance function of the Partnership and shall keep at the principal office of the Partnership (or at such other place as the General Partner
shall determine) true and complete books and records regarding the status of the business and financial condition and results of operations of the Partnership. The books and records of the Partnership shall be kept in accordance with the federal
income tax accounting methods and rules determined by the General Partner, which methods and rules shall reflect all transactions of the Partnership and shall be appropriate and adequate for the business of the Partnership. No Limited Partner shall
have the right to request any information from the Partnership except as provided in Section 4.6. 

  
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 Section 4.5 Expenses. Except as otherwise provided in this Agreement, the
Partnership shall be responsible for and shall pay out of funds of the Partnership determined by the General Partner to be available for such purpose, all expenses and obligations of the Partnership, including, without limitation, those incurred by
the Partnership or the General Partner or their Affiliates, or the Partner Management Committee or the Partner Performance Committee in connection with the formation, conversion, operation or management of the Partnership and the business conducted
by the Partnership, in organizing the Partnership and preparing, negotiating, executing, delivering, amending and modifying this Agreement. 

Section 4.6 Partnership Tax and Information Returns. 

(a) The Partnership shall use commercially reasonable efforts to timely file all returns of the Partnership that are required for U.S.
federal, state and local income tax purposes. The Tax Matters Partner shall use commercially reasonable efforts to furnish to all Partners necessary tax information as promptly as possible after the end of the Fiscal Year; provided, however, that
delivery of such tax information may be subject to delay as a result of the late receipt of any necessary tax information from an entity in which the Partnership holds a direct or indirect interest. Each Partner agrees to file all U.S. federal,
state and local tax returns required to be filed by it in a manner consistent with the information provided to it by the Partnership. The classification, realization and recognition of income, gain, losses and deductions and other items shall be on
the accrual method of accounting for U.S. federal, state and local income tax purposes. 
 (b) Except as otherwise provided herein, the
General Partner, in its sole and absolute discretion, shall determine whether the Partnership should make any elections permitted by the tax laws of the United States, the several states and other relevant jurisdictions. 

(c) The General Partner shall designate one Partner as the Tax Matters Partner (as defined in the Code). The Tax Matters Partner shall be the
General Partner until the General Partner designates another Partner in writing. The Tax Matters Partner is authorized and required to represent the Partnership (at the Partnership’s expense) in connection with all examinations of the
Partnership’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated therewith. Each Partner agrees to cooperate with the Tax
Matters Partner and to do or refrain from doing any or all things reasonably required by the Tax Matters Partner to conduct such proceedings. 

(d) To the extent permissible under the New Partnership Audit Procedures, the Tax Matters Partner shall be the “Partnership
Representative” of the Partnership (within the meaning of Section 6223 of the New Partnership Audit Procedures) (the “Partnership Representative”). If the Tax Matters Partner is not permitted to be the
Partnership Representative under the New Partnership Audit Procedures, then the General Partner shall, in its discretion, appoint another Partner to serve as the Partnership Representative. The Partnership Representative is authorized to, in its
sole discretion, make an election under the New Partnership Audit Procedures or otherwise take any legally permissible action so that, to the greatest extent possible, no Partner shall bear liability for taxes, interest, or penalties imposed on the
Partnership under Section 6225 of the New Partnership Audit Procedures that such Partner would not have borne if the law in effect prior to the effective date of the New Partnership Audit Procedures continued to remain effective and
Section 6225 were not effective. The Partnership Representative may, in its sole discretion, apportion any taxes (and related interest, penalties, 

  
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claims, liabilities and expenses) imposed on the Partnership pursuant to the New Partnership Audit Procedures among the Partners and may withhold any such amounts from distributions made to any
such Partner. Notwithstanding any other provision of this Agreement, the General Partner and the Partnership Representative are authorized to take any action that may be required to assist or cause the Partnership or any of its Subsidiaries to
comply with any withholding requirements established under the Code or any other federal, state, local or foreign law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is
required or elects to withhold or otherwise pays over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner (including, without limitation, by reason of Section 1446 of the Code) or any
amounts apportioned to a Partner with respect to the New Partnership Audit Procedures, the General Partner or the Partnership Representative may, in its sole and absolute discretion, treat the amount withheld as a distribution of cash pursuant to
Section 7.1 or Article IX in the amount of such withholding from or with respect to such Partner or the amount paid over as an expense to be borne by the Partners generally. If distributions are insufficient to satisfy any amounts
apportioned to any Partner with respect to the New Partnership Audit Procedures, such Partner shall indemnify and hold harmless the General Partner, the Partnership Representative and the Partnership for such amounts, which indemnity obligation
shall survive the exchange or assignment of an Interest and the termination of this Agreement. 
 ARTICLE V 

CONTRIBUTIONS AND CAPITAL ACCOUNTS 

Section 5.1 Capital Contributions. 

(a) Limited Partners may make Capital Contributions at such times and in such amounts as shall be determined by the General Partner in its
sole and absolute discretion; provided, however, that (i) no Original Related Trust or Subsequent Related Trust shall be obligated to make Capital Contributions pursuant to this Section 5.1(a) and (ii) no other Related Trust shall be
obligated to make Capital Contributions pursuant to this Section 5.1(a) unless otherwise determined by the General Partner. 
 (b) In
the event that the Partnership is required at any time to return any distribution it has received from any fund or investment vehicle or other entity, each Partner who received a portion of such distribution agrees that upon request it will promptly
make a Capital Contribution in proportion to the distribution amount such Partner received to enable the Partnership to return such distribution. 

Section 5.2 Capital Accounts. 

(a) The General Partner shall maintain, for each Partner owning Units or Class C Non-Equity
Interests, a separate Capital Account with respect to such Partner in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Such Capital Account shall be increased by (i) the
amount of all Capital Contributions made to the Partnership with respect to any such Units or Class C Non-Equity Interests pursuant to this Agreement and (ii) all items of Partnership income and gain
(including, without limitation, income and gain 

  
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exempt from tax) computed in accordance with Section 5.2(b) and allocated with respect to any such Units and Class C Non-Equity Interests
pursuant to Section 6.1, and decreased by (x) the amount of cash or Net Agreed Value of all actual and deemed distributions of cash or property made with respect to any such Units and Class C
Non-Equity Interests pursuant to this Agreement and (y) all items of Partnership deduction and loss computed in accordance with Section 5.2(b) and allocated with respect to any such Units pursuant to
Section 6.1. Except as otherwise indicated in this Agreement, the foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulation Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury Regulation. 

(b) For purposes of computing the amount of any item of income, gain, loss or deduction, which is to be allocated pursuant to Article VI and
is to be reflected in the Partners’ Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes (including,
without limitation, any method of depreciation, cost recovery or amortization used for that purpose); provided, however, that: 

(i) Except as otherwise provided in Treasury Regulation
Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code which may be made by the
Partnership and, as to those items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code, without regard to the fact that such items are not includable in gross income or are neither currently deductible nor capitalized for U.S. federal
income tax purposes. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment in the Capital Accounts shall be treated as an item of gain or loss. 

(ii) Any income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the
adjusted basis of such property as of such date of disposition were equal in amount to the Partnership’s Carrying Value with respect to such property as of such date. 

(iii) The Capital Account balance of each Partner and the Carrying Value of all Partnership property shall be revalued in
accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f) and the provisions of Section 6.1(c), to reflect the Partner’s allocable share (as determined under
Article VI) of the items of Net Income or Net Loss that would be realized by the Partnership if it sold all of its property at its fair market value (taking Code Section 7701(g) into account) (determined in a manner consistent with Fair Market
Value): 
 (A) immediately before the Recapitalization; 

  
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 (B) in the event of (1) any Sale or liquidation of the Partnership in
which the Partnership realizes Liquidating Gains, (2) any Drag-Along Sale, Tag-Along Sale or Change of Control in which such Common Unit will actually participate in accordance with Section 3.1(h) or
any Exchange Event if, in any such case, the Partnership would have realized Liquidating Gains had a Sale occurred at such time and the Partnership would have realized incremental Liquidating Gains since the last time the Partnership revalued the
Capital Accounts pursuant to this clause (2) had a Sale occurred at such time, and (3) beginning no later than 45 days following the end of the Distribution Holiday, at the beginning of any business day if on such business day any of the
Common Units, other than the Class A-1 Common Units or Class B Common Units, is yet to achieve the Book-Up Target and the Partnership would have realized
incremental Liquidating Gains since the last time the Partnership revalued the Capital Accounts pursuant to this clause (3) had a Sale occurred at such time; and 

(C) if the General Partner, in its sole and absolute discretion, determines that such adjustments are necessary or appropriate
to reflect the relative economic interests of the Partners on (1) the date of the acquisition of any additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution, (2) the
date of the distribution of more than a de minimis amount of Partnership assets to a Partner, (3) the date any interest in the Partnership is relinquished to the Partnership, or (4) any other time. 

Notwithstanding the foregoing, for purposes of any Common Unit (other than any Class A-1 Common
Units or Class B Common Units) satisfying its Book-Up Target at any time, any revaluation pursuant to this Section 5.2(b)(iii) may be made with respect to such Common Unit only following the end of
the Distribution Holiday (or in the event of an earlier Sale or liquidation of the Partnership, an earlier Drag-Along Sale or Tag-Along Sale in which such Common Unit will actually participate in accordance
with Section 3.1(h), or an earlier Exchange Event in which such Common Unit will actually be exchanged and, in case of such Exchange Event, such revaluation may be hypothetical rather than actual). Sections 6.1(c)(i)-(iv) shall be applied among
the Class A Common Units, among the Class D Common Units and among the Class E Common Units on a unit-by-unit basis in the manner that would result in the
greatest number of such Common Units achieving their Book-Up Target. 
 (c) A transferee of Units
shall succeed to a pro rata portion of the Capital Account of the transferor relating to the Units so Transferred, unless otherwise determined by the General Partner. 

(d) Notwithstanding anything expressed or implied to the contrary in this Agreement, no Partner shall have the right to request, demand, or
receive any distribution in respect of such Partner’s Capital Account from the Partnership (other than as expressly provided in Article VII or Article IX). 

Section 5.3 Determinations by General Partner. Notwithstanding anything expressed or implied to the contrary in this Agreement, in
the event the General Partner shall determine, in its sole and absolute discretion, that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to effectuate the intended economic
sharing arrangement of the Partners, the General Partner may make such modification. 

  
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 ARTICLE VI 

ALLOCATIONS 
 Section 6.1
Allocations for Capital Account Purposes. For purposes of maintaining the Capital Accounts and in determining the rights of the Partners among themselves, the Partnership’s items of income, gain, loss and deduction (computed in
accordance with Section 5.2(b)) shall be allocated among the Partners in each taxable year (or portion thereof) as provided herein below. 

(a) Net Income. Subject to the terms of any Unit Designation and Section 6.1(c), after giving effect to the special allocations
set forth in Section 6.1(d), Net Income for each taxable year and all items of income, gain, loss and deduction taken into account in computing Net Income for such taxable year shall be allocated to the Partners: 

(i) First, with respect to Partners that have Class C Non-Equity Interests, in
amounts, if any, as determined by Class C Approval in respect of each such Partner for such taxable year; and 
 (ii)
Second, in accordance with the respective Percentage Interests of the Partners; provided, however, that (A) beginning with the fourth quarter of 2018, Net Income for the Distribution Holiday period ending immediately prior to the Distribution
Holiday Achievement Quarter and items thereof shall be allocated solely to the Partners holding Class B Common Units, (B) Net Income for the Distribution Holiday Achievement Quarter and items thereof shall be allocated to the Partners in
accordance with the manner in which distributions with respect to the Distribution Holiday Achievement Quarter are made pursuant to Section 7.1(b)(v), and (C) to the extent Class B Common Units are allocated a disproportionate amount
of Net Loss pursuant to Section 6.1(b), a corresponding additional amount of Net Income and items thereof shall be allocated to the Partners holding Class B Common Units to reverse the allocation of the disproportionate amount of Net Loss
prior to the allocation of any Net Income and items thereof with respect to the Common Units. 
 (b) Net Loss. Subject to the terms
of any Unit Designation and Section 6.1(c), after giving effect to the special allocations set forth in Section 6.1(d), Net Loss for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net
Loss for such taxable period shall be allocated to the Partners in accordance with their respective Percentage Interests; provided, however, that to the extent any allocation of Net Loss would cause any Partner to have a deficit balance in its
Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account), such allocation of Net Loss shall be reallocated among the other Partners in accordance with their respective
positive Capital Account balances. 

  
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 (c) Allocation of Liquidating Gains. Notwithstanding any other provision of this
Agreement to the contrary (subject to the terms of any Unit Designation, and after giving effect to the special allocations set forth in Section 6.1(d)), Liquidating Gains shall first be allocated among the Partners in the following order of
priority: 
 (i) First, to the Partners holding Class A Common Units, Class B Common Units and Class E Common
Units, until the Economic Capital Account Balance of each such Partner, to the extent attributable to such Partner’s ownership of such Common Units, is equal to each such Common Unit’s Book-Up Target
(after taking into account contemporaneous allocations made pursuant to this Section 6.1(c)(i)). Any such allocations shall be made among such Partners holding Class A Common Units, Class B Common Units and Class E Common Units
in proportion to the amounts required to be allocated to each such Partner under this Section 6.1(c)(i) in order to achieve the Book-Up Target with respect to all of such Common Units; provided that
(A) allocations of Liquidating Gains pursuant to this Section 6.1(c)(i) shall be made to Class A Common Units and Class E Common Units only to the extent that the Fair Market Value of the Partnership has appreciated above the
Threshold Value with respect to the applicable Class A Common Units or Class E Common Units and (B) for purposes of this Section 6.1(c)(i), the Capital Account attributable to a Partner’s
Class A-1 Common Units shall be treated as attributable in its entirety to such Partner’s Class A Common Units and none shall be attributable to such Partner’s Class A-1 Common Units. For the avoidance of doubt, in no event shall the Economic Capital Account Balance attributable to any Class A Common Unit be reduced pursuant to this Section 6.1(c)(i) except
to the extent a corresponding Class E Common Unit achieves its Book-Up Target. The allocations set forth in this Section 6.1(c)(i) shall be taken into account for determining the Capital Account of
each Partner. 
 (ii) Second, to the Partners holding Class P Common Units, on a series by series basis in chronological
order of issuance (first to the earliest such series), until the Economic Capital Account Balance of each such Partner, to the extent attributable to such Partner’s ownership of such Class P Common Units, is equal to the product of
(x) the Book-Up Target and (y) the number of such Partner’s applicable Class P Common Units, allocated among such Partners in proportion to the amount required to be allocated to each such
Partner under this Section 6.1(c)(ii); provided that allocations of Liquidating Gains pursuant to this Section 6.1(c)(ii) shall be made only to the extent that the Fair Market Value of the Partnership has appreciated above the Threshold
Value of the applicable Class P Common Units. The allocations set forth in this Section 6.1(c)(ii) shall be taken into account for determining the Capital Account of each Partner. 

(iii) Third, to the Partners holding Class D Common Units, on a series by series basis in chronological order of issuance
(first to the earliest such series), until the Economic Capital Account Balance of each such Partner, to the extent attributable to such Partner’s ownership of such Class D Common Units, is equal to the product of (x) the Book-Up Target and (y) the number of such Partner’s applicable Class D Common Units, allocated among such Partners in proportion to the amount required to be allocated to each such Partner under this
Section 6.1(c)(iii); provided that allocations of Liquidating Gains pursuant to this Section 6.1(c)(iii) shall be made only to the extent that the Fair Market Value of the Partnership has appreciated above the Threshold Value of the
applicable Class D Common Units. The allocations set forth in this Section 6.1(c)(iii) shall be taken into account for determining the Capital Account of each Partner. 

  
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 (iv) Fourth, unless determined otherwise by the General Partner in its sole
and absolute discretion, to the Partners holding PSIs, on a series by series basis in chronological order of issuance (first to the earliest such series), until the Economic Capital Account Balance of each such Partner, to the extent attributable to
such Partner’s ownership of such PSIs, is equal to the product of (x) the Book-Up Target and (y) the number of such Partner’s applicable PSIs, allocated among such Partners in proportion to
the amount required to be allocated to each such Partner under this Section 6.1(c)(iv); provided that allocations of Liquidating Gains pursuant to this Section 6.1(c)(iv) shall be made only to the extent that the Fair Market Value
of the Partnership has appreciated above the Threshold Value of the applicable PSIs. The allocations set forth in this Section 6.1(c)(iv) shall be taken into account for determining the Capital Account of each Partner. 

(d) Special Allocations. Notwithstanding any other provision of this Section 6.1, the following special allocations shall be made
for such taxable period: 
 (i) Partnership Minimum Gain Chargeback. Notwithstanding any other provision of this
Section 6.1, if there is a net decrease in Partnership Minimum Gain during any Partnership taxable period, each Partner shall be allocated items of Partnership income and gain for such period (and, if necessary, subsequent periods) in the
manner and amounts provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor
provision. For purposes of this Section 6.1(d), each Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income and gain required hereunder shall be effected, prior to the application of any other
allocations pursuant to this Section 6.1(d) with respect to such taxable period (other than an allocation pursuant to Section 6.1(d)(iii) and 6.1(d)(vi)). This Section 6.1(d)(i) is intended to comply with the Partnership Minimum Gain
chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith. 

(ii) Chargeback of Partner Nonrecourse Debt Minimum Gain. Notwithstanding the other provisions of this Section 6.1
(other than Section 6.1(d)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Partnership taxable
period, any Partner with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Partnership income and gain for such period (and, if necessary, subsequent periods) in the manner and
amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this Section 6.1(d), each
Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 6.1(d), other than
Section 6.1(d)(i) and other than an allocation pursuant to Section 6.1(d)(v) and 6.1(d)(vi), with respect to such taxable period. This Section 6.1(d)(ii) is intended to comply with the chargeback of items of income and gain
requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

  
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 (iii) Qualified Income Offset. In the event any Partner unexpectedly
receives any adjustments, allocations or distributions described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain shall be specially allocated to such
Partner in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments,
allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant to Section 6.1(d)(i) or (ii). This Section 6.1(d)(iii) is intended to qualify and be construed as a “qualified income
offset” within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(iv) Gross Income Allocations. In the event any Partner has a deficit balance in its Capital Account at the end of any
Partnership taxable period in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the amount such Partner is deemed obligated to restore pursuant to Treasury
Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income and gain in the amount of such excess as
quickly as possible; provided, however, that an allocation pursuant to this Section 6.1(d)(iv) shall be made only if and to the extent that such Partner would have a deficit balance in its Capital Account as adjusted after all other allocations
provided for in this Section 6.1 have been tentatively made as if this Section 6.1(d)(iv) were not in this Agreement. 

(v) Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be allocated to the Partners in
accordance with their respective Percentage Interests. If the General Partner determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor requirements of the Treasury Regulations
promulgated under Section 704(b) of the Code, the General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements. 

(vi) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated 100% to
the Partner that bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulation
Section 1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be allocated between
or among such Partners in accordance with the ratios in which they share such Economic Risk of Loss. 

  
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 (vii) Nonrecourse Liabilities. Nonrecourse Liabilities of the
Partnership described in Treasury Regulation Section 1.752-3(a)(3) shall be allocated among the Partners in the manner chosen by the General Partner and consistent with such Treasury Regulation; provided
that any Nonrecourse Liabilities of the Partnership outstanding as of the Recapitalization Date shall, nonetheless, be allocated among the Partners in accordance with the provisions of Treasury Regulation
Section 1.752-3(a)(1) or (2). 
 (viii) Code Section 754
Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be
adjusted pursuant to such Section of the Treasury Regulations. 
 (ix) Curative Allocation. The Required
Allocations are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the extent possible, all Required Allocations shall be offset either with other Required Allocations or with special
allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 6.1(d)(ix). Therefore, notwithstanding any other provision of this Article VI (other than the Required Allocations), the General Partner shall
make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account balance is, to the extent
possible, equal to the Capital Account balance such Partner would have had if the Required Allocations were not part of this Agreement and all Partnership items were allocated pursuant to the economic agreement among the Partners. 

(x) The General Partner shall, with respect to each taxable period, (1) apply the provisions of Section 6.1(d)(ix)
in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide all allocations pursuant to Section 6.1(d)(ix) among the Partners in a manner that is likely to
minimize such economic distortions. 
 (xi) The Partnership shall specially allocate an amount of gross income equal to the
Expense Amount to the General Partner. 
 Section 6.2 Allocations for Tax Purposes. 

(a) Except as otherwise provided herein, each item of income, gain, loss and deduction shall be allocated, for U.S. federal income tax
purposes, among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 6.1. 

  
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 (b) In an attempt to eliminate Book-Tax Disparities
attributable to a Contributed Property or an Adjusted Property, items of income, gain, loss, depreciation, amortization and cost recovery deductions shall be allocated for U.S. federal income tax purposes among the Partners as follows: 

(i) (A) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Partners in the
manner provided under Section 704(c) of the Code that takes into account the variation between the Agreed Value of such property and its adjusted basis at the time of contribution; and (B) any item of Residual Gain or Residual Loss
attributable to a Contributed Property shall be allocated among the Partners in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1. 

(ii) (A) In the case of an Adjusted Property, such items attributable thereto shall (1) first, be allocated among the
Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the Book-Tax Disparity of such property, and (2) second, in the event such property was
originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 6.2(b)(i)(A); and (B) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the
Partners in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1. 

(iii) The General Partner may cause the Partnership to eliminate Book-Tax Disparities
using any method or methods described in Treasury Regulation Section 1.704-3 or that it determines is appropriate, in its sole and absolute discretion. 

(c) For the proper administration of the Partnership, the General Partner, as it determines in its sole and absolute discretion is necessary
or appropriate to execute the provisions of this Agreement and to comply with U.S. federal, state and local tax law, may (i) adopt such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost
recovery deductions; (ii) make special allocations for federal income tax purposes of income (including, without limitation, gross income) or deductions; (iii) amend the provisions of this Agreement as appropriate (x) to reflect the
proposal or promulgation of Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve uniformity of the Units (or any class or classes thereof); and (iv) adopt and employ
methods for (A) the maintenance of Capital Accounts for book and tax purposes, (B) the determination and allocation of adjustments under Sections 704(c), 734 and 743 of the Code, (C) the determination and allocation of taxable income,
tax loss and items thereof under this Agreement and pursuant to the Code, (D) the determination of the identities and tax classification of holders of Units, (E) the provision of tax information and reports to the holders of Units,
(F) the adoption of reasonable conventions and methods for the valuation of assets and the determination of tax basis, (G) the allocation of asset values and tax basis, (H) the adoption and maintenance of accounting methods,
(I) the recognition of the Transfer of Units and (J) tax compliance and other tax-related requirements, including without limitation, the use of computer software. 

  
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 (d) All items of income, gain, loss, deduction and credit recognized by the Partnership for
U.S. federal income tax purposes and allocated to the Partners in accordance with the provisions hereof shall be determined without regard to any election under Section 754 of the Code that may be made by the Partnership; provided, however,
that such allocations, once made, shall be adjusted (in the manner determined by the General Partner in its sole and absolute discretion) to take into account those adjustments permitted or required by Sections 734 and 743 of the Code. 

(e) For purposes of determining the items of Partnership income, gain, loss, deduction, or credit allocable to any Partner with respect to any
period, such items shall be determined on a daily, monthly, quarterly or other basis, as determined by the General Partner in its sole and absolute discretion using any permissible method under Code Section 706 and the Treasury Regulations
thereunder. 
 ARTICLE VII 

DISTRIBUTIONS 
 Section 7.1
Distributions. 
 (a) No Partner shall have the right to withdraw capital or demand or receive distributions or other returns of any
amount in his Capital Account, except as expressly provided in this Article VII or Article IX. 
 (b) Subject to the terms of any Unit
Designation, distributions in respect of Units shall be made to the Partners in the following order: 
 (i) First, Tax
Distributions shall be made pursuant to Section 7.3. 
 (ii) Second, an Expense Amount Distribution shall be made
pursuant to Section 7.4. 
 (iii) Third, distributions, if any, shall be made to the relevant Limited Partners in
respect of Class C Non-Equity Interests as and when determined by Class C Approval. 

(iv) Fourth, distributions shall be made as and when determined by the General Partner, in its sole and absolute discretion, in
respect of any amounts allocated to a Partner’s Capital Account pursuant to Section 5.3. 
 (v) Fifth,
distributions shall be made to the relevant Limited Partners in respect of their Common Units (other than Non-Participating Class P Common Units and Class A-1
Common Units) as and when determined by the General Partner in its sole and absolute discretion in accordance with the Partners’ respective Percentage Interests associated with such Common Units, provided that following the
Recapitalization Date, any Distribution Holiday Distribution distributed pursuant to this Section 7.1(b)(v) shall be made solely in respect of Class B Common Units. 

(vi) Sixth, distributions shall be made to the relevant Limited Partners in respect of PSIs as and when determined by the
General Partner in its sole and absolute discretion in accordance with the Partners’ respective Percentage Interests associated with such PSIs. 

  
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 (vii) Notwithstanding the foregoing, (A) the General Partner may, with
the consent of the affected Partner, delay distribution of any amounts otherwise distributable to any Partner under this Section 7.1, and (B) in the event of the Partnership selling or otherwise disposing of substantially all of its assets
or a dissolution of the Partnership, all distributions shall be made in accordance with Section 9.4. 
 (c) In the General
Partner’s sole discretion and subject to the terms of any Partner Agreement, amounts received (including amounts withheld in respect of taxes or other governmental charges from such amounts so received) (i) by any International Partner
pursuant to a Partner Agreement with any Subsidiary of the Partnership relating to the performance of services to or for the benefit of such Subsidiary by such Partner during any period beginning on or after the date of such Partner’s admission
to the Partnership or (ii) by any Limited Partner as a draw, for services or any comparable payment for an annual period pursuant to a Partner Agreement, in each case shall be treated as distributions made to such Partner with respect to such
period (and, if required, future periods) for all purposes of this Agreement, and such amounts shall reduce amounts otherwise distributable to the Partner pursuant to this Agreement with respect to such period (or such future periods). 

Section 7.2 Distributions in Kind. The General Partner may cause the Partnership to make distributions of assets in kind in its
sole and absolute discretion. Whenever the distributions provided for in Section 7.1 shall be distributable in property other than cash, the value of such distribution shall be the fair market value of such property determined by the General
Partner in good faith, and in the event of such a distribution there shall be allocated to the Partners in accordance with Article VI the amount of Net Income or Net Loss that would result if the distributed asset had been sold for an amount in cash
equal to its fair market value at the time of the distribution. No Partner shall have the right to demand that the Partnership distribute any assets in kind to such Partner. 

Section 7.3 Tax Distributions. Subject to §17-607 of the Act, and unless determined
otherwise by the General Partner in its sole discretion, the Partnership shall make distributions to each Partner for each calendar quarter as follows (collectively, the “Tax Distributions”): 

(a) On or before the 10th day following the end of the First Quarterly Period of each calendar year, an amount equal to such Partner’s
Presumed Tax Liability for the First Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner during such calendar year, excluding any Tax Distribution with respect to a previous calendar year; 

(b) On or before the 10th day following the end of the Second Quarterly Period of each calendar year, an amount equal to such Partner’s
Presumed Tax Liability for the Second Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner during such calendar year, excluding any Tax Distribution with respect to a previous calendar year; 

  
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 (c) On or before the 10th day following the end of the Third Quarterly Period of each
calendar year, an amount equal to such Partner’s Presumed Tax Liability for the Third Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner during such calendar year, excluding any Tax Distribution
with respect to a previous calendar year; 
 (d) On or before the 10th day following the end of the Fourth Quarterly Period of each calendar
year, an amount equal to such Partner’s Presumed Tax Liability for the Fourth Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner during such calendar year, excluding any Tax Distribution with
respect to a previous calendar year; and 
 (e) Tax Distributions shall be made on the basis of a calendar year regardless of the Fiscal
Year used by the Partnership. To the extent the General Partner determines in its sole and absolute discretion that the distributions made under the foregoing subsections (a) through (d) are insufficient to satisfy the Partners’ Presumed
Tax Liability for the applicable calendar year, on or before the April 10th immediately following the applicable calendar year, an amount that the General Partner determines in its reasonable discretion will be sufficient to allow each Partner to
satisfy his Presumed Tax Liability for the applicable calendar year, after taking into account all Prior Distributions made to the Partners with respect to the applicable calendar year, excluding any Tax Distribution with respect to a previous
calendar year. 
 (f) Notwithstanding any other provision of this Agreement, other than Section 7.3(g), any Tax Distributions shall be
made: (i) to all Limited Partners holding Common Units (other than Non-Participating Class P Common Units and Class A-1 Common Units) pro rata in
accordance with the Percentage Interests associated with their Common Units; (ii) to all PSI Limited Partners pro rata in accordance with the Percentage Interests associated with their PSIs; and (iii) as if each distributee Partner was
allocated an amount of income in each Quarterly Period in respect of such Partner’s class of Units equal to the product of (x) the highest amount of income allocated to any Partner with respect to the same class of Units, calculated on a per-Unit basis, taking into account any income allocations pursuant to Section 6.2 hereof and disregarding any adjustment required by Section 734 or Section 743 of the Code, multiplied by (y) the
amount of Units held by such distributee Partner. 
 (g) Subject to the limitations set forth in this Section 7.3, the Partnership
shall make distributions in respect of the tax liability of a Partner arising from the allocation of any items hereunder to Class C Non-Equity Interests applying principles similar to the principles for
determining Tax Distributions and Presumed Tax Liability, and amounts so allocated, determined or distributed with respect to Class C Non-Equity Interests of a Partner shall not be taken into account in
determining any Tax Distributions in respect of Units. 
 Section 7.4 Expense Amount Distributions. The Partnership shall
distribute any Expense Amount to the General Partner at such times as the General Partner shall determine in its sole discretion (an “Expense Amount Distribution”). 

Section 7.5 Borrowing. Subject to Section 17-607 of the Act, the Partnership may
borrow funds in order to make the Tax Distributions or Expense Amount Distributions. 

  
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 Section 7.6 Restrictions on Distributions. The foregoing provisions of this
Article VII to the contrary notwithstanding, no distribution shall be made: (a) if such distribution would violate any contract or agreement to which the Partnership is then a party or any law, rule, regulation, order or directive of any
governmental authority then applicable to the Partnership; (b) to the extent that the General Partner, in its sole and absolute discretion, determines that any amount otherwise distributable should be retained by the Partnership to pay, or to
establish a reserve for the payment of, any liability or obligation of the Partnership, whether liquidated, fixed, contingent or otherwise; or (c) to the extent that the General Partner, in its sole and absolute discretion, determines that the
cash available to the Partnership is insufficient to permit such distribution. 
 ARTICLE VIII 

TRANSFER OR ASSIGNMENT OF INTEREST; CESSATION OF PARTNER STATUS 

Section 8.1 Transfer and Assignment of Interest. 

(a) Transfers of Interests. Notwithstanding anything to the contrary herein, Transfers of Common Units may only be made by Limited
Partners (x) in accordance with the other provisions of this Article VIII (including, without limitation, the vesting provisions in Section 8.4, except as expressly set forth in this Section 8.1(a) in respect of Transfers by Original
Related Trusts), and (y) subject to Section 2.13(g). During the Restricted Period, subject to Section 8.1(b), no Limited Partner shall be permitted to Transfer Common Units unless, immediately following such Transfer, the relevant
Individual Limited Partner continues to hold a number of Common Units (other than Class P Common Units) no less than 10% of such Common Units of such Partner that have vested on or before the date of such Transfer, without regard to
dispositions, or such greater percentage determined by the General Partner in its sole discretion (such requirements, the “Minimum Retained Ownership Requirements”). A Limited Partner may not Transfer all or any of such
Partner’s Units without the prior written approval of the General Partner, which approval may be granted or withheld, with or without reason, in the General Partner’s sole and absolute discretion; provided, however, that, without the prior
written approval of the General Partner, (i) an Original Related Trust may Transfer its Interest (including any unvested Units) in accordance with its Related Trust Supplementary Agreement to the relevant Subsequent Related Trust (provided,
however, that such Subsequent Related Trust remains subject to the same vesting requirements in accordance with Section 8.4 as the transferring Original Related Trust had been before its Withdrawal), (ii) the Related Trust of any Individual
Limited Partner may, at any time, subject to Section 2.13(g), Transfer such Related Trust’s Common Units (including any unvested Units) to such Individual Limited Partner as authorized by the terms of the relevant trust agreement
(provided, however, that such Individual Limited Partner remains subject to the same vesting requirements in accordance with Section 8.4 as the transferring Related Trust had been before the Transfer), and (iii) any Limited Partner may, at
any time, subject to the Minimum Retained Ownership Requirements and Section 2.13(g), and provided further that the relevant Units have vested in accordance with Section 8.4 (other than in the case of any unvested Tag-Along Securities or unvested Drag-Along Securities) or become eligible to participate in a transaction in accordance with Section 3.1(h) or Section 3.1(j), (A) Transfer any of such Partner’s Units
in accordance with the Exchange Agreement for Class P Common Units or Section 8.1(b), (B) Transfer any of such 

  
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Partner’s Units to a Permitted Transferee of such Partner with PMC Approval, which PMC Approval may not be unreasonably withheld, (C) Transfer the Common Units (including all
distributions thereon that would otherwise be received after the relevant date of Withdrawal) received by such Partner pursuant to Sections 2.13(g) and 8.3(a) to the extent permitted thereby, (D) Transfer by operation of law upon the death of
an Individual Limited Partner or (E) Transfer any of such Partner’s Units to the extent permitted or required by Sections 3.1(h), 3.1(j), 8.5 or 8.6. In addition, subject to Section 2.13(g) and the Minimum Retained Ownership
Requirements, with prior PMC Approval, each Limited Partner and such Limited Partner’s Permitted Transferees may Transfer Units that have vested in accordance with applicable securities laws. The foregoing restrictions on Transfer and the
Minimum Retained Ownership Requirements may be waived at any time with PMC Approval. A Limited Partner shall cease to be a Partner if, following a Transfer, he no longer has any Interest in the Partnership. An Original Related Trust shall cease to
be a Partner, without the prior written consent of the General Partner, following the Transfer of such Original Related Trust’s Interest in accordance with its Related Trust Supplementary Agreement to the relevant Subsequent Related Trust. PSIs
and Deferred Cash Interests shall not be Transferred under any circumstances as provided in Section 3.1(i)(vi). 
 (b) Exchanges of
Class A Common Units under the Exchange Agreement. Notwithstanding anything to the contrary herein, no Limited Partner shall be permitted to exchange any Class A Common Unit pursuant to the Exchange Agreement unless
(i) such Class A Common Unit has vested and (ii) such Class A Common Unit satisfies the Book-Up Target at the time of any such exchange (any such Class A Common Units, to the extent
they satisfy the conditions in the foregoing clauses (i) and (ii) at the time of such exchange, “Eligible Common Units”). Subject to the foregoing and Section 2.13(g), the Limited Partners shall be eligible to exchange
their Eligible Common Units for Class A Shares and/or cash in accordance with and subject to the terms and conditions of the Exchange Agreement to the extent provided in this Section 8.1(b) and the Minimum Retained Ownership Requirements
shall not apply to any such exchange or in connection with any Drag-Along Sale, Tag-Along Sale or Sale (any such Eligible Common Unit, on any date on which it is eligible to be exchanged in accordance with
this Section 8.1(b), an “Exchangeable Common Unit”): 
 (i) Prior to the final day of the Distribution
Holiday, the Exchange Committee, in consultation with the Och-Ziff Board, will have the authority to permit exchanges of Eligible Common Units; provided that any such exchange windows will be made available to
all holders of Eligible Common Units on a pro rata basis (any such permitted exchange, an “Exchange Event”). 

(ii) From the final day of the Distribution Holiday (the “Exchange Rights Effective Date”), if a Limited
Partner holds any Common Units that are: 
 (A) Eligible Common Units as of the Exchange Rights Effective Date, then such
Eligible Common Units will become eligible for exchange over a period of two years, with one-third of such Eligible Common Units becoming eligible to be exchanged on any Exchange Date following the Exchange
Rights Effective Date, two-thirds of such Eligible Common Units (to the extent not already exchanged) being eligible to be exchanged on any Exchange Date following the first anniversary of the Exchange Rights
Effective Date, and with any such Eligible Common Units not previously exchanged being eligible to be exchanged on any Exchange Date following the second anniversary of the Exchange Rights Effective Date; and 

  
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 (B) Not Eligible Common Units as of the Exchange Rights Effective Date or
are issued after the Exchange Rights Effective Date and that, in either case, become Eligible Common Units after the Exchange Rights Effective Date, then any such Eligible Common Unit will become eligible to be exchanged on any Exchange Date
following the later of (i) the date upon which it became an Eligible Common Unit and (ii) the date on which it would have become eligible for exchange pursuant to paragraph (A) above if it had been an Eligible Common Unit as of the
Exchange Rights Effective Date. 
 (c) Transfer and Exchange. When a request to register a Transfer of Units, together with the
relevant Certificates of Ownership, if any, is presented to the Transfer Agent, the Transfer Agent shall register the Transfer or make the exchange on the register or transfer books of the Transfer Agent if the requirements set forth in this
Section 8.1 for such transactions are met; provided, however, that any Certificates of Ownership presented or surrendered for registration of Transfer or exchange shall be duly endorsed or accompanied by a written instrument of Transfer in form
satisfactory to the Transfer Agent duly executed by the holder thereof or his attorney duly authorized in writing. The Transfer Agent shall not be required to register a Transfer of any Units or exchange any Certificate of Ownership if such
purported Transfer would cause the Partnership to violate the Securities Act, the Exchange Act, the Investment Company Act (including by causing any violation of the laws, rules, regulations, orders and other directives of any governmental
authority) or otherwise violate this Section 8.1. In the event of any Transfer, the transferring Partner shall provide the address and facsimile number for each transferee as contemplated by Section 10.10 and shall cause each transferee to
agree in writing to comply with the terms of this Agreement. 
 (d) Publicly Traded Partnership. No Transfer shall be permitted (and,
if attempted, shall be void ab initio) if the General Partner determines in its sole and absolute discretion that such a Transfer would pose a risk that the Partnership would be a “publicly traded partnership” as defined in
Section 7704 of the Code. 
 (e) Securities Laws. Each Partner and each assignee thereof hereby agrees that it will not effect
any Transfer of all or any part of its Interest in the Partnership (whether voluntarily, involuntarily or by operation of law) in any manner contrary to the terms of this Agreement or that violates or causes the Partnership or the Partners to
violate the Securities Act, the Exchange Act, the Investment Company Act, or the laws, rules, regulations, orders and other directives of any governmental authority. 

(f) Expenses. In addition to the other requirements of this Section 8.1, unless waived by the General Partner with respect to
Transfers for estate planning purposes or as otherwise determined by the General Partner in its sole discretion, no Transfer of any Interest in the Partnership shall be permitted unless the transferor or the proposed transferee shall have undertaken
to pay all reasonable expenses incurred by the Partnership or its Affiliates in connection therewith. 

  
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 Section 8.2 Withdrawal by General Partner. The General Partner shall not cease
to act as the General Partner of the Partnership without the prior written approval of the Limited Partners holding a majority of the outstanding Class B Common Units. 

Section 8.3 Withdrawal and Special Withdrawal of Limited Partners. 

(a) Withdrawal. 

(i) An Individual Limited Partner (other than Daniel S. Och in the case of the following clauses (A) and (B)) shall
immediately cease to be actively involved with the Partnership and its Affiliates (such event, a “Withdrawal”): (A) for Cause (as determined by the General Partner in its sole and absolute discretion) upon notice to the Individual
Limited Partner from the General Partner; (B) for any reason or no reason upon a determination by majority vote of the Partner Performance Committee (which, if the Partner Performance Committee has a Chairman, may only be made upon the
recommendation of such Chairman) and notice of such determination to the Individual Limited Partner from the Partner Performance Committee; or (C) upon the Individual Limited Partner otherwise (except as a result of death, Disability or a
Special Withdrawal) ceasing to be, or providing notice to the General Partner of his intention to cease to be, actively involved with the Partnership and its Affiliates. In the event of the Withdrawal of an Individual Limited Partner, such
Individual Limited Partner’s Related Trusts, if any, shall be subject to a required Withdrawal. 
 (ii) In the event of
the Withdrawal of an Individual Original Partner prior to the fifth anniversary of the Closing Date (other than where the Withdrawal is due to a breach of any of the covenants in Section 2.13(b), in which case the provisions of
Section 2.13(g) shall apply), all of the Class A Common Units (including all distributions thereon that would otherwise be received after the date of Withdrawal) of such Individual Original Partner and its Related Trusts, if any, that have
not yet vested in accordance with Section 8.4 shall cease to vest with respect to such Partners and upon the Reallocation Date shall be reallocated to the Partnership and then subsequently reallocated from the Partnership to each Continuing
Partner in such a manner that each such Continuing Partner receives Common Units in proportion to the total number of Original Common Units of such Continuing Partner and its Original Related Trusts. Any such reallocated Common Units received by a
Continuing Partner pursuant to this Section 8.3(a) shall be deemed for all purposes of this Agreement to be Common Units of such Continuing Partner and subject to the same vesting requirements in accordance with Section 8.4 as the
transferring Limited Partner had been before his Withdrawal; provided, however, that such Continuing Partner shall be permitted to exchange fifty percent (50%) of the number of Class A Common Units reallocated to it (and sell any Class A
Shares issued in respect thereof), notwithstanding the transfer restrictions set forth in Section 8.1, in the event that the Exchange Committee determines in its sole discretion that the reallocation of such Class A Common Units is
taxable; provided, however, that such exchange of Class A Common Units is made in accordance with the Exchange Agreement. 

  
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 (b) Special Withdrawal. 

(i) An Individual Limited Partner (other than Daniel S. Och) may be required to no longer be actively involved with the
Partnership and its Affiliates for any reason other than Cause, in the sole and absolute discretion of the General Partner (such event, a “Special Withdrawal”), which shall not constitute a Withdrawal. Upon the Special Withdrawal of
an Individual Limited Partner, such Individual Limited Partner’s Related Trusts, if any, shall also be subject to a Special Withdrawal. 

(ii) In the event of the Special Withdrawal of any Limited Partner, such Limited Partner’s Common Units shall continue to
vest in accordance with Section 8.4, except as otherwise set forth in Section 3.1(j) with respect to Class P Common Units or in any applicable Partner Agreement. 

(c) Upon a Withdrawal or Special Withdrawal for any reason, an Individual Limited Partner shall: 

(i) have no right to access or use the property of the Partnership or its Affiliates; 

(ii) not be permitted to provide services to, or on behalf of, the Partnership or its Affiliates; and 

(iii) shall promptly return to the Operating Group Entities all known equipment, data, material, books, records, documents
(whether stored electronically or on computer hard drives or disks or on any other media), computer disks, credit cards, keys, I.D. cards, and other property, including, without limitation, standalone computers, fax machines, printers, telephones,
and other electronic devices in the Individual Limited Partner’s possession, custody, or control that are or were owned and/or leased by members of the Och-Ziff Group in connection with the conduct of the
business of the Operating Group Entities and their Affiliates, and including in each case any and all information stored or included on or in the foregoing or otherwise in the Limited Partner’s possession or control that relates to Investors or
OZ counterparties, Investor or OZ counterparty contact information, Investor or OZ counterparty lists or other Confidential Information. 

(d) The provisions of Sections 8.3(a) and 8.3(b) may be amended, supplemented, modified or waived with PMC Approval. 

(e) Except as expressly provided in this Agreement, no event affecting a Partner, including death, bankruptcy, insolvency or withdrawal from
the Partnership, shall affect the Partnership. 
 (f) Following the Withdrawal of a Limited Partner, unless the General Partner in its sole
discretion determines otherwise, from the applicable Reallocation Date such Limited Partner will be required to pay the same management fees and shall be subject to the same incentive allocation with respect to any remaining investments by such
Limited Partner in any fund or account managed by the Och-Ziff Group as are applicable to other Investors that are not Affiliates of the Partnership in such funds or accounts. 

  
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 (g) The continued ownership by any Individual Limited Partner and his Related Trusts of any
Interests following the Individual Limited Partner’s Withdrawal or Special Withdrawal and their right to receive any distributions or allocations in respect of such Interests in respect of any periods following such Withdrawal or Special
Withdrawal are conditioned upon the Limited Partner’s execution of a general release in a form acceptable to the General Partner that is substantially in the form attached to this Agreement as Exhibit A (the “General Release”)
which becomes effective no later than fifty-three (53) days following any such Withdrawal or Special Withdrawal. If the General Release is not executed, or if the Individual Limited Partner timely revokes the Limited Partner’s execution
thereof, the Partnership shall have no further obligations under this Agreement or any Partner Agreement to make any distributions or allocations to the Individual Limited Partner or any Related Trusts and their Interests in the Partnership, if any,
shall be forfeited. 
 (h) Upon no less than 30 days’ prior written notice to the General Partner, any Limited Partner may elect to
abandon and surrender to the Partnership all of such Limited Partner’s Common Units, Class C Non-Equity Interests and all other interests in the Partnership (including any Capital Account balance
but, for the avoidance of doubt, excluding any indebtedness) for no consideration and all such interests shall be cancelled. Such election shall be effective from the last day of the calendar quarter in which the notice was provided, at which time
the Limited Partner shall have withdrawn from the Partnership and shall cease to have any rights under this Agreement, including any rights to receive distributions, allocations of income or loss, and voting and approval rights. Notwithstanding the
foregoing, any such Limited Partner shall continue to be bound by the provisions of this Agreement that would otherwise apply to a Limited Partner that has ceased to be an Active Individual LP and has ceased to own any Units or other interests in
the Partnership. 
 Section 8.4 Vesting. 

(a) New grants of Units shall vest on the terms set forth in this Agreement (including the Exhibits hereto) or as otherwise described in a
Partner Agreement or a Unit Designation. 
 (b) Subject to Sections 2.13(g) and 8.3(a), all Original Common Units held by a Partner shall
vest in equal installments on each anniversary date of the Closing Date for five years, beginning on the first anniversary date of the Closing Date; provided, however, that upon a Withdrawal (but not a Special Withdrawal), all unvested Units shall
cease to vest and shall be reallocated pursuant to Section 8.3(a); and provided, however, that this Section 8.4(b) shall not prevent the Transfer of the unvested Interest of any Original Related Trust (including unvested Class A
Common Units) in accordance with its Related Trust Supplementary Agreement to the relevant Subsequent Related Trust or the Transfer of unvested Class A Common Units of an Individual Limited Partner’s Related Trust to such Individual
Limited Partner as authorized by the terms of the relevant trust agreement. In the event of the death or Disability of an Individual Limited Partner or in the event of a Transfer of any of such Individual Limited Partner’s Class A Common
Units, such Class A Common Units shall continue to vest on the same schedule as set forth above. The provisions of this Section 8.4 may be amended, supplemented, modified or waived with PMC Approval. 

  
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 (c) All Class B Common Units will be fully vested on issuance. 

(d) All Class C Non-Equity Interests held by an Individual Limited Partner and all PSIs held by
an Individual Limited Partner or its Related Trusts shall be cancelled upon the death, Disability, Withdrawal or Special Withdrawal of such Individual Limited Partner. Class P Common Units shall vest or be subject to forfeiture as provided in
Section 3.1(j), except as otherwise set forth in the applicable Partner Agreement of any Class P Limited Partner. 
 (e) Except as
otherwise set forth in this Section 8.4, Units issued to Additional Limited Partners shall be subject to vesting, if at all, as described in Section 3.2(e). 

Section 8.5 Tag-Along Rights. 

(a) Notwithstanding anything to the contrary in this Agreement, prior to the consummation of a proposed
Tag-Along Sale, the Potential Tag-Along Sellers shall be afforded the opportunity to participate in such Tag-Along Sale on a pro
rata basis, as provided in Section 8.5(b) below. 
 (b) Prior to the consummation of a
Tag-Along Sale, the Limited Partners participating in such Tag-Along Sale (the “Tag-Along Sellers”) shall cause
the Tag-Along Purchaser to offer in writing (such offer, a “Tag-Along Offer”) to purchase each Potential
Tag-Along Seller’s Tag-Along Securities. In addition, the Tag-Along Offer shall set forth the consideration for which the Tag-Along Sale is proposed to be made and all other material terms and conditions of the Tag-Along Sale. If the Tag-Along Offer is
accepted by some or all of such Potential Tag-Along Sellers within five Business Days after its receipt then the number of Class A Shares and/or Class A Common Units to be sold to the Tag-Along Purchaser by the Tag-Along Sellers shall be reduced by the number of Class A Shares and/or Class A Common Units to be purchased by the Tag-Along Purchaser from such accepting Potential Tag-Along Sellers. Subject to Section 3.1(h), the purchase from the accepting Potential
Tag-Along Sellers shall be made on the same terms and conditions (including timing of receipt of consideration and choice of consideration, if any) as the Tag-Along
Purchaser shall have offered to the Tag-Along Sellers, and the accepting Potential Tag-Along Sellers shall otherwise be required to transfer the Class A Shares
and/or Class A Common Units to the Tag-Along Purchaser upon the same terms, conditions, and provisions as the Tag-Along Sellers, including making the same
representations, warranties, covenants, indemnities and agreements that the Tag-Along Sellers agree to make. 

Section 8.6 Drag-Along Rights. 

(a) Prior to the consummation of a proposed Drag-Along Sale, the Drag-Along Sellers may, at their option, require each other Limited Partner
to sell its Drag-Along Securities to the Drag-Along Purchaser by giving written notice (the “Notice”) to such other Limited Partners not later than ten Business Days prior to the consummation of the Drag-Along Sale (the
“Drag-Along Right”); provided, however, that if the Drag-Along Right is exercised by the Drag-Along Sellers, all Limited Partners shall sell their Drag-Along Securities to the Drag-Along Purchaser: (i) subject to
Section 3.1(h), for the same amount of consideration 

  
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per Company Security, and (ii) otherwise on the same terms and conditions as are applicable to the Drag-Along Sellers, including the class of security and the date of sale. The Notice shall
contain written notice of the exercise of the Drag-Along Right pursuant to this Section 8.6, setting forth the consideration to be paid by the Drag-Along Purchaser and the other material terms and conditions of the Drag-Along Sale. 

(b) Within five Business Days following the date of the Notice, the Drag-Along Sellers shall have delivered to them by the other Limited
Partners their Drag-Along Securities together with a limited power-of-attorney authorizing such Drag-Along Sellers to sell such other Limited Partner’s Drag-Along
Securities pursuant to the terms of the Drag-Along Sale and such other transfer instruments and other documents as are reasonably requested by the Drag-Along Sellers in order to effect such sale. 

Section 8.7 Reallocation of Common Units pursuant to Partner Agreements. 

(a) In the event of any reallocation of Common Units to the Continuing Partners in respect of any Common Units granted pursuant to a Partner
Agreement (including as a result of a Withdrawal, provided that in the case of any reallocation due to a breach of any of the covenants in Section 2.13(b) (as modified by any Partner Agreement), the provisions of Section 2.13(g) shall
apply unless specified otherwise in any Partner Agreement), all of the Common Units (including all distributions thereon that would otherwise be received after the event causing such reallocation) to be reallocated thereunder shall be reallocated
upon the relevant Reallocation Date to the Partnership and then subsequently reallocated from the Partnership to each Continuing Partner in such a manner that each such Continuing Partner receives Common Units in proportion to the total number of
Original Common Units of such Continuing Partner and its Original Related Trusts, unless specified otherwise in any Partner Agreement. Any such reallocated Common Units received by a Continuing Partner shall be deemed for all purposes of this
Agreement to be Common Units of such Continuing Partner and subject to the same vesting requirements as the transferring Limited Partner had been prior to the date of the event causing such reallocation. 

(b) The provisions of this Section 8.7 may be amended, supplemented, modified or waived with PMC Approval. 

ARTICLE IX 
 DISSOLUTION 

Section 9.1 Duration and Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the first to occur
of the following: 
 (a) the entry of a decree of judicial dissolution of the Partnership under
Section 17-802 of the Act; and 
 (b) the determination of the General Partner to dissolve the
Partnership. 

  
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 Except as provided in this Agreement, the death, Disability, resignation, expulsion,
bankruptcy or dissolution of any Partner or the occurrence of any other event which terminates the continued participation of any Partner in the Partnership shall not cause the Partnership to be dissolved or its affairs wound up; provided, however,
that at any time after the bankruptcy of the General Partner, the holders of a majority of the outstanding Class B Common Units may, pursuant to prior written consent to such effect, replace the General Partner with another Person, who shall,
after executing a written instrument confirming such Person’s agreement to be bound by all the terms and provisions of this Agreement, (i) become a successor General Partner for all purposes hereunder, (ii) be vested with the powers
and rights of the replaced General Partner, and (iii) be liable for all obligations and responsible for all duties of the replaced General Partner from the date of such replacement. 

Section 9.2 Notice of Liquidation. The General Partner shall give each of the Partners prompt written notice of any liquidation,
dissolution or winding up of the Partnership. 
 Section 9.3 Liquidator. Upon dissolution of the Partnership, the General
Partner may select one or more Persons to act as a liquidating trustee for the Partnership (such Person, or the General Partner, the “Liquidator”). The Liquidator (if other than the General Partner) shall be entitled to receive such
compensation for its services as may be approved by holders of a majority of the outstanding Class B Common Units (subject to the terms of any Unit Designation). The Liquidator (if other than the General Partner) shall agree not to resign at
any time without 15 days’ prior notice and may be removed at any time, with or without cause, by notice of removal approved by holders of a majority of the outstanding Class B Common Units (subject to the terms of any Unit Designation).
Upon dissolution, death, incapacity, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved
by the General Partner (or, in the case of the removal of the Liquidator by holders of units, by holders of a majority of the outstanding Class B Common Units (subject to the terms of any Unit Designation)). The right to approve a successor or
substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this Section 9.3, the Liquidator approved
in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the General Partner under the terms of this Agreement (but subject to all of the
applicable limitations, contractual and otherwise, upon the exercise of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required to complete the winding up and
liquidation of the Partnership as provided for herein. 
 Section 9.4 Liquidation. The Liquidator shall proceed to dispose of
the assets of the Partnership, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator, subject to Section 17-804 of the Act and
the following: 
 (a) The assets may be disposed of by public or private sale or by distribution in kind to one or more Partners on such
terms as the Liquidator and such Partner or Partners may agree; provided, that if any Partner is to receive a distribution in kind of any asset, all Partners shall be offered the opportunity to participate on a pro rata basis and on the same terms
and conditions. If any property is distributed in kind, the Partner receiving the property shall be deemed to have received cash equal to its fair market value; and contemporaneously 

  
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therewith, appropriate cash distributions must be made to the other Partners. Notwithstanding anything to the contrary contained in this Agreement, the Partners understand and acknowledge that a
Partner may be compelled to accept a distribution of any asset in kind from the Partnership despite the fact that the percentage of the asset distributed to such Partner exceeds the percentage of that asset which is equal to the percentage in which
such Partner shares in distributions from the Partnership. The Liquidator may defer liquidation or distribution of the Partnership’s assets for a reasonable time if it determines that an immediate sale or distribution of all or some of the
Partnership’s assets would be impractical or would cause undue loss to the Partners. The Liquidator may distribute the Partnership’s assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause
undue loss to the Partners. 
 (b) Liabilities of the Partnership include amounts owed to the Liquidator as compensation for serving in such
capacity (subject to the terms of Section 9.3) and amounts to Partners otherwise than in respect of their distribution rights under Article VII. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet
due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment. When paid, any unused portion of the reserve shall be applied to other
liabilities or distributed as additional liquidation proceeds. 
 (c) Subject to the terms of any Unit Designation, all property and all
cash in excess of that required to discharge liabilities as provided in Section 9.4(b) shall be distributed to the Partners in accordance with and to the extent of the positive balances in their respective Capital Accounts, as determined after
taking into account all Capital Account adjustments (other than those made by reason of distributions pursuant to this Section 9.4(c)) for the taxable year of the Partnership during which the liquidation of the Partnership occurs (with such
date of occurrence being determined by the General Partner) and such distribution shall be made by the end of such taxable year (or, if later, within 90 days after said date of such occurrence). 

Section 9.5 Capital Account Restoration. No Partner shall have any obligation to restore any negative balance in its Capital
Account upon liquidation of the Partnership. 
 ARTICLE X 

MISCELLANEOUS 
 Section 10.1
Incorporation of Agreements. The Exchange Agreement and the Tax Receivable Agreement shall each be treated as part of this Agreement as described in Section 761(c) of the Code and Treasury Regulation Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c). 
 Section 10.2
Amendment to the Agreement. 
 (a) Except as may be otherwise required by law, and in addition to any applicable requirements under
Sections 3.1(d)(iii) and 3.1(g)(iii), this Agreement may be amended by the General Partner without the consent or approval of any Partners, provided, however, that, except as expressly provided herein (including, without limitation, Sections 3.2

  
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and 10.2(b)), (i) if an amendment adversely affects the rights (not including any rights relating to the Class C Non-Equity Interests) of an
Individual Limited Partner or any Related Trust thereof other than on a pro rata basis with other holders of Units of the same class, such Individual Limited Partner must provide his prior written consent to the amendment, (ii) no
amendment may adversely affect the rights (not including any rights relating to the Class C Non-Equity Interests) of the holders of a class of Units (or any group of such holders) without the prior
written consent of Individual Limited Partners that (together with their Related Trusts) hold a majority of the outstanding Units of such class (or of such group) then owned by all Limited Partners, (iii) the provisions of this
Section 10.2(a) may not be amended without the prior written consent of Individual Limited Partners that (together with their Related Trusts) hold a majority of the Class A Common Units then owned by all Limited Partners, and (iv) the
provisions of Sections 3.1(i), 8.3(a), 8.3(b), 8.4 and 8.7 may only be amended with PMC Approval. For the purposes of this Section 10.2(a), any Units owned by a Related Trust of an Individual Limited Partner shall be treated as being owned by
such Individual Limited Partner. Subject to the foregoing and Sections 3.1(d)(iii) and 3.1(g)(iii), the General Partner may enter into Partner Agreements with any Limited Partner that affect the terms hereof and the terms of such Partner Agreement
shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 
 (b) Subject to Sections 3.1(d)(iii)
and 3.1(g)(iii), it is acknowledged and agreed that none of the admission of any Additional Limited Partner, the adoption of any Unit Designation, the issuance of any Units or Class C Non-Equity
Interests, or the delegation of any power or authority to any committee (or its chairman) shall be considered an amendment of this Agreement that requires the approval of any Limited Partner. 

(c) Notwithstanding any other provision in this Agreement, other than Sections 3.1(d)(iii) and 3.1(g)(iii), no Limited Partner other than an
Active Individual LP shall have any voting or consent rights under this Agreement for any reason. Any Active Individual LP may vote or consent on behalf of its Related Trust. The Interests of any Limited Partner without direct or indirect voting or
consent rights shall be disregarded for purposes of calculating any thresholds under this Agreement. 
 Section 10.3 Successors,
Counterparts. This Agreement and any amendment hereto in accordance with Section 10.2 shall be binding as to executors, administrators, estates, heirs and legal successors, or nominees or representatives, of the Partners, and may be
executed in several counterparts with the same effect as if the parties executing the several counterparts had all executed one counterpart. 

Section 10.4 Applicable Law; Submission to Jurisdiction; Severability. 

(a) This Agreement and the rights and obligations of the Partners shall be governed by, interpreted, construed and enforced in accordance with
the laws of the State of Delaware, other than in respect of Section 2.13 which shall be governed by, interpreted, construed and enforced in accordance with the laws of the State of New York without regard to choice of law rules that would apply
the law of any other jurisdiction. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall

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

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. 
 (c) Each International
Partner irrevocably consents and agrees that (i) any action brought to compel arbitration or in aid of arbitration in accordance with the terms of this Agreement, (ii) any action confirming and entering judgment upon any arbitration award,
and (iii) any action for temporary injunctive relief to maintain the status quo or prevent irreparable harm, may be brought in the state and federal courts of the State of New York and, by execution and delivery of this Agreement, each
International Partner hereby submits to and accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts for such purpose and to the
non-exclusive jurisdiction of such courts for entry and enforcement of any award issued hereunder. 

(d) Each Partner that is not an International Partner hereby submits to and accepts for itself and in respect of its property, generally and
unconditionally, the exclusive jurisdiction of the state and federal courts of the State of New York for any dispute arising out of or relating to this Agreement or the breach, termination or validity thereof. 

(e) Each Partner further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or
proceeding by the mailing of copies thereof by certified or registered mail return receipt requested or by receipted courier service in the manner set forth in Section 10.10, provided that each International Partner hereby irrevocably
designates CT Corporation System, 111 Eighth Avenue, Broadway, New York, New York 10011, as his designee, appointee and agent to receive, for and on behalf of himself, service of process in the jurisdictions set forth above in any such action or
proceeding and such service shall, to the extent permitted by applicable law, be deemed complete ten (10) days after delivery thereof to such agent, and provided further that, although it is understood that a copy of such process served on such
agent will be promptly forwarded by mail to the relevant International Partner, the failure of such International Partner to receive such copy shall not, to the extent permitted by applicable law, affect in any way the service of such process. 

Section 10.5 Arbitration. 

(a) Any dispute, controversy or claim between the Partnership and one or more International Partners arising out of or relating to this
Agreement or the breach, termination or validity thereof or concerning the provisions of this Agreement, including whether or not such a dispute, controversy or claim is arbitrable (“International Dispute”) shall be resolved by
final and binding arbitration conducted in English by three arbitrators in New York, New York, in accordance with the JAMS International Arbitration Rules then in effect (the applicable rules being referred to herein as the “Rules”)
except as modified in this Section 10.5. 

  
 86 

 (b) The party requesting arbitration must notify the other party of the demand for
arbitration in writing within the applicable statute of limitations and in accordance with the Rules. The written notification must include a description of the claim in sufficient detail to advise the other party of the nature of the claim and the
facts on which the claim is based. 
 (c) The claimant shall select its arbitrator in its demand for arbitration and the respondent shall
select its arbitrator within 30 days after receipt of the demand for arbitration. The two arbitrators so appointed shall select a third arbitrator to serve as chairperson within 14 days of the designation of the second of the two arbitrators.
If practicable, each arbitrator shall have relevant financial services experience. If any arbitrator is not timely appointed, at the request of any party to the arbitration such arbitrator shall be appointed by JAMS pursuant to the
listing, striking and ranking procedure in the Rules. Any arbitrator appointed by JAMS shall be, if practicable, a retired federal judge, without regard to industry-related experience. 

(d) By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a
pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such other
provisional remedies as may be available, the arbitral tribunal shall have full authority to grant provisional remedies or order the parties to request that such court modify or vacate any temporary or preliminary relief issued by a such court, and
to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. 
 (e) There shall be
documentary discovery consistent with the Rules and the expedited nature of arbitration. All disputes involving discovery shall be resolved promptly by the chair of the arbitral tribunal. 

(f) No witness or party to a claim that is subject to arbitration shall be required to waive any privilege recognized by applicable law. 

(g) It is the intent of the parties that, barring extraordinary circumstances as determined by the arbitrators, the arbitration hearing
pursuant to this Agreement shall be commenced as expeditiously as possible, if practicable within nine months after the written demand for arbitration pursuant to this Section 10.5 is served on the respondent, that the hearing shall proceed on
consecutive Business Days until completed, and if delayed due to extraordinary circumstances, shall recommence as promptly as practicable. The parties to the International Dispute may, upon mutual agreement, provide for different time limits, or the
arbitrators may extend any time limit contained herein for good cause shown. The arbitrators shall issue their final award (which shall be in writing and shall briefly state the findings of fact and conclusions of law on which it is based) as soon
as practicably, if possible within a time period not to exceed 30 days after the close of the arbitration hearing. 

  
 87 

 (h) Each party to an arbitration hereby waives any rights or claims to recovery of damages
in the nature of punitive, exemplary or multiple damages, or to any form of damages in excess of compensatory damages and the arbitral tribunal shall be divested of any power to award any such damages. 

(i) Any award or decision issued by the arbitrators pursuant to this Agreement shall be final, and binding on the parties. Judgment on the
award rendered by the arbitrators may be entered in any court having jurisdiction. 
 (j) Any arbitration conducted pursuant hereto shall be
confidential. No party or any of its agents shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by the other in the arbitration proceedings or about the existence, contents or results of
the proceedings except (i) as may be required by a governmental authority or (ii) as required in an action in aid of arbitration or for enforcement of an arbitral award. Before making any disclosure permitted by clause (i) in the
preceding sentence, the party intending to make such disclosure shall give the other party reasonable written notice of the intended disclosure and afford the other party a reasonable opportunity to protect their interests. 

Section 10.6 Filings. Following the execution and delivery of this Agreement, the General Partner or its designee shall promptly
prepare any documents required to be filed and recorded under the Act or the LLC Act, and the General Partner or such designee shall promptly cause each such document to be filed and recorded in accordance with the Act or the LLC Act, as the case
may be, and, to the extent required by local law, to be filed and recorded or notice thereof to be published in the appropriate place in each jurisdiction in which the Partnership may hereafter establish a place of business. The General Partner or
such designee shall also promptly cause to be filed, recorded and published such statements of fictitious business name and any other notices, certificates, statements or other instruments required by any provision of any applicable law of the
United States or any state or other jurisdiction which governs the conduct of its business from time to time. 
 Section 10.7 Power
of Attorney. Each Partner does hereby constitute and appoint the General Partner as its true and lawful representative and attorney-in-fact, in its name, place and
stead, to make, execute, sign, deliver and file (a) any amendment to the Certificate of Limited Partnership required because of an amendment to this Agreement or in order to effectuate any change in the partners of the Partnership, (b) all
such other instruments, documents and certificates which may from time to time be required by the laws of the United States of America, the State of Delaware or any other jurisdiction, or any political subdivision or agency thereof, to effectuate,
implement and continue the valid and subsisting existence of the Partnership or to dissolve the Partnership or for any other purpose consistent with this Agreement and the transactions contemplated hereby. The power of attorney granted hereby is
coupled with an interest and shall (i) survive and not be affected by the subsequent death, incapacity, Disability, dissolution, termination or bankruptcy of the Partner granting the same or the Transfer of all or any portion of such
Partner’s Interest and (ii) extend to such Partner’s successors, assigns and legal representatives. 

  
 88 

 Section 10.8 Headings and Interpretation. Section and other headings contained
in this Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Agreement or any provision hereof. Wherever from the context it appears appropriate, (i) each pronoun
stated in the masculine, the feminine or neuter gender shall include the masculine, the feminine and the neuter, and (ii) references to “including” shall mean “including without limitation.” 

Section 10.9 Additional Documents. Each Partner, upon the request of the General Partner, agrees to perform all further acts and
execute, acknowledge and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement. 

Section 10.10 Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile, e-mail or similar writing) and shall be given to such party (and any other Person designated by such party) at its address, facsimile number or e-mail address
set forth in a schedule filed with the records of the Partnership or such other address, facsimile number or e-mail address as such party may hereafter specify to the General Partner. Each such notice, request
or other communication shall be effective (a) if given by facsimile, when transmitted to the number specified pursuant to this Section 10.10 and the appropriate confirmation of receipt is received, (b) if given by mail, seventy-two hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, (c) if given by e-mail, when transmitted to
the e-mail address specified pursuant to this Section 10.10 and the appropriate confirmation of receipt is received or (d) if given by any other means, when delivered at the address specified
pursuant to this Section 10.10. 
 Section 10.11 Waiver of Right to Partition. Each of the Partners irrevocably waives any
right that it may have to maintain any action for partition with respect to any of the Partnership’s assets. 
 Section 10.12
Partnership Counsel. Each Limited Partner hereby acknowledges and agrees that Skadden, Arps, Slate, Meagher & Flom LLP and any other law firm retained by the General Partner in connection with the management and operation of the
Partnership, or any dispute between the General Partner and any Limited Partner, is acting as counsel to the General Partner and as such does not represent or owe any duty to such Limited Partner or to the Limited Partners as a group. 

Section 10.13 Survival. Except as otherwise expressly provided herein, all indemnities and reimbursement obligations made pursuant
to Sections 2.9 and 2.10, all prohibitions in Sections 2.12, 2.13 and 2.18 and the provisions of this Section 10 shall survive dissolution and liquidation of the Partnership until expiration of the longest applicable statute of limitations
(including extensions and waivers). 
 Section 10.14 Ownership and Use of Name. The name “OZ” is the property of the
Partnership and/or its Affiliates and no Partner, other than the General Partner (subject to the second sentence of this Section 10.14 and the terms of the Governance Agreement), may use (a) the names “OZ,” “Och,” “Och-Ziff,” “Och-Ziff Capital Management Group,” “Och-Ziff Capital Management Group LLC,” “Och-Ziff Holding Corporation,” “Och-Ziff Holding LLC,” “OZ Advisors LP,” “OZ Advisors II LP” or “OZ Management LP” or any
name that includes “OZ,” 

  
 89 

 
“Och,” “Och-Ziff,” “Och-Ziff Capital Management Group,” “Och-Ziff Capital Management Group LLC,” “Och-Ziff Holding Corporation,” “Och-Ziff Holding LLC,” “OZ
Advisors LP,” “OZ Advisors II LP” or “OZ Management LP” or any variation thereof, or any other name of the General Partner or the Partnership or their respective Affiliates, (b) any other name to which the name of the
Partnership, the General Partner, or any of their Affiliates is changed, or (c) any name confusingly similar to a name referenced or described in clause (a) or (b) above, including, without limitation, in connection with or in the name of
new business ventures, except pursuant to a written license with the Partnership and/or its Affiliates that has been approved by the General Partner. The General Partner may use and permit others to use the names and marks “Och”,
“Ziff” and “Och-Ziff” in connection with the business of the Partnership until and including December 31, 2019, following which the General Partner shall cease using such names and
marks as names, trademarks or service marks; provided, however, that the foregoing shall not prevent (i) the Och-Ziff Group from continuing to use such names and marks as expressly required by applicable
law, regulation or order, and (ii) the Och-Ziff Group from referring to its former name and mark (for example, “formerly known as the Och-Ziff Group”).

 Section 10.15 Remedies. Any remedies provided for in this Agreement shall be cumulative in nature and shall be in addition to
any other remedies whatsoever (whether by operation of law, equity, contract or otherwise) which any party may otherwise have. 

Section 10.16 Entire Agreement. This Agreement, together with any Partner Agreements and, to the extent applicable, the
Registration Rights Agreement, the Exchange Agreement, the Tax Receivable Agreement, the Governance Agreement and the Class B Shareholders Agreement, constitutes the entire agreement among the Partners with respect to the subject matter hereof
and, as amended and restated herein, supersedes any agreement or understanding entered into as of a date prior to the date hereof among or between any of them with respect to such subject matter, including (without limitation), the Limited Liability
Company Agreement of the Original Company, the Initial Partnership Agreement, the Prior Partnership Agreement and all Supplementary Agreements. If any provision contained in this Agreement is in conflict with, or inconsistent with, Article II,
Article III, Article IV or Article V of the Governance Agreement (such Articles, the “Governance Articles”), the Governance Articles shall govern and control. 

  
 90 

 IN WITNESS WHEREOF, this Agreement is executed and delivered as of the date first written
above by the undersigned. 
  

			
	GENERAL PARTNER:
	
	 OCH-ZIFF HOLDING CORPORATION,

a Delaware corporation

		
	By:	 	 /s/ Thomas Sipp

	Name:	 	 Thomas Sipp

	Title:	 	 Chief Financial Officer 

 Agreed and acknowledged for purposes of Sections 3.1(d)(iii), 3.1(g)(iii) and 3.1(n) only: 

 

			
	 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC,

a Delaware limited liability company

			
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	CFO and Executive Managing Director

 Exhibit A: Form of General Release 

I,                     , in consideration of and
subject to the terms and conditions set forth in the Amended and Restated Agreement of Limited Partnership of OZ Advisors LP to which this General Release is attached (as amended, modified, supplemented or restated from time to time, the
“Limited Partnership Agreement”) and any Partner Agreement, and intending to be legally bound, do hereby release and forever discharge the Och-Ziff Group, from any and all legally waivable
actions, causes of action, covenants, contracts, claims, sums of money or liabilities, which I or any of my Related Trusts, my or their heirs, executors, administrators, and assigns, or any of them, ever had, now have, or hereafter can, shall, or
may have, by reason of any act or omission occurring on or before the date that I sign this General Release, including, but not limited to, with respect to my service to, or affiliation with, the Partnership and its Affiliates, and my Withdrawal or
Special Withdrawal from the Partnership. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Limited Partnership Agreement. 

By signing this General Release, to the fullest extent permitted by law, I waive, release, and forever discharge the
Och-Ziff Group from any and all legally waivable claims, grievances, injuries, controversies, agreements, covenants, promises, debts, accounts, actions, causes of action, suits, arbitrations, sums of money,
wages, attorneys’ fees, costs or damages, whether known or unknown, in law or in equity, by contract, tort, law of trust, or pursuant to U.S. federal, state, local, or non-U.S. statute, regulation,
ordinance, or common law, which I or any of my Related Trusts ever have had, now have, or may hereafter have, based upon, or arising from, any fact or set of facts, whether known or unknown to me, from the beginning of time until the date of
execution of this General Release, arising out of, or relating in any way to, my service to, or affiliation with, the Partnership and its Affiliates or other associations with the Och-Ziff Group, or any
cessation thereof. I acknowledge and agree that I am not an employee of any of the Partnership or any of its Affiliates. Nevertheless, and without limiting the foregoing, in the event that any administrative agency, court, or arbitrator might find
that I am an employee, I acknowledge and agree that this General Release constitutes a waiver, release, and discharge of any claim or right based upon, or arising under any U.S. federal, state, local, or
non-U.S. fair employment practices and equal opportunity laws, including, but not limited to, the Rehabilitation Act of 1973, the Worker Adjustment and Retraining Notification Act, 42 U.S.C. Section 1981,
Title VII of the Civil Rights Act of 1964, the Sarbanes-Oxley Act of 2002, the Equal Pay Act, the Employee Retirement Income Security Act (“ERISA”) (including, but not limited to, claims for breach of fiduciary duty under ERISA),
the Family Medical Leave Act, the Americans With Disabilities Act, the Age Discrimination in Employment Act of 1967, the Older Worker’s Benefit Protection Act, and the New York State and New York City anti-discrimination laws, including all
amendments thereto, and the corresponding fair employment practices and equal opportunities laws in non-U.S. jurisdictions that may be applicable. 

I also understand that I am releasing any rights or claims concerning bonus(es) and any award(s) or grant(s) under any incentive compensation plan or program,
except as set forth in the Limited Partnership Agreement and any Partner Agreement, having any bearing whatsoever on the terms and conditions of my service to the Partnership and its Affiliates, and the cessation thereof; provided
that, this General Release shall not prohibit me from enforcing my rights, if any, under the Limited Partnership Agreement, any Partner Agreement, or this General Release, including, without limitation, any rights to indemnification or
director and officer liability insurance coverage. 

 I expressly acknowledge and agree that, by entering into this General Release, I am waiving any and all
rights or claims that I may have under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), if any, which have arisen on or before the date of execution of this General Release (the “Effective
Date”). I also expressly acknowledge and agree that: 
  

	 	a.	 In return for this General Release, I will receive consideration, i.e., something of value beyond that to which
I was already entitled before entering into this General Release; 

  

	 	b.	 I am hereby advised in writing by this General Release of my opportunity to consult with an attorney before
signing this General Release; 

  

	 	c.	 I have [twenty-one (21)] days to consider this General Release
(although I need not take all twenty-one (21) days and may choose to voluntarily execute this General Release earlier); and 

 

	 	d.	 I have [seven (7)] days following the date that this General Release is executed (the “Revocation
Period”) in which to revoke this General Release. To be effective, such revocation must be in writing and delivered to the Och-Ziff Group, as set forth in Section 10.01 of the Limited Partnership
Agreement, within the Revocation Period. 

 Nothing herein shall prevent me from cooperating in any investigation by a governmental agency
or from seeking a judicial determination as to the validity of the release with regard to age discrimination claims consistent with the ADEA. 
 I
acknowledge that I have been given sufficient time to review this General Release. I have consulted with legal counsel or knowingly and voluntarily chosen not to do so. I am signing this General Release knowingly, voluntarily, and with full
understanding of its terms and effects. I voluntarily accept the amounts provided for in the Limited Partnership Agreement and any Partner Agreement for the purpose of making full and final settlement of all claims referred to above and acknowledge
that these amounts are in excess of anything to which I would otherwise be entitled. I acknowledge and agree that in executing this General Release, I am not relying, and have not relied, upon any oral or written representations or statements not
set forth or referred to in the Limited Partnership Agreement, any Partner Agreement and this General Release. 
 I acknowledge and agree that Skadden,
Arps, Slate, Meagher & Flom LLP, and any other law firm retained by any member of the Och-Ziff Group in connection with the Limited Partnership Agreement and this General Release, or any dispute
between myself and any member of the Och-Ziff Group in connection therewith, is acting as counsel to the Och-Ziff Group, and as such, does not represent or owe any duty
to me or to any of my Related Trusts. 

 I have been given a reasonable and sufficient period of time in which to consider and return this General
Release. This General Release will be effective as of the Effective Date. 
 I have executed this General Release this
         day of                     ,
20        . 
  

			
	  
 Name:

	
	[NAME OF TRUST]
		
	[By:	 	  

	Name:	 	Trustee
		
	By:	 	  

	Name:	 	Trustee]

 Exhibit B: Form of Class P Common Unit Award Agreement 

CLASS P COMMON UNIT AWARD AGREEMENT 

Date:
                             

To:
                                 

Dear
                                : 

We are pleased to confirm that you have been awarded a conditional grant of Class P Common Units in OZ Management LP
(“OZM”), OZ Advisors LP (“OZA”) and OZ Advisors II LP (“OZAII” and, together with OZM and OZA, the “Partnerships”) pursuant to the limited partnership agreements of the Partnerships
(the “LPAs”) (your “Class P Unit Grants”). Capitalized terms used in this Award Agreement (this “Award Agreement”) and not defined herein will have the meanings assigned to them in the LPAs. 

Your Class P Unit Grants shall be conditionally issued to you by the Partnerships in the numbers specified below and effective as of the
grant date specified below: 
 Class P Unit Grants: 

(1) OZM Class P Unit Grant:
                     Class P-         Common
Units in OZM. 
 (2) OZA Class P Unit Grant:
                     Class P-         Common
Units in OZA. 
 (3) OZAII Class P Unit Grant:
                     Class P-         Common
Units in OZAII. 
 Grant Date:
                                . 

The Class P Common Units constituting each of your Class P Unit Grants are subject to the terms and conditions of the LPAs,
including, but not limited to, the vesting and forfeiture terms set forth therein. 
 You agree that your retention of the Class P
Common Units constituting your Class P Unit Grants is subject to, and conditional on, your compliance with the conditions specified in the LPAs (including your Partner Agreements, if applicable) and, by signing this Award Agreement, you
acknowledge (i) your receipt of your Class P Unit Grants described above, (ii) your receipt of the LPAs, and (iii) that you receive the Class P Common Units subject to the terms and conditions of the LPAs. 

This Award Agreement may be signed in counterparts and all signed copies of this Award Agreement will together constitute one original. This
Award Agreement shall be a “Partner Agreement” (as defined in the LPAs). 

 Please sign this Award Agreement in the space provided below to confirm your Class P
Unit Grants and return a copy at your earliest convenience. 
  

			
	Acknowledged and agreed as of the date set forth above:
	
	  
 Name:

	
	OZ MANAGEMENT LP
		
	By:	 	Och-Ziff Holding Corporation,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS LP
		
	By:	 	Och-Ziff Holding Corporation,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS II LP
		
	By:	 	Och-Ziff Holding LLC,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit C: Unit Designation of the Class A Cumulative Preferred Units 

Exhibit 4.2 
 EXECUTION
VERSION 
 OZ ADVISORS LP 

UNIT DESIGNATION OF 
 THE
PREFERENCES AND RELATIVE, PARTICIPATING, 
 OPTIONAL, AND OTHER SPECIAL RIGHTS, POWERS AND DUTIES 

OF 
 CLASS A CUMULATIVE
PREFERRED UNITS 
 OZ ADVISORS LP, a Delaware limited partnership (the “Partnership”), pursuant to the
provisions of the Delaware Revised Uniform Limited Partnership Act and the Amended and Restated Agreement of Limited Partnership of the Partnership dated as of February 7, 2019, as amended from time to time (the “Limited Partnership
Agreement”), does hereby state and certify that, pursuant to the authority expressly vested in Och-Ziff Holding Corporation, a Delaware corporation and the Partnership’s general partner (the
“General Partner”), the General Partner duly adopted the following resolution, which remains in full force and effect as of the date hereof: 

RESOLVED, that this Unit Designation of the Class A Cumulative Preferred Units of the Partnership dated as of February 7,
2019 (this “Unit Designation”) be and hereby is adopted as follows: 
 1. Designation. 

(a) Pursuant to Section 3.2(b) of the Limited Partnership Agreement, there is hereby created a class of Units designated as the
“Class A Cumulative Preferred Units” (the “Class A Preferred Units”), which shall each have a liquidation preference per Class A Preferred Unit equal
to the Unit Price (the “Liquidation Preference”). The General Partner is authorized to provide for the issuance of up to 400,000 Class A Preferred Units in one or more series (each, a
“Class A Series”), each of which Class A Series is and shall be identical other than the date of issuance. 

(b) The Class A Preferred Units have no maturity date. Each Class A Preferred Unit is and shall be identical in all respects to every
other Class A Preferred Unit. Notwithstanding Section 3.1(b) of the Limited Partnership Agreement, the Class A Preferred Units shall not be evidenced by Certificates of Ownership and a Partner’s interest in any such Units are and
shall be reflected through appropriate entries in the books and records of the Partnership. 
 (c) All Class A Preferred Units issued
pursuant to, and in accordance with the requirements of this Unit Designation, are and shall be fully paid and non-assessable Units of the Partnership. 

2. Definitions. For purposes of this Unit Designation, the following terms have the meanings ascribed to them below. Capitalized
terms used herein without definition have the meanings ascribed to such terms in the Limited Partnership Agreement. 

 “Accrued Unrecognized Incentive” means, with respect to any
investment fund, investment account or other investment vehicle (including a “fund-of-one”) with a commitment period of more than one year, any
performance-based amounts or incentive compensation allocated (including provisionally) or accrued with respect to such fund, account and vehicle, including, without limitation, any carried interest, incentive allocations and fees, promoted
interest, performance fee or similar rights of participation or profit-sharing. 
 “AC Delegation” has the meaning
has the meaning assigned to it in Section 9(h) hereof. 
 “Advisors Incremental Loans” has the meaning assigned
to it in the Senior Subordinated Loan Agreement. 
 “Advisors Initial Loans” has the meaning assigned to it in the
Senior Subordinated Loan Agreement. 
 “Alternate Investment Subsidiary” has the meaning assigned to it in the
Senior Subordinated Loan Agreement. 
 “Annual Capital Expenditures” means, with respect to each fiscal year of the
Company, the aggregate of all expenditures by the Company and its consolidated Subsidiaries for the acquisition of fixed or capital assets or additions to property, plants or equipment (including replacements, capitalized repairs and improvements
during such period) that should be capitalized under GAAP on a consolidated balance sheet of the Company and its consolidated Subsidiaries. For the avoidance of doubt, Annual Capital Expenditures shall exclude real estate leases that may be
capitalized for accounting purposes. 
 “Applicable Fund” has the meaning assigned to it in section 9(h)(i) hereof.

 “Asset Sale” means a sale, lease or sub-lease (as lessor or sublessor),
sale and leaseback, assignment, conveyance, exclusive license (as licensor or sublicensor), transfer or other disposition to, or any exchange of property with, any person, in one transaction or a series of transactions, of all or any part of any of
the Company’s, the Operating Group Entities’ or any of their respective Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter
acquired, leased or licensed, or any issuances or sale of the Equity Interests (as defined in the Senior Subordinated Loan Agreement) of the Company, the Operating Group Entities or any of their respective Subsidiaries, other than (i) inventory
sold, leased, licensed out or otherwise disposed, or exchanged for other property, in the ordinary course of business, (ii) sales, leases, licenses, exchanges, transfers, disposals or other dispositions of used, obsolete, worn out or surplus
property no longer used or useful in the conduct of business, (iii) (A) leases or subleases of any real property leased or subleased by the Company as of the Issuance Date and (B) licenses, sublicenses, leases or subleases of real property
granted to others not interfering in any material respect with the business of the Company, the Operating Group Entities and their Subsidiaries, taken as a whole, (iv) sales, leases, licenses, sublicenses, subleases, exchanges, transfers or
other dispositions of other assets for consideration (including, at the time of calculation, all earn-out payments, installment payments and other deferred purchase price obligations) of less than $2

  
 101 

 
million in the aggregate during any fiscal year of the Company and in an aggregate amount not to exceed $5 million while any Class A Preferred Units are outstanding, (v) sales,
leases, licenses, sublicenses, subleases, exchanges, transfers or other dispositions of property between or among the Company, the Operating Group Entities and any of their respective wholly-owned Subsidiaries, (vi) sales, transfers or
dispositions of Cash Equivalents for fair market value, (vii) Involuntary Dispositions (as defined in the Senior Subordinated Loan Agreement), (viii) the abandonment or other sale, transfer, disposal or disposition of intellectual property in
connection with the Specified Transactions (as defined in the Senior Subordinated Loan Agreement), constituting Specified OZ Intellectual Property (as defined in the Senior Subordinated Loan Agreement), (ix) sales or other transfers or dispositions
of Margin Stock (as defined in the Senior Subordinated Loan Agreement), (x) issuances by the Company or the Operating Group Entities to any person other than the Company, the Operating Group Entities or a Subsidiary of its Equity Interests
(including, for the avoidance of doubt, Och-Ziff Operating Group A-1 Units, Och-Ziff Operating Group E Units (in each case, as
defined in the Senior Subordinated Loan Agreement)), Class C Non-Equity Interests, Och-Ziff Operating Group D Units,
Och-Ziff Operating Group P Units, Deferred Fund Interests, Preferred Units or PSIs, as applicable (in each case, as defined in the Senior Subordinated Loan Agreement), including the exchange or conversion of
any of the foregoing, whether for Class A Shares, other Equity Interests, or otherwise, in the case of any such exchange or conversion, pursuant to the exchange agreements or conversion agreements relating thereto, including any exchange
agreements or conversion agreements, or any amendments, restatements or replacements of any exchange agreements or conversion agreements, entered into in connection with the Specified Transactions, (xi) sales or other transfers or dispositions
of securities in connection with repurchase agreements in the ordinary course of operation of the Company’s cash management practices, (xii) the unwinding of, or settlements under, Interest Rate Agreements or Currency Agreements,
(xiii) the substantially concurrent purchase and sale, transfer, disposition or exchange of non-Cash assets for similar assets of substantially equivalent value, (xiv) Restricted Payments (as defined
in the Senior Subordinated Loan Agreement) not prohibited under this Unit Designation, (xv) investments (including in the form of Cash and Cash Equivalents), and sales, transfers or dispositions of investments, in each case that are made in the
ordinary course of business, that are not prohibited by this Unit Designation and that do not constitute a Line of Business Asset Sale (xvi) the release of claims described in the Recapitalization Agreement in connection with the Specified
Transactions and (xvii) sales of assets solely for the purpose of facilitating sales of assets into or out of OZ Funds or OZ CLOs in the ordinary course of business. 

“Audited Financial Statements” has the meaning assigned to it in Section 18(c) hereof. 

“AUI Amount” has the meaning assigned to it in Section 6(a)(ii) hereof. 

“AUM” means, as of any date, total fee-paying assets under management of the
Company, any Operating Group Entity or any of their consolidated subsidiaries as of such date, on a combined basis in accordance with GAAP, as adjusted to give pro forma effect to all pending binding subscriptions in effect on such date and all
redemption requirements in effect on such date. 

  
 102 

 “Cash” has the meaning assigned to it in the Senior Subordinated
Loan Agreement. 
 “Cash Equivalents” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“Change of Control Event” means the occurrence of the following: 

(i) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties and assets of the Operating Partnerships, taken as a whole, to any “person” or “group” (as each such term is defined in Section 13(d)(3)
of the Exchange Act or any successor provision), other than to a Continuing OZ Person or one or more wholly-owned subsidiaries of any of the Operating Partnerships; or 

(ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as each such term is defined in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing OZ Person or the Company and any of its wholly-owned subsidiaries,
becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a percentage of voting units (or other capital stock) greater than the percentage
of voting units (or other capital stock) held by DSO and his Related Parties as of the Issuance Date (excluding, for the avoidance of doubt, any units or other capital stock DSO or his Related Parties are entitled to vote on behalf of other
Persons), in each case, immediately after giving effect to such transaction in (i) the Company or (ii) one or more of the Operating Partnerships comprising all or substantially all of the assets of the Operating Partnerships, or
(B) entitled to receive a Majority Economic Interest in connection with such transaction. 
 Notwithstanding the foregoing, neither the
consummation of the Liquidity Redemption nor the occurrence of any of the transactions or actions to be taken on or after the Transition Date in accordance with the terms of the Governance Agreement shall constitute a Change of Control Event. 

“CLO AUM” means, as of any date, any AUM that is attributable to an OZ CLO. 

“Committed Cash” means, as of the end of each fiscal quarter of the Company beginning with the quarter ended
December 31, 2018, the sum of all Cash and Cash Equivalents reserved by the Company or its consolidated Subsidiaries (i) in respect of any incentive fees received in Cash during the applicable quarter to the extent such fees may be subject
to reversal in future periods and not recorded as income in the Company’s financial statements; (ii) in respect of cumulative bonus accruals as reported in the Company’s financial statements for such quarter that are expected to be
settled in cash by the end of the first quarter of the following fiscal year; (iii) in respect of any grant of deferred fund interests; provided that such grants are converted into fund interests by or no later than the first available
fund subscription date immediately after the end of the first quarter of the fiscal year; (iv) in respect of cumulative obligations under the Tax Receivable Agreement accrued for in the Company’s Distributable

  
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Earnings that have not yet been paid; (v) reserved in respect of any accrued contingent liabilities determined in accordance with GAAP, (vi) to satisfy any applicable then existing
regulatory or contractual requirement to deposit or hold back cash in reserve and which is entered into in the ordinary course of business; provided that the Company shall not be permitted to include any reserve for contractual requirements
related to compensation of its current or former officers, managing directors or employees pursuant to this clause (vi) (it being understood that reserves related to compensation may be included as set forth in clauses (ii) and (iii) above);
(vii) reinvestment of redemption proceeds in respect of existing investments held by the Operating Partnership or its Subsidiaries in Och-Ziff products as of the Issuance Date in new Och-Ziff products, provided that such proceeds are reinvested within 12 months of receipt thereof; (viii) in respect of any deferred rent consistent with the Company’s accounting practices as of
September 30, 2018; and (ix) in respect of anticipated working capital adjustments in each of the first three fiscal quarters of the Company’s fiscal year only in an amount that does not exceed $10.0 million per quarter, provided
that (a) such increase in reserves shall not be included in any fiscal quarter unless the Company had Economic Income of at least such amount during such quarter, and (b) such cumulative amount shall be reduced to zero at the end of such
fiscal year. 
 “Commitment” has the meaning assigned to it in the Senior Credit Facility. 

“Company” means Och-Ziff Capital Management Group LLC, a Delaware limited
liability company, and any successors thereto. 
 “Continuing OZ Person” means, immediately prior to and immediately
following any relevant date of determination, (i) DSO, (ii) any Related Party of DSO or (iii) any “person” or “group” (as each such term is used in Section 13(d)(3) of the Exchange Act or any successor
provision) of which DSO or one of his Related Parties is a member. 
 “Credit Party” has the meaning assigned to it
in the Senior Credit Facility. 
 “Currency Agreement” has the meaning assigned to it in the Senior Subordinated
Loan Agreement. 
 “Designated Accrued Unrecognized Incentive” means any gross proceeds received in cash resulting
from the realization of Accrued Unrecognized Incentive in respect of the Specified Funds. 
 “Designated Officers”
has the meaning assigned to it in Section 10(d) hereof. 
 “Designated Proceeds” means, collectively, any Net
Accrued Unrecognized Incentive and not less than 85% of the Net Cash Proceeds from any Asset Sales (“Asset Sale Designated Proceeds”). 

“Discount Termination Event” means any of (i) any material “Default” or “Event of Default”
under the Senior Credit Facility or the Senior Subordinated Loan Agreement; provided, that a Discount Termination Event shall cease to have occurred if such “Default” or “Event of Default” is cured; (ii) a decrease in
Non-Affiliate AUM in excess of $7,152,054,711 in the aggregate; (iii) (A) any dissolution, winding up or restructuring of any of the Operating Group Entities, (B) a voluntary or involuntary
bankruptcy or insolvency proceeding of the Company or any of the Operating Group 

  
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Entities or (C) with respect to the Company or any of the Operating Group Entities, the appointment of a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of
creditors or similar person charged with the reorganization or liquidation of its business appointed for any of the Operating Group Entities; (iv) any final, non-appealable money judgment, writ or warrant
of attachment or similar process involving in the aggregate at any time an amount in excess of $25,000,000 (in either case to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged
coverage) shall be entered or filed against the Company, any Operating Group Entity or any of their respective Subsidiaries and shall remain undischarged, unpaid, unvacated, unbonded or unstayed for a period of sixty days; or (v) the delisting
of the Company by the New York Stock Exchange. 
 “Discretionary Basket” has the meaning assigned to it in
Section 6(c) hereof. 
 “Discretionary Reserve Funds” has the meaning assigned to it in Section 6(c)
hereof. 
 “Distributable Earnings” means, for any period, an amount calculated on a consolidated basis for the
Company and its consolidated Subsidiaries determined on the basis of distributable earnings, in accordance with the methodology utilized by the Company to derive distributable earnings in the Company’s earnings press release for such period.
Notwithstanding the foregoing, the following items shall not be taken into account in calculating Distributable Earnings, (i) for the fiscal quarter ended December 31, 2018, any Tax Receivable Agreement related payments accrued for the
2017 and 2018 tax years that are no longer payable as a result from the February 7, 2019 amendment of the Tax Receivable Agreement, and (ii) for each period during the fiscal year ended December 31, 2019, the impact of any reversal of
any such Tax Receivable Agreement payments. 
 “Distribution Holiday” has the meaning assigned to it in the Limited
Partnership Agreement. 
 “Distribution Payment Date” has the meaning assigned to it in Section 3(a) hereof.

 “Distribution Period” means a period commencing on, and including, a Distribution Payment Date, to, but not
including, the following Distribution Payment Date. 
 “Distribution Rate” means, with respect to the periods
specified below, the following rates per annum: 
 (i) Prior to the Step Up Date: 0%; 

(ii) From the Step Up Date to the day immediately prior to the sixth anniversary of the Step Up Date: 6%; 

(iii) From the sixth anniversary of the Step Up Date to the day immediately prior to the seventh anniversary of the Step Up Date: 8%; 

  
 105 

 (iv) From the seventh anniversary of the Step Up Date to the day immediately prior to the
eighth anniversary of the Step Up Date: 9%; and 
 (v) From the eighth anniversary of the Step Up Date and thereafter: 10%. 

Following a Change of Control Event, the Distribution Rate for each applicable period described above shall increase by 7.0% per annum
beginning on the 31st day following the consummation of such Change of Control Event in accordance with Section 6(b) hereof unless and until the Operating Partnerships redeem all Operating
Group Class A Preferred Units. 
 “DSO” means Daniel S. Och. 

“Economic Income” means, for any period, an amount calculated on a consolidated basis for the Company and its
consolidated Subsidiaries in accordance with the principles set forth on Schedule A hereto, applied in a manner consistent with the manner utilized by Och-Ziff to derive economic income in Och-Ziff’s earnings press release for the quarter ended September 30, 2018, plus (a) net proceeds received in connection with any disposition of Risk Retention Interests with respect to
existing U.S. OZ CLOs that were previously held for purposes of complying with Section 15G of the Exchange Act and related regulations (as long as such disposition is not an Asset Sale), minus (b) the sum of (i) any amounts
contributed to the Operating Partnerships pursuant to the Operating Partnerships’ share in cash payments due under the Tax Receivable Agreement; (ii) amounts invested and expenses incurred in connection with the acquisition of Risk
Retention Interests and related permitted assets by Qualifying Risk Retention Subsidiaries; and (iii) amounts of any Annual Capital Expenditures; provided, that the sum of clauses (a) and (b) shall not exceed $9.0 million per
year; minus (c) Permitted RSU Settlements; minus (d) the amount of any amortization payments on the Initial Loans required to be paid pursuant to the terms of the Senior Subordinated Loan Agreement; minus (e) the
amount of any distributions or dividends paid on any Operating Group Class A Preferred Units; minus (f) Permitted Dividends. For the avoidance of doubt and without limiting Section 6(a)(ii), the calculation of Economic Income
shall be adjusted accordingly to reflect the fact that any Net Accrued Unrecognized Incentive that constitutes Designated Proceeds will be distributed pursuant to Section 6(a)(ii). Sublease losses and expenses recognized for accounting purposes
where there is no corresponding cash outflow will be initially excluded from Economic Income. Net cash outflows on the lease and sublease arrangement in a given period, that are not otherwise normally accounted for as an operating expense in
Economic Income, should be reflected as a net decrease (or increase) adjustment to the stated Economic Income for the period such amounts are incurred. 

“Equity Interests” means any and all shares, interests, participations or other equivalents (however designated) of
capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase or other
arrangements or rights to acquire any of the foregoing. 
 “Excess Distributable Earnings” has the meaning assigned
to it in Section 6(a)(iii) hereof.  

  
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 “Excess Distributable Earnings Delivery Date” has the meaning
assigned to it in Section 18(a) hereof. 
 “Excess RSU Settlements” means any cash paid in connection with the
settlement of restricted stock units issued by the Company or the Operating Partnerships in excess of the Permitted RSU Settlements. 

“Exchange Date” means March 31, 2022. 

“Exchange Notice” has the meaning assigned to it in Section 7(b) hereof. 

“Free Cash Balance” means, as of the end of each fiscal quarter of the Company, an amount equal to the difference
between Total Cash and Committed Cash. For the avoidance of doubt, to the extent any amounts are reserved under the Discretionary Basket in accordance with Section 6(c) hereof such amounts shall reduce the Free Cash
Balance. 
 “GAAP” means the United States generally accepted accounting principles in effect as of the Issuance
Date. 
 “General Partner” has the meaning assigned to it in the recitals hereof. 

“Governance Agreement” means that certain Governance Agreement, dated as of the date hereof, entered into by and among
the Company, the Intermediate Holding Companies, the Operating Partnerships and Daniel S. Och, as the same may be amended, supplemented, modified or replaced from time to time. 

“Holders’ Committee” has the meaning assigned to it in Section 10(a) hereof. 

“Indebtedness” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“Interest Rate Agreement” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“Issuance Date” means February 7, 2019. 

“Junior Units” means Units and other equity securities in the Partnership that, with respect to distributions on such
interests and distributions upon liquidation of the Partnership, rank junior to the Class A Preferred Units. “Junior Units” include Common Units and PSIs but do not include Class C
Non-Equity Interests. 
 “Lien” means any lien, mortgage, pledge,
assignment, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement) and any preferential arrangement in the nature of a security interest having the practical effect of any of the
foregoing. 
 “Limited Partnership Agreement” has the meaning assigned to it in the recitals hereof. 

  
 107 

 “Line of Business Asset Sale” means an Asset Sale of
Property constituting, collectively, a line of business or business unit, or any material portion or interest therein, of the Company, any Operating Group Entity or any of their respective Subsidiaries that receives advisory fee income, in one
transaction or a series of related transactions. 
 “Liquidation Event” has the meaning assigned to it in
Section 4(a) hereof. 
 “Liquidation Preference” has the meaning assigned to it in Section 1 hereof. 

“Liquidation Value” has the meaning assigned to it in Section 4(a) hereof. 

“Liquidity Redemption” has the meaning assigned to it in the Governance Agreement. 

“Loan Exchange Option” has the meaning assigned to it in Section 7(a) hereof. 

“Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity distributions or
partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in the Operating
Partnerships (other than the Company or its Subsidiaries). 
 “Mandatory Change of Control Redemption” has
the meaning assigned to it in Section 6(b)(i) hereof. 
 “Mandatory Change of Control Trigger Date” has the
meaning assigned to it in Section 6(b)(i) hereof. 
 “Mandatory Redemption Notice” has the meaning assigned to
it in Section 6(a)(v) hereof. 
 “Mandatory Redemption Notice Date” has the meaning assigned to it in
Section 6(a)(v) hereof. 
 “Mandatory Redemption Trigger Date” has the meaning assigned to it in
Section 6(a)(i) hereof. 
 “Minimum Free Cash Balance” means $200,000,000, as adjusted pursuant to
Section 9(g) hereof. 
 “Net Accrued Unrecognized Incentive” means any Designated Accrued Unrecognized
Incentive net of compensation paid to any current or former officer, executive managing director or employee of the Company, any Operating Partnership, any OZ Fund or their respective subsidiaries arising from such realization to the extent such
compensation is consistent with the compensation allocations set forth on Schedule B hereto. 

  
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 “Net Cash Proceeds”
means with respect to any Asset Sale, an amount equal to (i) the sum of Cash and Cash Equivalents received in connection with such Asset Sale (including any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by
monetization of, a note or installment receivable, the release of any reserve amount described in clause (C) hereof, purchase price adjustment or earn-out or otherwise, but only as and when so received)
by the Company, the Operating Group Entities or any of their respective Subsidiaries, less (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts payable on any Indebtedness that is secured by the
property and that is subject to mandatory prepayment in connection with such Asset Sale and that is repaid in connection with such Asset Sale, (B) taxes paid or reasonably estimated to be actually payable in connection therewith and the amount
of any increased tax distribution reasonably expected to be made as a result of such Asset Sale and (C) any reserve for adjustment established in accordance with GAAP in respect of (x) the sale price of such property and (y) any
liabilities associated with such property and retained by the Company, the Operating Group Entities or any of their respective Subsidiaries after such sale, transfer, lease or disposition, including pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction; provided, that any reserve described in this clause (C) that is subsequently released shall be
counted as Net Cash Proceeds; provided further that “Net Cash Proceeds” shall include any Cash or Cash Equivalents received upon the sale, transfer, lease or disposition of any non-Cash
consideration received following such Asset Sale by the Company, the Operating Group Entities or any of their respective Subsidiaries in any such Asset Sale (but only as and when so received). 

“New NEO Units” has the meaning assigned to it in Section 10(d) hereof. 

“Non-Affiliate AUM” means, as calculated as of the last day of each
fiscal quarter of the Company, AUM excluding (A) the AUM related to the entities identified in writing and delivered to the Holders’ Committee on the Issuance Date, (B) CLO AUM and (C) any amounts redeemed by DSO or former
executive managing directors of the Company or any of their respective affiliates (including any funds or investments subject to the Liquidity Redemption). 

“Non-CLO AIS Investments” has the meaning assigned to it in
Section 9(c)(xxi) hereof. 
 “Obligations” has the meaning assigned to it in the Senior Credit Facility. 

“Offered Securities” has the meaning assigned to it in Section 14 hereof. 

“Operating Group Class A Preferred Units” means the Class A Preferred Units
issued by the Partnership and the Class A preferred units issued by the other Operating Partnerships. 
 “Operating Group
Entity” has the meaning assigned to it in Section 3(b)(ii) hereof. 
 “Operating Partnerships”
means the Partnership, OZ Management LP and OZ Advisors II LP. 

  
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 “OZ CLO” means any collateralized loan obligation funds or similar
investment entities (including warehouse facilities) managed by any Operating Group Entity or its Affiliates. 
 “OZ
Fund” means (1) any investment vehicle managed (or for which investment advisory or other asset management services are provided), directly or indirectly, by an Operating Group Entity or any of its Affiliates in which
(a) substantially all of the capital is provided by third parties in the ordinary course (“Third Party LPs”) and (b) no Person other than the Operating Partnerships or their wholly-owned Subsidiaries has the right
to receive (x) carried interest, incentive allocations and fees, promoted interest, performance fee or similar rights of participation or profit-sharing, (y) investment management fees, asset management fees, commitment-based fees,
transaction fees or similar fees not based on performance (or fees payable in lieu thereof) or (z) other distributions or payments (including guaranteed payments or other similar distributions or payments but excluding distributions or
redemption payments made to Third Party LPs in the ordinary course in respect of their interests in such investment vehicle) from such investment vehicle, whether or not such payments arise as a result of or are due and payable pursuant to
(i) ownership of a membership interest, partnership interest or other equity interest, (ii) an employment or consulting agreement or arrangement or (iii) a contract, revenue sharing agreement, participation or other agreement and
(2) with respect to the definitions of Asset Sales, Committed Cash, Net Accrued Unrecognized Incentive, Subsidiary, Sections 6(c), 9(c), 9(d), 9(h), 10(d) and 10(e) and Schedules B and C, has the meaning assigned to it in the Senior
Subordinated Loan Agreement. 
 “Oz Manager Entity” has the meaning assigned to it in Section 9(h)(i) hereof.

 “Oz Parties” has the meaning assigned to it in Section 9(c) hereof. 

“OZ Subsidiary” has the meaning assigned to it in the Senior Credit Facility. 

“Parity Units” means (a) any equity securities in the Partnership (or any debt or other securities convertible
into equity securities of the Partnership) that the Partnership may authorize or issue, the terms of which expressly provide that such securities shall rank equally with, or senior to, the Class A Preferred Units with respect to the payment of
distributions on such interests and distributions upon the occurrence of a Liquidation Event relating to the Partnership and (b) for purposes of Section 9(a) only, any equity securities in any Subsidiary of the Partnership (or any debt or
other securities convertible into equity securities of any Subsidiary of the Partnership). 
 “Partnership” has the
meaning assigned to it in the recitals hereof. 
 “Partnership Interests” has the meaning assigned to it in
Section 6(a)(iii) hereof. 
 “Permitted Activities” means (i) the asset management, investment management
and financial services business or any business ancillary, complementary or reasonably related thereto and reasonable extensions thereof, (ii) the businesses conducted by the Company, the Operating Partnerships or their Affiliates as of the
Issuance Date, and (iii) such other lines of business as may be consented to by the Holders’ Committee, in each of clauses (i), (ii) and (iii) only to the extent conducted by any of the Operating Partnerships and, subject to
compliance with Section 3(b)(ii), an Operating Group Entity. 

  
 110 

 “Permitted Dividends” means dividends or distributions made by the
Company on its Class A Shares, and, without duplication, the Operating Partnerships to fund such dividends or distributions, annually in an aggregate amount equal to not less than 20% of the Company’s annual Distributable Earnings or more
than 30% of Distributable Earnings; provided, that, if the minimum amount of dividends or distributions eligible to be made hereunder would be $1.00 or less per Class A Share, then up to $1.00 per Class A Share (subject to appropriate
adjustment in the event of any equity dividend, equity split, combination or other similar recapitalization with respect to the Class A Shares after the Issuance Date). 

“Permitted RSU Settlements” means the amount of any cash paid in connection with the normal course settlement for up
to 2 million restricted stock units issued by the Company or the Operating Partnerships (subject to appropriate adjustment in the event of any equity dividend, equity split, combination or other similar recapitalization with respect to the
Class A Shares after the Issuance Date); provided that the amount of cash paid per restricted stock unit shall not exceed 50% of the value of such restricted stock unit. 

“Permitted Stock Buybacks” means the repurchase by the Company of its Class A Shares, and, without duplication,
any distributions, dividends or repurchases of units made by the Operating Partnerships to fund such repurchases, with proceeds from the Discretionary Basket in an amount not to exceed $25 million in the aggregate (including any amounts in
respect of any Excess RSU Settlements). 
 “Preceding Year” has the meaning assigned to it in Section 6(a)(iii)
hereof. 
 “Preferred Distributions” has the meaning assigned to it in Section 3(a) hereof. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible, including, without limitation, equity interests. 
 “Qualifying Risk Retention
Subsidiary” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 
 “Quarterly Delivery
Date” has the meaning assigned to it in Section 18(a) hereof. 
 “Redemption Discount Percentage”
means, with respect to redemptions occurring during the periods specified below, the following percentages: 
 (i) subject to clause
(iii) hereof, 75% with respect to redemptions occurring during the period commencing on the Issuance Date and ending on March 31, 2021; 

(ii) subject to clause (iii) hereof, 90% with respect to redemptions occurring during the period commencing on April 1, 2021 and
ending on the day immediately prior to the Exchange Date; and 
 (iii) 100% with respect to redemptions occurring on or after the Exchange
Date or the occurrence of a Discount Termination Event. 

  
 111 

 “Related Party” means, with respect to any Person, (i) any
Person that is the spouse (including a surviving spouse) or another immediate family member of such Person, (ii) the estate and lawful heirs of such Person or (iii) any trust, family partnership, foundation, family limited liability
company or other estate planning vehicle for which such Person acts as a trustee or beneficiary, provided that the investment decisions relating to any equity interests of the Operating Partnerships held by such trusts or other entities are
controlled directly or indirectly by such Person. 
 “Reserve Period” has the meaning assigned to it in
Section 6(c) hereof. 
 “Restricted Activities” has the meaning assigned to it in Section 6(c) hereof.

 “Revolving Commitments” has the meaning assigned to it in the Senior Credit Facility. 

“Risk Retention Interests” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“ROFR Notice” has the meaning assigned to it in Section 14 hereof. 

“Seller” has the meaning assigned to it in Section 14 hereof. 

“Senior Credit Facility” means that certain Credit and Guaranty Agreement, dated as of April 10, 2018, as amended
by Amendment No. 1, dated as of February 7, 2019, among OZ Management LP, as borrower, the other Operating Partnerships, as guarantors, the other guarantors from time to time party thereto, the lenders from time to time party thereto, and
JPMorgan Chase Bank, N.A., as administrative agent, as amended, modified or supplemented from time to time in accordance with Section 9 hereof; provided, that for purposes of any defined terms set forth herein that reference the corresponding
defined terms in the Senior Credit Facility, (i) such defined terms shall have the respective meanings set forth in the Senior Credit Facility as in effect as of the Issuance Date and (ii) references to the “Borrower” shall mean
the Partnership and “Credit Parties” shall mean the Company, the Operating Partnerships and their respective Subsidiaries. 

“Senior Credit Facility Repayment” has the meaning assigned to it in Section 6(a)(i) hereof. 

“Senior Subordinated Loan Agreement” means that certain Senior Subordinated Term Loan and Guaranty Agreement, dated as
of February 7, 2019, among the Operating Partnerships, as borrowers and guarantors, the other guarantors from time to time party thereto, Wilmington Trust, National Association, as administrative agent, and the other parties thereto, as
amended, restated, modified or supplemented from time to time in accordance with Section 9 hereof; provided, that for purposes of any defined terms set forth herein that reference the corresponding defined terms in the Senior Subordinated Loan
Agreement, references to “Advisors” shall mean the Partnership, references to a “Borrower” shall include the Partnership in its capacity as a borrower unless such defined term refers solely to a borrower other than the
Partnership, or to a class of loans to a different borrower, and “Credit Parties” shall mean the Company, the Operating Partnerships and their respective Subsidiaries. 

  
 112 

 “Senior Subordinated Loans” means the “Initial Loans” and
the “Incremental Loans”, each as defined in the Senior Subordinated Loan Agreement. 
 “Specified Funds”
means the funds identified in writing and delivered to the Holders’ Committee on the Issuance Date. 
 “Step Up
Date” means February 19, 2020. 
 “Subsidiary” of a Person means 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 a general partner interest or managing member or similar interest of such Person. A Subsidiary of the Company, its direct
Subsidiaries or an Operating Group Entity does not include any OZ Fund, any OZ CLO or any of their respective Subsidiaries. 

“Tax Receivable Agreement” means that certain Amended and Restated Tax Receivable Agreement by and among inter alia
the Company, Oz Holding Corp., Oz Holding LLC, and the Operating Partnerships, dated as of January 12, 2009, as amended, modified or supplemented from time to time. 

“Third Party Buyer” has the meaning assigned to it in Section 14 hereof. 

“Total Cash” means, as of the end of each fiscal quarter of the Company, the sum of all Cash and Cash Equivalents of
the Company and its Subsidiaries. 
 “Transfer” means any direct, indirect or synthetic transfer, sale,
assignment, pledge, conveyance, hypothecation or other encumbrance or disposition. 
 “Transition Date” has the
meaning assigned to it in the Governance Agreement. 
 “Unit Designation” has the meaning assigned to it in the
recitals hereof. 
 “Unit Price” means $59.85, subject to appropriate adjustment in the event of any equity
dividend, equity split, combination or other similar recapitalization with respect to the Class A Preferred Units after the Issuance Date. 

“Year End Delivery Date” has the meaning assigned to it in Section 18(a) hereof. 

3. Distributions; Allocations. 

(a) Annual Distributions. Each holder of Class A Preferred Units shall be entitled to receive, when, as and if declared by
the General Partner in its sole discretion out of funds legally available therefor, cumulative cash distributions (“Preferred Distributions”) on each Class A Preferred Unit calculated based on the Liquidation Preference
of such Class A Preferred Unit at a rate per annum equal to the Distribution Rate (taking into account the different Distribution Rates that may apply during each Distribution Period in accordance with the definition of Distribution Rate or
Section 6(b) below), with such Preferred Distributions accruing from, and including, the earlier of (i) the Step Up Date and (ii) if applicable, the 31st day following the consummation of a Change of Control Event; provided,
however, that the amount of the Preferred Distributions actually paid shall not exceed the 

  
 113 

 
sum of the cumulative Net Income and items of income and gain allocated to such holder pursuant to Section 3(d). Any Preferred Distributions that have been declared in accordance with the
foregoing sentence shall, unless waived by the Holders’ Committee, be payable in arrears on the 27th day of February of each applicable year (each, a “Distribution Payment Date”) to the holders of record as they appear
in the books and records of the Partnership for the Class A Preferred Units at the close of business on the 15th day of February; provided, that (i) if any Distribution Payment Date is not a Business Day, then the Preferred Distribution
which would otherwise have been payable on that Distribution Payment Date may be paid on the next succeeding Business Day and (ii) accumulated and unpaid Preferred Distributions for any prior Distribution Period may be paid at any time. Any
Preferred Distribution payable on the Class A Preferred Units, including distributions payable for any partial Distribution Period, will be computed on the basis of a 360-day year consisting of twelve 30-day months. Notwithstanding anything to the contrary contained herein, Preferred Distributions will accumulate whether or not the Partnership has earnings, whether or not there are funds legally available for the
payment of those Preferred Distributions and whether or not those Preferred Distributions are declared. In the event that any Preferred Distributions or other payments on the Class A Preferred Units are in arrears, or, are otherwise not payable
as a result of the proviso in the first sentence of this Section 3(a), such amounts shall accrue and accumulate at the Distribution Rate. Holders of the Class A Preferred Units will not be entitled to any distributions in excess of full
cumulative distributions described in this Section 3(a). Any Preferred Distributions made on the Class A Preferred Units shall first be credited against the earliest accumulated but unpaid distribution due with respect to the Class A
Preferred Units. 
 (b) Funding of Distributions on Operating Group Class A Preferred Units.

 (i) Distributions on Junior Units and Parity Units. Except as provided in Section 3(c) hereof, unless full cumulative
distributions on all of the Operating Group Class A Preferred Units have been or contemporaneously are declared and paid in respect of all past Distribution Periods as provided in the corresponding terms of all Operating Group Class A
Preferred Units, (i) no distributions shall be declared or paid or set apart for payment upon Junior Units or Parity Units by the Partnership, other than Tax Distributions, Permitted Dividends, distributions payable in Common Units or Deferred
Cash Interests, payments or distributions required under a Partner Agreement, or distributions payable in Units of any series of preferred Units that the Partnership may issue ranking junior to the Class A Preferred Units as to distributions
and upon liquidation, and (ii) no Junior Units or Parity Units shall be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such Units) by the
Partnership (except by conversion or exchange for other Units of the Partnership that rank junior to the Class A Preferred Units as to distributions and upon liquidation or for shares of the Company (or the cash value thereof) in accordance
with the Exchange Agreement or the Limited Partnership Agreement); provided, however, that the foregoing shall not prevent Expense Amount Distributions in accordance with the Expense Allocation Agreement, distributions or payments
pursuant to the terms of any restricted share units of the Company, or required to facilitate exchanges of Common Units permitted under the Exchange Agreement, any Permitted Stock Buybacks, the redemption or repurchase of any Operating Group
Class A Preferred Units and distributions or transactions necessary to make any payment when due under the Senior Credit Facility or the Senior Subordinated Loan Agreement or when due on any financing or other contractual arrangement
(including, without limitation, the Limited Partnership Agreement or any Partner Agreement) in effect on the Issuance Date, or to which the Holders’ Committee has consented. 

  
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 (ii) Inter-Entity Loans. If one of the other Operating Partnerships does not
have legally available funds to pay in full all distributions or redemption payments required to be paid to the holders of the Operating Group Class A Preferred Units issued by such other Operating Partnership pursuant to their terms, the
Partnership hereby agrees that it will lend or otherwise make available to such other Operating Partnership adequate funds in order to enable it to make the required distributions or redemption payments in full, provided that the Partnership has
legally available funds to make such loans or otherwise make such funds available after giving effect to any required distributions or redemption payments that the Partnership is required to make under the terms of the Preferred Units. The Company
and the Partnership agree that it is the intention of the Company and the Partnership that all Operating Group Entities (whether existing as of the Issuance Date or formed as of a later date) shall support the Partnership’s obligations in
respect of the Operating Group Class A Preferred Units. In furtherance of the foregoing, the Company and the Partnership agree that, if a Subsidiary of the Company or any of its Subsidiaries or the Operating Partnerships or any of their
Subsidiaries (an “Operating Group Entity”), in each case, other than OZ Funds (as defined in the Senior Credit Facility) and OZ CLOs and their respective Subsidiaries, is formed for the purpose of engaging in one or more
Permitted Activities, the Company and the Partnership shall cause such new Operating Group Entity to (i) expressly agree to the due and punctual observance and performance of each and every covenant and condition of this Unit Designation to be
performed and observed by the Partnership and all the obligations and liabilities hereunder (including those obligations and liabilities described in Section 3(b), Section 3(c) and Section 6) (as agreed in good faith by the Company
and the Holders’ Committee), and (ii) to the extent requested by the Holders’ Committee, agree to lend or otherwise make available to the Partnership adequate funds to make any required distributions or redemption payments in full
that the Partnership is required to make under the terms of the Preferred Units in the event that the Partnership does not have legally available funds to make such distributions or redemption payments, provided that such new Operating Group Entity
has legally available funds to make such loans or otherwise make such funds available. Concurrently with the formation and the commencement of operations of such Operating Group Entity, the Company shall deliver a certificate to the Holders’
Committee certifying as to its compliance with the provisions of this Section 3(b)(ii). 
 (c) Distributions on Preferred Units of
Equal Rank. When distributions are not paid in full upon the Class A Preferred Units and the Units of any other series of preferred Units that rank on a parity as to distributions with the Class A Preferred Units, all distributions
declared upon the Class A Preferred Units and any other series of preferred Units that the Partnership may issue that rank on a parity as to distributions with the Class A Preferred Units shall be declared pro rata so that the amount of
distributions declared per Class A Preferred Unit and per Unit of such other series of preferred Units shall in all cases bear to each other the same ratio that accumulated distributions per Class A Preferred Unit and accumulated or
accrued distributions per Unit of such other series of preferred Units (which shall not include any accrual in respect of unpaid distributions for prior Distribution Periods if such other series of preferred Units is
non-cumulative) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Class A Preferred Units which may be in
arrears. 

  
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 (d) Allocations. After giving effect to the special allocations set
forth in Section 6.1(d) of the Limited Partnership Agreement, and subject to Section 5.2 thereof, Net Income and Net Loss for each taxable year (and items of income, gain, loss and deduction taken into account in computing Net Income and
Net Loss) shall be allocated in a manner such that the Capital Account of each holder of Class A Preferred Units attributable to ownership of Class A Preferred Units is, as nearly as possible, equal to (i) the distributions that would
be made with respect to such Class A Preferred Units if the Partnership were dissolved, its affairs wound up and its assets sold for their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership were distributed to the Partners, without regard to any limitations on the payment of
Preferred Distributions as a result of the proviso in the first sentence of Section 3(a) reduced by an amount equal to the discount applied to any Class A Preferred Units that were redeemed during the applicable period minus (ii) such
Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. 

4. Liquidation Value. 

(a) In the event of any liquidation, dissolution or winding up of the Partnership, either voluntary or involuntary (a “Liquidation
Event”), after payment or provision for the liabilities of the Partnership (including the expenses of such event) and the satisfaction of any claims ranking senior to the Class A Preferred Units, the holders of the Class A
Preferred Units shall be entitled to receive, out of the assets of the Partnership or proceeds thereof available for distribution to unit holders, prior to, and in preference to, any payment or distribution of any assets of the Partnership to the
holders of any Junior Units, an amount equal to the Liquidation Preference per Class A Preferred Unit plus all accumulated but unpaid Preferred Distributions, taking into account any limitations on the payment of Preferred Distributions as a
result of the proviso in the first sentence of Section 3(a) (collectively, the “Liquidation Value”). If the assets of the Partnership available for distribution in respect of Class A Preferred Units are less than
the aggregate Liquidation Value of all outstanding Class A Preferred Units, such distributions shall be made to the holders of the Class A Preferred Units pro rata, based on the aggregate Liquidation Value to which each holder of
Class A Preferred Units is entitled pursuant to this Section 4(a). The foregoing shall not affect any rights which holders of Class A Preferred Units may have to monetary damages. 

(b) Upon a Liquidation Event, after each holder of Class A Preferred Units receives a payment equal to the Liquidation Value of its
Class A Preferred Units, such holder shall not be entitled to any further participation in any distribution of assets by the Partnership. 

(c) If the assets of the Partnership available for distribution upon a Liquidation Event are insufficient to pay in full the aggregate amount
payable to the holders of all Class A Preferred Units and the holders of any other outstanding Parity Units that rank equally with the Class A Preferred Units, such assets shall be distributed to the holders of the Class A Preferred
Units and the holders of such Parity Units pro rata, based on the full respective distributable amounts to which each such Unitholder is entitled pursuant to this Section 4. 

  
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 (d) Nothing in this Section 4 shall be understood to entitle the holders of
Class A Preferred Units to be paid any amount upon the occurrence of a Liquidation Event until holders of any classes or series of Units ranking, as to the distribution of assets upon a Liquidation Event, senior to the Class A Preferred
Units have been paid all amounts to which such classes or series of Units are entitled. 
 (e) Neither the sale, conveyance, exchange or
transfer, for cash, Units, securities or other consideration, of all or substantially all of the Partnership’s property or assets nor the consolidation, merger or amalgamation of the Partnership with or into any other entity or the
consolidation, merger or amalgamation of any other entity with or into the Partnership shall be deemed to be a Liquidation Event, notwithstanding that for other purposes such an event may constitute a liquidation, dissolution or winding up;
provided, that in the event of any such sale, conveyance, exchange, transfer, consolidation, merger, amalgamation or similar transaction (which shall include any Change of Control Event), the successor or acquiring Person (if other than the
Partnership) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of this Unit Designation to be performed and observed by the Partnership and all the obligations and liabilities hereunder,
subject to such modifications as may be deemed appropriate (as agreed in good faith by the General Partner and the Holders’ Committee). In addition, notwithstanding anything to the contrary in this Section 4, no payment will be made to the
holders of Class A Preferred Units pursuant to this Section 4: solely (i) upon the voluntary or involuntary liquidation, dissolution or winding up of any Subsidiary of the Partnership or upon any reorganization of the Partnership into
another limited liability entity pursuant to provisions of any Limited Partnership Agreement that allow the Partnership to convert, merge or convey its assets to another limited liability entity with or without Limited Partner approval or
(ii) if the Partnership engages in a reorganization or other transaction in which a successor to the Partnership issues equity securities to the holders of Class A Preferred Units that have voting powers, rights and preferences that are
substantially similar to the voting powers, rights and preferences of the Class A Preferred Units pursuant to provisions of any Limited Partnership Agreement that allow the Partnership to do so without Limited Partner approval, in each case of
clauses (i) and (ii), so long as the Partnership (or any successor thereof, as applicable) owns substantially the same assets and liabilities as the Partnership immediately prior to such liquidation, dissolution, winding up or other
transaction. 
 5. Optional Redemption. 

(a) At any time following the Issuance Date, subject to any limitations imposed by law, the Partnership may, in the General Partner’s sole
discretion, redeem the outstanding Class A Preferred Units, in whole or in part, at a redemption price per Class A Preferred Unit equal to the product of the Redemption Discount Percentage and the Liquidation Value per Class A
Preferred Unit as of the redemption date. If less than all of the Class A Preferred Units are to be redeemed, the General Partner shall select the Class A Preferred Units to be redeemed pro rata, based on the number of Class A
Preferred Units held by each holder, calculated to the nearest whole Class A Preferred Unit. 

  
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 (b) In the event the Partnership shall redeem any or all of the Class A Preferred Units
pursuant to Section 5(a) above, the Partnership shall, subject to clause (ii) below, give notice of any such redemption to the holders of the Class A Preferred Units not more than 60 nor less than 10 days (or such other period as
shall be agreed to by the Holders’ Committee) prior to the date fixed for such redemption. Such notice shall state: (A) the redemption date; (B) the redemption price; (C) the number of Class A Preferred Units to be redeemed;
(D) the place or places where the Class A Preferred Units are to be surrendered (if so required in the notice) for payment of the redemption price; and (E) that distributions on the Class A Preferred Units to be redeemed will
cease to accrue on such redemption date. If less than all of the Class A Preferred Units held by any holder is to be redeemed, the notice provided to such holder shall also specify the number of Class A Preferred Units held by such holder
to be redeemed. Failure to give notice to any holder of Class A Preferred Units shall not affect the validity of the proceedings for the redemption of any Class A Preferred Units being redeemed. Once notice has been given as provided in
this Section 5(b), so long as (i) funds sufficient to pay the redemption price for all of the Class A Preferred Units called for redemption have been set aside for payment and (ii) the Partnership pays the redemption price for
all of the Class A Preferred Units called for redemption within 10 days after providing notice as provided in this Section 5(b), from and after the redemption date such Class A Preferred Units that have been called for redemption
shall no longer be deemed outstanding, and all rights of the holders of the Class A Preferred Units that have been called for redemption with respect to such Class A Preferred Units shall cease other than the right to receive the
redemption price, without interest. 
 (c) The holders of Class A Preferred Units shall have no right to require redemption of any
Class A Preferred Units, except as provided in Section 6 below. 
 6. Mandatory Redemption; Discretionary Basket.

 (a) Certain Mandatory Redemption Events. 

(i) During the Distribution Holiday and commencing with the fiscal quarter ended December 31, 2018, subject to clause (c) below, no
later than the 6th day following the Quarterly Delivery Date and the Year End Delivery Date, as applicable, for the applicable fiscal quarter of the Company (each, a “Mandatory
Redemption Trigger Date”), (x) the Company and the Operating Partnerships shall use all Economic Income with respect to such fiscal quarter and, (y) in the fourth quarter of each fiscal year only, an amount equal to the excess of
the Free Cash Balance as of December 31 of the applicable fiscal year over the Minimum Free Cash Balance, if any in the case of this clause (y) irrespective of the amount of Economic Income with respect to such fiscal quarter (provided
that such amounts shall be calculated without duplication with respect to the amount of any Designated Proceeds required to be applied pursuant to clause 6(a)(ii) below) to (A) repay Obligations under the Senior Credit Facility until all such
Obligations are repaid in full and the Senior Credit Facility is no longer in effect (such repayment, the “Senior Credit Facility Repayment”); provided that, for the avoidance of doubt, any such repayment that is a prepayment
of principal in respect of Revolving Loans (under the Senior Credit Facility) shall be accompanied by a concurrent permanent reduction and termination of Revolving Commitments and (B) following the Senior Credit Facility Repayment, deliver a
Mandatory Redemption Notice to redeem all or a portion of the Operating Group Class A Preferred Units in accordance with this Section 6(a). The Company and the Operating Partnership shall be obligated to make any repayments or
redemptions required by this Section 6(a)(i) only to the extent that after giving effect to such repayment or redemption the Free Cash Balance of the Company and its Subsidiaries, taken as a whole, shall equal at least the Minimum Free Cash
Balance. 

  
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 (ii) Subject to clause (c) below, no later than (A) the 6th day following the
receipt of any Asset Sale Designated Proceeds or (B) than the 6th day following the Quarterly Delivery Date and the Year End Delivery Date, as applicable, for the applicable fiscal quarter of the Company with respect to any Net Accrued
Unrecognized Incentive that represents Designated Proceeds, the Company and the Operating Partnerships shall use such Designated Proceeds to (A) effect all or a portion of the Senior Credit Facility Repayment and (B) following the Senior
Credit Facility Repayment, deliver a Mandatory Redemption Notice to redeem all or a portion of the Operating Group Class A Preferred Units in accordance with this Section 6(a). To the extent any of the Designated Proceeds are used to
effect any portion of the Senior Credit Facility Repayment pursuant to clause (A) of the foregoing sentence (such portion, the “AUI Amount”), then, following the Senior Credit Facility Repayment, no later than the 6th
day following the Quarterly Delivery Date and the Year End Delivery Date, as applicable, for the fiscal quarter of the Company in which the Senior Credit Facility Repayment occurs and each fiscal quarter thereafter, the Company and the Operating
Partnerships shall, deliver a Mandatory Redemption Notice and use proceeds received in cash and realized from Accrued Unrecognized Incentive (net of compensation paid to the extent such compensation is consistent with the compensation allocations
described on Schedule C) (other than the Designated Accrued Unrecognized Incentive) in an amount equal to the AUI Amount to redeem all or a portion of the Operating Group Class A Preferred Units in accordance with this Section 6(a). For
the avoidance of doubt and notwithstanding the foregoing, all payments and redemptions contemplated by this Section 6(a) are not subject to the Minimum Free Cash Balance. 

(iii) From and after March 31, 2022 and so long as the Senior Credit Facility Repayment shall have occurred, if the sum of (I) the
aggregate amounts which were distributed in respect of their equity interests in the Partnership (collectively, “Partnership Interests”) by the Partnership (other than Tax Distributions, distributions in respect of
Class C Non-Equity Interests or distributions payable in Common Units or Deferred Cash Interests) in respect of the immediately preceding fiscal year (the “Preceding Year”), or
which were utilized by the Partnership to repurchase Partnership Interests (other than Operating Group Class A Preferred Units) during such Preceding Year, or were available for such uses (but not so used) and (II) the corresponding
amounts that were distributed or used for repurchases (or were available but not used for such purposes) by the other Operating Partnerships during such Preceding Year were in excess of $100 million (“Excess Distributable
Earnings”), then an amount equal to 20% of such Excess Distributable Earnings shall be used by the Operating Partnerships to redeem Operating Group Class A Preferred Units in accordance with this Section 6(a). 

(iv) Each Class A Preferred Unit to be redeemed pursuant to this Section 6(a) shall be redeemed for an amount equal to the product of
the Redemption Discount Percentage and the Liquidation Value of such Class A Preferred Unit as of the relevant redemption date. If less than all of the Operating Group Class A Preferred Units are to be redeemed on any redemption date, to
the extent possible, the Operating Partnerships will redeem their Operating Group Class A Preferred Units pro rata, based on the aggregate amount that would be required to redeem all then outstanding Operating

  
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Group Class A Preferred Units in each Operating Partnership. If less than all of the Class A Preferred Units are to be redeemed on any redemption date, the General Partner shall select
the Class A Preferred Units to be redeemed pro rata, based on the number of Class A Preferred Units held by each holder, calculated to the nearest whole Class A Preferred Unit. For the avoidance of doubt, the Company and the Operating
Partnerships shall not be required to make a Senior Credit Facility Repayment or redeem any Operating Group Class A Preferred Units with any cash used or reserved by the Company pursuant to Section 6(c)(i) or Section 6(c)(ii). 

(v) To the extent the Partnership is required to make a mandatory redemption pursuant to this Section 6(a), the Partnership shall give
notice (each, a “Mandatory Redemption Notice”) of any such redemption to the holders of the Class A Preferred Units not more than 60 nor less than 10 days (or such other period as shall be agreed to by the Holders’
Committee) prior to the date fixed for such redemption (such notice date, the “Mandatory Redemption Notice Date”) and shall, subject to clause (y) below, redeem the Class A Preferred Units on a date to be determined
by the General Partner that is not more than 60 days or less than 10 days after the Mandatory Redemption Notice Date. Such notice shall state: (A) the redemption date; (B) the redemption price; (C) the number of Class A Preferred
Units to be redeemed; (D) the place or places where the Class A Preferred Units are to be surrendered (if so required in the notice) for payment of the redemption price; and (E) that distributions on the Class A Preferred Units
to be redeemed will cease to accrue on such redemption date. If less than all of the Class A Preferred Units held by any holder are to be redeemed, the notice provided to such holder shall also specify the number of Class A Preferred Units
held by such holder to be redeemed. Failure to give notice to any holder of Class A Preferred Units shall not affect the validity of the proceedings for the redemption of any Class A Preferred Units being redeemed or the Partnership’s
obligations to redeem at the time set forth herein. Once notice has been given as provided in this Section 6(a)(v), so long as funds (x) sufficient to pay the redemption price for all of the Class A Preferred Units called for
redemption have been set aside for payment and (y) the Partnership pays the redemption price for all of the Class A Preferred Units called for redemption within 10 days after providing notice as provided in this Section 6(a)(v) with
respect to redemptions made pursuant to Sections 6(a)(i) and (ii) hereof and (2) 30 days after providing notice as provided in this Section 6(a)(v) with respect to redemptions made pursuant to Section 6(a)(iii), from and after the
redemption date such Class A Preferred Units that have been called for redemption shall no longer be deemed outstanding, and all rights of the holders of the Class A Preferred Units that have been called for redemption with respect to such
Class A Preferred Units shall cease other than the right to receive the redemption price, without interest. 
 (vi) In the event that
the Oz Parties or any of their Subsidiaries are prohibited from using any Designated Proceeds to redeem any of the Operating Group Class A Preferred Units under this Section 6 at a time when such Designated Proceeds are required to be
applied to redeem the Operating Group Class A Preferred Units, then such Designated Proceeds shall be subject to the escrow requirements set forth in the Governance Agreement, and to the extent so applied, the Oz Parties shall be deemed to have
complied with the requirements hereunder with respect to such Designated Proceeds. 

  
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 (b) Mandatory Redemption Upon Change of Control Event. 

(i) If a Change of Control Event occurs, the Partnership shall redeem all outstanding Class A Preferred Units pursuant to this
Section 6(b) (a “Mandatory Change of Control Redemption”); provided, however, that such Mandatory Change of Control Redemption shall not occur prior to the earlier of (x) the date that is 20 days
following the Change of Control Event and (y) the date on which the repayment in full of all Obligations under the Senior Credit Facility and the termination of all Commitments thereunder has occurred (the “Mandatory Change of
Control Trigger Date”). From and after the date that is 31 days following the consummation of a Change of Control Event until the Mandatory Change of Control Redemption has been consummated, the Distribution Rate payable by the
Partnership on the Class A Preferred Units shall increase by 7.0% per annum for all periods set forth in the definition of Distribution Rate. 

(ii) The Partnership shall redeem all outstanding Class A Preferred Units pursuant to this Section 6(b) at a redemption price per
Class A Preferred Unit equal to the Liquidation Value per Class A Preferred Unit as of the redemption date. 
 (iii) In the event
the Partnership is required to effect a Mandatory Change of Control Redemption, the Partnership shall, subject to clause (y) below, give notice of any such Mandatory Change of Control Redemption to the holders of the Class A Preferred
Units not more than 60 nor less than 10 days (or such other period as shall be agreed to by the Holders’ Committee) prior to the date fixed for such Mandatory Change of Control Redemption. Such notice shall state: (A) the redemption date,
which shall be no earlier than the Mandatory Change of Control Trigger Date and no later than 10 days following the Mandatory Change of Control Trigger Date; (B) the redemption price; (C) the number of Class A Preferred Units to be
redeemed; (D) the place or places where the Class A Preferred Units are to be surrendered (if so required in the notice) for payment of the redemption price; and (E) that distributions on the Class A Preferred Units to be
redeemed will cease to accrue on such redemption date. Failure to give notice to any holder of Class A Preferred Units shall not affect the validity of the proceedings for the Mandatory Change of Control Redemption of any Class A Preferred
Units being redeemed or the Partnership’s obligations to redeem the Class A Preferred Units no later than 10 days following the Mandatory Change of Control Trigger Date. Once notice has been given as provided in this
Section 6(b)(iii), so long as (x) funds sufficient to pay the redemption price for all of the Class A Preferred Units called for redemption have been set aside for payment and (y) the Partnership pays the redemption price for all
of the Class A Preferred Units called for redemption no later than 10 days following the Mandatory Change of Control Trigger Date, from and after the redemption date such Class A Preferred Units that have been called for redemption shall
no longer be deemed outstanding, and all rights of the holders of the Class A Preferred Units that have been called for redemption with respect to such Class A Preferred Units shall cease other than the right to receive the redemption
price, without interest. 
 (c) Discretionary Basket. 

(i) Notwithstanding anything in this Section 6 to the contrary, the Company and the Operating Group Entities shall be permitted to
(x) use up to $50 million (the “Discretionary Basket”) in the aggregate or (y) in respect of any fiscal year to the extent the Discretionary Basket has not been used in full, reserve as part of the
Discretionary Basket during such fiscal year (the “Reserve Period”) up to $17 million in the aggregate but not to exceed the amount then remaining in the Discretionary Basket (such reserved funds, the
“Discretionary Reserve Funds”), to (i) fund new firm investments or new 

  
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firm products or (ii) for Permitted Stock Buybacks (including any amounts in respect of Excess RSU Settlements) (collectively, the “Restricted Activities”) and the
Company and the Operating Group Entities shall have no obligation to use the Discretionary Basket to effect the Senior Credit Facility Repayment or redeem Operating Group Class A Preferred Units as otherwise required pursuant to this
Section 6. The Discretionary Basket shall also not be subject to the Distribution Holiday. If any Discretionary Reserved Funds are not used as part of the Discretionary Basket during the Reserve Period, such Discretionary Reserved Funds shall
cease to be reserved for purposes of the Discretionary Basket. The General Partner shall as soon as reasonably practicable notify the Holders’ Committee in writing with respect to the existence and subsequent use of any Discretionary Reserve
Funds. For the avoidance of doubt, other than Excess RSU Settlements, the Company and Operating Partnerships shall not use the Discretionary Basket to fund new compensation arrangements for employees. 

(ii) For so long as the Company and the Operating Partnership are required to make a Senior Credit Facility Repayment or redeem any Operating
Group Class A Preferred Units pursuant to this Section 6, the Company and the Operating Group Entities shall only engage in the Restricted Activities or any other activities related to the strategic expansion of the Company and the
Operating Group Entities using funds from the Discretionary Basket and the Company and the Operating Group Entities shall not use any other funds with respect to such activities; provided, that, notwithstanding the foregoing, the following
activities shall be permitted and may be funded outside the Discretionary Basket, and amounts used in connection therewith shall not be required to be applied to effect the Senior Credit Facility Repayment or redeem Operating Group Class A
Preferred Units as otherwise required pursuant to this Section 6: 
 (A) investments in Risk Retention Interests with
respect to OZ CLOs in an amount not to exceed $7 million in any 12 month period, net of third-party financing or funding incurred in connection therewith; 

(B) other investments in OZ CLOs (including warehouse vehicles) in the ordinary course and related investments made in
connection with originating or refinancing OZ CLOs in the ordinary course including in connection with resets, re-pricings, redemptions and other OZ CLO life cycle events; 

(C) funding of any unfunded capital commitments existing as of the Issuance Date by the Company and the Operating Partnerships
to any OZ Funds (excluding OZ CLOs); and 
 (D) reinvestment of redemption proceeds in respect of existing investments held
by the Operating Partnerships in Och-Ziff products as of the Issuance Date in new Och-Ziff products. 

7. Exchange at the Option of the Holder 

(a) If any Class A Preferred Units remain outstanding on the Exchange Date, a holder of Class A Preferred Units may, in such
holder’s sole discretion, exchange its Class A Preferred Units (the “Loan Exchange Option”), in whole or in part, into Advisors Incremental Loans in an aggregate 

  
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principal amount equal to the Liquidation Value of the Class A Preferred Units being exchanged, automatically and without any consent or other action of the Partnership. Any such Advisors
Incremental Loans will have terms and conditions identical to those of Advisors Initial Loans in all respects and will be Loans (as defined in the Senior Subordinated Loan Agreement) for all purposes under the Senior Subordinated Loan Agreement. To
the extent the Loan Exchange Option is exercised the holder will automatically be deemed to have exercised such option with respect to all Operating Group Class A Preferred Units issued by the Operating Partnerships and then held by such
holder. 
 (b) In order to exercise the Loan Exchange Option under Section 7(a), a holder must, no later than ten (10) days prior
to the Exchange Date, (i) deliver to the Partnership a notice substantially in the form of Exhibit A hereto (an “Exchange Notice”) indicating its exercise of the Loan Exchange Option, and (ii) surrender the
Class A Preferred Units to be exchanged to the Partnership. The Partnership shall deliver a notice to each holder of Class A Preferred Units informing such holders of the Exchange Date and Exchange Notice deadline no later than thirty
(30) days prior to the Exchange Date. 
 (c) In the event of an exchange under this Section 7 and in accordance with the applicable
provisions of the Senior Subordinated Loan Agreement, the Partnership shall, on the Exchange Date, be deemed to have incurred Advisors Incremental Loans from each holder of Class A Preferred Units being exchanged on the Exchange Date in an
aggregate principal amount equal to the Liquidation Value of the Class A Preferred Units being exchanged on the Exchange Date, in exchange for the Class A Preferred Units. If a holder exercises its Loan Exchange Option, effective
immediately prior to the close of business on the Exchange Date, dividends shall no longer accrue on the Class A Preferred Units to be converted and such Class A Preferred Units shall cease to be outstanding. 

8. Refinancing or Other Redemption Trigger Events. As of any Business Day from and after the Issuance Date, so long as the Senior
Credit Facility Repayment shall have occurred, if the average closing price of the Class A Shares of the Company on the New York Stock Exchange for the previous 20 trading days exceeds $150.00 (subject to appropriate adjustment in the event of
any equity dividend, equity split, combination or other similar recapitalization with respect to the Class A Shares after the Issuance Date), the General Partner agrees to use its reasonable best efforts to redeem all of the outstanding
Class A Preferred Units pursuant to Section 5 above as promptly as practicable; provided, that, if such event occurs prior to the maturity date of the Senior Credit Facility and if all Obligations under the Senior Credit Facility
have not been prepaid in accordance with the terms thereof, the General Partner shall redeem the maximum number of Class A Preferred Units permitted under the Senior Credit Facility (including by using all available baskets under the restricted
payments covenants), use its reasonable best efforts to obtain the consent of the lenders under the Senior Credit Facility to redeem the remaining Class A Preferred Units, if any, and, if consent is required from lenders under any other bona
fide debt financings of the Company at the time, the consent of such other lenders to effect such redemption as promptly as practicable, it being understood that no such redemption shall occur absent such consent to the extent such consent is
required. The procedures for the redemption of Class A Preferred Units in Section 6(a) shall apply mutatis mutandis to the redemption of Class A Preferred Units pursuant to this Section 8. 

  
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 9. Parity Units; Consents; Non-Circumvention;
Certain Restrictions. 
 (a) The Partnership shall not create or issue any Parity Units without the prior written consent of the
Holders’ Committee and the Partnership shall not, and shall cause each of its Subsidiaries not to, amend, modify or otherwise cause any of its equity securities (or any debt or other securities convertible into equity securities of the
Partnership or its Subsidiaries) to become Parity Units without the prior written consent of the Holders’ Committee, other than (i) Parity Units issued to the Partnership or any of its wholly-owned Subsidiaries or (ii) subject to
Sections 10(d) and (e), Parity Units issued by Subsidiaries of the Partnership to the extent required to satisfy, upon consultation with the Company’s outside counsel, any regulatory or other legal requirements. The Company and the Partnership
shall not, and shall cause their respective Subsidiaries not to, refinance, refund, replace, renew, restate, amend and restate, amend, supplement or otherwise modify the Senior Credit Facility without the prior written consent of the Holders’
Committee; provided that the foregoing shall not prohibit the amendment of the Senior Credit Facility pursuant to Section 2.14(a)(ii) of the Senior Credit Facility or Section 10 of the Senior Amendment (as defined in the Senior
Subordinated Loan Agreement). The Holders’ Committee has provided its prior written consent to the Company’s entry into the Senior Credit Facility based on the terms thereof, as in effect on the Issuance Date. 

(b) The Company and the Partnership shall not, and shall cause their respective Subsidiaries not to, engage in any line of business or activity
other than Permitted Activities, in each case, subject to the Company and the Partnership’s compliance with Section 3(b)(ii) hereof. The Partnership shall not by any action or inaction, including, without limitation, amending its Limited
Partnership Agreement or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action or inaction, directly or indirectly, avoid or seek to avoid the observance or
performance of any of the terms of this Unit Designation. Notwithstanding anything herein to the contrary, so long as the Senior Credit Facility or Senior Subordinated Loan Agreement is in effect, this Unit Designation shall not restrict the ability
of any OZ Subsidiary to (i) pay dividends or make any other distributions on any such OZ Subsidiary’s equity interests owned by any Credit Party or any OZ Subsidiary, (ii) repay or prepay any Indebtedness owed by such OZ Subsidiary to
any Credit Party or any OZ Subsidiary, (iii) make loans or advances to any Credit Party or any OZ Subsidiary or (iv) transfer, lease or license any of its material property or assets to any Credit Party. 

(c) Without the prior written consent of the Holders’ Committee, the Company and the Operating Partnerships (the “Oz
Parties”) shall not, nor shall it permit any of their respective Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness,
except: 
 (i) Indebtedness existing on the Closing Date and listed on Schedule 6.01 of the Senior Subordinated Loan Agreement; 

(ii) Indebtedness of (A) any Oz Party to any other Oz Party or any wholly-owned Subsidiary of an Oz Party, and (B) any
wholly-owned Subsidiary of an Oz Party to any Oz Party or any other wholly-owned Subsidiary of an Oz Party; 

  
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 (iii) current liabilities of the Oz Parties or their respective Subsidiaries incurred in
the ordinary course of business but not incurred through (A) the borrowing of money or (B) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of
goods and services; 
 (iv) Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials
and supplies; 
 (v) Indebtedness in respect of judgments or awards in litigation or arbitration only to the extent, for the period and for
an amount not resulting in a Discount Termination Event; 
 (vi) endorsements for collection, deposit or negotiation and warranties of
products or services, in each case incurred in the ordinary course of business; 
 (vii) Indebtedness in the form of either a direct
obligation of an Oz Party or their respective Subsidiaries or in the form of a guaranty by an Oz Party or their respective Subsidiaries, in each case, with respect to the obligation to refund or repay management, incentive or promote fees previously
received from a fund; 
 (viii) Indebtedness incurred by an Oz Party or their respective Subsidiaries arising from agreements providing for
indemnification, earn-outs, adjustment of purchase price or similar obligations (excluding guaranties or letters of credit, surety bonds or performance bonds securing the performance of such Oz Party or Subsidiary, as applicable, pursuant to such
agreements); 
 (ix) Indebtedness which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal or similar
obligations incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business; 

(x) Indebtedness in respect of netting services, overdraft protections and otherwise in connection with margin accounts, deposit accounts and
cash management services, including, but not limited to (A) credit cards (including, without limitation, “commercial credit cards” and purchasing cards), (B) stored value cards, and (C) depository, cash management and
treasury services and other similar services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services), in each case in the ordinary course of
business; 
 (xi) guaranties in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of an
Oz Party or their respective Subsidiaries, as applicable; 
 (xii) Indebtedness of any person (excluding guaranties of obligations of
unaffiliated third parties) that becomes a Subsidiary of an Oz Party after the Issuance Date, and extensions, renewals, refinancings, refundings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof
except by an amount equal to unpaid accrued interest, premium thereon and any original issue discount pursuant to the terms thereof, plus other reasonable amounts paid, and fees and expenses reasonably incurred in connection with such extension,
renewal, 

  
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replacement, refunding or refinancing; provided that (A) such Indebtedness exists at the time such person becomes a Subsidiary of an Oz Party and is not created in contemplation of or in
connection with such person becoming a Subsidiary of an Oz Party; (B) such person becoming a Subsidiary of an Oz Party is permitted under this Unit Designation; and (C) such Indebtedness is
non-recourse to the Oz Parties or any of their other respective Subsidiaries; 
 (xiii) Indebtedness
of any Oz Party or their respective Subsidiaries incurred to finance the acquisition, construction, development or improvement of any fixed or capital assets, including Capital Lease Obligations (as defined in the Senior Subordinated Loan Agreement)
in an aggregate principal amount not to exceed at any time $25,000,000, and extensions, renewals, refinancings, refundings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof except by an amount
equal to unpaid accrued interest, premium thereon and any original issue discount pursuant to the terms thereof, plus other reasonable amounts paid, and fees and expenses reasonably incurred in connection with such extension, renewal, replacement,
refunding or refinancing; provided that such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction, development or improvement; 

(xiv) Indebtedness incurred in connection with a Permitted Securitization (as defined in the Senior Subordinated Loan Agreement);
provided, that recourse to the Oz Parties and their respective Subsidiaries shall be limited to (A) the assets and rights of, and Equity Interests in, Qualifying Risk Retention Subsidiaries or Alternative Investment Subsidiaries or
(B) Unsecured Indebtedness of $50,000,000 in the aggregate with respect to recourse to Oz Parties or their respective Subsidiaries that are Non-SPVS (as defined in the Senior Subordinated Loan Agreement);

 (xv) security deposits and obligations under letters of credit and letters of guaranty supporting leases and other contractual
obligations of any Oz Party or any of their respective Subsidiaries, in each case entered into in the ordinary course of business; 
 (xvi)
Indebtedness of the Oz Parties or any of their respective Subsidiaries in the nature of any contingent obligations of any Oz Party or any of their respective Subsidiaries (i) to issue, make or apply the proceeds of any capital calls (to the
extent such capital calls are made in the ordinary course of business in accordance with the governing documents of such OZ Fund) in its capacity as the general partner, manager, managing member (or the equivalent of any of the foregoing) of any OZ
Fund or any of their respective subsidiaries, either now existing or newly created, to or in respect of any Indebtedness of such persons or (ii) in respect of a pledge of such Oz Party’s or such Subsidiary’s Equity Interests in any OZ
Fund or any of their respective subsidiaries for the purpose of securing Indebtedness of such OZ Fund or any of their respective subsidiaries, either now existing or newly created; 

(xvii) obligations in respect of any Interest Rate Agreement or Currency Agreement entered into in the ordinary course of business and not for
speculative purposes, and obligations to repurchase securities under customary repurchase agreements in the ordinary course of the Oz Parties or their respective Subsidiaries cash management practices, provided that the securities subject to
such repurchase agreements shall have a value no less than the amount that would be customary and prudent to support such repurchase obligations; 

  
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 (xviii) Indebtedness consisting of the financing of insurance premiums in the ordinary
course of business; 
 (xix) Indebtedness owed to (including obligations in respect of letters of credit or bank guaranties and similar
instruments for the benefit of) any Person providing workers’ compensation, health, disability or other employee benefits (whether to current or former officers, employees, directors, managers, partners, managing members, principals and other
personnel (or to current or former officers, employees, directors, managers, partners, managing members, principals and other personnel of such Person’s general partner or equivalent)) or property, casualty or liability insurance or
self-insurance in respect of such items, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims, health, disability or other employee benefits (whether current or former) or property,
casualty or liability insurance, in each case in the ordinary course of business; 
 (xx) (A) Indebtedness of Qualifying Risk Retention
Subsidiaries that is non-recourse to the Oz Parties (other than the pledge of any Equity Interests of Qualified Risk Retention Subsidiaries) incurred to finance the purchase or holding of Risk Retention
Interests (but excluding any guarantees made by any Qualifying Risk Retention Subsidiary) and any extensions, renewals, refinancings, refundings and replacements of any such Indebtedness, and (B) to the extent constituting Indebtedness, the
pledge of any Equity Interests in any Qualifying Risk Retention Subsidiary or OZ Fund to secure Indebtedness permitted under clause (xx)(A), in each case of the foregoing clauses (A) and (B), incurred in the ordinary course of business;

 (xxi) (A) Indebtedness of Alternate Investment Subsidiaries (but excluding any guaranties by Alternate Investment Subsidiaries of
Indebtedness of other Persons) that is non-recourse to the Oz Parties (other than the pledge of any Equity Interests of Alternate Investment Subsidiaries) incurred to finance the purchase or holding of AIS
Investments (as defined in the Senior Subordinated Loan Agreement) constituting side-by-side investments in OZ Funds or other investment vehicles that, in each case,
(I) are primarily managed for the account of third parties and (II) except in the case of investments in warehouse facilities, ramp-up vehicles or similar arrangements in the ordinary course of
business (which, in the case of AIS Investments in warehouse facilities, ramp-up vehicles or similar arrangements in OZ Funds that do not constitute OZ CLOs (as defined in the Senior Subordinated Loan
Agreement) (“Non-CLO AIS Investments”), Indebtedness of Alternate Investment Subsidiaries in respect of such Non-CLO AIS Investments shall be
limited to $50,000,000 outstanding at any time that third party investments in such Non-CLO AIS Investment are not otherwise compliant with this clause (II)), the aggregate amount invested by Alternate
Investment Subsidiaries in any particular OZ Fund or investment vehicle does not exceed 10% of the aggregate amount invested by all parties in such OZ Fund or investment vehicle, taking into account all investments in such OZ Fund or investment
vehicle and after giving effect to all third-party investments and the funding of all third-party commitments, and any extensions, renewals, refinancings, refundings and replacements of any such Indebtedness, and (B) to the extent constituting
Indebtedness, the pledge of any Equity Interests in any Alternate Investment Subsidiary, OZ Fund or other investment vehicle to secure Indebtedness permitted under clause (xxi)(A), in each case of the foregoing clauses (A) and (B), incurred in
the ordinary course of business; 

  
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 (xxii) guaranties by any Oz Party, or guaranties by any of their respective Subsidiaries of
Indebtedness of any other Subsidiary that is not an Oz Party, in each case with respect to Indebtedness permitted under clauses (i) through (xi), (xiii), (xv) through (xix) and (xxiii) of this Section 9(c); and 

(xxiii) (A) Indebtedness incurred in respect of the Senior Secured Credit Facility (including all Obligations) and the Senior
Subordinated Loan Agreement (including all “Obligations” as defined therein), and (B) Indebtedness incurred to contemporaneously redeem all Operating Group Class A Preferred Units and all Senior Subordinated Loans and effect the
Senior Credit Facility Repayment in full (in each case, (x) including principal, interest and other amounts owed or accrued thereunder and (y) to the extent such instruments are then outstanding). 

(d) Without the prior written consent of the Holders’ Committee, no Oz Party shall, nor shall it permit any of their respective
Subsidiaries to create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of any Oz Party or any of their respective
Subsidiaries, whether now owned or hereafter acquired, or any income, profits or royalties therefrom, except: 
 (i) any Lien existing on
any property or asset prior to the acquisition thereof (including by merger or consolidation) by any Oz Party or any their respective Subsidiaries or existing on any property or asset of any person that becomes an Oz Party or a Subsidiary of an Oz
Party after the Issuance Date prior to the time such person becomes an Oz Party or a Subsidiary of an Oz Party; provided that (A) such Lien is not created in contemplation of or in connection with such acquisition or such person becoming an Oz
Party or a Subsidiary of an Oz Party, as the case may be, and (B) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such person becomes an Oz Party or a Subsidiary of an Oz Party, as the
case may be, or obligations in respect of any extensions, renewals, refinancings, refundings and replacements thereof; 
 (ii) Liens for
Taxes, assessments or governmental charges or levies not yet due or which are being contested in good faith by appropriate proceedings diligently conducted; 

(iii) statutory Liens of landlords, banks and other financial institutions (and rights of set-off and
similar rights), of carriers, warehousemen, mechanics, repairmen, workmen, suppliers and materialmen, other Liens imposed by law or pursuant to customary reservations or retentions of title arising in the ordinary course of business (other than any
such Lien imposed pursuant to Section 401(a)(29) or 430(k) of the United States Internal Revenue Code of 1986, as amended from time to time, or by the Employee Retirement Income Security Act of 1974, as amended from time to time, and any
successor thereto), and deposits securing letters of credit supporting such obligations, in each case (A) for amounts not yet overdue or (B) for amounts that are overdue, are unfiled and no other action has been taken to enforce the same
or (in the case of any such amounts overdue for a 

  
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period in excess of five days) are being contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required in conformity
with GAAP shall have been made for any such contested amounts; 
 (iv) Liens incurred in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), and deposits securing letters of credit
supporting such obligations; 
 (v) easements,
rights-of-way, restrictions, encroachments, and other similar encumbrances and minor defects or irregularities in title, in each case which do not interfere in any
material respect with the ordinary conduct of the business of any Oz Party or any of their respective Subsidiaries; 
 (vi) any interest or
title of a lessor or sublessor under any lease of real estate entered into in the ordinary course of business and purported Liens evidenced by the filing of any precautionary Uniform Commercial Code (“UCC”) financing
statement relating solely to such lease; 
 (vii) Liens securing judgments for the payment of money (or appeal or other surety bonds
relating to such judgments) not constituting a Discount Termination Event pursuant to clause (iv) of such definition; 
 (viii) Liens
solely on any cash earnest money deposits made by any Oz Party or any of their respective Subsidiaries in connection with any letter of intent or purchase agreement entered into in the ordinary course of business; 

(ix) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal
property entered into in the ordinary course of business; 
 (x) Liens in favor of customs and revenue authorities arising as a matter of
law to secure payment of customs duties in connection with the importation of goods; 
 (xi) any zoning or similar law or right reserved to
or vested in any governmental office or agency to control or regulate the use of any real property; 
 (xii)
non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by any Oz Party or any of their respective Subsidiaries, in each case in the ordinary course of
business and not interfering in any respect with the ordinary conduct of, or materially detracting from the value of, the business of any Oz Party or such Subsidiary; 

  
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 (xiii) Liens on property, plant and equipment of any Oz Party or any of their respective
Subsidiaries acquired, constructed, developed or improved (or Liens created for the purpose of securing Indebtedness permitted by clause (xiii) of Section 9(c) to finance Capital Leases (as defined in the Senior Subordinated Loan
Agreement) and the acquisition, construction, development or improvement of such assets); provided that (A) such Liens secure Indebtedness permitted by clause (xiii) of Section 9(c), (B) such Liens and the Indebtedness secured
thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction, development or improvement, (C) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving
such property, plant and equipment and (D) such Liens shall not apply to any other property or assets of the Oz Parties or any of their respective Subsidiaries (other than (x) any replacements, additions, accessions and improvements
thereto and proceeds and products thereof, or (y) pursuant to customary cross-collateralization provisions with respect to other property of an Oz Party or their respective Subsidiaries that also secure Indebtedness owed to the same financing
party or its Affiliates pursuant to this Section 9(d)(xiii) or Section 9(d)(i); 
 (xiv) Liens granted by any Oz Party or any of
their respective Subsidiaries that is the general partner, manager, managing member (or the equivalent of any of the foregoing) of any OZ Fund in the ordinary course of business or consistent with past or industry practices (i) securing
Indebtedness of such OZ Fund or any of their respective subsidiaries on the right of such general partner, manager, managing member (or the equivalent of any of the foregoing) to issue or make capital calls (to the extent such capital calls are made
in the ordinary course of business in accordance with the governing documents of such OZ Fund) in its capacity as general partner, manager, managing member (or the equivalent of any of the foregoing) of such OZ Fund or such subsidiary or
(ii) on the Equity Interests of any OZ Fund or any of their respective subsidiaries to secure Indebtedness of such OZ Fund or any of their respective subsidiaries (or a permitted guaranty thereof); 

(xv) Liens and deposits (A) securing obligations in respect of letters of credit or bank guarantees permitted pursuant to
Section 9(c) or (B) securing payments of contractual obligations that are not Indebtedness under leases entered into in the ordinary course of business; 

(xvi) Liens deemed to exist in connection with repurchase agreements in the ordinary course of the Operating Partnerships’ or their
respective Subsidiaries’ cash management practices (and Liens created on securities that are the subject of such repurchase agreements to secure the payment and performance of the obligations under such agreements and any custodial fees in
connection therewith) and reasonable customary initial deposits and margin deposits and similar Liens attaching to deposit accounts, securities accounts, commodity accounts or other brokerage accounts maintained in the ordinary course of business
and not for speculative purposes; 
 (xvii) Liens that are contractual rights of set-off
(A) relating to pooled deposit or sweep accounts of any Oz Party or any of their respective Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Oz Parties and their
respective Subsidiaries or (B) relating to purchase orders and other agreements entered into with customers of any Oz Party or their respective Subsidiaries in the ordinary course of business; 

  
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 (xviii) (A) Liens that are deemed to exist by virtue of any Interest Rate Agreement or
Currency Agreement entered into with financial institutions in connection with bona fide hedging activities in the ordinary course of business and not for speculative purposes, or (B) pledges and deposits, whether in cash or securities,
securing obligations in respect of Interest Rate Agreement or Currency Agreement entered into with financial institutions in connection with bona fide hedging activities in the ordinary course of business and not for speculative purposes, and the
following cash management services: (1) credit cards (including, without limitation, “commercial credit cards” and purchasing cards), (2) stored value cards, and (3) depository, cash management, and treasury services and
other similar services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services), in each case in the ordinary course of business; 

(xix) Liens on (A) insurance policies and the proceeds thereof or (B) pledges and deposits made in the ordinary course of business
in compliance with requirements of any provider of insurance, in each case securing Indebtedness permitted under Section 9(c)(xviii); 

(xx) Liens arising in the ordinary course of business consistent with past or industry practice not otherwise permitted by this
Section 9(d) securing obligations other than Indebtedness for borrowed money in an aggregate amount not to exceed $7,000,000 at any time outstanding; provided that this clause (xx) shall not apply to Liens that are voluntarily granted by
the Oz Parties without the exchange of value or consideration; 
 (xxi) Liens on (A) any assets or rights of any Qualifying Risk
Retention Subsidiary and (B) any Equity Interests of any Qualifying Risk Retention Subsidiary, in each case securing Indebtedness permitted under Section 9(c)(xx); 

(xxii) Liens on (A) any assets or rights of any Alternate Investment Subsidiary and (B) any Equity Interests of any Alternate
Investment Subsidiary, in each case securing Indebtedness permitted under Section 9(c)(xxi); 
 (xxiii) Liens on assets or rights of,
or Equity Interests in, Qualifying Risk Retention Subsidiaries or Alternative Investment Subsidiaries securing Indebtedness permitted under Section 9(c)(xiv); and 

(xxiv) Liens securing (A) the Obligations, (B) the “Obligations” as defined in the Senior Subordinated Loan Agreement and
(C) Indebtedness incurred to contemporaneously redeem all Operating Group Class A Preferred Units and all Senior Subordinated Loans and effect the Senior Credit Facility Repayment in full (in each case, (x) including principal,
interest and other amounts owed or accrued thereunder and (y) to the extent such instruments are then outstanding). 
 (e) The Company
and the Partnership agree that no creation, incurrence, assumption, guaranty or other assumption of liability with respect to any Indebtedness or Liens under Section 9(c) or Section 9(d) of this Unit Designation shall prohibit the
Partnership from making any distributions or redemptions in respect of the Class A Preferred Units except to the extent such prohibition is no more restrictive than any prohibition existing as of the date hereof. 

  
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 (f) Without the prior written consent of the Holders’ Committee, subject to the
exceptions set forth on Schedule D hereto, none of the Company, any other Operating Group Entity or any of their respective Affiliates shall directly or indirectly amend, waive or otherwise modify the terms of the Designated Accrued Unrecognized
Incentive or the real estate commingled funds’ Accrued Unrecognized Incentive (including any material change in the timing of any realization thereof); provided, that this clause (e) shall not limit the ability of the Company, any
other Operating Group Entity or any of their respective Affiliates to delay or defer Accrued Unrecognized Incentive attributable to the real estate commingled funds, for so long as such delay or deferral is based on commercially reasonable business
rationale and does not disproportionately impact any beneficiaries of such incentive (including the general partner (or equivalent entity) of the relevant fund) relative to any other beneficiaries. 

(g) The Company, the Partnership and any of the Operating Group Entities shall, and the Company and the Partnership shall cause the Operating
Group Entities and their respective Subsidiaries to, manage the Specified Funds in a manner that is consistent with past practice (as determined prior to December 5, 2018). Without limiting the generality of this Section 9(f), without the
prior written consent of the Holders’ Committee, none of the Company, the Partnership or any other Operating Group Entity shall, and the Company and the Partnership shall not permit any of the Operating Group Entities or any of their respective
Subsidiaries to, take (or fail to take) any action with respect to the Specified Funds which would adversely impact the Designated Accrued Unrecognized Incentive or otherwise result in the payment of proceeds associated with the realization of
Designated Accrued Unrecognized Incentive to be delayed following the expiration of the current term of each Specified Fund (without giving effect to any extensions of current term), subject to the exceptions set forth in Section 9(f) and
Schedule D hereto. Without limiting the foregoing, the Company and the Partnership will use commercially reasonable efforts to (A) monetize any Designated Proceeds and Accrued Unrecognized Incentive other than the Designated Accrued
Unrecognized Incentive to the extent such Designated Proceeds and Accrued Unrecognized Incentive are not received in cash and (B) collect any realized Designated Proceeds and Accrued Unrecognized Incentive other than the Designated Accrued
Unrecognized Incentive, in each case as promptly as practicable; provided, however, that realization of Designated Proceeds and Accrued Unrecognized Incentive shall not require the Company, the Partnership or any of the Operating Group
Entities to cause dispositions that would not otherwise be in compliance with the relevant investment adviser’s fiduciary duties. Notwithstanding anything to the contrary herein, this Section 9(g) shall be subject to the exceptions set
forth on Schedule E hereto. For the avoidance of doubt and notwithstanding the foregoing, all payments and redemptions contemplated by this Section 9(g) are not subject to the Minimum Free Cash Balance. 

(h) Each of the General Partner and its Affiliates or Subsidiaries performing asset management or investment advisory functions (each, an
“Oz Manager Entity”) shall not: 
 (i) Delegate the applicable limited partnership vote in respect of any right to
terminate any OZ Manager Entity for any credit, private equity or real estate fund (and, for the avoidance of doubt, excluding any separately managed account and
“fund-of-one”) (“Applicable Fund”) to an advisory committee of investors (“AC Delegation”); 

  
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 (ii) Take any steps to solicit or encourage any current or prospective investors of the Oz
Funds to terminate (or diminish in any material respect) any investor’s investments with the Oz Funds or remove the Company as the Oz Manager Entity of the applicable Oz Funds for the purpose of associating or doing business with any competing
business (or authorize any active executive managing directors or other senior management or executive managing directors to take any such steps), or otherwise encourage (or authorize any active executive managing directors or other senior
management or executive managing directors to encourage) such investors to terminate (or diminish in any respect) his investments in the Oz Funds for any other reason; or 

(iii) Take any steps to effect the separation of all or any portion of any management team of the Company in connection with a “spin
out,” sale or similar transaction (or authorize any active executive managing directors or other senior management or executive managing directors to take any such steps), absent an arm’s length negotiation and agreement on commercially
reasonable terms with approval from the Board of Directors of the Company. 
 (i) Since February 5, 2018 through the date hereof (and
other than in respect of OZ Real Estate Tax Advantaged Credit Fund LP), (1) no Oz Manager Entity has entered into governing documents for any new Applicable Fund providing for (a) the right to terminate any Oz Manager Entity by a vote of less
than 75% of the Limited Partners (other than for cause or similar disabling conduct) or (b) any AC Delegation, and (2) no governing documents for any existing Applicable Fund have been amended to provide for either (1)(a) or (b). 

10. Voting Rights; Preferred Unit Holders’ Committee. 

(a) This Unit Designation establishes a committee of the holders of the Class A Preferred Units (the “Holders’
Committee”) to be comprised initially of Daniel S. Och, as sole member. Subject to the foregoing, the holders of a majority of the Operating Group Class A Preferred Units then outstanding may at any time remove members from, or
appoint replacement or additional members to, the Holders’ Committee and shall appoint at least one member promptly if at any time thereafter the Holders’ Committee has no members. In the event that additional members are appointed to the
Holders’ Committee, the members of the Holders’ Committee shall act by majority vote on all matters to be approved by the Holders’ Committee. 

(b) Except as provided herein, the holders of Class A Preferred Units have no consent, approval, waiver or voting rights or powers. Each
holder of Class A Preferred Units hereby irrevocably delegates all power and authority to the Holders’ Committee to exercise, on behalf of such holder of Class A Preferred Units, any and all rights of such holder in respect of such
Class A Preferred Units, including the granting of any waivers or the exercise of any consent, approval or voting rights or powers on behalf of such holder. 

  
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 (c) Each holder of Class A Preferred Units hereby irrevocably constitutes and appoints
the members of the Holders’ Committee (and each of them) existing at any time and from time to time, as the sole and exclusive attorney-in-fact and proxy of such
holder of Class A Preferred Units, with full power of substitution and resubstitution, to attend any meeting of the shareholders of the Class A Preferred Unit holders, and any adjournment or postponement thereof, on such Class A
Preferred Unit holder’s behalf and to vote or abstain from voting the Class A Preferred Units owned by such holder in its sole discretion for or against any action or proposal to the fullest extent permitted by law. Any such vote or
abstention shall not be subject to challenge or input from such holder of Class A Preferred Units. Each holder of Class A Preferred Units hereby revokes any and all previous proxies with respect to such holder’s Class A Preferred
Units and no subsequent proxies (whether revocable or irrevocable) shall be given (and if given, shall not be effective) by such holder with respect to the Class A Preferred Units that conflict with this proxy. This proxy and power of attorney
is intended to be irrevocable and is coupled with an interest sufficient in law to support an irrevocable proxy and is granted for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged and shall be valid and
binding on any person to whom the holder of Class A Preferred Units may transfer any of its Class A Preferred Units. The attorney-in-fact and proxy identified
above will be empowered at any and all times to vote or act by written consent with respect to the Class A Preferred Units at every annual, special, adjourned or postponed meeting of holder of Class A Preferred Units, and in every written
consent in lieu of such a meeting, or otherwise. The power of attorney granted herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of each holder of Class A Preferred Units. Any such vote
shall be cast or consent shall be given in accordance with such procedures relating thereto as shall ensure that it is duly counted for purposes of determining that a quorum is present and for purposes of recording the results of such vote or
consent. The provisions of this Section 10 shall terminate with respect to a holder of Class A Preferred Units once such holder no longer owns any Class A Preferred Units. 

(d) Notwithstanding anything in this Unit Designation to the contrary, none of the Partnership, any other Operating Group Entity or OZ Fund may
issue, and the Company and the Partnership shall not permit the Partnership, any other Operating Group Entity or OZ Fund to issue, to (x) any individual who is a “named executive officer” in the Company’s most recent filing with
the Securities and Exchange Commission that required disclosure pursuant to Rule 402(c) of Regulation S-K or such individual’s Related Parties (or would be a “named executive officer” with
respect to the fiscal year in which the proposed issuance occurs) or (y) in the event that the Company is not required to file reports with the Securities and Exchange Commission, any individual who would have been a “named executive
officer” if the Company was required to file such reports or such individual’s Related Parties, in each case of clauses (x) and (y), other than DSO or his Related Parties (collectively, the “Designated
Officers”), new equity interests in the Partnership, such Operating Group Entity or OZ Fund (“New NEO Units”) and make any distributions in respect of such New NEO Units, unless (i) so long as the
Company’s common shares are traded on the New York Stock Exchange or another nationally recognized stock exchange, the issuance of such New NEO Units is approved by the Company’s compensation committee and (ii) to the extent the
Company’s common shares are not traded on the New York Stock Exchange or another nationally recognized stock exchange, with the prior written consent of the Holders’ Committee. For the avoidance of doubt, (i) if the issuance of such
New NEO Units are approved in accordance with the preceding sentence, any distributions paid on such New NEO Units that otherwise comply with the terms of this Unit Designation shall be permitted without any further action on the part of the
compensation committee or the Holders’ Committee as the case may be, (ii) this Section 10(d) shall not restrict issuances of interests in the ordinary 

  
 134 

 
course to Designated Officers in connection with any direct or indirect capital investments they make in the OZ Funds on substantially the same terms and conditions as third party investors
(other than any waiver of management, incentive, carry or similar fees agreed to by the Company) and (iii) this Section 10(d) shall not restrict any issuances of equity securities in connection with the Recapitalization or any
distributions payable thereon to the extent permitted under this Unit Designation. 
 (e) Neither the Company nor the Partnership shall
effect, or cause or permit to be effected, any transaction between the Company, the Partnership or any other Operating Group Entity or any OZ Fund, on the one hand, with any Designated Officer, any holder of at least 10% of the outstanding equity
interests of the Company, the Partnership, any other Operating Group Entity or their respective Affiliates or Related Parties (for the avoidance of doubt, other than the Company, the Partnership, any other Operating Group Entity, DSO or his Related
Parties), on the other hand, other than transactions in the ordinary course of business with any Person (other than any Person that is a Designated Officer) relating to such Person’s service to any Operating Group Entity or consistent with past
practice as of the Issuance Date including in connection with granting any direct or indirect carry or capital interest in the OZ Funds to such Person, which matters shall, without limiting Section 10(d), be determined by the Board of Directors
of the Company or the compensation committee thereof. 
 (f) None of the Partnership or any other Operating Group Entity shall, and the
Company and the Partnership shall not permit the Partnership or such Operating Group Entity to, sell, dispose of, or otherwise transfer (whether directly or indirectly, by merger, spin-off, consolidation, or
otherwise) any of their respective businesses, business lines, or divisions (including their respective multi-strategy, credit and real estate businesses) or any significant assets thereof without the prior written consent of the Holders’
Committee; provided that this Section 10(f) does not restrict any such sale, disposal or other transfer from any OZ Subsidiary to any Credit Party that is permitted under Section 9(b), provided that nothing in this Section 10(f) shall
limit obligations of the Operating Partnerships and the Company under Section 3(b)(ii). 
 (g) Any determination, decision, consent or
waiver required to be made or given, or permitted to be made or given, by the Holders’ Committee under this Unit Designation shall be made or given in the Holders’ Committee’s sole discretion. 

11. Amendments and Waivers. Only the prior written consent of the Holders’ Committee shall be required for the repeal of
this Unit Designation, any amendment (directly or indirectly, by merger, consolidation or otherwise) to this Unit Designation, or any waiver of any of its provisions. Only the prior written consent of the Holders’ Committee shall be required
for any amendment (directly or indirectly, by merger, consolidation or otherwise) to the Limited Partnership Agreement that would have an adverse effect on any holders of the Class A Preferred Units or effectuate any waiver of any provisions of
this Unit Designation.
 12. No Reissuance. No Class A Preferred Units acquired by the Partnership by reason of
redemption, purchase or otherwise shall be reissued. 

  
 135 

 13. Transfers. 

(a) No Class A Preferred Unit (or any rights with respect thereto) shall be Transferred without the consent of the Holders’ Committee
and, solely in the case of any holder of Class A Preferred Units other than DSO or a Related Party of DSO, the General Partner; provided, that any such consent shall not be unreasonably withheld with respect to a request to Transfer
Class A Preferred Units in accordance with this Section 13. Any attempted Transfer that is not made in compliance with this Section 13 shall be void ab initio. 

(b) No Transfer shall be permitted under Section 13(a) if the Holders’ Committee determines in its sole and absolute discretion that
(i) such a Transfer would pose a risk that the Partnership would be a “publicly traded partnership” as defined in Section 7704 of the Code; (ii) such Transfer would obligate the Partnership to register the Interests for
resale under any applicable federal or state securities laws or require the Partnership to file reports pursuant to any applicable federal or state securities laws. 

(c) Each holder of Class A Preferred Units hereby agrees that it will not effect any Transfer of all or any of its Class A Preferred
Units (whether voluntarily, involuntarily or by operation of law) in any manner contrary to the terms of this Unit Designation or that violates or causes the Partnership or the Partners to violate the Securities Act, the Exchange Act, the Investment
Company Act, or the laws, rules, regulations, orders or other directives of any governmental authority. 
 (d) In the event of any Transfer
of Class A Preferred Units, (i) the transferor shall cause each transferee to agree in writing to comply with the terms of this Unit Designation and the Partnership Agreement, (ii) prior to such Transfer by any holder of Class A
Preferred Units other than by DSO or a Related Party of DSO, and as a condition thereto, the General Partner may require such other documentation as necessary, including appropriate opinions of legal counsel, as it deems necessary in its sole
discretion, to ensure that such Transfer complies with the applicable requirements of this Unit Designation and applicable law, and (iii) unless waived by the General Partner in its sole discretion, no Transfer of Class A Preferred Units
other than by DSO or a Related Party of DSO shall be permitted unless the transferor or the proposed transferee shall have undertaken to pay all reasonable expenses incurred by the Partnership or its Affiliates in connection therewith. 

14. Right of First Refusal. In the event that a holder of Class A Preferred Units (other than DSO or a Related Party of DSO)
(the “Seller”) receives a bona-fide offer for the sale of any or all of such holder’s Class A Preferred Units (the “Offered Securities”), the Seller shall first
offer to sell the Offered Securities to DSO or his designee(s) pursuant to a written notice (the “ROFR Notice”) provided to DSO, which notice shall include: (i) a description of the transaction being proposed,
(ii) the identity of the offeror (“Third Party Buyer”), (iii) the purchase price proposed and the manner of payment thereof and (iv) a term sheet setting forth the material terms and conditions of the
offer and a copy of the proposed agreement, if any. Within twenty (20) days of receiving the ROFR Notice, DSO must either accept or decline the offer and if DSO neither accepts nor declines the offer within such twenty (20) day period, the
offer will be considered declined. If the offer is declined by DSO, (i) the Seller shall next offer to sell the Offered Securities to the General Partner, on behalf of the Partnership, pursuant to a ROFR Notice and otherwise on the terms
specified in the foregoing sentence, and (ii) if the General Partner declines such offer, the Seller will have the right to sell the Offered Securities to the person specified in the offer 

  
 136 

 
at a price and on terms and conditions no less favorable to the Seller than the price and terms and conditions set out in the ROFR Notice. If the sale to the Third Party Buyer is not completed
within sixty (60) days after the General Partner declines the offer, this Section 14 shall again become applicable as if the offer had not been made. 

15. No Preemptive Rights. Unless otherwise determined by the General Partner and the Holders’ Committee, no holders of the
Class A Preferred Units will, as holders of Class A Preferred Units, have any preemptive rights to purchase or subscribe for Common Units or any other security of the Partnership. 

16. Notices. Any notices required or permitted to be given to a holder of Preferred Units hereunder may be given by mail or other
means of written communication, including by electronic mail or other means of electronic transmission, to the address or other applicable contact details maintained for such holder in the books and records of the Partnership. 

17. Severability of Provisions. If any right, preference or limitation of the Class A Preferred Units set forth in this Unit
Designation (as this Unit Designation may be amended from time to time) is invalid, unlawful or incapable of being enforced by reason of any rule or law or public policy, all other rights, preferences and limitations set forth in this Unit
Designation, which can be given effect without the invalid, unlawful or unenforceable right, preference or limitation shall nevertheless remain in full force and effect, and no right, preference or limitation herein set forth be deemed dependent
upon any such other right, preference or limitation unless so expressed herein. 
 18. Reporting.  

(a) Commencing with (1) the quarter ended December 31, 2018, no later than (A) 45 days following the end of each of the
Company’s first three fiscal quarters (such date, the “Quarterly Delivery Date”) and (B) 90 days following the end of the Company’s fiscal year (such date, the “Year End Delivery Date”), the
General Partner shall deliver to the Holders’ Committee a statement setting forth the General Partner’s good faith determination of the Economic Income, Committed Cash, Discretionary Reserve, Free Cash Balance, Accrued Unrecognized
Incentive, Designated Accrued Unrecognized Incentive, Net Accrued Unrecognized Incentive, Designated Proceeds and proceeds from Asset Sales for such period with each determination presented on its own line item with supporting details and back-up data and reasonable supporting documentation with respect thereto and (2) fiscal year 2020 (with respect to Preceding Year 2019), no later than the 90th day of the fiscal year immediately following any
Preceding Year (the “Excess Distributable Earnings Delivery Date”), the General Partner shall deliver to the Holders’ Committee a statement setting forth the General Partner’s good faith determination of the Excess
Distributable Earnings for such Preceding Year and reasonable supporting documentation with respect thereto, provided that with respect to Preceding Year 2019 such statement need not be provided prior to March 31, 2020. 

(b) The statements provided pursuant to clause 18(a) above shall be consistent with the amounts reported in the Company’s annual and
quarterly reports filed by the Company with the Securities and Exchange Commission. 

  
 137 

 (c) So long as any Operating Group Class A Units are outstanding, to the extent the
Company is no longer required to file quarterly or annual reports with the Securities and Exchange Commission, the Company shall continue to have its year end consolidated balance and the related consolidated statements of operations,
shareholders’ equity and cash flows audited by independent certified public accountants of recognized national standing selected by the Company (such audited consolidated balance and related statements of operations, shareholders’ equity
and cash flows, the “Audited Financial Statements”) and the Company shall be obligated to deliver the Audited Financial Statements to the Holders’ Committee by each Quarterly Delivery Date, Year End Delivery Date and
Excess Distributable Earnings Delivery Date, as applicable. 
 19. Determination of Amounts. The Company and the Operating
Partnerships on the one hand, and each holder of the Class A Preferred Units on the other hand, hereby agree that any calculations in connection with the mandatory redemption provisions of Section 6, including, but not limited to, the
Discretionary Basket, calculations of Economic Income (including the methodology set forth on Schedule A hereto), Committed Cash, Total Cash and Free Cash Balance shall be calculated without duplication; provided further that amounts
described in the definition of Committed Cash shall be calculated without duplication with respect to any amounts described in the definition of Economic Income. 

20. Accounting Terms. Notwithstanding any other provision contained herein, for purposes of Section 9(c) and
Section 9(d) of this Unit Designation only, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts, definitions and covenants referred to herein shall be made (i) without giving
effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company, the
Operating Partnerships or any of their respective Subsidiaries at “fair value,” as defined therein, and (ii) without giving effect to proposed Accounting Standards Update (ASU) Leases (Topic 840) issued August 17, 2010, (Topic
842) issued May 16, 2013, any successor proposal, any implementation thereof, any oral or public deliberations by the Financial Accounting Standards Board regarding the foregoing, or any other change in GAAP that would require the obligations
of a Person in respect of an operating lease or a lease that would be treated as an operating lease prior to such change to be recharacterized as a Capital Lease or Capital Lease Obligations (each as defined in the Senior Credit Facility). 

21. Reimbursement of Certain Amounts. The Company and the Operating Partnerships shall reimburse the holders of the Class A
Preferred Units with respect to any reasonable fees and expenses (including reasonable attorneys’ fees and expenses) incurred by such holders in connection with protecting the interests or enforcing the rights of the Class A Preferred
Units. 
 22. Determination of Certain Terms. For the purposes of determining any monetary basket, cap or limitation
described in this Unit Designation, the Company and the Partnership agree that such monetary basket, cap or limitation shall be determined on a consolidated basis with respect to the Company, the Operating Partnerships and their Subsidiaries (and
for the avoidance of doubt, any Operating Group Entities formed in the future and their Subsidiaries), taken as a whole. 
 [Signature Page
Follows] 

  
 138 

 IN WITNESS WHEREOF, this Unit Designation has been duly executed as of the date first above
written. 
  

			
	OZ ADVISORS LP
	
	By: OCH-ZIFF HOLDING CORPORATION,
		 	its general partner
	
	By:     /s/ Thomas
Sipp                                         
   
	Name: Thomas Sipp
	Title: Chief Financial Officer
	
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC, as to Section 3(b)(ii), Section 6(a), Section 6(c), Section 9(a), Section 9(b),
Section 9(c), Section 9(d), Section 9(e), Section 9(f), Section 9(g), Section 10(d), Section 10(e), Section 10(f), Section 18(c), Section 19, Section 20, Section 21 and Section 22
only
	
	By:     /s/ Thomas
Sipp                                         
   
	Name: Thomas Sipp
	Title: CFO and Executive Managing Director

  
 139 

 SCHEDULE A 

Economic Income is a measure of pre-tax operating performance that excludes the following from our results on a GAAP
basis: 
  

	 	•	 	 Income allocations to our executive managing directors on their direct interests in the Oz Operating Group.
Management reviews operating performance at the Oz Operating Group level, where substantially all of our operations are performed, prior to making any income allocations. 

 

	 	•	 	 Equity-based compensation expenses, depreciation and amortization expenses, changes in the tax receivable
agreement liability, net gains and losses on early retirement of debt financing arrangements, unrealized gains and losses related to changes in the fair value of financing arrangements, gains and losses on fixed assets, and net gains and losses on
investments in funds, as management does not consider these items to be reflective of operating performance. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time
of settlement. 

  

	 	•	 	 Amounts related to the consolidated funds, including the related eliminations of management fees and incentive
income, as management reviews the total amount of management fees and incentive income earned in relation to total assets under management and fund performance. 

In addition, expenses related to incentive income profit-sharing arrangements are generally recognized at the same time the related incentive income revenue
is recognized, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund. Further, deferred cash compensation is expensed in full in the year granted for
Economic Income, rather than over the service period for GAAP. 

 EXHIBIT A - FORM OF CONVERSION NOTICE 

Re: Notice of Conversion (“Notice”) of Class A Preferred Units issued by OZ Advisors LP 

Reference is made to the Unit Designation of the Preferences and Relative, Participating, Optional, and Other Special Rights, Powers and
Duties of Class A Cumulative Preferred Units, dated February 7, 2019 (the “Unit Designation”), relating to the Operating Group Class A Preferred Units issued by OZ Advisors LP. Capitalized terms used but not defined in this
Notice shall have the meanings given such terms in the Unit Designation. 
 This Notice is being delivered pursuant to Section 7(a) of
the Unit Designation. The undersigned hereby elects to convert the Class A Preferred Units that it owns, subject to the conversion procedures set forth in Section 7(a) of the Unit Designation into Advisors Incremental Loans on the Exchange
Date. 
 Additionally, the undersigned hereby: (i) acknowledges that the undersigned has received and reviewed a copy of the Senior
Subordinated Loan Agreement and (ii) agrees that upon execution of this Notice and the consummation of the exchange described in Article 7 of the Unit Designation, the undersigned shall become a party to the Senior Subordinated Loan Agreement
and shall be fully bound by, and subject to, all of the covenants, terms, representations, warranties and conditions of the Senior Subordinated Loan Agreement as though an original party thereto and shall become a “Lender” as provided
thereunder. 
 The undersigned, being a holder of Class A Preferred Units pursuant to the Unit Designation, hereby executes this
Conversion Notice. 
 [Unit Holder] 
  

	
	  

	     Name:

	     Title:

 Exhibit D: Form of Conversion Election Notice 

CONVERSION ELECTION NOTICE 
  

	To:	 Och-Ziff Holding Corporation 

Och-Ziff Holding LLC 

9 West 57th Street 
 New York, NY
10019 
 Attention:
                     
 The
undersigned holder of Class D Common Units in OZ Management LP (“OZM”), OZ Advisors LP (“OZA”) and OZ Advisors II LP (“OZAII” and, together with OZM and OZA, the
“Partnerships”) hereby irrevocably makes the election specified below in accordance with Section 3.1(e) of the limited partnership agreement of each of the Partnerships (as amended or supplemented from time to time, the
“LPAs”) dated as of February 7, 2019 (the “Recapitalization Date”). All capitalized terms used in this Conversion Election Notice (this “Election Notice”) and not otherwise defined herein shall
have the respective meanings ascribed thereto in the LPAs. 
 The undersigned hereby acknowledges, represents, warrants and agrees that:
(i) on the Recapitalization Date, each Class D Common Unit of the undersigned (the “Pre-Merger Class D Common Units”) was converted into one Conversion
Class D Common Unit and one Conversion Class E-2 Common Unit (the “Conversion Units”); (ii) the undersigned has the right to elect to either: (A) retain all of such
Conversion Class D Common Units or (B) retain all of such Conversion Class E-2 Common Units but that, following the Conversion Class E-2 Notice Date,
the undersigned shall solely retain either the Conversion Class D Common Units or solely retain the Conversion Class E-2 Common Units and the Conversion Units that the undersigned does not elect to
retain will be automatically cancelled as of the close of business on the Conversion Class E-2 Notice Date as provided in Section 3.1(e) of each of the LPAs; (iii) the undersigned has, and at
the date of election will have, the full right, power and authority to elect which class of Conversion Units to retain as provided herein; and (iv) the undersigned has obtained the consent or approval of all persons and entities, if any, having
the right to consent to or approve such election. 
 The Conversion Units that will be retained by the undersigned as of the Conversion Class E-2 Notice Date pursuant to this Election Notice are subject to the terms and conditions of the LPAs, including, but not limited to, the vesting and forfeiture terms set forth therein, and the undersigned
hereby agrees and acknowledges that the retention of such Conversion Units is subject to, and conditional on, compliance with the conditions specified in the LPAs. If the undersigned retains the Conversion Class D Common Units, they remain
subject to the same vesting schedule as the Pre-Merger Class D Common Units. For a description of the vesting terms applicable to the Conversion Class E-2
Common Units, see Exhibit E-2 of the respective LPA. 
 In addition, the undersigned hereby agrees
and acknowledges that retention of the applicable class of Conversion Units is subject to, and conditional on, the undersigned’s execution and delivery to OZM of a Consent to Recapitalization, substantially in the form attached hereto as
Annex A (the “Consent to Recapitalization”) (and, if applicable, the delivery of a substantially similar Consent to Recapitalization with respect to any of the undersigned’s Related Trusts (as defined in the Consent to
Recapitalization) and, if the undersigned is a Related Trust, the applicable Individual Limited Partner). 

 The undersigned hereby elects to retain: 

 

					
	                            	  	All Conversion Class D Common Units; or	  	
			
	                            	  	All Conversion Class E-2 Common Units.	  	

									
				
	Name of Holder:	  	  
	  		  	
				
	Dated:	  	  
	  		  	

											
				
	  
 (Signature of
Holder)
	  		  		  	
				
	  
 (Street
Address)
	  		  		  	
				
	  

(City)                         
                           (State)             
                                     (Zip Code)
	  		  		  	

 Annex A 

Consent to Recapitalization 

Exhibit 10.11 
 EXECUTION
VERSION 
  
 

 
 February 7, 2019 
 Dear
Securityholders of the Operating Partnerships: 
 As previously disclosed, on December 6, 2018, Och-Ziff
Capital Management Group LLC (the “Company”), OZ Management LP (“OZM”), OZ Advisors LP (“OZA”), OZ Advisors II LP (collectively with OZM and OZA, the “Operating Partnerships”), Och-Ziff Holding Corporation (“OZ Holding Corporation”), Och-Ziff Holding LLC (“OZ Holding LLC”) and Daniel S. Och entered into a letter
agreement (together with the term sheet attached thereto, each as amended pursuant to the amendments attached to the Information Statement (as defined below), the “Agreement”). The Company, the Operating Partnerships, OZ Holding
Corporation and OZ Holding LLC are referred to, collectively, as the “Oz Parties.” The Agreement contemplates the transactions described in the Omnibus Confidential Information Statement Regarding Proposed Recapitalization of the
Company and Certain of its Subsidiaries (the “Information Statement” and such transactions, collectively, the “Recapitalization”). As described in more detail in the Information Statement, the Recapitalization
includes, among other things, a recapitalization of certain equity interests in the Operating Partnerships (such recapitalization as applied to holders of Class A Units (as defined below) in their capacity as such, the
“Class A Unit Reallocation”); a distribution holiday on certain units of the Operating Partnerships during which the Operating Partnerships will not make any distributions in respect of such units (the
“Distribution Holiday”); the expected forfeiture of approximately 750,000 Class A Units owned by holders (the “Preferred Unitholders”) of the existing preferred units of the Operating Partnerships (the
“Preferred Units”) (with such forfeiture, if consented to by a Preferred Unitholder, being made pro rata based on the number of Preferred Units owned by each such Preferred Unitholder who also holds Class A Units in relation to
such Class A Units (the “Class A Unit Forfeiture”)); entry by members of senior management of the Company into certain binding employment arrangements; restructuring of the existing Preferred Units into debt
(the “New Debt Securities”) and new preferred equity securities (the “New Preferred Securities”); an amendment (the “TRA Amendment”) to the Amended and Restated Tax Receivable Agreement (the
“TRA”), dated as of January 12, 2009, by and among the Company, OZ Holding Corporation, OZ Holding LLC, the Operating Partnerships and their current and former limited partners party thereto providing for (among other things)
the waiver of certain tax receivable payments for the 2017 and 2018 tax years (with certain exceptions described in the Information Statement and the Agreement) and the reduction of certain tax receivable payments in respect of the 2019 and
subsequent tax years (as described in the Information Statement and the Agreement); the waiver by Mr. Och of his right to reallocate (and, under certain circumstances, be reissued) certain units cancelled pursuant to the Cancellation,
Reallocation and Grant Agreement, dated March 28, 2018; the redemption of Mr. Och’s liquid balances in the Company funds; the Company’s intent to change its tax classification from a partnership to a corporation; and certain
corporate governance changes (in each case, which transactions will be effected by certain implementing agreements substantially on the terms of the Agreement (the “Implementation Agreements”)). For purposes of this letter (this
“Consent”), “Class A Units” shall mean Class A common units in the Operating Partnerships. 

 The Nominating, Corporate Governance and Conflicts Committee (the “Conflicts Committee”) of
the Board of Directors of the Company (the “Board”) unanimously approved the terms of the Agreement and unanimously recommended that the Board approve the terms of the Agreement. The Board (with Mr. Och recusing himself),
acting on the unanimous recommendation of the Conflicts Committee, approved the terms of the Agreement. While the support, consent or approval of a majority of the Class A Units owned by holders of Class A Units not including any
Class A Units held by Mr. Och or any holder of Class A Units that will receive Class E common units in the Operating Partnerships in the Recapitalization (the “Minority Class A Holders”) is not
required by law or otherwise to effect the Recapitalization, including the Class A Unit Reallocation, the Agreement provides that approval of the Recapitalization by the Minority Class A Holders is a condition to the Recapitalization
Closing (as defined below). Each of the Oz Parties represents and warrants that Schedule A attached hereto accurately reflects (i) the number of Class A Units that you will be reallocating as part of the Recapitalization, (ii) the
number of Class A Units and Class A-1 Units (as defined in the Information Statement) that you will own as a result of the Recapitalization, (iii) the amount of New Debt Securities that you will
own as a result of the Recapitalization, (iv) the aggregate liquidation preference of New Preferred Securities that you will own as a result of the Recapitalization and (v) assuming your consent as requested below, the number of your
Class A Units that will be subject to the Class A Unit Forfeiture. To your actual knowledge, the interests set forth on Schedule A attached hereto are held directly by the signatory to this Consent. 

Consent 
 In accordance with the terms of the Agreement,
the Oz Parties hereby request your irrevocable consent to the Recapitalization, in all of your capacities as it relates to the Oz Parties and their respective subsidiaries (the “Oz Group”) to the extent of your interests in the Oz
Group and any agreements relating thereto that you are a party to, including, without limitation and as applicable, in your capacity as: 

Class A Unitholders – If you hold Class A Units and execute this Consent, then you
will be consenting in your capacity as a holder of Class A Units to the Class A Unit Reallocation and the Distribution Holiday. 

Preferred Unitholders – If you hold Preferred Units and execute this Consent, then you will be consenting in your
capacity as a holder of Preferred Units to the Class A Unit Forfeiture (if you also hold Class A Units) and the restructuring of the existing Preferred Units into New Debt Securities and New Preferred Securities, and (if you also hold
Class A Units), effective upon the Recapitalization Closing, you hereby surrender your pro rata share of the approximately 750,000 Class A Units expected to be forfeited in the Class A Unit Forfeiture. 

TRA Recipients – If you are a recipient of TRA payments under the TRA and execute this Consent, then you will be consenting
in your capacity as a recipient of such payments to the TRA Amendment, in which case you will also deliver an executed consent to the TRA Amendment. 

  
 145 

 Execution and delivery of this Consent also constitutes your consent with respect to the terms and
conditions of all Implementation Agreements that are specifically applicable to you. 
 Conditions 

This Consent will not be effective unless and until each of the following conditions is satisfied or waived in writing by you: 

 

	 	1.	 The entry into definitive Implementation Agreements providing for the Recapitalization Closing, substantially
as described in the Information Statement (including the satisfaction of each of the conditions described therein, except for the waiver by the parties to the Agreement of any conditions that would not adversely affect in any material respect the
holders of Class A Units) has occurred no later than February 28, 2019. 

  

	 	2.	 The receipt by the Oz Parties of (a) a consent in substantially the form attached as Exhibit D-1 (and in the case of Mr. Och’s Related Trusts (as defined below), in substantially the form attached as Exhibit D-2) (the “DO Consent”) of the
Information Statement executed by Mr. Och and each of his Related Trusts (collectively with Mr. Och’s affiliates, the “DO Parties”), including substantially the same indemnification and release provisions and the
unconditional and irrevocable surrender of the DO Parties’ pro rata share of the approximately 750,000 Class A Units expected to be forfeited in the Class A Unit Forfeiture and (b) letters on substantially the same terms as this
Consent executed by a majority of the Minority Class A Holders. 

  

	 	3.	 The receipt and review of forms of the following Implementation Agreements (in substantially the form that are
to be entered into) in form and substance reasonably satisfactory to you: (a) Form of Amended and Restated Limited Partnership Agreement, (b) Form of Agreement and Plan of Merger, (c) Form of Unit Designation of the Preferences and
Relative, Participating, Optional, and Other Special Rights, Powers and Duties of Class A Cumulative Preferred Units, (d) Senior Subordinated Term Loan and Guaranty Agreement, (e) Governance Agreement, (f) TRA Amendment,
(g) Amended and Restated Exchange Agreement and (h) Amended and Restated Registration Rights Agreement. 

  

	 	4.	 The furnishing by the Company of a copy of an opinion from Skadden, Arps, Slate, Meagher & Flom LLP
(“Skadden Arps”) addressed to the Company, dated as of the date of the Recapitalization Closing, regarding the IRS respecting the income reallocation during the Distribution Holiday (with such condition applying solely in the event
of the prior execution and delivery by you of a common interest agreement and non-reliance agreement in the form provided by Skadden Arps). 

  
 146 

 Agreements 

Each of the Oz Parties hereby unconditionally and irrevocably represents, warrants, acknowledges, and agrees with you, as follows: 

 

	 	1.	 At the Recapitalization Closing, the transactions described in the Information Statement as to be consummated
at the Recapitalization Closing shall be consummated as described therein in all material respects. From and after the Recapitalization Closing until the end of the Distribution Holiday, without the approval of holders of a majority of the
Class A Units (not including any Class A Units held by the DO Parties), the DO Consent shall not be amended or modified, or any provisions thereof waived, by any of the Oz Parties, which amendment, modification or waiver would provide more
favorable treatment to any of the DO Parties than the treatment set forth in this Consent, unless the same more favorable treatment is simultaneously and unconditionally provided to you. The DO Consent in substantially the form of Exhibit D-1 and D-2 to the Information Statement, constitute the only agreements, arrangements or understandings regarding indemnification, release, consent or approval that any of
the DO Parties (in their capacity as holders of Class A Units and as TRA recipients) are providing or are being provided in connection with the Recapitalization. 

 

	 	2.	 Any consent to any of the transactions referenced in this letter is not a recommendation of any sort to any
person and may not be relied upon by any person other than the Oz Group. 

  

	 	3.	 None of the Oz Group will, and each such entity will cause their affiliates and representatives not to,
identify you by name to any person, or publicly, in connection with the fact that you have executed (or not executed) this Consent, without your prior written consent, except as may be required by law, rule or regulation (including the rules and
regulations of a national securities exchange) (other than such disclosure to other individuals that are being asked to sign a substantially similar consent). 

Representations and Warranties 
 Each party hereto hereby
represents and warrants to each of the other parties hereto and their Representatives (as defined below) that as of the date hereof: (i) such party has the power and authority to execute and deliver this Consent and to carry out its obligations
hereunder, (ii) the execution, delivery and performance by such party of this Consent and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such party, (iii) the
execution, delivery and performance by such party of this Consent and the consummation of the transactions contemplated hereby will not (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event
which, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration of, or result in the creation of, any
lien upon any of the properties or assets of such party under any of the terms, conditions or provisions of (1) its certificate of formation, limited partnership agreement or similar organizational documents, as applicable, or (2) any
note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such party is a party, or (B) violate any statute, rule or regulation or any judgment, ruling, order, writ, injunction or
decree applicable to such party except, (x) in the case of clause (iii)(A)(1), for those occurrences that, individually or in the aggregate, would not be material to such party and, if applicable, its subsidiaries, taken as a whole, and
(y) in the case of clause (iii)(A)(2) and clause (iii)(B), for those occurrences that, individually or in the aggregate, have not had and would not be reasonably expected to have a material adverse effect on such party and, if applicable, its
subsidiaries, taken as a whole, (iv) this Consent constitutes 

  
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 the legal, valid and binding obligations of such party enforceable against such party in accordance with its
terms (except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles), (v) no notice to, declaration or filing with,
or consent or approval of, any governmental entity or third party is required by or with respect to such party in connection with the execution of this Consent or the consummation of the Recapitalization other than filings in respect of applicable
securities laws, in each case, except as would not, individually or in the aggregate, have had or be reasonably expected to have a material adverse effect on such party and, if applicable, its subsidiaries, taken as a whole, (vi) in connection
with the Recapitalization Closing, no member of the Oz Group is entering into, or will enter into, any agreement, arrangement or understanding with any of the DO Parties, that contemplates or provides (or is reasonably likely to provide) a material
financial benefit to any of the DO Parties, other than as disclosed in the Information Statement or in any document attached to or circulated with the Information Statement and (vii) except for the representations and warranties contained in
this Consent or, in the case of the parties thereto, the Implementation Agreements, such party acknowledges that no other party hereto is making or has made any representation or warranty (whether express or implied) in connection with this Consent
or the transactions contemplated hereby. 
 Each of the Oz Parties hereby represents and warrants to you that, with respect to the Class A Units, the
Preferred Units, the TRA, the Class A Unit Forfeiture, the New Debt Securities, and the New Preferred Securities, the treatment (and terms and conditions) applicable to any of the DO Parties in connection with the Recapitalization will be no
more favorable to any of the DO Parties (other than in de minimis respects) than the treatment (and terms and conditions) applicable to any other holder or recipient thereof. For the avoidance of doubt, the representation and warranty in this
paragraph does not address other interests that the DO Parties may have in the Recapitalization, as described in more detail in the Information Statement (including the Interests of Certain Persons section of the Information Statement). 

Indemnification and Release 
 In furtherance of the
parties’ desire that each person delivering a consent (and their applicable related parties, including Related Trusts (as defined below)), including for the avoidance of doubt Daniel S. Och (including his Related Trusts that hold units in the
Operating Partnerships (together with Mr. Och, the “Och Parties”)), who is delivering a consent, will release, and will be released by, each member of the Oz Group, the Board and each other active and former executive managing
director that delivers a consent (and their applicable related parties), the parties hereby agree as follows: 
 Effective upon the entry into definitive
Implementation Agreements providing for the Recapitalization (with the simultaneous consummation of the applicable transactions to be consummated upon such entry) (currently expected to occur no later than February 8, 2019) (the
“Recapitalization Closing”), but expressly conditioned upon the execution and delivery of this Consent by you, (i) each member of the Oz Group, (ii) the Board, and (iii) the Och Parties and the Oz Group’s active
and former executive managing directors (and each of their related trusts, if any, that hold units in the Operating Partnerships (the “Related Trusts”)) that deliver an executed consent, in each case containing substantially the
same indemnification and release provisions contained in this Indemnification and Release section (the “Participating Oz Parties”) (for clarification, the releases contemplated 

  
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 by clause (ii) will be effected pursuant to release provisions in separate release agreements and
clause (iii) will be effected pursuant to release provisions in separate agreements in substantially the form attached as Exhibit D-1 to the Information Statement (and with respect to any Related Trust in
substantially the form attached as Exhibit D-2 to the Information Statement)) and their trustees and any of the respective affiliates, successors, assigns, executors, heirs, officers, directors, managers,
partners, employees, agents and representatives of any of the foregoing (“Representatives”) (collectively, each of (i) through (iii) and their respective Representatives, but for the avoidance of doubt, excluding (x) any
active or former executive managing director or Related Trust that is not a Participating Oz Party and (y) Representatives of the parties in clause (x), the “Oz Release Parties”), irrevocably, unconditionally, knowingly and
voluntarily releases, acquits, remises, discharges and forever waives and relinquishes all Claims (as defined below) which any of the Oz Release Parties ever had, has, can have, or might have now or in the future, for, upon or by reason of any
matter, cause or thing whatsoever, whether in law or in equity, against you and/or any of your Representatives (collectively, the “Consenting Partner Release Parties”), arising out of, relating to, based upon or resulting from the
Recapitalization or any act or omission with respect to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17, 2018 and ending at the Recapitalization Closing, in
each case, other than to enforce any express rights under an agreement to which any Oz Release Party or any Consenting Partner Release Party is a party or an express third-party beneficiary thereof arising after the Recapitalization Closing
(including, without limitation, any Claims pursuant to the express terms of, or to enforce, this Consent and/or the Implementation Agreements, whether for indemnification, breach or otherwise) (the “Consenting Partner Released
Claims”). For the avoidance of doubt, (A) this release shall not extend to and expressly excludes any Claims other than the Consenting Partner Released Claims, each of which is hereby expressly preserved, and (B) no Consenting
Partner Release Party who is currently an employee, officer, manager, partner and/or director of the Company or any member of the Oz Group (or the predecessors thereof) shall cease to be a Consenting Partner Release Party should they cease to serve
in such position for any reason. 
 For the avoidance of doubt, the failure of any active or former executive managing director who is not a party to this
Consent to enter into a consent in substantially the form attached as Exhibit D-1 to the Information Statement (and with respect to any Related Trust, the failure of such Related Trust to enter into a consent
in substantially the form attached as Exhibit D-2 to the Information Statement), may result in such active or former executive managing director (or Related Trust) failing to qualify as an Oz Release Party for
purposes of this Consent but shall not otherwise invalidate this Consent or any other consent delivered by another person. 
 Effective upon the
Recapitalization Closing, but expressly conditioned upon the execution and delivery of a consent containing release provisions in substantially the same form by each of the Participating Oz Parties (and as to which the Consenting Partner Release
Parties are intended third party beneficiaries), each of the Consenting Partner Release Parties irrevocably, unconditionally, knowingly and voluntarily releases, acquits, remises, discharges and forever waives and relinquishes all Claims which any
of the Consenting Partner Release Parties ever had, has, can have, or might have now or in the future, for, upon or by reason of any matter, cause or thing whatsoever, whether in law or in equity, against any of the Oz Release Parties, arising out
of, relating to, based upon or resulting from the Recapitalization or any act or omission with respect to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17,
2018 and ending at the Recapitalization Closing, in 

  
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 each case, other than to enforce any express rights under any agreement to which any Oz Release Party or any
Consenting Partner Release Party is a party or an express third-party beneficiary thereof arising after the Recapitalization Closing (including, without limitation, any Claims pursuant to the express terms of, or to enforce, this Consent and/or any
Implementation Agreement, whether for indemnification, breach or otherwise) (the “Oz Released Claims”). For the avoidance of doubt, (A) this release shall not extend to and expressly excludes any Claims other than the Oz
Released Claims, each of which is hereby expressly preserved, and (B) no Oz Release Party who is currently an employee, officer, manager, partner and/or director of the Company or any member of the Oz Group (or the predecessors thereof) shall
cease to be an Oz Release Party should they cease to serve in such position for any reason. 
 “Claim” shall mean any actual, potential or
threatened claim, counterclaim, action, investigation, arbitration or other alternative dispute resolution mechanism, appeal, inquiry, inspection, audit, examination, proceeding, cause of action in law or in equity, suit, lien, liability, debt due,
sum of money, demand, obligation, accounting, damage, financial obligations, charges, rights, damages, loss, cost or expense, attorneys’ fees and liabilities of any kind or nature whatsoever, known or unknown, contingent or non-contingent, suspected or unsuspected, whether arising under state, federal or other law, or based on common law, statutory law, regulations, equity or otherwise, including, without limitation, any claim based on
alleged breach of contract, breach of fiduciary duty, breach of duty of confidentiality, undue influence, incapacity, fraud, fraudulent inducement, negligent misrepresentation, unjust enrichment or other legal duty, legal fault, offense,
quasi-offense or any other theory. 
 The Oz Release Parties and the Consenting Partner Release Parties acknowledge that the laws of many states provide
substantially the following: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED
HIS OR HER SETTLEMENT WITH THE DEBTOR.” The Oz Release Parties and the Consenting Partner Release Parties acknowledge that such provisions are designed to protect a person from waiving Claims that it does not know exist or may exist.
Nonetheless, the Oz Release Parties and the Consenting Partner Release Parties agree that, effective as of the Recapitalization Closing, the Oz Release Parties and the Consenting Partner Release Parties shall be deemed to waive any protections
provided by such provisions to the fullest extent permitted by law and shall not institute any legal proceedings based upon, arising out of, or relating to any of the Claims released pursuant to this Consent, whether known or unknown at the time of
executing this Consent. 
 It is expressly agreed that (i) the Oz Release Parties and Consenting Partner Release Parties, to the extent they are not
parties to this Consent, shall be intended third party beneficiaries of the release provisions set forth herein, (ii) the Consenting Partner Release Parties, to the extent they are not parties to this Consent, shall be intended third party
beneficiaries of the indemnification provisions set forth herein and (iii) the Representatives of the parties hereto shall be intended third party beneficiaries of the representations set forth herein and, in each case, shall be entitled to
enforce such provisions in the same manner and to the same extent as the parties hereto. In addition, it is acknowledged and agreed that the Consenting Partner Release Parties shall be intended third party beneficiaries of the respective release
provisions (the “Reciprocal Releases”) of each of the applicable consents or similar agreements being delivered by the Oz Release Parties that are not parties to this Consent in the same manner and to the same extent as the Oz
Release 

  
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 Parties thereunder (and for the avoidance of doubt, each Consenting Partner Release Party under this Consent
shall be an Oz Release Party under each of the Reciprocal Releases), and shall be entitled to enforce such release provisions in the same manner and to the same extent as the parties thereto. The Oz Release Parties and Consenting Partner Release
Parties agree to perform all further acts and execute, acknowledge and deliver any documents that may be reasonably necessary to carry out the provisions of this Indemnification and Release section. 

Effective upon the Recapitalization Closing, but expressly conditioned upon your execution and delivery of this Consent, if any Consenting Partner Release
Party becomes involved in any capacity in any Claim brought by any governmental or quasi-governmental agency or entity (including without limitation any city, state, or federal taxing authority) or any person, including stockholders, investors,
former or active executive managing directors (or Related Trusts thereof) of the Oz Group, to the extent arising from, in connection with or as a result of the Recapitalization (other than the Intended Effects (as defined below)), solely in respect
of the period beginning on May 17, 2018, each member of the Oz Group jointly and severally will reimburse or, if so requested by the Consenting Partner Release Parties, advance, or cause to be advanced (within ten business days of such
request), any and all reasonable and documented out-of-pocket legal and other fees and expenses (including the cost of any preparation) incurred in connection therewith
by such Consenting Partner Release Party, provided, however, that such Consenting Partner Release Party shall have given a written undertaking to reimburse the Oz Group in the event it is subsequently determined that such Consenting Partner Release
Party is not entitled to indemnification pursuant to this Consent (the “Expense Reimbursement”). Effective from and after the Recapitalization Closing, but expressly conditioned upon your execution and delivery of this Consent, each
member of the Oz Group shall jointly and severally indemnify the Consenting Partner Release Parties and hold them harmless on an after-tax basis against any and all liabilities, debts, obligations, losses,
damages, Claims, costs or expenses (including costs of investigation and preparation and reasonable and documented out-of-pocket attorneys’ fees and expenses) (but
for the avoidance of doubt, not including any of the transactions contemplated by the Implementation Agreements or the intended effects of the Recapitalization (the “Intended Effects”), including, without limitation, any diminution
in the value of a holder’s securities, loss of value in shares being reallocated or similar matters) (collectively, “Losses”) to any such person to the extent arising out of, relating to, based upon or resulting from the
Recapitalization or any act or omission with respect to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17, 2018, in each case, including, but not limited to,
any such Losses relating to (i) taxes (including any related interest and penalties) resulting from the allocation of net income of the Operating Partnerships to units of the Operating Partnerships other than the Class B Units (as defined
in the Information Statement) during the Distribution Holiday except for (1) any such allocation pursuant to the Book-Up Provisions (as defined in the Amended and Restated Limited Partnership Agreements
of the Operating Partnerships, as amended and restated as of the date of the Recapitalization Closing), (2) taxes resulting from any deemed distribution for U.S. federal income tax purposes with respect to such units of the Operating Partnerships
other than the Class B Units resulting from the reallocation of any nonrecourse liabilities of the Operating Partnerships outstanding at the time of the Recapitalization, and (3) taxes for any period that includes the Distribution Holiday
or any portion thereof for which the Consenting Partner Release Party had granted, or had granted on its behalf, to any taxing authority a waiver or consent extending any statute of limitation for the assessment of taxes for such period, unless the
Consenting Partner Release Party has notified the Oz Group in writing of such waiver or consent within 10 days of their grant (in the case of this clause (3), solely to the extent that the failure to have notified the Oz Group materially 

  
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 prejudices the Oz Group’s ability to contest any assessment of taxes for which it would be required to
indemnify such Consenting Partner Release Party or to make a claim under the Tax Indemnity Policy (as defined below)), (ii) Claims by any other holder of units in the Oz Group against one or more of the Consenting Partner Release Parties,
(iii) Claims by any active or former executive managing director or Related Trust or any other person against one or more of the Consenting Partner Release Parties and (iv) Claims by any holders of Class A Shares (as defined in the
Information Statement) against one or more of the Consenting Partner Release Parties, but in all cases, solely to the extent (x) arising out of, relating to, based upon or resulting from the Recapitalization or any act or omission with respect
to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17, 2018, and (y) other than in the case of Expense Reimbursement, such Losses become payable in a
final and non-appealable order or judgment by a court of competent jurisdiction, a final and binding settlement agreement or, in the case of taxes, pursuant to a determination within the meaning of
Section 1313(a) of the Internal Revenue Code of 1986, as amended (or any comparable provision of state or local tax law), an Internal Revenue Service Form 870 or 870-AD (or successor form) signed by the
Consenting Partner Release Party (or any comparable form under state or local tax law) (for the avoidance of doubt, subject to the applicable restrictions on settlement contained herein) or a settlement or notice of final partnership adjustment that
goes uncontested by the applicable Oz Group member (or any comparable provisions under state or local tax law), and for the avoidance of doubt, in all cases excluding the Intended Effects. All indemnification payments made pursuant to this
Indemnification and Release section shall be paid by the Oz Group on an after tax basis and net of any tax benefits actually realized (in the year of the Loss through and including the year in which the indemnification payment is made) by the
Consenting Partner Release Parties in connection with the matter that is subject to indemnification and any amounts relating to Claims that are actually received by the Consenting Partner Release Parties under insurance policies, indemnities,
reimbursement arrangements or contracts (including with respect to any breaches thereof), and the Consenting Partner Release Parties shall be required to take commercially reasonable steps to obtain recovery under such insurance policies,
indemnities, reimbursement arrangements or contracts. The Consenting Partner Release Parties and the Oz Group shall cooperate in connection with any matters in which indemnification has been or may be sought pursuant to this Indemnification and
Release section and shall each furnish any records and other information as may be reasonably requested by the other party in connection therewith, except for confidential tax information and except to the extent such records or other information is
subject to the attorney-client or other similar privilege that would be waived (in whole or in part) as a result of such furnishing (in which case the Consenting Partner Release Parties shall use reasonable best efforts to implement alternative
arrangements to (i) furnish such tax information on a redacted or other similar basis to eliminate confidential information and (ii) furnish any other records and other information to the extent permissible without waiving the
attorney-client or other similar privilege); provided that any tax information needed in order for the Oz Group to ascertain the amount of the Loss and determine the amount of the required indemnification payment shall be deemed not to be
confidential; provided further that the Oz Group shall keep all such tax information confidential to the extent permitted by law. Without limiting the foregoing, the Consenting Partner Release Parties shall (i) promptly inform the Oz Group of
any communication (or any other correspondence) received from, or given to, any applicable governmental, quasi-governmental agency or other person in connection with any matter which is or would reasonably be expected to be subject to
indemnification hereunder, (ii) permit the Oz Group to review in advance any proposed communication by such party to any such person to the extent 

  
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 relating thereto and incorporate the Oz Group’s reasonable comments, and (iii) as requested by the
Oz Group and permitted by law, permit the Oz Group to participate in any applicable meetings or discussions with such person to the extent relating thereto, in the case of each of clauses (i)-(iii), to the extent such actions would not result in any
waiver of any attorney-client or other similar privilege of such Consenting Partner Release Party (subject to the obligations of the Consenting Partner Release Parties set forth in the immediately preceding sentence). 

In the event of a proceeding or other Claim against a Consenting Partner Release Party involving a third party for which indemnification or advancement of
fees and expenses may be required hereunder (a “Third Party Claim”), you shall promptly (but in the case of a Third Party Claim relating to taxes, in no event later than 10 days following notice thereof) notify the Oz Group in
writing and provide information as the Oz Group may reasonably request provided that a delay in notice shall not affect the Oz Group’s liability except to the extent it is materially prejudiced thereby. The Oz Group shall be entitled to
participate in the defense of such Third Party Claim at its expense, and, other than with respect to such Claims related to taxes which shall be subject to the procedures set forth below, at its option shall be entitled to assume the defense thereof
with counsel selected by the Oz Group that is reasonably acceptable to you (it being acknowledged and agreed that for purposes of this section Skadden, Arps, Slate, Meagher & Flom LLP is deemed reasonably acceptable to you). If
(i) such Third Party Claim relates to or arises in connection with any criminal proceeding brought by any governmental or quasi-governmental agency or entity, or (ii) such Third Party Claim seeks an injunction or equitable relief against
you, then the Oz Group and each Indemnified Party Group (as defined below) (as represented by such group’s Permitted Counsel (as defined below), at the Oz Group’s expense (to the extent reasonable, documented and out-of-pocket) shall jointly control such Third Party Claim and, to the extent included as indemnified parties pursuant to this Consent or a separate consent delivered in
connection with the Recapitalization (“Indemnified Parties”), (A) Indemnified Parties that are DO Parties or their Representatives as a group shall be entitled to retain one separate counsel reasonably acceptable to the Oz Group (it being
acknowledged and agreed that for purposes of this section Paul, Weiss, Rifkind, Wharton & Garrison LLP is deemed reasonably acceptable to the Oz Group), (B) the applicable Indemnified Parties that are active executive managing directors or
their Representatives as a group shall be entitled to retain one separate counsel reasonably acceptable to the Oz Group (it being acknowledged and agreed that for purposes of this section Proskauer Rose LLP is deemed reasonably acceptable to the Oz
Group) and (C) any other applicable Indemnified Parties as a group shall be entitled to retain one separate counsel reasonably acceptable to the Oz Group (it being acknowledged and agreed that for purposes of this section Paul Hastings LLP is
deemed reasonably acceptable to the Oz Group), in each case, to jointly control such Third Party Claim (plus, in each of (A), (B) and (C), if applicable, each of the Indemnified Party Groups shall be entitled to retain one local counsel reasonably
acceptable to the Oz Group in any applicable jurisdiction in respect of any particular Claim for the applicable Indemnified Parties) at the Oz Group’s expense (to the extent reasonable, documented and out-of-pocket) (the groups of Indemnified Parties in each of (A), (B) and (C), the “Indemnified Party Groups” and the applicable counsel for each such group, the “Permitted
Counsel”). Notwithstanding the foregoing, if your counsel advises you in writing that representation by the same counsel would be inappropriate under applicable standards of professional conduct due to a material conflict of interest that
exists or would reasonably be expected to arise in the event the Oz Group elects to control or defend any Third Party Claim, then each Indemnified Party Group (as represented by such group’s 

  
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 Permitted Counsel, at the Oz Group’s expense (to the extent reasonable, documented and out-of-pocket)) shall be entitled to control their own defense of such Third Party Claim; provided, however that the Oz Group shall be entitled to participate in the defense
of such Third Party Claim at its expense. For the avoidance of doubt, none of the consummation of the Recapitalization transactions or the execution of this Consent (including the indemnification and release provisions hereof), shall constitute, in
and of themselves, a conflict for purposes of the foregoing sentence. 
 In the case of any Third Party Claim consisting of an audit, examination, or other
proceeding of any taxes or tax returns of a Consenting Partner Release Party, (i) if the applicable audit, examination or other proceeding includes other tax matters of the Consenting Partner Release Party besides the Third Party Claim, then
the Consenting Partner Release Party shall use commercially reasonable efforts (which shall not include settlement on terms not agreeable to you of such other tax matters) to sever the Third Party Claim from all other tax matters, (ii) if the
applicable audit, examination or other proceeding includes solely Third Party Claims or the audit, examination or other proceeding was successfully severed in accordance with the immediately preceding clause (i) to solely include the Third
Party Claim, then the Oz Group at its option shall be entitled to assume the defense thereof with one counsel selected by the Oz Group that is reasonably acceptable to you (it being acknowledged and agreed that for purposes of this section Skadden,
Arps, Slate, Meagher & Flom LLP is deemed reasonably acceptable to you), (iii) if the applicable audit, examination or other proceeding includes other tax matters of the Consenting Partner Release Party besides the Third Party Claim and
cannot be severed in accordance with clause (i), then the Consenting Partner Release Party shall be entitled to retain the defense thereof (at the Consenting Partner Release Party’s expense, except to the extent relating to indemnifiable Losses
hereunder) and if the Consenting Partner Release Party foregoes such defense, the Oz Group shall be entitled to assume the defense thereof with one counsel selected by the Oz Group that is reasonably acceptable to you (it being acknowledged and
agreed that for purposes of this section Skadden, Arps, Slate, Meagher & Flom LLP is deemed reasonably acceptable to you) (at the Consenting Partner Release Party’s expense, except to the extent relating to indemnifiable Losses
hereunder), (iv) (1) to the extent the Oz Group controls such Third Party Claim pursuant to the immediately preceding clauses (i)-(iii) and determines (in consultation with the Consenting Partner Release Party) or (2) to the extent the Oz
Group does not control any such Third Party Claim pursuant to clause (v) below and the Consenting Partner Release Party reasonably determines with the consent of the Oz Group (not to be unreasonably withheld, conditioned or delayed) that any
part of the underlying tax should be paid to the appropriate taxing authority prior to the final resolution of the Third Party Claim, (x) the Oz Group shall advance the Consenting Partner Release Party the amount of such tax (to the extent
indemnifiable hereunder) and the Consenting Partner Release Party shall promptly remit such amount to the appropriate taxing authority, and (y) if such advance exceeds the amount of tax as ultimately determined, the Oz Group shall be entitled
to offset the amount of such excess against any and all amounts otherwise owed to the Consenting Partner Release Party under this Consent or any applicable limited partnership agreement, and the Consenting Partner Release Party shall pay over to the
Oz Group any amount remaining of such excess after such offset, if any, and (v) to the extent the Oz Group does not control any such audit, examination or other proceeding in accordance with the immediately preceding clauses (i)-(iii), the Oz
Group may participate at its own expense and with its own selected counsel in the audit, examination or other proceeding only to the extent applicable to the Third Party Claim and the Consenting Partner Release Party shall only settle such Third
Party Claim with the consent of the Oz Group (not to be unreasonably withheld, conditioned or delayed). For the avoidance of doubt, any tax information of a 

  
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 Consenting Partner Release Party that is included in such a tax audit, examination or other proceeding
controlled by the Oz Group (or in which the Oz Group participates) and that is not relevant to the Third Party Claim will be treated as confidential tax information and not shared with the Oz Group pursuant to the cooperation and information sharing
provisions above and, to the extent any tax information is shared with the Oz Group or its advisors, such information shall be kept confidential to the extent permitted by law. For the further avoidance of doubt, the control, defense, and settlement
of an audit, examination, or other proceeding of any taxes or tax returns of an Operating Partnership shall be governed by the provisions of the applicable limited partnership agreement and Sections 6221-6241 of the Code and the Treasury Regulations
promulgated thereunder. 
 If the Oz Group assumes the defense of a Third Party Claim, the Oz Group shall control the defense and you shall be entitled (at
your own expense) to participate in such defense. If the Oz Group is controlling the defense of any Third Party Claim, then the Oz Group shall be entitled to settle or compromise such Third Party Claim, and you shall agree to such settlement or
compromise; provided, the Oz Group shall obtain your prior written consent (not to be unreasonably withheld, conditioned or delayed) before entering into any such settlement or compromise if (A) the same results in (i) injunctive or other
equitable relief imposed against the applicable indemnified parties or (ii) a finding or admission of guilt, wrongdoing or any violation of law (provided that, for the avoidance of doubt, agreeing to an adjustment of items of income, gain, loss
and deductions in connection with a civil tax settlement shall not be considered such an admission) on the part of the applicable indemnified parties or (B) the applicable indemnified parties are not expressly and unconditionally released from
all liabilities and obligations with respect to such Third Party Claim. While you control defense of a Third Party Claim, the Oz Group shall use commercially reasonable efforts to defend and/or assist in your defense of any claim by a taxing
authority relating to an allocation of income described in clause (i) of the definition of Loss in the prior paragraph. Whether or not the Oz Group assumes the defense of a Third Party Claim, neither you nor any applicable indemnified party
shall admit any liability with respect to, or settle, compromise or discharge (or offer the same), such Third Party Claim without the Oz Group’s prior written consent (not to be unreasonably withheld, conditioned or delayed). In the event of
any legal proceedings brought by you or the Consenting Partner Release Parties for the enforcement of the indemnification and release provisions of this Consent, the reasonable costs and expenses incurred by you and such Consenting Partner Release
Parties (as applicable), on the one hand, and the Oz Release Parties, on the other hand, in connection therewith, including attorney fees and disbursements, and the interest accrued on any amounts owed by the Oz Group pursuant to the terms of the
indemnification and release provisions of this Consent, in each case shall be reimbursed to you and such Consenting Partner Release Parties (as applicable) by the Oz Group solely to the extent you and such Consenting Partner Release Parties (as
applicable) are the prevailing party in such legal proceedings. The indemnification rights of the Consenting Partner Release Parties hereunder shall be in addition to any other indemnification rights the Consenting Partner Release Parties may have
under the Amended and Restated Limited Partnership Agreements of the Operating Partnerships or any existing indemnification agreements with any members of the Oz Group, in each case, without limiting the scope of the releases contained herein. The
Consenting Partner Release Parties acknowledge that the Oz Group is obtaining a Tax Indemnity Policy underwritten by VALE Insurance Partners, LLC (the “Tax Indemnity Policy”) with respect to certain tax aspects of the
Recapitalization. The Consenting Partner Release Parties acknowledge and agree that (i) for purposes of this Consent, the rights of the Oz Group to control or participate in any Third Party Claim involving taxes shall include the right of
control or participation by the applicable insurers under the 

  
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 Tax Indemnity Policy, and (ii) the Consenting Partner Release Parties shall reasonably cooperate with
the Oz Group in any claims by the Oz Group pursuant to the Tax Indemnity Policy (which may include, for the avoidance of doubt but subject to the terms hereof, permitting the applicable insurers thereunder to control or participate in the applicable
Third Party Claim to the extent required by the Tax Indemnity Policy). 
 For the avoidance of doubt, except as previously agreed to by any of the Oz
Parties prior to the date hereof pursuant to an executed engagement letter or the sections entitled “Certain Protections” and “Expenses” in the Agreement, no costs or expenses incurred by any Consenting Partner Release Parties in
connection with the review and negotiation of the Recapitalization and related documentation shall be subject to reimbursement, advancement or indemnification hereunder. 

Delivery Instructions 
 The effectiveness of this Consent,
including the release and the indemnification provisions set forth herein, is subject to the Recapitalization Closing. The Recapitalization Closing remains subject to the satisfaction or waiver of certain closing conditions related thereto, and
there can be no guarantee that the transactions contemplated by the Agreement will be consummated on a timely basis or at all. In the event that for any reason, the Recapitalization does not occur by February 28, 2019, neither you nor the Oz
Parties will have any obligation in respect of this Consent, including the release and indemnification provisions set forth herein, and this Consent shall terminate and be void and of no further force or effect. The execution of this Consent shall
not obligate the Company to consummate the Recapitalization. The Recapitalization Closing may occur if the closing conditions to the Recapitalization are satisfied, even if you do not execute this Consent. If you do not execute and timely deliver
this Consent, you will not be entitled to the benefits of the release and the indemnification provisions set forth herein. 
 Please have a duly
authorized person sign this Consent, returning a copy of your signed Consent by email to David Levine, the Company’s Chief Legal Officer, at David.Levine@ozm.com and mailing the original of your signed Consent to the following address: 

Och-Ziff Capital Management Group LLC 

9 West 57th Street, 39th Floor 

New York, New York 10019 

Attention: Chief Legal Officer 
 We request that
you complete these actions as soon as possible, and in any event no later than February 7, 2019. Should you have any questions concerning the above matters, please do not hesitate to contact David Levine at
david.levine@ozm.com. We appreciate your assistance and thank you in advance for your prompt attention to this matter. 
 Miscellaneous 

This Consent shall be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflict of laws. Each
party hereto (i) irrevocably submits to the jurisdiction of the Court of Chancery of the State of Delaware or, if such court lacks jurisdiction, any Delaware state court or U.S. federal court sitting in Wilmington, Delaware (the
“Selected Courts”) in any action arising out of this Consent, (ii) consents to the service of process by mail and (iii) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, 

  
 156 

 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 THIS CONSENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND
AGREES THAT ANY OF THE PARTIES HERETO MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT BY EACH OF THE PARTIES HERETO IRREVOCABLY TO
WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THE PARTIES HERETO RELATING TO THIS CONSENT OR ANY OF THE CONTEMPLATED TRANSACTIONS AND EACH OF THE PARTIES HERETO AGREES THAT SUCH ACTION WILL INSTEAD BE TRIED IN A COURT OF
COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 This Consent may be executed in counterparts and signatures may be delivered by facsimile
or by e-mail delivery of a “.pdf” format data file, each one of which shall be deemed an original and all of which together shall constitute one and the same Consent. 

The headings and captions herein are inserted for convenience of reference only and are not intended to govern, limit or aid in the construction of any term
or provision hereof. It is the intention of the parties that every covenant, term and provision of this Consent shall be construed simply according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law
requiring a Consent to be strictly construed against the drafting party), it being understood that the parties to this Consent are sophisticated and have had adequate opportunity and means to retain counsel to represent their interests and to
otherwise negotiate the provisions of this Consent. 
 The parties intend for this Consent to constitute a legal, valid and binding obligation of each party
hereto enforceable against such party in accordance with its terms. This Consent may not be assigned by any of the parties without the prior written consent of the other parties hereto. 

Except as expressly contemplated herein, this Consent and the Implementation Agreements constitute the entire agreement among the parties hereto pertaining to
the subject matter hereof and supersede all prior agreements and understandings pertaining thereto except for pre-existing legal retention agreements. 

Except as otherwise provided herein, it is understood and agreed among the parties that this Consent and the covenants made herein are made expressly and
solely for the benefit of the parties hereto, and that no other person or entity shall be entitled or be deemed to be entitled to any benefits or rights hereunder, nor be authorized or entitled to enforce any rights, claims or remedies hereunder or
by reason hereof. 
 No provision of this Consent may be amended, modified or waived except in writing, signed by each of the parties hereto. Except as
otherwise expressly set forth herein, no delay or omission on the part of any party to this Consent in exercising any right, power or remedy provided by law or provided 

  
 157 

 hereunder shall impair such right, power or remedy or operate as a waiver thereof. The single or partial
exercise of any right, power or remedy provided by law or provided hereunder shall not preclude any other or further exercise of any other right, power or remedy. 

The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Consent were not performed in accordance with its
specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this Consent and to enforce specifically the terms and
provisions hereof in any of the Selected Courts, this being in addition to any other remedy to which they are entitled at law or in equity. 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 hereto 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, it will not assert the defense that a remedy
at law would be adequate. 
 The provisions of this Consent shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. If any provision of this Consent, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a
suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Consent and the
application of such provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction. 
 [Signature Page Follows] 

  
 158 

 
			
	Sincerely,
	
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
		
	By:	 	
                     
                                         
          

	Name:	 	
	Title:	 	
	
	OZ MANAGEMENT LP
	By: Och-Ziff Holding Corporation, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS LP
	By: Och-Ziff Holding Corporation, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS II LP
	By: Och-Ziff Holding LLC, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page
to Recapitalization Consent] 

 
			
	OCH-ZIFF HOLDING CORPORATION
		
	By:	 	
                     
                                       

	Name:	 	
	Title:	 	
	
	OCH-ZIFF HOLDING LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page
to Recapitalization Consent] 

 Acknowledged, agreed and consented to as of the date first set forth above: 

 

			
	By:	 	  

	Name:	 	

  
 [Signature Page
to Recapitalization Consent] 

 Schedule A 

 Exhibit E-1 

VESTING TERMS OF THE CLASS E-1 COMMON UNITS 

The Class E-1 Common Units conditionally granted to a Limited Partner on the Recapitalization Date shall vest on
the following schedule: 
  

	1.	 Normal Vesting. Except as provided in Paragraphs 2 and 3 below: 

(a) Solely with respect to any Class E-1 Common Units granted to such Limited
Partner on the Recapitalization Date up to and including the number of Class A-1 Common Units held by such Limited Partner and his Related Trusts immediately following the Recapitalization (the
“First Tranche of Class E-1 Common Units”), one hundred percent (100%) of such Class E-1 Common Units shall vest on
December 31, 2019, subject to the continuous service as an Active Individual LP of such Limited Partner (or, if the Limited Partner holding any such Class E-1 Common Units is a Related Trust, the
applicable Individual Limited Partner) through such vesting date; and 
 (b) Solely with respect to any other Class E-1 Common Units granted to such Limited Partner on the Recapitalization Date (the “Additional Class E-1 Common Units”),
thirty-three and one-third percent (33-1/3%) of such Class E-1 Common Units shall vest on each of (i) December 31,
2020, (ii) December 31, 2021 and (iii) December 31, 2022, subject, in each case, to the continuous service as an Active Individual LP of such Limited Partner (or, if the Limited Partner holding any such
Class E-1 Common Units is a Related Trust, the applicable Individual Limited Partner) through the applicable vesting date. 
  

	2.	 Accelerated Vesting Upon Liquidation or Change of Control. Notwithstanding the foregoing, any and all
unvested Class E-1 Common Units shall become fully vested in the event of a liquidation of the Partnership or a Change of Control. 

 

	3.	 Withdrawal. Notwithstanding the foregoing: 

(a) In the event of the Withdrawal of a Limited Partner (i) for Cause (as determined pursuant to clause (A) of
Section 8.3(a)(i) of this Agreement) or (ii) by reason of the Limited Partner (other than due to death or Disability) ceasing to be, or providing notice to the General Partner of his intention to cease to be, actively involved with the
Partnership and its Affiliates (as determined pursuant to clause (C) of Section 8.3(a)(i) of this Agreement), in either case, any and all unvested Class E-1 Common Units shall be immediately
forfeited for no consideration upon such Withdrawal. 
 (b) In the event of (x) a Limited Partner’s Withdrawal as
determined by the Partner Performance Committee pursuant to clause (B) of Section 8.3(a)(i) of this Agreement or (y) a Limited Partner’s Special Withdrawal (a “Withdrawal without Cause”), in either case, then:

 (i) Solely with respect to the First Tranche of Class E-1 Common Units, any and all such unvested Class E-1 Common Units shall become fully vested upon such Withdrawal or Special Withdrawal, respectively. 

(ii) Solely with respect to the Additional Class E-1 Common Units, a portion of
such Class E-1 Common Units shall become vested upon such Withdrawal or Special Withdrawal, respectively, in an amount equal to (A) (x) the number of Additional
Class E-1 Common Units granted, multiplied by (y) a fraction, the numerator of which is the sum of (I) 12 months and (II) the number of full (or partial) months that the Limited Partner (or, if
such Limited Partner is a Related Trust, the applicable Individual Limited Partner) served as an Active Individual LP or an employee of the Partnership or its Affiliates during the period commencing on December 31, 2017 and ending on the date
of such Withdrawal or Special Withdrawal, and the denominator of which is 60 months, less (B) the total number of vested Additional Class E-1 Common Units held immediately prior to such Withdrawal or
Special Withdrawal; provided, that in no event shall the vested percentage of such Class E-1 Common Units exceed 100%. Any and all unvested Additional
Class E-1 Common Units that do not become vested in accordance with this clause (ii) upon such a Withdrawal without Cause shall be immediately forfeited for no consideration at such time. 

(c) In the event of an Individual Limited Partner’s death or Disability, any and all unvested Class E-1 Common Units of such Limited Partner and his Related Trusts shall immediately become fully vested. 

 Exhibit E-2 

VESTING TERMS OF THE CONVERSION CLASS E-2 COMMON UNITS 

Provided that they are retained by the Limited Partner in accordance with Section 3.1(e)(ii) as of the close of business on the Conversion Class E-2 Notice Date, the Conversion Class E-2 Common Units conditionally granted to a Limited Partner as provided in Section 3.1(e) of this Agreement shall
vest on the following schedule: 
  

	1.	 Solely with respect to any Limited Partner who is not an Active Individual LP (or the Related Trust of an
Active Individual LP) as of the Recapitalization Date, such Conversion Class E-2 Common Units shall be fully vested as of the date of grant. 

 

	2.	 Solely with respect to a Limited Partner who is an Active Individual LP (or the Related Trust of an Active
Individual LP) as of the Recapitalization Date, such Conversion Class E-2 Common Units shall vest on the following schedule: 

(a) With respect to any portion of the grant of such Conversion Class E-2 Common
Units that were granted in the Merger in respect of Class D Common Units that were vested as of the Recapitalization Date, such portion shall be unvested and shall become vested on December 31, 2019, subject to the applicable Individual
Limited Partner’s continuous service as an Active Individual LP through such vesting date. Notwithstanding the foregoing, in the event of (x) a Limited Partner’s Withdrawal as determined by the Partner Performance Committee pursuant
to clause (B) of Section 8.3(a)(i) of this Agreement or (y) a Limited Partner’s Special Withdrawal (a “Withdrawal without Cause”), in either case, then any and all such unvested Conversion Class E-2 Common Units shall become fully vested upon such Withdrawal or Special Withdrawal, respectively. Further, in the event of an Individual Limited Partner’s death or Disability, any and all unvested
Conversion Class E-2 Common Units of such Limited Partner and his Related Trusts shall immediately become fully vested; 

(b) With respect to any portion of the grant of such Conversion Class E-2 Common
Units that were granted in the Merger in respect of Class D Common Units that (i) were unvested as of the Recapitalization Date and (ii) were scheduled to vest within 12 months following January 31, 2019, such portion shall be
unvested and shall become vested on December 31, 2019, subject to the applicable Individual Limited Partner’s continuous service as an Active Individual LP through the applicable vesting date. If the applicable Individual Limited Partner
ceases to be an Active Individual LP at any time prior to the applicable vesting date, any and all such unvested Conversion Class E-2 Common Units shall be immediately forfeited at such time.
Notwithstanding the foregoing, in the event of (i) the Limited Partner’s Withdrawal without Cause or (ii) the applicable Individual Limited Partner’s Withdrawal as a result of death or Disability, in either case any and all
unvested Conversion Class E-2 Common Units of such Limited Partner and his Related Trusts shall immediately become fully vested; 

 (c) With respect to any portion of the grant of such Conversion Class E-2 Common Units that were granted in the Merger in respect of Class D Common Units that (i) were unvested as of the Recapitalization Date and (ii) were not scheduled to vest within 12
months following January 31, 2019, such portion shall become subject to the same vesting terms and conditions as applied to such Class D Common Units immediately prior to the Recapitalization Date; and 

(d) Notwithstanding the foregoing, any and all unvested Conversion Class E-2
Common Units shall become fully vested in the event of a liquidation of the Partnership or a Change of Control. 

 Exhibit F 

MEMBERS OF THE PARTNER MANAGEMENT COMMITTEE AND PARTNER 

PERFORMANCE COMMITTEE AS OF THE TRANSITION DATE 

Robert Shafir (Chairman) 
 Wayne Cohen 

James Levin 
 David Levine 

Thomas Sipp 

 Exhibit G 

Economic Income is a measure of pre-tax operating performance that excludes the following from our results on a GAAP
basis: 
  

	 	•	 	 Income allocations to our executive managing directors on their direct interests in the Oz Operating Group.
Management reviews operating performance at the Oz Operating Group level, where substantially all of our operations are performed, prior to making any income allocations. 

 

	 	•	 	 Equity-based compensation expenses, depreciation and amortization expenses, changes in the tax receivable
agreement liability, net gains and losses on early retirement of debt financing arrangements, unrealized gains and losses related to changes in the fair value of financing arrangements, gains and losses on fixed assets, and net gains and losses on
investments in funds, as management does not consider these items to be reflective of operating performance. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time
of settlement. 

  

	 	•	 	 Amounts related to the consolidated funds, including the related eliminations of management fees and incentive
income, as management reviews the total amount of management fees and incentive income earned in relation to total assets under management and fund performance. 

In addition, expenses related to incentive income profit-sharing arrangements are generally recognized at the same time the related incentive income revenue
is recognized, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund. Further, deferred cash compensation is expensed in full in the year granted for
Economic Income, rather than over the service period for GAAP. 
 The components of Economic Income shall be calculated without duplication.EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
  

 
  

 
 AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 OZ ADVISORS II LP 

Dated as of February 7, 2019 
  

 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	Definitions	  	 	1	 
		
	 ARTICLE II GENERAL PROVISIONS
	  	 	24	 
	 Section 2.1
	 	Continuation of Limited Partnership	  	 	24	 
	 Section 2.2
	 	Partnership Name	  	 	24	 
	 Section 2.3
	 	Registered Office, Registered Agent	  	 	24	 
	 Section 2.4
	 	Certificates	  	 	24	 
	 Section 2.5
	 	Nature of Business; Permitted Powers	  	 	24	 
	 Section 2.6
	 	Fiscal Year	  	 	24	 
	 Section 2.7
	 	Perpetual Existence	  	 	25	 
	 Section 2.8
	 	Limitation on Partner Liability	  	 	25	 
	 Section 2.9
	 	Indemnification	  	 	25	 
	 Section 2.10
	 	Exculpation	  	 	26	 
	 Section 2.11
	 	Fiduciary Duty	  	 	26	 
	 Section 2.12
	 	Confidentiality; Intellectual Property	  	 	27	 
	 Section 2.13
	 	Non-Competition; Non-Solicitation; Non-Disparagement;
Non-Interference; and Remedies	  	 	28	 
	 Section 2.14
	 	Insurance	  	 	33	 
	 Section 2.15
	 	Representations and Warranties	  	 	34	 
	 Section 2.16
	 	Devotion of Time	  	 	34	 
	 Section 2.17
	 	Partnership Property; Partnership Interest	  	 	35	 
	 Section 2.18
	 	Short Selling and Hedging Transactions	  	 	35	 
	 Section 2.19
	 	Compliance with Policies	  	 	35	 
		
	 ARTICLE III INTERESTS AND ADMISSION OF PARTNERS
	  	 	35	 
	 Section 3.1
	 	Units and other Interests	  	 	35	 
	 Section 3.2
	 	Issuance of Additional Units and other Interests	  	 	54	 
		
	 ARTICLE IV VOTING AND MANAGEMENT
	  	 	56	 
	 Section 4.1
	 	General Partner: Power and Authority	  	 	56	 
	 Section 4.2
	 	Partner Management Committee	  	 	58	 
	 Section 4.3
	 	Partner Performance Committee	  	 	59	 
	 Section 4.4
	 	Books and Records; Accounting	  	 	61	 
	 Section 4.5
	 	Expenses	  	 	61	 
	 Section 4.6
	 	Partnership Tax and Information Returns	  	 	61	 
		
	 ARTICLE V CONTRIBUTIONS AND CAPITAL ACCOUNTS
	  	 	63	 
	 Section 5.1
	 	Capital Contributions	  	 	63	 
	 Section 5.2
	 	Capital Accounts	  	 	63	 
	 Section 5.3
	 	Determinations by General Partner	  	 	65	 
		
	 ARTICLE VI ALLOCATIONS
	  	 	65	 
	 Section 6.1
	 	Allocations for Capital Account Purposes	  	 	65	 
	 Section 6.2
	 	Allocations for Tax Purposes	  	 	70	 

  

							
	 ARTICLE VII DISTRIBUTIONS
	  	 	72	 
	 Section 7.1
	 	Distributions	  	 	72	 
	 Section 7.2
	 	Distributions in Kind	  	 	73	 
	 Section 7.3
	 	Tax Distributions	  	 	73	 
	 Section 7.4
	 	Expense Amount Distributions	  	 	74	 
	 Section 7.5
	 	Borrowing	  	 	74	 
	 Section 7.6
	 	Restrictions on Distributions	  	 	74	 
		
	 ARTICLE VIII TRANSFER OR ASSIGNMENT OF INTEREST; CESSATION OF PARTNER STATUS
	  	 	75	 
	 Section 8.1
	 	Transfer and Assignment of Interest	  	 	75	 
	 Section 8.2
	 	Withdrawal by General Partner	  	 	77	 
	 Section 8.3
	 	Withdrawal and Special Withdrawal of Limited Partners	  	 	77	 
	 Section 8.4
	 	Vesting	  	 	80	 
	 Section 8.5
	 	Tag-Along Rights	  	 	81	 
	 Section 8.6
	 	Drag-Along Rights	  	 	81	 
	 Section 8.7
	 	Reallocation of Common Units pursuant to Partner Agreements	  	 	82	 
		
	 ARTICLE IX DISSOLUTION
	  	 	82	 
	 Section 9.1
	 	Duration and Dissolution	  	 	82	 
	 Section 9.2
	 	Notice of Liquidation	  	 	82	 
	 Section 9.3
	 	Liquidator	  	 	83	 
	 Section 9.4
	 	Liquidation	  	 	83	 
	 Section 9.5
	 	Capital Account Restoration	  	 	84	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	84	 
	 Section 10.1
	 	Incorporation of Agreements	  	 	84	 
	 Section 10.2
	 	Amendment to the Agreement	  	 	84	 
	 Section 10.3
	 	Successors, Counterparts	  	 	85	 
	 Section 10.4
	 	Applicable Law; Submission to Jurisdiction; Severability	  	 	85	 
	 Section 10.5
	 	Arbitration	  	 	86	 
	 Section 10.6
	 	Filings	  	 	88	 
	 Section 10.7
	 	Power of Attorney	  	 	88	 
	 Section 10.8
	 	Headings and Interpretation	  	 	88	 
	 Section 10.9
	 	Additional Documents	  	 	88	 
	 Section 10.10
	 	Notices	  	 	88	 
	 Section 10.11
	 	Waiver of Right to Partition	  	 	89	 
	 Section 10.12
	 	Partnership Counsel	  	 	89	 
	 Section 10.13
	 	Survival	  	 	89	 
	 Section 10.14
	 	Ownership and Use of Name	  	 	89	 
	 Section 10.15
	 	Remedies	  	 	90	 
	 Section 10.16
	 	Entire Agreement	  	 	90	 

  
 ii 

 This AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF OZ ADVISORS II LP, a Delaware
limited partnership (the “Partnership”), is made as of February 7, 2019 (the “Recapitalization Date”), by and among Och-Ziff Holding LLC, a Delaware limited liability
company, as general partner (the “Initial General Partner”) and the Limited Partners (as defined below). 
 WHEREAS, on
June 13, 2007, the Partnership was originally formed as a Delaware limited partnership pursuant to and in accordance with the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. §17-101, et
seq. (the “Act”), and an Agreement of Limited Partnership of OZ Advisors II LP dated as of June 13, 2007, which Agreement of Limited Partnership was amended and restated on August 28, 2007 (such amended and restated
Agreement of Limited Partnership, the “Initial Partnership Agreement”); and 
 WHEREAS, the Initial Partnership Agreement
was amended and restated on November 13, 2007 (the Initial Partnership Agreement, as amended and restated on such date, the “Prior Partnership Agreement”), on February 11, 2008, on April 10, 2008, on
September 30, 2009, on August 1, 2012, on December 14, 2015, and on March 1, 2017, and was subsequently amended by the amendments thereto dated (i) March 28, 2018 and effective as of February 16, 2018 and
(ii) as of January 3, 2019; 
 WHEREAS, in connection with the transactions described in the letter agreement, dated as of
December 5, 2018 (the “Letter Agreement”), among Och-Ziff, Daniel Och, the Operating Group Entities and the Intermediate Holding Companies, the Partnership entered into an Agreement and
Plan of Merger, dated as of the Recapitalization Date (the “Merger Agreement”), with Orion Merger Sub III LP, a Delaware limited partnership (“Merger Sub”); and 

WHEREAS, pursuant to the Merger Agreement, Merger Sub merged with and into the Partnership on the Recapitalization Date (the
“Merger”), and the Prior Partnership Agreement was amended and restated to read as set forth herein. 
 NOW THEREFORE, in
consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1       Definitions. As used herein, the following terms shall have the following
meanings: 
 “4Q Distribution Date” means the date on which distributions are made by the Operating Group Entities in
respect of Common Units with respect to Net Income earned by the Operating Group Entities during the fourth quarter of any Fiscal Year. 

“Act” has the meaning specified in the recitals to this Agreement. 

  
 1 

 “Active Individual LP” means each of the Individual Limited Partners
that is an Executive Managing Director of the General Partner, prior to the Withdrawal or Special Withdrawal of such Individual Limited Partner or such Individual Limited Partner ceasing to be actively involved with the Partnership and its
Affiliates due to death or Disability. 
 “Additional Class E Common Units” has the meaning set forth in
Section 3.1(g)(ii). 
 “Additional Limited Partner” has the meaning specified in Section 3.2(a). 

“Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end of each Fiscal Year,
(a) increased by any amounts that such Partner is obligated to restore under the standards set by Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury
Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the amount of all losses and deductions that, as of the end of such Fiscal Year, are
reasonably expected to be allocated to such Partner in subsequent years under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section 1.751-1(b)(2)(ii), and (ii) the amount of all
distributions that, as of the end of such Fiscal Year, are reasonably expected to be made to such Partner in subsequent years in accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such
Partner’s Capital Account that are reasonably expected to occur during (or prior to) the year in which such distributions are reasonably expected to be made (other than increases as a result of a minimum gain chargeback pursuant to
Section 6.1(d)(i) or Section 6.1(d)(ii)). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith. 
 “Adjusted Class A Shares” as of any date means the total
number of Class A Shares (calculated on an as-converted basis) most recently reported by Och-Ziff as outstanding (other than any Class D Common Units,
Class E Common Units, Class P Common Units or Class A Restricted Share Units (or any similar interests) included in such number). 

“Adjusted Property” means any property the Carrying Value of which has been adjusted pursuant to Section 5.2(b)(iii).

 “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. 
 “Agreed Value” of
any Contributed Property means the fair market value of such property or other consideration at the time of contribution as determined by the General Partner, without taking into account any liabilities to which such Contributed Property was subject
at such time. The General Partner shall use such method as it determines to be appropriate to allocate the aggregate Agreed Value of Contributed Properties contributed to the Partnership in a single or integrated transaction among each separate
property on a basis proportional to the fair market value of each Contributed Property. 
 “Agreement” means this Amended
and Restated Agreement of Limited Partnership of the Partnership, as amended, modified, supplemented or restated from time to time. 

  
 2 

 “Annual Capital Expenditures” shall have the meaning set forth in the
Class A Preferred Unit Designation as of the Recapitalization Date. 
 “Applicable Securities Exchange” for any period
means the New York Stock Exchange or another exchange registered with the United States Securities and Exchange Commission under Section 6(a) of the Exchange Act on which the Class A Shares are listed for trading during such period. 

“Average Share Price” for any period shall mean the average closing price on the Applicable Securities Exchange of one
Class A Share for each of the trading days that occur during such period. 
 “Book-Tax
Disparity” means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis
thereof for U.S. federal income tax purposes as of such date. 
 “Book-Up
Provisions” means the provisions herein governing a revaluation of the Capital Accounts of the Partners, including Sections 3.1(d)(ii), 5.2(b)(iii) and 6.1(c) and each relevant definition. 

“Book-Up Target” means, at any time, and with respect to any Unit, that the Economic
Capital Account Balance attributable to such Unit is equal to (i) the aggregate Economic Capital Account Balances attributable to all Common Units outstanding at such time, divided by (ii) the total number of Common Units then outstanding
(in each case of clauses (i) and (ii), other than any Class A-1 Common Units and any other Common Units or PSIs that are subordinate to such Unit in order of priority under
Section 6.1(c)(i)-(iv)). 
 “Business Day” means any day other than Saturday, Sunday or any other day on which
commercial banks in the State of New York are authorized or required by law or executive order to remain closed. 
 “Capital
Account” means the capital account maintained for a Partner pursuant to Section 5.2. 
 “Capital
Contribution” means any cash, cash equivalents or the Net Agreed Value of Contributed Property that a Partner contributes to the Partnership pursuant to this Agreement. 

“Carrying Value” means (a) with respect to a Contributed Property, the Agreed Value of such property reduced (but not
below zero) by all depreciation, amortization and cost recovery deductions charged to the Partners’ Capital Accounts in respect of such Contributed Property, and (b) with respect to any other Partnership property, the adjusted basis of
such property for U.S. federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted to equal its respective gross fair market value (taking Section 7701(g) of the Code into account) upon
an adjustment to the Capital Accounts of the Partners in accordance with Section 5.2(b)(iii) and to reflect changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, in the sole
and absolute discretion of the General Partner. 

  
 3 

 “Cause” means, in respect of an Individual Limited Partner, that such
Partner (i) has committed an act of fraud, dishonesty, misrepresentation or breach of trust; (ii) has been convicted of a felony or any offense involving moral turpitude; (iii) has been found by any regulatory body or self-regulatory
organization having jurisdiction over the Och-Ziff Group to have, or has entered into a consent decree determining that such Partner, violated any applicable regulatory requirement or a rule of a
self-regulatory organization; (iv) has committed an act constituting gross negligence or willful misconduct; (v) has violated in any material respect any agreement relating to the Och-Ziff Group;
(vi) has become subject to any proceeding seeking to adjudicate such Partner bankrupt or insolvent, or seeking liquidation, reorganization, arrangement, adjustment, protection, relief or composition of the debts of such Partner under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for such Partner or for any substantial part of the property
of such Partner, or such Partner has taken any action authorizing such proceeding; or (vii) has breached any of the non-competition, non-solicitation or non-disparagement covenants in Section 2.13 or, if applicable, any of those provided in such Partner’s Partner Agreement, the breach of any of which shall be deemed to be a material breach of this
Agreement. 
 “Certificate of Limited Partnership” means the Certificate of Limited Partnership executed and filed in the
office of the Secretary of State of the State of Delaware on June 13, 2007 (and any and all amendments thereto and restatements thereof) on behalf of the Partnership pursuant to the Act. 

“Certificate of Ownership” has the meaning set forth in Section 3.1. 

“Change of Control” means the occurrence of the following: (i) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Operating Group Entities, taken as a whole, to any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than to a Continuing OZ Person; or (ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing OZ Person, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a majority of the voting interests in (1) Och-Ziff or (2) one or more of the Operating Group Entities
comprising all or substantially all of the assets of the Operating Group Entities or (B) entitled to receive a Majority Economic Interest in connection with such transaction. 

“Class A Common Units” has the meaning set forth in Section 3.1(a). 

“Class A Cumulative Preferred Units” has the meaning set forth in Section 3.1(a). 

“Class A Exchange Agreement” means that certain Amended and Restated Exchange Agreement (as amended, restated or
supplemented) relating to Exchangeable Common Units, dated as of the Recapitalization Date, by and among Och-Ziff, the Intermediate Holdings Companies, the Operating Group Entities and Class B
Shareholders from time to time party thereto. 

  
 4 

 “Class A Parity Units” means (a) any equity securities in the
Partnership or any other entity in the Och-Ziff Group (or any debt or other securities convertible into equity securities of the Operating Group Entities or any other entity in the Och-Ziff Group), in each case other than any Subsidiaries of the Operating Group Entities, that Och-Ziff, the Partnership or any other entity in the Och-Ziff Group may authorize or issue, the terms of which provide that, or otherwise result in, such securities ranking pari passu or senior to the Class A Common Units and (b) any equity securities
in any Subsidiary of the Partnership (or any debt or other securities convertible into equity securities of any Subsidiary of the Partnership). For purposes of clause (b), (i) a Subsidiary of the Partnership does not include any OZ Fund, any OZ CLO
or any of their respective Subsidiaries and (ii) securities issued by a Subsidiary of the Partnership are not Class A Parity Units to the extent they are issued (A) solely to the Operating Group Entities or any of their wholly-owned
Subsidiaries or (B) to satisfy, upon the advice of outside counsel, any regulatory or other legal requirements as contemplated by clause (ii) of Section 9(a) of the Class A Preferred Unit Designation. For the avoidance of doubt,
securities described in clause (a) of this definition of Class A Parity Units shall include Class D Common Units, Class E Common Units, Class P Common Units and Class A Restricted Share Units. 

“Class A Preferred Unit Designation” has the meaning set forth in Section 3.2(b). 

“Class A Restricted Share Unit” means a Class A Restricted Share Unit of
Och-Ziff. 
 “Class A Share” means a common share representing a limited liability
company interest in Och-Ziff designated as a “Class A Share” or any security into which such shares are converted in connection with any conversion of Och-Ziff
into a corporation. 
 “Class A-1 Common Units” has the meaning set forth in
Section 3.1(a). 
 “Class B Common Units” has the meaning set forth in Section 3.1(a). 

“Class B Share” means a common share representing a limited liability company interest in
Och-Ziff designated as a “Class B Share” or any security into which such shares are converted in connection with any conversion of Och-Ziff into a corporation.

 “Class B Shareholder Committee” means the Class B Shareholder Committee established pursuant to the Class B
Shareholders Agreement. 
 “Class B Shareholders Agreement” means the Class B Shareholders Agreement, dated as of
November 13, 2017, entered into by and among Och-Ziff and the holders of Class B Shares, as amended, modified, supplemented or restated from time to time. 

“Class C Approval” means, in respect of the determinations to be made in Sections 6.1(a)(i) and 7.1(b)(iii), a prior
determination made in writing at the sole and absolute discretion: (i) of the Chairman of the Partner Management Committee (or, with respect to distributions to such Chairman or in the event there is no such Chairman, the full Partner

  
 5 

 
Management Committee acting by majority vote); or (ii) of the General Partner, in the event that the Class B Shareholders collectively beneficially own securities entitled to vote
generally in the election of directors of Och-Ziff representing less than 40% of the total number of votes that may be cast in any such election; provided, however, in the case of each of the foregoing clauses
(i) and (ii), that any such determination with respect to distributions to a Partner who is also the Chief Executive Officer or other executive officer of Och-Ziff in respect of such Partner’s
Class C Non-Equity Interests shall be made by the compensation committee of the Och-Ziff Board in its sole and absolute discretion after consultation with the
Partner Management Committee. 
 “Class C Non-Equity Interests” means a fractional non-equity share of the Interests in the Partnership that may be issued to a Limited Partner as consideration for the provision of services to the Partnership solely for the purpose of making future allocations of
Net Income to such Limited Partner. Class C Non-Equity Interests shall not constitute Common Units or other Units of the Partnership. 

“Class D Common Units” has the meaning set forth in Section 3.1(a). 

“Class D Limited Partner” has the meaning set forth in Section 3.1(f). 

“Class E Common Units” has the meaning set forth in Section 3.1(a). 

“Class E Limited Partner” has the meaning set forth in Section 3.1(g). 

“Class E Parity Units” means (a) any equity securities in the Partnership or any other entity in the Och-Ziff Group (or any debt or other securities convertible into equity securities of the Operating Group Entities or any other entity in the Och-Ziff Group), in each case
other than any Subsidiaries of the Operating Group Entities, that Och-Ziff, the Partnership or any other entity in the Och-Ziff Group may authorize or issue, the terms
of which provide that, or otherwise result in, such securities ranking pari passu or senior to the Class E Common Units and (b) any equity securities in any Subsidiary of the Partnership (or any debt or other securities convertible
into equity securities of any Subsidiary of the Partnership). For purposes of clause (b), (i) a Subsidiary of the Partnership does not include any OZ Fund, any OZ CLO or any of their respective Subsidiaries and (ii) securities issued by a
Subsidiary of the Partnership are not Class E Parity Units to the extent they are issued (A) solely to the Operating Group Entities or any of their wholly-owned Subsidiaries or (B) to satisfy, upon the advice of outside counsel, any
regulatory or other legal requirements as contemplated by clause (ii) of Section 9(a) of the Class A Preferred Unit Designation. For the avoidance of doubt, securities described in clause (a) of this definition of Class E
Parity Units shall include Class A Common Units, Class D Common Units, Class P Common Units and Class A Restricted Share Units. 

“Class E-1 Common Units” has the meaning set forth in Section 3.1(g). 

“Class P Common Units” has the meaning set forth in Section 3.1(a). 

“Class P Limited Partner” has the meaning set forth in Section 3.1(j). 

“Class P Liquidity Event” means (i) a Change of Control, or (ii) a similar event, provided that the holders of
other classes of Common Units are participating in the proceeds from such similar event in respect of their Common Units and the PMC Chairman in his sole discretion determines such similar event to be a Class P Liquidity Event. 

  
 6 

 “Class P Performance Condition” for any Class P Common Unit held by a
Class P Limited Partner means that the Total Shareholder Return since the grant date of such Class P Common Unit has equalled or exceeded the Class P Performance Threshold relating to such Class P Common Unit on or after the
third anniversary of the grant date of such Class P Common Unit, or such other performance condition as may be specified in such Class P Limited Partner’s Partner Agreement. 

“Class P Performance Period” means, with respect to the Class P Common Units issued to any Class P Limited Partner
on any grant date, the period ending on the sixth anniversary of such grant date, or such other performance period as may be specified in such Class P Limited Partner’s Partner Agreement. 

“Class P Performance Threshold” means, with respect to the Class P Common Units issued to any Class P Limited
Partner on any grant date, the required threshold of Total Shareholder Return that must be achieved for a portion of such Class P Common Units to vest, which shall be expressed as a percentage, and set forth in a Partner Agreement of the
Class P Limited Partner. With respect to Class P Common Units issued on March 1, 2017, the required Class P Performance Thresholds shall be as follows: (i) the Class P Performance Threshold is 25% for 20% of such
Class P Common Units to vest; (ii) the Class P Performance Threshold is 50% for an additional 40% of such Class P Common Units to vest; (iii) the Class P Performance Threshold is 75% for an additional 20% of such
Class P Common Units to vest; and (iv) the Class P Performance Threshold is 125% for an additional 20% of such Class P Common Units to vest. 

“Class P Service Condition” for any Class P Common Unit held by a Class P Limited Partner means that such
Class P Limited Partner has continued in the uninterrupted service of the Operating Group Entities until the third anniversary of the grant date of such Class P Common Unit, or such other service condition as may be specified in such
Class P Limited Partner’s Partner Agreement. 
 “Closing Date” means November 19, 2007. 

“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. 

“Common Units” means Class A Common Units, Class A-1 Common Units,
Class B Common Units, Class D Common Units, Class E Common Units, Class P Common Units and any other class of Units hereafter designated as Common Units by the General Partner, but shall not include the Class C Non-Equity Interests, PSIs or Class A Cumulative Preferred Units. 
 “Company
Securities” means outstanding Class A Shares, Related Securities and Class A-1 Common Units, as applicable. 

  
 7 

 “Competing Business” means any Person, or distinct portion thereof, that
engages in: (a) the alternative asset management business (including, without limitation, any hedge or private equity fund management business) or (b) any other business in which the Och-Ziff Group
or any member thereof (1) is actively involved, or (2) in the twelve-month period prior to the relevant Individual Limited Partner’s Withdrawal or Special Withdrawal, planned, developed, or undertook efforts to become actively
involved and, in the case of the foregoing clause (b), in which the relevant Individual Limited Partner actively participated or was materially involved or about which the relevant Individual Limited Partner possesses Confidential Information. 

“Confidential Information” means the confidential matters and information described in Section 2.12. 

“Continuing OZ Person” means, immediately prior to and immediately following any relevant date of determination, (i) an
individual who is an executive managing director of the Intermediate Holding Companies (or the equivalent officers at the relevant time) or previously served in such capacity, (ii) any Person in which any one or more of such individuals
directly or indirectly, singly or as a group, holds a majority of the voting interests, (iii) any Person that is a family member of such individual or individuals or (iv) any trust, foundation or other estate planning vehicle for which
such individual or any descendant of such individual is a trustee, beneficiary, director or other fiduciary, as the case may be. 

“Continuing Partners” means the group of Partners comprised of each Individual Original Partner (or, where applicable, his
estate or legal or personal representative) who has not Withdrawn, been subject to a Special Withdrawal or breached Section 2.13(b). 

“Contributed Property” means each property or other asset, in such form as may be permitted by the Act, but excluding cash,
contributed to the Partnership. If the Carrying Value of a Contributed Property is adjusted pursuant to Section 5.2(b)(iii), such property shall no longer constitute a Contributed Property, but shall be deemed an Adjusted Property. 

“Control” means, in respect of a Person, the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise. “Controlled by,” “Controls” and “under common Control with” have the correlative
meanings. 
 “Conversion Class D Common Unit” has the meaning set forth in Section 3.1(e). 

“Conversion Class E-2 Common Unit” has the meaning set forth in
Section 3.1(e). 
 “Conversion Class E-2 Notice Date” has
the meaning set forth in Section 3.1(e)(i). 
 “Conversion Operating Group E-2
Units” means, collectively, one Conversion Class E-2 Common Unit in each of the Operating Group Entities. 

“Covered Person” means (a) the General Partner and its Affiliates and the directors, officers, shareholders, members,
partners, employees, representatives and agents of the General Partner and its Affiliates and any Person who was at the time of any act or omission described in Section 2.9 or 2.10 such a Person, and (b) any other Person the General
Partner designates as a “Covered Person” for the purposes of this Agreement. 

  
 8 

 “Damages” has the meaning set forth in Section 2.9(a). 

“DCI Plan” means the Och-Ziff Deferred Cash Interest Plan, as amended from time to
time. 
 “Debt Securities” means the Loans (as defined in the Senior Subordinated Loan Agreement) made pursuant to that
certain Senior Subordinated Loan Agreement. 
 “Deferred Cash Distribution” has the meaning set forth in
Section 3.1(i)(iv)(A). 
 “Deferred Cash Interests” shall mean an award made under the DCI Plan. 

“Disability” means that a Person is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as determined by the General Partner with PMC Approval in its sole and absolute
discretion and in accordance with applicable law. 
 “Disabling Conduct” has the meaning set forth in Section 2.9(a).

 “Distribution Holiday” means the period commencing on October 1, 2018 and ending on the earlier of (i) 45 days
after the last day of the Distribution Holiday Achievement Quarter, and (ii) April 1, 2026. 
 “Distribution Holiday
Achievement Quarter” means the first calendar quarter as of which $600 million or more of Distribution Holiday Economic Income has been realized. 

“Distribution Holiday Distribution” means any distribution paid during the period from the Recapitalization Date until the
end of the Distribution Holiday and any distribution paid in the calendar quarter in which the Distribution Holiday ends; provided that, (i) if more than $600 million of Distribution Holiday Economic Income has been realized on a
cumulative basis during the Distribution Holiday, a portion of any distributions paid with respect to the Distribution Holiday Achievement Quarter may be treated as Distribution Holiday Distributions in an amount not to exceed the product of
(x) the amount available to be distributed for such calendar quarter and (y) the fraction derived by dividing (A) $600 million minus the cumulative Distribution Holiday Economic Income realized prior to such calendar quarter by
(B) the Economic Income realized during such calendar quarter, and (ii) for the avoidance of doubt, no distribution paid for any calendar quarter following the end of the Distribution Holiday Achievement Quarter shall constitute a
Distribution Holiday Distribution. 
 “Distribution Holiday Economic Income” as of any date means the amount of Economic
Income realized during the period between October 1, 2018 and such date by Och-Ziff and its consolidated subsidiaries (including the Operating Group Entities) collectively. 

  
 9 

 “Drag-Along Purchaser” means, in respect of a Drag-Along Sale, the
third-party purchaser or purchasers proposing to acquire the Company Securities to be transferred in such Drag-Along Sale. 

“Drag-Along Right” has the meaning set forth in Section 8.6(a). 

“Drag-Along Sale” means any proposed transfer (other than a pledge, hypothecation, mortgage or encumbrance) pursuant to a
bona fide offer from a Drag-Along Purchaser, in one or a series of related transactions, by any Limited Partner or a group of Limited Partners of Company Securities representing in the aggregate at least 50% of all then-outstanding Company
Securities (calculated as if all Related Securities had been converted into, exercised or exchanged for, or repaid with, Class A Shares). For purposes of this definition, each outstanding Class A-1
Common Unit shall be deemed to be a Class A Common Unit. 
 “Drag-Along Securities” means, with respect to a Limited
Partner, that number of Company Securities equal to the product of (A) the total number of Company Securities to be acquired by the Drag-Along Purchaser pursuant to a Drag-Along Sale and (B) a fraction, the numerator of which is the number
of Company Securities then held by such Limited Partner and the denominator of which is the total number of Company Securities then held by all Limited Partners (calculated, in the case of both the numerator and denominator, as if all Related
Securities held by the relevant Limited Partners had been converted into, exercised or exchanged for, or repaid with, Class A Shares). For purposes of this definition, each outstanding Class A-1
Common Unit shall be deemed to be a Class A Common Unit. 
 “Drag-Along Sellers” means the Limited Partner or group of
Limited Partners proposing to dispose of or sell Company Securities in a Drag-Along Sale in accordance with Section 8.6. 

“DSO Parties” means Daniel S. Och and each of his affiliates and Related Trusts that own Class A Common Units. 

“Economic Capital Account Balance” means, with respect to a Partner as of any date, the Partner’s Capital Account
balance, increased by the Partner’s share of any Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain, computed on a hypothetical basis after taking into account all allocations through such date. 

“Economic Income” means, for any period, an amount calculated on a consolidated basis for
Och-Ziff and its consolidated subsidiaries determined on the basis of economic income, in accordance with the methodology set forth on Exhibit G hereto, applied in a manner consistent with the manner utilized
by Och-Ziff to derive economic income in Och-Ziff’s earnings press release for the quarter ended September 30, 2018, minus (a) the amount of any
distributions or dividends paid on any Class A Cumulative Preferred Units issued by the Operating Group Entities; minus (b) Permitted Dividends. 

“Economic Risk of Loss” has the meaning set forth in Treasury Regulation
Section 1.752-2(a). 
 “Election Notice” has the meaning set forth in
Section 3.1(e)(i). 

  
 10 

 “Eligible Common Units” has the meaning set forth in Section 8.1(b).

 “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 one or more
exchange agreements providing for the exchange of Exchangeable Common Units or Class P Common Units (or other securities issued by the Operating Group Entities) for Class A Shares and/or cash, and the corresponding cancellation of
applicable Class B Shares, if any, as such agreements are amended, modified, supplemented or restated from time to time, including the Class A Exchange Agreement. 

“Exchange Committee” shall mean, for any Exchange Agreement, the Exchange Committee, as defined in such Exchange Agreement.

 “Exchange Date” shall have the meaning ascribed to such term in the Class A Exchange Agreement. 

“Exchange Event” has the meaning set forth in Section 8.1(b)(i). 

“Exchange Rights Effective Date” has the meaning set forth in Section 8.1(b). 

“Exchangeable Common Unit” has the meaning set forth in Section 8.1(b). 

“Existing Class D Common Units” means Class D Common Units outstanding immediately prior to
March 1, 2017. 
 “Expense Allocation Agreement” means any agreement entered into among the Operating Group Entities, Och-Ziff and the Intermediate Holding Companies that provides for allocations of certain expense amounts, as such agreement is amended, modified, supplemented or restated from time to time. 

“Expense Amount” means any amount allocated to the Partnership pursuant to an Expense Allocation Agreement. 

“Expense Amount Distribution” has the meaning set forth in Section 7.4. 

“Fair Market Value” means, as of any date, the fair market value of the Partnership at such date, determined by (i) if
the Class A Shares are listed on an Applicable Securities Exchange, (1) multiplying (x) the closing price on the Applicable Securities Exchange of one Class A Share on the immediately preceding trading day by (y) the number of
Adjusted Class A Shares, subject in each case to any equitable adjustments for stock splits and other capitalization changes, and (2) allocating the product obtained from clause (1) among the Operating Group Entities based on the most
recent determination of their relative fair market values and (ii) if the Class A Shares are not listed on an Applicable Securities Exchange, the excess, if any, of (1) the total pre-tax
proceeds which would be received by the Partnership if the assets of the Partnership were sold for their fair market value over (2) all outstanding debts and liabilities of the Partnership, in each case as reasonably determined by the General
Partner; provided, however, that such determination shall be made with due regard to the value implied by any transaction giving rise to the need for a determination of Fair Market Value. 

  
 11 

 “First Quarterly Period” means, with respect to any Fiscal Year, the period
commencing on and including January 1 and ending on and including March 31 of such Fiscal Year unless and until otherwise determined by the General Partner. 

“Fiscal Year” has the meaning set forth in Section 2.6. 

“Fourth Quarterly Period” means, with respect to any Fiscal Year, the period commencing on and including January 1 and
ending on and including December 31 of such Fiscal Year unless and until otherwise determined by the General Partner. 

“General Partner” means the Initial General Partner and any successor general partner admitted to the Partnership in
accordance with this Agreement. 
 “General Release” has the meaning set forth in Section 8.3(g). 

“Governance Agreement” means that certain Governance Agreement, dated as of the Recapitalization Date, entered into by and
among Och-Ziff, the Intermediate Holding Companies, the Operating Group Entities and Daniel S. Och, as the same may be amended, supplemented, modified or replaced from time to time. 

“Governance Articles” has the meaning set forth in Section 10.16. 

“incur” means to issue, assume, guarantee, incur or otherwise become liable for. 

“Individual Limited Partner” means each of the Limited Partners that is a natural person. 

“Individual Original Partner” means each of the Original Partners that is a natural person. 

“Initial Class E Grant” has the meaning set forth in Section 3.1(g)(i). 

“Initial General Partner” has the meaning set forth in the Preamble to this Agreement. 

“Initial Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 

“Intellectual Property” means any of the following that are conceived of, developed, reduced to practice, created, modified,
or improved by a Partner, either solely or with others, in whole or in part, whether or not in the course of, or as a result of, such Partner carrying out his responsibilities to the Partnership, whether at the place of business of the Partnership
or any of its Affiliates or otherwise, and whether on the Partner’s own time or on the time of the Partnership or any of its Affiliates: (i) trademarks, service marks, brand names, certification marks, trade dress, assumed names, trade
names, Internet domain names, and all other indications of source or origin, including, without limitation, all registrations and applications to register 

  
 12 

 
any of the foregoing; (ii) inventions, discoveries (whether or not patentable or reduced to practice), patents, including, without limitation, design patents and utility patents, provisional
applications, reissues, reexaminations, divisions, continuations, continuations-in-part, and extensions thereof, in each case including, without limitation, all
applications therefore and equivalent foreign applications and patents corresponding, or claiming priority, thereto; (iii) works of authorship, whether copyrightable or not, copyrights, registrations and applications for copyrights, and all
renewals, modifications and extensions thereof, moral rights, and design rights; (iv) computer systems and software; and (v) trade secrets, know-how, and other confidential and protectable
information. 
 “Interest” means a Partner’s interest in the Partnership, including the right of the holder thereof to
any and all benefits to which a Partner may be entitled as provided in this Agreement, together with the obligations of a Partner to comply with all of the terms and provisions of this Agreement. 

“Intermediate Holding Companies” means Och-Ziff Holding Corporation, a Delaware
corporation, Och-Ziff Holding LLC, a Delaware limited liability company, or any other entity that serves as the general partner of (or in a similar capacity to) an Operating Group Entity. 

“International Dispute” has the meaning set forth in Section 10.5(a). 

“International Partner” means each Individual Limited Partner who either (i) has or had his principal business address
outside the United States at the time any International Dispute arises or arose; or (ii) has his principal residence or business address outside of the United States at the time any proceeding with respect to such International Dispute is
commenced. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended, supplemented or restated from
time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 “Investor” means
any client, shareholder, limited partner, member or other beneficial owner of the Och-Ziff Group, other than holders of Class A Shares solely in their capacity as such shareholders thereof. 

“IRS” means the U.S. Internal Revenue Service. 

“Issue Date” means, with respect to any Unit, the date on which such Unit was first issued. 

“Letter Agreement” has the meaning set forth in the recitals to this Agreement. 

“Limited Partner” means each of the Persons from time to time listed as a limited partner in the books and records of the
Partnership. 

  
 13 

 “Liquidating Gains” means any net gain realized in connection with a Sale
or an adjustment of Carrying Value of any Partnership asset pursuant to the second sentence of the definition of Carrying Value (in each case, determined by reference to Fair Market Value). 

“Liquidator” has the meaning set forth in Section 9.3. 

“Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity distributions or partner
allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in the Operating Group
Entities. 
 “Merger” has the meaning specified in the recitals to this Agreement. 

“Merger Agreement” has the meaning specified in the recitals to this Agreement. 

“Merger Sub” has the meaning specified in the recitals to this Agreement. 

“Minimum Retained Ownership Requirements” has the meaning set forth in Section 8.1(a). 

“Net Agreed Value” means, (a) in the case of any Contributed Property, the Agreed Value of such property reduced by any
liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed, and (b) in the case of any property distributed to a Partner by the Partnership, the fair market value of such property
at the time such property is distributed, reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property is subject at the time of distribution, in either case, as determined under Section 752 of the
Code. 
 “Net Income” means, for any taxable year, the excess, if any, of the Partnership’s items of income and gain
for such taxable year over the Partnership’s items of loss and deduction for such taxable year. The items included in the calculation of Net Income shall be determined in accordance with Section 5.2(b) and shall not include any items
specially allocated under Section 6.1(d). 
 “Net Loss” means, for any taxable year, the excess, if any, of the
Partnership’s items of loss and deduction for such taxable year over the Partnership’s items of income and gain for such taxable year. The items included in the calculation of Net Loss shall be determined in accordance with
Section 5.2(b) and shall not include any items specially allocated under Section 6.1(d). 
 “New Partnership Audit
Procedures” means Subchapter C of Chapter 63 of the Code, as modified by Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, any amended or successor version, Treasury
Regulations promulgated thereunder, official interpretations thereof, related notices, or other related administrative guidance. 

“Non-Participating Class P Common Units” means all Class P
Common Units other than Participating Class P Common Units. 

  
 14 

 “Nonrecourse Deductions” means any and all items of loss, deduction, or
expenditure (including, without limitation, any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(b), are
attributable to a Nonrecourse Liability. 
 “Nonrecourse Liability” has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2). 
 “Notice” has the meaning set forth in Section 8.6(a).

 “Och-Ziff” means Och-Ziff Capital
Management Group LLC, a Delaware limited liability company, and any successor thereto. 

“Och-Ziff Board” means the Board of Directors of
Och-Ziff. 
 “Och-Ziff Group” means Och-Ziff and its Subsidiaries (including the Operating Group Entities), their respective Affiliates, and any investment funds and accounts managed by any of the foregoing. 

“Och-Ziff Incentive Plan” means the Och-Ziff
Capital Management Group LLC 2013 Incentive Plan (as amended, modified, supplemented or restated from time to time), or any predecessor or successor plan. 

“Och-Ziff LLC Agreement” means the Second Amended and Restated Limited Liability
Company Agreement of Och-Ziff, dated November 13, 2007, as amended, modified, supplemented or restated from time to time. 

“Operating Group A Unit” means, collectively, one Class A Common Unit in each of the Operating Group Entities. 

“Operating Group A-1 Unit” means, collectively, one
Class A-1 Common Unit in each of the Operating Group Entities. 
 “Operating Group D
Unit” means, collectively, one Class D Common Unit in each of the Operating Group Entities. 
 “Operating Group E
Unit” means, collectively, one Class E Common Unit in each of the Operating Group Entities. 
 “Operating Group
Entity” means any Person that is directly Controlled by any of the Intermediate Holding Companies. 
 “Operating Group P
Unit” means, collectively, one Class P Common Unit in each of the Operating Group Entities. 
 “Operating Group
Unit” means, collectively, one Common Unit in each of the Operating Group Entities. 

  
 15 

 “Organizational Documents” means, with respect to any entity, the charter,
articles, certificate of incorporation, certificate of formation, certificate of limited partnership, bylaws, limited liability company agreement, operating agreement, limited partnership agreement or other document that governs the business and
affairs of such entity, as applicable. 
 “Original Common Units” means the Common Units held by the Limited Partners as of
the Closing Date or, if an Original Partner was admitted after the Closing Date, the Common Units held by such Original Partner upon the date of his admission. 

“Original Partners” means, collectively, (i) each Individual Limited Partner that was a Limited Partner as of the
Closing Date, (ii) each other Individual Limited Partner designated as an Original Partner in a Partner Agreement, and (iii) the Original Related Trusts; and each, individually, is an “Original Partner.” 

“Original Related Trust” means any Related Trust of an Individual Original Partner that was a Limited Partner on the Closing
Date. 
 “OZ CLO” shall have the meaning set forth in the Class A Preferred Unit Designation as of the
Recapitalization Date. 
 “OZ Fund” shall have the meaning set forth in the Class A Preferred Unit Designation as of
the Recapitalization Date. 
 “Participating Class P Common Units” means all Class P Common Units
with respect to which the applicable Class P Performance Condition has been satisfied during the Class P Performance Period with respect to such Class P Common Units and the applicable Class P Service Condition has been satisfied
or waived. 
 “Partner” means any Person that is admitted as a general partner or limited partner of the Partnership
pursuant to the provisions of this Agreement and named as a general partner or limited partner of the Partnership in the books of the Partnership and includes any Person admitted as an Additional Limited Partner pursuant to the provisions of this
Agreement, in each case, in such Person’s capacity as a partner of the Partnership. 
 “Partner Agreement” means, with
respect to one or more Partners, any separate written agreement entered into between such Partner(s) and the Partnership or one of its Affiliates regarding the rights and obligations of such Partner(s) with respect to the Partnership or such
Affiliate, as amended, modified, supplemented or restated from time to time. 
 “Partner Management Committee” has the
meaning set forth in Section 4.2(a). 
 “Partner Nonrecourse Debt” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt Minimum Gain” has the meaning
set forth in Treasury Regulation Section 1.704-2(i)(2). 

  
 16 

 “Partner Nonrecourse Deductions” means any and all items of loss, deduction
or expenditure (including, without limitation, any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(i), are
attributable to a Partner Nonrecourse Debt. 
 “Partner Performance Committee” has the meaning set forth in
Section 4.3(a). 
 “Partnership” has the meaning set forth in the Preamble to this Agreement. 

“Partnership Minimum Gain” means that amount determined in accordance with the principles of Treasury Regulation Section 1.704-2(d). 
 “Partnership Representative” has the meaning set forth in
Section 4.6(d). 
 “Percentage Interest” means, as of any date of determination, (a) as to each Common Unit
(other than Non-Participating Class P Common Units and Class A-1 Common Units), the percentage such Common Unit represents of all such outstanding Common Units
(other than Non-Participating Class P Common Units and Class A-1 Common Units), as such Percentage Interest per Common Unit is reduced to take into account the
Percentage Interests attributable to other Units such that the sum of the Percentage Interests of all Common Units and other Units is 100%; (b) as to any Non-Participating Class P Common Units or Class A-1 Common Units, zero; (c) as to any PSIs, the aggregate PSI Percentage Interest with respect to such PSIs; and (d) as to any other Units, the percentage established for such Units by the
General Partner as a part of such issuance, which percentage could be zero. References in this definition to a Partner’s Common Units, PSIs or other Units shall refer to all vested or unvested Common Units, PSIs or other Units of such Partner.

 “Permitted Dividends” shall have the meaning set forth in the Class A Preferred Unit Designation as of the
Recapitalization Date. 
 “Permitted RSU Settlements” shall have the meaning set forth in the Class A Preferred Unit
Designation as of the Recapitalization Date. 
 “Permitted Transferee” means, with respect to each Limited Partner and his
Permitted Transferees, (a) a Charitable Institution (as defined below) Controlled by such Partner, (b) a trust (whether inter vivos or testamentary) or other estate planning vehicle, all of the current beneficiaries and presumptive
remaindermen (as defined below) of which are lineal descendents (as defined below) of such Partner and his spouse, (c) a corporation, limited liability company or partnership, of which all of the outstanding shares of capital stock or interests
therein are owned by no one other than such Partner, his spouse and his lineal descendents and (d) a legal or personal representative of such Partner in the event of his Disability. For purposes of this definition: (i) “lineal
descendants” shall not include natural persons adopted after attaining the age of eighteen (18) years and such adopted Person’s descendants; (ii) “Charitable Institution” shall refer to an organization described in section
501(c)(3) of the Code (or any corresponding provision of a future United States Internal Revenue law) which is exempt from income taxation under section 501(a) thereof; and (iii) “presumptive remaindermen” shall refer to those Persons
entitled to a share of a trust’s assets if it were then to terminate. 

  
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 “Person” means a natural person or a corporation, limited liability
company, firm, partnership, joint venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), governmental entity or
other entity (or series thereof). 
 “PMC Approval” means the prior written approval of (a) Daniel S. Och or
any successor as Chairman of the Partner Management Committee or (b) if there is no such Chairman, by majority vote of the Partner Management Committee; provided, however, that “PMC Approval” shall mean the prior written approval by
majority vote of the Partner Management Committee in the case of Transfers (and waivers of the requirements thereof), vesting requirements, the Minimum Retained Ownership Requirements, and the determination described in the definition of
“Reallocation Date,” each by or with respect to the Chairman of the Partner Management Committee. 
 “PMC
Chairman” means (a) the Chairman of the Partner Management Committee or (b) if there is no such Chairman, the Partner Management Committee acting by majority vote in accordance with Section 4.2. 

“Post-Recap Class A Units” means the Class A Common Units that were outstanding on the
Recapitalization Date, immediately following the Merger. 
 “Potential Tag-Along
Seller” means each Limited Partner not constituting a Tag-Along Seller. 

“Presumed Tax Liability” means, with respect to the Capital Account of any Partner for any Quarterly Period, an amount equal
to the product of (x) the amount of taxable income that, in the good faith judgment of the General Partner, would have been allocated to such Partner in respect of such Partner’s Units if allocations pursuant to the provisions of Article
VI hereof were made in respect of such Quarterly Period and (y) the Presumed Tax Rate as of the end of such Quarterly Period. 

“Presumed Tax Rate” means the effective combined federal, state and local income tax rate applicable to either a natural
person or corporation, whichever is higher, residing in New York, New York, taxable at the highest marginal federal income tax rate and the highest marginal New York State and New York City income tax rates (taking into account the character of the
income) and, if applicable, after giving effect to the greatest extent possible to the federal income tax deduction for such state and local income taxes and taking into account the effects of Sections 67 and 68 of the Code (or successor provisions
thereto). 
 “Prior Distributions” means distributions made to the Partners pursuant to Section 7.1 or 7.3. 

“Prior Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 

“PSI” has the meaning set forth in Section 3.1(i) with respect to the Partnership and the corresponding interests in
each other Operating Group Entity with respect to such Operating Group Entity. 

  
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 “PSI Cash Distribution” has the meaning set forth in
Section 3.1(i)(iv)(A). 
 “PSI Cash Percentage” means the percentage of any PSI Distribution paid in the form of PSI
Cash Distributions (other than Deferred Cash Interests). 
 “PSI Class D Unit Distribution” has the
meaning set forth in Section 3.1(i)(iv)(B). 
 “PSI Distribution” has the meaning set forth in
Section 3.1(i)(ii). 
 “PSI Limited Partner” has the meaning set forth in Section 3.1(i). 

“PSI Liquidity Event” means (i) a Change of Control, or (ii) a similar event, provided in each case that the
holders of Common Units are participating in the proceeds from such event in respect of their Common Units and the PMC Chairman in his sole discretion determines such event to be a PSI Liquidity Event. 

“PSI Number” means the number of PSIs held by a PSI Limited Partner in each Operating Group Entity as of the first day of any
Fiscal Year or, if later, the first day during such Fiscal Year on which the PSI Limited Partner held PSIs (as such number of PSIs are increased or reduced in accordance with the terms of this Agreement or any applicable Partner Agreement); in each
case, subject to any equitable adjustments for stock splits and other capitalization changes. 
 “PSI Percentage Interest”
means, with respect to any PSI as of any date of determination, (a) solely for purposes of allocations under Article VI (other than Section 6.1(d)(v)) and distributions under Article VII for any Fiscal Year, a percentage equal to the
product of (i) the PSI Cash Percentage applicable to such PSI and (ii) the Percentage Interest attributable to one Common Unit (other than Non-Participating Class P Common Units and Class A-1 Common Units) as of such date; and (b) for all other purposes, a percentage equal to the Percentage Interest attributable to one such Common Unit as of such date. 

“Quarterly Period” means any of the First Quarterly Period, the Second Quarterly Period, the Third Quarterly Period and the
Fourth Quarterly Period; provided, however, that if there is a change in the periods applicable to payments of estimated federal income taxes by natural persons, then the Quarterly Period determinations hereunder shall change correspondingly such
that the Partnership is required to make periodic Tax Distributions under Section 7.3 at the times and in the amounts sufficient to enable a Partner to satisfy such payments in full with respect to amounts allocated pursuant to the provisions
of Article VI (other than Section 6.2(d)), treating the Partner’s Presumed Tax Liability with respect to the relevant Quarterly Period (as such Quarterly Period is changed as provided above) as the amount of the Partner’s actual
liability for the payment of estimated federal income taxes with respect to such Quarterly Period (as so changed). 
 “Reallocation
Date” means, as to the Common Units (including all distributions received thereon after the relevant date of Withdrawal) to be reallocated to the Continuing Partners pursuant to Section 2.13(g), Section 8.3(a) or Section 8.7
or any Partner Agreement, the date determined with PMC Approval. 

  
 19 

 “Recapitalization” means the transactions effected on the Recapitalization
Date, including the Merger, pursuant to the Letter Agreement and the agreements implementing the transactions contemplated therein. 

“Recapitalization Date” has the meaning set forth in the Preamble to this Agreement. 

“Recapitalization Units” means the Class A Common Units, Class A-1 Common
Units and Class B Common Units outstanding immediately following the Recapitalization. 
 “Recapitalization Value”
means the Fair Market Value of the Partnership on the Recapitalization Date. 
 “Reference Price” for a Class P Common
Unit means the Average Share Price for the calendar month prior to the month in which the grant date of the Class P Common Unit occurred; provided that (i) for any Class P Common Units granted on March 1, 2017, the Reference
Price shall be the Average Share Price for January 2017, and (ii) a Class P Limited Partner’s Partner Agreement may specify any other Reference Price for such Class P Common Unit. 

“Registration Rights Agreement” means one or more Registration Rights Agreements providing for the registration of
Class A Shares entered into among Och-Ziff and certain holders of Units, as amended, modified, supplemented or restated from time to time. 

“Related Security” means any security convertible into, exercisable or exchangeable for or repayable with Class A Shares
(or the cash value thereof) including, without limitation, any Class A Common Units, Class D Common Units, Class E Common Units, Participating Class P Common Units or other Class P Common Units deemed to be Participating
Class P Common Units to the extent provided in Section 3.1(j), in each case that may be exchangeable for Class A Shares pursuant to the Exchange Agreement. 

“Related Trust” means, in respect of any Individual Limited Partner, any other Limited Partner that is an estate, family
limited liability company, family limited partnership of such Individual Limited Partner, a trust the grantor of which is such Individual Limited Partner, or any other estate planning vehicle or family member relating to such Individual Limited
Partner. 
 “Related Trust Supplementary Agreement” means, in respect of any Original Related Trust, the Supplementary
Agreement to which such Original Related Trust is a party. 
 “Required Allocations” means (a) any limitation imposed
on any allocation of Net Loss under Section 6.1(b) and (b) any allocation of an item of income, gain, loss or deduction pursuant to Section 6.1(d)(i) - (viii). 

“Residual Gain” or “Residual Loss” means any item of gain or loss, as the case may be, of the Partnership
recognized for federal income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 6.2(b)(i)(A) or
6.2(b)(ii), respectively, to eliminate Book-Tax Disparities. 

  
 20 

 “Restricted Period” means, with respect to any Partner, the period
commencing on the later of the date of the Prior Partnership Agreement and the date of such Partner’s admission to the Partnership, and concluding on the last day of the 24-month period immediately
following the date of Special Withdrawal or Withdrawal of such Partner. 
 “Retirement” of an Active Individual LP means a
Withdrawal pursuant to clause (C) of Section 8.3(a)(i) (Resignation) after ten consecutive calendar years of service as an Active Individual LP or an employee of the Partnership or its Affiliates, provided that the Active Individual
LP is over 55 years of age as of the effective date of such Withdrawal. 
 “Rules” has the meaning set forth in
Section 10.5(a). 
 “Sale” means a sale of all or substantially all of the assets of the Partnership. 

“Second Quarterly Period” means, with respect to any Fiscal Year, the period commencing on and including January 1 and
ending on and including May 31 of such Fiscal Year, unless and until otherwise determined by the General Partner. 

“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. 
 “Senior Subordinated Loan Agreement” means that
certain Senior Subordinated Term Loan and Guaranty Agreement, dated as of the Recapitalization Date, among the Operating Group Entities, as borrowers and guarantors, the other guarantors from time to time party thereto, Wilmington Trust, National
Association, as administrative agent, and the other parties thereto, as amended, modified or supplemented from time to time; provided, that for purposes of any defined terms set forth herein that reference the corresponding defined terms in the
Senior Subordinated Loan Agreement, references to the “Borrower” shall mean the Partnership and “Credit Parties” shall mean Och-Ziff, the Operating Group Entities and their respective
Subsidiaries for purposes of this Agreement. 
 “Special Withdrawal” (a) in respect of an Individual Limited Partner,
has the meaning set forth in Section 8.3(b), and (b) in respect of any Related Trust, means the Special Withdrawal of such Related Trust in accordance with Section 8.3(b). 

“Subsequent Related Trust” means, in respect of an Original Related Trust of an Individual Original Partner, the Related
Trust of such Individual Original Partner to which the Interest of such Original Related Trust shall be Transferred in accordance with its Related Trust Supplementary Agreement. 

“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 a general partner interest or managing member or similar interest of such Person. 

  
 21 

 “Substitute Limited Partner” means each Person who acquires an Interest of
any Limited Partner in connection with a Transfer by a Limited Partner whose admission as a Limited Partner is approved by the General Partner. 

“Supplementary Agreement” means, with respect to one or more Limited Partners, any supplementary agreement entered into prior
to the date of the Prior Partnership Agreement between the Partnership and such Limited Partners regarding their rights and obligations with respect to the Partnership, as the same may be amended, supplemented, modified or replaced from time to
time. 
 “Tag-Along Offer” has the meaning set forth in Section 8.5(b). 

“Tag-Along Purchaser” means, in respect of a
Tag-Along Sale, the Person or group of Persons proposing to acquire the Class A Shares and/or Class A Common Units to be transferred in such Tag-Along Sale.

 “Tag-Along Sale” means any transfer (other than a pledge, hypothecation,
mortgage or encumbrance), in one or a series of related transactions, by any Limited Partner or group of Limited Partners to a single Person or group of Persons (other than Related Trusts or Permitted Transferees of such Limited Partners) pursuant
to any transaction exempt from registration under the Securities Act and any similar applicable state securities laws of Class A Shares and/or Class A Common Units representing in the aggregate at least 5% of the Class A Shares
(calculated as if all Class A Common Units held by each Limited Partner had been exchanged for Class A Shares) then held by all of the Limited Partners, but only in the event that (i) such Person or group of Persons to which such
transfer is made is a strategic buyer, or (ii) the Limited Partners participating in such transfer include Daniel S. Och or any of his Related Trusts. For the avoidance of doubt, sales of Class A Shares pursuant to the provisions of Rule
144 shall not constitute a Tag-Along Sale or any part thereof. 
 “Tag-Along Securities” means, with respect to a Potential Tag-Along Seller, such number of Class A Shares and/or vested and unvested Class A Common Units, as
applicable, equal to the product of (i) the total number of Class A Shares (assuming the exchange for Class A Shares of any vested and unvested Class A Common Units) to be acquired by the
Tag-Along Purchaser in a Tag-Along Sale and (ii) a fraction, the numerator of which is the total number of Class A Shares (assuming the exchange for
Class A Shares of any vested and unvested Class A Common Units) then held by such Potential Tag-Along Seller and the denominator of which is the total number of Class A Shares (assuming the
exchange for Class A Shares of any vested and unvested Class A Common Units) then held by all Limited Partners. If any other Potential Tag-Along Sellers do not accept the Tag-Along Offer, the foregoing shall also include each accepting Potential Tag-Along Seller’s pro rata share of the non-accepting
Potential Tag-Along Sellers’ Class A Shares and/or vested and unvested Class A Common Units, determined as set forth in the preceding sentence. 

“Tag-Along Seller” has the meaning set forth in Section 8.5(b). 

“Tax Distributions” has the meaning set forth in Section 7.3. 

“Tax Matters Partner” means the Person designated as such in Section 4.6(c). 

  
 22 

 “Tax Receivable Agreement” means the Tax Receivable Agreement entered into
by and among Och-Ziff, the Intermediate Holding Companies, the Operating Group Entities and each partner of any Operating Group Entity, as the same may be amended, supplemented, modified or replaced from time
to time. 
 “Third Quarterly Period” means, with respect to any Fiscal Year, the period commencing on and including
January 1 and ending on and including August 31 of such Fiscal Year, unless and until otherwise determined by the General Partner. 

“Threshold Value” means, (i) with respect to Existing Class D Common Units, the Fair Market Value of the
Partnership on February 28, 2017, (ii) with respect to Class A Common Units and Class E Common Units outstanding immediately following the Recapitalization, the Recapitalization Value, and (iii) with respect to any other Units,
the Fair Market Value of the Partnership immediately prior to the Issue Date(s) of such Units. 
 “Total Shareholder
Return” for a Class P Common Unit as of any date means (i) a fraction, the numerator of which is the sum of (A) the increase in the Average Share Price for the previous 30 trading days compared to the Reference Price as of
the grant date of such Class P Common Unit and (B) the aggregate amount of distributions per Class A Share made by Och-Ziff during the same period, and the denominator of which is the Reference
Price, or (ii) as otherwise set forth in a Partner Agreement; in each case, subject to any equitable adjustments for stock splits and other capitalization changes including, without limitation, the reverse stock split of the Class A Shares
and Class B Shares of Och-Ziff that was effective as of January 3, 2019. The “Total Shareholder Return” for any Class P Common Unit shall not take into account more than $4.00 (subject
to any equitable adjustments for stock splits and other capitalization changes) of aggregate distributions per Class A Share made by Och-Ziff during the period beginning on the Recapitalization Date until
the end of the Distribution Holiday. 
 “Transfer” means, with respect to any Interest, any sale, exchange, assignment,
pledge, hypothecation, bequeath, creation of an encumbrance, or any other transfer or disposition of any kind, whether voluntary or involuntary, of such Interest. “Transferred” shall have a correlative meaning. 

“Transfer Agent” means, with respect to any class of Units or the Class C
Non-Equity Interests, such bank, trust company or other Person (including the Partnership or one of its Affiliates) as shall be appointed from time to time by the Partnership to act as registrar and transfer
agent for such class of Units or the Class C Non-Equity Interests; provided, however, that if no Transfer Agent is specifically designated for such class of Units or the Class C Non-Equity Interests, the Partnership shall act in such capacity. 
 “Transition Date”
shall have the meaning ascribed to such term in the Governance Agreement. 
 “Treasury Regulations” means the regulations,
including temporary regulations, promulgated under the Code, as amended from time to time, or any federal income tax regulations promulgated after the date of this Agreement. A reference to a specific Treasury Regulation refers not only to such
specific Treasury Regulation but also to any corresponding provision of any federal tax regulation enacted after the date of this Agreement, as such specific Treasury Regulation or corresponding provision is in effect and applicable on the date of
application of the provisions of this Agreement containing such reference. 

  
 23 

 “Unit” means a fractional share of the Interests in the Partnership that
entitles the holder thereof to such benefits as are specified in this Agreement or any Unit Designation and shall include the Common Units and PSIs but not the Class C Non-Equity Interests. 

“Unit Designation” has the meaning set forth in Section 3.2(b). 

“Voting Holiday Proxy” has the meaning set forth in Section 3.1(n)(iv)(A). 

“Withdrawal” (a) in respect of an Individual Limited Partner, has the meaning set forth in Section 8.3(a), and
(b) in respect of any Related Trust, means the Withdrawal of such Related Trust in accordance with Section 8.3(a). “Withdrawn” has the correlative meaning. 

ARTICLE II 
 GENERAL PROVISIONS

 Section 2.1       Continuation of Limited Partnership. The parties to this Agreement hereby
agree to continue the Partnership, which was formed pursuant to and in accordance with the provisions of the Act, and in accordance with the further terms and provisions of this Agreement. 

Section 2.2       Partnership Name. The name of the Partnership is “OZ Advisors II LP.”
The name of the Partnership may be changed from time to time by the General Partner. 
 Section 2.3      
Registered Office, Registered Agent. The Partnership shall maintain a registered office in the State of Delaware at, and the name and address of the Partnership’s registered agent in the State of Delaware is, National Corporate Research,
Ltd., 615 South DuPont Highway, Dover, Delaware 19901. Such office and such agent may be changed from time to time by the General Partner. 

Section 2.4       Certificates. Any Person authorized by the General Partner shall execute, deliver
and file any amendment to or restatements of the Certificate of Limited Partnership and any other certificates (and any amendments and/or restatements thereof) necessary for the Partnership to qualify to do business in a jurisdiction in which the
Partnership may wish to conduct business. 
 Section 2.5       Nature of Business; Permitted
Powers. The purposes of the Partnership shall be to engage in any lawful act or activity for which limited partnerships may be formed under the Act. 

Section 2.6       Fiscal Year. Unless and until otherwise determined by the General Partner in its
sole and absolute discretion, the fiscal year of the Partnership for federal income tax purposes shall, except as otherwise required in accordance with the Code, end on December 31 of each year (each, a “Fiscal Year”). 

  
 24 

 Section 2.7        Perpetual Existence. The
Partnership shall have a perpetual existence unless dissolved in accordance with the provisions of Article IX of this Agreement. 

Section 2.8        Limitation on Partner Liability. Except as otherwise expressly required by law,
the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and no Partner shall be obligated personally for any such debt,
obligation or liability of the Partnership solely by reason of being a Partner. No Partner shall have any obligation to restore any negative or deficit balance in its Capital Account, including any negative or deficit balance in its Capital Account
upon liquidation and dissolution of the Partnership. For federal income tax purposes, the rules of Treasury Regulation Section 1.752-3 shall apply to determine a Partner’s share of any debt or
obligation the terms of which provide that, in respect of the Partnership, the creditor has recourse only to the Partnership and its assets and not to any Partner. 

Section 2.9       Indemnification. 

(a)        To the fullest extent permitted by applicable law, each Covered Person shall be indemnified and
held harmless by the Partnership for and from any liabilities, demands, claims, actions or causes of action, regulatory, legislative or judicial proceedings or investigations, assessments, levies, judgments, fines, amounts paid in settlement,
losses, fees, penalties, damages, costs and expenses, including, without limitation, reasonable attorneys’, accountants’, investigators’, and experts’ fees and expenses and interest on any of the foregoing (collectively,
“Damages”) sustained or incurred by such Covered Person by reason of any act performed or omitted by such Covered Person or by any other Covered Person in connection with the affairs of the Partnership or the General Partner unless
such act or omission constitutes fraud, gross negligence or willful misconduct (the “Disabling Conduct”); provided, however, that any indemnity under this Section 2.9 shall be provided out of and to the extent of Partnership
assets only, and no Limited Partner or any Affiliate of any Limited Partner shall have any personal liability on account thereof. The right of indemnification pursuant to this Section 2.9 shall include the right of a Covered Person to have paid
on his behalf, or be reimbursed by the Partnership for, the reasonable expenses incurred by such Covered Person with respect to any Damages, in each case in advance of a final disposition of any action, suit or proceeding, including expenses
incurred in collecting such amounts from the Partnership; provided, however, that such Covered Person shall have given a written undertaking to reimburse the Partnership in the event it is subsequently determined that he is not entitled to such
indemnification. 
 (b)        The right of any Covered Person to the indemnification provided herein
(i) shall be cumulative of, and in addition to, any and all rights to which such Covered Person may otherwise be entitled by contract or as a matter of law or equity, (ii) in the case of Covered Persons that are Partners, shall continue as
to such Covered Person after any Withdrawal or Special Withdrawal of such Partner and after he has ceased to be a Partner, and (iii) shall extend to such Covered Person’s successors, assigns and legal representatives. 

(c)        The termination of any action, suit or proceeding relating to or involving a Covered Person by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that such Covered Person committed an act or omission that constitutes Disabling Conduct. 

  
 25 

 (d)        For purposes of this Agreement, no action or
failure to act on the part of any Covered Person in connection with the management or conduct of the business and affairs of such Covered Person and other activities of such Covered Person which involve a conflict of interest with the Partnership,
any other Person in which the Partnership has a direct or indirect interest or any Partner (or any of their respective Affiliates) or in which such Covered Person realizes a profit or has an interest shall constitute, per se, Disabling Conduct. 

Section 2.10       Exculpation. 

(a)          To the fullest extent permitted by applicable law, no Covered Person shall be liable
to the Partnership or any Partner or any Affiliate of any Partner for any Damages incurred by reason of any act performed or omitted by such Covered Person unless such act or omission constitutes Disabling Conduct. In addition, no Covered Person
shall be liable to the Partnership, any other Person in which the Partnership has a direct or indirect interest or any Partner (or any Affiliate thereof) for any action taken or omitted to be taken by any other Covered Person. 

(b)          A Covered Person shall be fully protected in relying upon the records of the
Partnership and upon such information, opinions, reports or statements presented to the Partnership by any Person (other than such Covered Person) as to matters the Covered Person reasonably believes are within such other Person’s professional
or expert competence and who has been selected with reasonable care by or on behalf of the Partnership, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which distributions to Partners might properly be paid. 

(c)          The right of any Partner that is a Covered Person to the exculpation provided in
this Section 2.10 shall continue as to such Covered Person after any Withdrawal or Special Withdrawal of such Partner and after he has ceased to be a Partner. 

(d)          The General Partner may consult with legal counsel and accountants and any act or
omission suffered or taken by the General Partner on behalf of the Partnership in reliance upon and in accordance with the advice of such counsel or accountants will be full justification for any such act or omission, and the General Partner will be
fully protected in so acting or omitting to act so long as such counsel or accountants were selected with reasonable care. 

Section 2.11       Fiduciary Duty. 

(a)          To the extent that, at law or in equity, a Covered Person has duties (including
fiduciary duties) and liabilities relating to the Partnership or to any Limited Partner or any Affiliate of any Limited Partner (or other Person with any equity interest in the Partnership) or other Person bound by (or having rights pursuant to) the
terms of this Agreement, a Covered Person acting pursuant to the terms, conditions and limitations of this Agreement shall not be liable to the Partnership or to any Limited Partner or any Affiliate of any Limited Partner (or other Person) for its
reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of a Covered Person otherwise existing at law or equity, are agreed by the Partners (and any other
Person bound by or having rights pursuant to this Agreement) to modify to that extent such other duties and liabilities of the Covered Person to the extent permitted by law. 

  
 26 

 (b)          Notwithstanding anything to the
contrary in the Agreement or under applicable law, whenever in this Agreement the General Partner is permitted or required to make a decision or take an action or omit to do any of the foregoing acting solely in its capacity as the General Partner,
the General Partner shall, except where an express standard is set forth, be entitled to make such decision in its sole and absolute discretion (and the words “in its sole and absolute discretion” should be deemed inserted therefor in each
case in association with the words “General Partner,” whether or not the words “sole and absolute discretion” are actually included in the specific provisions of this Agreement), and in so acting in its sole and absolute
discretion the General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the
Partnership, any of the Partnership’s Affiliates, any Limited Partner or any other Person. To the fullest extent permitted by applicable law, if pursuant to this Agreement the General Partner, acting solely in its capacity as the General
Partner, is permitted or required to make a decision in its “good faith” or under another express standard, the General Partner shall act under such express standard and shall not be subject to any other or different standard imposed by
this Agreement or other applicable law. 
 Section 2.12       Confidentiality; Intellectual
Property. 
 (a)          Confidentiality. Each Partner acknowledges and agrees that
the information contained in the books and records of the Partnership is confidential and, except in the course of such Partner performing such duties as are necessary for the Partnership and its Affiliates, as required by law or legal process or to
enforce the terms of this Agreement, at all times such Partner shall keep and retain in the strictest confidence and shall not disclose to any Person any confidential matters of the Partnership or any Person included within the Och-Ziff Group and their respective Affiliates and successors and the other Partners, including, without limitation, the identity of any Investors, confidential information concerning the Partnership, any Person
included within the Och-Ziff Group and their respective Affiliates and successors, the General Partner, the other Partners and any fund, account or investment managed by any Person included within the Och-Ziff Group, including marketing, investment, performance data, fund management, credit and financial information, and other business or personal affairs of the Partnership, any Person included within the Och-Ziff Group and their respective Affiliates and successors, the General Partner, the other Partners and any fund, account or investment managed directly or indirectly by any Person included within the Och-Ziff Group learned by the Partner heretofore or hereafter. This Section 2.12(a) shall not apply to (i) any information that has been made publicly available by the Partnership or any of its Affiliates
or becomes public knowledge (except as a result of an act of any Partner in violation of this Agreement), (ii) the disclosure of information to the extent necessary for a Partner to prepare and file his tax returns, to respond to any inquiries
regarding the same from any taxing authority or to prosecute or defend any action, proceeding or audit by any taxing authority with respect to such returns or (iii) the disclosure of information with the prior written consent of the General
Partner. Notwithstanding anything to the contrary herein, each Partner (and each employee, representative or other agent of such Partner) may disclose to any and all Persons, without limitation of any kind, the tax treatment

  
 27 

 
and tax structure of (x) the Partnership and (y) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the Partners
relating to such tax treatment and tax structure. In addition, nothing in this Agreement or any policies, rules and regulations of OZ Management LP, or any other agreement between a Limited Partner and any member of the Och-Ziff Group prohibits or restricts the Limited Partner from initiating communications with, or responding to any inquiry from, any regulatory or supervisory authority regarding any good faith concerns about
possible violations of law or regulation. 
 (b)      Intellectual Property.
(i)          Each Partner acknowledges and agrees that the Intellectual Property shall be the sole and exclusive property of the Partnership and such Partner shall have no right, title, or interest in or
to the Intellectual Property. 
 (ii)        All copyrightable material included in the
Intellectual Property shall be deemed a “work made for hire” under the applicable copyright law, to the maximum extent permitted under such applicable copyright law, and ownership of all rights therein shall vest in the Partnership. To the
extent that a Partner may retain any interest in any Intellectual Property by operation of law or otherwise, such Partner hereby assigns and transfers to the Partnership his or her entire right, title and interest in and to all such Intellectual
Property. 
 (iii)        Each Partner hereby covenants and binds himself and his
successors, assigns, and legal representatives to cooperate fully and promptly with the Partnership and its designee, successors, and assigns, at the Partnership’s reasonable expense, and to do all acts necessary or requested by the Partnership
and its designee, successors, and assigns, to secure, maintain, enforce, and defend the Partnership’s rights in the Intellectual Property. Each Partner further agrees, and binds himself and his successors, assigns, and legal representatives, to
cooperate fully and assist the Partnership in every way possible in the application for, or prosecution of, all rights pertaining to the Intellectual Property. 

(c)      If a Partner commits a breach, or threatens to commit a breach, of any of the provisions of
Section 2.12(a) or Section 2.12(b), the General Partner shall have the right and remedy to have the provisions of such Section specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need
to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Partnership, the other Partners, any Person included within the
Och-Ziff Group, and the investments, accounts and funds managed by Persons included within the Och-Ziff Group and that money damages alone shall not provide an adequate
remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 2.13      Non-Competition; Non-Solicitation; Non-Disparagement; Non-Interference; and Remedies. 

(a)         Each Individual Limited Partner acknowledges and agrees, in connection with such
Individual Limited Partner’s participation in the Partnership on the terms described in the Prior Partnership Agreement and this amendment and restatement of the terms of the Prior Partnership 

  
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Agreement or, in the case of an Individual Limited Partner admitted to the Partnership subsequent to the date of the Prior Partnership Agreement, on the terms described herein and in such
Individual Limited Partner’s Partner Agreement, if any, that: (i) the alternative asset management business (including, without limitation, for purposes of this paragraph, any hedge or private equity fund management business) is intensely
competitive, (ii) such Partner, for the benefit of and on behalf of the Partnership in his capacity as a Partner, has developed, and will continue to develop and have access to and knowledge of, Confidential Information (including, but not
limited to, material non-public information of the Och-Ziff Group and its Investors), (iii) the direct or indirect use of any such information for the benefit of, or
disclosure of any such information to, any existing or potential competitors of the Och-Ziff Group would place the Och-Ziff Group at a competitive disadvantage and would
do damage to the Och-Ziff Group, (iv) such Partner, for the benefit of and on behalf of the Partnership in his capacity as a Partner, has developed relationships with Investors and counterparties through
investment by and resources of the Och-Ziff Group, while a Limited Partner of the Partnership, (v) such Partner, for the benefit of and on behalf of the Partnership in his capacity as a Partner, may
continue to develop relationships with Investors and counterparties, through investment by and resources of the Och-Ziff Group, while a Limited Partner of the Partnership, (vi) such Partner engaging in
any of the activities prohibited by this Section 2.13 would constitute improper appropriation and/or use of the Och-Ziff Group’s Confidential Information and/or Investor and counterparty
relationships, (vii) such Partner’s association with the Och-Ziff Group has been critical, and such Partner’s association with the Och-Ziff Group is
expected to continue to be critical, to the success of the Och-Ziff Group, (viii) the services to be rendered, and relationships developed, for the benefit of and on behalf of the Partnership in his
capacity as a Partner, are of a special and unique character, (ix) the Och-Ziff Group conducts the alternative asset management business throughout the world, (x) the
non-competition and other restrictive covenants and agreements set forth in this Agreement are fair and reasonable, and (xi) in light of the foregoing and of such Partner’s education, skills,
abilities and financial resources, such Partner acknowledges and agrees that such Partner will not assert, and it should not be considered, that enforcement of any of the covenants set forth in this Section 2.13 would prevent such Partner from
earning a living or otherwise are void, voidable or unenforceable or should be voided or held unenforceable. 

(b)      During the Restricted Period, each Individual Limited Partner will not, directly or indirectly, either
on his own behalf or on behalf of or with any other Person: 
 (i)      without the prior
written consent of the General Partner, (A) engage or otherwise participate in any manner or fashion in any Competing Business, (B) render any services to any Competing Business, or (C) acquire a financial interest in or become
actively involved with any Competing Business (other than as a passive investor holding less than 2% of the issued and outstanding stock of public companies); or 

(ii)      in any manner solicit or induce any of the
Och-Ziff Group’s current or prospective Investors to (A) terminate (or diminish in any material respect) his investments with the Och-Ziff Group for the
purpose of associating or doing business with any Competing Business, or otherwise encourage such Investors to terminate (or diminish in any respect) his investments with the Och-Ziff Group for any other
reason or (B) invest in or otherwise participate in or support any Competing Business. 

  
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 (c)      During the Restricted Period, each Individual
Limited Partner will not, directly or indirectly, either on his own behalf or on behalf of or with any other Person: 

(i)       in any manner solicit or induce any of the
Och-Ziff Group’s current, former or prospective financing sources, capital market intermediaries, consultants, suppliers, partners or other counterparties to terminate (or diminish in any material
respect) his relationship with the Och-Ziff Group for the purpose of associating with any Competing Business, or otherwise encourage such financing sources, capital market intermediaries, consultants,
suppliers, partners or other counterparties to terminate (or diminish in any respect) his relationship with the Och-Ziff Group for any other reason; or 

(ii)       in any manner interfere with the Och-Ziff
Group’s business relationship with any Investors, financing sources, capital market intermediaries, consultants, suppliers, partners or other counterparties. 

(d)      During the Restricted Period, each Individual Limited Partner will not, directly or indirectly, either
on his own behalf or on behalf of or with any other Person, in any manner solicit any of the owners, members, partners, directors, officers or employees of any member of the Och-Ziff Group to terminate their
relationship or employment with the applicable member of the Och-Ziff Group, or hire any such Person (i) who is employed at the time of such solicitation by any member of the Och-Ziff Group, (ii) who is or was once an owner, member, partner, director, officer or employee of any member of the Och-Ziff Group as of the date of Special Withdrawal
or Withdrawal of such Partner, or (iii) whose employment or relationship with any such member of the Och-Ziff Group terminated within the 24-month period prior to
the date of Special Withdrawal or Withdrawal of such Partner or thereafter. Additionally, the Partner may not solicit or encourage to cease to work with any member of the Och-Ziff Group any consultant, agent
or adviser that the Partner knows or should know is under contract with any member of the Och-Ziff Group. 

(e)      During the Restricted Period and at all times thereafter, each Individual Limited Partner will not,
directly or indirectly, make, or cause to be made, any written or oral statement, observation, or opinion disparaging the business or reputation of the Och-Ziff Group, or any owners, partners, members,
directors, officers, or employees of any member of the Och-Ziff Group. Notwithstanding any other provision of this Agreement or any other agreement entered into between an Individual Limited Partner and any
member of the Och-Ziff Group and, in the case of any Individual Limited Partner that is an attorney, subject to such Individual Limited Partner’s compliance with any applicable obligations under the New
York Rules of Professional Conduct and any similar rules applicable to such Individual Limited Partner: (a) pursuant to 18 U.S.C. § 1833(b), each Limited Partner understands that he will not be held criminally or civilly liable under any
Federal or State trade secret law for the disclosure of a trade secret of the Och-Ziff Group that (i) is made (x) in confidence to a Federal, State, or local government official, either directly or
indirectly, or to the Limited Partner’s attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or
other proceeding; (b) the Limited Partner understands that if he files a lawsuit for retaliation by the Och-Ziff Group for reporting a suspected violation of law, the Limited Partner may disclose the
trade secret to his attorney and use the trade secret 

  
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information in the court proceeding if he (I) files any document containing the trade secret under seal, and (II) does not disclose the trade secret, except pursuant to court order;
(c) nothing in this Agreement or any other agreement or arrangement with any member of the Och-Ziff Group is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade
secrets that are expressly allowed by such section; and (d) nothing in this Agreement or any other agreement or arrangement with any member of the Och-Ziff Group shall prohibit or restrict the Limited
Partner from making any voluntary disclosure of information or documents pertaining to alleged violations of law to any governmental agency or legislative body, any self-regulatory organization, the legal departments of the Och-Ziff Group, and/or pursuant to the Dodd-Frank Act or Sarbanes-Oxley Act without prior notice to the Och-Ziff Group. 

(f)      Each Individual Limited Partner acknowledges and agrees that an attempted or threatened breach by such
Person of this Section 2.13 would cause irreparable injury to the Partnership and the other members of the Och-Ziff Group not compensable in money damages and the Partnership shall be entitled, in
addition to the remedies set forth in Sections 2.13(g) and 2.13(i), to obtain a temporary, preliminary or permanent injunction prohibiting any breaches of this Section 2.13 without being required to prove damages or furnish any bond or other
security. 
 (g)      Each Individual Limited Partner agrees that it would be impossible to compute the
actual damages resulting from a breach of Section 2.13(b) or, if applicable, any of the non-competition covenants provided in such Partner’s Partner Agreement, and that the amounts set forth in this
Section 2.13(g) are reasonable and do not operate as a penalty, but are a genuine pre-estimate of the anticipated loss that the Partnership and other members of the
Och-Ziff Group would suffer from a breach of Section 2.13(b) or, if applicable, of any of the non-competition covenants provided in such Partner’s Partner
Agreement. In the event an Individual Limited Partner breaches Section 2.13(b) or, if applicable, any of the non-competition covenants provided in such Partner’s Partner Agreement, then: 

(i)       on or after the date of such breach, all Class P Common Units of such Partner and
its Related Trusts, if any, shall be forfeited and cancelled and any other unvested Common Units of such Partner and its Related Trusts, if any, shall cease to vest and thereafter shall be reallocated in accordance with this Section 2.13(g);

 (ii)       on or after the date of such breach, (x) any PSIs or Deferred Cash
Interests of such Partner and its Related Trusts shall be forfeited and cancelled, and (y) and all allocations and distributions on such PSIs or in respect of such Deferred Cash Interests that would otherwise have been received by such Partner
and its Related Trusts on or after the date of such breach shall not thereafter be made; 

(iii)       on or after the date of such breach, no other allocations shall be made to the
respective Capital Accounts of such Partner and its Related Trusts, if any, and no other distributions shall be made to such Partners; 

(iv)       on or after the date of such breach, no Transfer (including any exchange pursuant to
the Exchange Agreement) of any of the Common Units of such Partner or its Related Trusts, if any, shall be permitted under any circumstances notwithstanding anything to the contrary in this Agreement; 

  
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 (v)     on or after the date of such breach, no
sale, exchange, assignment, pledge, hypothecation, bequeath, creation of an encumbrance, or any other transfer or disposition of any kind may be made of any of the Class A Shares acquired by such Partner or its Related Trusts, if any, through
an exchange pursuant to the Exchange Agreement; 
 (vi)     as of the applicable Reallocation Date,
except as provided in Section 2.13(g)(i), all of the unvested and vested Common Units of such Partner and its Related Trusts, if any, and all allocations and distributions on such Common Units that would otherwise have been received by such
Partners on or after the date of such breach shall be reallocated from such Partners to the Partnership and then subsequently reallocated from the Partnership to the Continuing Partners in proportion to the total number of Original Common Units
owned by each such Continuing Partner and its Original Related Trusts. 
 (vii)     each of such
Partner and its Related Trusts, if any, agrees that, on the Reallocation Date, it shall immediately: 

(A)    pay to the Continuing Partners, in proportion to the total number of Original Common Units owned by
each such Continuing Partner and its Original Related Trusts, a lump-sum cash amount equal to the sum of: (i) the total after-tax proceeds received by such
Individual Limited Partner or Related Trust thereof for any Class A Shares acquired at any time pursuant to the Exchange Agreement and that were subsequently transferred during the 24-month period prior
to the date of such breach; and (ii) any distributions received by such Individual Limited Partner or Related Trust thereof during such 24-month period on Class A Shares acquired pursuant to the
Exchange Agreement; 
 (B)     transfer any Class A Shares that were acquired at any time pursuant
to the Exchange Agreement and held by such Individual Limited Partner or Related Trust thereof on and after the date of such breach to the Partnership and then subsequently reallocated from the Partnership to the Continuing Partners in proportion to
the total number of Original Common Units owned by each such Continuing Partner and its Original Related Trusts; and 

(C)     pay to the Continuing Partners in proportion to the total number of Original Common Units owned by
each such Continuing Partner and its Original Related Trusts a lump-sum cash amount equal to the sum of: (i) the total after-tax proceeds received by such
Individual Limited Partner or Related Trust thereof for any Class A Shares acquired at any time pursuant to the Exchange Agreement and that were subsequently transferred on or after the date of such breach; and (ii) all distributions
received by such Individual Limited Partner or Related Trust thereof on or after the date of such breach on Class A Shares acquired pursuant to the Exchange Agreement; 

  
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 (viii)       each of such Partner and its
Related Trusts, if any, agrees that, on the Reallocation Date, it shall immediately pay a lump-sum cash amount equal to the total after-tax amount received by them as
PSI Cash Distributions (including cash distributions in respect of Deferred Cash Interests), in each case during the 24-month period prior to the date of such breach, with such
lump-sum cash amount to be paid to the Continuing Partners in proportion to the total number of Original Common Units owned by such Continuing Partner and its Original Related Trusts; and 

(ix)       such Partner and its Related Trusts agrees that he shall receive no payments, if any,
that he would have otherwise received under the Tax Receivable Agreement on or after the date of such breach, and shall have no further rights under the Tax Receivable Agreement, the Exchange Agreement or the Registration Rights Agreement after such
date. 
 Any reallocated Common Units received by a Continuing Partner pursuant to this Section 2.13(g) shall be deemed for all purposes of this
Agreement to be Common Units of such Continuing Partner and subject to the same vesting requirements, if any, in accordance with Section 8.4 as the transferring Limited Partner had been before his breach of Section 2.13(b) or, if
applicable, of the relevant non-competition covenants provided in such Partner’s Partner Agreement. Any Continuing Partner receiving reallocated Class A Common Units pursuant to this
Section 2.13(g) shall be permitted to exchange fifty percent (50%) of such number of Class A Common Units (and sell any Class A Shares issued in respect thereof), notwithstanding the transfer restrictions set forth in Section 8.1
in the event that the Exchange Committee determines in its sole discretion that the reallocation is taxable; provided, however, that such exchange of Class A Common Units is made in accordance with the Class A Exchange Agreement (including
the restrictions and other provisions in the Class A Exchange Agreement that address Section 382 of the Code). 

(h)       Notwithstanding anything in Section 2.13(g) to the contrary, the General Partner may elect in its
sole and absolute discretion to waive the application of any portion, all or none of the provisions of Section 2.13(g) in the case of the breach by any Partner of Section 2.13(b) or, if applicable, of the relevant non-competition covenants provided in such Partner’s Partner Agreement. 

(i)       Without limiting the right of the Partnership to obtain injunctive relief for any attempted or
threatened breach of this Section 2.13, in the event a Partner breaches Section 2.13(c), (d) or (e), then at the election of the General Partner in its sole and absolute discretion the Partnership shall be entitled to seek any other
available remedies including, but not limited to, an award of money damages. 
 Section 2.14   Insurance. The
Partnership may purchase and maintain insurance, to the extent and in such amounts as the General Partner shall deem reasonable, on behalf of Covered Persons and such other Persons as the General Partner shall determine, against any liability that
may be asserted against or expenses that may be incurred by any such Person in connection with the activities of the Partnership and/or its Subsidiaries regardless of whether the Partnership would have the power or obligation to indemnify such
Person against such liability under the provisions of this Agreement. The Partnership may enter into indemnity contracts with 

  
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Covered Persons and such other Persons as the General Partner shall determine and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding
of obligations under this Section 2.14, and containing such other procedures regarding indemnification as are appropriate and consistent with this Agreement. 

Section 2.15    Representations and Warranties. Each Partner hereby represents and warrants to the others and
to the Partnership as follows: 
 (a)       Such Partner has all requisite power to execute, deliver and
perform this Agreement; the performance of its obligations hereunder will not result in a breach or a violation of, or a default under, any material agreement or instrument by which such Partner or any of such Partner’s properties is bound or
any statute, rule, regulation, order or other law to which it is subject, nor require the obtaining of any consent, approval, permit or license from or filing with, any governmental authority or other Person by such Person in connection with the
execution, delivery and performance by such Partner of this Agreement. 
 (b)       This Agreement constitutes
(assuming its due authorization and execution by the other Partners) such Partner’s legal, valid and binding obligation. 

(c)       Each Limited Partner expressly agrees that the Partners may, subject to the restrictions set forth in
Sections 2.12, 2.13, 2.16, 2.18 and 2.19 and, if applicable, any Partner Agreement, regarding Confidential Information, Intellectual Property, non-competition,
non-solicitation, non-disparagement, non-interference, devotion of time, short selling and hedging transactions, and compliance
with relevant policies and procedures, engage independently or with others, for its or their own accounts and for the accounts of others, in other business ventures and activities of every nature and description whether such ventures are competitive
with the business of the Partnership or otherwise, including, without limitation, purchasing, selling or holding investments for the account of any other Person or enterprise or for its or his own account, regardless of whether or not any such
investments are also purchased, sold or held for the direct or indirect account of the Partnership. Neither the Partnership nor any Limited Partner shall have any rights or obligations by virtue of this Agreement in and to such independent ventures
and activities or the income or profits derived therefrom. 
 (d)       Such Partner understands that
(i) the Interests have not been registered under the Securities Act and applicable state securities laws and (ii) the Interests may not be sold, transferred, pledged or otherwise disposed of except in accordance with this Agreement and
then only if they are subsequently registered in accordance with the provisions of the Securities Act and applicable state securities laws or registration under the Securities Act or any applicable state securities laws is not required. 

(e)       Such Partner understands that the Partnership is not obligated to register the Interests for resale
under any applicable federal or state securities laws and that the Partnership is not obligated to supply such Partner with information or assistance in complying with any exemption under any applicable federal or state securities laws. 

Section 2.16   Devotion of Time. Each Individual Limited Partner agrees to devote substantially all of his business time,
skill, energies and attention to his responsibilities to the Och-Ziff Group in a diligent manner at all times prior to his Special Withdrawal or Withdrawal. 

  
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 Section 2.17     Partnership Property; Partnership Interest.
No real or other property of the Partnership shall be deemed to be owned by any Partner individually, but shall be owned by and title shall be vested solely in the Partnership. The Interests of the Partners shall constitute personal property. 

Section 2.18     Short Selling and Hedging Transactions. While each Partner is a Limited Partner of the
Partnership (irrespective of whether or not a Special Withdrawal or Withdrawal has occurred in respect of such Partner) and at all times thereafter, such Partner and its Affiliates shall not, without PMC Approval, directly or indirectly,
(a) effect any short sale (as such term is defined in Regulation SHO under the Exchange Act) of Class A Shares or any short sale of any Related Security, or (b) enter into any swap or other transaction, other than a sale (which is not
a short sale) of Class A Shares or any Related Security to the extent permitted by this Agreement, that transfers to another, in whole or in part, any of the economic risks, benefits or consequences of ownership of Class A Shares or any
Related Security. The foregoing clause (b) is expressly agreed to preclude each Partner and its Affiliates, while such Partner is a Limited Partner of the Partnership (irrespective of whether or not a Special Withdrawal or Withdrawal has
occurred in respect of such Partner) and at all times thereafter, from engaging in any hedging or other transaction (other than a sale, which is not a short sale, of Class A Shares or any Related Security to the extent permitted by this
Agreement) which is designed to or which reasonably could be expected to lead to or result in a transfer of the economic risks, benefits or consequences of ownership of Class A Shares or any Related Security, or a disposition of Class A
Shares or any Related Security, even if such transfer or disposition would be made by someone other than such Partner or Affiliate thereof or any Person contracting directly with such Partner or Affiliate. For purposes of this Section 2.18
only, “Related Securities” shall include Class A-1 Common Units, PSIs and Deferred Cash Interests. 

Section 2.19     Compliance with Policies. Each Individual Limited Partner hereby agrees that he shall comply
with all policies and procedures adopted by any member of the Och-Ziff Group or which Limited Partners are required to observe by law, or by any recognized stock exchange, or other regulatory body or
authority. 
 ARTICLE III 

INTERESTS AND ADMISSION OF PARTNERS 

Section 3.1      Units and other Interests. 

(a)       General. As of the Recapitalization Date, the Partnership has interests designated as
“Class A Cumulative Preferred Units,” “Class A Common Units,” “Class A-1 Common Units,” “Class B Common Units,” “Class C Non-Equity Interests,” “Class D Common Units,” “Class E Common Units,” “Class P Common Units” and “Profit Sharing Interests.” Any
Partnership interest may be held by the General Partner or any Limited Partner. Except as expressly provided herein, Common Units of each class shall entitle the holders thereof to equal rights under this Agreement. The General Partner shall record
in the books of the Partnership the names of all Partners, and the number and class or type of interests held by them. Units 

  
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and Class C Non-Equity Interests are allocated Net Income and Net Loss pursuant to Article VI. Distributions are paid with respect to the Units and
Class C Non-Equity Interests as described in this Article III and pursuant to Article VII. 

(b)       Certificated and Uncertificated Units. From time to time, the General Partner may establish
other classes or series of Units pursuant to Section 3.2. Units may (but need not, in the sole and absolute discretion of the General Partner) be evidenced by a certificate (a “Certificate of Ownership”) in such form as the
General Partner may approve in writing in its sole and absolute discretion. The Certificate of Ownership may contain such legends as may be required by law or as may be appropriate to evidence, if approved by the General Partner pursuant to
Section 8.1, the pledge of a Partner’s Units. Each Certificate of Ownership shall be signed by or on behalf of the General Partner by either manual or facsimile signature. The Certificates of Ownership of the Partnership shall be numbered
and registered in the register or transfer books of the Partnership as they are issued. The Partnership or other Transfer Agent shall act as registrar and transfer agent for the purposes of registering the ownership and Transfer of Units. If a
Certificate of Ownership is defaced, lost or destroyed it may be replaced on such terms, if any, as to evidence and indemnity as the General Partner determines in its sole and absolute discretion. Notwithstanding the foregoing, Class A Common
Units, Class A-1 Common Units, Class B Common Units, Class D Common Units, Class E Common Units, Class P Common Units and PSIs shall not be evidenced by Certificates of Ownership and a
Partner’s interest in any such Units shall be reflected through appropriate entries in the books and records of the Partnership. 

(c)       Record Holder. Except to the extent that the Partnership shall have received written notice of
a Transfer of Units and such Transfer complies with the applicable requirements of Section 8.1, the Partnership shall be entitled to treat (i) in the case of Units evidenced by Certificates of Ownership, the Person in whose name any
Certificates of Ownership stand on the books of the Partnership and (ii) in the case of Units not evidenced by Certificates of Ownership and Class C Non-Equity Interests, the Person listed in the
books of the Partnership as the holder of such Units or Class C Non-Equity Interests, as the absolute owner thereof, and shall not be bound to recognize any equitable or other claim to, or interest in,
such Units or Class C Non-Equity Interests on the part of any other Person. The name and business address of each Partner shall be set forth in the books of the Partnership. 

(d)       Class A Common Units and Class A-1
Common Units. 
 (i)        Class A-1
Common Units. In the Merger, each Class A Common Unit outstanding immediately prior to the Merger was converted into 0.65 Class A Common Units and 0.35 Class A-1 Common Units. There shall
only be one series of Class A-1 Common Units and, except as otherwise set forth in this Agreement or an applicable Partner Agreement, each Class A-1 Common
Unit shall have the same rights, powers and duties, which shall be as set forth in this Section 3.1(d) and elsewhere in this Agreement. 

  
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 (ii)     Capital Accounts Attributable to
Class A and Class A-1 Common Units. Immediately following the Merger, each Limited Partner retained the portion of such Limited Partner’s Capital Account
attributable to the Class A Common Units outstanding immediately prior to the Merger that were converted into Class A-1 Common Units in the Merger. Such Limited Partner’s Capital Account
attributable to such Class A Common Units that were converted into Class A-1 Common Units in the Merger (and federal income tax basis and other tax attributes, including, without limitation, the debt
allocations pursuant to Section 752 of the Code, to the extent permissible) shall not be affected by any future cancellation of such Class A-1 Common Units as provided in Section 3.1(d)(v);
instead such portion of such Limited Partner’s Capital Account shall be allocated in its entirety to the portion of such Limited Partner’s Capital Account attributable to such Limited Partner’s Class A Common Units. 

(iii)     Consent Rights. 

  (A)       Class A Consent Rights. Notwithstanding anything contained in this
Agreement to the contrary, from and after the Recapitalization Date, the following actions shall not be taken without the prior written consent of (i) the holders of a majority of the then-outstanding Class A Common Units and
(ii) until 100% of the then-outstanding Post-Recap Class A Units have become Eligible Common Units, the holders of a majority of the then-outstanding Post-Recap Class A Units: 

 

	 	(I)	 Any action by the Och-Ziff Group (directly or indirectly, whether by
merger, recapitalization, amendment, or otherwise) that is adverse to the holders of Class A Common Units or Class A-1 Common Units in a manner disproportionate to the holders of the Class A
Shares (taking into account, for such purposes, the effect on the Class A Shares and/or the Class B Common Units), including, for the avoidance of doubt, any such disproportionate impact resulting from (w) any amendments to the terms
of the Class D Common Units, the Class E Common Units or the Class P Common Units, (x) any amendments to the terms of any Class A Restricted Share Units, (y) the disproportionate allocation of income (loss) to any class
of Units or (z) the creation of any new class of Class A Parity Units; other than, in each case, any disproportionate treatment pursuant to the express terms of such units that are set forth in this Agreement as of the date hereof (and
not, for the avoidance of doubt, as a result of the exercise by the General Partner or any other Person of its discretion or other rights to take or omit to take actions or make other determinations hereunder). 

 

	 	(II)	 The issuance of any additional Class A Common Units or
Class A-1 Common Units (excluding Class A Common Units issued upon the conversion of any other Common Units in accordance with Sections 3.1(f) or 3.1(g)).

 

	 	(III)	 (x) the creation of any new class of Class A Parity Units or (y) amending, modifying or otherwise
causing the terms of an existing class of equity securities to become Class A Parity Units, in each of the foregoing clauses (x) and (y), by Och-Ziff, the Partnership or any other entity in the Och-Ziff Group until the achievement of the Book-Up Target for all outstanding Class A Common Units following the end of the Distribution Holiday. For the avoidance of
doubt, any consent rights of the holders of Class A Common Units described in this 

  
 37 

	 	
Agreement will not limit the rights of the holders of the Class A Cumulative Preferred Units and Debt Securities (which as of the Recapitalization Date have separate consent rights with
respect to issuances of Class A Parity Units). 

  

	 	(IV)	 The amendment (directly or indirectly, whether by merger, recapitalization, amendment, or otherwise) of
(i) the Book-Up Provisions in a manner that is adverse to the Class A Common Units or Class A-1 Common Units, except as required by a change in applicable
laws, regulations or IRS guidance following the date hereof or upon the written advice of outside counsel to the Och-Ziff Group as to the interpretation of the tax law or (ii) this
Section 3.1(d)(iii) (other than Section 3.1(d)(iii)(B)). 

 In connection with any consents to be obtained from
the holders of Class A Common Units under this Section 3.1(d)(iii)(A), no consent fee or other consideration shall be offered to such holders. 

 (B)       Class A Consent Rights for Non-DSO
Parties. From the Recapitalization Date until the end of the Distribution Holiday, without the approval of holders of a majority of the Class A Common Units (excluding any Class A Common Units held by any DSO Parties at the applicable
time) (such holders, the “Non-DSO Class A Holders”), the Och-Ziff Group shall not amend (directly or indirectly, whether by merger,
recapitalization, amendment, or otherwise) (i) this Agreement if the impact of such amendment on the Non-DSO Class A Holders (solely in their capacity as holders of Class A Common Units or Class A-1 Common Units) is disproportionately adverse, in any material respect, relative to the impact to the DSO Parties (solely in the DSO Parties’ capacity as holders of Class A Common Units or Class A-1 Common Units, as applicable) or (ii) this Section 3.1(d)(iii)(B). 

  (C)       Amendments to Terms of Class A-1 Common Units. For all purposes of Section 10.2(a), holders of Class A-1 Common Units shall vote (i) together as a single class and
(ii) separately from the other classes of Units. 

(iv)     Tag-Along Sales. Each Limited Partner that
holds Class A Common Units or Class A-1 Common Units shall be a Potential Tag-Along Seller with respect to such Common Units in connection with any proposed Tag-Along Sale and any such Class A-1 Common Units shall be deemed to be Class A Common Units for purposes of Section 8.5; provided that any consideration
received by such Limited Partner with respect to any Class A Common Units or Class A-1 Common Units shall be subject to Section 3.1(h). 

(v)     Cancellation of Class A-1
Common Units. Upon (A) any Class E-1 Common Units or Additional Class E Common Units becoming Eligible Common Units or (B) any such Class E Common Units being cancelled (other than
any Class E-1 Common Units cancelled as of March 11, 2019 pursuant to Section 3.1(g)(i)), in either case an equal number of Class A-1 Common Units
shall be automatically cancelled, with each holder of Class A-1 Common Units bearing its pro rata share of such cancellation. 

  
 38 

 (vi)       Participation through Additional
Capital Contributions. Notwithstanding the final sentence of Section 8.5(b), in circumstances wherein the General Partner shall permit Class A Limited Partners or the other Limited Partners to participate in (or the Class A
Limited Partners or the other Limited Partners are otherwise entitled to participate in) (i) a sale of Class A Common Units, or (ii) an exchange of Class A Common Units pursuant to the Exchange Agreement, the General Partner
shall allow each Class A Limited Partner to make such Capital Contributions to the Partnership as would enable the relevant number of Class A Common Units of such Class A Limited Partner to achieve the applicable Book-Up Target. 
 (e)       Conversion into Class E-2 Common Units. In the Merger, each Class D Common Unit outstanding immediately prior to the Merger was converted into (x) one Class D Common Unit on the same vesting schedule as prior to
such conversion (each, a “Conversion Class D Common Unit”), and (y) one Class E-2 Common Unit (each, a “Conversion Class E-2 Common Unit”); provided that (i) on and immediately following the Conversion Class E-2 Notice Date, each Class D Limited Partner shall have
outstanding either solely Conversion Class D Common Units or solely Conversion Class E-2 Common Units, as set forth below, and (ii) prior to the Conversion
Class E-2 Notice Date, the Conversion Class E-2 Common Units shall not have rights under this Agreement, including with respect to voting, approval,
distributions or allocations. 
  (i)         Conversion Class E-2 Notice Date. A Class D Limited Partner shall have the right, at such Limited Partner’s option, to either: (A) retain all of such Conversion Class D Common Units or (B) retain
all of such Conversion Class E-2 Common Units. In order to exercise such election right, a Class D Limited Partner shall deliver to the General Partner, prior to March 8, 2019 (the
“Conversion Class E-2 Notice Date” ), a completed and executed notice in the form attached to this Agreement as Exhibit D (an “Election Notice”), in the
manner specified in Section 10.10 of this Agreement. 
   (ii)       
Delivery of Election Notice; Cancellation of Conversion Units. If a Class D Limited Partner delivers a properly completed and executed Election Notice before the close of business on the Conversion
Class E-2 Notice Date electing to retain all of his Conversion Class E-2 Common Units, then all of his Conversion Class D Common Units shall be cancelled
automatically and he shall retain all of his Conversion Class E-2 Common Units as of the close of business on such date. If a Class D Limited Partner either fails to deliver a properly completed and
executed Election Notice before the close of business on the Conversion Class E-2 Notice Date, or delivers a properly completed and executed Election Notice before the close of business on such date
electing to retain all of his Conversion Class D Common Units, then all of his Conversion Class E-2 Common Units shall be cancelled automatically and he shall retain all of his Conversion
Class D Common Units as of the close of business on such date. In all cases, the Book-Up Target with respect to a Conversion Class E-2 Common Unit may not be
satisfied sooner than 30 days following the issuance of such Unit. 

  
 39 

 (iii)       Following the Conversion
Class E-2 Notice Date. As of the opening of business on the first business day following the Conversion Class E-2 Notice Date, the books and
records of the Partnership shall be updated to reflect the cancellation of each Class D Limited Partner’s Conversion Class D Common Units or Conversion Class E-2 Common Units, as
applicable, in accordance with Section 3.1(e)(ii). Thereafter, any such retained Conversion Class E-2 Common Units shall have the same rights, powers and duties as the
Class E-1 Common Units except as specified in the applicable Partner Agreement or in Section 3.1(g)(iv) or 3.1(n) or elsewhere in this Agreement. 

(f)        Class D Common Units. Class D Common Units may be conditionally issued in one or
more series of such class. Class D Common Units of the first such series were designated as “Class D-1 Common Units,” with each subsequent series of Class D Common Units to be designated
with a consecutive number or as otherwise recorded in the books of the Partnership and the applicable Partner Agreement. Class D Common Units may be conditionally granted to or held by any Individual Limited Partner and his Related Trusts
(each, a “Class D Limited Partner”). Except as otherwise set forth in this Agreement or the applicable Partner Agreement, if any, of any Class D Limited Partner, each series of Class D Common Units shall have the same
rights, powers and duties, which shall be as set forth below and elsewhere in this Agreement: 

(i)       Exchanges; Conversion of Class D Common Units into
Class A Common Units. No Class D Limited Partner shall be permitted to exchange any Class D Common Unit pursuant to the Exchange Agreement except (i) to the extent that the Class D Common Unit has converted
into a Class A Common Unit and satisfies the Book-Up Target at the time of such exchange and (ii) subject to the other terms of this Agreement. Upon achieving the
Book-Up Target in accordance with Sections 5.2(b)(iii) and 6.1(c) following the end of the Distribution Holiday or immediately prior to an Exchange Event in which such Class D Common Unit is to be
exchanged, a Class D Common Unit will automatically convert into a Class A Common Unit; provided that such automatic conversion will only occur to the extent a corresponding number of Class D common units in each of the other
Operating Group Entities are also to be simultaneously converted into Class A common units pursuant to their Organizational Documents. 

(ii)       Tag-Along Sales. Each Class D
Limited Partner shall be a Potential Tag-Along Seller with respect to its Class D Common Units in connection with any proposed Tag-Along Sale and such Class D
Common Units shall be deemed to be Class A Common Units for purposes of Section 8.5; provided that any consideration received by such Class D Limited Partner with respect to any such Class D Common Units shall be subject to
Section 3.1(h). 
 (iii)       Participation through Additional Capital
Contributions. Notwithstanding the provisions of Section 3.1(f)(i) and the final sentence of Section 8.5(b), in circumstances wherein the General Partner shall permit Class D Limited Partners or the other Limited Partners to
participate in (or the Class D Limited Partners or the other Limited Partners are otherwise entitled to participate in) (i) a sale of Class A Common Units, or (ii) an exchange of Class A Common Units pursuant to the Exchange
Agreement, the General Partner shall allow each Class D Limited Partner to make such Capital Contributions to the Partnership as would enable the relevant number of Class D Common Units of such Class D Limited Partner to become
economically equivalent to Class A Common Units, in which case each such Class D Common Unit will automatically convert into a Class A Common Unit and such Class D Limited Partner will then be permitted to participate in such
sale or exchange. 

  
 40 

 (iv)       Participation in Liquidity
Events. If any Class D Limited Partner does not participate in any sale or exchange of Common Units by the other Limited Partners occurring within two years after the applicable Issue Date of such Class D Limited Partner’s
Class D Common Units and in which such Class D Limited Partner would have been entitled to participate in accordance with Section 3.1(f)(i), then, following the end of such two-year period, such
Class D Limited Partner shall, subject to the satisfaction of the conditions set forth in Section 3.1(f)(i) or Section 3.1(f)(iii) and satisfaction of the Book-Up Target at such future time, be
entitled to exchange the number of Common Units equal to such Class D Limited Partner’s pro rata share of the total number of Common Units that all Individual Limited Partners and their Related Trusts were entitled to Transfer in such sale
or exchange. 
 (v)       Amendments. With respect to amendments (A) pursuant to
Section 10.2(a)(ii), (x) the Class D Common Units shall be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment that adversely affects the rights of
the Class D Common Units and the rights of the Class A Common Units similarly and (y) the Class D Common Units shall vote separately in respect of any amendment that only adversely affects the rights of the Class D Common
Units or otherwise adversely affects the rights of Class D Common Units and the rights of Class A Common Units dissimilarly (other than in a de minimis manner), and (B) pursuant to Section 10.2(a)(iii), the Class D
Common Units shall be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment requiring approval thereunder. For the avoidance of doubt, notwithstanding the
foregoing provisions of this Section 3.1(f)(v), the Class D Common Units shall not be treated as Class A Common Units for any purposes under Sections 3.1(d)(iii)(A) or 3.1(d)(iii)(B). 

(vi)       Adjustments to Class D Common Units. The General Partner
shall maintain a one-to-one correspondence between each Class D Common Unit and each Class A Common Unit into which each such Class D Common Unit may
convert, and may make equitable adjustments to the Class D Common Units to take into account changes in the number of Common Units, reclassifications, recapitalizations and similar factors provided that such adjustments are consistent with the
intent of Section 6.1(c) and the other relevant provisions of this Agreement; provided, however, that no such equitable adjustment may adversely affect the Class D Common Units’ rights to the allocations and distributions set forth in
this Agreement and any applicable Partner Agreement. 
 (g)       Class E Common Units. Class E
Common Units may be conditionally issued in one or more series of such class. Class E Common Units of the first such series granted after the Merger shall be designated as “Class E-1 Common
Units,” and each subsequent series of Class E Common Units shall be designated with a consecutive number commencing with Class E-3 Common Units or as otherwise recorded in the books of the

  
 41 

 
Partnership and the applicable Partner Agreement. Class E Common Units may be conditionally granted to or held by any Individual Limited Partner and his Related Trusts (each, a
“Class E Limited Partner”). Except as otherwise set forth in this Agreement or the applicable Partner Agreement, if any, of any Class E Limited Partner, each series of Class E Common Units shall have the same rights,
powers and duties, which shall be as set forth below and elsewhere in this Agreement: 

(i)       Initial Class E Grant. On the Recapitalization Date,
immediately following the Merger, 9,655,232 Class E-1 Common Units (such number, the “Initial Class E Grant”) shall be issued to existing Limited Partners. The
retention of each grant shall be subject to the terms and conditions of an award agreement to be entered into between the applicable Limited Partner and the Operating Partnerships. The retention of any
Class E-1 Common Units granted to each such Limited Partner is subject to such Limited Partner (A) delivering to the General Partner, prior to March 8, 2019, a completed and executed version of
such award agreement, and (B) satisfying the conditions specified in such award agreement; and any grant as to which the conditions in the foregoing clauses (A) and (B) are not met shall be canceled as of March 11, 2019. All Class E-1 Common Units shall be subject to vesting in accordance with Exhibit E-1 hereto. 

(ii)       Additional Class E Common Units. After the Recapitalization
Date, the General Partner may conditionally issue additional Class E Common Units (“Additional Class E Common Units”) in an aggregate number up to the excess of (A) the aggregate number of Class A-1 Common Units outstanding on the Recapitalization Date, over (B) the Initial Class E Grant (as reduced by any Class E-1 Common Units cancelled as
of March 11, 2019 pursuant to Section 3.1(g)(i)), with any such Additional Class E Common Units to be issued on such terms determined by the Chief Executive Officer of Och-Ziff with the approval
of the Compensation Committee, if applicable. The Additional Class E Common Units shall be granted to Active Individual LPs. 

(iii)       Class E Consent Rights. Notwithstanding anything contained in this Agreement
to the contrary, from and after the Recapitalization Date, until the number of then-outstanding Class E Common Units (excluding those that have converted into Class A Common Units) is less than 10% of the number of Class E Common
Units outstanding on the Recapitalization Date immediately following the Merger (including any Conversion Class E Common Units that the holders thereof elect to retain pursuant to Section 3.1(e)), the following actions shall not be taken
without the prior written consent of the holders of a majority of the then-outstanding Class E Common Units (excluding those that have converted into Class A Common Units): 

(A)       Any action by the Och-Ziff Group (directly or
indirectly, whether by merger, recapitalization, amendment, or otherwise) that is adverse to the holders of Class E Common Units in a manner disproportionate to the holders of the Class A Shares (taking into account, for such purposes, the
effect on the Class A Shares and/or the Class B Common Units), including, for the avoidance of doubt, any such disproportionate impact resulting from (w) any amendments to the terms of the Class A Common Units, the Class D
Common Units or the Class P 

  
 42 

 
Common Units, (x) any amendments to the terms of any Class A Restricted Share Units, (y) the disproportionate allocation of income (loss) to any class of Units or (z) the
creation of any new class of Class E Parity Units; other than, in each case, any disproportionate treatment pursuant to the express terms of such units that are set forth in this Agreement as of the Recapitalization Date (and not, for the
avoidance of doubt, as a result of the exercise by the General Partner or any other Person of its discretion or other rights to take or omit to take actions or make other determinations hereunder). 

(B)       (x) the creation of any new class of Class E Parity Units or (y) amending,
modifying or otherwise causing the terms of an existing class of equity securities to become Class E Parity Units, in each of the foregoing clauses (x) and (y), by Och-Ziff, the Partnership or any
other entity in the Och-Ziff Group until the achievement of the Book-Up Target for all outstanding Class E Common Units following the end of the Distribution
Holiday. 
 (C)       The amendment (directly or indirectly, whether by merger,
recapitalization, amendment, or otherwise) of (i) the Book-Up Provisions in a manner that is adverse to the Class E Common Units, except as required by a change in applicable laws, regulations or IRS
guidance following the date hereof or upon the written advice of outside counsel to the Och-Ziff Group as to the interpretation of the tax law or (ii) this Section 3.1(g). 

In connection with any consents to be obtained from the holders of Class E Common Units under this Section 3.1(g)(iii), no consent
fee or other consideration shall be offered to such holders. 
 (iv)       Vesting of
Conversion Class E-2 Common Units. If a Class D Limited Partner elects to retain any Conversion Class E-2 Common Units in accordance
with Section 3.1(e), such Conversion Class E-2 Common Units shall be subject to vesting in accordance with Exhibit E-2 hereto. 

(v)       Exchanges; Conversion of Class E Common Units into
Class A Common Units. No Class E Limited Partner shall be permitted to exchange any Class E Common Unit pursuant to the Exchange Agreement except (i) to the extent that the Class E Common Unit has converted
into a Class A Common Unit and satisfies the Book-Up Target at the time of such exchange and (ii) subject to the other terms of this Agreement. Upon achieving the
Book-Up Target in accordance with Sections 5.2(b)(iii) and 6.1(c) following the end of the Distribution Holiday or immediately prior to an Exchange Event in which such Class E Common Unit is to be
exchanged, a Class E Common Unit will automatically convert into a Class A Common Unit; provided that such automatic conversion will only occur to the extent a corresponding number of Class E common units in each of the other
Operating Group Entities are also to be simultaneously converted into Class A common units pursuant to their Organizational Documents. 

  
 43 

 (vi)      
Tag-Along Sales. Each Class E Limited Partner shall be a Potential Tag-Along Seller with respect to its Class E Common Units in connection with any
proposed Tag-Along Sale and such Class E Common Units shall be deemed to be Class A Common Units for purposes of Section 8.5; provided that any consideration received by such Class E
Limited Partner with respect to any such Class E Common Units shall be subject to Section 3.1(h). 

(vii)       Participation through Additional Capital Contributions Notwithstanding the
provisions of Section 3.1(g)(v) and the final sentence of Section 8.5(b), in circumstances wherein the General Partner shall permit Class E Limited Partners or the other Limited Partners to participate in (or the Class E Limited
Partners or the other Limited Partners are otherwise entitled to participate in) (i) a sale of Class A Common Units, or (ii) an exchange of Class A Common Units pursuant to the Exchange Agreement, the General Partner shall allow
each Class E Limited Partner to make such Capital Contributions to the Partnership as would enable the relevant number of Class E Common Units of such Class E Limited Partner to become economically equivalent to Class A Common
Units, in which case each such Class E Common Unit will automatically convert into a Class A Common Unit and such Class E Limited Partner will then be permitted to participate in such sale or exchange. 

(viii)      Participation in Liquidity Events. If any Class E Limited Partner does
not participate in any sale or exchange of Common Units by the other Limited Partners occurring within two years after the applicable Issue Date of such Class E Limited Partner’s Class E Common Units and in which such Class E
Limited Partner would have been entitled to participate in accordance with Section 3.1(g)(v), then, following the end of such two-year period, such Class E Limited Partner shall, subject to the
satisfaction of the conditions set forth in Section 3.1(g)(v) or Section 3.1(g)(vii) and satisfaction of the Book-Up Target at such future time, be entitled to exchange the number of Common Units
equal to such Class E Limited Partner’s pro rata share of the total number of Common Units that all Individual Limited Partners and their Related Trusts were entitled to Transfer in such sale or exchange. 

(ix)       Amendments. With respect to amendments (A) pursuant to
Section 10.2(a)(ii), (x) the Class E Common Units shall be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment that adversely affects the rights of
the Class E Common Units and the rights of the Class A Common Units similarly and (y) the Class E Common Units shall vote separately in respect of any amendment that only adversely affects the rights of the Class E Common
Units or otherwise adversely affects the rights of Class E Common Units and the rights of Class A Common Units dissimilarly (other than in a de minimis manner), and (B) pursuant to Section 10.2(a)(iii), the Class E
Common Units shall be treated as Class A Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment requiring approval thereunder. For the avoidance of doubt, notwithstanding the
foregoing provisions of this Section 3.1(g)(ix), the Class E Common Units shall not be treated as Class A Common Units for any purposes under Sections 3.1(d)(iii)(A), 3.1(d)(iii)(B) or 3.1(g)(iii). 

  
 44 

 (x)       Adjustments to
Class E Common Units. The General Partner shall maintain a one-to-one correspondence between each Class E Common Unit and each Class A
Common Unit into which each such Class E Common Unit may convert, and may make equitable adjustments to the Class E Common Units to take into account changes in the number of Common Units, reclassifications, recapitalizations and similar
factors provided that such adjustments are consistent with the intent of Section 6.1(c) and the other relevant provisions of this Agreement; provided, however, that no such equitable adjustment may adversely affect the Class E Common
Units’ rights to the allocations and distributions set forth in this Agreement and any applicable Partner Agreement. 

(h)       Participation by Class A Common Units, Class A-1
Common Units, Class D Common Units and Class E Common Units in a Liquidity Event. Notwithstanding anything in this Agreement to the contrary, in the event of a Drag-Along Sale, Tag-Along Sale, a
Change of Control or any other liquidity event, (i) if any class of Common Units is permitted to participate in a sale of such Common Units in such Drag-Along Sale, Tag-Along Sale, a Change of Control or
any other liquidity event (such class of Common Units, the “Initial Permitted Common Units”), all other classes of Common Units shall be permitted to participate in a sale of those Common Units in such Drag-Along Sale, Tag-Along Sale, a Change of Control or any other liquidity event, in each case on the same terms and conditions as the Initial Permitted Common Units, and (ii) the consideration to which any Limited Partner
holding Class A Common Units, Class A-1 Common Units, Class D Common Units or Class E Common Units shall be entitled with respect to any such Common Unit that is to be sold in such
Drag-Along Sale, Tag-Along Sale, a Change of Control or any other liquidity event shall be in proportion to such Limited Partner’s Economic Capital Account Balance attributable to such Common Unit (taking
into account the Economic Capital Account Balances of the Common Units participating directly or indirectly in such event, including Class B Common Units). For the avoidance of doubt, to the extent the Common Units have achieved their Book-Up Target at the time of any such liquidity event, any such consideration paid in respect of such Common Units shall be in proportion to such Common Units’ Percentage Interests relative to the Percentage
Interests of all the Common Units entitled to participate in such liquidity event. 
 (i)       Profit
Sharing Interests. Interests in the Partnership shall include a class of Units designated as “Profit Sharing Interests,” which may be conditionally issued in one or more series of such class (each, a “PSI”). The
first series of such class shall be designated as “Series 1 PSIs,” with each subsequent series of PSIs to be designated with consecutive numbers indicating the order in which series have been issued, or as otherwise recorded in the books
of the Partnership and the applicable Partner Agreement. The respective Interests in the PSIs conditionally held by each Individual Limited Partner (each, a “PSI Limited Partner”) shall be as recorded in the books of the Partnership
as being owned by such Partner pursuant to this Section 3.1, with each Person receiving a conditional grant of PSIs being admitted as a Limited Partner upon such grant if such Person was not previously a Limited Partner. Except as otherwise set
forth in this Agreement or any applicable Partner Agreement and subject to Section 3.1(i)(ix), each PSI shall have the rights, powers and duties set forth below and elsewhere in this Agreement: 

  
 45 

 (i)       Grants, Reallocations and
Cancellations of PSIs. At all times, each PSI Limited Partner will conditionally own an equal number of PSIs in the Partnership and each of the other Operating Group Entities. The PMC Chairman may in his discretion conditionally grant any number
of PSIs at any time to any existing Individual Limited Partners or other Person who becomes an Individual Limited Partner in connection with such grant. At any time, the PMC Chairman in his sole discretion may determine to (A) conditionally
reallocate PSIs held by any PSI Limited Partner to any other Limited Partners, whether or not they are PSI Limited Partners, or (B) cancel any PSIs held by any PSI Limited Partner. PSIs forfeited by any PSI Limited Partner in accordance with
this Agreement or the terms of any Partner Agreement shall automatically be cancelled. 

(ii)       PSI Distributions. Unless otherwise specified in any applicable Partner
Agreement, a PSI Limited Partner shall conditionally receive distributions with respect to such PSI Limited Partner’s PSIs from the Partnership and the other Operating Group Entities in respect of any Fiscal Year in an aggregate annual amount
equal to the product of (i) such PSI Limited Partner’s PSI Number in respect of such Fiscal Year, and (ii) the aggregate distributions made by the Operating Group Entities with respect to each Operating Group A Unit in respect of the
Net Income earned by the Operating Group Entities during such Fiscal Year (the aggregate amounts to be distributed to any PSI Limited Partner with respect to such PSI Limited Partner’s PSIs by the Partnership and the other Operating Group
Entities in respect of any Fiscal Year, such PSI Limited Partner’s “PSI Distribution” in respect of such Fiscal Year). In order to be eligible to receive any portion of the PSI Distribution in respect of any Fiscal Year, the
PSI Limited Partner shall not have been subject to a Withdrawal or Special Withdrawal as of the applicable distribution date of such portion of such PSI Distribution. 

(iii)       Types of PSI Distributions. Unless otherwise specified in any applicable
Partner Agreement and subject to Section 3.1(i)(ix), any PSI Distribution to be made to any PSI Limited Partner by the Partnership and the other Operating Group Entities with respect to the PSIs of such PSI Limited Partner shall be
conditionally distributed at the times and in the amounts described in this Section 3.1(i) in a combination of (A) cash to be conditionally distributed to the Limited Partner by one or more of the Operating Group Entities, which may
include a conditional grant of Deferred Cash Interests by the Partnership and/or the other Operating Group Entities in the sole discretion of the General Partner, and (B) a conditional grant by the Operating Group Entities of Operating Group D
Units. 
 (iv)       Proportions of Cash and Units. Unless otherwise specified in any
applicable Partner Agreement and subject to Section 3.1(i)(ix), any PSI Distribution to be made to any PSI Limited Partner in respect of any Fiscal Year shall be conditionally distributed at the times specified in Section 3.1(i)(v) such
that, on an aggregate basis, it shall be conditionally made: 
 (A)       75% in the form of
cash distributions, to be satisfied by distributions from one or more of the Operating Group Entities in the proportions determined by the General Partner in its sole discretion (the “PSI Cash Distribution”), of which a portion
equal to 60% of the PSI Distribution shall be distributed in accordance with clauses (A) and (B) of Section 3.1(i)(v) and the remainder shall be distributed in the form of Deferred Cash Interests in accordance with clause (C) of
Section 3.1(i)(v) (the “Deferred Cash Distribution”); and 

  
 46 

 (B)       25% in the form of a grant of
Operating Group D Units by the Operating Group Entities in accordance with clause (D) of Section 3.1(i)(v) (the “PSI Class D Unit Distribution”). 

(v)       Timing of PSI Distributions. Unless otherwise specified in any applicable
Partner Agreement and subject to Article VII and Section 3.1(i)(ix), any PSI Distribution to be made to any PSI Limited Partner in respect of any Fiscal Year may be conditionally made during the subsequent Fiscal Year, on January 15 and
the 4Q Distribution Date, provided that the PSI Limited Partner has not been subject to a Withdrawal or a Special Withdrawal as of the applicable date, as follows: 

(A)       as of such January 15, a portion of the PSI Cash Distribution for such Fiscal
Year shall be distributed in cash to such PSI Limited Partner in an amount equal to 50% of such PSI Cash Distribution (not including any Deferred Cash Distribution); provided that, for purposes of this Clause (A), these amounts shall be determined
by the PMC Chairman in his sole discretion taking into account the General Partner’s estimate of the aggregate distributions to be made by the Operating Group Entities with respect to each Operating Group A Unit in respect of the Net Income
earned by the Operating Group Entities during such Fiscal Year, with such amount to be distributed by one or more of the Operating Group Entities in the proportions determined by the General Partner in its sole discretion; 

(B)       as of such 4Q Distribution Date, the amount of the PSI Cash Distribution in respect of
such Fiscal Year, less the amounts of such PSI Cash Distribution to be distributed in accordance with Clause (A) above or Clause (C) below, shall be distributed in cash to such PSI Limited Partner, with such amount to be distributed by one
or more of the Operating Group Entities in the proportions determined by the General Partner in its sole discretion; 

(C)       as of such 4Q Distribution Date, the Deferred Cash Distribution in respect of such
Fiscal Year shall be distributed to such PSI Limited Partner in the form of Deferred Cash Interests relating to one or more OZ Funds (as defined in the DCI Plan) in accordance with the DCI Plan by the Partnership and/or the other Operating Group
Entities in the sole discretion of the General Partner; and 
 (D)       the PSI Class D
Unit Distribution in respect of such Fiscal Year shall be satisfied by a grant of Operating Group D Units to be made by the Operating Group Entities as of the 4Q Distribution Date relating to such Fiscal Year, with the number of Operating Group D
Units to be calculated in accordance with the applicable Partner Agreement. 
 (vi)      
Vesting; Transfer. PSIs shall not vest and may be reallocated or cancelled as provided in this Section 3.1(i) and any Partner Agreement. No PSI Limited Partner may Transfer any PSIs or Deferred Cash Interests under any circumstances, and
any purported Transfer of PSIs or Deferred Cash Interests shall be null and void and of no force and effect. 

  
 47 

 (vii)       PSI Liquidity Events.
Notwithstanding the provisions of Section 3.1(i)(vi), in the PMC Chairman’s sole discretion, a PSI Limited Partner may participate in a PSI Liquidity Event with respect to such PSI Limited Partner’s PSIs on the same terms as
Class A Common Units participate, provided that such PSI Limited Partner may only participate in such a PSI Liquidity Event to the extent that the PSIs held by such PSI Limited Partner have become economically equivalent to Class A Common
Units, although PSIs shall not convert into Class A Common Units upon becoming economically equivalent to them. The General Partner in its sole discretion may permit any such PSI Limited Partner to make such Capital Contributions as would
enable the relevant number of PSIs of such PSI Limited Partner to become economically equivalent to Class A Common Units, in which case such PSIs shall be permitted to participate in such PSI Liquidity Event. 

(viii)      Adjustments to PSIs. The General Partner may in its sole discretion make
equitable adjustments to the PSIs to take into account changes in the number of Common Units, reclassifications, recapitalizations and similar factors. 

(ix)       Terms of the PSIs and PSI Distributions. The PMC Chairman at any time may
determine in his sole discretion to amend, supplement, modify or waive the terms of this Section 3.1(i) and any other provisions in this Agreement or any Partner Agreement relating to PSIs, PSI Distributions, PSI Class D Unit Distributions
or PSI Cash Distributions, including Deferred Cash Interests, including, without limitation, with respect to the terms of previously granted PSIs or distributions thereon; and such amendments, supplements, modifications or waivers shall not require
the consent or approval of any Partner. 
 (x)       Terms of Deferred Cash Interests.
Anything herein to the contrary notwithstanding, any Deferred Cash Interests shall be paid pursuant to the terms of the DCI Plan and the applicable Partner Agreements and award agreements relating to individual grants of Deferred Cash Interests
which shall set forth the applicable vesting and payment terms and all such terms shall be subject to the requirements of Section 409A of the Code. 

(j)       Class P Common Units. Class P Common Units may be conditionally issued in one or more
series of such class. Class P Common Units of the first such series shall be designated as “Class P-1 Common Units,” and each subsequent series of Class P Common Units shall be designated
with a consecutive number or as otherwise recorded in the books of the Partnership and the applicable Partner Agreement. Class P Common Units shall be issued to Active Individual LPs (each, a “Class P Limited Partner”) as and
when determined by the General Partner with the approval of the PMC Chairman, and shall be issued pursuant to a Partner Agreement substantially in the form of award agreement attached to this Agreement as Exhibit B or in such other form that is
otherwise determined by the General Partner. Except as otherwise set forth in this Agreement or the applicable Partner Agreement of any Class P Limited Partner, each series of Class P Common Units shall have the same rights, powers and
duties, which shall be as set forth below and elsewhere in this Agreement: 

  
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 (i)     Vesting; Forfeiture. Each Class P
Common Unit of a Class P Limited Partner shall conditionally vest on the date that both the Class P Service Condition and the Class P Performance Condition applicable to such Class P Common Unit have been satisfied; provided,
that, upon the earlier of (x) such Class P Limited Partner ceasing to be an Active Individual LP and (y) the last day of the Class P Performance Period, each such Class P Limited Partner’s unvested Class P Common
Units shall be forfeited and cancelled except as follows: 
 (A)     upon such Class P Limited
Partner’s Withdrawal for Cause at any time pursuant to clause (A) of Section 8.3(a)(i) (Cause), all of the vested and unvested Class P Common Units held by such Class P Limited Partner shall be forfeited and
cancelled; 
 (B)     if the Class P Service Condition is satisfied on or prior to the effective
date of any Withdrawal of such Class P Limited Partner resulting from Retirement but prior to the Class P Performance Condition being satisfied, all of the Class P Common Units held by such Class P Limited Partner shall be
conditionally retained; provided that any Class P Common Units that have not satisfied the applicable Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be forfeited and cancelled and any
Class P Common Units that have satisfied the Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be retained as Participating Class P Common Units; 

(C)     if the Class P Service Condition is satisfied on or prior to the effective date of such
Class P Limited Partner’s Special Withdrawal or Withdrawal (other than any Withdrawal pursuant to clause (A) of Section 8.3(a)(i) (Cause) or pursuant to clause (C) of Section 8.3(a)(i) (Resignation) as a
result of Retirement), all of the Class P Common Units held by such Class P Limited Partner shall be conditionally retained until the first anniversary of the effective date of such Withdrawal or Special Withdrawal; provided that any
Class P Common Units that have not satisfied the applicable Class P Performance Condition on or prior to the earlier of (i) such first anniversary date or (ii) the last day of the Class P Performance Period shall be
forfeited and cancelled; and provided, further, that any Class P Common Units that have satisfied the Class P Performance Condition on or prior to such date shall be retained as Participating Class P Common Units; and 

(D)     in the event of the death or Disability of such Class P Limited Partner, all of the
Class P Common Units held by such Class P Limited Partner shall be conditionally retained by such Class P Limited Partner and the Class P Service Condition (but not the Class P Performance Condition) shall be waived (if not
already satisfied); provided that any Class P Common Units that have not satisfied the applicable Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be forfeited and cancelled and any
Class P Common Units that have satisfied the Class P Performance Condition on or prior to the last day of the Class P Performance Period shall be retained as Participating Class P Common Units. 

  
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 (ii)      Exchange Rights. No Class P
Limited Partner shall be permitted to exchange pursuant to the Exchange Agreement any Class P Common Unit issued on any grant date except to the extent that (A) both the Class P Service Condition and the Class P Performance
Condition applicable to such Class P Common Unit have been satisfied or waived, (B) the Class P Common Unit has achieved the Book-Up Target, and (C) the Distribution Holiday has ended,
provided that, in the event that the Exchange Committee has established an Exchange Event during the Distribution Holiday in accordance with Section 8.1(b) then each Class P Limited Partner holding any Class P Common Units that have
satisfied the conditions in the foregoing clauses (A) and (B) as of the date of such Exchange Event (any such Class P Common Units, “Eligible Class P Units”) shall be permitted to exchange any such
Eligible Class P Units; provided that the number of Eligible Class P Units to be exchanged may not represent a greater percentage of the Class P Common Units then held by such Class P Limited Partner than the percentage of all
then outstanding Class A Common Units, Class D Common Units and Class E Common Units that are Exchangeable Common Units in respect of such Exchange Event. In addition, notwithstanding anything to the contrary with respect to any
Exchange Agreement governing any Class P Common Units, any exchange of Eligible Class P Units shall be subject to the restrictions and other provisions in the Class A Exchange Agreement that address Section 382 of the Code and
limitations arising pursuant to any applicable insider trading policy, treating such Eligible Class P Units as though they were Exchangeable Common Units for this purpose; provided, that if any Delayed Exchangeable Group Units (as defined in
the Class A Exchange Agreement) (including any Eligible Class P Units that are treated as Delayed Exchangeable Group Units pursuant to this sentence, “Delayed Exchangeable Units”) are outstanding immediately prior to any
Class P Common Unit becoming an Eligible Class P Unit or any other Common Unit becoming an Exchangeable Common Unit (all such Eligible Class P Units or Exchangeable Common Units, “Subsequently Exchangeable Units”),
then any such Subsequently Exchangeable Units shall not be eligible for exchange until all such Delayed Exchangeable Units have been exchanged in accordance with the applicable Exchange Agreement. 

(iii)     Tag-Along Rights; Drag-Along Rights. Each
Class P Limited Partner shall be a Potential Tag-Along Seller with respect to its Class P Common Units in connection with any proposed Tag-Along Sale and such
Class P Common Units shall be deemed to be Class A Common Units for purposes of Section 8.5, but only to the extent that (A) the Class P Service Condition applicable to such Class P Common Unit has been satisfied or
waived in the General Partner’s discretion, (B) the Class P Performance Condition applicable to such Class P Common Unit has already been satisfied or is deemed satisfied based on the price per Class A Share implied by the
terms of the Tag-Along Offer, and (C) the Class P Common Unit has achieved the Book-Up Target. Certain Class P Common Units may be deemed to be
Participating Class P Common Units upon the occurrence of a proposed Drag-Along Sale to the extent and as provided in Section 3.1(j)(iv). Any Class P Common Units that are not Participating Class P Common Units upon the
occurrence of a proposed Tag-Along Sale but are permitted to participate in such Tag-Along Sale in accordance with this Section 3.1(j)(iii) shall be deemed to be
Participating Class P 

  
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Common Units. Subject to the other terms of this Agreement, Class P Common Units that are Non-Participating Class P Common Units prior to the
occurrence of a proposed Drag-Along Sale that is not subject to Section 3.1(j)(iv) shall be retained as Non-Participating Class P Common Units following the Drag-Along Sale; provided, that any
Class P Common Units that are Non-Participating Class P Common Units following a Drag-Along Sale subject to Section 3.1(j)(iv) shall be forfeited and cancelled upon the date of such event as
provided in Section 3.1(j)(iv). 
 (iv)     Class P Liquidity Events. Upon the occurrence of
a Class P Liquidity Event, each Class P Common Unit shall participate on a pro rata basis with other classes of Common Units regardless of whether the Class P Service Condition has been satisfied or waived, but only to the extent that
(A) the Class P Performance Condition applicable to such Class P Common Unit has already been satisfied or is deemed satisfied based on the price per Class A Share implied by the relevant Class P Liquidity Event, and
(B) the Class P Common Unit has achieved the Book-Up Target. If the Total Shareholder Return upon the date of the applicable Class P Liquidity Event is greater than one Class P Performance
Threshold and less than the next Class P Performance Threshold, a ratable portion of the Class P Common Units with the higher Class P Performance Threshold shall become entitled to participate pro rata in such Class P Liquidity
Event. Any Class P Common Units that are not Participating Class P Common Units upon the occurrence of such Class P Liquidity Event but are permitted to participate in such Class P Liquidity Event in accordance with this
Section 3.1(j)(iv) shall be deemed to be Participating Class P Common Units. Any Non-Participating Class P Common Unit that is not deemed to satisfy the relevant Class P Performance
Condition immediately prior to such Class P Liquidity Event shall be forfeited and cancelled upon the date of such event. 

(v)      Adjustments to Class P Common Units. The General Partner shall
maintain a one-to-one correspondence between each Operating Group P Unit and each Class A Share into which each such Operating Group P Unit may be exchanged, and
may make equitable adjustments to the Class P Common Units to take into account changes in the number of Common Units, reclassifications, recapitalizations and similar factors provided that such adjustments are consistent with the intent of
Section 6.1(c) and the other relevant provisions of this Agreement; provided, however, that no such equitable adjustment may adversely affect the Class P Common Units’ rights to the allocations and distributions set forth in this
Agreement and any applicable Partner Agreement. 
 (vi)     Amendments. The provisions of this
Section 3.1(j) and other provisions of this Agreement relating to Class P Common Units may be amended, supplemented, modified or waived by the General Partner with the approval of the PMC Chairman; and such amendments, supplements,
modifications or waivers shall not require the consent or approval of any Limited Partner, except (A) as provided in Section 10.2(a)(i); (B) that pursuant to Section 10.2(a)(ii), (x) the Class P Common Units shall be treated as
Class A Common Units and shall vote together with Class A Common Units in respect of any amendment that adversely affects the rights of the Class P Common Units and the rights of the Class A Common Units similarly, and
(y) the Class P Common Units shall vote separately in respect of any amendment 

  
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that only adversely affects the rights of the Class P Common Units; and (C) that pursuant to Section 10.2(a)(iii), the Class P Common Units shall be treated as Class A
Common Units and shall vote together as a single class with the Class A Common Units in respect of any amendment requiring approval thereunder. 

(k)     Reallocations of Common Units. In the event of any reallocation of Common Units under this Agreement
forfeited from and after the date hereof, notwithstanding anything to the contrary in any Partner Agreement entered into prior to the date hereof, the General Partner shall determine in its sole discretion the class and series of Common Units to
which each such Common Unit shall belong upon its reallocation, and such class and series may differ from those of the reallocated Common Unit if doing so may mitigate any adverse tax consequences that might otherwise result from such reallocation.

 (l)      Voting Rights relating to Common Units, PSIs and Class C Non-Equity Interests. Holders of Common Units (other than Class B Common Units) shall have no voting, consent or approval rights with respect to any matter submitted to holders of Units for their consent or
approval, except as set forth in Sections 3.1(d)(iii), 3.1(f)(v), 3.1(g)(iii), 3.1(g)(ix), 3.1(j)(vi) and 10.2. Holders of Class C Non-Equity Interests and PSI Limited Partners (other than as holders of
Common Units) shall have no voting, consent or approval rights with respect to any matter. 
 (m)    Automatic Conversion
upon Exchanges. If, as a result of an exchange pursuant to the Exchange Agreement, Och-Ziff or any of its Subsidiaries (excluding any Operating Group Entity and any Subsidiary of an Operating Group Entity)
acquires (in any manner) any Common Units, each such Common Unit will automatically convert into one Class B Common Unit, unless otherwise determined or cancelled. 

(n)     Class A Shares; Class B Shares. 

(i)      Reservation of Class A Shares. The Class E Limited Partners
agree and acknowledge that, in addition to being subject to Section 3.1(g)(v), the exchange rights of holders of Class E Common Units issued on any grant date are conditional upon a sufficient number of Class A Shares being reserved
under the Och-Ziff Incentive Plan to satisfy such exchange rights. If the Och-Ziff Incentive Plan does not have the capacity on the relevant grant date (or, in the case
of any Conversion Class E-2 Common Units being retained by a Class E Limited Partner pursuant to Section 3.1(e), at the close of business on the Conversion
Class E-2 Notice Date) to reserve a sufficient number of Class A Shares then such Class E Common Units shall not become exchangeable unless and until the shareholders of Och-Ziff subsequently approve an amendment to the Och-Ziff Incentive Plan to permit such reservations to be made. 

(ii)     Issuance of Class B Shares to Class E Limited
Partners. The Partnership will cause Och-Ziff to issue one Class B Share to each Class E Limited Partner who is an Individual Limited Partner upon the vesting of any Operating Group E Unit held
by such Class E Limited Partner or his Related Trusts (or, if such Operating Group E Unit has converted into an Operating Group A Unit prior to vesting, then upon the vesting of such Operating Group A Unit); provided that any such Class B
Share shall be issued on the date on which shareholder approval to any such amendment to the Och-Ziff Incentive Plan is received, if later than the vesting date. 

  
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 (iii)     Issuance of Class B
Shares to Class D Limited Partners. The Partnership will cause Och-Ziff to issue one Class B Share to each Class D Limited Partner who is an Individual Limited Partner in
respect of each additional complete Operating Group A Unit conditionally owned by him and his Related Trusts as their Operating Group D Units convert into Operating Group A Units, with each such Class B Share to be issued to such Class D
Limited Partner as of the date from which such Class D Limited Partner holds such additional complete Operating Group A Unit. 

(iv)     Class B Shareholders Agreement; Proxy. 

    (A)     Each Individual Limited Partner agrees that, if he is issued Class B
Shares at a time when he is not a party to the Class B Shareholders Agreement, then simultaneously with such issuance of Class B Shares, he shall execute either (A) if the Class B Shareholders Agreement has not been terminated as
of the date of such issuance, a joinder providing for him to become a party to, and bound by, the Class B Shareholders Agreement, or (B) if the Class B Shareholders Agreement has been terminated as of the date of such issuance, a
separate instrument pursuant to which he agrees to be bound by the terms of the proxy set forth in Section 2.3(b) of the Class B Shareholders Agreement, as amended pursuant to the Governance Agreement (the “Voting Holiday
Proxy”). 
     (B)     In the event that the Voting Holiday Proxy ceases to
be effective prior to the end of the Voting Holiday (as defined in the Governance Agreement), each holder of Corresponding Class B Shares (as defined in the Governance Agreement) hereby irrevocably constitutes and appoints the Chief Executive
Officer and the Chief Financial Officer of Och-Ziff as the sole and exclusive attorneys-in-fact and proxies of such Class B
Shareholder, each of them with the power to act alone and with full power of substitution and resubstitution, on the same terms and to the same extent as if the Voting Holiday Proxy had remained in effect, with the proxy under this
Section 3.1(n)(iv)(B) to then remain in effect until the end of the Voting Holiday. 
 (v)
     Transfer Restrictions; Automatic Transfer of Class B Shares. Unless otherwise determined by the General Partner, in the event that any Operating Group A Units or Operating Group E Units in respect of which
Class B Shares have been issued are reallocated or Transferred directly or indirectly to any other Limited Partner, then the Class B Shares associated with such any Operating Group A Units or Operating Group E Units shall be automatically
reallocated to the Operating Group Entities and then subsequently reallocated to such Limited Partner (or, if such Limited Partner is a Related Trust of an Individual Limited Partner, to such Individual Limited Partner); provided, however, that if
any such Operating Group A Units are converted into unvested Operating Group E Units upon receipt by a Limited Partner, then the Partnership shall cause Och-Ziff to simultaneously cancel the Class B
Shares associated with such Operating Group A Units pursuant to Och-Ziff’s Organizational Documents. Except as provided herein, each Limited Partner agrees that it may not, under any circumstances,
Transfer any Class B Shares without the consent of the General Partner, and any purported Transfer of Class B Shares shall be null and void and of no force and effect. 

  
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 (vi)     Cancellation of
Class B Shares. 
       (A)     Upon the
issuance of any Class B Shares to a Class E Limited Partner pursuant to Section 3.1(n)(ii) upon the vesting of any Operating Group E Units comprised of Class E-1 Common Units or Additional
Class E Common Units (or the vesting of an Operating Group A Unit into which any such Operating Group E Unit has converted) held by such Class E Limited Partner or his Related Trusts, then the Partnership shall cause Och-Ziff, pursuant to its Organizational Documents, to simultaneously cancel an equal number of the Class B Shares associated with the Operating Group A-1 Units, with
each holder of Operating Group A-1 Units bearing its pro rata share of such cancellation. The Partnership shall provide each holder of Operating Group A-1 Units with
prompt written notice of any such cancellation. 
       (B)     If the
Operating Group Units of any Individual Limited Partner or his Related Trusts are cancelled for any reason, then, to the extent that any Class B Shares have been issued and remain outstanding in respect of such Operating Group Units at the
relevant time, the Partnership shall cause Och-Ziff, pursuant to its Organizational Documents, to simultaneously cancel an equal number of the Class B Shares held by such Individual Limited Partner. 

      (C)     In accordance with
Och-Ziff’s Organizational Documents, any Class B Shares that are cancelled as described in this Section 3.1(n)(vi) or in Section 3.1(n)(v) shall be cancelled on the books and records of Och-Ziff and such Class B Shares shall have no further rights or privileges and shall no longer be deemed to be outstanding equity securities of Och-Ziff for any purpose
from and after the date of their cancellation. 
 Section 3.2   Issuance of Additional Units and other Interests. 

(a)     Additional Units. The General Partner may from time to time in its sole and absolute discretion admit any
Person as an additional Limited Partner of the Partnership (each such Person, if so admitted, an “Additional Limited Partner” and, collectively, the “Additional Limited Partners”). A Person shall be deemed admitted
as a Limited Partner at the time such Person (i) executes this Agreement or a counterpart of this Agreement and (ii) is named as a Limited Partner in the books of the Partnership. Each Substitute Limited Partner shall be deemed an
Additional Limited Partner whose admission as an Additional Limited Partner has been approved in writing by the General Partner for all purposes hereunder. Subject to the satisfaction of the foregoing requirements and Section 4.1(c), the
General Partner is hereby expressly authorized to cause the Partnership to issue additional Units for such consideration and on such terms and conditions, and to such Persons, including the General Partner, any Limited Partner or any of their
Affiliates, as shall be established by the General Partner in its sole and absolute discretion, in each case without the approval of any other Partner or any other Person. Without limiting the foregoing, but subject to Section 4.1(c), the
General Partner is expressly 

  
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authorized to cause the Partnership to issue Units (A) upon the conversion, redemption or exchange of any debt or other securities issued by the Partnership, (B) for less than fair
market value or no consideration, so long as the General Partner concludes that such issuance is in the best interests of the Partnership and its Partners, and (C) in connection with the merger of any other Person into the Partnership if the
applicable merger agreement provides that Persons are to receive Units in exchange for their interests in the Person merging into the Partnership. The General Partner is hereby expressly authorized to take any action, including without limitation
amending this Agreement without the approval of any other Partner, to reflect any issuance of additional Units. Subject to Section 4.1(c), additional Units may be Class A Common Units, Class B Common Units or other Units. 

(b)     Unit Designations. Any additional Units may be issued in one or more classes, or one or more series of any
of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties (including, without limitation, rights, powers and duties that may be senior or otherwise entitled to preference
over existing Units) as shall be determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner or any other Person, and set forth in a written document thereafter attached to and made an exhibit
to this Agreement, which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Unit Designation”). 

(i)      Class A Cumulative Preferred Units. The Class A Cumulative Preferred Units
outstanding immediately prior to the Merger were exchanged for Class A Cumulative Preferred Units created pursuant to the Unit Designation attached as Exhibit C hereto (the “Class A Preferred Unit Designation”) and Debt
Securities under the Senior Subordinated Loan Agreement pursuant to Section 2.3(d) of the Merger Agreement. The Partnership and each of the Partners acknowledge and agree to treat for federal income tax purposes (and applicable state and local
income tax purposes), except to the extent otherwise required by applicable law, (i) such exchange for Debt Securities under the Senior Subordinated Loan Agreement as a promise to make future payments on the exchanged Class A Cumulative
Preferred Units, (ii) any cash payments of interest made pursuant to the Senior Subordinated Loan Agreement to Partners that held such exchanged Class A Cumulative Preferred Units as guaranteed payments within the meaning of
Section 707(c) of the Code made by the Partnership to such Partners with respect to such exchanged Class A Cumulative Preferred Units, and (iii) any payments, other than interest payments, made pursuant to the Senior Subordinated Loan
Agreement to Partners that held such exchanged Class A Cumulative Preferred Units as a distribution made by the Partnership to such Partners with respect to such exchanged Class A Cumulative Preferred Units pursuant to Article VII. 

(c)     Unit Rights. Without limiting the generality of the foregoing, but subject to Section 4.1(c), in
respect of additional Units the General Partner shall have authority to specify (i) the allocations of items of Partnership income, gain, loss, deduction and credit to holders of each such class or series of Units; (ii) the right of
holders of each such class or series of Units to share (on a pari passu, junior or preferred basis) in Partnership distributions; (iii) the rights of holders of each such class or series of Units upon dissolution and liquidation of the
Partnership; (iv) the voting rights, if any, of holders of each such class or series of Units; and (v) the conversion, redemption or exchange rights applicable to each such class or series of Units. The total number of Units that may be created
and issued pursuant to this Section 3.2 is not limited. 

  
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 (d)     Class C Non-Equity
Interests. Class C Non-Equity Interests may only be issued to a Limited Partner as consideration for the provision of services to the Partnership in the form of future allocations of Net Income to
such Limited Partner. No Partner may, under any circumstances, Transfer any Class C Non-Equity Interests, and any purported Transfer of Class C Non-Equity
Interests shall be null and void and of no force and effect. Holders of Class C Non-Equity Interests shall have no right to receive any allocations thereon, and allocations, if any, made thereon to such
Limited Partner need not be made in proportion to the number of Common Units or other Units held by such Limited Partner. Holders of Class C Non-Equity Interests shall have only the limited rights
expressly set forth in this Agreement. The Partnership or other Transfer Agent shall act as registrar and transfer agent for the purposes of registering the ownership of Class C Non-Equity Interests. 

(e)     Additional Limited Partners. Subject to the other terms of this Agreement, the rights and obligations of an
Additional Limited Partner to which Units are issued shall be set forth in such Additional Limited Partner’s Partner Agreement, the Unit Designation relating to the Units issued to such Additional Limited Partner or a written document
thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement (but shall not require the approval of any Limited Partner) and shall be incorporated herein by this reference. Such rights and
obligations may include, without limitation, provisions describing the vesting of the Units issued to such Additional Limited Partner and the reallocation of such Units or other consequences of the Withdrawal of such Additional Limited Partner other
than due to a breach of any of the covenants in Section 2.13(b) or, if applicable, any of those provided in such Additional Limited Partner’s Partner Agreement. 

ARTICLE IV 
 VOTING AND MANAGEMENT

 Section 4.1   General Partner: Power and Authority. 

(a)    The business and affairs of the Partnership shall be managed exclusively by the General Partner; provided, however,
that the General Partner may delegate such power and authority to the Partner Management Committee (or its Chairman), the Partner Performance Committee (or its Chairman) or such other committee (or its chairman) as it shall deem necessary, advisable
or appropriate in its sole and absolute discretion from time to time, which delegation may be set forth in this Agreement, as an amendment hereto (which shall not require the vote or approval of any Limited Partner) or in a resolution duly adopted
by the General Partner. Initially the General Partner has delegated certain power and authority to the Partner Management Committee and the Partner Performance Committee, as set forth elsewhere in this Agreement. Subject to Sections 3.1(d)(iii) and
3.1(g)(iii), the General Partner shall have the power and authority, on behalf of and in the name of the Partnership, to carry out any and all of the objects and purposes and exercise any and all of the powers of the Partnership and to perform all
acts which it may deem necessary or advisable in connection therewith, with such acts including, but not being limited to, the approval of a merger or consolidation involving the Partnership, or of the conversion,

  
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transfer, domestication or continuance of the Partnership, or of the compromise of any obligation of a Partner to make a contribution or return money or other property to the Partnership, to the
fullest extent permitted by applicable law, by the General Partner without the consent or approval of any of the other Partners. Appraisal rights permitted under Section 17-212 of the Act shall not apply
or be incorporated into this Agreement, and no Partner or assignee of an Interest shall have any of the dissenter or appraisal rights described therein. The Limited Partners, in their capacity as limited partners (and not as officers of the General
Partner or members of any committee established by the General Partner), shall have no part in the management of the Partnership and shall have no authority or right to act on behalf of or bind the Partnership in connection with any matter. The
Partners agree that all determinations, decisions and actions made or taken by the General Partner, the Partner Management Committee (or its Chairman) or the Partner Performance Committee (or its Chairman) in accordance with this Agreement shall be
conclusive and absolutely binding upon the Partnership, the Partners and their respective successors, assigns and personal representatives. 

(b)     Limited Partners holding a majority of the outstanding Class B Common Units shall have the right to remove
the General Partner at any time, with or without cause. Upon the withdrawal or removal of the General Partner, Limited Partners holding a majority of the outstanding Class B Common Units shall have the right to appoint a successor General
Partner; provided, however, that any successor General Partner must be a direct or indirect wholly owned Subsidiary of Och-Ziff. Any Person appointed as a successor General Partner by the Limited Partners
holding a majority of the outstanding Class B Common Units shall become a successor General Partner for all purposes herein, and shall be vested with the powers and rights of the transferring General Partner, and shall be liable for all
obligations of the General Partner arising from and after such date, and shall be responsible for all duties of the General Partner, once such Person has executed such instruments as may be necessary to effectuate its admission and to confirm its
agreement to be bound by all the terms and provisions of this Agreement in its capacity as the General Partner. 

(c)     In order to protect the economic and legal rights of the Original Partners set forth in this Agreement and the
Exchange Agreement, unless the General Partner has received PMC Approval, (i) the General Partner shall not take any action, and shall not permit any Subsidiary of the Partnership to take any action, that is prohibited under Section 2.9 of
the Och-Ziff LLC Agreement (or any similar provision of Och-Ziff’s Organizational Documents at the applicable time) and (ii) the General Partner shall cause
the Partnership and its Subsidiaries to comply with the provisions of Section 2.9 of the Och-Ziff LLC Agreement (or any similar provision of Och-Ziff’s
Organizational Documents at the applicable time). 
 (d)     The General Partner may, from time to time, employ any
Person or engage third parties to render services to the Partnership on such terms and for such compensation as the General Partner may determine in its sole and absolute discretion, including, without limitation, attorneys, investment consultants,
brokers or finders, independent auditors and printers. Such employees and third parties may be Affiliates of the General Partner or of one or more of the Limited Partners. Persons retained, engaged or employed by the Partnership may also be engaged,
retained or employed by and act on behalf of any Partner or any of their respective Affiliates. 

  
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 Section 4.2   Partner Management Committee.  

(a)     Establishment. The General Partner has established a partner management committee (the “Partner
Management Committee”), with Daniel S. Och serving as its Chairman as of the date hereof. Daniel S. Och shall continue to serve as Chairman of the Partner Management Committee until the Transition Date or his earlier death or Disability, at
which time (i) Mr. Och shall automatically cease to serve as Chairman and shall also cease to be a member of the Partner Management Committee, and (ii) provided that he continues to be an Active Individual LP, Robert Shafir (or his
successor as Chief Executive Officer of Och-Ziff) shall succeed Mr. Och as Chairman of the Partner Management Committee effective as of such date and continuing until at least the end of the Distribution
Holiday and the achievement of the Book-Up Target for all Class A Common Units. As of the date Mr. Shafir (or his successor) succeeds Mr. Och as Chairman of the Partner Management Committee in
accordance with the foregoing sentence, the Partner Management Committee shall be comprised of the individuals named on Exhibit F hereto, provided that each such individual is an Active Individual LP on such date; thereafter, the membership of the
Partner Management Committee may change from time to time in accordance with Section 4.2(b). The Partner Management Committee shall have the powers and responsibilities described in Section 4.2(d). 

(b)     Membership. Subject to Section 4.2(a), the Partner Management Committee’s membership may change
in accordance with this Section 4.2(b): 
 (i)     Committee Members. Each member of the
Partner Management Committee shall serve until such member’s Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner Management Committee, or, other than with respect to the Chairman of the Partner Management Committee,
removal by a majority vote of the other members of the Partner Management Committee. Upon the Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner Management Committee or removal of any of the members of the Partner
Management Committee, the remaining members of the Partner Management Committee shall act by majority vote to fill such vacancy or reduce the size of the committee to the remaining members. The Chairman or, if there is no Chairman, a majority of the
Partner Management Committee, may appoint a new member of the Partner Management Committee at any time. 

(ii)     Chairman. The Chairman of the Partner Management Committee shall serve in such capacity
until his Special Withdrawal, Withdrawal, death, Disability, resignation as Chairman or from the Partner Management Committee, or removal as Chairman by the Och-Ziff Board. In any such case, the Och-Ziff Board shall either (A) appoint a new Chairman, who may be an existing member of the Partner Management Committee or any other Active Individual LP, or (B) determine that there shall be no Chairman
of the Partner Management Committee. 
 (c)     Procedure. Meetings of the Partner Management Committee shall be
held at such time, at such place and in such manner as the Chairman shall determine (or, in the case of there being no Chairman, at such times as a majority of the other members of the Partner Management Committee request). When the Partner
Management Committee acts by full committee, all decisions shall be made by the majority vote of all members, with each member having one vote except that, if a tie would otherwise result, the Chairman shall have two votes. The Chairman of the
Partner 

  
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Management Committee shall have the ability to take action unilaterally as expressly set forth in this Agreement. Where the Chairman acts unilaterally, no meeting need be held. Members of the
Partner Management Committee may participate in a meeting of the Partner Management Committee by means of telephone, video conferencing or other communications technology by means of which all Persons participating in the meeting can hear and be
heard. Any member of the Partner Management Committee who is unable to attend a meeting of the Partner Management Committee may grant in writing to another member of the Partner Management Committee such member’s proxy to vote on any matter
upon which action is to be taken at such meeting. No meeting may be held without the attendance of a majority of the members of the Partner Management Committee, including the Chairman (if any). Any decision or action that may be approved by
a vote of the Partner Management Committee in a meeting held in accordance with this Section 4.2 shall be equally valid if approved, without a meeting being held, by the written consent of members of the Partner Management Committee who could
together have approved such decision or action by their votes at a meeting. The Partner Management Committee shall conduct its business by such other procedures as approved in writing by a majority of its members including the
Chairman. 
 (d)     Powers and Responsibilities. The powers and responsibilities of the Partner Management
Committee and its Chairman individually shall be limited to those powers and responsibilities set forth expressly in this Agreement (including, without limitation, in Sections 3.1, 4.1, 4.2, 7.1, 8.1, 8.3, 8.4 and 10.2), and to the reconstitution of
the Class B Shareholder Committee (by majority vote of the Partner Management Committee) pursuant to the Class B Shareholders Agreement; provided, however, that the General Partner may delegate in writing such further power and
responsibilities to the Partner Management Committee or its Chairman as it shall deem necessary, advisable or appropriate in its sole and absolute discretion from time to time, which delegation may be set forth in this Agreement, as an amendment
hereto (which shall not require the vote or approval of any Limited Partner) or a resolution duly adopted by the General Partner. 

Section 4.3   Partner Performance Committee. 

(a)    Establishment. The General Partner has established a partner performance committee (the “Partner
Performance Committee”), with Daniel S. Och serving as its Chairman as of the date hereof. Daniel S. Och shall continue to serve as Chairman of the Partner Performance Committee until the Transition Date or his earlier death or Disability,
at which time (i) Mr. Och shall automatically cease to serve as Chairman and shall also cease to be a member of the Partner Performance Committee, and (ii) provided that he continues to be an Active Individual LP, Robert Shafir (or
his successor as Chief Executive Officer of Och-Ziff) shall succeed Mr. Och as Chairman of the Partner Performance Committee. As of the date Mr. Shafir (or his successor) succeeds Mr. Och as
Chairman of the Partner Performance Committee in accordance with the foregoing sentence, the Partner Performance Committee shall be comprised of the individuals named on Exhibit F hereto, provided that each such individual is an Active Individual LP
on such date; thereafter, the membership of the Partner Performance Committee may change from time to time in accordance with Section 4.3(b). The Partner Performance Committee shall have the powers and responsibilities described in
Section 4.3(d). 

  
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 (b)     Membership. Subject to Section 4.3(a), the Partner
Performance Committee’s membership may change in accordance with this Section 4.3(b): 
 (i)
    Committee Members. Each member of the Partner Performance Committee shall serve until such member’s Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner Performance Committee, or, other
than with respect to the Chairman of the Partner Performance Committee, removal by a majority vote of the other members of the Partner Performance Committee. Upon the Special Withdrawal, Withdrawal, death, Disability, resignation from the Partner
Performance Committee or removal of any of the members of the Partner Performance Committee, the remaining members of the Partner Performance Committee shall act by majority vote to fill such vacancy or reduce the size of the committee to the
remaining members. The Chairman or, if there is no Chairman, a majority of the Partner Performance Committee, may appoint a new member of the Partner Performance Committee at any time. 

(ii)    Chairman. The Chairman of the Partner Performance Committee shall serve in such capacity
until his Special Withdrawal, Withdrawal, death, Disability, resignation as Chairman or from the Partner Performance Committee, or removal as Chairman by the Och-Ziff Board. In any such case, the Och-Ziff Board shall either (A) appoint a new Chairman, who may be an existing member of the Partner Performance Committee or any other Active Individual LP, or (B) determine that there shall be no
Chairman of the Partner Performance Committee. 
 (c)     Procedure. Meetings of the Partner Performance
Committee shall be held at such time, at such place and in such manner as the Chairman shall determine (or, in the case of there being no Chairman, at such times as a majority of the other members of the Partner Performance Committee request). When
the Partner Performance Committee acts by full committee, all decisions shall be made by the majority vote of all members, with each member having one vote except that, if a tie would otherwise result, the Chairman shall have two votes. The Chairman
of the Partner Performance Committee shall have the ability to take action as expressly set forth in this Agreement. Where the Chairman acts unilaterally, no meeting need be held. Members of the Partner Performance Committee may participate in a
meeting of the Partner Performance Committee by means of telephone, video conferencing or other communications technology by means of which all Persons participating in the meeting can hear and be heard. Any member of the Partner Performance
Committee who is unable to attend a meeting of the Partner Performance Committee may grant in writing to another member of the Partner Performance Committee such member’s proxy to vote on any matter upon which action is to be taken at such
meeting. No meeting may be held without the attendance of a majority of the members of the Partner Performance Committee, including the Chairman (if any). Any decision or action that may be approved by a vote of the Partner Performance Committee in
a meeting held in accordance with this Section 4.3 shall be equally valid if approved, without a meeting being held, by the written consent of members of the Partner Performance Committee who could together have approved such decision or action
by their votes at a meeting. The Partner Performance Committee shall conduct its business by such other procedures as approved in writing by a majority of its members including the Chairman. 

  
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 (d)     Powers and Responsibilities. The powers and
responsibilities of the Partner Performance Committee and its Chairman individually shall be limited to those powers and responsibilities set forth expressly elsewhere in this Agreement (including, without limitation, in Sections 4.1, 4.3 and 8.3);
provided, however, that the General Partner may delegate in writing such further power and responsibilities to the Partner Performance Committee or its Chairman as it shall deem necessary, advisable or appropriate in its sole and absolute discretion
from time to time, which delegation may be set forth in this Agreement, as an amendment hereto (which shall not require the vote or approval of any Limited Partner) or a resolution duly adopted by the General Partner. 

Section 4.4   Books and Records; Accounting. The General Partner shall have responsibility for the day-to-day management and general oversight of the accounting and finance function of the Partnership and shall keep at the principal office of the Partnership (or at such
other place as the General Partner shall determine) true and complete books and records regarding the status of the business and financial condition and results of operations of the Partnership. The books and records of the Partnership shall be kept
in accordance with the federal income tax accounting methods and rules determined by the General Partner, which methods and rules shall reflect all transactions of the Partnership and shall be appropriate and adequate for the business of the
Partnership. No Limited Partner shall have the right to request any information from the Partnership except as provided in Section 4.6. 

Section 4.5   Expenses. Except as otherwise provided in this Agreement, the Partnership shall be responsible for and
shall pay out of funds of the Partnership determined by the General Partner to be available for such purpose, all expenses and obligations of the Partnership, including, without limitation, those incurred by the Partnership or the General Partner or
their Affiliates, or the Partner Management Committee or the Partner Performance Committee in connection with the formation, conversion, operation or management of the Partnership and the business conducted by the Partnership, in organizing the
Partnership and preparing, negotiating, executing, delivering, amending and modifying this Agreement. 
 Section 4.6
  Partnership Tax and Information Returns. 
 (a)    The Partnership shall use commercially reasonable
efforts to timely file all returns of the Partnership that are required for U.S. federal, state and local income tax purposes. The Tax Matters Partner shall use commercially reasonable efforts to furnish to all Partners necessary tax information as
promptly as possible after the end of the Fiscal Year; provided, however, that delivery of such tax information may be subject to delay as a result of the late receipt of any necessary tax information from an entity in which the Partnership holds a
direct or indirect interest. Each Partner agrees to file all U.S. federal, state and local tax returns required to be filed by it in a manner consistent with the information provided to it by the Partnership. The classification, realization and
recognition of income, gain, losses and deductions and other items shall be on the accrual method of accounting for U.S. federal, state and local income tax purposes. 

(b)    Except as otherwise provided herein, the General Partner, in its sole and absolute discretion, shall determine
whether the Partnership should make any elections permitted by the tax laws of the United States, the several states and other relevant jurisdictions. 

  
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 (c)     The General Partner shall designate one Partner as the Tax
Matters Partner (as defined in the Code). The Tax Matters Partner shall be the General Partner until the General Partner designates another Partner in writing. The Tax Matters Partner is authorized and required to represent the Partnership (at the
Partnership’s expense) in connection with all examinations of the Partnership’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional services and costs
associated therewith. Each Partner agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably required by the Tax Matters Partner to conduct such proceedings. 

(d)     To the extent permissible under the New Partnership Audit Procedures, the Tax Matters Partner shall be the
“Partnership Representative” of the Partnership (within the meaning of Section 6223 of the New Partnership Audit Procedures) (the “Partnership Representative”). If the Tax Matters Partner is not
permitted to be the Partnership Representative under the New Partnership Audit Procedures, then the General Partner shall, in its discretion, appoint another Partner to serve as the Partnership Representative. The Partnership Representative is
authorized to, in its sole discretion, make an election under the New Partnership Audit Procedures or otherwise take any legally permissible action so that, to the greatest extent possible, no Partner shall bear liability for taxes, interest, or
penalties imposed on the Partnership under Section 6225 of the New Partnership Audit Procedures that such Partner would not have borne if the law in effect prior to the effective date of the New Partnership Audit Procedures continued to remain
effective and Section 6225 were not effective. The Partnership Representative may, in its sole discretion, apportion any taxes (and related interest, penalties, claims, liabilities and expenses) imposed on the Partnership pursuant to the New
Partnership Audit Procedures among the Partners and may withhold any such amounts from distributions made to any such Partner. Notwithstanding any other provision of this Agreement, the General Partner and the Partnership Representative are
authorized to take any action that may be required to assist or cause the Partnership or any of its Subsidiaries to comply with any withholding requirements established under the Code or any other federal, state, local or foreign law including,
without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required or elects to withhold or otherwise pays over to any taxing authority any amount resulting from the allocation or
distribution of income to any Partner (including, without limitation, by reason of Section 1446 of the Code) or any amounts apportioned to a Partner with respect to the New Partnership Audit Procedures, the General Partner or the Partnership
Representative may, in its sole and absolute discretion, treat the amount withheld as a distribution of cash pursuant to Section 7.1 or Article IX in the amount of such withholding from or with respect to such Partner or the amount paid over as
an expense to be borne by the Partners generally. If distributions are insufficient to satisfy any amounts apportioned to any Partner with respect to the New Partnership Audit Procedures, such Partner shall indemnify and hold harmless the
General Partner, the Partnership Representative and the Partnership for such amounts, which indemnity obligation shall survive the exchange or assignment of an Interest and the termination of this Agreement. 

(e)     Partnership Division. In a series of transactions that comprised an “assets over” partnership
division described in Treasury Regulation Section 1.708-1(d), the Partnership succeeded to certain assets of OZ Management LP, including goodwill and other intangible assets. In that partnership division,
the Partnership was the “recipient partnership” and OZ Management LP was the “prior partnership”/“divided partnership.” The Partnership will file its federal, state, and local tax returns consistent with that
characterization. Terms in quotations in this Section 4.6(e) have the meanings given thereto in Treasury Regulation Sections 1.708-1(d)(3) and (d)(4). 

  
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 ARTICLE V 

CONTRIBUTIONS AND CAPITAL ACCOUNTS 

Section 5.1   Capital Contributions. 

(a)     Limited Partners may make Capital Contributions at such times and in such amounts as shall be determined by the
General Partner in its sole and absolute discretion; provided, however, that (i) no Original Related Trust or Subsequent Related Trust shall be obligated to make Capital Contributions pursuant to this Section 5.1(a) and (ii) no other
Related Trust shall be obligated to make Capital Contributions pursuant to this Section 5.1(a) unless otherwise determined by the General Partner. 

(b)     In the event that the Partnership is required at any time to return any distribution it has received from any fund
or investment vehicle or other entity, each Partner who received a portion of such distribution agrees that upon request it will promptly make a Capital Contribution in proportion to the distribution amount such Partner received to enable the
Partnership to return such distribution. 
 Section 5.2   Capital Accounts. 

(a)    The General Partner shall maintain, for each Partner owning Units or Class C
Non-Equity Interests, a separate Capital Account with respect to such Partner in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Such
Capital Account shall be increased by (i) the amount of all Capital Contributions made to the Partnership with respect to any such Units or Class C Non-Equity Interests pursuant to this Agreement and
(ii) all items of Partnership income and gain (including, without limitation, income and gain exempt from tax) computed in accordance with Section 5.2(b) and allocated with respect to any such Units and Class C Non-Equity Interests pursuant to Section 6.1, and decreased by (x) the amount of cash or Net Agreed Value of all actual and deemed distributions of cash or property made with respect to any such Units and
Class C Non-Equity Interests pursuant to this Agreement and (y) all items of Partnership deduction and loss computed in accordance with Section 5.2(b) and allocated with respect to any such
Units pursuant to Section 6.1. Except as otherwise indicated in this Agreement, the foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulation Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury Regulation. 

  
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 (b)     For purposes of computing the amount of any item of income,
gain, loss or deduction, which is to be allocated pursuant to Article VI and is to be reflected in the Partners’ Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination,
recognition and classification for U.S. federal income tax purposes (including, without limitation, any method of depreciation, cost recovery or amortization used for that purpose); provided, however, that: 

  (i)     Except as otherwise provided in Treasury Regulation
Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code which may be made by the
Partnership and, as to those items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code, without regard to the fact that such items are not includable in gross income or are neither currently deductible nor capitalized for U.S. federal
income tax purposes. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment in the Capital Accounts shall be treated as an item of gain or loss. 

  (ii)     Any income, gain or loss attributable to the taxable disposition of any Partnership
property shall be determined as if the adjusted basis of such property as of such date of disposition were equal in amount to the Partnership’s Carrying Value with respect to such property as of such date. 

  (iii)   The Capital Account balance of each Partner and the Carrying Value of all Partnership property
shall be revalued in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f) and the provisions of Section 6.1(c), to reflect the Partner’s allocable share (as
determined under Article VI) of the items of Net Income or Net Loss that would be realized by the Partnership if it sold all of its property at its fair market value (taking Code Section 7701(g) into account) (determined in a manner consistent
with Fair Market Value): 
 (A)     immediately before the Recapitalization; 

(B)     in the event of (1) any Sale or liquidation of the Partnership in which the Partnership
realizes Liquidating Gains, (2) any Drag-Along Sale, Tag-Along Sale or Change of Control in which such Common Unit will actually participate in accordance with Section 3.1(h) or any Exchange Event
if, in any such case, the Partnership would have realized Liquidating Gains had a Sale occurred at such time and the Partnership would have realized incremental Liquidating Gains since the last time the Partnership revalued the Capital Accounts
pursuant to this clause (2) had a Sale occurred at such time, and (3) beginning no later than 45 days following the end of the Distribution Holiday, at the beginning of any business day if on such business day any of the Common Units,
other than the Class A-1 Common Units or Class B Common Units, is yet to achieve the Book-Up Target and the Partnership would have realized incremental
Liquidating Gains since the last time the Partnership revalued the Capital Accounts pursuant to this clause (3) had a Sale occurred at such time; and 

  
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 (C)     if the General Partner, in its sole and
absolute discretion, determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners on (1) the date of the acquisition of any additional interest in the Partnership by any new or
existing Partner in exchange for more than a de minimis Capital Contribution, (2) the date of the distribution of more than a de minimis amount of Partnership assets to a Partner, (3) the date any interest in the Partnership is
relinquished to the Partnership, or (4) any other time. 
 Notwithstanding the foregoing, for purposes of any Common Unit (other than
any Class A-1 Common Units or Class B Common Units) satisfying its Book-Up Target at any time, any revaluation pursuant to this Section 5.2(b)(iii) may be
made with respect to such Common Unit only following the end of the Distribution Holiday (or in the event of an earlier Sale or liquidation of the Partnership, an earlier Drag-Along Sale or Tag-Along Sale in
which such Common Unit will actually participate in accordance with Section 3.1(h), or an earlier Exchange Event in which such Common Unit will actually be exchanged and, in case of such Exchange Event, such revaluation may be hypothetical
rather than actual). Sections 6.1(c)(i)-(iv) shall be applied among the Class A Common Units, among the Class D Common Units and among the Class E Common Units on a
unit-by-unit basis in the manner that would result in the greatest number of such Common Units achieving their Book-Up Target.

 (c)     A transferee of Units shall succeed to a pro rata portion of the Capital Account of the transferor
relating to the Units so Transferred, unless otherwise determined by the General Partner. 

(d)     Notwithstanding anything expressed or implied to the contrary in this Agreement, no Partner shall have the
right to request, demand, or receive any distribution in respect of such Partner’s Capital Account from the Partnership (other than as expressly provided in Article VII or Article IX). 

Section 5.3     Determinations by General Partner. Notwithstanding anything expressed or implied to the
contrary in this Agreement, in the event the General Partner shall determine, in its sole and absolute discretion, that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to
effectuate the intended economic sharing arrangement of the Partners, the General Partner may make such modification. 
 ARTICLE VI 

ALLOCATIONS 

Section 6.1     Allocations for Capital Account Purposes. For purposes of maintaining the Capital Accounts and
in determining the rights of the Partners among themselves, the Partnership’s items of income, gain, loss and deduction (computed in accordance with Section 5.2(b)) shall be allocated among the Partners in each taxable year (or portion
thereof) as provided herein below. 

  
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 (a)     Net Income. Subject to the terms of any Unit Designation
and Section 6.1(c), after giving effect to the special allocations set forth in Section 6.1(d), Net Income for each taxable year and all items of income, gain, loss and deduction taken into account in computing Net Income for such taxable
year shall be allocated to the Partners: 
 (i)      First, with respect to Partners that have
Class C Non-Equity Interests, in amounts, if any, as determined by Class C Approval in respect of each such Partner for such taxable year; and 

(ii)     Second, in accordance with the respective Percentage Interests of the Partners; provided, however,
that (A) beginning with the fourth quarter of 2018, Net Income for the Distribution Holiday period ending immediately prior to the Distribution Holiday Achievement Quarter and items thereof shall be allocated solely to the Partners holding
Class B Common Units, (B) Net Income for the Distribution Holiday Achievement Quarter and items thereof shall be allocated to the Partners in accordance with the manner in which distributions with respect to the Distribution Holiday
Achievement Quarter are made pursuant to Section 7.1(b)(v), and (C) to the extent Class B Common Units are allocated a disproportionate amount of Net Loss pursuant to Section 6.1(b), a corresponding additional amount of Net
Income and items thereof shall be allocated to the Partners holding Class B Common Units to reverse the allocation of the disproportionate amount of Net Loss prior to the allocation of any Net Income and items thereof with respect to the Common
Units. 
 (b)     Net Loss. Subject to the terms of any Unit Designation and Section 6.1(c), after giving
effect to the special allocations set forth in Section 6.1(d), Net Loss for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Loss for such taxable period shall be allocated to the
Partners in accordance with their respective Percentage Interests; provided, however, that to the extent any allocation of Net Loss would cause any Partner to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or
increase any existing deficit balance in its Adjusted Capital Account), such allocation of Net Loss shall be reallocated among the other Partners in accordance with their respective positive Capital Account balances. 

(c)     Allocation of Liquidating Gains. Notwithstanding any other provision of this Agreement to the contrary
(subject to the terms of any Unit Designation, and after giving effect to the special allocations set forth in Section 6.1(d)), Liquidating Gains shall first be allocated among the Partners in the following order of priority: 

(i)      First, to the Partners holding Class A Common Units, Class B Common Units and
Class E Common Units, until the Economic Capital Account Balance of each such Partner, to the extent attributable to such Partner’s ownership of such Common Units, is equal to each such Common Unit’s
Book-Up Target (after taking into account contemporaneous allocations made pursuant to this Section 6.1(c)(i)). Any such allocations shall be made among such Partners holding Class A Common Units,
Class B Common Units and Class E Common Units in proportion to the amounts required to be allocated to each such Partner under this Section 6.1(c)(i) in order to achieve the Book-Up Target with
respect to all of such Common Units; provided that (A) allocations of Liquidating Gains pursuant to this Section 6.1(c)(i) shall be made to Class A Common Units and Class E Common Units only to the extent that the Fair Market
Value of the Partnership has appreciated above the Threshold Value with 

  
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respect to the applicable Class A Common Units or Class E Common Units and (B) for purposes of this Section 6.1(c)(i), the Capital Account attributable to a Partner’s Class A-1 Common Units shall be treated as attributable in its entirety to such Partner’s Class A Common Units and none shall be attributable to such Partner’s
Class A-1 Common Units. For the avoidance of doubt, in no event shall the Economic Capital Account Balance attributable to any Class A Common Unit be reduced pursuant to this Section 6.1(c)(i)
except to the extent a corresponding Class E Common Unit achieves its Book-Up Target. The allocations set forth in this Section 6.1(c)(i) shall be taken into account for determining the Capital
Account of each Partner. 
 (ii)     Second, to the Partners holding Class P Common Units, on a
series by series basis in chronological order of issuance (first to the earliest such series), until the Economic Capital Account Balance of each such Partner, to the extent attributable to such Partner’s ownership of such Class P Common
Units, is equal to the product of (x) the Book-Up Target and (y) the number of such Partner’s applicable Class P Common Units, allocated among such Partners in proportion to the amount
required to be allocated to each such Partner under this Section 6.1(c)(ii); provided that allocations of Liquidating Gains pursuant to this Section 6.1(c)(ii) shall be made only to the extent that the Fair Market Value of the Partnership
has appreciated above the Threshold Value of the applicable Class P Common Units. The allocations set forth in this Section 6.1(c)(ii) shall be taken into account for determining the Capital Account of each Partner. 

(iii)     Third, to the Partners holding Class D Common Units, on a series by series basis in
chronological order of issuance (first to the earliest such series), until the Economic Capital Account Balance of each such Partner, to the extent attributable to such Partner’s ownership of such Class D Common Units, is equal to the
product of (x) the Book-Up Target and (y) the number of such Partner’s applicable Class D Common Units, allocated among such Partners in proportion to the amount required to be allocated to
each such Partner under this Section 6.1(c)(iii); provided that allocations of Liquidating Gains pursuant to this Section 6.1(c)(iii) shall be made only to the extent that the Fair Market Value of the Partnership has appreciated above the
Threshold Value of the applicable Class D Common Units. The allocations set forth in this Section 6.1(c)(iii) shall be taken into account for determining the Capital Account of each Partner. 

(iv)     Fourth, unless determined otherwise by the General Partner in its sole and absolute discretion,
to the Partners holding PSIs, on a series by series basis in chronological order of issuance (first to the earliest such series), until the Economic Capital Account Balance of each such Partner, to the extent attributable to such Partner’s
ownership of such PSIs, is equal to the product of (x) the Book-Up Target and (y) the number of such Partner’s applicable PSIs, allocated among such Partners in proportion to the amount required
to be allocated to each such Partner under this Section 6.1(c)(iv); provided that allocations of Liquidating Gains pursuant to this Section 6.1(c)(iv) shall be made only to the extent that the Fair Market Value of the Partnership
has appreciated above the Threshold Value of the applicable PSIs. The allocations set forth in this Section 6.1(c)(iv) shall be taken into account for determining the Capital Account of each Partner. 

  
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 (d)     Special Allocations. Notwithstanding any other provision
of this Section 6.1, the following special allocations shall be made for such taxable period: 

  (i)     Partnership Minimum Gain Chargeback. Notwithstanding any other provision of this
Section 6.1, if there is a net decrease in Partnership Minimum Gain during any Partnership taxable period, each Partner shall be allocated items of Partnership income and gain for such period (and, if necessary, subsequent periods) in the
manner and amounts provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor
provision. For purposes of this Section 6.1(d), each Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income and gain required hereunder shall be effected, prior to the application of any other
allocations pursuant to this Section 6.1(d) with respect to such taxable period (other than an allocation pursuant to Section 6.1(d)(iii) and 6.1(d)(vi)). This Section 6.1(d)(i) is intended to comply with the Partnership Minimum Gain
chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith. 

  (ii)     Chargeback of Partner Nonrecourse Debt Minimum Gain. Notwithstanding the other
provisions of this Section 6.1 (other than Section 6.1(d)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse Debt Minimum
Gain during any Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Partnership income and gain for such period (and, if necessary,
subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of
this Section 6.1(d), each Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this
Section 6.1(d), other than Section 6.1(d)(i) and other than an allocation pursuant to Section 6.1(d)(v) and 6.1(d)(vi), with respect to such taxable period. This Section 6.1(d)(ii) is intended to comply with the chargeback of
items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

  (iii)     Qualified Income Offset. In the event any Partner unexpectedly receives any
adjustments, allocations or distributions described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain shall be specially allocated to such Partner in an
amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or
distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant to Section 6.1(d)(i) or (ii). This Section 6.1(d)(iii) is intended to qualify and be construed as a “qualified income offset”
within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

  
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 (iv)     Gross Income Allocations. In the event
any Partner has a deficit balance in its Capital Account at the end of any Partnership taxable period in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the
amount such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items
of Partnership gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this Section 6.1(d)(iv) shall be made only if and to the extent that such Partner would have a deficit
balance in its Capital Account as adjusted after all other allocations provided for in this Section 6.1 have been tentatively made as if this Section 6.1(d)(iv) were not in this Agreement. 

(v)      Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be
allocated to the Partners in accordance with their respective Percentage Interests. If the General Partner determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor requirements
of the Treasury Regulations promulgated under Section 704(b) of the Code, the General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements.

 (vi)     Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period
shall be allocated 100% to the Partner that bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulation Section 1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be allocated between or
among such Partners in accordance with the ratios in which they share such Economic Risk of Loss. 

(vii)     Nonrecourse Liabilities. Nonrecourse Liabilities of the Partnership described in Treasury
Regulation Section 1.752-3(a)(3) shall be allocated among the Partners in the manner chosen by the General Partner and consistent with such Treasury Regulation; provided that any Nonrecourse Liabilities
of the Partnership outstanding as of the Recapitalization Date shall, nonetheless, be allocated among the Partners in accordance with the provisions of Treasury Regulation Section 1.752-3(a)(1) or (2).

 (viii)     Code Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in
determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or
loss shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations. 

  
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 (ix)       Curative Allocation.
The Required Allocations are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the extent possible, all Required Allocations shall be offset either with other Required Allocations or
with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 6.1(d)(ix). Therefore, notwithstanding any other provision of this Article VI (other than the Required Allocations), the General
Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account balance is,
to the extent possible, equal to the Capital Account balance such Partner would have had if the Required Allocations were not part of this Agreement and all Partnership items were allocated pursuant to the economic agreement among the Partners. 

(x)       The General Partner shall, with respect to each taxable period, (1) apply the
provisions of Section 6.1(d)(ix) in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide all allocations pursuant to Section 6.1(d)(ix) among the
Partners in a manner that is likely to minimize such economic distortions. 
 (xi)       The
Partnership shall specially allocate an amount of gross income equal to the Expense Amount to the General Partner. 

Section 6.2      Allocations for Tax Purposes. 

(a)       Except as otherwise provided herein, each item of income, gain, loss and deduction shall be allocated,
for U.S. federal income tax purposes, among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 6.1. 

(b)       In an attempt to eliminate Book-Tax Disparities attributable
to a Contributed Property or an Adjusted Property, items of income, gain, loss, depreciation, amortization and cost recovery deductions shall be allocated for U.S. federal income tax purposes among the Partners as follows: 

(i)       (A) In the case of a Contributed Property, such items attributable thereto shall be
allocated among the Partners in the manner provided under Section 704(c) of the Code that takes into account the variation between the Agreed Value of such property and its adjusted basis at the time of contribution; and (B) any item of
Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1. 

(ii)       (A) In the case of an Adjusted Property, such items attributable thereto shall
(1) first, be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the Book-Tax Disparity of such property, and (2) second,
in the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 6.2(b)(i)(A); and (B) any item of Residual Gain or Residual Loss attributable to an Adjusted Property
shall be allocated among the Partners in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1. 

  
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 (iii)      The General Partner may cause the
Partnership to eliminate Book-Tax Disparities using any method or methods described in Treasury Regulation Section 1.704-3 or that it determines is appropriate, in
its sole and absolute discretion. 
 (c)      For the proper administration of the Partnership, the General
Partner, as it determines in its sole and absolute discretion is necessary or appropriate to execute the provisions of this Agreement and to comply with U.S. federal, state and local tax law, may (i) adopt such conventions as it deems
appropriate in determining the amount of depreciation, amortization and cost recovery deductions; (ii) make special allocations for federal income tax purposes of income (including, without limitation, gross income) or deductions;
(iii) amend the provisions of this Agreement as appropriate (x) to reflect the proposal or promulgation of Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve
uniformity of the Units (or any class or classes thereof); and (iv) adopt and employ methods for (A) the maintenance of Capital Accounts for book and tax purposes, (B) the determination and allocation of adjustments under Sections
704(c), 734 and 743 of the Code, (C) the determination and allocation of taxable income, tax loss and items thereof under this Agreement and pursuant to the Code, (D) the determination of the identities and tax classification of holders of
Units, (E) the provision of tax information and reports to the holders of Units, (F) the adoption of reasonable conventions and methods for the valuation of assets and the determination of tax basis, (G) the allocation of asset values
and tax basis, (H) the adoption and maintenance of accounting methods, (I) the recognition of the Transfer of Units and (J) tax compliance and other tax-related requirements, including without
limitation, the use of computer software. 
 (d)      All items of income, gain, loss, deduction and credit
recognized by the Partnership for U.S. federal income tax purposes and allocated to the Partners in accordance with the provisions hereof shall be determined without regard to any election under Section 754 of the Code that may be made by the
Partnership; provided, however, that such allocations, once made, shall be adjusted (in the manner determined by the General Partner in its sole and absolute discretion) to take into account those adjustments permitted or required by Sections 734
and 743 of the Code. 
 (e)      For purposes of determining the items of Partnership income, gain, loss,
deduction, or credit allocable to any Partner with respect to any period, such items shall be determined on a daily, monthly, quarterly or other basis, as determined by the General Partner in its sole and absolute discretion using any permissible
method under Code Section 706 and the Treasury Regulations thereunder. 

  
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 ARTICLE VII 

DISTRIBUTIONS 

Section 7.1      Distributions. 

(a)       No Partner shall have the right to withdraw capital or demand or receive distributions or other
returns of any amount in his Capital Account, except as expressly provided in this Article VII or Article IX. 

(b)       Subject to the terms of any Unit Designation, distributions in respect of Units shall be made to the
Partners in the following order: 
 (i)       First, Tax Distributions shall be made pursuant
to Section 7.3. 
 (ii)      Second, an Expense Amount Distribution shall be made pursuant
to Section 7.4. 
 (iii)     Third, distributions, if any, shall be made to the relevant
Limited Partners in respect of Class C Non-Equity Interests as and when determined by Class C Approval. 

(iv)      Fourth, distributions shall be made as and when determined by the General Partner, in
its sole and absolute discretion, in respect of any amounts allocated to a Partner’s Capital Account pursuant to Section 5.3. 

(v)      Fifth, distributions shall be made to the relevant Limited Partners in respect of their
Common Units (other than Non-Participating Class P Common Units and Class A-1 Common Units) as and when determined by the General Partner in its sole and
absolute discretion in accordance with the Partners’ respective Percentage Interests associated with such Common Units, provided that following the Recapitalization Date, any Distribution Holiday Distribution distributed pursuant
to this Section 7.1(b)(v) shall be made solely in respect of Class B Common Units. 

(vi)     Sixth, distributions shall be made to the relevant Limited Partners in respect of PSIs as and
when determined by the General Partner in its sole and absolute discretion in accordance with the Partners’ respective Percentage Interests associated with such PSIs. 

(vii)     Notwithstanding the foregoing, (A) the General Partner may, with the consent of the
affected Partner, delay distribution of any amounts otherwise distributable to any Partner under this Section 7.1, and (B) in the event of the Partnership selling or otherwise disposing of substantially all of its assets or a dissolution
of the Partnership, all distributions shall be made in accordance with Section 9.4. 

  
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 (c)     In the General Partner’s sole discretion and subject
to the terms of any Partner Agreement, amounts received (including amounts withheld in respect of taxes or other governmental charges from such amounts so received) (i) by any International Partner pursuant to a Partner Agreement with any
Subsidiary of the Partnership relating to the performance of services to or for the benefit of such Subsidiary by such Partner during any period beginning on or after the date of such Partner’s admission to the Partnership or (ii) by any
Limited Partner as a draw, for services or any comparable payment for an annual period pursuant to a Partner Agreement, in each case shall be treated as distributions made to such Partner with respect to such period (and, if required, future
periods) for all purposes of this Agreement, and such amounts shall reduce amounts otherwise distributable to the Partner pursuant to this Agreement with respect to such period (or such future periods). 

Section 7.2   Distributions in Kind. The General Partner may cause the Partnership to make distributions of assets in
kind in its sole and absolute discretion. Whenever the distributions provided for in Section 7.1 shall be distributable in property other than cash, the value of such distribution shall be the fair market value of such property determined by
the General Partner in good faith, and in the event of such a distribution there shall be allocated to the Partners in accordance with Article VI the amount of Net Income or Net Loss that would result if the distributed asset had been sold for an
amount in cash equal to its fair market value at the time of the distribution. No Partner shall have the right to demand that the Partnership distribute any assets in kind to such Partner. 

Section 7.3   Tax Distributions. Subject to §17-607 of the Act, and unless
determined otherwise by the General Partner in its sole discretion, the Partnership shall make distributions to each Partner for each calendar quarter as follows (collectively, the “Tax Distributions”): 

(a)     On or before the 10th day following the end of the First Quarterly Period of each calendar year, an amount
equal to such Partner’s Presumed Tax Liability for the First Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner during such calendar year, excluding any Tax Distribution with respect to a previous
calendar year; 
 (b)     On or before the 10th day following the end of the Second Quarterly Period of each
calendar year, an amount equal to such Partner’s Presumed Tax Liability for the Second Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner during such calendar year, excluding any Tax Distribution
with respect to a previous calendar year; 
 (c)     On or before the 10th day following the end of the Third
Quarterly Period of each calendar year, an amount equal to such Partner’s Presumed Tax Liability for the Third Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner during such calendar year,
excluding any Tax Distribution with respect to a previous calendar year; 
 (d)     On or before the 10th day
following the end of the Fourth Quarterly Period of each calendar year, an amount equal to such Partner’s Presumed Tax Liability for the Fourth Quarterly Period less the aggregate amount of Prior Distributions previously made to such Partner
during such calendar year, excluding any Tax Distribution with respect to a previous calendar year; and 

  
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 (e)       Tax Distributions shall be made on the basis of a
calendar year regardless of the Fiscal Year used by the Partnership. To the extent the General Partner determines in its sole and absolute discretion that the distributions made under the foregoing subsections (a) through (d) are insufficient
to satisfy the Partners’ Presumed Tax Liability for the applicable calendar year, on or before the April 10th immediately following the applicable calendar year, an amount that the General Partner determines in its reasonable discretion will be
sufficient to allow each Partner to satisfy his Presumed Tax Liability for the applicable calendar year, after taking into account all Prior Distributions made to the Partners with respect to the applicable calendar year, excluding any Tax
Distribution with respect to a previous calendar year. 
 (f)       Notwithstanding any other provision of
this Agreement, other than Section 7.3(g), any Tax Distributions shall be made: (i) to all Limited Partners holding Common Units (other than Non-Participating Class P Common Units and Class A-1 Common Units) pro rata in accordance with the Percentage Interests associated with their Common Units; (ii) to all PSI Limited Partners pro rata in accordance with the Percentage Interests
associated with their PSIs; and (iii) as if each distributee Partner was allocated an amount of income in each Quarterly Period in respect of such Partner’s class of Units equal to the product of (x) the highest amount of income
allocated to any Partner with respect to the same class of Units, calculated on a per-Unit basis, taking into account any income allocations pursuant to Section 6.2 hereof and disregarding any adjustment
required by Section 734 or Section 743 of the Code, multiplied by (y) the amount of Units held by such distributee Partner. 

(g)       Subject to the limitations set forth in this Section 7.3, the Partnership shall make
distributions in respect of the tax liability of a Partner arising from the allocation of any items hereunder to Class C Non-Equity Interests applying principles similar to the principles for determining
Tax Distributions and Presumed Tax Liability, and amounts so allocated, determined or distributed with respect to Class C Non-Equity Interests of a Partner shall not be taken into account in determining
any Tax Distributions in respect of Units. 
 Section 7.4     Expense Amount Distributions. The Partnership
shall distribute any Expense Amount to the General Partner at such times as the General Partner shall determine in its sole discretion (an “Expense Amount Distribution”). 

Section 7.5     Borrowing. Subject to Section 17-607 of the Act,
the Partnership may borrow funds in order to make the Tax Distributions or Expense Amount Distributions. 
 Section 7.6
    Restrictions on Distributions. The foregoing provisions of this Article VII to the contrary notwithstanding, no distribution shall be made: (a) if such distribution would violate any contract or agreement to which
the Partnership is then a party or any law, rule, regulation, order or directive of any governmental authority then applicable to the Partnership; (b) to the extent that the General Partner, in its sole and absolute discretion, determines that
any amount otherwise distributable should be retained by the Partnership to pay, or to establish a reserve for the payment of, any liability or obligation of the Partnership, whether liquidated, fixed, contingent or otherwise; or (c) to the
extent that the General Partner, in its sole and absolute discretion, determines that the cash available to the Partnership is insufficient to permit such distribution. 

  
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 ARTICLE VIII 

TRANSFER OR ASSIGNMENT OF INTEREST; CESSATION OF PARTNER STATUS 

Section 8.1      Transfer and Assignment of Interest. 

(a)       Transfers of Interests. Notwithstanding anything to the contrary herein, Transfers of Common
Units may only be made by Limited Partners (x) in accordance with the other provisions of this Article VIII (including, without limitation, the vesting provisions in Section 8.4, except as expressly set forth in this Section 8.1(a) in
respect of Transfers by Original Related Trusts), and (y) subject to Section 2.13(g). During the Restricted Period, subject to Section 8.1(b), no Limited Partner shall be permitted to Transfer Common Units unless, immediately
following such Transfer, the relevant Individual Limited Partner continues to hold a number of Common Units (other than Class P Common Units) no less than 10% of such Common Units of such Partner that have vested on or before the date of such
Transfer, without regard to dispositions, or such greater percentage determined by the General Partner in its sole discretion (such requirements, the “Minimum Retained Ownership Requirements”). A Limited Partner may not Transfer all
or any of such Partner’s Units without the prior written approval of the General Partner, which approval may be granted or withheld, with or without reason, in the General Partner’s sole and absolute discretion; provided, however, that,
without the prior written approval of the General Partner, (i) an Original Related Trust may Transfer its Interest (including any unvested Units) in accordance with its Related Trust Supplementary Agreement to the relevant Subsequent Related
Trust (provided, however, that such Subsequent Related Trust remains subject to the same vesting requirements in accordance with Section 8.4 as the transferring Original Related Trust had been before its Withdrawal), (ii) the Related Trust of
any Individual Limited Partner may, at any time, subject to Section 2.13(g), Transfer such Related Trust’s Common Units (including any unvested Units) to such Individual Limited Partner as authorized by the terms of the relevant trust
agreement (provided, however, that such Individual Limited Partner remains subject to the same vesting requirements in accordance with Section 8.4 as the transferring Related Trust had been before the Transfer), and (iii) any Limited
Partner may, at any time, subject to the Minimum Retained Ownership Requirements and Section 2.13(g), and provided further that the relevant Units have vested in accordance with Section 8.4 (other than in the case of any unvested Tag-Along Securities or unvested Drag-Along Securities) or become eligible to participate in a transaction in accordance with Section 3.1(h) or Section 3.1(j), (A) Transfer any of such Partner’s Units
in accordance with the Exchange Agreement for Class P Common Units or Section 8.1(b), (B) Transfer any of such Partner’s Units to a Permitted Transferee of such Partner with PMC Approval, which PMC Approval may not be unreasonably
withheld, (C) Transfer the Common Units (including all distributions thereon that would otherwise be received after the relevant date of Withdrawal) received by such Partner pursuant to Sections 2.13(g) and 8.3(a) to the extent permitted
thereby, (D) Transfer by operation of law upon the death of an Individual Limited Partner or (E) Transfer any of such Partner’s Units to the extent permitted or required by Sections 3.1(h), 3.1(j), 8.5 or 8.6. In addition, subject to
Section 2.13(g) and the Minimum Retained Ownership Requirements, with prior PMC Approval, each Limited Partner and such Limited Partner’s Permitted Transferees may Transfer Units that have vested in accordance with applicable securities
laws. The foregoing restrictions on Transfer and the Minimum Retained Ownership Requirements may be waived at any time with PMC Approval. A Limited Partner shall cease to be a Partner if, following a Transfer, he no longer

  
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has any Interest in the Partnership. An Original Related Trust shall cease to be a Partner, without the prior written consent of the General Partner, following the Transfer of such Original
Related Trust’s Interest in accordance with its Related Trust Supplementary Agreement to the relevant Subsequent Related Trust. PSIs and Deferred Cash Interests shall not be Transferred under any circumstances as provided in
Section 3.1(i)(vi). 
 (b)       Exchanges of Class A Common Units under the
Exchange Agreement. Notwithstanding anything to the contrary herein, no Limited Partner shall be permitted to exchange any Class A Common Unit pursuant to the Exchange Agreement unless (i) such Class A Common Unit has vested and
(ii) such Class A Common Unit satisfies the Book-Up Target at the time of any such exchange (any such Class A Common Units, to the extent they satisfy the conditions in the foregoing clauses
(i) and (ii) at the time of such exchange, “Eligible Common Units”). Subject to the foregoing and Section 2.13(g), the Limited Partners shall be eligible to exchange their Eligible Common Units for Class A Shares
and/or cash in accordance with and subject to the terms and conditions of the Exchange Agreement to the extent provided in this Section 8.1(b) and the Minimum Retained Ownership Requirements shall not apply to any such exchange or in connection
with any Drag-Along Sale, Tag-Along Sale or Sale (any such Eligible Common Unit, on any date on which it is eligible to be exchanged in accordance with this Section 8.1(b), an “Exchangeable Common
Unit”): 
 (i)       Prior to the final day of the Distribution Holiday, the Exchange
Committee, in consultation with the Och-Ziff Board, will have the authority to permit exchanges of Eligible Common Units; provided that any such exchange windows will be made available to all holders of
Eligible Common Units on a pro rata basis (any such permitted exchange, an “Exchange Event”). 
 (ii)
     From the final day of the Distribution Holiday (the “Exchange Rights Effective Date”), if a Limited Partner holds any Common Units that are: 

(A)       Eligible Common Units as of the Exchange Rights Effective Date, then such Eligible
Common Units will become eligible for exchange over a period of two years, with one-third of such Eligible Common Units becoming eligible to be exchanged on any Exchange Date following the Exchange Rights
Effective Date, two-thirds of such Eligible Common Units (to the extent not already exchanged) being eligible to be exchanged on any Exchange Date following the first anniversary of the Exchange Rights
Effective Date, and with any such Eligible Common Units not previously exchanged being eligible to be exchanged on any Exchange Date following the second anniversary of the Exchange Rights Effective Date; and 

(B)       Not Eligible Common Units as of the Exchange Rights Effective Date or are issued after
the Exchange Rights Effective Date and that, in either case, become Eligible Common Units after the Exchange Rights Effective Date, then any such Eligible Common Unit will become eligible to be exchanged on any Exchange Date following the later of
(i) the date upon which it became an Eligible Common Unit and (ii) the date on which it would have become eligible for exchange pursuant to paragraph (A) above if it had been an Eligible Common Unit as of the Exchange Rights Effective
Date. 

  
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 (c)       Transfer and Exchange. When a request to
register a Transfer of Units, together with the relevant Certificates of Ownership, if any, is presented to the Transfer Agent, the Transfer Agent shall register the Transfer or make the exchange on the register or transfer books of the Transfer
Agent if the requirements set forth in this Section 8.1 for such transactions are met; provided, however, that any Certificates of Ownership presented or surrendered for registration of Transfer or exchange shall be duly endorsed or accompanied
by a written instrument of Transfer in form satisfactory to the Transfer Agent duly executed by the holder thereof or his attorney duly authorized in writing. The Transfer Agent shall not be required to register a Transfer of any Units or exchange
any Certificate of Ownership if such purported Transfer would cause the Partnership to violate the Securities Act, the Exchange Act, the Investment Company Act (including by causing any violation of the laws, rules, regulations, orders and other
directives of any governmental authority) or otherwise violate this Section 8.1. In the event of any Transfer, the transferring Partner shall provide the address and facsimile number for each transferee as contemplated by Section 10.10 and
shall cause each transferee to agree in writing to comply with the terms of this Agreement. 
 (d)
      Publicly Traded Partnership. No Transfer shall be permitted (and, if attempted, shall be void ab initio) if the General Partner determines in its sole and absolute discretion that such a Transfer would pose
a risk that the Partnership would be a “publicly traded partnership” as defined in Section 7704 of the Code. 
 (e)
      Securities Laws. Each Partner and each assignee thereof hereby agrees that it will not effect any Transfer of all or any part of its Interest in the Partnership (whether voluntarily, involuntarily or by
operation of law) in any manner contrary to the terms of this Agreement or that violates or causes the Partnership or the Partners to violate the Securities Act, the Exchange Act, the Investment Company Act, or the laws, rules, regulations, orders
and other directives of any governmental authority. 
 (f)       Expenses. In addition to the other
requirements of this Section 8.1, unless waived by the General Partner with respect to Transfers for estate planning purposes or as otherwise determined by the General Partner in its sole discretion, no Transfer of any Interest in the
Partnership shall be permitted unless the transferor or the proposed transferee shall have undertaken to pay all reasonable expenses incurred by the Partnership or its Affiliates in connection therewith. 

Section 8.2     Withdrawal by General Partner. The General Partner shall not cease to act as the General
Partner of the Partnership without the prior written approval of the Limited Partners holding a majority of the outstanding Class B Common Units. 

Section 8.3     Withdrawal and Special Withdrawal of Limited Partners. 

(a)       Withdrawal. 

(i)       An Individual Limited Partner (other than Daniel S. Och in the case of the following
clauses (A) and (B)) shall immediately cease to be actively involved with the Partnership and its Affiliates (such event, a “Withdrawal”): (A) for Cause (as determined by the General Partner in its sole and absolute discretion)
upon notice to the Individual Limited Partner from the General Partner; (B) for any reason or no reason upon 

  
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a determination by majority vote of the Partner Performance Committee (which, if the Partner Performance Committee has a Chairman, may only be made upon the recommendation of such Chairman) and
notice of such determination to the Individual Limited Partner from the Partner Performance Committee; or (C) upon the Individual Limited Partner otherwise (except as a result of death, Disability or a Special Withdrawal) ceasing to be, or
providing notice to the General Partner of his intention to cease to be, actively involved with the Partnership and its Affiliates. In the event of the Withdrawal of an Individual Limited Partner, such Individual Limited Partner’s Related
Trusts, if any, shall be subject to a required Withdrawal. 
 (ii)       In the event of the
Withdrawal of an Individual Original Partner prior to the fifth anniversary of the Closing Date (other than where the Withdrawal is due to a breach of any of the covenants in Section 2.13(b), in which case the provisions of Section 2.13(g)
shall apply), all of the Class A Common Units (including all distributions thereon that would otherwise be received after the date of Withdrawal) of such Individual Original Partner and its Related Trusts, if any, that have not yet vested in
accordance with Section 8.4 shall cease to vest with respect to such Partners and upon the Reallocation Date shall be reallocated to the Partnership and then subsequently reallocated from the Partnership to each Continuing Partner in such a
manner that each such Continuing Partner receives Common Units in proportion to the total number of Original Common Units of such Continuing Partner and its Original Related Trusts. Any such reallocated Common Units received by a Continuing Partner
pursuant to this Section 8.3(a) shall be deemed for all purposes of this Agreement to be Common Units of such Continuing Partner and subject to the same vesting requirements in accordance with Section 8.4 as the transferring Limited
Partner had been before his Withdrawal; provided, however, that such Continuing Partner shall be permitted to exchange fifty percent (50%) of the number of Class A Common Units reallocated to it (and sell any Class A Shares issued in
respect thereof), notwithstanding the transfer restrictions set forth in Section 8.1, in the event that the Exchange Committee determines in its sole discretion that the reallocation of such Class A Common Units is taxable; provided,
however, that such exchange of Class A Common Units is made in accordance with the Exchange Agreement. 
 (b)
      Special Withdrawal. 
 (i)       An Individual
Limited Partner (other than Daniel S. Och) may be required to no longer be actively involved with the Partnership and its Affiliates for any reason other than Cause, in the sole and absolute discretion of the General Partner (such event, a
“Special Withdrawal”), which shall not constitute a Withdrawal. Upon the Special Withdrawal of an Individual Limited Partner, such Individual Limited Partner’s Related Trusts, if any, shall also be subject to a Special
Withdrawal. 
 (ii)       In the event of the Special Withdrawal of any Limited Partner, such
Limited Partner’s Common Units shall continue to vest in accordance with Section 8.4, except as otherwise set forth in Section 3.1(j) with respect to Class P Common Units or in any applicable Partner Agreement. 

  
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 (c)       Upon a Withdrawal or Special Withdrawal for any
reason, an Individual Limited Partner shall: 
 (i)        have no right to access or use
the property of the Partnership or its Affiliates; 
 (ii)       not be permitted to provide
services to, or on behalf of, the Partnership or its Affiliates; and 
 (iii)      shall promptly
return to the Operating Group Entities all known equipment, data, material, books, records, documents (whether stored electronically or on computer hard drives or disks or on any other media), computer disks, credit cards, keys, I.D. cards, and
other property, including, without limitation, standalone computers, fax machines, printers, telephones, and other electronic devices in the Individual Limited Partner’s possession, custody, or control that are or were owned and/or leased by
members of the Och-Ziff Group in connection with the conduct of the business of the Operating Group Entities and their Affiliates, and including in each case any and all information stored or included on or in
the foregoing or otherwise in the Limited Partner’s possession or control that relates to Investors or OZ counterparties, Investor or OZ counterparty contact information, Investor or OZ counterparty lists or other Confidential Information. 

(d)       The provisions of Sections 8.3(a) and 8.3(b) may be amended, supplemented, modified or waived with PMC
Approval. 
 (e)        Except as expressly provided in this Agreement, no event affecting a Partner,
including death, bankruptcy, insolvency or withdrawal from the Partnership, shall affect the Partnership. 
 (f)
       Following the Withdrawal of a Limited Partner, unless the General Partner in its sole discretion determines otherwise, from the applicable Reallocation Date such Limited Partner will be required to pay the
same management fees and shall be subject to the same incentive allocation with respect to any remaining investments by such Limited Partner in any fund or account managed by the Och-Ziff Group as are
applicable to other Investors that are not Affiliates of the Partnership in such funds or accounts. 
 (g)
      The continued ownership by any Individual Limited Partner and his Related Trusts of any Interests following the Individual Limited Partner’s Withdrawal or Special Withdrawal and their right to receive any
distributions or allocations in respect of such Interests in respect of any periods following such Withdrawal or Special Withdrawal are conditioned upon the Limited Partner’s execution of a general release in a form acceptable to the General
Partner that is substantially in the form attached to this Agreement as Exhibit A (the “General Release”) which becomes effective no later than fifty-three (53) days following any such Withdrawal or Special Withdrawal. If the
General Release is not executed, or if the Individual Limited Partner timely revokes the Limited Partner’s execution thereof, the Partnership shall have no further obligations under this Agreement or any Partner Agreement to make any
distributions or allocations to the Individual Limited Partner or any Related Trusts and their Interests in the Partnership, if any, shall be forfeited. 

  
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 (h)       Upon no less than 30 days’ prior written
notice to the General Partner, any Limited Partner may elect to abandon and surrender to the Partnership all of such Limited Partner’s Common Units, Class C Non-Equity Interests and all other
interests in the Partnership (including any Capital Account balance but, for the avoidance of doubt, excluding any indebtedness) for no consideration and all such interests shall be cancelled. Such election shall be effective from the last day of
the calendar quarter in which the notice was provided, at which time the Limited Partner shall have withdrawn from the Partnership and shall cease to have any rights under this Agreement, including any rights to receive distributions, allocations of
income or loss, and voting and approval rights. Notwithstanding the foregoing, any such Limited Partner shall continue to be bound by the provisions of this Agreement that would otherwise apply to a Limited Partner that has ceased to be an Active
Individual LP and has ceased to own any Units or other interests in the Partnership. 
 Section 8.4
    Vesting. 
 (a)       New grants of Units shall vest on the terms set forth in
this Agreement (including the Exhibits hereto) or as otherwise described in a Partner Agreement or a Unit Designation. 
 (b)
      Subject to Sections 2.13(g) and 8.3(a), all Original Common Units held by a Partner shall vest in equal installments on each anniversary date of the Closing Date for five years, beginning on the first anniversary
date of the Closing Date; provided, however, that upon a Withdrawal (but not a Special Withdrawal), all unvested Units shall cease to vest and shall be reallocated pursuant to Section 8.3(a); and provided, however, that this Section 8.4(b)
shall not prevent the Transfer of the unvested Interest of any Original Related Trust (including unvested Class A Common Units) in accordance with its Related Trust Supplementary Agreement to the relevant Subsequent Related Trust or the
Transfer of unvested Class A Common Units of an Individual Limited Partner’s Related Trust to such Individual Limited Partner as authorized by the terms of the relevant trust agreement. In the event of the death or Disability of an
Individual Limited Partner or in the event of a Transfer of any of such Individual Limited Partner’s Class A Common Units, such Class A Common Units shall continue to vest on the same schedule as set forth above. The provisions of
this Section 8.4 may be amended, supplemented, modified or waived with PMC Approval. 
 (c)       All
Class B Common Units will be fully vested on issuance. 
 (d)       All Class C Non-Equity Interests held by an Individual Limited Partner and all PSIs held by an Individual Limited Partner or its Related Trusts shall be cancelled upon the death, Disability, Withdrawal or Special Withdrawal of
such Individual Limited Partner. Class P Common Units shall vest or be subject to forfeiture as provided in Section 3.1(j), except as otherwise set forth in the applicable Partner Agreement of any Class P Limited Partner. 

(e)       Except as otherwise set forth in this Section 8.4, Units issued to Additional Limited Partners
shall be subject to vesting, if at all, as described in Section 3.2(e). 

  
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 Section 8.5     Tag-Along Rights. 

(a)       Notwithstanding anything to the contrary in this Agreement, prior to the consummation of a proposed Tag-Along Sale, the Potential Tag-Along Sellers shall be afforded the opportunity to participate in such Tag-Along Sale on a pro rata
basis, as provided in Section 8.5(b) below. 
 (b)       Prior to the consummation of a Tag-Along Sale, the Limited Partners participating in such Tag-Along Sale (the “Tag-Along Sellers”) shall cause the Tag-Along Purchaser to offer in writing (such offer, a “Tag-Along Offer”) to purchase each Potential Tag-Along
Seller’s Tag-Along Securities. In addition, the Tag-Along Offer shall set forth the consideration for which the Tag-Along
Sale is proposed to be made and all other material terms and conditions of the Tag-Along Sale. If the Tag-Along Offer is accepted by some or all of such Potential Tag-Along Sellers within five Business Days after its receipt then the number of Class A Shares and/or Class A Common Units to be sold to the Tag-Along Purchaser by
the Tag-Along Sellers shall be reduced by the number of Class A Shares and/or Class A Common Units to be purchased by the Tag-Along Purchaser from such
accepting Potential Tag-Along Sellers. Subject to Section 3.1(h), the purchase from the accepting Potential Tag-Along Sellers shall be made on the same terms and
conditions (including timing of receipt of consideration and choice of consideration, if any) as the Tag-Along Purchaser shall have offered to the Tag-Along Sellers, and
the accepting Potential Tag-Along Sellers shall otherwise be required to transfer the Class A Shares and/or Class A Common Units to the Tag-Along Purchaser
upon the same terms, conditions, and provisions as the Tag-Along Sellers, including making the same representations, warranties, covenants, indemnities and agreements that the
Tag-Along Sellers agree to make. 
 Section 8.6     Drag-Along
Rights. 
 (a)       Prior to the consummation of a proposed Drag-Along Sale, the Drag-Along Sellers may,
at their option, require each other Limited Partner to sell its Drag-Along Securities to the Drag-Along Purchaser by giving written notice (the “Notice”) to such other Limited Partners not later than ten Business Days prior to the
consummation of the Drag-Along Sale (the “Drag-Along Right”); provided, however, that if the Drag-Along Right is exercised by the Drag-Along Sellers, all Limited Partners shall sell their Drag-Along Securities to the Drag-Along
Purchaser: (i) subject to Section 3.1(h), for the same amount of consideration per Company Security, and (ii) otherwise on the same terms and conditions as are applicable to the Drag-Along Sellers, including the class of security and
the date of sale. The Notice shall contain written notice of the exercise of the Drag-Along Right pursuant to this Section 8.6, setting forth the consideration to be paid by the Drag-Along Purchaser and the other material terms and conditions
of the Drag-Along Sale. 
 (b)       Within five Business Days following the date of the Notice, the
Drag-Along Sellers shall have delivered to them by the other Limited Partners their Drag-Along Securities together with a limited power-of-attorney authorizing such
Drag-Along Sellers to sell such other Limited Partner’s Drag-Along Securities pursuant to the terms of the Drag-Along Sale and such other transfer instruments and other documents as are reasonably requested by the Drag-Along Sellers in order to
effect such sale. 

  
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 Section 8.7     Reallocation of Common Units pursuant to Partner
Agreements. 
 (a)       In the event of any reallocation of Common Units to the Continuing Partners in
respect of any Common Units granted pursuant to a Partner Agreement (including as a result of a Withdrawal, provided that in the case of any reallocation due to a breach of any of the covenants in Section 2.13(b) (as modified by any Partner
Agreement), the provisions of Section 2.13(g) shall apply unless specified otherwise in any Partner Agreement), all of the Common Units (including all distributions thereon that would otherwise be received after the event causing such
reallocation) to be reallocated thereunder shall be reallocated upon the relevant Reallocation Date to the Partnership and then subsequently reallocated from the Partnership to each Continuing Partner in such a manner that each such Continuing
Partner receives Common Units in proportion to the total number of Original Common Units of such Continuing Partner and its Original Related Trusts, unless specified otherwise in any Partner Agreement. Any such reallocated Common Units received by a
Continuing Partner shall be deemed for all purposes of this Agreement to be Common Units of such Continuing Partner and subject to the same vesting requirements as the transferring Limited Partner had been prior to the date of the event causing such
reallocation. 
 (b)       The provisions of this Section 8.7 may be amended, supplemented, modified or
waived with PMC Approval. 
 ARTICLE IX 

DISSOLUTION 
 Section 9.1
    Duration and Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the first to occur of the following: 

(a)       the entry of a decree of judicial dissolution of the Partnership under
Section 17-802 of the Act; and 
 (b)       the determination of
the General Partner to dissolve the Partnership. 
 Except as provided in this Agreement, the death, Disability, resignation, expulsion,
bankruptcy or dissolution of any Partner or the occurrence of any other event which terminates the continued participation of any Partner in the Partnership shall not cause the Partnership to be dissolved or its affairs wound up; provided, however,
that at any time after the bankruptcy of the General Partner, the holders of a majority of the outstanding Class B Common Units may, pursuant to prior written consent to such effect, replace the General Partner with another Person, who shall,
after executing a written instrument confirming such Person’s agreement to be bound by all the terms and provisions of this Agreement, (i) become a successor General Partner for all purposes hereunder, (ii) be vested with the powers
and rights of the replaced General Partner, and (iii) be liable for all obligations and responsible for all duties of the replaced General Partner from the date of such replacement. 

Section 9.2     Notice of Liquidation. The General Partner shall give each of the Partners prompt written
notice of any liquidation, dissolution or winding up of the Partnership. 

  
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 Section 9.3     Liquidator. Upon dissolution of the
Partnership, the General Partner may select one or more Persons to act as a liquidating trustee for the Partnership (such Person, or the General Partner, the “Liquidator”). The Liquidator (if other than the General Partner) shall be
entitled to receive such compensation for its services as may be approved by holders of a majority of the outstanding Class B Common Units (subject to the terms of any Unit Designation). The Liquidator (if other than the General Partner) shall
agree not to resign at any time without 15 days’ prior notice and may be removed at any time, with or without cause, by notice of removal approved by holders of a majority of the outstanding Class B Common Units (subject to the terms of
any Unit Designation). Upon dissolution, death, incapacity, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days
thereafter be approved by the General Partner (or, in the case of the removal of the Liquidator by holders of units, by holders of a majority of the outstanding Class B Common Units (subject to the terms of any Unit Designation)). The right to
approve a successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this Section 9.3,
the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the General Partner under the terms of this Agreement (but
subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required to
complete the winding up and liquidation of the Partnership as provided for herein. 
 Section 9.4
    Liquidation. The Liquidator shall proceed to dispose of the assets of the Partnership, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator,
subject to Section 17-804 of the Act and the following: 
 (a)
      The assets may be disposed of by public or private sale or by distribution in kind to one or more Partners on such terms as the Liquidator and such Partner or Partners may agree; provided, that if any Partner is
to receive a distribution in kind of any asset, all Partners shall be offered the opportunity to participate on a pro rata basis and on the same terms and conditions. If any property is distributed in kind, the Partner receiving the property shall
be deemed to have received cash equal to its fair market value; and contemporaneously therewith, appropriate cash distributions must be made to the other Partners. Notwithstanding anything to the contrary contained in this Agreement, the Partners
understand and acknowledge that a Partner may be compelled to accept a distribution of any asset in kind from the Partnership despite the fact that the percentage of the asset distributed to such Partner exceeds the percentage of that asset which is
equal to the percentage in which such Partner shares in distributions from the Partnership. The Liquidator may defer liquidation or distribution of the Partnership’s assets for a reasonable time if it determines that an immediate sale or
distribution of all or some of the Partnership’s assets would be impractical or would cause undue loss to the Partners. The Liquidator may distribute the Partnership’s assets, in whole or in part, in kind if it determines that a sale would
be impractical or would cause undue loss to the Partners. 
 (b)       Liabilities of the Partnership include
amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 9.3) and amounts to Partners otherwise than in respect of their distribution rights under Article VII. With respect to any liability
that is 

  
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contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash
or other assets to provide for its payment. When paid, any unused portion of the reserve shall be applied to other liabilities or distributed as additional liquidation proceeds. 

(c)       Subject to the terms of any Unit Designation, all property and all cash in excess of that required to
discharge liabilities as provided in Section 9.4(b) shall be distributed to the Partners in accordance with and to the extent of the positive balances in their respective Capital Accounts, as determined after taking into account all Capital
Account adjustments (other than those made by reason of distributions pursuant to this Section 9.4(c)) for the taxable year of the Partnership during which the liquidation of the Partnership occurs (with such date of occurrence being determined
by the General Partner) and such distribution shall be made by the end of such taxable year (or, if later, within 90 days after said date of such occurrence). 

Section 9.5     Capital Account Restoration. No Partner shall have any obligation to restore any negative
balance in its Capital Account upon liquidation of the Partnership. 
 ARTICLE X 

MISCELLANEOUS 
 Section 10.1
    Incorporation of Agreements. The Exchange Agreement and the Tax Receivable Agreement shall each be treated as part of this Agreement as described in Section 761(c) of the Code and Treasury Regulation Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c). 
 Section 10.2
    Amendment to the Agreement. 
 (a)        Except as may be otherwise
required by law, and in addition to any applicable requirements under Sections 3.1(d)(iii) and 3.1(g)(iii), this Agreement may be amended by the General Partner without the consent or approval of any Partners, provided, however, that, except as
expressly provided herein (including, without limitation, Sections 3.2 and 10.2(b)), (i) if an amendment adversely affects the rights (not including any rights relating to the Class C Non-Equity
Interests) of an Individual Limited Partner or any Related Trust thereof other than on a pro rata basis with other holders of Units of the same class, such Individual Limited Partner must provide his prior written consent to the amendment,
(ii) no amendment may adversely affect the rights (not including any rights relating to the Class C Non-Equity Interests) of the holders of a class of Units (or any group of such holders) without the
prior written consent of Individual Limited Partners that (together with their Related Trusts) hold a majority of the outstanding Units of such class (or of such group) then owned by all Limited Partners, (iii) the provisions of this
Section 10.2(a) may not be amended without the prior written consent of Individual Limited Partners that (together with their Related Trusts) hold a majority of the Class A Common Units then owned by all Limited Partners, and (iv) the
provisions of Sections 3.1(i), 8.3(a), 8.3(b), 8.4 and 8.7 may only be amended with PMC Approval. For the purposes of this Section 10.2(a), any Units owned by a Related Trust of an Individual Limited Partner shall be treated as being owned by
such 

  
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Individual Limited Partner. Subject to the foregoing and Sections 3.1(d)(iii) and 3.1(g)(iii), the General Partner may enter into Partner Agreements with any Limited Partner that affect the terms
hereof and the terms of such Partner Agreement shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 

(b)       Subject to Sections 3.1(d)(iii) and 3.1(g)(iii), it is acknowledged and agreed that none of the
admission of any Additional Limited Partner, the adoption of any Unit Designation, the issuance of any Units or Class C Non-Equity Interests, or the delegation of any power or authority to any committee
(or its chairman) shall be considered an amendment of this Agreement that requires the approval of any Limited Partner. 
 (c)
      Notwithstanding any other provision in this Agreement, other than Sections 3.1(d)(iii) and 3.1(g)(iii), no Limited Partner other than an Active Individual LP shall have any voting or consent rights under this
Agreement for any reason. Any Active Individual LP may vote or consent on behalf of its Related Trust. The Interests of any Limited Partner without direct or indirect voting or consent rights shall be disregarded for purposes of calculating any
thresholds under this Agreement. 
 Section 10.3    Successors, Counterparts. This Agreement and any amendment hereto in
accordance with Section 10.2 shall be binding as to executors, administrators, estates, heirs and legal successors, or nominees or representatives, of the Partners, and may be executed in several counterparts with the same effect as if the
parties executing the several counterparts had all executed one counterpart. 
 Section 10.4    Applicable Law;
Submission to Jurisdiction; Severability. 
 (a)       This Agreement and the rights and obligations of
the Partners shall be governed by, interpreted, construed and enforced in accordance with the laws of the State of Delaware, other than in respect of Section 2.13 which shall be governed by, interpreted, construed and enforced in accordance
with the laws of the State of New York without regard to choice of law rules that would apply the law of any other jurisdiction. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any
rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse
to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

(b)       TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. 

  
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 (c)       Each International Partner irrevocably consents and
agrees that (i) any action brought to compel arbitration or in aid of arbitration in accordance with the terms of this Agreement, (ii) any action confirming and entering judgment upon any arbitration award, and (iii) any action for
temporary injunctive relief to maintain the status quo or prevent irreparable harm, may be brought in the state and federal courts of the State of New York and, by execution and delivery of this Agreement, each International Partner hereby submits
to and accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts for such purpose and to the non-exclusive jurisdiction of such courts
for entry and enforcement of any award issued hereunder. 
 (d)       Each Partner that is not an
International Partner hereby submits to and accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the state and federal courts of the State of New York for any dispute arising out of or
relating to this Agreement or the breach, termination or validity thereof. 
 (e)       Each Partner further
irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by certified or registered mail return receipt requested or by receipted courier service in the
manner set forth in Section 10.10, provided that each International Partner hereby irrevocably designates CT Corporation System, 111 Eighth Avenue, Broadway, New York, New York 10011, as his designee, appointee and agent to receive, for and on
behalf of himself, service of process in the jurisdictions set forth above in any such action or proceeding and such service shall, to the extent permitted by applicable law, be deemed complete ten (10) days after delivery thereof to such
agent, and provided further that, although it is understood that a copy of such process served on such agent will be promptly forwarded by mail to the relevant International Partner, the failure of such International Partner to receive such copy
shall not, to the extent permitted by applicable law, affect in any way the service of such process. 
 Section 10.5
   Arbitration. 
 (a)       Any dispute, controversy or claim between the Partnership
and one or more International Partners arising out of or relating to this Agreement or the breach, termination or validity thereof or concerning the provisions of this Agreement, including whether or not such a dispute, controversy or claim is
arbitrable (“International Dispute”) shall be resolved by final and binding arbitration conducted in English by three arbitrators in New York, New York, in accordance with the JAMS International Arbitration Rules then in effect (the
applicable rules being referred to herein as the “Rules”) except as modified in this Section 10.5. 
 (b)
      The party requesting arbitration must notify the other party of the demand for arbitration in writing within the applicable statute of limitations and in accordance with the Rules. The written notification must
include a description of the claim in sufficient detail to advise the other party of the nature of the claim and the facts on which the claim is based. 

(c)       The claimant shall select its arbitrator in its demand for arbitration and the respondent shall select
its arbitrator within 30 days after receipt of the demand for arbitration. The two arbitrators so appointed shall select a third arbitrator to serve as chairperson 

  
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within 14 days of the designation of the second of the two arbitrators. If practicable, each arbitrator shall have relevant financial services experience. If any arbitrator is not
timely appointed, at the request of any party to the arbitration such arbitrator shall be appointed by JAMS pursuant to the listing, striking and ranking procedure in the Rules. Any arbitrator appointed by JAMS shall be, if practicable, a retired
federal judge, without regard to industry-related experience. 
 (d)       By agreeing to arbitration, the
parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration
proceedings and the enforcement of any award. Without prejudice to such other provisional remedies as may be available, the arbitral tribunal shall have full authority to grant provisional remedies or order the parties to request that such court
modify or vacate any temporary or preliminary relief issued by a such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. 

(e)       There shall be documentary discovery consistent with the Rules and the expedited nature of
arbitration. All disputes involving discovery shall be resolved promptly by the chair of the arbitral tribunal. 
 (f)
      No witness or party to a claim that is subject to arbitration shall be required to waive any privilege recognized by applicable law. 

(g)       It is the intent of the parties that, barring extraordinary circumstances as determined by the
arbitrators, the arbitration hearing pursuant to this Agreement shall be commenced as expeditiously as possible, if practicable within nine months after the written demand for arbitration pursuant to this Section 10.5 is served on the
respondent, that the hearing shall proceed on consecutive Business Days until completed, and if delayed due to extraordinary circumstances, shall recommence as promptly as practicable. The parties to the International Dispute may, upon mutual
agreement, provide for different time limits, or the arbitrators may extend any time limit contained herein for good cause shown. The arbitrators shall issue their final award (which shall be in writing and shall briefly state the findings of fact
and conclusions of law on which it is based) as soon as practicably, if possible within a time period not to exceed 30 days after the close of the arbitration hearing. 

(h)       Each party to an arbitration hereby waives any rights or claims to recovery of damages in the nature
of punitive, exemplary or multiple damages, or to any form of damages in excess of compensatory damages and the arbitral tribunal shall be divested of any power to award any such damages. 

(i)       Any award or decision issued by the arbitrators pursuant to this Agreement shall be final, and binding
on the parties. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction. 
 (j)
      Any arbitration conducted pursuant hereto shall be confidential. No party or any of its agents shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by the
other in the arbitration proceedings or about the existence, contents or results of the proceedings except (i) as may be required by a governmental authority or (ii) as required in an action in aid of arbitration or for

  
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enforcement of an arbitral award. Before making any disclosure permitted by clause (i) in the preceding sentence, the party intending to make such disclosure shall give the other party
reasonable written notice of the intended disclosure and afford the other party a reasonable opportunity to protect their interests. 

Section 10.6     Filings. Following the execution and delivery of this Agreement, the General Partner or its
designee shall promptly prepare any documents required to be filed and recorded under the Act, and the General Partner or such designee shall promptly cause each such document to be filed and recorded in accordance with the Act and, to the extent
required by local law, to be filed and recorded or notice thereof to be published in the appropriate place in each jurisdiction in which the Partnership may hereafter establish a place of business. The General Partner or such designee shall also
promptly cause to be filed, recorded and published such statements of fictitious business name and any other notices, certificates, statements or other instruments required by any provision of any applicable law of the United States or any state or
other jurisdiction which governs the conduct of its business from time to time. 
 Section 10.7     Power of
Attorney. Each Partner does hereby constitute and appoint the General Partner as its true and lawful representative and attorney-in-fact, in its name, place and
stead, to make, execute, sign, deliver and file (a) any amendment to the Certificate of Limited Partnership required because of an amendment to this Agreement or in order to effectuate any change in the partners of the Partnership, (b) all
such other instruments, documents and certificates which may from time to time be required by the laws of the United States of America, the State of Delaware or any other jurisdiction, or any political subdivision or agency thereof, to effectuate,
implement and continue the valid and subsisting existence of the Partnership or to dissolve the Partnership or for any other purpose consistent with this Agreement and the transactions contemplated hereby. The power of attorney granted hereby is
coupled with an interest and shall (i) survive and not be affected by the subsequent death, incapacity, Disability, dissolution, termination or bankruptcy of the Partner granting the same or the Transfer of all or any portion of such
Partner’s Interest and (ii) extend to such Partner’s successors, assigns and legal representatives. 
 Section 10.8
    Headings and Interpretation. Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Agreement or
any provision hereof. Wherever from the context it appears appropriate, (i) each pronoun stated in the masculine, the feminine or neuter gender shall include the masculine, the feminine and the neuter, and (ii) references to
“including” shall mean “including without limitation.” 
 Section 10.9     Additional
Documents. Each Partner, upon the request of the General Partner, agrees to perform all further acts and execute, acknowledge and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement. 

Section 10.10    Notices. All notices, requests and other communications to any party hereunder shall be in writing
(including facsimile, e-mail or similar writing) and shall be given to such party (and any other Person designated by such party) at its address, facsimile number or
e-mail address set forth in a schedule filed with the records of the Partnership or such other address, facsimile number or e-mail address as such party may

  
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hereafter specify to the General Partner. Each such notice, request or other communication shall be effective (a) if given by facsimile, when transmitted to the number specified pursuant to
this Section 10.10 and the appropriate confirmation of receipt is received, (b) if given by mail, seventy-two hours after such communication is deposited in the mails with first class postage
prepaid, addressed as aforesaid, (c) if given by e-mail, when transmitted to the e-mail address specified pursuant to this Section 10.10 and the appropriate
confirmation of receipt is received or (d) if given by any other means, when delivered at the address specified pursuant to this Section 10.10. 

Section 10.11     Waiver of Right to Partition. Each of the Partners irrevocably waives any right that it may
have to maintain any action for partition with respect to any of the Partnership’s assets. 
 Section 10.12
    Partnership Counsel. Each Limited Partner hereby acknowledges and agrees that Skadden, Arps, Slate, Meagher & Flom LLP and any other law firm retained by the General Partner in connection with the management
and operation of the Partnership, or any dispute between the General Partner and any Limited Partner, is acting as counsel to the General Partner and as such does not represent or owe any duty to such Limited Partner or to the Limited Partners as a
group. 
 Section 10.13     Survival. Except as otherwise expressly provided herein, all indemnities and
reimbursement obligations made pursuant to Sections 2.9 and 2.10, all prohibitions in Sections 2.12, 2.13 and 2.18 and the provisions of this Section 10 shall survive dissolution and liquidation of the Partnership until expiration of the
longest applicable statute of limitations (including extensions and waivers). 
 Section 10.14     Ownership and
Use of Name. The name “OZ” is the property of the Partnership and/or its Affiliates and no Partner, other than the General Partner (subject to the second sentence of this Section 10.14 and the terms of the Governance Agreement),
may use (a) the names “OZ,” “Och,” “Och-Ziff,” “Och-Ziff Capital Management Group,”
“Och-Ziff Capital Management Group LLC,” “Och-Ziff Holding Corporation,” “Och-Ziff Holding LLC,”
“OZ Advisors LP,” “OZ Advisors II LP” or “OZ Management LP” or any name that includes “OZ,” “Och,” “Och-Ziff,”
“Och-Ziff Capital Management Group,” “Och-Ziff Capital Management Group LLC,” “Och-Ziff Holding
Corporation,” “Och-Ziff Holding LLC,” “OZ Advisors LP,” “OZ Advisors II LP” or “OZ Management LP” or any variation thereof, or any other name of the General Partner
or the Partnership or their respective Affiliates, (b) any other name to which the name of the Partnership, the General Partner, or any of their Affiliates is changed, or (c) any name confusingly similar to a name referenced or described
in clause (a) or (b) above, including, without limitation, in connection with or in the name of new business ventures, except pursuant to a written license with the Partnership and/or its Affiliates that has been approved by the General
Partner. The General Partner may use and permit others to use the names and marks “Och”, “Ziff” and “Och-Ziff” in connection with the business of the Partnership until and
including December 31, 2019, following which the General Partner shall cease using such names and marks as names, trademarks or service marks; provided, however, that the foregoing shall not prevent (i) the
Och-Ziff Group from continuing to use such names and marks as expressly required by applicable law, regulation or order, and (ii) the Och-Ziff Group from referring
to its former name and mark (for example, “formerly known as the Och-Ziff Group”). 

  
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 Section 10.15     Remedies. Any remedies provided for in
this Agreement shall be cumulative in nature and shall be in addition to any other remedies whatsoever (whether by operation of law, equity, contract or otherwise) which any party may otherwise have. 

Section 10.16     Entire Agreement. This Agreement, together with any Partner Agreements and, to the extent
applicable, the Registration Rights Agreement, the Exchange Agreement, the Tax Receivable Agreement, the Governance Agreement and the Class B Shareholders Agreement, constitutes the entire agreement among the Partners with respect to the
subject matter hereof and, as amended and restated herein, supersedes any agreement or understanding entered into as of a date prior to the date hereof among or between any of them with respect to such subject matter, including (without limitation),
the Initial Partnership Agreement, the Prior Partnership Agreement and all Supplementary Agreements. If any provision contained in this Agreement is in conflict with, or inconsistent with, Article II, Article III, Article IV or Article V of the
Governance Agreement (such Articles, the “Governance Articles”), the Governance Articles shall govern and control. 

  
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 IN WITNESS WHEREOF, this Agreement is executed and delivered as of the date first written
above by the undersigned. 
  

			
	GENERAL PARTNER:
	
	OCH-ZIFF HOLDING LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Thomas Sipp

	Name: Thomas Sipp
	Title:	 	 Chief Financial Officer 

 Agreed and acknowledged for purposes of Sections 3.1(d)(iii), 3.1(g)(iii) and 3.1(n) only: 

 

			
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC,
a Delaware limited liability company
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	CFO and Executive Managing Director

 Exhibit A: Form of General Release 

I, ______________, in consideration of and subject to the terms and conditions set forth in the Amended and Restated Agreement of Limited Partnership of OZ
Advisors II LP to which this General Release is attached (as amended, modified, supplemented or restated from time to time, the “Limited Partnership Agreement”) and any Partner Agreement, and intending to be legally bound, do hereby
release and forever discharge the Och-Ziff Group, from any and all legally waivable actions, causes of action, covenants, contracts, claims, sums of money or liabilities, which I or any of my Related Trusts,
my or their heirs, executors, administrators, and assigns, or any of them, ever had, now have, or hereafter can, shall, or may have, by reason of any act or omission occurring on or before the date that I sign this General Release, including, but
not limited to, with respect to my service to, or affiliation with, the Partnership and its Affiliates, and my Withdrawal or Special Withdrawal from the Partnership. Capitalized terms used and not otherwise defined herein shall have the meanings
ascribed to them in the Limited Partnership Agreement. 
 By signing this General Release, to the fullest extent permitted by law, I waive, release, and
forever discharge the Och-Ziff Group from any and all legally waivable claims, grievances, injuries, controversies, agreements, covenants, promises, debts, accounts, actions, causes of action, suits,
arbitrations, sums of money, wages, attorneys’ fees, costs or damages, whether known or unknown, in law or in equity, by contract, tort, law of trust, or pursuant to U.S. federal, state, local, or
non-U.S. statute, regulation, ordinance, or common law, which I or any of my Related Trusts ever have had, now have, or may hereafter have, based upon, or arising from, any fact or set of facts, whether known
or unknown to me, from the beginning of time until the date of execution of this General Release, arising out of, or relating in any way to, my service to, or affiliation with, the Partnership and its Affiliates or other associations with the Och-Ziff Group, or any cessation thereof. I acknowledge and agree that I am not an employee of any of the Partnership or any of its Affiliates. Nevertheless, and without limiting the foregoing, in the event that any
administrative agency, court, or arbitrator might find that I am an employee, I acknowledge and agree that this General Release constitutes a waiver, release, and discharge of any claim or right based upon, or arising under any U.S. federal, state,
local, or non-U.S. fair employment practices and equal opportunity laws, including, but not limited to, the Rehabilitation Act of 1973, the Worker Adjustment and Retraining Notification Act, 42 U.S.C.
Section 1981, Title VII of the Civil Rights Act of 1964, the Sarbanes-Oxley Act of 2002, the Equal Pay Act, the Employee Retirement Income Security Act (“ERISA”) (including, but not limited to, claims for breach of fiduciary
duty under ERISA), the Family Medical Leave Act, the Americans With Disabilities Act, the Age Discrimination in Employment Act of 1967, the Older Worker’s Benefit Protection Act, and the New York State and New York City anti-discrimination
laws, including all amendments thereto, and the corresponding fair employment practices and equal opportunities laws in non-U.S. jurisdictions that may be applicable. 

I also understand that I am releasing any rights or claims concerning bonus(es) and any award(s) or grant(s) under any incentive compensation plan or program,
except as set forth in the Limited Partnership Agreement and any Partner Agreement, having any bearing whatsoever on the terms and conditions of my service to the Partnership and its Affiliates, and the cessation thereof; provided
that, this General Release shall not prohibit me from enforcing my rights, if any, under the Limited Partnership Agreement, any Partner Agreement, or this General Release, including, without limitation, any rights to indemnification or
director and officer liability insurance coverage. 

 I expressly acknowledge and agree that, by entering into this General Release, I am waiving any and all
rights or claims that I may have under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), if any, which have arisen on or before the date of execution of this General Release (the “Effective
Date”). I also expressly acknowledge and agree that: 
  

	 	a.	 In return for this General Release, I will receive consideration, i.e., something of value beyond that to which
I was already entitled before entering into this General Release; 

  

	 	b.	 I am hereby advised in writing by this General Release of my opportunity to consult with an attorney before
signing this General Release; 

  

	 	c.	 I have [twenty-one (21)] days to consider this General Release
(although I need not take all twenty-one (21) days and may choose to voluntarily execute this General Release earlier); and 

 

	 	d.	 I have [seven (7)] days following the date that this General Release is executed (the “Revocation
Period”) in which to revoke this General Release. To be effective, such revocation must be in writing and delivered to the Och-Ziff Group, as set forth in Section 10.01 of the Limited Partnership
Agreement, within the Revocation Period. 

 Nothing herein shall prevent me from cooperating in any investigation by a governmental agency
or from seeking a judicial determination as to the validity of the release with regard to age discrimination claims consistent with the ADEA. 
 I
acknowledge that I have been given sufficient time to review this General Release. I have consulted with legal counsel or knowingly and voluntarily chosen not to do so. I am signing this General Release knowingly, voluntarily, and with full
understanding of its terms and effects. I voluntarily accept the amounts provided for in the Limited Partnership Agreement and any Partner Agreement for the purpose of making full and final settlement of all claims referred to above and acknowledge
that these amounts are in excess of anything to which I would otherwise be entitled. I acknowledge and agree that in executing this General Release, I am not relying, and have not relied, upon any oral or written representations or statements not
set forth or referred to in the Limited Partnership Agreement, any Partner Agreement and this General Release. 
 I acknowledge and agree that Skadden,
Arps, Slate, Meagher & Flom LLP, and any other law firm retained by any member of the Och-Ziff Group in connection with the Limited Partnership Agreement and this General Release, or any dispute
between myself and any member of the Och-Ziff Group in connection therewith, is acting as counsel to the Och-Ziff Group, and as such, does not represent or owe any duty
to me or to any of my Related Trusts. 

 I have been given a reasonable and sufficient period of time in which to consider and return this General
Release. This General Release will be effective as of the Effective Date. 
 I have executed this General Release this
         day of                     ,
20        . 
  

			
	  
 Name:

	
	[NAME OF TRUST]
		
	[By:	 	             

	Name:	 	Trustee
		
	By:	 	
                

	Name:	 	Trustee]

 Exhibit B: Form of Class P Common Unit Award Agreement 

CLASS P COMMON UNIT AWARD AGREEMENT 

Date:
                                 

To:
                                     

Dear
                                : 

We are pleased to confirm that you have been awarded a conditional grant of Class P Common Units in OZ Management LP
(“OZM”), OZ Advisors LP (“OZA”) and OZ Advisors II LP (“OZAII” and, together with OZM and OZA, the “Partnerships”) pursuant to the limited partnership agreements of the Partnerships
(the “LPAs”) (your “Class P Unit Grants”). Capitalized terms used in this Award Agreement (this “Award Agreement”) and not defined herein will have the meanings assigned to them in the LPAs. 

Your Class P Unit Grants shall be conditionally issued to you by the Partnerships in the numbers specified below and effective as of the
grant date specified below: 
 Class P Unit Grants: 

(1) OZM Class P Unit Grant:
                        
Class P-         Common Units in OZM. 
 (2) OZA
Class P Unit Grant:                     
Class P-         Common Units in OZA. 
 (3) OZAII
Class P Unit Grant:                     
Class P-         Common Units in OZAII. 
 Grant Date:
                                    . 

The Class P Common Units constituting each of your Class P Unit Grants are subject to the terms and conditions of the LPAs,
including, but not limited to, the vesting and forfeiture terms set forth therein. 
 You agree that your retention of the Class P
Common Units constituting your Class P Unit Grants is subject to, and conditional on, your compliance with the conditions specified in the LPAs (including your Partner Agreements, if applicable) and, by signing this Award Agreement, you
acknowledge (i) your receipt of your Class P Unit Grants described above, (ii) your receipt of the LPAs, and (iii) that you receive the Class P Common Units subject to the terms and conditions of the LPAs. 

This Award Agreement may be signed in counterparts and all signed copies of this Award Agreement will together constitute one original. This
Award Agreement shall be a “Partner Agreement” (as defined in the LPAs). 

 Please sign this Award Agreement in the space provided below to confirm your Class P
Unit Grants and return a copy at your earliest convenience. 
  

			
	Acknowledged and agreed as of the date set forth above:
	
	  
 Name:

	
	OZ MANAGEMENT LP
		
	By:	 	Och-Ziff Holding Corporation,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS LP
		
	By:	 	Och-Ziff Holding Corporation,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS II LP
		
	By:	 	Och-Ziff Holding LLC,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit C: Unit Designation of the Class A Cumulative Preferred Units 

Exhibit 4.3 
 EXECUTION
VERSION 
 OZ ADVISORS II LP 

UNIT DESIGNATION OF 
 THE
PREFERENCES AND RELATIVE, PARTICIPATING, 
 OPTIONAL, AND OTHER SPECIAL RIGHTS, POWERS AND DUTIES 

OF 
 CLASS A CUMULATIVE
PREFERRED UNITS 
 OZ ADVISORS II LP, a Delaware limited partnership (the “Partnership”), pursuant to the
provisions of the Delaware Revised Uniform Limited Partnership Act and the Amended and Restated Agreement of Limited Partnership of the Partnership dated as of February 7, 2019, as amended from time to time (the “Limited Partnership
Agreement”), does hereby state and certify that, pursuant to the authority expressly vested in Och-Ziff Holding LLC, a Delaware limited liability company and the Partnership’s general partner
(the “General Partner”), the General Partner duly adopted the following resolution, which remains in full force and effect as of the date hereof: 

RESOLVED, that this Unit Designation of the Class A Cumulative Preferred Units of the Partnership dated as of February 7,
2019 (this “Unit Designation”) be and hereby is adopted as follows: 
 1.    
Designation. 
 (a)     Pursuant to Section 3.2(b) of the Limited Partnership Agreement, there is
hereby created a class of Units designated as the “Class A Cumulative Preferred Units” (the “Class A Preferred Units”), which shall each have a liquidation
preference per Class A Preferred Unit equal to the Unit Price (the “Liquidation Preference”). The General Partner is authorized to provide for the issuance of up to 400,000 Class A Preferred Units in one or more
series (each, a “Class A Series”), each of which Class A Series is and shall be identical other than the date of issuance. 

(b)     The Class A Preferred Units have no maturity date. Each Class A Preferred Unit is and shall be identical
in all respects to every other Class A Preferred Unit. Notwithstanding Section 3.1(b) of the Limited Partnership Agreement, the Class A Preferred Units shall not be evidenced by Certificates of Ownership and a Partner’s interest
in any such Units are and shall be reflected through appropriate entries in the books and records of the Partnership. 

(c)     All Class A Preferred Units issued pursuant to, and in accordance with the requirements of this Unit
Designation, are and shall be fully paid and non-assessable Units of the Partnership. 

2.     Definitions. For purposes of this Unit Designation, the following terms have the meanings ascribed to
them below. Capitalized terms used herein without definition have the meanings ascribed to such terms in the Limited Partnership Agreement. 

 “Accrued Unrecognized Incentive” means, with respect to any
investment fund, investment account or other investment vehicle (including a “fund-of-one”) with a commitment period of more than one year, any
performance-based amounts or incentive compensation allocated (including provisionally) or accrued with respect to such fund, account and vehicle, including, without limitation, any carried interest, incentive allocations and fees, promoted
interest, performance fee or similar rights of participation or profit-sharing. 
 “AC Delegation” has the meaning
has the meaning assigned to it in Section 9(h) hereof. 
 “Advisors II Incremental Loans” has the meaning
assigned to it in the Senior Subordinated Loan Agreement. 
 “Advisors II Initial Loans” has the meaning assigned to
it in the Senior Subordinated Loan Agreement. 
 “Alternate Investment Subsidiary” has the meaning assigned to it in
the Senior Subordinated Loan Agreement. 
 “Annual Capital Expenditures” means, with respect to each fiscal year of
the Company, the aggregate of all expenditures by the Company and its consolidated Subsidiaries for the acquisition of fixed or capital assets or additions to property, plants or equipment (including replacements, capitalized repairs and
improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of the Company and its consolidated Subsidiaries. For the avoidance of doubt, Annual Capital Expenditures shall exclude real estate leases that
may be capitalized for accounting purposes. 
 “Applicable Fund” has the meaning assigned to it in section 9(h)(i)
hereof. 
 “Asset Sale” means a sale, lease or sub-lease (as lessor or
sublessor), sale and leaseback, assignment, conveyance, exclusive license (as licensor or sublicensor), transfer or other disposition to, or any exchange of property with, any person, in one transaction or a series of transactions, of all or any
part of any of the Company’s, the Operating Group Entities’ or any of their respective Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned
or hereafter acquired, leased or licensed, or any issuances or sale of the Equity Interests (as defined in the Senior Subordinated Loan Agreement) of the Company, the Operating Group Entities or any of their respective Subsidiaries, other than
(i) inventory sold, leased, licensed out or otherwise disposed, or exchanged for other property, in the ordinary course of business, (ii) sales, leases, licenses, exchanges, transfers, disposals or other dispositions of used, obsolete,
worn out or surplus property no longer used or useful in the conduct of business, (iii) (A) leases or subleases of any real property leased or subleased by the Company as of the Issuance Date and (B) licenses, sublicenses, leases or
subleases of real property granted to others not interfering in any material respect with the business of the Company, the Operating Group Entities and their Subsidiaries, taken as a whole, (iv) sales, leases, licenses, sublicenses, subleases,
exchanges, transfers or other dispositions of other assets for consideration (including, at the time of calculation, all earn-out payments, installment payments and other deferred purchase price obligations)
of less than $2 million in the aggregate during any fiscal year of the Company and in an aggregate amount not to 

  
 101 

 
exceed $5 million while any Class A Preferred Units are outstanding, (v) sales, leases, licenses, sublicenses, subleases, exchanges, transfers or other dispositions of property
between or among the Company, the Operating Group Entities and any of their respective wholly-owned Subsidiaries, (vi) sales, transfers or dispositions of Cash Equivalents for fair market value, (vii) Involuntary Dispositions (as defined
in the Senior Subordinated Loan Agreement), (viii) the abandonment or other sale, transfer, disposal or disposition of intellectual property in connection with the Specified Transactions (as defined in the Senior Subordinated Loan Agreement),
constituting Specified OZ Intellectual Property (as defined in the Senior Subordinated Loan Agreement), (ix) sales or other transfers or dispositions of Margin Stock (as defined in the Senior Subordinated Loan Agreement), (x) issuances by the
Company or the Operating Group Entities to any person other than the Company, the Operating Group Entities or a Subsidiary of its Equity Interests (including, for the avoidance of doubt, Och-Ziff Operating
Group A-1 Units, Och-Ziff Operating Group E Units (in each case, as defined in the Senior Subordinated Loan Agreement)), Class C
Non-Equity Interests, Och-Ziff Operating Group D Units, Och-Ziff Operating Group P Units, Deferred Fund Interests, Preferred
Units or PSIs, as applicable (in each case, as defined in the Senior Subordinated Loan Agreement), including the exchange or conversion of any of the foregoing, whether for Class A Shares, other Equity Interests, or otherwise, in the case of
any such exchange or conversion, pursuant to the exchange agreements or conversion agreements relating thereto, including any exchange agreements or conversion agreements, or any amendments, restatements or replacements of any exchange agreements or
conversion agreements, entered into in connection with the Specified Transactions, (xi) sales or other transfers or dispositions of securities in connection with repurchase agreements in the ordinary course of operation of the Company’s
cash management practices, (xii) the unwinding of, or settlements under, Interest Rate Agreements or Currency Agreements, (xiii) the substantially concurrent purchase and sale, transfer, disposition or exchange of non-Cash assets for similar assets of substantially equivalent value, (xiv) Restricted Payments (as defined in the Senior Subordinated Loan Agreement) not prohibited under this Unit Designation,
(xv) investments (including in the form of Cash and Cash Equivalents), and sales, transfers or dispositions of investments, in each case that are made in the ordinary course of business, that are not prohibited by this Unit Designation and that
do not constitute a Line of Business Asset Sale (xvi) the release of claims described in the Recapitalization Agreement in connection with the Specified Transactions and (xvii) sales of assets solely for the purpose of facilitating sales
of assets into or out of OZ Funds or OZ CLOs in the ordinary course of business. 
 “Audited Financial Statements”
has the meaning assigned to it in Section 18(c) hereof. 
 “AUI Amount” has the meaning assigned to it in
Section 6(a)(ii) hereof. 
 “AUM” means, as of any date, total
fee-paying assets under management of the Company, any Operating Group Entity or any of their consolidated subsidiaries as of such date, on a combined basis in accordance with GAAP, as adjusted to give pro
forma effect to all pending binding subscriptions in effect on such date and all redemption requirements in effect on such date. 

  
 102 

 “Cash” has the meaning assigned to it in the Senior Subordinated
Loan Agreement. 
 “Cash Equivalents” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“Change of Control Event” means the occurrence of the following: 

(i)     the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Operating Partnerships, taken as a whole, to any “person” or “group” (as each such term is defined in
Section 13(d)(3) of the Exchange Act or any successor provision), other than to a Continuing OZ Person or one or more wholly-owned subsidiaries of any of the Operating Partnerships; or 

(ii)     the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” or “group” (as each such term is defined in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing OZ Person or the Company and any of its
wholly-owned subsidiaries, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a percentage of voting units (or other capital stock)
greater than the percentage of voting units (or other capital stock) held by DSO and his Related Parties as of the Issuance Date (excluding, for the avoidance of doubt, any units or other capital stock DSO or his Related Parties are entitled to vote
on behalf of other Persons), in each case, immediately after giving effect to such transaction in (i) the Company or (ii) one or more of the Operating Partnerships comprising all or substantially all of the assets of the Operating
Partnerships, or (B) entitled to receive a Majority Economic Interest in connection with such transaction. 
 Notwithstanding the
foregoing, neither the consummation of the Liquidity Redemption nor the occurrence of any of the transactions or actions to be taken on or after the Transition Date in accordance with the terms of the Governance Agreement shall constitute a Change
of Control Event. 
 “CLO AUM” means, as of any date, any AUM that is attributable to an OZ CLO. 

“Committed Cash” means, as of the end of each fiscal quarter of the Company beginning with the quarter ended
December 31, 2018, the sum of all Cash and Cash Equivalents reserved by the Company or its consolidated Subsidiaries (i) in respect of any incentive fees received in Cash during the applicable quarter to the extent such fees may be subject
to reversal in future periods and not recorded as income in the Company’s financial statements; (ii) in respect of cumulative bonus accruals as reported in the Company’s financial statements for such quarter that are expected to be
settled in cash by the end of the first quarter of the following fiscal year; (iii) in respect of any grant of deferred fund interests; provided that such grants are converted into fund interests by or no later than the first available
fund subscription date immediately after the end of the first quarter of the fiscal year; (iv) in respect of cumulative obligations under the Tax Receivable Agreement accrued for in the Company’s Distributable Earnings that have not yet

  
 103 

 
been paid; (v) reserved in respect of any accrued contingent liabilities determined in accordance with GAAP, (vi) to satisfy any applicable then existing regulatory or contractual
requirement to deposit or hold back cash in reserve and which is entered into in the ordinary course of business; provided that the Company shall not be permitted to include any reserve for contractual requirements related to compensation of
its current or former officers, managing directors or employees pursuant to this clause (vi) (it being understood that reserves related to compensation may be included as set forth in clauses (ii) and (iii) above); (vii) reinvestment of
redemption proceeds in respect of existing investments held by the Operating Partnership or its Subsidiaries in Och-Ziff products as of the Issuance Date in new Och-Ziff
products, provided that such proceeds are reinvested within 12 months of receipt thereof; (viii) in respect of any deferred rent consistent with the Company’s accounting practices as of September 30, 2018; and (ix) in
respect of anticipated working capital adjustments in each of the first three fiscal quarters of the Company’s fiscal year only in an amount that does not exceed $10.0 million per quarter, provided that (a) such increase in reserves
shall not be included in any fiscal quarter unless the Company had Economic Income of at least such amount during such quarter, and (b) such cumulative amount shall be reduced to zero at the end of such fiscal year. 

“Commitment” has the meaning assigned to it in the Senior Credit Facility. 

“Company” means Och-Ziff Capital Management Group LLC, a Delaware limited
liability company, and any successors thereto. 
 “Continuing OZ Person” means, immediately prior to and immediately
following any relevant date of determination, (i) DSO, (ii) any Related Party of DSO or (iii) any “person” or “group” (as each such term is used in Section 13(d)(3) of the Exchange Act or any successor
provision) of which DSO or one of his Related Parties is a member. 
 “Credit Party” has the meaning assigned to it
in the Senior Credit Facility. 
 “Currency Agreement” has the meaning assigned to it in the Senior Subordinated
Loan Agreement. 
 “Designated Accrued Unrecognized Incentive” means any gross proceeds received in cash resulting
from the realization of Accrued Unrecognized Incentive in respect of the Specified Funds. 
 “Designated Officers”
has the meaning assigned to it in Section 10(d) hereof. 
 “Designated Proceeds” means, collectively, any Net
Accrued Unrecognized Incentive and not less than 85% of the Net Cash Proceeds from any Asset Sales (“Asset Sale Designated Proceeds”). 

“Discount Termination Event” means any of (i) any material “Default” or “Event of Default”
under the Senior Credit Facility or the Senior Subordinated Loan Agreement; provided, that a Discount Termination Event shall cease to have occurred if such “Default” or “Event of Default” is cured; (ii) a decrease in
Non-Affiliate AUM in excess of $7,152,054,711 in the aggregate; (iii) (A) any dissolution, winding up or restructuring of any of the Operating Group Entities, (B) a voluntary or involuntary
bankruptcy or insolvency proceeding of the Company or any of the Operating Group 

  
 104 

 
Entities or (C) with respect to the Company or any of the Operating Group Entities, the appointment of a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of
creditors or similar person charged with the reorganization or liquidation of its business appointed for any of the Operating Group Entities; (iv) any final, non-appealable money judgment, writ or warrant
of attachment or similar process involving in the aggregate at any time an amount in excess of $25,000,000 (in either case to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged
coverage) shall be entered or filed against the Company, any Operating Group Entity or any of their respective Subsidiaries and shall remain undischarged, unpaid, unvacated, unbonded or unstayed for a period of sixty days; or (v) the delisting
of the Company by the New York Stock Exchange. 
 “Discretionary Basket” has the meaning assigned to it in
Section 6(c) hereof. 
 “Discretionary Reserve Funds” has the meaning assigned to it in Section 6(c)
hereof. 
 “Distributable Earnings” means, for any period, an amount calculated on a consolidated basis for the
Company and its consolidated Subsidiaries determined on the basis of distributable earnings, in accordance with the methodology utilized by the Company to derive distributable earnings in the Company’s earnings press release for such period.
Notwithstanding the foregoing, the following items shall not be taken into account in calculating Distributable Earnings, (i) for the fiscal quarter ended December 31, 2018, any Tax Receivable Agreement related payments accrued for the
2017 and 2018 tax years that are no longer payable as a result from the February 7, 2019 amendment of the Tax Receivable Agreement, and (ii) for each period during the fiscal year ended December 31, 2019, the impact of any reversal of
any such Tax Receivable Agreement payments. 
 “Distribution Holiday” has the meaning assigned to it in the Limited
Partnership Agreement. 
 “Distribution Payment Date” has the meaning assigned to it in Section 3(a) hereof.

 “Distribution Period” means a period commencing on, and including, a Distribution Payment Date, to, but not
including, the following Distribution Payment Date. 
 “Distribution Rate” means, with respect to the periods
specified below, the following rates per annum: 
 (i)     Prior to the Step Up Date: 0%; 

(ii)     From the Step Up Date to the day immediately prior to the sixth anniversary of the Step Up Date: 6%; 

(iii)     From the sixth anniversary of the Step Up Date to the day immediately prior to the seventh anniversary of the
Step Up Date: 8%; 

  
 105 

 (iv)     From the seventh anniversary of the Step Up Date to the day
immediately prior to the eighth anniversary of the Step Up Date: 9%; and 
 (v)     From the eighth anniversary of the
Step Up Date and thereafter: 10%. 
 Following a Change of Control Event, the Distribution Rate for each applicable period described above
shall increase by 7.0% per annum beginning on the 31st day following the consummation of such Change of Control Event in accordance with Section 6(b) hereof unless and until the Operating
Partnerships redeem all Operating Group Class A Preferred Units. 
 “DSO” means Daniel S. Och. 

“Economic Income” means, for any period, an amount calculated on a consolidated basis for the Company and its
consolidated Subsidiaries in accordance with the principles set forth on Schedule A hereto, applied in a manner consistent with the manner utilized by Och-Ziff to derive economic income in Och-Ziff’s earnings press release for the quarter ended September 30, 2018, plus (a) net proceeds received in connection with any disposition of Risk Retention Interests with respect to
existing U.S. OZ CLOs that were previously held for purposes of complying with Section 15G of the Exchange Act and related regulations (as long as such disposition is not an Asset Sale), minus (b) the sum of (i) any amounts
contributed to the Operating Partnerships pursuant to the Operating Partnerships’ share in cash payments due under the Tax Receivable Agreement; (ii) amounts invested and expenses incurred in connection with the acquisition of Risk
Retention Interests and related permitted assets by Qualifying Risk Retention Subsidiaries; and (iii) amounts of any Annual Capital Expenditures; provided, that the sum of clauses (a) and (b) shall not exceed $9.0 million per
year; minus (c) Permitted RSU Settlements; minus (d) the amount of any amortization payments on the Initial Loans required to be paid pursuant to the terms of the Senior Subordinated Loan Agreement; minus (e) the
amount of any distributions or dividends paid on any Operating Group Class A Preferred Units; minus (f) Permitted Dividends. For the avoidance of doubt and without limiting Section 6(a)(ii), the calculation of Economic Income
shall be adjusted accordingly to reflect the fact that any Net Accrued Unrecognized Incentive that constitutes Designated Proceeds will be distributed pursuant to Section 6(a)(ii). Sublease losses and expenses recognized for accounting purposes
where there is no corresponding cash outflow will be initially excluded from Economic Income. Net cash outflows on the lease and sublease arrangement in a given period, that are not otherwise normally accounted for as an operating expense in
Economic Income, should be reflected as a net decrease (or increase) adjustment to the stated Economic Income for the period such amounts are incurred. 

“Equity Interests” means any and all shares, interests, participations or other equivalents (however designated) of
capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase or other
arrangements or rights to acquire any of the foregoing. 
 “Excess Distributable Earnings” has the meaning assigned
to it in Section 6(a)(iii) hereof.  

  
 106 

 “Excess Distributable Earnings Delivery Date” has the meaning
assigned to it in Section 18(a) hereof. 
 “Excess RSU Settlements” means any cash paid in connection with the
settlement of restricted stock units issued by the Company or the Operating Partnerships in excess of the Permitted RSU Settlements. 

“Exchange Date” means March 31, 2022. 

“Exchange Notice” has the meaning assigned to it in Section 7(b) hereof. 

“Free Cash Balance” means, as of the end of each fiscal quarter of the Company, an amount equal to the difference
between Total Cash and Committed Cash. For the avoidance of doubt, to the extent any amounts are reserved under the Discretionary Basket in accordance with Section 6(c) hereof such amounts shall reduce the Free Cash
Balance. 
 “GAAP” means the United States generally accepted accounting principles in effect as of the Issuance
Date. 
 “General Partner” has the meaning assigned to it in the recitals hereof. 

“Governance Agreement” means that certain Governance Agreement, dated as of the date hereof, entered into by and among
the Company, the Intermediate Holding Companies, the Operating Partnerships and Daniel S. Och, as the same may be amended, supplemented, modified or replaced from time to time. 

“Holders’ Committee” has the meaning assigned to it in Section 10(a) hereof. 

“Indebtedness” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“Interest Rate Agreement” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“Issuance Date” means February 7, 2019. 

“Junior Units” means Units and other equity securities in the Partnership that, with respect to distributions on such
interests and distributions upon liquidation of the Partnership, rank junior to the Class A Preferred Units. “Junior Units” include Common Units and PSIs but do not include Class C
Non-Equity Interests. 
 “Lien” means any lien, mortgage, pledge,
assignment, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement) and any preferential arrangement in the nature of a security interest having the practical effect of any of the
foregoing. 
 “Limited Partnership Agreement” has the meaning assigned to it in the recitals hereof. 

  
 107 

 “Line of Business Asset Sale” means an Asset Sale of
Property constituting, collectively, a line of business or business unit, or any material portion or interest therein, of the Company, any Operating Group Entity or any of their respective Subsidiaries that receives advisory fee income, in one
transaction or a series of related transactions. 
 “Liquidation Event” has the meaning assigned to it in
Section 4(a) hereof. 
 “Liquidation Preference” has the meaning assigned to it in Section 1 hereof. 

“Liquidation Value” has the meaning assigned to it in Section 4(a) hereof. 

“Liquidity Redemption” has the meaning assigned to it in the Governance Agreement. 

“Loan Exchange Option” has the meaning assigned to it in Section 7(a) hereof. 

“Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity distributions or
partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in the Operating
Partnerships (other than the Company or its Subsidiaries). 
 “Mandatory Change of Control Redemption” has
the meaning assigned to it in Section 6(b)(i) hereof. 
 “Mandatory Change of Control Trigger Date” has the
meaning assigned to it in Section 6(b)(i) hereof. 
 “Mandatory Redemption Notice” has the meaning assigned to
it in Section 6(a)(v) hereof. 
 “Mandatory Redemption Notice Date” has the meaning assigned to it in
Section 6(a)(v) hereof. 
 “Mandatory Redemption Trigger Date” has the meaning assigned to it in
Section 6(a)(i) hereof. 
 “Minimum Free Cash Balance” means $200,000,000, as adjusted pursuant to
Section 9(g) hereof. 
 “Net Accrued Unrecognized Incentive” means any Designated Accrued Unrecognized
Incentive net of compensation paid to any current or former officer, executive managing director or employee of the Company, any Operating Partnership, any OZ Fund or their respective subsidiaries arising from such realization to the extent such
compensation is consistent with the compensation allocations set forth on Schedule B hereto. 

  
 108 

 “Net Cash Proceeds”
means with respect to any Asset Sale, an amount equal to (i) the sum of Cash and Cash Equivalents received in connection with such Asset Sale (including any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by
monetization of, a note or installment receivable, the release of any reserve amount described in clause (C) hereof, purchase price adjustment or earn-out or otherwise, but only as and when so received)
by the Company, the Operating Group Entities or any of their respective Subsidiaries, less (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts payable on any Indebtedness that is secured by the
property and that is subject to mandatory prepayment in connection with such Asset Sale and that is repaid in connection with such Asset Sale, (B) taxes paid or reasonably estimated to be actually payable in connection therewith and the amount
of any increased tax distribution reasonably expected to be made as a result of such Asset Sale and (C) any reserve for adjustment established in accordance with GAAP in respect of (x) the sale price of such property and (y) any
liabilities associated with such property and retained by the Company, the Operating Group Entities or any of their respective Subsidiaries after such sale, transfer, lease or disposition, including pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction; provided, that any reserve described in this clause (C) that is subsequently released shall be
counted as Net Cash Proceeds; provided further that “Net Cash Proceeds” shall include any Cash or Cash Equivalents received upon the sale, transfer, lease or disposition of any non-Cash
consideration received following such Asset Sale by the Company, the Operating Group Entities or any of their respective Subsidiaries in any such Asset Sale (but only as and when so received). 

“New NEO Units” has the meaning assigned to it in Section 10(d) hereof. 

“Non-Affiliate AUM” means, as calculated as of the last day of each
fiscal quarter of the Company, AUM excluding (A) the AUM related to the entities identified in writing and delivered to the Holders’ Committee on the Issuance Date, (B) CLO AUM and (C) any amounts redeemed by DSO or former
executive managing directors of the Company or any of their respective affiliates (including any funds or investments subject to the Liquidity Redemption). 

“Non-CLO AIS Investments” has the meaning assigned to it in
Section 9(c)(xxi) hereof. 
 “Obligations” has the meaning assigned to it in the Senior Credit Facility. 

“Offered Securities” has the meaning assigned to it in Section 14 hereof. 

“Operating Group Class A Preferred Units” means the Class A Preferred Units
issued by the Partnership and the Class A preferred units issued by the other Operating Partnerships. 
 “Operating Group
Entity” has the meaning assigned to it in Section 3(b)(ii) hereof. 
 “Operating Partnerships”
means the Partnership, OZ Management LP and OZ Advisors LP. 

  
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 “OZ CLO” means any collateralized loan obligation funds or similar
investment entities (including warehouse facilities) managed by any Operating Group Entity or its Affiliates. 
 “OZ
Fund” means (1) any investment vehicle managed (or for which investment advisory or other asset management services are provided), directly or indirectly, by an Operating Group Entity or any of its Affiliates in which
(a) substantially all of the capital is provided by third parties in the ordinary course (“Third Party LPs”) and (b) no Person other than the Operating Partnerships or their wholly-owned Subsidiaries has the right
to receive (x) carried interest, incentive allocations and fees, promoted interest, performance fee or similar rights of participation or profit-sharing, (y) investment management fees, asset management fees, commitment-based fees,
transaction fees or similar fees not based on performance (or fees payable in lieu thereof) or (z) other distributions or payments (including guaranteed payments or other similar distributions or payments but excluding distributions or
redemption payments made to Third Party LPs in the ordinary course in respect of their interests in such investment vehicle) from such investment vehicle, whether or not such payments arise as a result of or are due and payable pursuant to
(i) ownership of a membership interest, partnership interest or other equity interest, (ii) an employment or consulting agreement or arrangement or (iii) a contract, revenue sharing agreement, participation or other agreement and
(2) with respect to the definitions of Asset Sales, Committed Cash, Net Accrued Unrecognized Incentive, Subsidiary, Sections 6(c), 9(c), 9(d), 9(h), 10(d) and 10(e) and Schedules B and C, has the meaning assigned to it in the Senior
Subordinated Loan Agreement. 
 “Oz Manager Entity” has the meaning assigned to it in Section 9(h)(i) hereof.

 “Oz Parties” has the meaning assigned to it in Section 9(c) hereof. 

“OZ Subsidiary” has the meaning assigned to it in the Senior Credit Facility. 

“Parity Units” means (a) any equity securities in the Partnership (or any debt or other securities convertible
into equity securities of the Partnership) that the Partnership may authorize or issue, the terms of which expressly provide that such securities shall rank equally with, or senior to, the Class A Preferred Units with respect to the payment of
distributions on such interests and distributions upon the occurrence of a Liquidation Event relating to the Partnership and (b) for purposes of Section 9(a) only, any equity securities in any Subsidiary of the Partnership (or any debt or
other securities convertible into equity securities of any Subsidiary of the Partnership). 
 “Partnership” has the
meaning assigned to it in the recitals hereof. 
 “Partnership Interests” has the meaning assigned to it in
Section 6(a)(iii) hereof. 
 “Permitted Activities” means (i) the asset management, investment management
and financial services business or any business ancillary, complementary or reasonably related thereto and reasonable extensions thereof, (ii) the businesses conducted by the Company, the Operating Partnerships or their Affiliates as of the
Issuance Date, and (iii) such other lines of business as may be consented to by the Holders’ Committee, in each of clauses (i), (ii) and (iii) only to the extent conducted by any of the Operating Partnerships and, subject to
compliance with Section 3(b)(ii), an Operating Group Entity. 

  
 110 

 “Permitted Dividends” means dividends or distributions made by the
Company on its Class A Shares, and, without duplication, the Operating Partnerships to fund such dividends or distributions, annually in an aggregate amount equal to not less than 20% of the Company’s annual Distributable Earnings or more
than 30% of Distributable Earnings; provided, that, if the minimum amount of dividends or distributions eligible to be made hereunder would be $1.00 or less per Class A Share, then up to $1.00 per Class A Share (subject to appropriate
adjustment in the event of any equity dividend, equity split, combination or other similar recapitalization with respect to the Class A Shares after the Issuance Date). 

“Permitted RSU Settlements” means the amount of any cash paid in connection with the normal course settlement for up
to 2 million restricted stock units issued by the Company or the Operating Partnerships (subject to appropriate adjustment in the event of any equity dividend, equity split, combination or other similar recapitalization with respect to the
Class A Shares after the Issuance Date); provided that the amount of cash paid per restricted stock unit shall not exceed 50% of the value of such restricted stock unit. 

“Permitted Stock Buybacks” means the repurchase by the Company of its Class A Shares, and, without duplication,
any distributions, dividends or repurchases of units made by the Operating Partnerships to fund such repurchases, with proceeds from the Discretionary Basket in an amount not to exceed $25 million in the aggregate (including any amounts in
respect of any Excess RSU Settlements). 
 “Preceding Year” has the meaning assigned to it in Section 6(a)(iii)
hereof. 
 “Preferred Distributions” has the meaning assigned to it in Section 3(a) hereof. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible, including, without limitation, equity interests. 
 “Qualifying Risk Retention
Subsidiary” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 
 “Quarterly Delivery
Date” has the meaning assigned to it in Section 18(a) hereof. 
 “Redemption Discount Percentage”
means, with respect to redemptions occurring during the periods specified below, the following percentages: 
 (i)    
subject to clause (iii) hereof, 75% with respect to redemptions occurring during the period commencing on the Issuance Date and ending on March 31, 2021; 

(ii)     subject to clause (iii) hereof, 90% with respect to redemptions occurring during the period commencing on
April 1, 2021 and ending on the day immediately prior to the Exchange Date; and 
 (iii)   100% with respect to redemptions
occurring on or after the Exchange Date or the occurrence of a Discount Termination Event. 

  
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 “Related Party” means, with respect to any Person, (i) any
Person that is the spouse (including a surviving spouse) or another immediate family member of such Person, (ii) the estate and lawful heirs of such Person or (iii) any trust, family partnership, foundation, family limited liability
company or other estate planning vehicle for which such Person acts as a trustee or beneficiary, provided that the investment decisions relating to any equity interests of the Operating Partnerships held by such trusts or other entities are
controlled directly or indirectly by such Person. 
 “Reserve Period” has the meaning assigned to it in
Section 6(c) hereof. 
 “Restricted Activities” has the meaning assigned to it in Section 6(c) hereof.

 “Revolving Commitments” has the meaning assigned to it in the Senior Credit Facility. 

“Risk Retention Interests” has the meaning assigned to it in the Senior Subordinated Loan Agreement. 

“ROFR Notice” has the meaning assigned to it in Section 14 hereof. 

“Seller” has the meaning assigned to it in Section 14 hereof. 

“Senior Credit Facility” means that certain Credit and Guaranty Agreement, dated as of April 10, 2018, as amended
by Amendment No. 1, dated as of February 7, 2019, among OZ Management LP, as borrower, the other Operating Partnerships, as guarantors, the other guarantors from time to time party thereto, the lenders from time to time party thereto, and
JPMorgan Chase Bank, N.A., as administrative agent, as amended, modified or supplemented from time to time in accordance with Section 9 hereof; provided, that for purposes of any defined terms set forth herein that reference the corresponding
defined terms in the Senior Credit Facility, (i) such defined terms shall have the respective meanings set forth in the Senior Credit Facility as in effect as of the Issuance Date and (ii) references to the “Borrower” shall mean
the Partnership and “Credit Parties” shall mean the Company, the Operating Partnerships and their respective Subsidiaries. 

“Senior Credit Facility Repayment” has the meaning assigned to it in Section 6(a)(i) hereof. 

“Senior Subordinated Loan Agreement” means that certain Senior Subordinated Term Loan and Guaranty Agreement, dated as
of February 7, 2019, among the Operating Partnerships, as borrowers and guarantors, the other guarantors from time to time party thereto, Wilmington Trust, National Association, as administrative agent, and the other parties thereto, as
amended, restated, modified or supplemented from time to time in accordance with Section 9 hereof; provided, that for purposes of any defined terms set forth herein that reference the corresponding defined terms in the Senior Subordinated Loan
Agreement, references to “Advisors II” shall mean the Partnership, references to a “Borrower” shall include the Partnership in its capacity as a borrower unless such defined term refers solely to a borrower other than the
Partnership, or to a class of loans to a different borrower, and “Credit Parties” shall mean the Company, the Operating Partnerships and their respective Subsidiaries. 

  
 112 

 “Senior Subordinated Loans” means the “Initial Loans” and
the “Incremental Loans”, each as defined in the Senior Subordinated Loan Agreement. 
 “Specified Funds”
means the funds identified in writing and delivered to the Holders’ Committee on the Issuance Date. 
 “Step Up
Date” means February 19, 2020. 
 “Subsidiary” of a Person means 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 a general partner interest or managing member or similar interest of such Person. A Subsidiary of the Company, its direct
Subsidiaries or an Operating Group Entity does not include any OZ Fund, any OZ CLO or any of their respective Subsidiaries. 

“Tax Receivable Agreement” means that certain Amended and Restated Tax Receivable Agreement by and among inter alia
the Company, Oz Holding Corp., Oz Holding LLC, and the Operating Partnerships, dated as of January 12, 2009, as amended, modified or supplemented from time to time. 

“Third Party Buyer” has the meaning assigned to it in Section 14 hereof. 

“Total Cash” means, as of the end of each fiscal quarter of the Company, the sum of all Cash and Cash Equivalents of
the Company and its Subsidiaries. 
 “Transfer” means any direct, indirect or synthetic transfer, sale,
assignment, pledge, conveyance, hypothecation or other encumbrance or disposition. 
 “Transition Date” has the
meaning assigned to it in the Governance Agreement. 
 “Unit Designation” has the meaning assigned to it in the
recitals hereof. 
 “Unit Price” means $97.80, subject to appropriate adjustment in the event of any equity
dividend, equity split, combination or other similar recapitalization with respect to the Class A Preferred Units after the Issuance Date. 

“Year End Delivery Date” has the meaning assigned to it in Section 18(a) hereof. 

3.     Distributions; Allocations. 

(a)     Annual Distributions. Each holder of Class A Preferred Units shall be entitled to receive, when,
as and if declared by the General Partner in its sole discretion out of funds legally available therefor, cumulative cash distributions (“Preferred Distributions”) on each Class A Preferred Unit calculated based on the
Liquidation Preference of such Class A Preferred Unit at a rate per annum equal to the Distribution Rate (taking into account the different Distribution Rates that may apply during each Distribution Period in accordance with the definition of
Distribution Rate or Section 6(b) below), with such Preferred Distributions accruing from, and including, the earlier of (i) the Step Up Date and (ii) if applicable, the 31st day following the consummation of a Change of Control
Event; provided, however, that the amount 

  
 113 

 
of the Preferred Distributions actually paid shall not exceed the sum of the cumulative Net Income and items of income and gain allocated to such holder pursuant to Section 3(d). Any
Preferred Distributions that have been declared in accordance with the foregoing sentence shall, unless waived by the Holders’ Committee, be payable in arrears on the 27th day of February of each applicable year (each, a
“Distribution Payment Date”) to the holders of record as they appear in the books and records of the Partnership for the Class A Preferred Units at the close of business on the 15th day of February; provided, that
(i) if any Distribution Payment Date is not a Business Day, then the Preferred Distribution which would otherwise have been payable on that Distribution Payment Date may be paid on the next succeeding Business Day and (ii) accumulated and
unpaid Preferred Distributions for any prior Distribution Period may be paid at any time. Any Preferred Distribution payable on the Class A Preferred Units, including distributions payable for any partial Distribution Period, will be computed
on the basis of a 360-day year consisting of twelve 30-day months. Notwithstanding anything to the contrary contained herein, Preferred Distributions will accumulate
whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of those Preferred Distributions and whether or not those Preferred Distributions are declared. In the event that any Preferred
Distributions or other payments on the Class A Preferred Units are in arrears, or, are otherwise not payable as a result of the proviso in the first sentence of this Section 3(a), such amounts shall accrue and accumulate at the
Distribution Rate. Holders of the Class A Preferred Units will not be entitled to any distributions in excess of full cumulative distributions described in this Section 3(a). Any Preferred Distributions made on the Class A Preferred
Units shall first be credited against the earliest accumulated but unpaid distribution due with respect to the Class A Preferred Units. 

(b)     Funding of Distributions on Operating Group Class A Preferred Units.

 (i)     Distributions on Junior Units and Parity Units. Except as provided in Section 3(c) hereof,
unless full cumulative distributions on all of the Operating Group Class A Preferred Units have been or contemporaneously are declared and paid in respect of all past Distribution Periods as provided in the corresponding terms of all Operating
Group Class A Preferred Units, (i) no distributions shall be declared or paid or set apart for payment upon Junior Units or Parity Units by the Partnership, other than Tax Distributions, Permitted Dividends, distributions payable in Common
Units or Deferred Cash Interests, payments or distributions required under a Partner Agreement, or distributions payable in Units of any series of preferred Units that the Partnership may issue ranking junior to the Class A Preferred Units as
to distributions and upon liquidation, and (ii) no Junior Units or Parity Units shall be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any
such Units) by the Partnership (except by conversion or exchange for other Units of the Partnership that rank junior to the Class A Preferred Units as to distributions and upon liquidation or for shares of the Company (or the cash value
thereof) in accordance with the Exchange Agreement or the Limited Partnership Agreement); provided, however, that the foregoing shall not prevent Expense Amount Distributions in accordance with the Expense Allocation Agreement,
distributions or payments pursuant to the terms of any restricted share units of the Company, or required to facilitate exchanges of Common Units permitted under the Exchange Agreement, any Permitted Stock Buybacks, the redemption or repurchase of
any Operating Group Class A Preferred Units and distributions or transactions necessary to make any payment when due under the Senior Credit Facility or the Senior Subordinated Loan Agreement or when due on any financing or other contractual
arrangement (including, without limitation, the Limited Partnership Agreement or any Partner Agreement) in effect on the Issuance Date, or to which the Holders’ Committee has consented. 

  
 114 

 (ii)     Inter-Entity Loans. If one of the other Operating
Partnerships does not have legally available funds to pay in full all distributions or redemption payments required to be paid to the holders of the Operating Group Class A Preferred Units issued by such other Operating Partnership pursuant to
their terms, the Partnership hereby agrees that it will lend or otherwise make available to such other Operating Partnership adequate funds in order to enable it to make the required distributions or redemption payments in full, provided that the
Partnership has legally available funds to make such loans or otherwise make such funds available after giving effect to any required distributions or redemption payments that the Partnership is required to make under the terms of the Preferred
Units. The Company and the Partnership agree that it is the intention of the Company and the Partnership that all Operating Group Entities (whether existing as of the Issuance Date or formed as of a later date) shall support the Partnership’s
obligations in respect of the Operating Group Class A Preferred Units. In furtherance of the foregoing, the Company and the Partnership agree that, if a Subsidiary of the Company or any of its Subsidiaries or the Operating Partnerships or any
of their Subsidiaries (an “Operating Group Entity”), in each case, other than OZ Funds (as defined in the Senior Credit Facility) and OZ CLOs and their respective Subsidiaries, is formed for the purpose of engaging in one or
more Permitted Activities, the Company and the Partnership shall cause such new Operating Group Entity to (i) expressly agree to the due and punctual observance and performance of each and every covenant and condition of this Unit Designation
to be performed and observed by the Partnership and all the obligations and liabilities hereunder (including those obligations and liabilities described in Section 3(b), Section 3(c) and Section 6) (as agreed in good faith by the
Company and the Holders’ Committee), and (ii) to the extent requested by the Holders’ Committee, agree to lend or otherwise make available to the Partnership adequate funds to make any required distributions or redemption payments in
full that the Partnership is required to make under the terms of the Preferred Units in the event that the Partnership does not have legally available funds to make such distributions or redemption payments, provided that such new Operating Group
Entity has legally available funds to make such loans or otherwise make such funds available. Concurrently with the formation and the commencement of operations of such Operating Group Entity, the Company shall deliver a certificate to the
Holders’ Committee certifying as to its compliance with the provisions of this Section 3(b)(ii). 
 (c)    
Distributions on Preferred Units of Equal Rank. When distributions are not paid in full upon the Class A Preferred Units and the Units of any other series of preferred Units that rank on a parity as to distributions with the
Class A Preferred Units, all distributions declared upon the Class A Preferred Units and any other series of preferred Units that the Partnership may issue that rank on a parity as to distributions with the Class A Preferred Units
shall be declared pro rata so that the amount of distributions declared per Class A Preferred Unit and per Unit of such other series of preferred Units shall in all cases bear to each other the same ratio that accumulated distributions per
Class A Preferred Unit and accumulated or accrued distributions per Unit of such other series of preferred Units (which shall not include any accrual in respect of unpaid distributions for prior Distribution Periods if such other series of
preferred Units is non-cumulative) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Class A Preferred Units
which may be in arrears. 

  
 115 

 (d)     Allocations. After giving effect to the
special allocations set forth in Section 6.1(d) of the Limited Partnership Agreement, and subject to Section 5.2 thereof, Net Income and Net Loss for each taxable year (and items of income, gain, loss and deduction taken into account in
computing Net Income and Net Loss) shall be allocated in a manner such that the Capital Account of each holder of Class A Preferred Units attributable to ownership of Class A Preferred Units is, as nearly as possible, equal to (i) the
distributions that would be made with respect to such Class A Preferred Units if the Partnership were dissolved, its affairs wound up and its assets sold for their Carrying Value, all Partnership liabilities were satisfied (limited with respect
to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership were distributed to the Partners, without regard to any limitations on the
payment of Preferred Distributions as a result of the proviso in the first sentence of Section 3(a) reduced by an amount equal to the discount applied to any Class A Preferred Units that were redeemed during the applicable period minus
(ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. 

4.      Liquidation Value. 

(a)     In the event of any liquidation, dissolution or winding up of the Partnership, either voluntary or involuntary (a
“Liquidation Event”), after payment or provision for the liabilities of the Partnership (including the expenses of such event) and the satisfaction of any claims ranking senior to the Class A Preferred Units, the holders
of the Class A Preferred Units shall be entitled to receive, out of the assets of the Partnership or proceeds thereof available for distribution to unit holders, prior to, and in preference to, any payment or distribution of any assets of the
Partnership to the holders of any Junior Units, an amount equal to the Liquidation Preference per Class A Preferred Unit plus all accumulated but unpaid Preferred Distributions, taking into account any limitations on the payment of Preferred
Distributions as a result of the proviso in the first sentence of Section 3(a) (collectively, the “Liquidation Value”). If the assets of the Partnership available for distribution in respect of Class A Preferred
Units are less than the aggregate Liquidation Value of all outstanding Class A Preferred Units, such distributions shall be made to the holders of the Class A Preferred Units pro rata, based on the aggregate Liquidation Value to which each
holder of Class A Preferred Units is entitled pursuant to this Section 4(a). The foregoing shall not affect any rights which holders of Class A Preferred Units may have to monetary damages. 

(b)     Upon a Liquidation Event, after each holder of Class A Preferred Units receives a payment equal to the
Liquidation Value of its Class A Preferred Units, such holder shall not be entitled to any further participation in any distribution of assets by the Partnership. 

(c)     If the assets of the Partnership available for distribution upon a Liquidation Event are insufficient to pay in
full the aggregate amount payable to the holders of all Class A Preferred Units and the holders of any other outstanding Parity Units that rank equally with the Class A Preferred Units, such assets shall be distributed to the holders of
the Class A Preferred Units and the holders of such Parity Units pro rata, based on the full respective distributable amounts to which each such Unitholder is entitled pursuant to this Section 4. 

  
 116 

 (d)     Nothing in this Section 4 shall be understood to entitle
the holders of Class A Preferred Units to be paid any amount upon the occurrence of a Liquidation Event until holders of any classes or series of Units ranking, as to the distribution of assets upon a Liquidation Event, senior to the
Class A Preferred Units have been paid all amounts to which such classes or series of Units are entitled. 
 (e)    
Neither the sale, conveyance, exchange or transfer, for cash, Units, securities or other consideration, of all or substantially all of the Partnership’s property or assets nor the consolidation, merger or amalgamation of the Partnership with or
into any other entity or the consolidation, merger or amalgamation of any other entity with or into the Partnership shall be deemed to be a Liquidation Event, notwithstanding that for other purposes such an event may constitute a liquidation,
dissolution or winding up; provided, that in the event of any such sale, conveyance, exchange, transfer, consolidation, merger, amalgamation or similar transaction (which shall include any Change of Control Event), the successor or acquiring
Person (if other than the Partnership) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of this Unit Designation to be performed and observed by the Partnership and all the obligations
and liabilities hereunder, subject to such modifications as may be deemed appropriate (as agreed in good faith by the General Partner and the Holders’ Committee). In addition, notwithstanding anything to the contrary in this Section 4, no
payment will be made to the holders of Class A Preferred Units pursuant to this Section 4: solely (i) upon the voluntary or involuntary liquidation, dissolution or winding up of any Subsidiary of the Partnership or upon any
reorganization of the Partnership into another limited liability entity pursuant to provisions of any Limited Partnership Agreement that allow the Partnership to convert, merge or convey its assets to another limited liability entity with or without
Limited Partner approval or (ii) if the Partnership engages in a reorganization or other transaction in which a successor to the Partnership issues equity securities to the holders of Class A Preferred Units that have voting powers, rights
and preferences that are substantially similar to the voting powers, rights and preferences of the Class A Preferred Units pursuant to provisions of any Limited Partnership Agreement that allow the Partnership to do so without Limited Partner
approval, in each case of clauses (i) and (ii), so long as the Partnership (or any successor thereof, as applicable) owns substantially the same assets and liabilities as the Partnership immediately prior to such liquidation, dissolution,
winding up or other transaction. 
 5.     Optional Redemption. 

(a)   At any time following the Issuance Date, subject to any limitations imposed by law, the Partnership may, in the General
Partner’s sole discretion, redeem the outstanding Class A Preferred Units, in whole or in part, at a redemption price per Class A Preferred Unit equal to the product of the Redemption Discount Percentage and the Liquidation Value per
Class A Preferred Unit as of the redemption date. If less than all of the Class A Preferred Units are to be redeemed, the General Partner shall select the Class A Preferred Units to be redeemed pro rata, based on the number of
Class A Preferred Units held by each holder, calculated to the nearest whole Class A Preferred Unit. 

  
 117 

 (b)     In the event the Partnership shall redeem any or all of the
Class A Preferred Units pursuant to Section 5(a) above, the Partnership shall, subject to clause (ii) below, give notice of any such redemption to the holders of the Class A Preferred Units not more than 60 nor less than 10 days
(or such other period as shall be agreed to by the Holders’ Committee) prior to the date fixed for such redemption. Such notice shall state: (A) the redemption date; (B) the redemption price; (C) the number of Class A
Preferred Units to be redeemed; (D) the place or places where the Class A Preferred Units are to be surrendered (if so required in the notice) for payment of the redemption price; and (E) that distributions on the Class A
Preferred Units to be redeemed will cease to accrue on such redemption date. If less than all of the Class A Preferred Units held by any holder is to be redeemed, the notice provided to such holder shall also specify the number of Class A
Preferred Units held by such holder to be redeemed. Failure to give notice to any holder of Class A Preferred Units shall not affect the validity of the proceedings for the redemption of any Class A Preferred Units being redeemed. Once
notice has been given as provided in this Section 5(b), so long as (i) funds sufficient to pay the redemption price for all of the Class A Preferred Units called for redemption have been set aside for payment and (ii) the
Partnership pays the redemption price for all of the Class A Preferred Units called for redemption within 10 days after providing notice as provided in this Section 5(b), from and after the redemption date such Class A Preferred Units
that have been called for redemption shall no longer be deemed outstanding, and all rights of the holders of the Class A Preferred Units that have been called for redemption with respect to such Class A Preferred Units shall cease other
than the right to receive the redemption price, without interest. 
 (c)     The holders of Class A Preferred Units
shall have no right to require redemption of any Class A Preferred Units, except as provided in Section 6 below. 

6.     Mandatory Redemption; Discretionary Basket. 

(a)    Certain Mandatory Redemption Events. 

(i) During the Distribution Holiday and commencing with the fiscal quarter ended December 31, 2018, subject to clause (c) below, no
later than the 6th day following the Quarterly Delivery Date and the Year End Delivery Date, as applicable, for the applicable fiscal quarter of the Company (each, a “Mandatory
Redemption Trigger Date”), (x) the Company and the Operating Partnerships shall use all Economic Income with respect to such fiscal quarter and, (y) in the fourth quarter of each fiscal year only, an amount equal to the excess of
the Free Cash Balance as of December 31 of the applicable fiscal year over the Minimum Free Cash Balance, if any in the case of this clause (y) irrespective of the amount of Economic Income with respect to such fiscal quarter (provided
that such amounts shall be calculated without duplication with respect to the amount of any Designated Proceeds required to be applied pursuant to clause 6(a)(ii) below) to (A) repay Obligations under the Senior Credit Facility until all such
Obligations are repaid in full and the Senior Credit Facility is no longer in effect (such repayment, the “Senior Credit Facility Repayment”); provided that, for the avoidance of doubt, any such repayment that is a prepayment
of principal in respect of Revolving Loans (under the Senior Credit Facility) shall be accompanied by a concurrent permanent reduction and termination of Revolving Commitments and (B) following the Senior Credit Facility Repayment, deliver a
Mandatory Redemption Notice to redeem all or a portion of the Operating Group Class A Preferred Units in accordance with this Section 6(a). The Company and the Operating Partnership shall be obligated to make any repayments or
redemptions required by this Section 6(a)(i) only to the extent that after giving effect to such repayment or redemption the Free Cash Balance of the Company and its Subsidiaries, taken as a whole, shall equal at least the Minimum Free Cash
Balance. 

  
 118 

 (ii)     Subject to clause (c) below, no later than (A) the
6th day following the receipt of any Asset Sale Designated Proceeds or (B) than the 6th day following the Quarterly Delivery Date and the Year End Delivery Date, as applicable, for the applicable fiscal quarter of the Company with respect to
any Net Accrued Unrecognized Incentive that represents Designated Proceeds, the Company and the Operating Partnerships shall use such Designated Proceeds to (A) effect all or a portion of the Senior Credit Facility Repayment and
(B) following the Senior Credit Facility Repayment, deliver a Mandatory Redemption Notice to redeem all or a portion of the Operating Group Class A Preferred Units in accordance with this Section 6(a). To the extent any of the
Designated Proceeds are used to effect any portion of the Senior Credit Facility Repayment pursuant to clause (A) of the foregoing sentence (such portion, the “AUI Amount”), then, following the Senior Credit Facility
Repayment, no later than the 6th day following the Quarterly Delivery Date and the Year End Delivery Date, as applicable, for the fiscal quarter of the Company in which the Senior Credit Facility Repayment occurs and each fiscal quarter thereafter,
the Company and the Operating Partnerships shall, deliver a Mandatory Redemption Notice and use proceeds received in cash and realized from Accrued Unrecognized Incentive (net of compensation paid to the extent such compensation is consistent with
the compensation allocations described on Schedule C) (other than the Designated Accrued Unrecognized Incentive) in an amount equal to the AUI Amount to redeem all or a portion of the Operating Group Class A Preferred Units in accordance with
this Section 6(a). For the avoidance of doubt and notwithstanding the foregoing, all payments and redemptions contemplated by this Section 6(a) are not subject to the Minimum Free Cash Balance. 

(iii)     From and after March 31, 2022 and so long as the Senior Credit Facility Repayment shall have occurred, if
the sum of (I) the aggregate amounts which were distributed in respect of their equity interests in the Partnership (collectively, “Partnership Interests”) by the Partnership (other than Tax Distributions, distributions
in respect of Class C Non-Equity Interests or distributions payable in Common Units or Deferred Cash Interests) in respect of the immediately preceding fiscal year (the “Preceding
Year”), or which were utilized by the Partnership to repurchase Partnership Interests (other than Operating Group Class A Preferred Units) during such Preceding Year, or were available for such uses (but not so used) and
(II) the corresponding amounts that were distributed or used for repurchases (or were available but not used for such purposes) by the other Operating Partnerships during such Preceding Year were in excess of $100 million
(“Excess Distributable Earnings”), then an amount equal to 20% of such Excess Distributable Earnings shall be used by the Operating Partnerships to redeem Operating Group Class A Preferred Units in accordance with
this Section 6(a). 
 (iv)     Each Class A Preferred Unit to be redeemed pursuant to this Section 6(a)
shall be redeemed for an amount equal to the product of the Redemption Discount Percentage and the Liquidation Value of such Class A Preferred Unit as of the relevant redemption date. If less than all of the Operating Group Class A
Preferred Units are to be redeemed on any redemption date, to the extent possible, the Operating Partnerships will redeem their Operating Group Class A Preferred Units pro rata, based on the aggregate amount that would be required to redeem all

  
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then outstanding Operating Group Class A Preferred Units in each Operating Partnership. If less than all of the Class A Preferred Units are to be redeemed on any redemption date, the
General Partner shall select the Class A Preferred Units to be redeemed pro rata, based on the number of Class A Preferred Units held by each holder, calculated to the nearest whole Class A Preferred Unit. For the avoidance of doubt,
the Company and the Operating Partnerships shall not be required to make a Senior Credit Facility Repayment or redeem any Operating Group Class A Preferred Units with any cash used or reserved by the Company pursuant to Section 6(c)(i) or
Section 6(c)(ii). 
 (v)     To the extent the Partnership is required to make a mandatory redemption pursuant to
this Section 6(a), the Partnership shall give notice (each, a “Mandatory Redemption Notice”) of any such redemption to the holders of the Class A Preferred Units not more than 60 nor less than 10 days (or such other
period as shall be agreed to by the Holders’ Committee) prior to the date fixed for such redemption (such notice date, the “Mandatory Redemption Notice Date”) and shall, subject to clause (y) below, redeem the
Class A Preferred Units on a date to be determined by the General Partner that is not more than 60 days or less than 10 days after the Mandatory Redemption Notice Date. Such notice shall state: (A) the redemption date; (B) the
redemption price; (C) the number of Class A Preferred Units to be redeemed; (D) the place or places where the Class A Preferred Units are to be surrendered (if so required in the notice) for payment of the redemption price; and
(E) that distributions on the Class A Preferred Units to be redeemed will cease to accrue on such redemption date. If less than all of the Class A Preferred Units held by any holder are to be redeemed, the notice provided to such
holder shall also specify the number of Class A Preferred Units held by such holder to be redeemed. Failure to give notice to any holder of Class A Preferred Units shall not affect the validity of the proceedings for the redemption of any
Class A Preferred Units being redeemed or the Partnership’s obligations to redeem at the time set forth herein. Once notice has been given as provided in this Section 6(a)(v), so long as funds (x) sufficient to pay the redemption
price for all of the Class A Preferred Units called for redemption have been set aside for payment and (y) the Partnership pays the redemption price for all of the Class A Preferred Units called for redemption within 10 days after
providing notice as provided in this Section 6(a)(v) with respect to redemptions made pursuant to Sections 6(a)(i) and (ii) hereof and (2) 30 days after providing notice as provided in this Section 6(a)(v) with respect to redemptions
made pursuant to Section 6(a)(iii), from and after the redemption date such Class A Preferred Units that have been called for redemption shall no longer be deemed outstanding, and all rights of the holders of the Class A Preferred
Units that have been called for redemption with respect to such Class A Preferred Units shall cease other than the right to receive the redemption price, without interest. 

(vi)     In the event that the Oz Parties or any of their Subsidiaries are prohibited from using any Designated Proceeds to
redeem any of the Operating Group Class A Preferred Units under this Section 6 at a time when such Designated Proceeds are required to be applied to redeem the Operating Group Class A Preferred Units, then such Designated Proceeds
shall be subject to the escrow requirements set forth in the Governance Agreement, and to the extent so applied, the Oz Parties shall be deemed to have complied with the requirements hereunder with respect to such Designated Proceeds. 

  
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 (b)     Mandatory Redemption Upon Change of Control
Event. 
 (i) If a Change of Control Event occurs, the Partnership shall redeem all outstanding Class A Preferred Units pursuant
to this Section 6(b) (a “Mandatory Change of Control Redemption”); provided, however, that such Mandatory Change of Control Redemption shall not occur prior to the earlier of (x) the date that is 20
days following the Change of Control Event and (y) the date on which the repayment in full of all Obligations under the Senior Credit Facility and the termination of all Commitments thereunder has occurred (the “Mandatory Change of
Control Trigger Date”). From and after the date that is 31 days following the consummation of a Change of Control Event until the Mandatory Change of Control Redemption has been consummated, the Distribution Rate payable by the
Partnership on the Class A Preferred Units shall increase by 7.0% per annum for all periods set forth in the definition of Distribution Rate. 

(ii)   The Partnership shall redeem all outstanding Class A Preferred Units pursuant to this Section 6(b) at a redemption
price per Class A Preferred Unit equal to the Liquidation Value per Class A Preferred Unit as of the redemption date. 

(iii)   In the event the Partnership is required to effect a Mandatory Change of Control Redemption, the Partnership shall, subject
to clause (y) below, give notice of any such Mandatory Change of Control Redemption to the holders of the Class A Preferred Units not more than 60 nor less than 10 days (or such other period as shall be agreed to by the Holders’
Committee) prior to the date fixed for such Mandatory Change of Control Redemption. Such notice shall state: (A) the redemption date, which shall be no earlier than the Mandatory Change of Control Trigger Date and no later than 10 days
following the Mandatory Change of Control Trigger Date; (B) the redemption price; (C) the number of Class A Preferred Units to be redeemed; (D) the place or places where the Class A Preferred Units are to be surrendered (if
so required in the notice) for payment of the redemption price; and (E) that distributions on the Class A Preferred Units to be redeemed will cease to accrue on such redemption date. Failure to give notice to any holder of Class A
Preferred Units shall not affect the validity of the proceedings for the Mandatory Change of Control Redemption of any Class A Preferred Units being redeemed or the Partnership’s obligations to redeem the Class A Preferred Units no
later than 10 days following the Mandatory Change of Control Trigger Date. Once notice has been given as provided in this Section 6(b)(iii), so long as (x) funds sufficient to pay the redemption price for all of the Class A Preferred
Units called for redemption have been set aside for payment and (y) the Partnership pays the redemption price for all of the Class A Preferred Units called for redemption no later than 10 days following the Mandatory Change of Control
Trigger Date, from and after the redemption date such Class A Preferred Units that have been called for redemption shall no longer be deemed outstanding, and all rights of the holders of the Class A Preferred Units that have been called
for redemption with respect to such Class A Preferred Units shall cease other than the right to receive the redemption price, without interest. 

(c)   Discretionary Basket. 

(i)   Notwithstanding anything in this Section 6 to the contrary, the Company and the Operating Group Entities shall be
permitted to (x) use up to $50 million (the “Discretionary Basket”) in the aggregate or (y) in respect of any fiscal year to the extent the Discretionary Basket has not been used in full, reserve as part of the
Discretionary Basket during such fiscal year (the “Reserve Period”) up to $17 million in the aggregate but not to exceed the amount then remaining in the Discretionary Basket (such reserved funds, the
“Discretionary Reserve  

  
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Funds”), to (i) fund new firm investments or new firm products or (ii) for Permitted Stock Buybacks (including any amounts in respect of Excess RSU Settlements)
(collectively, the “Restricted Activities”) and the Company and the Operating Group Entities shall have no obligation to use the Discretionary Basket to effect the Senior Credit Facility Repayment or redeem Operating Group
Class A Preferred Units as otherwise required pursuant to this Section 6. The Discretionary Basket shall also not be subject to the Distribution Holiday. If any Discretionary Reserved Funds are not used as part of the Discretionary Basket
during the Reserve Period, such Discretionary Reserved Funds shall cease to be reserved for purposes of the Discretionary Basket. The General Partner shall as soon as reasonably practicable notify the Holders’ Committee in writing with respect
to the existence and subsequent use of any Discretionary Reserve Funds. For the avoidance of doubt, other than Excess RSU Settlements, the Company and Operating Partnerships shall not use the Discretionary Basket to fund new compensation
arrangements for employees. 
 (ii)   For so long as the Company and the Operating Partnership are required to make a Senior Credit
Facility Repayment or redeem any Operating Group Class A Preferred Units pursuant to this Section 6, the Company and the Operating Group Entities shall only engage in the Restricted Activities or any other activities related to the
strategic expansion of the Company and the Operating Group Entities using funds from the Discretionary Basket and the Company and the Operating Group Entities shall not use any other funds with respect to such activities; provided, that,
notwithstanding the foregoing, the following activities shall be permitted and may be funded outside the Discretionary Basket, and amounts used in connection therewith shall not be required to be applied to effect the Senior Credit Facility
Repayment or redeem Operating Group Class A Preferred Units as otherwise required pursuant to this Section 6: 
 (A)  
investments in Risk Retention Interests with respect to OZ CLOs in an amount not to exceed $7 million in any 12 month period, net of third-party financing or funding incurred in connection therewith; 

(B)   other investments in OZ CLOs (including warehouse vehicles) in the ordinary course and related investments made in
connection with originating or refinancing OZ CLOs in the ordinary course including in connection with resets, re-pricings, redemptions and other OZ CLO life cycle events; 

(C)   funding of any unfunded capital commitments existing as of the Issuance Date by the Company and the Operating Partnerships to
any OZ Funds (excluding OZ CLOs); and 
 (D)   reinvestment of redemption proceeds in respect of existing investments held by the
Operating Partnerships in Och-Ziff products as of the Issuance Date in new Och-Ziff products. 

7.     Exchange at the Option of the Holder 

(a)   If any Class A Preferred Units remain outstanding on the Exchange Date, a holder of Class A Preferred Units may, in
such holder’s sole discretion, exchange its Class A Preferred Units (the “Loan Exchange Option”), in whole or in part, into Advisors II Incremental 

  
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Loans in an aggregate principal amount equal to the Liquidation Value of the Class A Preferred Units being exchanged, automatically and without any consent or other action of the
Partnership. Any such Advisors II Incremental Loans will have terms and conditions identical to those of Advisors II Initial Loans in all respects and will be Loans (as defined in the Senior Subordinated Loan Agreement) for all purposes under the
Senior Subordinated Loan Agreement. To the extent the Loan Exchange Option is exercised the holder will automatically be deemed to have exercised such option with respect to all Operating Group Class A Preferred Units issued by the Operating
Partnerships and then held by such holder. 
 (b)   In order to exercise the Loan Exchange Option under Section 7(a), a
holder must, no later than ten (10) days prior to the Exchange Date, (i) deliver to the Partnership a notice substantially in the form of Exhibit A hereto (an “Exchange Notice”) indicating its exercise of the Loan
Exchange Option, and (ii) surrender the Class A Preferred Units to be exchanged to the Partnership. The Partnership shall deliver a notice to each holder of Class A Preferred Units informing such holders of the Exchange Date and
Exchange Notice deadline no later than thirty (30) days prior to the Exchange Date. 
 (c)   In the event of an exchange
under this Section 7 and in accordance with the applicable provisions of the Senior Subordinated Loan Agreement, the Partnership shall, on the Exchange Date, be deemed to have incurred Advisors II Incremental Loans from each holder of
Class A Preferred Units being exchanged on the Exchange Date in an aggregate principal amount equal to the Liquidation Value of the Class A Preferred Units being exchanged on the Exchange Date, in exchange for the Class A Preferred
Units. If a holder exercises its Loan Exchange Option, effective immediately prior to the close of business on the Exchange Date, dividends shall no longer accrue on the Class A Preferred Units to be converted and such Class A Preferred
Units shall cease to be outstanding. 
 8.   Refinancing or Other Redemption Trigger Events. As of any Business Day
from and after the Issuance Date, so long as the Senior Credit Facility Repayment shall have occurred, if the average closing price of the Class A Shares of the Company on the New York Stock Exchange for the previous 20 trading days exceeds
$150.00 (subject to appropriate adjustment in the event of any equity dividend, equity split, combination or other similar recapitalization with respect to the Class A Shares after the Issuance Date), the General Partner agrees to use its
reasonable best efforts to redeem all of the outstanding Class A Preferred Units pursuant to Section 5 above as promptly as practicable; provided, that, if such event occurs prior to the maturity date of the Senior Credit Facility
and if all Obligations under the Senior Credit Facility have not been prepaid in accordance with the terms thereof, the General Partner shall redeem the maximum number of Class A Preferred Units permitted under the Senior Credit Facility
(including by using all available baskets under the restricted payments covenants), use its reasonable best efforts to obtain the consent of the lenders under the Senior Credit Facility to redeem the remaining Class A Preferred Units, if any,
and, if consent is required from lenders under any other bona fide debt financings of the Company at the time, the consent of such other lenders to effect such redemption as promptly as practicable, it being understood that no such redemption shall
occur absent such consent to the extent such consent is required. The procedures for the redemption of Class A Preferred Units in Section 6(a) shall apply mutatis mutandis to the redemption of Class A Preferred Units pursuant
to this Section 8. 

  
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 9.   Parity Units; Consents;
Non-Circumvention; Certain Restrictions. 
 (a)   The Partnership shall not create
or issue any Parity Units without the prior written consent of the Holders’ Committee and the Partnership shall not, and shall cause each of its Subsidiaries not to, amend, modify or otherwise cause any of its equity securities (or any debt or
other securities convertible into equity securities of the Partnership or its Subsidiaries) to become Parity Units without the prior written consent of the Holders’ Committee, other than (i) Parity Units issued to the Partnership or any of
its wholly-owned Subsidiaries or (ii) subject to Sections 10(d) and (e), Parity Units issued by Subsidiaries of the Partnership to the extent required to satisfy, upon consultation with the Company’s outside counsel, any regulatory or
other legal requirements. The Company and the Partnership shall not, and shall cause their respective Subsidiaries not to, refinance, refund, replace, renew, restate, amend and restate, amend, supplement or otherwise modify the Senior Credit
Facility without the prior written consent of the Holders’ Committee; provided that the foregoing shall not prohibit the amendment of the Senior Credit Facility pursuant to Section 2.14(a)(ii) of the Senior Credit Facility or
Section 10 of the Senior Amendment (as defined in the Senior Subordinated Loan Agreement). The Holders’ Committee has provided its prior written consent to the Company’s entry into the Senior Credit Facility based on the terms
thereof, as in effect on the Issuance Date. 
 (b)   The Company and the Partnership shall not, and shall cause their respective
Subsidiaries not to, engage in any line of business or activity other than Permitted Activities, in each case, subject to the Company and the Partnership’s compliance with Section 3(b)(ii) hereof. The Partnership shall not by any action or
inaction, including, without limitation, amending its Limited Partnership Agreement or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action or inaction,
directly or indirectly, avoid or seek to avoid the observance or performance of any of the terms of this Unit Designation. Notwithstanding anything herein to the contrary, so long as the Senior Credit Facility or Senior Subordinated Loan Agreement
is in effect, this Unit Designation shall not restrict the ability of any OZ Subsidiary to (i) pay dividends or make any other distributions on any such OZ Subsidiary’s equity interests owned by any Credit Party or any OZ Subsidiary,
(ii) repay or prepay any Indebtedness owed by such OZ Subsidiary to any Credit Party or any OZ Subsidiary, (iii) make loans or advances to any Credit Party or any OZ Subsidiary or (iv) transfer, lease or license any of its material
property or assets to any Credit Party. 
 (c)   Without the prior written consent of the Holders’ Committee, the Company and
the Operating Partnerships (the “Oz Parties”) shall not, nor shall it permit any of their respective Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or
indirectly liable with respect to any Indebtedness, except: 
 (i)   Indebtedness existing on the Closing Date and listed on
Schedule 6.01 of the Senior Subordinated Loan Agreement; 
 (ii)   Indebtedness of (A) any Oz Party to any other Oz
Party or any wholly-owned Subsidiary of an Oz Party, and (B) any wholly-owned Subsidiary of an Oz Party to any Oz Party or any other wholly-owned Subsidiary of an Oz Party; 

  
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 (iii)     current liabilities of the Oz Parties or their respective
Subsidiaries incurred in the ordinary course of business but not incurred through (A) the borrowing of money or (B) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection
with normal purchases of goods and services; 
 (iv)     Indebtedness in respect of taxes, assessments, governmental
charges or levies and claims for labor, materials and supplies; 
 (v)     Indebtedness in respect of judgments or
awards in litigation or arbitration only to the extent, for the period and for an amount not resulting in a Discount Termination Event; 

(vi)     endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred
in the ordinary course of business; 
 (vii)     Indebtedness in the form of either a direct obligation of an Oz Party
or their respective Subsidiaries or in the form of a guaranty by an Oz Party or their respective Subsidiaries, in each case, with respect to the obligation to refund or repay management, incentive or promote fees previously received from a fund;

 (viii)     Indebtedness incurred by an Oz Party or their respective Subsidiaries arising from agreements providing
for indemnification, earn-outs, adjustment of purchase price or similar obligations (excluding guaranties or letters of credit, surety bonds or performance bonds securing the performance of such Oz Party or Subsidiary, as applicable, pursuant to
such agreements); 
 (ix)     Indebtedness which may be deemed to exist pursuant to any guaranties, performance, surety,
statutory, appeal or similar obligations incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business; 

(x)     Indebtedness in respect of netting services, overdraft protections and otherwise in connection with margin
accounts, deposit accounts and cash management services, including, but not limited to (A) credit cards (including, without limitation, “commercial credit cards” and purchasing cards), (B) stored value cards, and
(C) depository, cash management and treasury services and other similar services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network
services), in each case in the ordinary course of business; 
 (xi)     guaranties in the ordinary course of business of
the obligations of suppliers, customers, franchisees and licensees of an Oz Party or their respective Subsidiaries, as applicable; 

(xii)  ndebtedness of any person (excluding guaranties of obligations of unaffiliated third parties) that becomes a Subsidiary of an
Oz Party after the Issuance Date, and extensions, renewals, refinancings, refundings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof except by an amount equal to unpaid accrued interest,
premium thereon and any original issue discount pursuant to the terms thereof, 

  
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plus other reasonable amounts paid, and fees and expenses reasonably incurred in connection with such extension, renewal, replacement, refunding or refinancing; provided that (A) such
Indebtedness exists at the time such person becomes a Subsidiary of an Oz Party and is not created in contemplation of or in connection with such person becoming a Subsidiary of an Oz Party; (B) such person becoming a Subsidiary of an Oz Party
is permitted under this Unit Designation; and (C) such Indebtedness is non-recourse to the Oz Parties or any of their other respective Subsidiaries; 

(xiii)     Indebtedness of any Oz Party or their respective Subsidiaries incurred to finance the acquisition,
construction, development or improvement of any fixed or capital assets, including Capital Lease Obligations (as defined in the Senior Subordinated Loan Agreement) in an aggregate principal amount not to exceed at any time $25,000,000, and
extensions, renewals, refinancings, refundings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof except by an amount equal to unpaid accrued interest, premium thereon and any original issue
discount pursuant to the terms thereof, plus other reasonable amounts paid, and fees and expenses reasonably incurred in connection with such extension, renewal, replacement, refunding or refinancing; provided that such Indebtedness is
incurred prior to or within 180 days after such acquisition or the completion of such construction, development or improvement; 

(xiv)     Indebtedness incurred in connection with a Permitted Securitization (as defined in the Senior Subordinated Loan
Agreement); provided, that recourse to the Oz Parties and their respective Subsidiaries shall be limited to (A) the assets and rights of, and Equity Interests in, Qualifying Risk Retention Subsidiaries or Alternative Investment
Subsidiaries or (B) Unsecured Indebtedness of $50,000,000 in the aggregate with respect to recourse to Oz Parties or their respective Subsidiaries that are Non-SPVS (as defined in the Senior Subordinated
Loan Agreement); 
 (xv)     security deposits and obligations under letters of credit and letters of guaranty
supporting leases and other contractual obligations of any Oz Party or any of their respective Subsidiaries, in each case entered into in the ordinary course of business; 

(xvi)     Indebtedness of the Oz Parties or any of their respective Subsidiaries in the nature of any contingent
obligations of any Oz Party or any of their respective Subsidiaries (i) to issue, make or apply the proceeds of any capital calls (to the extent such capital calls are made in the ordinary course of business in accordance with the governing
documents of such OZ Fund) in its capacity as the general partner, manager, managing member (or the equivalent of any of the foregoing) of any OZ Fund or any of their respective subsidiaries, either now existing or newly created, to or in respect of
any Indebtedness of such persons or (ii) in respect of a pledge of such Oz Party’s or such Subsidiary’s Equity Interests in any OZ Fund or any of their respective subsidiaries for the purpose of securing Indebtedness of such OZ Fund
or any of their respective subsidiaries, either now existing or newly created; 
 (xvii)     obligations in respect of
any Interest Rate Agreement or Currency Agreement entered into in the ordinary course of business and not for speculative purposes, and obligations to repurchase securities under customary repurchase agreements in the ordinary course of the Oz
Parties or their respective Subsidiaries cash management practices, provided that the securities subject to such repurchase agreements shall have a value no less than the amount that would be customary and prudent to support such repurchase
obligations; 

  
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 (xviii)     Indebtedness consisting of the financing of insurance
premiums in the ordinary course of business; 
 (xix)     Indebtedness owed to (including obligations in respect of
letters of credit or bank guaranties and similar instruments for the benefit of) any Person providing workers’ compensation, health, disability or other employee benefits (whether to current or former officers, employees, directors, managers,
partners, managing members, principals and other personnel (or to current or former officers, employees, directors, managers, partners, managing members, principals and other personnel of such Person’s general partner or equivalent)) or
property, casualty or liability insurance or self-insurance in respect of such items, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims, health, disability or other employee benefits
(whether current or former) or property, casualty or liability insurance, in each case in the ordinary course of business; 

(xx)    (A) Indebtedness of Qualifying Risk Retention Subsidiaries that is
non-recourse to the Oz Parties (other than the pledge of any Equity Interests of Qualified Risk Retention Subsidiaries) incurred to finance the purchase or holding of Risk Retention Interests (but excluding
any guarantees made by any Qualifying Risk Retention Subsidiary) and any extensions, renewals, refinancings, refundings and replacements of any such Indebtedness, and (B) to the extent constituting Indebtedness, the pledge of any Equity
Interests in any Qualifying Risk Retention Subsidiary or OZ Fund to secure Indebtedness permitted under clause (xx)(A), in each case of the foregoing clauses (A) and (B), incurred in the ordinary course of business; 

(xxi)     (A) Indebtedness of Alternate Investment Subsidiaries (but excluding any guaranties by Alternate Investment
Subsidiaries of Indebtedness of other Persons) that is non-recourse to the Oz Parties (other than the pledge of any Equity Interests of Alternate Investment Subsidiaries) incurred to finance the purchase or
holding of AIS Investments (as defined in the Senior Subordinated Loan Agreement) constituting side-by-side investments in OZ Funds or other investment vehicles that, in
each case, (I) are primarily managed for the account of third parties and (II) except in the case of investments in warehouse facilities, ramp-up vehicles or similar arrangements in the ordinary
course of business (which, in the case of AIS Investments in warehouse facilities, ramp-up vehicles or similar arrangements in OZ Funds that do not constitute OZ CLOs (as defined in the Senior Subordinated
Loan Agreement) (“Non-CLO AIS Investments”), Indebtedness of Alternate Investment Subsidiaries in respect of such Non-CLO AIS Investments shall
be limited to $50,000,000 outstanding at any time that third party investments in such Non-CLO AIS Investment are not otherwise compliant with this clause (II)), the aggregate amount invested by Alternate
Investment Subsidiaries in any particular OZ Fund or investment vehicle does not exceed 10% of the aggregate amount invested by all parties in such OZ Fund or investment vehicle, taking into account all investments in such OZ Fund or investment
vehicle and after giving effect to all third-party investments and the funding of all third-party commitments, and any extensions, renewals, refinancings, refundings and replacements of any such Indebtedness, and (B) to the extent constituting
Indebtedness, the pledge of any Equity Interests in any Alternate Investment Subsidiary, OZ Fund or other investment vehicle to secure Indebtedness permitted under clause (xxi)(A), in each case of the foregoing clauses (A) and (B), incurred in
the ordinary course of business; 

  
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 (xxii)     guaranties by any Oz Party, or guaranties by any of their
respective Subsidiaries of Indebtedness of any other Subsidiary that is not an Oz Party, in each case with respect to Indebtedness permitted under clauses (i) through (xi), (xiii), (xv) through (xix) and (xxiii) of this Section 9(c);
and 
 (xxiii)     (A) Indebtedness incurred in respect of the Senior Secured Credit Facility (including all
Obligations) and the Senior Subordinated Loan Agreement (including all “Obligations” as defined therein), and (B) Indebtedness incurred to contemporaneously redeem all Operating Group Class A Preferred Units and all Senior
Subordinated Loans and effect the Senior Credit Facility Repayment in full (in each case, (x) including principal, interest and other amounts owed or accrued thereunder and (y) to the extent such instruments are then outstanding). 

(d)     Without the prior written consent of the Holders’ Committee, no Oz Party shall, nor shall it permit any of
their respective Subsidiaries to create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of any Oz Party or any of
their respective Subsidiaries, whether now owned or hereafter acquired, or any income, profits or royalties therefrom, except: 

(i)     any Lien existing on any property or asset prior to the acquisition thereof (including by merger or consolidation)
by any Oz Party or any their respective Subsidiaries or existing on any property or asset of any person that becomes an Oz Party or a Subsidiary of an Oz Party after the Issuance Date prior to the time such person becomes an Oz Party or a Subsidiary
of an Oz Party; provided that (A) such Lien is not created in contemplation of or in connection with such acquisition or such person becoming an Oz Party or a Subsidiary of an Oz Party, as the case may be, and (B) such Lien shall secure
only those obligations which it secures on the date of such acquisition or the date such person becomes an Oz Party or a Subsidiary of an Oz Party, as the case may be, or obligations in respect of any extensions, renewals, refinancings, refundings
and replacements thereof; 
 (ii)     Liens for Taxes, assessments or governmental charges or levies not yet due or
which are being contested in good faith by appropriate proceedings diligently conducted; 
 (iii)     statutory Liens of
landlords, banks and other financial institutions (and rights of set-off and similar rights), of carriers, warehousemen, mechanics, repairmen, workmen, suppliers and materialmen, other Liens imposed by law or
pursuant to customary reservations or retentions of title arising in the ordinary course of business (other than any such Lien imposed pursuant to Section 401(a)(29) or 430(k) of the United States Internal Revenue Code of 1986, as amended from
time to time, or by the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor thereto), and deposits securing letters of credit supporting such obligations, in each case (A) for amounts not yet overdue
or (B) for amounts that are overdue, are unfiled and no other action has been taken to enforce the same or (in the case of any such amounts overdue for a period in excess of five days) are being contested in good faith by appropriate
proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made for any such contested amounts; 

  
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 (iv)     Liens incurred in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts,
performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), and deposits
securing letters of credit supporting such obligations; 
 (v)     easements, rights-of-way, restrictions, encroachments, and other similar encumbrances and minor defects or irregularities in title, in each case which do not interfere in any material respect with the ordinary conduct
of the business of any Oz Party or any of their respective Subsidiaries; 
 (vi)     any interest or title of a lessor
or sublessor under any lease of real estate entered into in the ordinary course of business and purported Liens evidenced by the filing of any precautionary Uniform Commercial Code (“UCC”) financing statement relating solely
to such lease; 
 (vii)     Liens securing judgments for the payment of money (or appeal or other surety bonds relating
to such judgments) not constituting a Discount Termination Event pursuant to clause (iv) of such definition; 

(viii)     Liens solely on any cash earnest money deposits made by any Oz Party or any of their respective Subsidiaries in
connection with any letter of intent or purchase agreement entered into in the ordinary course of business; 
 (ix)    
purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business; 

(x)     Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties
in connection with the importation of goods; 
 (xi)     any zoning or similar law or right reserved to or vested in any
governmental office or agency to control or regulate the use of any real property; 
 (xii)     non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by any Oz Party or any of their respective Subsidiaries, in each case in the ordinary course of
business and not interfering in any respect with the ordinary conduct of, or materially detracting from the value of, the business of any Oz Party or such Subsidiary; 

  
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 (xiii)     Liens on property, plant and equipment of any Oz Party or
any of their respective Subsidiaries acquired, constructed, developed or improved (or Liens created for the purpose of securing Indebtedness permitted by clause (xiii) of Section 9(c) to finance Capital Leases (as defined in the Senior
Subordinated Loan Agreement) and the acquisition, construction, development or improvement of such assets); provided that (A) such Liens secure Indebtedness permitted by clause (xiii) of Section 9(c), (B) such Liens and the
Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction, development or improvement, (C) the Indebtedness secured thereby does not exceed the cost of acquiring,
constructing or improving such property, plant and equipment and (D) such Liens shall not apply to any other property or assets of the Oz Parties or any of their respective Subsidiaries (other than (x) any replacements, additions,
accessions and improvements thereto and proceeds and products thereof, or (y) pursuant to customary cross-collateralization provisions with respect to other property of an Oz Party or their respective Subsidiaries that also secure Indebtedness
owed to the same financing party or its Affiliates pursuant to this Section 9(d)(xiii) or Section 9(d)(i); 

(xiv)     Liens granted by any Oz Party or any of their respective Subsidiaries that is the general partner, manager,
managing member (or the equivalent of any of the foregoing) of any OZ Fund in the ordinary course of business or consistent with past or industry practices (i) securing Indebtedness of such OZ Fund or any of their respective subsidiaries on the
right of such general partner, manager, managing member (or the equivalent of any of the foregoing) to issue or make capital calls (to the extent such capital calls are made in the ordinary course of business in accordance with the governing
documents of such OZ Fund) in its capacity as general partner, manager, managing member (or the equivalent of any of the foregoing) of such OZ Fund or such subsidiary or (ii) on the Equity Interests of any OZ Fund or any of their respective
subsidiaries to secure Indebtedness of such OZ Fund or any of their respective subsidiaries (or a permitted guaranty thereof); 

(xv)     Liens and deposits (A) securing obligations in respect of letters of credit or bank guarantees permitted
pursuant to Section 9(c) or (B) securing payments of contractual obligations that are not Indebtedness under leases entered into in the ordinary course of business; 

(xvi)     Liens deemed to exist in connection with repurchase agreements in the ordinary course of the Operating
Partnerships’ or their respective Subsidiaries’ cash management practices (and Liens created on securities that are the subject of such repurchase agreements to secure the payment and performance of the obligations under such agreements
and any custodial fees in connection therewith) and reasonable customary initial deposits and margin deposits and similar Liens attaching to deposit accounts, securities accounts, commodity accounts or other brokerage accounts maintained in the
ordinary course of business and not for speculative purposes; 
 (xvii)     Liens that are contractual rights of set-off (A) relating to pooled deposit or sweep accounts of any Oz Party or any of their respective Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of
business of the Oz Parties and their respective Subsidiaries or (B) relating to purchase orders and other agreements entered into with customers of any Oz Party or their respective Subsidiaries in the ordinary course of business; 

  
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 (xviii)     (A) Liens that are deemed to exist by virtue of any
Interest Rate Agreement or Currency Agreement entered into with financial institutions in connection with bona fide hedging activities in the ordinary course of business and not for speculative purposes, or (B) pledges and deposits, whether in
cash or securities, securing obligations in respect of Interest Rate Agreement or Currency Agreement entered into with financial institutions in connection with bona fide hedging activities in the ordinary course of business and not for speculative
purposes, and the following cash management services: (1) credit cards (including, without limitation, “commercial credit cards” and purchasing cards), (2) stored value cards, and (3) depository, cash management, and
treasury services and other similar services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services), in each case in the ordinary course of
business; 
 (xix)     Liens on (A) insurance policies and the proceeds thereof or (B) pledges and deposits
made in the ordinary course of business in compliance with requirements of any provider of insurance, in each case securing Indebtedness permitted under Section 9(c)(xviii); 

(xx)     Liens arising in the ordinary course of business consistent with past or industry practice not otherwise
permitted by this Section 9(d) securing obligations other than Indebtedness for borrowed money in an aggregate amount not to exceed $7,000,000 at any time outstanding; provided that this clause (xx) shall not apply to Liens that are
voluntarily granted by the Oz Parties without the exchange of value or consideration; 
 (xxi)     Liens on (A) any
assets or rights of any Qualifying Risk Retention Subsidiary and (B) any Equity Interests of any Qualifying Risk Retention Subsidiary, in each case securing Indebtedness permitted under Section 9(c)(xx); 

(xxii)     Liens on (A) any assets or rights of any Alternate Investment Subsidiary and (B) any Equity Interests
of any Alternate Investment Subsidiary, in each case securing Indebtedness permitted under Section 9(c)(xxi); 

(xxiii)     Liens on assets or rights of, or Equity Interests in, Qualifying Risk Retention Subsidiaries or Alternative
Investment Subsidiaries securing Indebtedness permitted under Section 9(c)(xiv); and 
 (xxiv)     Liens securing
(A) the Obligations, (B) the “Obligations” as defined in the Senior Subordinated Loan Agreement and (C) Indebtedness incurred to contemporaneously redeem all Operating Group Class A Preferred Units and all Senior
Subordinated Loans and effect the Senior Credit Facility Repayment in full (in each case, (x) including principal, interest and other amounts owed or accrued thereunder and (y) to the extent such instruments are then outstanding). 

(e)     The Company and the Partnership agree that no creation, incurrence, assumption, guaranty or other assumption of
liability with respect to any Indebtedness or Liens under Section 9(c) or Section 9(d) of this Unit Designation shall prohibit the Partnership from making any distributions or redemptions in respect of the Class A Preferred Units
except to the extent such prohibition is no more restrictive than any prohibition existing as of the date hereof. 

  
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 (f)     Without the prior written consent of the Holders’
Committee, subject to the exceptions set forth on Schedule D hereto, none of the Company, any other Operating Group Entity or any of their respective Affiliates shall directly or indirectly amend, waive or otherwise modify the terms of the
Designated Accrued Unrecognized Incentive or the real estate commingled funds’ Accrued Unrecognized Incentive (including any material change in the timing of any realization thereof); provided, that this clause (e) shall not limit
the ability of the Company, any other Operating Group Entity or any of their respective Affiliates to delay or defer Accrued Unrecognized Incentive attributable to the real estate commingled funds, for so long as such delay or deferral is based on
commercially reasonable business rationale and does not disproportionately impact any beneficiaries of such incentive (including the general partner (or equivalent entity) of the relevant fund) relative to any other beneficiaries. 

(g)     The Company, the Partnership and any of the Operating Group Entities shall, and the Company and the Partnership
shall cause the Operating Group Entities and their respective Subsidiaries to, manage the Specified Funds in a manner that is consistent with past practice (as determined prior to December 5, 2018). Without limiting the generality of this
Section 9(f), without the prior written consent of the Holders’ Committee, none of the Company, the Partnership or any other Operating Group Entity shall, and the Company and the Partnership shall not permit any of the Operating Group
Entities or any of their respective Subsidiaries to, take (or fail to take) any action with respect to the Specified Funds which would adversely impact the Designated Accrued Unrecognized Incentive or otherwise result in the payment of proceeds
associated with the realization of Designated Accrued Unrecognized Incentive to be delayed following the expiration of the current term of each Specified Fund (without giving effect to any extensions of current term), subject to the exceptions set
forth in Section 9(f) and Schedule D hereto. Without limiting the foregoing, the Company and the Partnership will use commercially reasonable efforts to (A) monetize any Designated Proceeds and Accrued Unrecognized Incentive other than the
Designated Accrued Unrecognized Incentive to the extent such Designated Proceeds and Accrued Unrecognized Incentive are not received in cash and (B) collect any realized Designated Proceeds and Accrued Unrecognized Incentive other than the
Designated Accrued Unrecognized Incentive, in each case as promptly as practicable; provided, however, that realization of Designated Proceeds and Accrued Unrecognized Incentive shall not require the Company, the Partnership or any of
the Operating Group Entities to cause dispositions that would not otherwise be in compliance with the relevant investment adviser’s fiduciary duties. Notwithstanding anything to the contrary herein, this Section 9(g) shall be subject to
the exceptions set forth on Schedule E hereto. For the avoidance of doubt and notwithstanding the foregoing, all payments and redemptions contemplated by this Section 9(g) are not subject to the Minimum Free Cash Balance. 

(h)     Each of the General Partner and its Affiliates or Subsidiaries performing asset management or investment advisory
functions (each, an “Oz Manager Entity”) shall not: 

  
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 (i)     Delegate the applicable limited partnership vote in respect of
any right to terminate any OZ Manager Entity for any credit, private equity or real estate fund (and, for the avoidance of doubt, excluding any separately managed account and
“fund-of-one”) (“Applicable Fund”) to an advisory committee of investors (“AC Delegation”); 

(ii)     Take any steps to solicit or encourage any current or prospective investors of the Oz Funds to terminate (or
diminish in any material respect) any investor’s investments with the Oz Funds or remove the Company as the Oz Manager Entity of the applicable Oz Funds for the purpose of associating or doing business with any competing business (or authorize
any active executive managing directors or other senior management or executive managing directors to take any such steps), or otherwise encourage (or authorize any active executive managing directors or other senior management or executive managing
directors to encourage) such investors to terminate (or diminish in any respect) his investments in the Oz Funds for any other reason; or 

(iii)     Take any steps to effect the separation of all or any portion of any management team of the Company in
connection with a “spin out,” sale or similar transaction (or authorize any active executive managing directors or other senior management or executive managing directors to take any such steps), absent an arm’s length negotiation and
agreement on commercially reasonable terms with approval from the Board of Directors of the Company. 
 (i)     Since
February 5, 2018 through the date hereof (and other than in respect of OZ Real Estate Tax Advantaged Credit Fund LP), (1) no Oz Manager Entity has entered into governing documents for any new Applicable Fund providing for (a) the right to
terminate any Oz Manager Entity by a vote of less than 75% of the Limited Partners (other than for cause or similar disabling conduct) or (b) any AC Delegation, and (2) no governing documents for any existing Applicable Fund have been
amended to provide for either (1)(a) or (b). 
 10.     Voting Rights; Preferred Unit Holders’
Committee. 
 (a)     This Unit Designation establishes a committee of the holders of the Class A Preferred
Units (the “Holders’ Committee”) to be comprised initially of Daniel S. Och, as sole member. Subject to the foregoing, the holders of a majority of the Operating Group Class A Preferred Units then outstanding may at
any time remove members from, or appoint replacement or additional members to, the Holders’ Committee and shall appoint at least one member promptly if at any time thereafter the Holders’ Committee has no members. In the event that
additional members are appointed to the Holders’ Committee, the members of the Holders’ Committee shall act by majority vote on all matters to be approved by the Holders’ Committee. 

(b)     Except as provided herein, the holders of Class A Preferred Units have no consent, approval, waiver or voting
rights or powers. Each holder of Class A Preferred Units hereby irrevocably delegates all power and authority to the Holders’ Committee to exercise, on behalf of such holder of Class A Preferred Units, any and all rights of such
holder in respect of such Class A Preferred Units, including the granting of any waivers or the exercise of any consent, approval or voting rights or powers on behalf of such holder. 

  
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 (c)     Each holder of Class A Preferred Units hereby irrevocably
constitutes and appoints the members of the Holders’ Committee (and each of them) existing at any time and from time to time, as the sole and exclusive
attorney-in-fact and proxy of such holder of Class A Preferred Units, with full power of substitution and resubstitution, to attend any meeting of the shareholders
of the Class A Preferred Unit holders, and any adjournment or postponement thereof, on such Class A Preferred Unit holder’s behalf and to vote or abstain from voting the Class A Preferred Units owned by such holder in its sole
discretion for or against any action or proposal to the fullest extent permitted by law. Any such vote or abstention shall not be subject to challenge or input from such holder of Class A Preferred Units. Each holder of Class A Preferred
Units hereby revokes any and all previous proxies with respect to such holder’s Class A Preferred Units and no subsequent proxies (whether revocable or irrevocable) shall be given (and if given, shall not be effective) by such holder with
respect to the Class A Preferred Units that conflict with this proxy. This proxy and power of attorney is intended to be irrevocable and is coupled with an interest sufficient in law to support an irrevocable proxy and is granted for good and
valuable consideration the receipt and sufficiency of which is hereby acknowledged and shall be valid and binding on any person to whom the holder of Class A Preferred Units may transfer any of its Class A Preferred Units. The attorney-in-fact and proxy identified above will be empowered at any and all times to vote or act by written consent with respect to the Class A Preferred Units at every
annual, special, adjourned or postponed meeting of holder of Class A Preferred Units, and in every written consent in lieu of such a meeting, or otherwise. The power of attorney granted herein is a durable power of attorney and shall survive
the dissolution, bankruptcy, death or incapacity of each holder of Class A Preferred Units. Any such vote shall be cast or consent shall be given in accordance with such procedures relating thereto as shall ensure that it is duly counted for
purposes of determining that a quorum is present and for purposes of recording the results of such vote or consent. The provisions of this Section 10 shall terminate with respect to a holder of Class A Preferred Units once such holder no
longer owns any Class A Preferred Units. 
 (d)     Notwithstanding anything in this Unit Designation to the
contrary, none of the Partnership, any other Operating Group Entity or OZ Fund may issue, and the Company and the Partnership shall not permit the Partnership, any other Operating Group Entity or OZ Fund to issue, to (x) any individual who is a
“named executive officer” in the Company’s most recent filing with the Securities and Exchange Commission that required disclosure pursuant to Rule 402(c) of Regulation S-K or such
individual’s Related Parties (or would be a “named executive officer” with respect to the fiscal year in which the proposed issuance occurs) or (y) in the event that the Company is not required to file reports with the Securities
and Exchange Commission, any individual who would have been a “named executive officer” if the Company was required to file such reports or such individual’s Related Parties, in each case of clauses (x) and (y), other than DSO or
his Related Parties (collectively, the “Designated Officers”), new equity interests in the Partnership, such Operating Group Entity or OZ Fund (“New NEO Units”) and make any distributions in
respect of such New NEO Units, unless (i) so long as the Company’s common shares are traded on the New York Stock Exchange or another nationally recognized stock exchange, the issuance of such New NEO Units is approved by the
Company’s compensation committee and (ii) to the extent the Company’s common shares are not traded on the New York Stock Exchange or another nationally recognized stock exchange, with the prior written consent of the Holders’
Committee. For the avoidance of doubt, (i) if the issuance of such New NEO Units are approved in accordance with the preceding sentence, any distributions paid on such New NEO Units that otherwise comply with the terms of this Unit Designation
shall be permitted without any further action on the part of the compensation committee or the Holders’ Committee as the case may be, (ii) this Section 10(d) shall not restrict issuances of interests in the ordinary course to
Designated Officers in connection with any direct or indirect capital investments they make in the OZ Funds on substantially the same terms and conditions as third party investors (other than any waiver of management, incentive, carry or similar
fees agreed to by the Company) and (iii) this Section 10(d) shall not restrict any issuances of equity securities in connection with the Recapitalization or any distributions payable thereon to the extent permitted under this Unit
Designation. 

  
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 (e)     Neither the Company nor the Partnership shall effect, or cause
or permit to be effected, any transaction between the Company, the Partnership or any other Operating Group Entity or any OZ Fund, on the one hand, with any Designated Officer, any holder of at least 10% of the outstanding equity interests of the
Company, the Partnership, any other Operating Group Entity or their respective Affiliates or Related Parties (for the avoidance of doubt, other than the Company, the Partnership, any other Operating Group Entity, DSO or his Related Parties), on the
other hand, other than transactions in the ordinary course of business with any Person (other than any Person that is a Designated Officer) relating to such Person’s service to any Operating Group Entity or consistent with past practice as of
the Issuance Date including in connection with granting any direct or indirect carry or capital interest in the OZ Funds to such Person, which matters shall, without limiting Section 10(d), be determined by the Board of Directors of the Company
or the compensation committee thereof. 
 (f)     None of the Partnership or any other Operating Group Entity shall, and
the Company and the Partnership shall not permit the Partnership or such Operating Group Entity to, sell, dispose of, or otherwise transfer (whether directly or indirectly, by merger, spin-off, consolidation,
or otherwise) any of their respective businesses, business lines, or divisions (including their respective multi-strategy, credit and real estate businesses) or any significant assets thereof without the prior written consent of the Holders’
Committee; provided that this Section 10(f) does not restrict any such sale, disposal or other transfer from any OZ Subsidiary to any Credit Party that is permitted under Section 9(b), provided that nothing in this Section 10(f) shall
limit obligations of the Operating Partnerships and the Company under Section 3(b)(ii). 
 (g)     Any
determination, decision, consent or waiver required to be made or given, or permitted to be made or given, by the Holders’ Committee under this Unit Designation shall be made or given in the Holders’ Committee’s sole discretion. 

11.     Amendments and Waivers. Only the prior written consent of the Holders’ Committee shall be
required for the repeal of this Unit Designation, any amendment (directly or indirectly, by merger, consolidation or otherwise) to this Unit Designation, or any waiver of any of its provisions. Only the prior written consent of the Holders’
Committee shall be required for any amendment (directly or indirectly, by merger, consolidation or otherwise) to the Limited Partnership Agreement that would have an adverse effect on any holders of the Class A Preferred Units or effectuate any
waiver of any provisions of this Unit Designation.
 12.     No Reissuance. No Class A Preferred Units
acquired by the Partnership by reason of redemption, purchase or otherwise shall be reissued. 

  
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 13.     Transfers. 

(a)     No Class A Preferred Unit (or any rights with respect thereto) shall be Transferred without the consent of the
Holders’ Committee and, solely in the case of any holder of Class A Preferred Units other than DSO or a Related Party of DSO, the General Partner; provided, that any such consent shall not be unreasonably withheld with respect to a request
to Transfer Class A Preferred Units in accordance with this Section 13. Any attempted Transfer that is not made in compliance with this Section 13 shall be void ab initio. 

(b)     No Transfer shall be permitted under Section 13(a) if the Holders’ Committee determines in its sole and
absolute discretion that (i) such a Transfer would pose a risk that the Partnership would be a “publicly traded partnership” as defined in Section 7704 of the Code; (ii) such Transfer would obligate the Partnership to
register the Interests for resale under any applicable federal or state securities laws or require the Partnership to file reports pursuant to any applicable federal or state securities laws. 

(c)     Each holder of Class A Preferred Units hereby agrees that it will not effect any Transfer of all or any of its
Class A Preferred Units (whether voluntarily, involuntarily or by operation of law) in any manner contrary to the terms of this Unit Designation or that violates or causes the Partnership or the Partners to violate the Securities Act, the
Exchange Act, the Investment Company Act, or the laws, rules, regulations, orders or other directives of any governmental authority. 
 (d)
    In the event of any Transfer of Class A Preferred Units, (i) the transferor shall cause each transferee to agree in writing to comply with the terms of this Unit Designation and the Partnership Agreement,
(ii) prior to such Transfer by any holder of Class A Preferred Units other than by DSO or a Related Party of DSO, and as a condition thereto, the General Partner may require such other documentation as necessary, including appropriate
opinions of legal counsel, as it deems necessary in its sole discretion, to ensure that such Transfer complies with the applicable requirements of this Unit Designation and applicable law, and (iii) unless waived by the General Partner in its
sole discretion, no Transfer of Class A Preferred Units other than by DSO or a Related Party of DSO shall be permitted unless the transferor or the proposed transferee shall have undertaken to pay all reasonable expenses incurred by the
Partnership or its Affiliates in connection therewith. 
 14.     Right of First Refusal. In the event that
a holder of Class A Preferred Units (other than DSO or a Related Party of DSO) (the “Seller”) receives a bona-fide offer for the sale of any or all of such holder’s Class A Preferred Units (the
“Offered Securities”), the Seller shall first offer to sell the Offered Securities to DSO or his designee(s) pursuant to a written notice (the “ROFR Notice”) provided to DSO, which notice
shall include: (i) a description of the transaction being proposed, (ii) the identity of the offeror (“Third Party Buyer”), (iii) the purchase price proposed and the manner of payment thereof and
(iv) a term sheet setting forth the material terms and conditions of the offer and a copy of the proposed agreement, if any. Within twenty (20) days of receiving the ROFR Notice, DSO must either accept or decline the offer and if DSO
neither accepts nor declines the offer within such twenty (20) day period, the offer will be considered declined. If the offer is declined by DSO, (i) the Seller shall next offer to sell the Offered Securities to the General Partner, on
behalf of the Partnership, pursuant to a ROFR Notice and otherwise on the terms specified in the foregoing sentence, and (ii) if the General Partner declines such offer, the Seller will have the right to sell the Offered Securities to the
person specified in the offer at a price and on terms and conditions no less favorable to the Seller than the price and terms and conditions set out in the ROFR Notice. If the sale to the Third Party Buyer is not completed within sixty
(60) days after the General Partner declines the offer, this Section 14 shall again become applicable as if the offer had not been made. 

  
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 15.     No Preemptive Rights. Unless otherwise determined
by the General Partner and the Holders’ Committee, no holders of the Class A Preferred Units will, as holders of Class A Preferred Units, have any preemptive rights to purchase or subscribe for Common Units or any other security of
the Partnership. 
 16.     Notices. Any notices required or permitted to be given to a holder of Preferred
Units hereunder may be given by mail or other means of written communication, including by electronic mail or other means of electronic transmission, to the address or other applicable contact details maintained for such holder in the books and
records of the Partnership. 
 17.     Severability of Provisions. If any right, preference or limitation
of the Class A Preferred Units set forth in this Unit Designation (as this Unit Designation may be amended from time to time) is invalid, unlawful or incapable of being enforced by reason of any rule or law or public policy, all other rights,
preferences and limitations set forth in this Unit Designation, which can be given effect without the invalid, unlawful or unenforceable right, preference or limitation shall nevertheless remain in full force and effect, and no right, preference or
limitation herein set forth be deemed dependent upon any such other right, preference or limitation unless so expressed herein. 

18.     Reporting.  

(a)     Commencing with (1) the quarter ended December 31, 2018, no later than (A) 45 days following the end of
each of the Company’s first three fiscal quarters (such date, the “Quarterly Delivery Date”) and (B) 90 days following the end of the Company’s fiscal year (such date, the “Year End Delivery
Date”), the General Partner shall deliver to the Holders’ Committee a statement setting forth the General Partner’s good faith determination of the Economic Income, Committed Cash, Discretionary Reserve, Free Cash Balance,
Accrued Unrecognized Incentive, Designated Accrued Unrecognized Incentive, Net Accrued Unrecognized Incentive, Designated Proceeds and proceeds from Asset Sales for such period with each determination presented on its own line item with supporting
details and back-up data and reasonable supporting documentation with respect thereto and (2) fiscal year 2020 (with respect to Preceding Year 2019), no later than the 90th day of the fiscal year
immediately following any Preceding Year (the “Excess Distributable Earnings Delivery Date”), the General Partner shall deliver to the Holders’ Committee a statement setting forth the General Partner’s good faith
determination of the Excess Distributable Earnings for such Preceding Year and reasonable supporting documentation with respect thereto, provided that with respect to Preceding Year 2019 such statement need not be provided prior to March 31,
2020. 
 (b)     The statements provided pursuant to clause 18(a) above shall be consistent with the amounts reported in
the Company’s annual and quarterly reports filed by the Company with the Securities and Exchange Commission. 

  
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 (c)     So long as any Operating Group Class A Units are
outstanding, to the extent the Company is no longer required to file quarterly or annual reports with the Securities and Exchange Commission, the Company shall continue to have its year end consolidated balance and the related consolidated
statements of operations, shareholders’ equity and cash flows audited by independent certified public accountants of recognized national standing selected by the Company (such audited consolidated balance and related statements of operations,
shareholders’ equity and cash flows, the “Audited Financial Statements”) and the Company shall be obligated to deliver the Audited Financial Statements to the Holders’ Committee by each Quarterly Delivery Date, Year
End Delivery Date and Excess Distributable Earnings Delivery Date, as applicable. 
 19.     Determination of
Amounts. The Company and the Operating Partnerships on the one hand, and each holder of the Class A Preferred Units on the other hand, hereby agree that any calculations in connection with the mandatory redemption provisions of
Section 6, including, but not limited to, the Discretionary Basket, calculations of Economic Income (including the methodology set forth on Schedule A hereto), Committed Cash, Total Cash and Free Cash Balance shall be calculated without
duplication; provided further that amounts described in the definition of Committed Cash shall be calculated without duplication with respect to any amounts described in the definition of Economic Income. 

20.     Accounting Terms. Notwithstanding any other provision contained herein, for purposes of
Section 9(c) and Section 9(d) of this Unit Designation only, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts, definitions and covenants referred to herein shall be made
(i) without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Company, the Operating Partnerships or any of their respective Subsidiaries at “fair value,” as defined therein, and (ii) without giving effect to proposed Accounting Standards Update (ASU) Leases (Topic 840) issued
August 17, 2010, (Topic 842) issued May 16, 2013, any successor proposal, any implementation thereof, any oral or public deliberations by the Financial Accounting Standards Board regarding the foregoing, or any other change in GAAP that
would require the obligations of a Person in respect of an operating lease or a lease that would be treated as an operating lease prior to such change to be recharacterized as a Capital Lease or Capital Lease Obligations (each as defined in the
Senior Credit Facility). 
 21.     Reimbursement of Certain Amounts. The Company and the Operating
Partnerships shall reimburse the holders of the Class A Preferred Units with respect to any reasonable fees and expenses (including reasonable attorneys’ fees and expenses) incurred by such holders in connection with protecting the
interests or enforcing the rights of the Class A Preferred Units. 
 22.     Determination of Certain
Terms. For the purposes of determining any monetary basket, cap or limitation described in this Unit Designation, the Company and the Partnership agree that such monetary basket, cap or limitation shall be determined on a consolidated
basis with respect to the Company, the Operating Partnerships and their Subsidiaries (and for the avoidance of doubt, any Operating Group Entities formed in the future and their Subsidiaries), taken as a whole. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, this Unit Designation has been duly executed as of the date first above
written. 
  

			
	OZ ADVISORS II LP
		
	By:	 	OCH-ZIFF HOLDING LLC,
		 	its general partner
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	Chief Financial Officer
	
	 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC,

as to Section 3(b)(ii), Section 6(a), Section 6(c), Section

9(a), Section 9(b), Section 9(c), Section 9(d), Section 9(e),
Section 9(f), Section 9(g), Section 10(d), Section 10(e),
 Section 10(f), Section 18(c), Section 19,
Section 20,
 Section 21 and Section 22 only

		
	By:	 	/s/ Thomas Sipp
	Name:	 	Thomas Sipp
	Title:	 	Chief Financial Officer

  
 139 

 SCHEDULE A 

Economic Income is a measure of pre-tax operating performance that excludes the following from our results on a GAAP
basis: 
  

	 	•	 	 Income allocations to our executive managing directors on their direct interests in the Oz Operating Group.
Management reviews operating performance at the Oz Operating Group level, where substantially all of our operations are performed, prior to making any income allocations. 

 

	 	•	 	 Equity-based compensation expenses, depreciation and amortization expenses, changes in the tax receivable
agreement liability, net gains and losses on early retirement of debt financing arrangements, unrealized gains and losses related to changes in the fair value of financing arrangements, gains and losses on fixed assets, and net gains and losses on
investments in funds, as management does not consider these items to be reflective of operating performance. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time
of settlement. 

  

	 	•	 	 Amounts related to the consolidated funds, including the related eliminations of management fees and incentive
income, as management reviews the total amount of management fees and incentive income earned in relation to total assets under management and fund performance. 

In addition, expenses related to incentive income profit-sharing arrangements are generally recognized at the same time the related incentive income revenue
is recognized, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund. Further, deferred cash compensation is expensed in full in the year granted for
Economic Income, rather than over the service period for GAAP. 

 EXHIBIT A—FORM OF CONVERSION NOTICE 

Re: Notice of Conversion (“Notice”) of Class A Preferred Units issued by OZ Advisors II LP 

Reference is made to the Unit Designation of the Preferences and Relative, Participating, Optional, and Other Special Rights, Powers and
Duties of Class A Cumulative Preferred Units, dated February 7, 2019 (the “Unit Designation”), relating to the Operating Group Class A Preferred Units issued by OZ Advisors II LP. Capitalized terms used but not defined in
this Notice shall have the meanings given such terms in the Unit Designation. 
 This Notice is being delivered pursuant to
Section 7(a) of the Unit Designation. The undersigned hereby elects to convert the Class A Preferred Units that it owns, subject to the conversion procedures set forth in Section 7(a) of the Unit Designation into Advisors II
Incremental Loans on the Exchange Date. 
 Additionally, the undersigned hereby: (i) acknowledges that the undersigned has received and
reviewed a copy of the Senior Subordinated Loan Agreement and (ii) agrees that upon execution of this Notice and the consummation of the exchange described in Article 7 of the Unit Designation, the undersigned shall become a party to the Senior
Subordinated Loan Agreement and shall be fully bound by, and subject to, all of the covenants, terms, representations, warranties and conditions of the Senior Subordinated Loan Agreement as though an original party thereto and shall become a
“Lender” as provided thereunder. 
 The undersigned, being a holder of Class A Preferred Units pursuant to the Unit
Designation, hereby executes this Conversion Notice. 
 [Unit Holder] 
  

	
	  

	Name:
	Title:

 Exhibit D: Form of Conversion Election Notice 

CONVERSION ELECTION NOTICE 
 To:    Och-Ziff Holding Corporation 
 Och-Ziff Holding
LLC 
 9 West 57th Street 
 New
York, NY 10019Attention: __________ 
 The undersigned holder of Class D Common Units in OZ Management LP (“OZM”), OZ
Advisors LP (“OZA”) and OZ Advisors II LP (“OZAII” and, together with OZM and OZA, the “Partnerships”) hereby irrevocably makes the election specified below in accordance with Section 3.1(e) of
the limited partnership agreement of each of the Partnerships (as amended or supplemented from time to time, the “LPAs”) dated as of February 7, 2019 (the “Recapitalization Date”). All capitalized terms used in
this Conversion Election Notice (this “Election Notice”) and not otherwise defined herein shall have the respective meanings ascribed thereto in the LPAs. 

The undersigned hereby acknowledges, represents, warrants and agrees that: (i) on the Recapitalization Date, each Class D Common
Unit of the undersigned (the “Pre-Merger Class D Common Units”) was converted into one Conversion Class D Common Unit and one Conversion
Class E-2 Common Unit (the “Conversion Units”); (ii) the undersigned has the right to elect to either: (A) retain all of such Conversion Class D Common Units or
(B) retain all of such Conversion Class E-2 Common Units but that, following the Conversion Class E-2 Notice Date, the undersigned shall solely retain
either the Conversion Class D Common Units or solely retain the Conversion Class E-2 Common Units and the Conversion Units that the undersigned does not elect to retain will be automatically
cancelled as of the close of business on the Conversion Class E-2 Notice Date as provided in Section 3.1(e) of each of the LPAs; (iii) the undersigned has, and at the date of election will have,
the full right, power and authority to elect which class of Conversion Units to retain as provided herein; and (iv) the undersigned has obtained the consent or approval of all persons and entities, if any, having the right to consent to or
approve such election. 
 The Conversion Units that will be retained by the undersigned as of the Conversion
Class E-2 Notice Date pursuant to this Election Notice are subject to the terms and conditions of the LPAs, including, but not limited to, the vesting and forfeiture terms set forth therein, and the
undersigned hereby agrees and acknowledges that the retention of such Conversion Units is subject to, and conditional on, compliance with the conditions specified in the LPAs. If the undersigned retains the Conversion Class D Common Units, they
remain subject to the same vesting schedule as the Pre-Merger Class D Common Units. For a description of the vesting terms applicable to the Conversion
Class E-2 Common Units, see Exhibit E-2 of the respective LPA. 

 In addition, the undersigned hereby agrees and acknowledges that retention of the applicable
class of Conversion Units is subject to, and conditional on, the undersigned’s execution and delivery to OZM of a Consent to Recapitalization, substantially in the form attached hereto as Annex A (the “Consent to
Recapitalization”) (and, if applicable, the delivery of a substantially similar Consent to Recapitalization with respect to any of the undersigned’s Related Trusts (as defined in the Consent to Recapitalization) and, if the undersigned
is a Related Trust, the applicable Individual Limited Partner). 
  

					
	 The undersigned hereby elects to retain:
	  		  	
	
	                             All Conversion Class D Common Units;
or
	
	                             All Conversion Class E-2 Common Units.
			
	 Name of
Holder:                                        
        
	  		  	
			
	
Dated:                  
                              
	  		  	
			
	
                     
                                        
	  		  	
	(Signature of Holder)	  		  	
			
	
                     
                                        
	  		  	
	(Street Address)	  		  	
			
	
                     
                                        
	  		  	
	(City)                                     
   (State)                      (Zip Code)	  		  	

 Annex A 

Consent to Recapitalization 

Exhibit 10.11 
 EXECUTION
VERSION 
  
 

 
 February 7, 2019 
 Dear
Securityholders of the Operating Partnerships: 
 As previously disclosed, on December 6, 2018, Och-Ziff
Capital Management Group LLC (the “Company”), OZ Management LP (“OZM”), OZ Advisors LP (“OZA”), OZ Advisors II LP (collectively with OZM and OZA, the “Operating Partnerships”), Och-Ziff Holding Corporation (“OZ Holding Corporation”), Och-Ziff Holding LLC (“OZ Holding LLC”) and Daniel S. Och entered into a letter
agreement (together with the term sheet attached thereto, each as amended pursuant to the amendments attached to the Information Statement (as defined below), the “Agreement”). The Company, the Operating Partnerships, OZ Holding
Corporation and OZ Holding LLC are referred to, collectively, as the “Oz Parties.” The Agreement contemplates the transactions described in the Omnibus Confidential Information Statement Regarding Proposed Recapitalization of the
Company and Certain of its Subsidiaries (the “Information Statement” and such transactions, collectively, the “Recapitalization”). As described in more detail in the Information Statement, the Recapitalization
includes, among other things, a recapitalization of certain equity interests in the Operating Partnerships (such recapitalization as applied to holders of Class A Units (as defined below) in their capacity as such, the
“Class A Unit Reallocation”); a distribution holiday on certain units of the Operating Partnerships during which the Operating Partnerships will not make any distributions in respect of such units (the
“Distribution Holiday”); the expected forfeiture of approximately 750,000 Class A Units owned by holders (the “Preferred Unitholders”) of the existing preferred units of the Operating Partnerships (the
“Preferred Units”) (with such forfeiture, if consented to by a Preferred Unitholder, being made pro rata based on the number of Preferred Units owned by each such Preferred Unitholder who also holds Class A Units in relation to
such Class A Units (the “Class A Unit Forfeiture”)); entry by members of senior management of the Company into certain binding employment arrangements; restructuring of the existing Preferred Units into debt
(the “New Debt Securities”) and new preferred equity securities (the “New Preferred Securities”); an amendment (the “TRA Amendment”) to the Amended and Restated Tax Receivable Agreement (the
“TRA”), dated as of January 12, 2009, by and among the Company, OZ Holding Corporation, OZ Holding LLC, the Operating Partnerships and their current and former limited partners party thereto providing for (among other things)
the waiver of certain tax receivable payments for the 2017 and 2018 tax years (with certain exceptions described in the Information Statement and the Agreement) and the reduction of certain tax receivable payments in respect of the 2019 and
subsequent tax years (as described in the Information Statement and the Agreement); the waiver by Mr. Och of his right to reallocate (and, under certain circumstances, be reissued) certain units cancelled pursuant to the Cancellation,
Reallocation and Grant Agreement, dated March 28, 2018; the redemption of Mr. Och’s liquid balances in the Company funds; the Company’s intent to change its tax classification from a partnership to a corporation; and certain
corporate governance changes (in each case, which transactions will be effected by certain implementing agreements substantially on the terms of the Agreement (the “Implementation Agreements”)). For purposes of this letter (this
“Consent”), “Class A Units” shall mean Class A common units in the Operating Partnerships. 

 The Nominating, Corporate Governance and Conflicts Committee (the “Conflicts Committee”) of
the Board of Directors of the Company (the “Board”) unanimously approved the terms of the Agreement and unanimously recommended that the Board approve the terms of the Agreement. The Board (with Mr. Och recusing himself),
acting on the unanimous recommendation of the Conflicts Committee, approved the terms of the Agreement. While the support, consent or approval of a majority of the Class A Units owned by holders of Class A Units not including any
Class A Units held by Mr. Och or any holder of Class A Units that will receive Class E common units in the Operating Partnerships in the Recapitalization (the “Minority Class A Holders”) is not
required by law or otherwise to effect the Recapitalization, including the Class A Unit Reallocation, the Agreement provides that approval of the Recapitalization by the Minority Class A Holders is a condition to the Recapitalization
Closing (as defined below). Each of the Oz Parties represents and warrants that Schedule A attached hereto accurately reflects (i) the number of Class A Units that you will be reallocating as part of the Recapitalization, (ii) the
number of Class A Units and Class A-1 Units (as defined in the Information Statement) that you will own as a result of the Recapitalization, (iii) the amount of New Debt Securities that you will
own as a result of the Recapitalization, (iv) the aggregate liquidation preference of New Preferred Securities that you will own as a result of the Recapitalization and (v) assuming your consent as requested below, the number of your
Class A Units that will be subject to the Class A Unit Forfeiture. To your actual knowledge, the interests set forth on Schedule A attached hereto are held directly by the signatory to this Consent. 

Consent 
 In accordance with the terms of the Agreement,
the Oz Parties hereby request your irrevocable consent to the Recapitalization, in all of your capacities as it relates to the Oz Parties and their respective subsidiaries (the “Oz Group”) to the extent of your interests in the Oz
Group and any agreements relating thereto that you are a party to, including, without limitation and as applicable, in your capacity as: 

Class A Unitholders – If you hold Class A Units and execute this Consent, then you
will be consenting in your capacity as a holder of Class A Units to the Class A Unit Reallocation and the Distribution Holiday. 

Preferred Unitholders – If you hold Preferred Units and execute this Consent, then you will be consenting in your
capacity as a holder of Preferred Units to the Class A Unit Forfeiture (if you also hold Class A Units) and the restructuring of the existing Preferred Units into New Debt Securities and New Preferred Securities, and (if you also hold
Class A Units), effective upon the Recapitalization Closing, you hereby surrender your pro rata share of the approximately 750,000 Class A Units expected to be forfeited in the Class A Unit Forfeiture. 

TRA Recipients – If you are a recipient of TRA payments under the TRA and execute this Consent, then you will be consenting
in your capacity as a recipient of such payments to the TRA Amendment, in which case you will also deliver an executed consent to the TRA Amendment. 

  
 145 

 Execution and delivery of this Consent also constitutes your consent with respect to the terms and
conditions of all Implementation Agreements that are specifically applicable to you. 
 Conditions 

This Consent will not be effective unless and until each of the following conditions is satisfied or waived in writing by you: 

 

	 	1.	 The entry into definitive Implementation Agreements providing for the Recapitalization Closing, substantially
as described in the Information Statement (including the satisfaction of each of the conditions described therein, except for the waiver by the parties to the Agreement of any conditions that would not adversely affect in any material respect the
holders of Class A Units) has occurred no later than February 28, 2019. 

  

	 	2.	 The receipt by the Oz Parties of (a) a consent in substantially the form attached as Exhibit D-1 (and in the case of Mr. Och’s Related Trusts (as defined below), in substantially the form attached as Exhibit D-2) (the “DO Consent”) of the
Information Statement executed by Mr. Och and each of his Related Trusts (collectively with Mr. Och’s affiliates, the “DO Parties”), including substantially the same indemnification and release provisions and the
unconditional and irrevocable surrender of the DO Parties’ pro rata share of the approximately 750,000 Class A Units expected to be forfeited in the Class A Unit Forfeiture and (b) letters on substantially the same terms as this
Consent executed by a majority of the Minority Class A Holders. 

  

	 	3.	 The receipt and review of forms of the following Implementation Agreements (in substantially the form that are
to be entered into) in form and substance reasonably satisfactory to you: (a) Form of Amended and Restated Limited Partnership Agreement, (b) Form of Agreement and Plan of Merger, (c) Form of Unit Designation of the Preferences and
Relative, Participating, Optional, and Other Special Rights, Powers and Duties of Class A Cumulative Preferred Units, (d) Senior Subordinated Term Loan and Guaranty Agreement, (e) Governance Agreement, (f) TRA Amendment,
(g) Amended and Restated Exchange Agreement and (h) Amended and Restated Registration Rights Agreement. 

  

	 	4.	 The furnishing by the Company of a copy of an opinion from Skadden, Arps, Slate, Meagher & Flom LLP
(“Skadden Arps”) addressed to the Company, dated as of the date of the Recapitalization Closing, regarding the IRS respecting the income reallocation during the Distribution Holiday (with such condition applying solely in the event
of the prior execution and delivery by you of a common interest agreement and non-reliance agreement in the form provided by Skadden Arps). 

  
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 Agreements 

Each of the Oz Parties hereby unconditionally and irrevocably represents, warrants, acknowledges, and agrees with you, as follows: 

 

	 	1.	 At the Recapitalization Closing, the transactions described in the Information Statement as to be consummated
at the Recapitalization Closing shall be consummated as described therein in all material respects. From and after the Recapitalization Closing until the end of the Distribution Holiday, without the approval of holders of a majority of the
Class A Units (not including any Class A Units held by the DO Parties), the DO Consent shall not be amended or modified, or any provisions thereof waived, by any of the Oz Parties, which amendment, modification or waiver would provide more
favorable treatment to any of the DO Parties than the treatment set forth in this Consent, unless the same more favorable treatment is simultaneously and unconditionally provided to you. The DO Consent in substantially the form of Exhibit D-1 and D-2 to the Information Statement, constitute the only agreements, arrangements or understandings regarding indemnification, release, consent or approval that any of
the DO Parties (in their capacity as holders of Class A Units and as TRA recipients) are providing or are being provided in connection with the Recapitalization. 

 

	 	2.	 Any consent to any of the transactions referenced in this letter is not a recommendation of any sort to any
person and may not be relied upon by any person other than the Oz Group. 

  

	 	3.	 None of the Oz Group will, and each such entity will cause their affiliates and representatives not to,
identify you by name to any person, or publicly, in connection with the fact that you have executed (or not executed) this Consent, without your prior written consent, except as may be required by law, rule or regulation (including the rules and
regulations of a national securities exchange) (other than such disclosure to other individuals that are being asked to sign a substantially similar consent). 

Representations and Warranties 
 Each party hereto hereby
represents and warrants to each of the other parties hereto and their Representatives (as defined below) that as of the date hereof: (i) such party has the power and authority to execute and deliver this Consent and to carry out its obligations
hereunder, (ii) the execution, delivery and performance by such party of this Consent and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such party, (iii) the
execution, delivery and performance by such party of this Consent and the consummation of the transactions contemplated hereby will not (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event
which, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration of, or result in the creation of, any
lien upon any of the properties or assets of such party under any of the terms, conditions or provisions of (1) its certificate of formation, limited partnership agreement or similar organizational documents, as applicable, or (2) any
note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such party is a party, or (B) violate any statute, rule or regulation or any judgment, ruling, order, writ, injunction or
decree applicable to such party except, (x) in the case of clause (iii)(A)(1), for those occurrences that, individually or in the aggregate, would not be material to such party and, if applicable, its subsidiaries, taken as a whole, and
(y) in the case of clause (iii)(A)(2) and clause (iii)(B), for those occurrences that, individually or in the aggregate, have not had and would not be reasonably expected to have a material adverse effect on such party and, if applicable, its
subsidiaries, taken as a whole, (iv) this Consent constitutes 

  
 147 

 the legal, valid and binding obligations of such party enforceable against such party in accordance with its
terms (except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles), (v) no notice to, declaration or filing with,
or consent or approval of, any governmental entity or third party is required by or with respect to such party in connection with the execution of this Consent or the consummation of the Recapitalization other than filings in respect of applicable
securities laws, in each case, except as would not, individually or in the aggregate, have had or be reasonably expected to have a material adverse effect on such party and, if applicable, its subsidiaries, taken as a whole, (vi) in connection
with the Recapitalization Closing, no member of the Oz Group is entering into, or will enter into, any agreement, arrangement or understanding with any of the DO Parties, that contemplates or provides (or is reasonably likely to provide) a material
financial benefit to any of the DO Parties, other than as disclosed in the Information Statement or in any document attached to or circulated with the Information Statement and (vii) except for the representations and warranties contained in
this Consent or, in the case of the parties thereto, the Implementation Agreements, such party acknowledges that no other party hereto is making or has made any representation or warranty (whether express or implied) in connection with this Consent
or the transactions contemplated hereby. 
 Each of the Oz Parties hereby represents and warrants to you that, with respect to the Class A Units, the
Preferred Units, the TRA, the Class A Unit Forfeiture, the New Debt Securities, and the New Preferred Securities, the treatment (and terms and conditions) applicable to any of the DO Parties in connection with the Recapitalization will be no
more favorable to any of the DO Parties (other than in de minimis respects) than the treatment (and terms and conditions) applicable to any other holder or recipient thereof. For the avoidance of doubt, the representation and warranty in this
paragraph does not address other interests that the DO Parties may have in the Recapitalization, as described in more detail in the Information Statement (including the Interests of Certain Persons section of the Information Statement). 

Indemnification and Release 
 In furtherance of the
parties’ desire that each person delivering a consent (and their applicable related parties, including Related Trusts (as defined below)), including for the avoidance of doubt Daniel S. Och (including his Related Trusts that hold units in the
Operating Partnerships (together with Mr. Och, the “Och Parties”)), who is delivering a consent, will release, and will be released by, each member of the Oz Group, the Board and each other active and former executive managing
director that delivers a consent (and their applicable related parties), the parties hereby agree as follows: 
 Effective upon the entry into definitive
Implementation Agreements providing for the Recapitalization (with the simultaneous consummation of the applicable transactions to be consummated upon such entry) (currently expected to occur no later than February 8, 2019) (the
“Recapitalization Closing”), but expressly conditioned upon the execution and delivery of this Consent by you, (i) each member of the Oz Group, (ii) the Board, and (iii) the Och Parties and the Oz Group’s active
and former executive managing directors (and each of their related trusts, if any, that hold units in the Operating Partnerships (the “Related Trusts”)) that deliver an executed consent, in each case containing substantially the
same indemnification and release provisions contained in this Indemnification and Release section (the “Participating Oz Parties”) (for clarification, the releases contemplated 

  
 148 

 by clause (ii) will be effected pursuant to release provisions in separate release agreements and
clause (iii) will be effected pursuant to release provisions in separate agreements in substantially the form attached as Exhibit D-1 to the Information Statement (and with respect to any Related Trust in
substantially the form attached as Exhibit D-2 to the Information Statement)) and their trustees and any of the respective affiliates, successors, assigns, executors, heirs, officers, directors, managers,
partners, employees, agents and representatives of any of the foregoing (“Representatives”) (collectively, each of (i) through (iii) and their respective Representatives, but for the avoidance of doubt, excluding (x) any
active or former executive managing director or Related Trust that is not a Participating Oz Party and (y) Representatives of the parties in clause (x), the “Oz Release Parties”), irrevocably, unconditionally, knowingly and
voluntarily releases, acquits, remises, discharges and forever waives and relinquishes all Claims (as defined below) which any of the Oz Release Parties ever had, has, can have, or might have now or in the future, for, upon or by reason of any
matter, cause or thing whatsoever, whether in law or in equity, against you and/or any of your Representatives (collectively, the “Consenting Partner Release Parties”), arising out of, relating to, based upon or resulting from the
Recapitalization or any act or omission with respect to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17, 2018 and ending at the Recapitalization Closing, in
each case, other than to enforce any express rights under an agreement to which any Oz Release Party or any Consenting Partner Release Party is a party or an express third-party beneficiary thereof arising after the Recapitalization Closing
(including, without limitation, any Claims pursuant to the express terms of, or to enforce, this Consent and/or the Implementation Agreements, whether for indemnification, breach or otherwise) (the “Consenting Partner Released
Claims”). For the avoidance of doubt, (A) this release shall not extend to and expressly excludes any Claims other than the Consenting Partner Released Claims, each of which is hereby expressly preserved, and (B) no Consenting
Partner Release Party who is currently an employee, officer, manager, partner and/or director of the Company or any member of the Oz Group (or the predecessors thereof) shall cease to be a Consenting Partner Release Party should they cease to serve
in such position for any reason. 
 For the avoidance of doubt, the failure of any active or former executive managing director who is not a party to this
Consent to enter into a consent in substantially the form attached as Exhibit D-1 to the Information Statement (and with respect to any Related Trust, the failure of such Related Trust to enter into a consent
in substantially the form attached as Exhibit D-2 to the Information Statement), may result in such active or former executive managing director (or Related Trust) failing to qualify as an Oz Release Party for
purposes of this Consent but shall not otherwise invalidate this Consent or any other consent delivered by another person. 
 Effective upon the
Recapitalization Closing, but expressly conditioned upon the execution and delivery of a consent containing release provisions in substantially the same form by each of the Participating Oz Parties (and as to which the Consenting Partner Release
Parties are intended third party beneficiaries), each of the Consenting Partner Release Parties irrevocably, unconditionally, knowingly and voluntarily releases, acquits, remises, discharges and forever waives and relinquishes all Claims which any
of the Consenting Partner Release Parties ever had, has, can have, or might have now or in the future, for, upon or by reason of any matter, cause or thing whatsoever, whether in law or in equity, against any of the Oz Release Parties, arising out
of, relating to, based upon or resulting from the Recapitalization or any act or omission with respect to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17,
2018 and ending at the Recapitalization Closing, in 

  
 149 

 each case, other than to enforce any express rights under any agreement to which any Oz Release Party or any
Consenting Partner Release Party is a party or an express third-party beneficiary thereof arising after the Recapitalization Closing (including, without limitation, any Claims pursuant to the express terms of, or to enforce, this Consent and/or any
Implementation Agreement, whether for indemnification, breach or otherwise) (the “Oz Released Claims”). For the avoidance of doubt, (A) this release shall not extend to and expressly excludes any Claims other than the Oz
Released Claims, each of which is hereby expressly preserved, and (B) no Oz Release Party who is currently an employee, officer, manager, partner and/or director of the Company or any member of the Oz Group (or the predecessors thereof) shall
cease to be an Oz Release Party should they cease to serve in such position for any reason. 
 “Claim” shall mean any actual, potential or
threatened claim, counterclaim, action, investigation, arbitration or other alternative dispute resolution mechanism, appeal, inquiry, inspection, audit, examination, proceeding, cause of action in law or in equity, suit, lien, liability, debt due,
sum of money, demand, obligation, accounting, damage, financial obligations, charges, rights, damages, loss, cost or expense, attorneys’ fees and liabilities of any kind or nature whatsoever, known or unknown, contingent or non-contingent, suspected or unsuspected, whether arising under state, federal or other law, or based on common law, statutory law, regulations, equity or otherwise, including, without limitation, any claim based on
alleged breach of contract, breach of fiduciary duty, breach of duty of confidentiality, undue influence, incapacity, fraud, fraudulent inducement, negligent misrepresentation, unjust enrichment or other legal duty, legal fault, offense,
quasi-offense or any other theory. 
 The Oz Release Parties and the Consenting Partner Release Parties acknowledge that the laws of many states provide
substantially the following: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED
HIS OR HER SETTLEMENT WITH THE DEBTOR.” The Oz Release Parties and the Consenting Partner Release Parties acknowledge that such provisions are designed to protect a person from waiving Claims that it does not know exist or may exist.
Nonetheless, the Oz Release Parties and the Consenting Partner Release Parties agree that, effective as of the Recapitalization Closing, the Oz Release Parties and the Consenting Partner Release Parties shall be deemed to waive any protections
provided by such provisions to the fullest extent permitted by law and shall not institute any legal proceedings based upon, arising out of, or relating to any of the Claims released pursuant to this Consent, whether known or unknown at the time of
executing this Consent. 
 It is expressly agreed that (i) the Oz Release Parties and Consenting Partner Release Parties, to the extent they are not
parties to this Consent, shall be intended third party beneficiaries of the release provisions set forth herein, (ii) the Consenting Partner Release Parties, to the extent they are not parties to this Consent, shall be intended third party
beneficiaries of the indemnification provisions set forth herein and (iii) the Representatives of the parties hereto shall be intended third party beneficiaries of the representations set forth herein and, in each case, shall be entitled to
enforce such provisions in the same manner and to the same extent as the parties hereto. In addition, it is acknowledged and agreed that the Consenting Partner Release Parties shall be intended third party beneficiaries of the respective release
provisions (the “Reciprocal Releases”) of each of the applicable consents or similar agreements being delivered by the Oz Release Parties that are not parties to this Consent in the same manner and to the same extent as the Oz
Release 

  
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 Parties thereunder (and for the avoidance of doubt, each Consenting Partner Release Party under this Consent
shall be an Oz Release Party under each of the Reciprocal Releases), and shall be entitled to enforce such release provisions in the same manner and to the same extent as the parties thereto. The Oz Release Parties and Consenting Partner Release
Parties agree to perform all further acts and execute, acknowledge and deliver any documents that may be reasonably necessary to carry out the provisions of this Indemnification and Release section. 

Effective upon the Recapitalization Closing, but expressly conditioned upon your execution and delivery of this Consent, if any Consenting Partner Release
Party becomes involved in any capacity in any Claim brought by any governmental or quasi-governmental agency or entity (including without limitation any city, state, or federal taxing authority) or any person, including stockholders, investors,
former or active executive managing directors (or Related Trusts thereof) of the Oz Group, to the extent arising from, in connection with or as a result of the Recapitalization (other than the Intended Effects (as defined below)), solely in respect
of the period beginning on May 17, 2018, each member of the Oz Group jointly and severally will reimburse or, if so requested by the Consenting Partner Release Parties, advance, or cause to be advanced (within ten business days of such
request), any and all reasonable and documented out-of-pocket legal and other fees and expenses (including the cost of any preparation) incurred in connection therewith
by such Consenting Partner Release Party, provided, however, that such Consenting Partner Release Party shall have given a written undertaking to reimburse the Oz Group in the event it is subsequently determined that such Consenting Partner Release
Party is not entitled to indemnification pursuant to this Consent (the “Expense Reimbursement”). Effective from and after the Recapitalization Closing, but expressly conditioned upon your execution and delivery of this Consent, each
member of the Oz Group shall jointly and severally indemnify the Consenting Partner Release Parties and hold them harmless on an after-tax basis against any and all liabilities, debts, obligations, losses,
damages, Claims, costs or expenses (including costs of investigation and preparation and reasonable and documented out-of-pocket attorneys’ fees and expenses) (but
for the avoidance of doubt, not including any of the transactions contemplated by the Implementation Agreements or the intended effects of the Recapitalization (the “Intended Effects”), including, without limitation, any diminution
in the value of a holder’s securities, loss of value in shares being reallocated or similar matters) (collectively, “Losses”) to any such person to the extent arising out of, relating to, based upon or resulting from the
Recapitalization or any act or omission with respect to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17, 2018, in each case, including, but not limited to,
any such Losses relating to (i) taxes (including any related interest and penalties) resulting from the allocation of net income of the Operating Partnerships to units of the Operating Partnerships other than the Class B Units (as defined
in the Information Statement) during the Distribution Holiday except for (1) any such allocation pursuant to the Book-Up Provisions (as defined in the Amended and Restated Limited Partnership Agreements
of the Operating Partnerships, as amended and restated as of the date of the Recapitalization Closing), (2) taxes resulting from any deemed distribution for U.S. federal income tax purposes with respect to such units of the Operating Partnerships
other than the Class B Units resulting from the reallocation of any nonrecourse liabilities of the Operating Partnerships outstanding at the time of the Recapitalization, and (3) taxes for any period that includes the Distribution Holiday
or any portion thereof for which the Consenting Partner Release Party had granted, or had granted on its behalf, to any taxing authority a waiver or consent extending any statute of limitation for the assessment of taxes for such period, unless the
Consenting Partner Release Party has notified the Oz Group in writing of such waiver or consent within 10 days of their grant (in the case of this clause (3), solely to the extent that the failure to have notified the Oz Group materially 

  
 151 

 prejudices the Oz Group’s ability to contest any assessment of taxes for which it would be required to
indemnify such Consenting Partner Release Party or to make a claim under the Tax Indemnity Policy (as defined below)), (ii) Claims by any other holder of units in the Oz Group against one or more of the Consenting Partner Release Parties,
(iii) Claims by any active or former executive managing director or Related Trust or any other person against one or more of the Consenting Partner Release Parties and (iv) Claims by any holders of Class A Shares (as defined in the
Information Statement) against one or more of the Consenting Partner Release Parties, but in all cases, solely to the extent (x) arising out of, relating to, based upon or resulting from the Recapitalization or any act or omission with respect
to the planning for, or otherwise arising out of or relating to, the Recapitalization, solely in respect of the period beginning on May 17, 2018, and (y) other than in the case of Expense Reimbursement, such Losses become payable in a
final and non-appealable order or judgment by a court of competent jurisdiction, a final and binding settlement agreement or, in the case of taxes, pursuant to a determination within the meaning of
Section 1313(a) of the Internal Revenue Code of 1986, as amended (or any comparable provision of state or local tax law), an Internal Revenue Service Form 870 or 870-AD (or successor form) signed by the
Consenting Partner Release Party (or any comparable form under state or local tax law) (for the avoidance of doubt, subject to the applicable restrictions on settlement contained herein) or a settlement or notice of final partnership adjustment that
goes uncontested by the applicable Oz Group member (or any comparable provisions under state or local tax law), and for the avoidance of doubt, in all cases excluding the Intended Effects. All indemnification payments made pursuant to this
Indemnification and Release section shall be paid by the Oz Group on an after tax basis and net of any tax benefits actually realized (in the year of the Loss through and including the year in which the indemnification payment is made) by the
Consenting Partner Release Parties in connection with the matter that is subject to indemnification and any amounts relating to Claims that are actually received by the Consenting Partner Release Parties under insurance policies, indemnities,
reimbursement arrangements or contracts (including with respect to any breaches thereof), and the Consenting Partner Release Parties shall be required to take commercially reasonable steps to obtain recovery under such insurance policies,
indemnities, reimbursement arrangements or contracts. The Consenting Partner Release Parties and the Oz Group shall cooperate in connection with any matters in which indemnification has been or may be sought pursuant to this Indemnification and
Release section and shall each furnish any records and other information as may be reasonably requested by the other party in connection therewith, except for confidential tax information and except to the extent such records or other information is
subject to the attorney-client or other similar privilege that would be waived (in whole or in part) as a result of such furnishing (in which case the Consenting Partner Release Parties shall use reasonable best efforts to implement alternative
arrangements to (i) furnish such tax information on a redacted or other similar basis to eliminate confidential information and (ii) furnish any other records and other information to the extent permissible without waiving the
attorney-client or other similar privilege); provided that any tax information needed in order for the Oz Group to ascertain the amount of the Loss and determine the amount of the required indemnification payment shall be deemed not to be
confidential; provided further that the Oz Group shall keep all such tax information confidential to the extent permitted by law. Without limiting the foregoing, the Consenting Partner Release Parties shall (i) promptly inform the Oz Group of
any communication (or any other correspondence) received from, or given to, any applicable governmental, quasi-governmental agency or other person in connection with any matter which is or would reasonably be expected to be subject to
indemnification hereunder, (ii) permit the Oz Group to review in advance any proposed communication by such party to any such person to the extent 

  
 152 

 relating thereto and incorporate the Oz Group’s reasonable comments, and (iii) as requested by the
Oz Group and permitted by law, permit the Oz Group to participate in any applicable meetings or discussions with such person to the extent relating thereto, in the case of each of clauses (i)-(iii), to the extent such actions would not result in any
waiver of any attorney-client or other similar privilege of such Consenting Partner Release Party (subject to the obligations of the Consenting Partner Release Parties set forth in the immediately preceding sentence). 

In the event of a proceeding or other Claim against a Consenting Partner Release Party involving a third party for which indemnification or advancement of
fees and expenses may be required hereunder (a “Third Party Claim”), you shall promptly (but in the case of a Third Party Claim relating to taxes, in no event later than 10 days following notice thereof) notify the Oz Group in
writing and provide information as the Oz Group may reasonably request provided that a delay in notice shall not affect the Oz Group’s liability except to the extent it is materially prejudiced thereby. The Oz Group shall be entitled to
participate in the defense of such Third Party Claim at its expense, and, other than with respect to such Claims related to taxes which shall be subject to the procedures set forth below, at its option shall be entitled to assume the defense thereof
with counsel selected by the Oz Group that is reasonably acceptable to you (it being acknowledged and agreed that for purposes of this section Skadden, Arps, Slate, Meagher & Flom LLP is deemed reasonably acceptable to you). If
(i) such Third Party Claim relates to or arises in connection with any criminal proceeding brought by any governmental or quasi-governmental agency or entity, or (ii) such Third Party Claim seeks an injunction or equitable relief against
you, then the Oz Group and each Indemnified Party Group (as defined below) (as represented by such group’s Permitted Counsel (as defined below), at the Oz Group’s expense (to the extent reasonable, documented and out-of-pocket) shall jointly control such Third Party Claim and, to the extent included as indemnified parties pursuant to this Consent or a separate consent delivered in
connection with the Recapitalization (“Indemnified Parties”), (A) Indemnified Parties that are DO Parties or their Representatives as a group shall be entitled to retain one separate counsel reasonably acceptable to the Oz Group (it being
acknowledged and agreed that for purposes of this section Paul, Weiss, Rifkind, Wharton & Garrison LLP is deemed reasonably acceptable to the Oz Group), (B) the applicable Indemnified Parties that are active executive managing directors or
their Representatives as a group shall be entitled to retain one separate counsel reasonably acceptable to the Oz Group (it being acknowledged and agreed that for purposes of this section Proskauer Rose LLP is deemed reasonably acceptable to the Oz
Group) and (C) any other applicable Indemnified Parties as a group shall be entitled to retain one separate counsel reasonably acceptable to the Oz Group (it being acknowledged and agreed that for purposes of this section Paul Hastings LLP is
deemed reasonably acceptable to the Oz Group), in each case, to jointly control such Third Party Claim (plus, in each of (A), (B) and (C), if applicable, each of the Indemnified Party Groups shall be entitled to retain one local counsel reasonably
acceptable to the Oz Group in any applicable jurisdiction in respect of any particular Claim for the applicable Indemnified Parties) at the Oz Group’s expense (to the extent reasonable, documented and out-of-pocket) (the groups of Indemnified Parties in each of (A), (B) and (C), the “Indemnified Party Groups” and the applicable counsel for each such group, the “Permitted
Counsel”). Notwithstanding the foregoing, if your counsel advises you in writing that representation by the same counsel would be inappropriate under applicable standards of professional conduct due to a material conflict of interest that
exists or would reasonably be expected to arise in the event the Oz Group elects to control or defend any Third Party Claim, then each Indemnified Party Group (as represented by such group’s 

  
 153 

 Permitted Counsel, at the Oz Group’s expense (to the extent reasonable, documented and out-of-pocket)) shall be entitled to control their own defense of such Third Party Claim; provided, however that the Oz Group shall be entitled to participate in the defense
of such Third Party Claim at its expense. For the avoidance of doubt, none of the consummation of the Recapitalization transactions or the execution of this Consent (including the indemnification and release provisions hereof), shall constitute, in
and of themselves, a conflict for purposes of the foregoing sentence. 
 In the case of any Third Party Claim consisting of an audit, examination, or other
proceeding of any taxes or tax returns of a Consenting Partner Release Party, (i) if the applicable audit, examination or other proceeding includes other tax matters of the Consenting Partner Release Party besides the Third Party Claim, then
the Consenting Partner Release Party shall use commercially reasonable efforts (which shall not include settlement on terms not agreeable to you of such other tax matters) to sever the Third Party Claim from all other tax matters, (ii) if the
applicable audit, examination or other proceeding includes solely Third Party Claims or the audit, examination or other proceeding was successfully severed in accordance with the immediately preceding clause (i) to solely include the Third
Party Claim, then the Oz Group at its option shall be entitled to assume the defense thereof with one counsel selected by the Oz Group that is reasonably acceptable to you (it being acknowledged and agreed that for purposes of this section Skadden,
Arps, Slate, Meagher & Flom LLP is deemed reasonably acceptable to you), (iii) if the applicable audit, examination or other proceeding includes other tax matters of the Consenting Partner Release Party besides the Third Party Claim and
cannot be severed in accordance with clause (i), then the Consenting Partner Release Party shall be entitled to retain the defense thereof (at the Consenting Partner Release Party’s expense, except to the extent relating to indemnifiable Losses
hereunder) and if the Consenting Partner Release Party foregoes such defense, the Oz Group shall be entitled to assume the defense thereof with one counsel selected by the Oz Group that is reasonably acceptable to you (it being acknowledged and
agreed that for purposes of this section Skadden, Arps, Slate, Meagher & Flom LLP is deemed reasonably acceptable to you) (at the Consenting Partner Release Party’s expense, except to the extent relating to indemnifiable Losses
hereunder), (iv) (1) to the extent the Oz Group controls such Third Party Claim pursuant to the immediately preceding clauses (i)-(iii) and determines (in consultation with the Consenting Partner Release Party) or (2) to the extent the Oz
Group does not control any such Third Party Claim pursuant to clause (v) below and the Consenting Partner Release Party reasonably determines with the consent of the Oz Group (not to be unreasonably withheld, conditioned or delayed) that any
part of the underlying tax should be paid to the appropriate taxing authority prior to the final resolution of the Third Party Claim, (x) the Oz Group shall advance the Consenting Partner Release Party the amount of such tax (to the extent
indemnifiable hereunder) and the Consenting Partner Release Party shall promptly remit such amount to the appropriate taxing authority, and (y) if such advance exceeds the amount of tax as ultimately determined, the Oz Group shall be entitled
to offset the amount of such excess against any and all amounts otherwise owed to the Consenting Partner Release Party under this Consent or any applicable limited partnership agreement, and the Consenting Partner Release Party shall pay over to the
Oz Group any amount remaining of such excess after such offset, if any, and (v) to the extent the Oz Group does not control any such audit, examination or other proceeding in accordance with the immediately preceding clauses (i)-(iii), the Oz
Group may participate at its own expense and with its own selected counsel in the audit, examination or other proceeding only to the extent applicable to the Third Party Claim and the Consenting Partner Release Party shall only settle such Third
Party Claim with the consent of the Oz Group (not to be unreasonably withheld, conditioned or delayed). For the avoidance of doubt, any tax information of a 

  
 154 

 Consenting Partner Release Party that is included in such a tax audit, examination or other proceeding
controlled by the Oz Group (or in which the Oz Group participates) and that is not relevant to the Third Party Claim will be treated as confidential tax information and not shared with the Oz Group pursuant to the cooperation and information sharing
provisions above and, to the extent any tax information is shared with the Oz Group or its advisors, such information shall be kept confidential to the extent permitted by law. For the further avoidance of doubt, the control, defense, and settlement
of an audit, examination, or other proceeding of any taxes or tax returns of an Operating Partnership shall be governed by the provisions of the applicable limited partnership agreement and Sections 6221-6241 of the Code and the Treasury Regulations
promulgated thereunder. 
 If the Oz Group assumes the defense of a Third Party Claim, the Oz Group shall control the defense and you shall be entitled (at
your own expense) to participate in such defense. If the Oz Group is controlling the defense of any Third Party Claim, then the Oz Group shall be entitled to settle or compromise such Third Party Claim, and you shall agree to such settlement or
compromise; provided, the Oz Group shall obtain your prior written consent (not to be unreasonably withheld, conditioned or delayed) before entering into any such settlement or compromise if (A) the same results in (i) injunctive or other
equitable relief imposed against the applicable indemnified parties or (ii) a finding or admission of guilt, wrongdoing or any violation of law (provided that, for the avoidance of doubt, agreeing to an adjustment of items of income, gain, loss
and deductions in connection with a civil tax settlement shall not be considered such an admission) on the part of the applicable indemnified parties or (B) the applicable indemnified parties are not expressly and unconditionally released from
all liabilities and obligations with respect to such Third Party Claim. While you control defense of a Third Party Claim, the Oz Group shall use commercially reasonable efforts to defend and/or assist in your defense of any claim by a taxing
authority relating to an allocation of income described in clause (i) of the definition of Loss in the prior paragraph. Whether or not the Oz Group assumes the defense of a Third Party Claim, neither you nor any applicable indemnified party
shall admit any liability with respect to, or settle, compromise or discharge (or offer the same), such Third Party Claim without the Oz Group’s prior written consent (not to be unreasonably withheld, conditioned or delayed). In the event of
any legal proceedings brought by you or the Consenting Partner Release Parties for the enforcement of the indemnification and release provisions of this Consent, the reasonable costs and expenses incurred by you and such Consenting Partner Release
Parties (as applicable), on the one hand, and the Oz Release Parties, on the other hand, in connection therewith, including attorney fees and disbursements, and the interest accrued on any amounts owed by the Oz Group pursuant to the terms of the
indemnification and release provisions of this Consent, in each case shall be reimbursed to you and such Consenting Partner Release Parties (as applicable) by the Oz Group solely to the extent you and such Consenting Partner Release Parties (as
applicable) are the prevailing party in such legal proceedings. The indemnification rights of the Consenting Partner Release Parties hereunder shall be in addition to any other indemnification rights the Consenting Partner Release Parties may have
under the Amended and Restated Limited Partnership Agreements of the Operating Partnerships or any existing indemnification agreements with any members of the Oz Group, in each case, without limiting the scope of the releases contained herein. The
Consenting Partner Release Parties acknowledge that the Oz Group is obtaining a Tax Indemnity Policy underwritten by VALE Insurance Partners, LLC (the “Tax Indemnity Policy”) with respect to certain tax aspects of the
Recapitalization. The Consenting Partner Release Parties acknowledge and agree that (i) for purposes of this Consent, the rights of the Oz Group to control or participate in any Third Party Claim involving taxes shall include the right of
control or participation by the applicable insurers under the 

  
 155 

 Tax Indemnity Policy, and (ii) the Consenting Partner Release Parties shall reasonably cooperate with
the Oz Group in any claims by the Oz Group pursuant to the Tax Indemnity Policy (which may include, for the avoidance of doubt but subject to the terms hereof, permitting the applicable insurers thereunder to control or participate in the applicable
Third Party Claim to the extent required by the Tax Indemnity Policy). 
 For the avoidance of doubt, except as previously agreed to by any of the Oz
Parties prior to the date hereof pursuant to an executed engagement letter or the sections entitled “Certain Protections” and “Expenses” in the Agreement, no costs or expenses incurred by any Consenting Partner Release Parties in
connection with the review and negotiation of the Recapitalization and related documentation shall be subject to reimbursement, advancement or indemnification hereunder. 

Delivery Instructions 
 The effectiveness of this Consent,
including the release and the indemnification provisions set forth herein, is subject to the Recapitalization Closing. The Recapitalization Closing remains subject to the satisfaction or waiver of certain closing conditions related thereto, and
there can be no guarantee that the transactions contemplated by the Agreement will be consummated on a timely basis or at all. In the event that for any reason, the Recapitalization does not occur by February 28, 2019, neither you nor the Oz
Parties will have any obligation in respect of this Consent, including the release and indemnification provisions set forth herein, and this Consent shall terminate and be void and of no further force or effect. The execution of this Consent shall
not obligate the Company to consummate the Recapitalization. The Recapitalization Closing may occur if the closing conditions to the Recapitalization are satisfied, even if you do not execute this Consent. If you do not execute and timely deliver
this Consent, you will not be entitled to the benefits of the release and the indemnification provisions set forth herein. 
 Please have a duly
authorized person sign this Consent, returning a copy of your signed Consent by email to David Levine, the Company’s Chief Legal Officer, at David.Levine@ozm.com and mailing the original of your signed Consent to the following address: 

Och-Ziff Capital Management Group LLC 

9 West 57th Street, 39th Floor 

New York, New York 10019 

Attention: Chief Legal Officer 
 We request that
you complete these actions as soon as possible, and in any event no later than February 7, 2019. Should you have any questions concerning the above matters, please do not hesitate to contact David Levine at
david.levine@ozm.com. We appreciate your assistance and thank you in advance for your prompt attention to this matter. 
 Miscellaneous 

This Consent shall be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflict of laws. Each
party hereto (i) irrevocably submits to the jurisdiction of the Court of Chancery of the State of Delaware or, if such court lacks jurisdiction, any Delaware state court or U.S. federal court sitting in Wilmington, Delaware (the
“Selected Courts”) in any action arising out of this Consent, (ii) consents to the service of process by mail and (iii) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, 

  
 156 

 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 THIS CONSENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND
AGREES THAT ANY OF THE PARTIES HERETO MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT BY EACH OF THE PARTIES HERETO IRREVOCABLY TO
WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THE PARTIES HERETO RELATING TO THIS CONSENT OR ANY OF THE CONTEMPLATED TRANSACTIONS AND EACH OF THE PARTIES HERETO AGREES THAT SUCH ACTION WILL INSTEAD BE TRIED IN A COURT OF
COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 This Consent may be executed in counterparts and signatures may be delivered by facsimile
or by e-mail delivery of a “.pdf” format data file, each one of which shall be deemed an original and all of which together shall constitute one and the same Consent. 

The headings and captions herein are inserted for convenience of reference only and are not intended to govern, limit or aid in the construction of any term
or provision hereof. It is the intention of the parties that every covenant, term and provision of this Consent shall be construed simply according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law
requiring a Consent to be strictly construed against the drafting party), it being understood that the parties to this Consent are sophisticated and have had adequate opportunity and means to retain counsel to represent their interests and to
otherwise negotiate the provisions of this Consent. 
 The parties intend for this Consent to constitute a legal, valid and binding obligation of each party
hereto enforceable against such party in accordance with its terms. This Consent may not be assigned by any of the parties without the prior written consent of the other parties hereto. 

Except as expressly contemplated herein, this Consent and the Implementation Agreements constitute the entire agreement among the parties hereto pertaining to
the subject matter hereof and supersede all prior agreements and understandings pertaining thereto except for pre-existing legal retention agreements. 

Except as otherwise provided herein, it is understood and agreed among the parties that this Consent and the covenants made herein are made expressly and
solely for the benefit of the parties hereto, and that no other person or entity shall be entitled or be deemed to be entitled to any benefits or rights hereunder, nor be authorized or entitled to enforce any rights, claims or remedies hereunder or
by reason hereof. 
 No provision of this Consent may be amended, modified or waived except in writing, signed by each of the parties hereto. Except as
otherwise expressly set forth herein, no delay or omission on the part of any party to this Consent in exercising any right, power or remedy provided by law or provided 

  
 157 

 hereunder shall impair such right, power or remedy or operate as a waiver thereof. The single or partial
exercise of any right, power or remedy provided by law or provided hereunder shall not preclude any other or further exercise of any other right, power or remedy. 

The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Consent were not performed in accordance with its
specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this Consent and to enforce specifically the terms and
provisions hereof in any of the Selected Courts, this being in addition to any other remedy to which they are entitled at law or in equity. 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 hereto 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, it will not assert the defense that a remedy
at law would be adequate. 
 The provisions of this Consent shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. If any provision of this Consent, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a
suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Consent and the
application of such provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction. 
 [Signature Page Follows] 

  
 158 

 
			
	Sincerely,
	
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
		
	By:	 	              

	Name:	 	
	Title:	 	
	
	OZ MANAGEMENT LP
	By: Och-Ziff Holding Corporation, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS LP
	By: Och-Ziff Holding Corporation, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ ADVISORS II LP
	By: Och-Ziff Holding LLC, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page
to Recapitalization Consent] 

 
			
	OCH-ZIFF HOLDING CORPORATION
		
	By:	 	         

	Name:	 	 
	Title:	 	
	
	OCH-ZIFF HOLDING LLC
		
	By:	 	 

	Name:	 	
	Title:	 	

  
 [Signature Page
to Recapitalization Consent] 

 Acknowledged, agreed and consented to as of the date first set forth above: 

 

			
	By:	 	  

	Name:	 	

  
 [Signature Page
to Recapitalization Consent] 

 Schedule A 

 Exhibit E-1 

VESTING TERMS OF THE CLASS E-1 COMMON UNITS 

The Class E-1 Common Units conditionally granted to a Limited Partner on the Recapitalization Date shall vest on
the following schedule: 
  

	1.	 Normal Vesting. Except as provided in Paragraphs 2 and 3 below: 

(a)         Solely with respect to any
Class E-1 Common Units granted to such Limited Partner on the Recapitalization Date up to and including the number of Class A-1 Common Units held by such
Limited Partner and his Related Trusts immediately following the Recapitalization (the “First Tranche of Class E-1 Common Units”), one hundred percent (100%) of such Class E-1 Common Units shall vest on December 31, 2019, subject to the continuous service as an Active Individual LP of such Limited Partner (or, if the Limited Partner holding any such Class E-1 Common Units is a Related Trust, the applicable Individual Limited Partner) through such vesting date; and 

(b)         Solely with respect to any other
Class E-1 Common Units granted to such Limited Partner on the Recapitalization Date (the “Additional Class E-1 Common Units”),
thirty-three and one-third percent (33-1/3%) of such Class E-1 Common Units shall vest on each of (i) December 31,
2020, (ii) December 31, 2021 and (iii) December 31, 2022, subject, in each case, to the continuous service as an Active Individual LP of such Limited Partner (or, if the Limited Partner holding any such
Class E-1 Common Units is a Related Trust, the applicable Individual Limited Partner) through the applicable vesting date. 
  

	2.	 Accelerated Vesting Upon Liquidation or Change of Control. Notwithstanding the foregoing, any and all
unvested Class E-1 Common Units shall become fully vested in the event of a liquidation of the Partnership or a Change of Control. 

 

	3.	 Withdrawal. Notwithstanding the foregoing: 

(a)         In the event of the Withdrawal of a Limited Partner (i) for Cause (as
determined pursuant to clause (A) of Section 8.3(a)(i) of this Agreement) or (ii) by reason of the Limited Partner (other than due to death or Disability) ceasing to be, or providing notice to the General Partner of his intention to
cease to be, actively involved with the Partnership and its Affiliates (as determined pursuant to clause (C) of Section 8.3(a)(i) of this Agreement), in either case, any and all unvested
Class E-1 Common Units shall be immediately forfeited for no consideration upon such Withdrawal. 

(b)         In the event of (x) a Limited Partner’s Withdrawal as determined
by the Partner Performance Committee pursuant to clause (B) of Section 8.3(a)(i) of this Agreement or (y) a Limited Partner’s Special Withdrawal (a “Withdrawal without Cause”), in either case, then: 

 (i)         Solely with respect to
the First Tranche of Class E-1 Common Units, any and all such unvested Class E-1 Common Units shall become fully vested upon such Withdrawal or Special
Withdrawal, respectively. 
 (ii)         Solely with respect to the Additional Class E-1 Common Units, a portion of such Class E-1 Common Units shall become vested upon such Withdrawal or Special Withdrawal, respectively, in an amount equal to
(A) (x) the number of Additional Class E-1 Common Units granted, multiplied by (y) a fraction, the numerator of which is the sum of (I) 12 months and (II) the number of full (or partial)
months that the Limited Partner (or, if such Limited Partner is a Related Trust, the applicable Individual Limited Partner) served as an Active Individual LP or an employee of the Partnership or its Affiliates during the period commencing on
December 31, 2017 and ending on the date of such Withdrawal or Special Withdrawal, and the denominator of which is 60 months, less (B) the total number of vested Additional Class E-1 Common
Units held immediately prior to such Withdrawal or Special Withdrawal; provided, that in no event shall the vested percentage of such Class E-1 Common Units exceed 100%. Any and all unvested
Additional Class E-1 Common Units that do not become vested in accordance with this clause (ii) upon such a Withdrawal without Cause shall be immediately forfeited for no consideration at such time.

 (c)      In the event of an Individual Limited Partner’s death or Disability, any and
all unvested Class E-1 Common Units of such Limited Partner and his Related Trusts shall immediately become fully vested. 

 Exhibit E-2 

VESTING TERMS OF THE CONVERSION CLASS E-2 COMMON UNITS 

Provided that they are retained by the Limited Partner in accordance with Section 3.1(e)(ii) as of the close of business on the Conversion Class E-2 Notice Date, the Conversion Class E-2 Common Units conditionally granted to a Limited Partner as provided in Section 3.1(e) of this Agreement shall
vest on the following schedule: 
  

	1.	 Solely with respect to any Limited Partner who is not an Active Individual LP (or the Related Trust of an
Active Individual LP) as of the Recapitalization Date, such Conversion Class E-2 Common Units shall be fully vested as of the date of grant. 

 

	2.	 Solely with respect to a Limited Partner who is an Active Individual LP (or the Related Trust of an Active
Individual LP) as of the Recapitalization Date, such Conversion Class E-2 Common Units shall vest on the following schedule: 

(a)       With respect to any portion of the grant of such Conversion Class E-2 Common Units that were granted in the Merger in respect of Class D Common Units that were vested as of the Recapitalization Date, such portion shall be unvested and shall become vested on
December 31, 2019, subject to the applicable Individual Limited Partner’s continuous service as an Active Individual LP through such vesting date. Notwithstanding the foregoing, in the event of (x) a Limited Partner’s Withdrawal
as determined by the Partner Performance Committee pursuant to clause (B) of Section 8.3(a)(i) of this Agreement or (y) a Limited Partner’s Special Withdrawal (a “Withdrawal without Cause”), in either case, then
any and all such unvested Conversion Class E-2 Common Units shall become fully vested upon such Withdrawal or Special Withdrawal, respectively. Further, in the event of an Individual Limited
Partner’s death or Disability, any and all unvested Conversion Class E-2 Common Units of such Limited Partner and his Related Trusts shall immediately become fully vested; 

(b)       With respect to any portion of the grant of such Conversion Class E-2 Common Units that were granted in the Merger in respect of Class D Common Units that (i) were unvested as of the Recapitalization Date and (ii) were scheduled to vest within 12 months
following January 31, 2019, such portion shall be unvested and shall become vested on December 31, 2019, subject to the applicable Individual Limited Partner’s continuous service as an Active Individual LP through the applicable
vesting date. If the applicable Individual Limited Partner ceases to be an Active Individual LP at any time prior to the applicable vesting date, any and all such unvested Conversion Class E-2 Common
Units shall be immediately forfeited at such time. Notwithstanding the foregoing, in the event of (i) the Limited Partner’s Withdrawal without Cause or (ii) the applicable Individual Limited Partner’s Withdrawal as a result of
death or Disability, in either case any and all unvested Conversion Class E-2 Common Units of such Limited Partner and his Related Trusts shall immediately become fully vested; 

 (c)       With respect to any portion of the
grant of such Conversion Class E-2 Common Units that were granted in the Merger in respect of Class D Common Units that (i) were unvested as of the Recapitalization Date and (ii) were not
scheduled to vest within 12 months following January 31, 2019, such portion shall become subject to the same vesting terms and conditions as applied to such Class D Common Units immediately prior to the Recapitalization Date; and 

(d)       Notwithstanding the foregoing, any and all unvested Conversion Class E-2 Common Units shall become fully vested in the event of a liquidation of the Partnership or a Change of Control. 

 Exhibit F 

MEMBERS OF THE PARTNER MANAGEMENT COMMITTEE AND PARTNER 

PERFORMANCE COMMITTEE AS OF THE TRANSITION DATE 

Robert Shafir (Chairman) 
 Wayne Cohen 

James Levin 
 David Levine 

Thomas Sipp 

 Exhibit G 

Economic Income is a measure of pre-tax operating performance that excludes the following from our results on a GAAP
basis: 
  

	 	•	 	 Income allocations to our executive managing directors on their direct interests in the Oz Operating Group.
Management reviews operating performance at the Oz Operating Group level, where substantially all of our operations are performed, prior to making any income allocations. 

 

	 	•	 	 Equity-based compensation expenses, depreciation and amortization expenses, changes in the tax receivable
agreement liability, net gains and losses on early retirement of debt financing arrangements, unrealized gains and losses related to changes in the fair value of financing arrangements, gains and losses on fixed assets, and net gains and losses on
investments in funds, as management does not consider these items to be reflective of operating performance. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time
of settlement. 

  

	 	•	 	 Amounts related to the consolidated funds, including the related eliminations of management fees and incentive
income, as management reviews the total amount of management fees and incentive income earned in relation to total assets under management and fund performance. 

In addition, expenses related to incentive income profit-sharing arrangements are generally recognized at the same time the related incentive income revenue
is recognized, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund. Further, deferred cash compensation is expensed in full in the year granted for
Economic Income, rather than over the service period for GAAP. 
 The components of Economic Income shall be calculated without duplication.

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