Document:

exv10w26

 

Exhibit 10.26

Compensation Information – Named Executive Officers

The table below provides information regarding the 2007 annual base salary of each executive
officer of XenoPort, Inc. listed below:

	 	 	 	 	 
	Named Executive Officer	 	2007 Annual Base Salary
	Ronald W. Barrett, Ph.D.

Chief Executive Officer
	 	$	425,000	 
	William J. Rieflin

President
	 	$	342,400	 
	William G. Harris

Senior Vice President of Finance and Chief Financial Officer
	 	$	283,550	 
	Pierre V. Trân, M.D., M.M.M.

Senior Vice President and Chief Medical Officer
	 	$	280,900	 
	Mark A. Gallop, Ph.D.

Senior Vice President of Research
	 	$	262,150SHAREHOLDERS AGREEMENT
	 

	 
		dated as of
	 

	 
		           ,
		2007
	 

	 
		among
	 

	 
		FORTRESS INVESTMENT GROUP LLC
	 

	 
		and
	 

	 
		THE INDIVIDUALS SET FORTH
	 

	 
		ON THE SIGNATURE PAGES
	 

	 
		HERETO
	 

	 
		 
	 

	 

	 
	 

	 

	 
			
				
				  TABLE OF CONTENTS
				

			 	 	 
	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  ARTICLE I
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  DEFINITIONS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 1.1
				

			 	
				
				   
				

			 	
				
				  DEFINITIONS
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  SECTION 1.2
				

			 	
				
				   
				

			 	
				
				  GENDER
				

			 	
				
				   
				

			 	
				
				  8
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE II
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  APPROVAL OF CERTAIN MATTERS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 2.1
				

			 	
				
				   
				

			 	
				
				  PRINCIPALS’ APPROVAL
				

			 	
				
				   
				

			 	
				
				  9
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE III 
 

				  TRANSFER RESTRICTIONS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 3.1
				

			 	
				
				   
				

			 	
				
				  TRANSFER RESTRICTIONS
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE IV
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  PRINCIPALS’ BOARD
				  REPRESENTATION
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 4.1
				

			 	
				
				   
				

			 	
				
				  NOMINEES
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE V
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  TERMINATION
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 5.1
				

			 	
				
				   
				

			 	
				
				  TERM
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  SECTION 5.2
				

			 	
				
				   
				

			 	
				
				  SURVIVAL
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  SECTION 5.3
				

			 	
				
				   
				

			 	
				
				  VOTING POWER
				

			 	
				
				   
				

			 	
				
				  14
				

			 

 

	 
		i
	 

	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE VI
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  REGISTRATION RIGHTS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 6.1
				

			 	
				
				   
				

			 	
				
				  DEMAND REGISTRATION
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  SECTION 6.2
				

			 	
				
				   
				

			 	
				
				  PIGGYBACK REGISTRATION
				

			 	
				
				   
				

			 	
				
				  17
				

			 
	
				
				  SECTION 6.3
				

			 	
				
				   
				

			 	
				
				  SHELF REGISTRATION
				

			 	
				
				   
				

			 	
				
				  19
				

			 
	
				
				  SECTION 6.4
				

			 	
				
				   
				

			 	
				
				  WITHDRAWAL RIGHTS
				

			 	
				
				   
				

			 	
				
				  21
				

			 
	
				
				  SECTION 6.5
				

			 	
				
				   
				

			 	
				
				  HOLDBACK AGREEMENTS
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  SECTION 6.6
				

			 	
				
				   
				

			 	
				
				  REGISTRATION PROCEDURES
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  SECTION 6.7
				

			 	
				
				   
				

			 	
				
				  REGISTRATION EXPENSES
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  SECTION 6.8
				

			 	
				
				   
				

			 	
				
				  REGISTRATION INDEMNIFICATION
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE VII
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  INDEMNIFICATION WITH RESPECT TO
				  PERSONAL GUARANTEES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 7.1
				

			 	
				
				   
				

			 	
				
				  INDEMNIFICATION WITH RESPECT TO
				  PERSONAL GUARANTIES
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION 7.2
				

			 	
				
				   
				

			 	
				
				  PROCEDURE
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION 7.3
				

			 	
				
				   
				

			 	
				
				  SURVIVAL
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE VIII
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  REPRESENTATIONS AND
				  WARRANTIES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 8.1
				

			 	
				
				   
				

			 	
				
				  REPRESENTATIONS AND WARRANTIES OF
				  THE PRINCIPALS
				

			 	
				
				   
				

			 	
				
				  34
				

			 
	
				
				  SECTION 8.2
				

			 	
				
				   
				

			 	
				
				  REPRESENTATIONS AND WARRANTIES OF
				  FORTRESS
				

			 	
				
				   
				

			 	
				
				  34
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE IX
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  MISCELLANEOUS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 9.1
				

			 	
				
				   
				

			 	
				
				  NOTICES
				

			 	
				
				   
				

			 	
				
				  35
				

			 
	
				
				  SECTION 9.2
				

			 	
				
				   
				

			 	
				
				  INTERPRETATION
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  SECTION 9.3
				

			 	
				
				   
				

			 	
				
				  SEVERABILITY
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  SECTION 9.4
				

			 	
				
				   
				

			 	
				
				  COUNTERPARTS
				

			 	
				
				   
				

			 	
				
				  36
				

			 

 

	 
		ii
	 

	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  SECTION 9.5
				

			 	
				
				   
				

			 	
				
				  ADJUSTMENTS UPON CHANGE OF
				  CAPITALIZATION
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  SECTION 9.6
				

			 	
				
				   
				

			 	
				
				  ENTIRE AGREEMENT; NO THIRD PARTY
				  BENEFICIARIES
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  SECTION 9.7
				

			 	
				
				   
				

			 	
				
				  FURTHER ASSURANCES
				

			 	
				
				   
				

			 	
				
				  37
				

			 
	
				
				  SECTION 9.8
				

			 	
				
				   
				

			 	
				
				  GOVERNING LAW; EQUITABLE
				  REMEDIES
				

			 	
				
				   
				

			 	
				
				  37
				

			 
	
				
				  SECTION 9.9
				

			 	
				
				   
				

			 	
				
				  CONSENT TO JURISDICTION
				

			 	
				
				   
				

			 	
				
				  37
				

			 
	
				
				  SECTION 9.10
				

			 	
				
				   
				

			 	
				
				  AMENDMENTS; WAIVERS
				

			 	
				
				   
				

			 	
				
				  38
				

			 
	
				
				  SECTION 9.11
				

			 	
				
				   
				

			 	
				
				  ASSIGNMENT
				

			 	
				
				   
				

			 	
				
				  38
				

			 
	
				
				  SECTION 9.12
				

			 	
				
				   
				

			 	
				
				  STATUS
				

			 	
				
				   
				

			 	
				
				  39
				

			 
	
				
				  SECTION 9.13
				

			 	
				
				   
				

			 	
				
				  PRINCIPALS AGREEMENT
				

			 	
				
				   
				

			 	
				
				  39
				

			 

 

	 
		iii
	 

	 

	 
	 

	 

	 
		SHAREHOLDERS AGREEMENT (the
		“Agreement”), dated as of
		              ,
		2007, among the individuals set forth on the signature pages hereto (the
		“Initial Shareholders” and, collectively with all other Persons (as
		defined herein) who become shareholders in accordance with this Agreement, the
		“Shareholders”), and Fortress Investment Group LLC, a Delaware
		limited liability company (“Fortress”). 
	 

	 
		WHEREAS, in connection with the IPO (as
		defined herein), Fortress and its Affiliates (as defined herein) intend to
		consummate the transactions described in the Registration Statement on Form S-1
		(Registration No. 333-138514) (the “IPO Registration Statement”);
		and
	 

	 
		WHEREAS, the Shareholders and Fortress
		desire to address herein certain relationships among themselves with respect to
		the equity interests in the Fortress Operating Group (as defined
		herein).
	 

	 
		NOW, THEREFORE, in consideration of the
		mutual covenants and undertakings contained herein and for good and valuable
		consideration, the receipt and sufficiency of which are hereby acknowledged,
		the parties hereto hereby agree as follows:
	 

	 
		ARTICLE I
	 

	 
		 
	 

	 
		DEFINITIONS
	 

	 
		SECTION 1.1 DEFINITIONS. As used in this
		Agreement, the following terms shall have the following meanings:
	 

	 
		An “AFFILIATE” of any Person means
		any other Person that directly or indirectly, through one or more
		intermediaries, Controls, is Controlled by, or is under common Control with,
		such first Person. “CONTROL” means the possession, direct or
		indirect, of the power to direct or cause the direction of the management and
		policies of a Person, whether through ownership of voting securities, by
		contract or otherwise.
	 

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

	 
		A “BENEFICIAL OWNER” of a security
		is a Person who directly or indirectly, through any contract, arrangement,
		understanding, relationship or 
	 

	 
		1
	 

	 

	 
	 

	 

	 
		otherwise has or shares: (i) voting power,
		which includes the power to vote, or to direct the voting of, such security
		and/or (ii) investment power, which includes the power to dispose, or to direct
		the disposition of, such security. The terms “BENEFICIALLY OWN” and
		“BENEFICIAL OWNERSHIP” shall have correlative meanings.
	 

	 
		“BOARD” means the board of
		directors of Fortress.
	 

	 
		“CAUSE” means with respect to a
		Principal, (i) the willful engaging by the Principal in illegal or fraudulent
		conduct or gross misconduct which, in each case, is materially and demonstrably
		injurious (x) to Fortress, (y) to the reputation of either the Principal or
		Fortress or (z) to any of Fortress’s material funds or businesses, (ii)
		conviction of a felony or a guilty or nolo contendere plea by the Principal
		with respect thereto, or (iii) a material breach by the Principal of his
		non-competition or non-solicitation covenants contained in the Principal’s
		employment agreement with Fortress, if such breach is curable and is not cured
		within 30 business days following receipt of a notice of such breach. For
		purposes of this definition, no act or failure to act on the part of the
		Principal shall be considered “willful” unless it is done, or omitted
		to be done, by the Principal in bad faith or without reasonable belief that the
		Principal’s action or omission was in the best interests of Fortress or
		was done or omitted to be done with reckless disregard to the consequences. Any
		act, or failure to act, based upon authority given pursuant to a resolution
		duly adopted by the Board or based upon the advice of counsel for Fortress
		shall be conclusively presumed to be done, or omitted to be done, by the
		Principal in good faith and in the best interests of Fortress. The cessation of
		employment of the Principal shall not be deemed to be for cause unless and
		until there shall have been delivered to the Principal a copy of a resolution
		duly adopted by the affirmative vote of a majority of the members of the Board
		at a meeting of the Board called and held for such purpose (after reasonable
		notice is provided to the Principal and the Principal is given an opportunity,
		together with counsel, to be heard before the Board), finding that in the good
		faith opinion of the Board, the Principal is guilty of the conduct constituting
		cause and specifying the particulars thereof in detail.
	 

	 
		“CLASS A SHARES” means the Class A
		Shares of Fortress representing Class A limited liability company interests of
		Fortress and any equity securities issued or issuable in exchange for or with
		respect to such Class A Shares by way of a dividend, split or combination of
		shares or in connection with a reclassification, recapitalization, merger,
		consolidation or other reorganization.
	 

	 
		2
	 

	 

	 
	 

	 

	 
		“CLASS B SHARES” means the Class B
		Shares of Fortress representing Class B limited liability company interests of
		Fortress and any equity securities issued or issuable in exchange for or with
		respect to such Class B Shares by way of a dividend, split or combination of
		shares or in connection with a reclassification, recapitalization, merger,
		consolidation or other reorganization.
	 

	 
		“CODE” shall mean the Internal
		Revenue Code of 1986, as amended and in effect from time to time. 
	 

	 
		“CONTINUING PRINCIPALS” shall have
		the meaning set forth in Section 2.1(a).
	 

	 
		“DEMAND” shall have the meaning
		set forth in Section 6.1(a).
	 

	 
		 “DEMAND SHAREHOLDER” means any
		Shareholder that, together with its Permitted Transferees and their respective
		Permitted Transferees who are in each case Shareholders, holds at least a
		Registrable Amount.
	 

	 
		“DEMAND REGISTRATION” shall have
		the meaning set forth in Section 6.1(a).
	 

	 
		“EQUITY INTERESTS” shall have the
		meaning set forth in Section 3.1(a).
	 

	 
		“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.
	 

	 
		A reference to an “EXCHANGE ACT
		RULE” shall mean such rule or regulation of the SEC under the Exchange
		Act, as in effect from time to time or as replaced by a successor rule
		thereto.
	 

	 
		“FOG UNIT” refers to a unit in the
		Fortress Operating Group, as described in the IPO Registration Statement, which
		represents one limited partnership interest in each of the limited partnerships
		that comprise the Fortress Operating Group and any corresponding Class B Shares
		and any equity securities issued or issuable (including Class A Shares) in
		exchange for or with respect to such FOG Units or Class B Shares (x) by way of
		a dividend, split or combination of shares, (y) in connection with a 
	 

	 
		3
	 

	 

	 
	 

	 

	 
		reclassification, recapitalization, merger,
		consolidation or other reorganization, or (z) otherwise.
	 

	 
		“FORM S-3” shall have the meaning
		set forth in Section 6.3(a).
	 

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

	 
		“FORTRESS OPERATING GROUP” has the
		meaning set forth in the IPO Registration Statement.
	 

	 
		“GOVERNMENTAL ENTITY” means any
		court, administrative agency, regulatory body, commission or other governmental
		authority, board, bureau or instrumentality, domestic or foreign and any
		subdivision thereof.
	 

	 
		“INITIAL CLASS B SHARES” shall
		have the meaning set forth in Section 3.1(a).
	 

	 
		“INITIAL FOG UNITS” shall have the
		meaning set forth in Section 3.1(a).
	 

	 
		“INITIAL SHAREHOLDERS” shall have
		the meaning set forth in the recitals to this Agreement.
	 

	 
		“INSPECTORS” shall have the
		meaning set forth in Section 6.6(a)(vii).
	 

	 
		“INVESTOR” means Nomura Investment
		Managers U.S.A., Inc., a Delaware corporation.
	 

	 
		‘INVESTOR SHAREHOLDER AGREEMENT”
		means the shareholder agreement, dated January 17, 2007, by and between the
		Investor and Fortress.
	 

	 
		“IPO” means the initial offering
		of Class A Shares to the public, as described in the IPO Registration
		Statement. 
	 

	 
		“IPO REGISTRATION STATEMENT” shall
		have the meaning set forth in the recitals of this Agreement.
	 

	 
		“LOSSES” shall have the meaning
		set forth in Section 6.8(a).
	 

	 
		4
	 

	 

	 
	 

	 

	 
		“OTHER DEMANDING SELLERS” shall
		have meaning set forth in Section 6.2(b).
	 

	 
		“OTHER PROPOSED SELLERS” shall
		have the meaning set forth in Section 6.2(b).
	 

	 
		“PERMITTED TRANSFEREE” shall mean
		with respect to each Principal and his Permitted Transferees (a) such
		Principal’s spouse, (b) a lineal descendant of such Principal’s
		maternal or paternal grandparents, the spouse of any such descendant or a
		lineal descendant of any such spouse (c) a Charitable Institution (as defined
		below), (d) a trustee of a trust (whether inter vivos or
		testamentary), all of the current beneficiaries and presumptive remaindermen of
		which are one or more of such Principal and persons described in clauses (a)
		through (c) of this definition, (e) a corporation, limited liability company or
		partnership, of which all of the outstanding shares of capital stock or
		interests therein are owned by one or more of such Principal and Persons
		described in clauses (a) through (d) of this definition; provided, however,
		that any subsequent transfer of any portion of the Beneficial Ownership of the
		entity such that it is Beneficially Owned in any part by a Person other than an
		Principal and/or a Person described in clauses (a) through (d) of this
		definition, will not be deemed to be to a transfer to a Permitted Transferee,
		(f) an individual mandated under a qualified domestic relations order, (g) a
		legal or personal representative of such Principal in the event of his death or
		Disability (as defined below), (h) any other Principal with respect to
		transactions contemplated by the Principals Agreement, (i) any other Principal
		who is then employed by Fortress or any of its Affiliates or any Permitted
		Transferee of such Principal in respect to any transaction not contemplated by
		the Principals Agreement and (j) in the case of Mr. Novogratz, MN1 LLC, a
		Delaware limited liability company. For purpose of this definition: (i)
		“lineal descendants” shall not include individuals 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 State Internal Revenue law) which is exempt from
		income taxation under section 501(a) thereof; (iii) “presumptive
		remaindermen” shall refer to those Persons entitled to a share of a
		trust’s assets if it were then to terminate; and (iv)
		“Disability” shall refer to any physical or mental incapacity which
		prevents a Principal from carrying out all or substantially all of his duties
		under his employment agreement with Fortress in such capacity for any period of
		one hundred twenty (120) consecutive days or any aggregate period of six (6)
		months in any 12-month period, as determined by a majority of the members of
		the Board, including a majority of the Principals who are then members of the
		Board (but for the sake of clarity not including the Principal in respect of
		which the determination is being made).
	 

	 
		5
	 

	 

	 
	 

	 

	 
		“PERSON” means any individual,
		corporation, firm, partnership, joint venture, limited liability company,
		estate, trust, business association, organization, Governmental Entity or other
		entity.
	 

	 
		“PIGGYBACK NOTICE” shall have the
		meaning set forth in Section 6.2(a).
	 

	 
		“PIGGYBACK REGISTRABLE AMOUNT”
		shall mean an amount of Shares representing at least 1% of the Total Voting
		Power of Fortress based on the aggregate amount of Shares issued and
		outstanding immediately after the consummation of the IPO.
	 

	 
		“PIGGYBACK REGISTRATION” shall
		have the meaning set forth in Section 6.2(a).
	 

	 
		“PIGGYBACK SELLER” shall have the
		meaning set forth in Section 6.2(a).
	 

	 
		“PIGGYBACK SHAREHOLDER” shall have
		the meaning set forth in Section 6.2(a).
	 

	 
		“PRINCIPALS” means Peter L.
		Briger, Jr., Wesley R. Edens, Robert I. Kauffman, Randal A. Nardone and Michael
		E. Novogratz.
	 

	 
		“PRINCIPALS AGREEMENT” means the
		agreement among principals, dated the date hereof, by and among the
		Principals.
	 

	 
		“PROCEEDING” shall have the
		meaning set forth in Section 9.9.
	 

	 
		“RECORDS” shall have the meaning
		set forth in Section 6.6(a)(viii).
	 

	 
		“REGISTRABLE AMOUNT” shall mean an
		amount of Shares representing at least 2.5% of the Total Voting Power of
		Fortress based on the aggregate amount of Shares issued and outstanding
		immediately after the consummation of the IPO.
	 

	 
		“REGISTRABLE SECURITIES” shall
		mean any Shares currently owned or hereafter acquired by any Shareholder. As to
		any particular Registrable Securities, such securities shall cease to be
		Registrable Securities when (x) a registration statement registering such
		securities under the Securities Act has been declared effective and such
		securities have been sold or otherwise transferred by the holder 
	 

	 
		6
	 

	 

	 
	 

	 

	 
		thereof pursuant to such effective
		registration statement or (y) such securities are sold in accordance with Rule
		144 (or any successor provision) promulgated under the Securities Act. 
	 

	 
		“REGISTRATION RIGHTS” means the
		rights described herein in Article VI.
	 

	 
		“REPRESENTATIVE” means with
		respect to a particular Person, any director, officer, manager, employee,
		agent, consultant, advisor, accountant, financial advisor, legal counsel or
		other representative of that Person.
	 

	 
		“REQUESTING SHAREHOLDER” shall
		have the meaning set forth in Section 6.1(a).
	 

	 
		“SEC” means the United States
		Securities and Exchange Commission or any similar agency then having
		jurisdiction to enforce the Securities Act.
	 

	 
		“SECURITIES ACT” means the
		Securities Act of 1933, as amended, supplemented or restated from time to time
		and any successor to such statute, and the rules and regulations promulgated
		thereunder.
	 

	 
		“SELECTED COURTS” shall have the
		meaning set forth in Section 9.9.
	 

	 
		“SELLING SHAREHOLDER” shall have
		the meaning set forth in Section 6.6(a)(i).
	 

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

	 
		“SHARES” means, collectively, the
		outstanding Class A Shares and Class B Shares (as equitably adjusted to reflect
		any split, combination, reorganization, recapitalization, reclassification or
		other similar event involving the Class A Shares and/or Class B Shares).

	 

	 
		“SHELF NOTICE” shall have the
		meaning set forth in Section 6.3(a).
	 

	 
		“SHELF REGISTRATION STATEMENT”
		shall have the meaning set forth in Section 6.3(a).
	 

	 
		7
	 

	 

	 
	 

	 

	 
		“SUBSIDIARY” or
		“SUBSIDIARIES” means, with respect to any Person, as of any date of
		determination, any other Person as to which such Person owns, directly or
		indirectly, or otherwise controls, more than 50% of the voting shares or other
		similar interests or the sole general partner interest or managing member or
		similar interest of such Person.
	 

	 
		“SUSPENSION PERIOD” shall have the
		meaning set forth in Section 6.3(d).
	 

	 
		“TOTAL VOTING POWER OF FORTRESS”
		means the total number of votes that may be cast in the election of directors
		of Fortress if all Voting Securities outstanding or treated as outstanding
		pursuant to the final two sentences of this definition were present and voted
		at a meeting held for such purpose. The percentage of the Total Voting Power of
		Fortress Beneficially Owned by any Person is the percentage of the Total Voting
		Power of Fortress that is represented by the total number of votes that may be
		cast in the election of directors of Fortress by Voting Securities Beneficially
		Owned by such Person. In calculating such percentage, the Voting Securities
		Beneficially Owned by any Person that are not outstanding but are subject to
		issuance upon exercise or exchange of rights of conversion or any options,
		warrants or other rights Beneficially Owned by such Person shall be deemed to
		be outstanding for the purpose of computing the percentage of the Total Voting
		Power of Fortress represented by Voting Securities Beneficially Owned by such
		Person, but shall not be deemed to be outstanding for the purpose of computing
		the percentage of the Total Voting Power of Fortress represented by Voting
		Securities Beneficially Owned by any other Person.
	 

	 
		“UNDERWRITTEN OFFERING” shall mean
		a sale of securities of Fortress to an underwriter or underwriters for
		reoffering to the public.
	 

	 
		“VOTING SECURITIES” means Class A
		Shares, Class B Shares and any other securities of Fortress or any Subsidiary
		of Fortress entitled to vote generally in the election of directors of
		Fortress.
	 

	 
		SECTION 1.2 GENDER. For the purposes of this
		Agreement, the words “he,” “his” or “himself”
		shall be interpreted to include the masculine, feminine and corporate, other
		entity or trust form.
	 

	 
		8
	 

	 

	 
	 

	 

	 
		ARTICLE II
	 

	 
		 
	 

	 
		APPROVAL OF CERTAIN MATTERS
	 

	 
		SECTION 2.1 PRINCIPALS’ APPROVAL.
		
	 

	 
		(a) So long as the Principals and their
		respective Permitted Transferees collectively Beneficially Own more than 40% of
		the Shares, our Board shall not authorize, approve or ratify any of the
		following actions or any plan with respect thereto without the prior approval
		(which approval may be in the form of an action by written consent) of the
		Principals that are then employed by Fortress or any of its Subsidiaries (the
		“Continuing Principals”) who Beneficially Own more than 50% of the
		aggregate amount of Shares held by all Continuing Principals (treating, for
		such purposes, all Shares Beneficially Owned by each Continuing
		Principal’s Permitted Transferees (other than Permitted Transferees
		described in clauses (h) and (i) of the definition thereof) as Beneficially
		Owned by such Continuing Principal):
	 

	 
		(i) any incurrence of indebtedness, in one
		transaction or a series of related transactions, by Fortress or any of its
		Subsidiaries in an amount in excess of 10% of the then existing long-term
		indebtedness of Fortress and its Subsidiaries;
	 

	 
		(ii) any issuance by Fortress in any
		transaction or series of related transactions of equity or equity-related
		securities which would represent, after such issuance, or upon conversion,
		exchange or exercise, as the case may be, at least 10% of the Total Voting
		Power of Fortress (other than (1) pursuant to transactions solely among
		Fortress and its wholly owned Subsidiaries, and (2) upon conversion of
		convertible securities or upon exercise of warrants or options, which
		convertible securities, warrants or options are outstanding on the date of this
		Agreement or issued in compliance with this Agreement);
	 

	 
		(iii) any equity or debt commitment to
		invest or investment or series of related equity or debt commitments to invest
		or investments in a Person or group of related Persons in an amount greater
		than $250 million;
	 

	 
		9
	 

	 

	 
	 

	 

	 
		(iv) any entry by Fortress or any controlled
		Affiliate of Fortress into a new line of business that does not involve
		investment management and that requires a principal investment in excess of
		$100 million; 
	 

	 
		(v) the adoption of a shareholder rights
		plan;
	 

	 
		(vi) any appointment of a Chief Executive
		Officer of Fortress or Co-Chief Executive Officer of Fortress; or
	 

	 
		(vii) the termination of the employment of a
		Principal with Fortress or any of its material Subsidiaries without
		Cause.
	 

	 
		ARTICLE III 
	 

	 
		 
	 

	 
		TRANSFER RESTRICTIONS
	 

	 
		SECTION 3.1 TRANSFER RESTRICTIONS
	 

	 
		(a) No Principal or his Permitted
		Transferee(s) may, directly or indirectly, voluntarily effect cumulative
		transfers of more than:
	 

	 
		(i) 17.5% of the FOG Units (the
		“Initial FOG Units”) and corresponding Class B Shares (the
		“Initial Class B Shares”) Beneficially Owned by such Principal and
		his Permitted Transferees as of the date hereof, and all securities which such
		Initial FOG Units or Initial Class B Shares are exchanged for (collectively,
		the “Equity Interests” of such Principal), during the first year
		after the completion of the IPO, 
	 

	 
		(ii) 34% of their Equity Interests during
		the first two years after the completion of the IPO,
	 

	 
		(iii) 50.5% of their Equity Interests during
		the first three years after the completion of the IPO, 
	 

	 
		(iv) 67% of their Equity Interests during
		the first four years after the completion of the IPO, and
	 

	 
		10
	 

	 

	 
	 

	 

	 
		(v) 83.5% of their Equity Interests during
		the first five years after the completion of the IPO, 
	 

	 
		other than, in the case of each of clause
		(i), (ii), (iii), (iv) and (v) above, with respect to transfers from a
		Principal or his Permitted Transferee to any of his Permitted Transferees,
		provided that such Permitted Transferee is a “Shareholder” for
		purposes of this Agreement, or, in connection with such transfer, executes a
		joinder to this Agreement, in form and substance reasonably acceptable to
		Fortress, in which such Permitted Transferee agrees to be a
		“Shareholder” for all purposes of this Agreement.
	 

	 
		(b) After five years, each Principal and his
		Permitted Transferee(s) may transfer all of the Equity Interests Beneficially
		Owned by them to any other Principal or to any Person in accordance with Rule
		144, in a registered public offering or in a transaction exempt from the
		registration requirements of the Securities Act. 
	 

	 
		(c) To the extent that the amount of Initial
		FOG Units and Initial Class B Shares held by a Principal and his Permitted
		Transferee(s) decreases due to the exchange by the Principal and his Permitted
		Transferee(s) of Initial FOG Units for cash or Class A Shares, at all times
		after such exchange the number of Equity Interests of such Principal shall be
		deemed to exclude all Initial FOG Units and Initial Class B Shares cancelled
		due to such exchange and shall be deemed to include all Class A Shares received
		in such exchange by such Principal and his Permitted Transferee(s); provided,
		however, that no Principal and no Permitted Transferee(s) of a Principal will
		be deemed to have violated Section 3.1(a) to the extent that an exchange of
		Initial FOG Units causes the Principal and his Permitted Transferee(s) to be in
		violation of Section 3.1(a) immediately after such exchange; provided, further,
		that such Principal and his Permitted Transferee(s) shall be prohibited from
		transferring any Equity Interests after an exchange that causes them to be in
		violation of Section 3.1(a) unless and until a transfer of Equity Interests can
		be effected without the Principal and his Permitted Transferee(s) being in
		violation of Section 3.1(a) immediately after the consummation of such
		transfer. 
	 

	 
		(d) To the extent a Principal receives
		Equity Interests pursuant to the forfeiture provisions of Section 2.1 of the
		Principals Agreement, such forfeited Equity Interests will be deemed to be
		Equity Interests of such Principal for all purposes of this Section 3.1.

	 

	 
		11
	 

	 

	 
	 

	 

	 
		(e) Notwithstanding anything to the contrary
		contained in this Section 3.1, a Principal that receives Equity Interests
		pursuant to the forfeiture provisions of Section 2.1 of the Principals
		Agreement is permitted to sell, in addition to the Equity Interests he is
		otherwise entitled to sell pursuant to this Section 3.1, up to that amount of
		forfeited Equity Interests that would provide such Principal with aggregate
		sales proceeds equal to the amount of taxes that such Principal will be
		required to pay as a result of the receipt of such forfeited Equity Interests,
		calculated based on the maximum combined U.S. federal, New York State and New
		York City tax rate applicable to individuals (it being understood in the case
		of each Principal who is not required to pay taxes in the applicable fiscal
		quarter in which he receives such Equity Interests as a result of being in the
		federal income tax “safe harbor” that no such sales shall occur prior
		to the six month anniversary of the applicable termination date which gave rise
		to the receipt of such Equity Interests pursuant to the Principals
		Agreement)
	 

	 
		(f) The above transfer restrictions
		contained in this Section 3.1 shall lapse with respect to a Principal and his
		Permitted Transferee(s) if such Principal dies or suffers a Disability.
	 

	 
		(g) Each Permitted Transferee of a
		Principal, except Charitable Institutions, who becomes a
		“Shareholder” for purposes of this Agreement agrees to comply with
		the provisions of this Section 3.1.
	 

	 
		ARTICLE IV
	 

	 
		 
	 

	 
		PRINCIPALS’ BOARD
		REPRESENTATION
	 

	 
		SECTION 4.1 NOMINEES.
	 

	 
		(a) So long as the Principals and their
		respective Permitted Transferee(s) beneficially own:
	 

	 
		(i) Voting Securities representing more than
		50% of the Total Voting Power of Fortress, the Board shall nominate individuals
		designated by the Principals such that the Principals will have six designees
		on the Board;
	 

	 
		(ii) Voting Securities representing more
		than 40% of the Total Voting Power of Fortress and less than 50% of 
	 

	 
		12
	 

	 

	 
	 

	 

	 
		the Total Voting Power of Fortress, the
		Board shall nominate individuals designated by the Principals such that the
		Principals will have five designees on the Board;
	 

	 
		(iii) Voting Securities representing more
		than 25% of the Total Voting Power of Fortress and less than 40% of the Total
		Voting Power of Fortress, the Board shall nominate individuals designated by
		the Principals such that the Principals will have four designees on the
		Board;
	 

	 
		(iv) Voting Securities representing more
		than 10% of the Total Voting Power of Fortress and less than 25% of the Total
		Voting Power of Fortress, the Board shall nominate individuals designated by
		the Principals such that the Principals will have two designees on the Board;
		and
	 

	 
		(v) Voting Securities representing less than
		10% of the Total Voting Power of Fortress, the Board shall have no obligation
		to nominate any individual that is designated by the Principals. 
	 

	 
		(b) In the event that any designee of the
		Principals under this Section 4.1 shall for any reason cease to serve as a
		member of the Board during his or her term of office, the resulting vacancy on
		the Board shall be filled by an individual designated by the Principals.

	 

	 
		ARTICLE V
	 

	 
		 
	 

	 
		TERMINATION
	 

	 
		SECTION 5.1 TERM. This Agreement shall
		automatically terminate upon the earlier of (a) January 1, 2050 or (b) the date
		none of the Continuing Principals, together with their respective Permitted
		Transferees, holds Shares representing at least the Piggyback Registrable
		Amount.
	 

	 
		SECTION 5.2 SURVIVAL. If this Agreement is
		terminated pursuant to Section 5.1, this Agreement shall become void and of no
		further force and effect, except for the provisions set forth in Section 6.8
		and Article IX.
	 

	 
		13
	 

	 

	 
	 

	 

	 
		SECTION 5.3 VOTING POWER. Upon the
		occurrence of any event in accordance with this Agreement which causes the
		percentage of the Total Voting Power of Fortress Beneficially Owned by the
		Principals to be less than 10%, Articles I through IV shall become void and of
		no further force and effect.
	 

	 
		ARTICLE VI
	 

	 
		 
	 

	 
		REGISTRATION RIGHTS
	 

	 
		SECTION 6.1 DEMAND REGISTRATION.
	 

	 
		(a) At any time after the six month
		anniversary of the IPO, any Shareholders that on the date a Demand (as
		hereinafter defined) is made constitute Demand Shareholders (a “Requesting
		Shareholder”) shall be entitled to make a written request of Fortress (a
		“Demand”) for registration under the Securities Act of an amount of
		Registrable Securities that, when taken together with the amounts of
		Registrable Securities requested to be registered under the Securities Act by
		such Requesting Shareholder’s Permitted Transferees, equals or is greater
		than the Registrable Amount (based on the number of Registrable Securities
		outstanding on the date such Demand is made) (a “Demand
		Registration”) and thereupon Fortress will, subject to the terms of this
		Agreement, use its reasonable best efforts to effect the registration as
		promptly as practicable under the Securities Act of:
	 

	 
		(i) the Registrable Securities which
		Fortress has been so requested to register by the Requesting Shareholders for
		disposition in accordance with the intended method of disposition stated in
		such Demand;
	 

	 
		(ii) all other Registrable Securities which
		Fortress has been requested to register pursuant to Section 6.1(b); and
	 

	 
		(iii) all Shares which Fortress may elect to
		register in connection with any offering of Registrable Securities pursuant to
		this Section 6.1, but subject to Section 6.1(g);
	 

	 
		all to the extent necessary to permit the
		disposition (in accordance with the intended methods thereof) of the
		Registrable Securities and the additional Shares, if any, to be so
		registered.
	 

	 
		14
	 

	 

	 
	 

	 

	 
		(b) A Demand shall specify: (i) the
		aggregate number of Registrable Securities requested to be registered in such
		Demand Registration, (ii) the intended method of disposition in connection with
		such Demand Registration, to the extent then known and (iii) the identity of
		the Requesting Shareholder (or Requesting Shareholders). Within five days after
		receipt of a Demand, Fortress shall give written notice of such Demand to all
		other Demand Shareholders. Subject to Section 6.1(g), Fortress shall include in
		the Demand Registration covered by such Demand all Registrable Securities with
		respect to which Fortress has received a written request for inclusion therein
		within ten days after Fortress’ notice required by this paragraph has been
		given. Such written request shall comply with the requirements of a Demand as
		set forth in this Section 6.1(b).
	 

	 
		(c) Each Principal, together with his
		Permitted Transferees, shall be entitled to an aggregate of two Demand
		Registrations.
	 

	 
		(d) A Demand Registration shall not be
		deemed to have been effected and shall not count as a Demand (i) unless a
		registration statement with respect thereto has become effective and has
		remained effective for a period of at least 90 days (or such shorter period in
		which all Registrable Securities included in such Demand Registration have
		actually been sold thereunder), (ii) if, after it has become effective,
		such Demand Registration becomes subject prior to 90 days after effectiveness
		to any stop order, injunction or other order or requirement of the SEC or other
		Governmental Entity or court for any reason or (iii) if the conditions to
		closing specified in the purchase agreement or underwriting agreement entered
		into in connection with such Demand Registration are not satisfied, other than
		by reason of any act or omission by such Requesting Shareholders.
	 

	 
		(e) Demand Registrations shall be on such
		appropriate registration form of the SEC as shall be selected by the Requesting
		Shareholders and shall be reasonably acceptable to Fortress.
	 

	 
		(f) Fortress shall not be obligated to (i)
		maintain the effectiveness of a registration statement under the Securities
		Act, filed pursuant to a Demand Registration, for a period longer than 90 days
		or (ii) effect any Demand Registration (A) within six months of a “firm
		commitment” Underwritten Offering in which all Piggyback Shareholders (as
		hereinafter defined) were given “piggyback” rights pursuant to
		Section 6.2 (subject to Section 6.1(g)) and at least 50% of the number of
		Registrable Securities requested by such Piggyback Shareholders to be included
		in such Demand Registration were included, (B) within four months of any
		
	 

	 
		15
	 

	 

	 
	 

	 

	 
		other Demand Registration or (C) if, in
		Fortress’ reasonable judgment, it is not feasible for Fortress to proceed
		with the Demand Registration because of the unavailability of audited or other
		required financial statements, provided that Fortress shall use its reasonable
		best efforts to obtain such financial statements as promptly as practicable. In
		addition, Fortress shall be entitled to postpone (upon written notice to all
		Demand Shareholders) for up to two occasions, and in no event for more than
		aggregate of 120 days the filing or the effectiveness of a registration
		statement for any Demand Registration (but no more than twice in any period of
		12 consecutive months) if the Board determines in good faith and in its
		reasonable judgment that the filing or effectiveness of the registration
		statement relating to such Demand Registration would cause the disclosure of
		material, non-public information that Fortress has a bona fide business purpose
		for preserving as confidential. In the event of a postponement by Fortress of
		the filing or effectiveness of a registration statement for a Demand
		Registration, the holders of a majority of Registrable Securities held by the
		Requesting Shareholder(s) shall have the right to withdraw such Demand in
		accordance with Section 6.4.
	 

	 
		(g) Fortress shall not include any
		securities other than Registrable Securities in a Demand Registration, except
		with respect to securities held by Investor pursuant to the Investor
		Shareholder Agreement or with the written consent of Shareholders participating
		in such Demand Registration that hold a majority of the Registrable Securities
		included in such Demand Registration. If, in connection with a Demand
		Registration, any managing underwriter (or, if such Demand Registration is not
		an Underwritten Offering, a nationally recognized independent investment bank
		selected by Shareholders holding a majority of the Registrable Securities
		included in such Demand Registration, reasonably acceptable to Fortress, and
		whose fees and expenses shall be borne solely by Fortress) advises Fortress, in
		writing, that, in its opinion, the inclusion of all of the securities,
		including securities of Fortress that are not Registrable Securities, sought to
		be registered in connection with such Demand Registration would adversely
		affect the marketability of the Registrable Securities sought to be sold
		pursuant thereto, then Fortress shall include in such registration statement
		only such securities as Fortress is advised by such underwriter or investment
		bank can be sold without such adverse effect as follows and in the following
		order of priority: (i) first, up to the number of Registrable Securities
		requested to be included in such Demand Registration by the Shareholders,
		which, in the opinion of the underwriter or investment bank can be sold without
		adversely affecting the marketability of the offering, pro rata among such
		Shareholders requesting such Demand Registration on the basis of the number of
		such securities requested to be included by such Shareholders and such 
	 

	 
		16
	 

	 

	 
	 

	 

	 
		Shareholders that are Piggyback Sellers;
		(ii) second, securities Investor proposes to sell; (iii) third, securities
		Fortress proposes to sell; and (iv) fourth, all other securities of Fortress
		duly requested to be included in such registration statement, pro rata on the
		basis of the amount of such other securities requested to be included or such
		other method determined by Fortress.
	 

	 
		(h) Any time that a Demand Registration
		involves an Underwritten Offering, Fortress shall select the investment banker
		or investment bankers and managers that will serve as lead and co-managing
		underwriters with respect to the offering of such Registrable
		Securities.
	 

	 
		(i) All rights of the Shareholders under
		this Section 6.1 shall be subject to the restrictions of Section 3.1. 
	 

	 
		SECTION 6.2 PIGGYBACK REGISTRATION.
	 

	 
		(a) Subject to the terms and conditions
		hereof, whenever Fortress proposes to register any of its equity securities
		under the Securities Act (other than a registration by Fortress on a
		registration statement on Form S-4 or a registration statement on Form S-8 or
		any successor forms thereto) (a “Piggyback Registration”), whether
		for its own account or for the account of others, Fortress shall give each
		Shareholder that on such date, together with its Permitted Transferees, holds
		at least a Piggyback Registrable Amount (each a “Piggyback
		Shareholder”), prompt written notice thereof (but not less than ten
		business days prior to the filing by Fortress with the SEC of any registration
		statement with respect thereto). Such notice (a “Piggyback Notice”)
		shall specify, at a minimum, the number of equity securities proposed to be
		registered, the proposed date of filing of such registration statement with the
		SEC, the proposed means of distribution, the proposed managing underwriter or
		underwriters (if any and if known) and a good faith estimate by Fortress of the
		proposed minimum offering price of such equity securities. Upon the written
		request of any Persons that on the date of the Piggyback Notice constitute a
		Piggyback Shareholder (a “Piggyback Seller”) (which written request
		shall specify the number of Registrable Securities then presently intended to
		be disposed of by such Piggyback Seller) given within ten days after such
		Piggyback Notice is received by such Piggyback Seller, Fortress, subject to the
		terms and conditions of this Agreement, shall use its reasonable best efforts
		to cause all such Registrable Securities held by Piggyback Sellers with respect
		to which Fortress has received such written requests for inclusion to be
		included in such Piggyback 
	 

	 
		17
	 

	 

	 
	 

	 

	 
		Registration on the same terms and
		conditions as Fortress’ equity securities being sold in such Piggyback
		Registration.
	 

	 
		(b) If, in connection with a Piggyback
		Registration, any managing underwriter (or, if such Piggyback Registration is
		not an Underwritten Offering, a nationally recognized independent investment
		bank selected by Shareholders holding a majority of the Registrable Securities
		included in such Piggyback Registration, reasonably acceptable to Fortress, and
		whose fees and expenses shall be borne solely by Fortress) advises Fortress in
		writing that, in its opinion, the inclusion of all the equity securities sought
		to be included in such Piggyback Registration by (i) Fortress, (ii) others who
		have sought to have equity securities of Fortress registered in such Piggyback
		Registration pursuant to rights to demand (other than pursuant to so-called
		“piggyback” or other incidental or participation registration rights)
		such registration (such Persons being “Other Demanding Sellers”),
		(iii) the Piggyback Sellers and (iv) any other proposed sellers of equity
		securities of Fortress (such Persons being “Other Proposed Sellers”),
		as the case may be, would adversely affect the marketability of the equity
		securities sought to be sold pursuant thereto, then Fortress shall include in
		the registration statement applicable to such Piggyback Registration only such
		equity securities as Fortress is so advised by such underwriter can be sold
		without such an effect, as follows and in the following order of
		priority:
	 

	 
		(i) if the Piggyback Registration relates to
		an offering for Fortress’ own account, then (A) first, such number of
		equity securities to be sold by Fortress as Fortress, in its reasonable
		judgment and acting in good faith and in accordance with sound financial
		practice, shall have determined, (B) second, Registrable Securities of
		Piggyback Sellers, securities of Investor and securities sought to be
		registered by Other Demanding Sellers, pro rata on the basis of the number of
		Class A Shares proposed to be sold by such Piggyback Sellers, Investor and
		Other Demanding Sellers and (C) third, other equity securities proposed to be
		sold by any Other Proposed Sellers (excluding Investor); or
	 

	 
		(ii) if the Piggyback Registration relates
		to an offering other than for Fortress’ own account, then (A) first, such
		number of equity securities sought to be registered by each Other Demanding
		Seller, the Piggyback Sellers and Investor, pro rata in proportion to the
		number of securities sought to be registered by all 
	 

	 
		18
	 

	 

	 
	 

	 

	 
		such Other Demanding Sellers, Piggyback
		Sellers and Investor and (B) second, other equity securities proposed to be
		sold by any Other Proposed Sellers (excluding Investor) or to be sold by
		Fortress as determined by Fortress.
	 

	 
		(c) In connection with any Underwritten
		Offering under this Section 6.2 for Fortress’ account, Fortress shall not
		be required to include the Registrable Securities of a Shareholder in the
		Underwritten Offering unless such Shareholder accepts the terms of the
		underwriting as agreed upon between Fortress and the underwriters selected by
		Fortress.
	 

	 
		(d) If, at any time after giving written
		notice of its intention to register any of its equity securities as set forth
		in this Section 6.2 and prior to the time the registration statement filed in
		connection with such Piggyback Registration is declared effective, Fortress
		shall determine for any reason not to register such equity securities, Fortress
		may, at its election, give written notice of such determination to each
		Piggyback Shareholder within five (5) days thereof and thereupon shall be
		relieved of its obligation to register any Registrable Securities in connection
		with such particular withdrawn or abandoned Piggyback Registration (but not
		from its obligation to pay the Registration Expenses in connection therewith as
		provided herein); provided, that Demand Shareholders may continue the
		registration as a Demand Registration pursuant to the terms of Section
		6.1.
	 

	 
		(e) All rights of the Shareholders under
		this Section 6.2 shall be subject to the restrictions of Section 3.1.
	 

	 
		SECTION 6.3 SHELF REGISTRATION. 
	 

	 
		(a) Subject to Section 6.3(d), and further
		subject to the availability of a Registration Statement on Form S-3 (“Form
		S-3”) to Fortress, any of the Demand Shareholders may by written notice
		delivered to Fortress (the “Shelf Notice”) require Fortress to file
		as soon as practicable (but no later than 60 days after the date the Shelf
		Notice is delivered), and to use reasonable best efforts to cause to be
		declared effective by the SEC within 90 days after such filing date, a Form S-3
		providing for an offering to be made on a continuous basis pursuant to Rule 415
		under the Securities Act relating to the offer and sale, from time to time, of
		the Registrable Securities owned by such Demand Shareholders (or any of their
		Permitted Transferees), as the case may be, and any other Shareholders that at
		the time of the Shelf Notice meet the definition of a Demand Shareholder who
		elect to 
	 

	 
		19
	 

	 

	 
	 

	 

	 
		participate therein as provided in Section
		6.3(b) in accordance with the plan and method of distribution set forth in the
		prospectus included in such Form S-3 (the “Shelf Registration
		Statement”).
	 

	 
		(b) Within five business days after receipt
		of a Shelf Notice pursuant to Section 6.3(a), Fortress will deliver written
		notice thereof to each Piggyback Shareholder. Each Piggyback Shareholder may
		elect to participate in the Shelf Registration Statement by delivering to
		Fortress a written request to so participate within ten days after the Shelf
		Notice is received by any such Piggyback Shareholder.
	 

	 
		(c) Subject to Section 6.3(d), Fortress will
		use reasonable best efforts to keep the Shelf Registration Statement
		continuously effective until the earlier of (i) two years after the Shelf
		Registration Statement has been declared effective; and (ii) the date on which
		all Registrable Securities covered by the Shelf Registration Statement have
		been sold thereunder in accordance with the plan and method of distribution
		disclosed in the prospectus included in the Shelf Registration Statement, or
		otherwise.
	 

	 
		(d) Notwithstanding anything to the contrary
		contained in this Agreement, Fortress shall be entitled, from time to time, by
		providing written notice to the Demand Shareholders who elected to participate
		in the Shelf Registration Statement, to require such Demand Shareholders to
		suspend the use of the prospectus for sales of Registrable Securities under the
		Shelf Registration Statement for a reasonable period of time not to exceed 90
		days in succession or 180 days in the aggregate in any 12 month period (a
		“Suspension Period”) if Fortress shall determine that it is required
		to disclose in the Shelf Registration Statement a financing, acquisition,
		corporate reorganization or other similar transaction or other material event
		or circumstance affecting Fortress or its securities, and that the disclosure
		of such information at such time would be detrimental to Fortress or the
		holders of its equity interests. Immediately upon receipt of such notice, the
		Demand Shareholders covered by the Shelf Registration Statement shall suspend
		the use of the prospectus until the requisite changes to the prospectus have
		been made as required below. Any Suspension Period shall terminate at such time
		as the public disclosure of such information is made. After the expiration of
		any Suspension Period and without any further request from a Shareholder,
		Fortress shall as promptly as reasonably practicable prepare a post-effective
		amendment or supplement to the Shelf Registration Statement or the prospectus,
		or any document incorporated therein by reference, or file any other required
		document so that, as 
	 

	 
		20
	 

	 

	 
	 

	 

	 
		thereafter delivered to purchasers of the
		Registrable Securities included therein, the prospectus will not include an
		untrue statement of a material fact or omit to state any material fact
		necessary to make the statements therein, in the light of the circumstances
		under which they were made, not misleading.
	 

	 
		(e) All rights of the Shareholders under
		this Section 6.3 shall be subject to the restrictions of Section 3.1.
	 

	 
		(f) Each Principal shall be entitled to
		demand such number of Shelf Registrations as shall be necessary to sell all of
		his Registrable Securities pursuant to this Section 6.3.
	 

	 
		SECTION 6.4 WITHDRAWAL RIGHTS.
	 

	 
		Any Shareholder having notified or directed
		Fortress to include any or all of its Registrable Securities in a registration
		statement under the Securities Act shall have the right to withdraw any such
		notice or direction with respect to any or all of the Registrable Securities
		designated by it for registration by giving written notice to such effect to
		Fortress prior to the effective date of such registration statement. In the
		event of any such withdrawal, Fortress shall not include such Registrable
		Securities in the applicable registration and such Registrable Securities shall
		continue to be Registrable Securities for all purposes of this Agreement. No
		such withdrawal shall affect the obligations of Fortress with respect to the
		Registrable Securities not so withdrawn; provided, however, that in the case of
		a Demand Registration, if such withdrawal shall reduce the number of
		Registrable Securities sought to be included in such registration below the
		Registrable Amount, then Fortress shall as promptly as practicable give each
		Shareholder seeking to register Registrable Securities notice to such effect
		and, within ten days following the mailing of such notice, such Shareholders
		still seeking registration shall, by written notice to Fortress, elect to
		register additional Registrable Securities, when taken together with elections
		to register Registrable Securities by their Permitted Transferees, to satisfy
		the Registrable Amount or elect that such registration statement not be filed
		or, if theretofore filed, be withdrawn. During such ten day period, Fortress
		shall not file such registration statement if not theretofore filed or, if such
		registration statement has been theretofore filed, Fortress shall not seek, and
		shall use commercially reasonable efforts to prevent, the effectiveness
		thereof. Any registration statement withdrawn or not filed (a) in accordance
		with an election by Fortress, (b) in accordance with an election by the
		Requesting Shareholders in the case of a Demand Registration or by the
		requesting Demand Shareholders with 
	 

	 
		21
	 

	 

	 
	 

	 

	 
		respect to a Shelf Registration Statement or
		(c) in accordance with an election by Fortress subsequent to the effectiveness
		of the applicable Demand Registration statement because any post-effective
		amendment or supplement to the applicable Demand Registration statement
		contains information regarding Fortress which Fortress deems adverse to
		Fortress, shall not be counted as a Demand. If a Shareholder withdraws its
		notification or direction to Fortress to include Registrable Securities in a
		registration statement in accordance with this Section 6.4, such Shareholder
		shall be required to promptly reimburse Fortress for all expenses incurred by
		Fortress in connection with preparing for the registration of such Registrable
		Securities.
	 

	 
		SECTION 6.5 HOLDBACK AGREEMENTS.
	 

	 
		Each Piggyback Shareholder agrees not to
		effect any public sale or distribution (including sales pursuant to Rule 144)
		of equity securities of Fortress, or any securities convertible into or
		exchangeable or exercisable for such equity securities, during any time period
		reasonably requested by Fortress (which shall not exceed 90 days) with respect
		to any Public Offering, Demand Registration or Piggyback Registration (in each
		case, except as part of such registration), or, in each case, during any time
		period (which shall not exceed 180 days) required by any underwriting agreement
		with respect thereto.
	 

	 
		SECTION 6.6 REGISTRATION PROCEDURES.
	 

	 
		(a) If and whenever Fortress is required to
		use reasonable best efforts to effect the registration of any Registrable
		Securities under the Securities Act as provided in Sections 6.1, 6.2 and 6.3
		Fortress shall as expeditiously as reasonably possible:
	 

	 
		(i) prepare and file with the SEC a
		registration statement to effect such registration and thereafter use
		reasonable best efforts to cause such registration statement to become and
		remain effective pursuant to the terms of this Agreement; provided, however,
		that Fortress may discontinue any registration of its securities which are not
		Registrable Securities at any time prior to the effective date of the
		registration statement relating thereto; provided, further that before filing
		such registration statement or any amendments thereto, Fortress will furnish to
		the counsel selected by the Shareholders which are including Registrable
		Securities in such 
	 

	 
		22
	 

	 

	 
	 

	 

	 
		registration (“Selling
		Shareholders”) copies of all such documents proposed to be filed, which
		documents will be subject to the review of such counsel, and such review to be
		conducted with reasonable promptness;
	 

	 
		(ii) prepare and file with the SEC such
		amendments and supplements to such registration statement and the prospectus
		used in connection therewith as may be necessary to keep such registration
		statement effective and to comply with the provisions of the Securities Act
		with respect to the disposition of all securities covered by such registration
		statement until the earlier of such time as all of such securities have been
		disposed of in accordance with the intended methods of disposition by the
		seller or sellers thereof set forth in such registration statement or (i) in
		the case of a Demand Registration pursuant to Section 6.1, the expiration of 90
		days after such registration statement becomes effective or (ii) in the case of
		a Piggyback Registration pursuant to Section 6.2, the expiration of 90 days
		after such registration statement becomes effective or (iii) in the case of a
		Shelf Registration pursuant to Section 6.3, the expiration of two year after
		such registration statement becomes effective;
	 

	 
		(iii) furnish to each Selling Shareholder
		and each underwriter, if any, of the securities being sold by such Selling
		Shareholder such number of conformed copies of such registration statement and
		of each amendment and supplement thereto (in each case including all exhibits),
		such number of copies of the prospectus contained in such registration
		statement (including each preliminary prospectus and any summary prospectus)
		and each free writing prospectus (as defined in Rule 405 of the Securities Act)
		(a “Free Writing Prospectus”) utilized in connection therewith and
		any other prospectus filed under Rule 424 under the Securities Act, in
		conformity with the requirements of the Securities Act, and such other
		documents as such Selling Shareholder and underwriter, if any, may reasonably
		request in order to facilitate the public sale or other disposition of the
		Registrable Securities owned by such Selling Shareholder;
	 

	 
		23
	 

	 

	 
	 

	 

	 
		(iv) use reasonable best efforts to register
		or qualify such Registrable Securities covered by such registration statement
		under such other securities laws or blue sky laws of such jurisdictions as any
		Selling Shareholder and any underwriter of the securities being sold by such
		Selling Shareholder shall reasonably request, and take any other action which
		may be reasonably necessary or advisable to enable such Selling Shareholder and
		underwriter to consummate the disposition in such jurisdictions of the
		Registrable Securities owned by such Selling Shareholder, except that Fortress
		shall not for any such purpose be required to (A) qualify generally to do
		business as a foreign limited liability company in any jurisdiction wherein it
		would not but for the requirements of this clause (iv) be obligated to be so
		qualified, (B) subject itself to taxation in any such jurisdiction or (C) file
		a general consent to service of process in any such jurisdiction;
	 

	 
		(v) use reasonable best efforts to cause
		such Registrable Securities to be listed on each securities exchange on which
		similar securities issued by Fortress are then listed and, if no such
		securities are so listed, use commercially reasonable efforts to cause such
		Registrable Securities to be listed on the New York Stock Exchange, the
		American Stock Exchange or the NASDAQ Stock Market;
	 

	 
		(vi) use reasonable best efforts to cause
		such Registrable Securities covered by such registration statement to be
		registered with or approved by such other governmental agencies or authorities
		as may be necessary to enable the Selling Shareholder(s) thereof to consummate
		the disposition of such Registrable Securities;
	 

	 
		(vii) in connection with an Underwritten
		Offering, obtain for each Selling Shareholder and underwriter:
	 

	 
		(A) an opinion of counsel for Fortress,
		covering the matters customarily covered in opinions requested in underwritten
		offerings and such other matters as may be reasonably requested by such Selling
		Shareholder and underwriters, and
	 

	 
		24
	 

	 

	 
	 

	 

	 
		(B) a “comfort” letter (or, in the
		case of any such Person which does not satisfy the conditions for receipt of a
		“comfort” letter specified in Statement on Auditing Standards No. 72,
		an “agreed upon procedures” letter) signed by the independent public
		accountants who have certified Fortress’ financial statements included in
		such registration statement;
	 

	 
		(viii) promptly make available for
		inspection by any Selling Shareholder, any underwriter participating in any
		disposition pursuant to any registration statement, and any attorney,
		accountant or other agent or representative retained by any such Selling
		Shareholder or underwriter (collectively, the “Inspectors”), all
		financial and other records, pertinent corporate documents and properties of
		Fortress (collectively, the “Records”), as shall be reasonably
		necessary to enable them to exercise their due diligence responsibility, and
		cause Fortress’ officers, directors and employees to supply all
		information requested by any such Inspector in connection with such
		registration statement; provided,
		however, that, unless the disclosure of such Records is
		necessary to avoid or correct a misstatement or omission in the registration
		statement or the release of such Records is ordered pursuant to a subpoena or
		other order from a court of competent jurisdiction, Fortress shall not be
		required to provide any information under this subparagraph (viii) if (i)
		Fortress believes, after consultation with counsel for Fortress, that to do so
		would cause Fortress to forfeit an attorney-client privilege that was
		applicable to such information or (ii) if either (A) Fortress has requested and
		been granted from the SEC confidential treatment of such information contained
		in any filing with the SEC or documents provided supplementally or otherwise or
		(B) Fortress reasonably determines in good faith that such Records are
		confidential and so notifies the Inspectors in writing unless prior to
		furnishing any such information with respect to (i) or (ii) such Selling
		Shareholder requesting such information agrees, and causes each of its
		Inspectors, to enter into a confidentiality agreement on terms reasonably
		acceptable to Fortress; and provided,
		further, that each Selling Shareholder agrees that it will,
		upon learning that disclosure of such Records is sought in a court of competent
		jurisdiction, give notice to Fortress and allow Fortress, at its expense, to
		undertake appropriate action and to prevent disclosure of the Records deemed
		confidential;
	 

	 
		25
	 

	 

	 
	 

	 

	 
		(ix) promptly notify in writing each Selling
		Shareholder and the underwriters, if any, of the following events:
	 

	 
		(A) the filing of the registration
		statement, the prospectus or any prospectus supplement related thereto or
		post-effective amendment to the registration statement or any Free Writing
		Prospectus utilized in connection therewith, and, with respect to the
		registration statement or any post-effective amendment thereto, when the same
		has become effective;
	 

	 
		(B) any request by the SEC or any other
		Government Entity for amendments or supplements to the registration statement
		or the prospectus or for additional information;
	 

	 
		(C) the issuance by the SEC or any other
		Government Entity of any stop order suspending the effectiveness of the
		registration statement or the initiation of any proceedings by any Person for
		that purpose; and
	 

	 
		(D) the receipt by Fortress of any
		notification with respect to the suspension of the qualification of any
		Registrable Securities for sale under the securities or blue sky laws of any
		jurisdiction or the initiation or threat of any proceeding for such
		purpose;
	 

	 
		(x) notify each Selling Shareholder, at any
		time when a prospectus relating thereto is required to be delivered under the
		Securities Act, upon discovery that, or upon the happening of any event as a
		result of which, the prospectus included in such registration statement, as
		then in effect, includes an untrue statement of a material fact or omits to
		state any material fact required to be stated therein or necessary to make the
		statements therein not misleading, and, at the request of any Selling
		Shareholder, promptly prepare and furnish to such seller a reasonable number of
		copies of a supplement to or an amendment of such prospectus as may be
		necessary so that, as thereafter delivered to the purchasers of such
		Registrable Securities, such prospectus shall not include an untrue statement
		of a material fact or omit to state a material fact required to 
	 

	 
		26
	 

	 

	 
	 

	 

	 
		be stated therein or necessary to make the
		statements therein not misleading;
	 

	 
		(xi) use reasonable best efforts to obtain
		the withdrawal of any order suspending the effectiveness of such registration
		statement;
	 

	 
		(xii) otherwise use reasonable best efforts
		to comply with all applicable rules and regulations of the SEC, and make
		available to Selling Shareholders, as soon as reasonably practicable, an
		earnings statement of Fortress covering the period of at least 12 months, but
		not more than 18 months, beginning with the first day of Fortress’ first
		full quarter after the effective date of such registration statement, which
		earnings statement shall satisfy the provisions of Section 11(a) of the
		Securities Act and Rule 158 thereunder;
	 

	 
		(xiii) use its reasonable best efforts to
		assist Selling Shareholders who made a request to Fortress to provide for a
		third party “market maker” for the Class A Shares; provided,
		however, that Fortress shall not be required to serve as such
		“market maker”; 
	 

	 
		(xiv) cooperate with the Selling
		Shareholders and the managing underwriter to facilitate the timely preparation
		and delivery of certificates (which shall not bear any restrictive legends
		unless required under applicable law) representing securities sold under any
		registration statement, and enable such securities to be in such denominations
		and registered in such names as the managing underwriter or such Selling
		Shareholders may request and keep available and make available to
		Fortress’ transfer agent prior to the effectiveness of such registration
		statement a supply of such certificates; and
	 

	 
		(xv) have appropriate officers of Fortress
		prepare and make presentations at any “road shows” and before
		analysts and rating agencies, as the case may be, and other information
		meetings organized by the underwriters, take other actions to obtain ratings
		for any Registrable Securities (if they are 
	 

	 
		27
	 

	 

	 
	 

	 

	 
		eligible to be rated) and otherwise use its
		reasonable best efforts to cooperate as reasonably requested by the Selling
		Shareholders and the underwriters in the offering, marketing or selling of the
		Registrable Securities.
	 

	 
		(xvi) Fortress may require each Selling
		Shareholder and each underwriter, if any, to furnish Fortress in writing such
		information regarding each Selling Shareholder or underwriter and the
		distribution of such Registrable Securities as Fortress may from time to time
		reasonably request to complete or amend the information required by such
		registration statement.
	 

	 
		(b) Underwriting. Without limiting any of
		the foregoing, in the event that the offering of Registrable Securities is to
		be made by or through an underwriter, Fortress, if requested by the
		underwriter, shall enter into an underwriting agreement with a managing
		underwriter or underwriters in connection with such offering containing
		representations, warranties, indemnities and agreements customarily included
		(but not inconsistent with the covenants and agreements of Fortress contained
		herein) by an issuer of common stock in underwriting agreements with respect to
		offerings of common stock for the account of, or on behalf of, such
		issuers.
	 

	 
		(c) Each Selling Shareholder agrees that
		upon receipt of any notice from Fortress of the happening of any event of the
		kind described in Section 6.6(a)(ix), such Selling Shareholder shall forthwith
		discontinue such Selling Shareholder’s disposition of Registrable
		Securities pursuant to the applicable registration statement and prospectus
		relating thereto until such Selling Shareholder’s receipt of the copies of
		the supplemented or amended prospectus contemplated by Section 6.6(a)(ix) and,
		if so directed by Fortress, deliver to Fortress, at Fortress’ expense, all
		copies, other than permanent file copies, then in such Selling
		Shareholder’s possession of the prospectus current at the time of receipt
		of such notice relating to such Registrable Securities. In the event Fortress
		shall give such notice, any applicable 90 day or two year period during which
		such registration statement must remain effective pursuant to this Agreement
		shall be extended by the number of days during the period from the date of
		giving of a notice regarding the happening of an event of the kind described in
		Section 6.6(a)(ix) to the date when all such Selling Shareholders shall receive
		such a supplemented or amended prospectus and such prospectus shall have been
		filed with the SEC.
	 

	 
		28
	 

	 

	 
	 

	 

	 
		SECTION 6.7 REGISTRATION EXPENSES. 
	 

	 
		All expenses incident to Fortress’
		performance of, or compliance with, its obligations under this Agreement
		including, without limitation, all registration and filing fees, all fees and
		expenses of compliance with securities and “blue sky” laws, all fees
		and expenses associated with filings required to be made with the NASD
		(including, if applicable, the fees and expenses of any “qualified
		independent underwriter” as such term is defined in Schedule E of the
		By-Laws of the NASD), all fees and expenses of compliance with securities and
		“blue sky” laws, all printing (including, without limitation,
		expenses of printing certificates for the Registrable Securities in a form
		eligible for deposit with the Depository Trust Company and of printing
		prospectuses if the printing of prospectuses is requested by a holder of
		Registrable Securities) and copying expenses, all messenger and delivery
		expenses, all fees and expenses of Fortress’ independent certified public
		accountants and counsel (including, without limitation, with respect to
		“comfort” letters and opinions) and fees and expenses of one firm of
		counsel to the Shareholders selling in such registration (which firm shall be
		selected by the Shareholders selling in such registration that hold a majority
		of the Registrable Securities included in such registration) (collectively, the
		“Registration Expenses”) shall be borne by Fortress, regardless of
		whether a registration is effected. Fortress will pay its internal expenses
		(including, without limitation, all salaries and expenses of its officers and
		employees performing legal or accounting duties, the expense of any annual
		audit and the expense of any liability insurance) and the expenses and fees for
		listing the securities to be registered on each securities exchange and
		included in each established over-the-counter market on which similar
		securities issued by Fortress are then listed or traded. Each Selling
		Shareholder shall pay its portion of all underwriting discounts and commissions
		and transfer taxes, if any, relating to the sale of such Selling
		Shareholder’s Registrable Securities pursuant to any registration.
	 

	 
		SECTION 6.8 REGISTRATION
		INDEMNIFICATION.
	 

	 
		(a) 
		By Fortress. Fortress agrees to
		indemnify and hold harmless, to the fullest extent permitted by law, each
		Selling Shareholder and its Affiliates and Permitted Transferees and their
		respective officers, directors, employees, managers, partners and agents and
		each Person who controls (within the meaning of Section 15 of the Securities
		Act and Section 20 of the Exchange Act) such Selling Shareholder or such other
		indemnified Person from and against all losses, claims, damages, liabilities
		and expenses (including reasonable expenses of investigation and reasonable
		attorneys’ fees and expenses) (collectively, the 
	 

	 
		29
	 

	 

	 
	 

	 

	 
		“Losses”) caused by, resulting
		from or relating to any untrue statement (or alleged untrue statement) of a
		material fact contained in any registration statement, prospectus or
		preliminary prospectus or Free Writing Prospectus or any amendment or
		supplement thereto or any omission (or alleged omission) of a material fact
		required to be stated therein or necessary to make the statements therein, in
		light of the circumstances under which they were made, not misleading, except
		insofar as the same are caused by any information furnished in writing to
		Fortress by such Selling Shareholder expressly for use therein. In connection
		with an Underwritten Offering and without limiting any of Fortress’ other
		obligations under this Agreement, Fortress shall also indemnify such
		underwriters, their officers, directors, employees and agents and each Person
		who controls (within the meaning of Section 15 of the Securities Act and
		Section 20 of the Exchange Act) such underwriters or such other indemnified
		Person to the same extent as provided above with respect to the indemnification
		(and exceptions thereto) of Selling Shareholders. Reimbursements payable
		pursuant to the indemnification contemplated by this Section 6.8(a) will be
		made by periodic payments during the course of any investigation or defense, as
		and when bills are received or expenses incurred.
	 

	 
		(b) By the Selling Shareholders. In connection with any registration statement in which
		a Shareholder is participating, each such Selling Shareholder will furnish to
		Fortress in writing information regarding such Selling Shareholder’s
		ownership of Registrable Securities and its intended method of distribution
		thereof and, to the extent permitted by law, shall, severally and not jointly,
		indemnify Fortress, its Affiliates and their respective directors, officers,
		employees and agents and each Person who controls (within the meaning of
		Section 15 of the Securities Act and Section 20 of the Exchange Act) Fortress
		or such other indemnified Person against all Losses caused by any untrue
		statement of material fact contained in the registration statement, prospectus
		or preliminary prospectus or Free Writing Prospectus or any amendment or
		supplement thereto or any omission of a material fact required to be stated
		therein or necessary to make the statements therein, in light of the
		circumstances under which they were made, not misleading, but only to the
		extent that such untrue statement or omission is caused by and contained in
		such information so furnished in writing by such Selling Shareholder expressly
		for use therein; provided, however, that each Selling Shareholder’s
		obligation to indemnify Fortress hereunder shall, to the extent more than one
		Selling Shareholder is subject to the same indemnification obligation, be
		apportioned between each Selling Shareholder based upon the net amount received
		by each Selling Shareholder from the sale of Registrable Securities, as
		compared to the total net amount received by all of the Selling Shareholders of
		Registrable Securities sold 
	 

	 
		30
	 

	 

	 
	 

	 

	 
		pursuant to such registration statement.
		Notwithstanding the foregoing, no Selling Shareholder shall be liable to
		Fortress for amounts in excess of the lesser of (i) such apportionment and (ii)
		the amount received by such holder in the offering giving rise to such
		liability.
	 

	 
		(c) Notice. Any
		Person entitled to indemnification hereunder shall give prompt written notice
		to the indemnifying party of any claim with respect to which it seeks
		indemnification; provided,
		however, the failure to give such notice shall not release the
		indemnifying party from its obligation, except to the extent that the
		indemnifying party has been materially prejudiced by such failure to provide
		such notice on a timely basis.
	 

	 
		(d) Defense of Actions. In any case in which any such action is brought
		against any indemnified party, and it notifies an indemnifying party of the
		commencement thereof, the indemnifying party will be entitled to participate
		therein, and, to the extent that it may wish, jointly with any other
		indemnifying party similarly notified, to assume the defense thereof, with
		counsel reasonably satisfactory to such indemnified party, and after notice
		from the indemnifying party to such indemnified party of its election so to
		assume the defense thereof, the indemnifying party will not (so long as it
		shall continue to have the right to defend, contest, litigate and settle the
		matter in question in accordance with this paragraph) be liable to such
		indemnified party hereunder for any legal or other expense subsequently
		incurred by such indemnified party in connection with the defense thereof other
		than reasonable costs of investigation, supervision and monitoring (unless (i)
		such indemnified party reasonably objects to such assumption on the grounds
		that there may be defenses available to it which are different from or in
		addition to the defenses available to such indemnifying party or (ii) the
		indemnifying party shall have failed within a reasonable period of time to
		assume such defense and the indemnified party is or is reasonably likely to be
		prejudiced by such delay, in either event the indemnified party shall be
		promptly reimbursed by the indemnifying party for the expenses incurred in
		connection with retaining separate legal counsel). An indemnifying party shall
		not be liable for any settlement of an action or claim effected without its
		consent (such consent not to be unreasonably withheld). The indemnifying party
		shall lose its right to defend, contest, litigate and settle a matter if it
		shall fail to diligently contest such matter (except to the extent settled in
		accordance with the next following sentence). No matter shall be settled by an
		indemnifying party without the consent of the indemnified party (which consent
		shall not be unreasonably withheld, it being understood that the indemnified
		party shall 
	 

	 
		31
	 

	 

	 
	 

	 

	 
		not be deemed to be unreasonable in
		withholding its consent if the proposed settlement imposes any obligation on
		the indemnified party).
	 

	 
		(e) Survival. The
		indemnification provided for under this Agreement shall remain in full force
		and effect regardless of any investigation made by or on behalf of the
		indemnified Person and will survive the transfer of the Registrable Securities
		and the termination of this Agreement.
	 

	 
		(f) Contribution. If
		recovery is not available under the foregoing indemnification provisions for
		any reason or reasons other than as specified therein, any Person who would
		otherwise be entitled to indemnification by the terms thereof shall
		nevertheless be entitled to contribution with respect to any Losses with
		respect to which such Person would be entitled to such indemnification but for
		such reason or reasons. In determining the amount of contribution to which the
		respective Persons are entitled, there shall be considered the Persons’
		relative knowledge and access to information concerning the matter with respect
		to which the claim was asserted, the opportunity to correct and prevent any
		statement or omission, and other equitable considerations appropriate under the
		circumstances. It is hereby agreed that it would not necessarily be equitable
		if the amount of such contribution were determined by pro rata or per capita
		allocation. No Person guilty of fraudulent misrepresentation (within the
		meaning of Section 11(f) of the Securities Act) shall be entitled to
		contribution from any Person who was not found guilty of such fraudulent
		misrepresentation. Notwithstanding the foregoing, no Selling Shareholder or
		transferee thereof shall be required to make a contribution in excess of the
		net amount received by such holder from its sale of Registrable Securities in
		connection with the offering that gave rise to the contribution
		obligation.
	 

	 
		(g) Request for Information. Not less than ten business days before the expected
		filing date of each registration statement pursuant to this Agreement, Fortress
		shall notify each Shareholder who has timely provided the requisite notice
		hereunder entitling the Shareholder to register Registrable Securities in such
		registration statement of the information, documents and instruments from such
		Shareholder that Fortress or any underwriter reasonably requests in connection
		with such registration statement, including, but not limited to a
		questionnaire, custody agreement, power of attorney, lock-up letter and
		underwriting agreement (the “Requested Information”). If Fortress has
		not received, on or before the second day before the expected filing date, the
		Requested Information from such Shareholder, Fortress may file the Registration
		Statement without including Registrable Securities of such Shareholder. The
		failure to so include in any 
	 

	 
		32
	 

	 

	 
	 

	 

	 
		registration statement the Registrable
		Securities of a Shareholder (with regard to that registration statement) shall
		not in and of itself result in any liability on the part of Fortress to such
		Shareholder.
	 

	 
		(h) No Grant of Future Registration Rights. Fortress shall not grant any shelf, demand, piggyback
		or incidental registration rights that are senior to the rights granted to the
		Shareholders hereunder to any other Person without the prior written consent of
		Piggyback Shareholders holding a majority of the Registrable Securities held by
		all Piggyback Shareholders.
	 

	 
		ARTICLE VII
	 

	 
		 
	 

	 
		INDEMNIFICATION WITH RESPECT TO PERSONAL
		GUARANTEES
	 

	 
		SECTION 7.1 INDEMNIFICATION WITH RESPECT TO
		PERSONAL GUARANTIES. Fortress agrees to indemnify, to the fullest extent
		permitted by law, each Principal for all amounts (including all costs and
		expenses incurred or paid by such Principal which relate to investigating the
		basis for or objecting to any claims made in respect of such Principal’s
		guaranties) which such Principal is required to pay pursuant to such
		Principal’s personal guaranties of the obligation of a general partner of
		any private equity fund operated by Fortress to repay incentive income received
		by Fortress or any of its Affiliates in the event certain specified return
		thresholds are not ultimately achieved by the private equity fund.
	 

	 
		SECTION 7.2 PROCEDURE. Within two business
		days of receiving reasonable evidence from a Principal that such Principal has
		paid any amounts that are indemnifiable pursuant to Section 7.1, Fortress will
		reimburse Principal for any such amounts paid.
	 

	 
		SECTION 7.3 SURVIVAL. The indemnification
		provided for under this Section 7.1 shall remain in full force and effect and
		will survive the termination of this Agreement.
	 

	 
		33
	 

	 

	 
	 

	 

	 
		ARTICLE VIII
	 

	 
		 
	 

	 
		REPRESENTATIONS AND WARRANTIES

	 

	 
		SECTION 8.1 REPRESENTATIONS AND WARRANTIES
		OF THE PRINCIPALS. Each Principal severally, and not jointly, represents and
		warrants to Fortress and to each other Principal that (a) such Principal is
		duly authorized to execute, deliver and perform this Agreement; (b) this
		Agreement has been duly executed by such Principal or his, her or its
		attorney-in-fact on behalf of such Principal and is a valid and binding
		agreement of such Principal, enforceable against such Principal in accordance
		with its terms; (c) the execution, delivery and performance by such Principal
		of this Agreement does not violate or conflict with or result in a breach of or
		constitute (or with notice or lapse of time or both constitute) a default under
		any agreement to which such Principal is a party or, if applicable, the
		organizational documents of such Principal; and (d) such Principal has good and
		marketable title to the Shares owned by such Principal as of the date hereof
		free and clear of any pledge, lien, security interest, charge, claim, equity or
		encumbrance of any kind, other than pursuant to this Agreement.
	 

	 
		SECTION 8.2 REPRESENTATIONS AND WARRANTIES
		OF FORTRESS. Fortress represents and warrants to the Principals that (a)
		Fortress is duly authorized to execute, deliver and perform this Agreement; (b)
		this Agreement has been duly authorized, executed and delivered by Fortress and
		is a valid and binding agreement of Fortress, enforceable against Fortress in
		accordance with its terms; and (c) the execution, delivery and performance by
		Fortress of this Agreement does not violate or conflict with or result in a
		breach by Fortress of or constitute (or with notice or lapse of time or both
		constitute) a default by Fortress under its Certificate of Formation or Amended
		and Restated Operating Agreement, any existing applicable law, rule,
		regulation, judgment, order, or decree of any Governmental Entity exercising
		any statutory or regulatory authority of any of the foregoing, domestic or
		foreign, having jurisdiction over Fortress or any of its Subsidiaries or any of
		their respective properties or assets, or any agreement or instrument to which
		Fortress or any of its Subsidiaries is a party or by which Fortress or any of
		its Subsidiaries or any of their respective properties or assets may be
		bound.
	 

	 
		34
	 

	 

	 
	 

	 

	 
		ARTICLE IX
	 

	 
		 
	 

	 
		MISCELLANEOUS
	 

	 
		SECTION 9.1 NOTICES. All notices, requests,
		consents and other communications hereunder to any party shall be deemed to be
		sufficient if contained in a written instrument delivered in person or sent by
		facsimile (provided a copy is thereafter promptly delivered as provided in this
		Section 9.1) or nationally recognized overnight courier, addressed to such
		party at the address or facsimile number set forth below or such other address
		or facsimile number as may hereafter be designated in writing by such party to
		the other parties:
	 

	 
		(a) if to Fortress, to:
	 

	 
		Fortress Investment Group LLC
	 

	 
		1345 Avenue of the Americas
	 

	 
		46th Floor
	 

	 
		New York, NY 10105
	 

	 
		(T) (212) 798-6100
	 

	 
		(F) (917) 591-8433
	 

	 
		Attention: General Counsel
	 

	 
		with a copy to:
	 

	 
		Skadden, Arps, Slate, Meagher & Flom
		LLP
	 

	 
		Four Times Square
	 

	 
		New York, New York 10036
	 

	 
		(T) (212) 735-3000
	 

	 
		(F) (212) 735-2000
	 

	 
		Attention: Joseph A. Coco, Esq.
	 

	 
		(b) if to any of the Principals, to:
	 

	 
		the address and facsimile number set forth
		in the records of Fortress
	 

	 
		35
	 

	 

	 
	 

	 

	 
		SECTION 9.2 INTERPRETATION. The headings
		contained in this Agreement are for reference purposes only and shall not
		affect in any way the meaning or interpretation of this Agreement. Whenever the
		words “included”, “includes” or “including” are
		used in this Agreement, they shall be deemed to be followed by the words
		“without limitation”.
	 

	 
		SECTION 9.3 SEVERABILITY. The provisions of
		this Agreement 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 Agreement, 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 Agreement 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.
	 

	 
		SECTION 9.4 COUNTERPARTS. This Agreement may
		be executed in one or more counterparts, each of which shall be deemed an
		original and all of which shall, taken together, be considered one and the same
		agreement, it being understood that both parties need not sign the same
		counterpart.
	 

	 
		SECTION 9.5 ADJUSTMENTS UPON CHANGE OF
		CAPITALIZATION. In the event of any change in the outstanding Class A Shares
		and Class B Shares, as applicable, by reason of dividends, splits, reverse
		splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of
		shares and the like, the term “Class A Shares” and “Class B
		Shares” shall refer to and include the securities received or resulting
		therefrom, but only to the extent such securities are received in exchange for
		or in respect of Class A Shares and Class B Shares, as applicable. 
	 

	 
		SECTION 9.6 ENTIRE AGREEMENT; NO THIRD PARTY
		BENEFICIARIES. This Agreement (a) constitutes the entire agreement and
		supersedes all other prior agreements, both written and oral, among the parties
		with respect to the subject matter hereof and (b) is not intended to confer
		upon any Person, other than the parties hereto, except as provided in Section
		6.8(a) and Section 6.8(b), any rights or remedies hereunder.
	 

	 
		36
	 

	 

	 
	 

	 

	 
		SECTION 9.7 FURTHER ASSURANCES. Each party
		shall execute, deliver, acknowledge and file such other documents and take such
		further actions as may be reasonably requested from time to time by the other
		party hereto to give effect to and carry out the transactions contemplated
		herein.
	 

	 
		SECTION 9.8 GOVERNING LAW; EQUITABLE
		REMEDIES. THIS AGREEMENT SHALL BE
		GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
		DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES
		THEREOF). The parties hereto agree that
		irreparable damage would occur in the event that any of the provisions of this
		Agreement 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 Agreement and to enforce specifically the terms and
		provisions hereof in any of the Selected Courts (as defined below), 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 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.
	 

	 
		SECTION 9.9 CONSENT TO JURISDICTION. With
		respect to any suit, action or proceeding (“Proceeding”) arising out
		of or relating to this Agreement or any transaction contemplated hereby each of
		the parties hereto hereby irrevocably (i) submits to the exclusive jurisdiction
		of the United States District Court for the Southern District of New York or
		the Court of Chancery located in the State of Delaware, County of Newcastle
		(the “Selected Courts”) and waives any objection to venue being laid
		in the Selected Courts whether based on the grounds of forum non conveniens or
		otherwise and hereby agrees not to commence any such Proceeding other than
		before one of the Selected Courts; provided,
		however, that a party may commence any Proceeding in a court
		other than a Selected Court solely for the purpose of enforcing an order or
		judgment issued by one of the Selected Courts; (ii) consents to service of
		process in any Proceeding by the mailing of copies thereof by registered or
		certified mail, postage prepaid, or by recognized international express carrier
		or delivery service, to Fortress or the Principals at their respective
		addresses referred to in Section 9.1 hereof; provided,
		however, that nothing herein shall affect the right of any
		party hereto to serve process in any other manner permitted by law; and (iii)
		TO THE EXTENT NOT PROHIBITED BY
		APPLICABLE LAW 
	 

	 
		37
	 

	 

	 
	 

	 

	 
		THAT CANNOT BE WAIVED, WAIVES, AND
		COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
		OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART
		UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED
		TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING
		IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF
		THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND
		BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO
		TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS
		AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A
		COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A
		JURY.
	 

	 
		SECTION 9.10 AMENDMENTS; WAIVERS. 
	 

	 
		(a) No provision of this Agreement may be
		amended or waived unless such amendment or waiver is in writing and signed, in
		the case of an amendment, by the parties hereto, or in the case of a waiver, by
		the party against whom the waiver is to be effective.
	 

	 
		(b) No failure or delay by any party in
		exercising any right, power or privilege hereunder shall operate as waiver
		thereof nor shall any single or partial exercise thereof preclude any other or
		further exercise thereof or the exercise of any other right, power or
		privilege. The rights and remedies herein provided shall be cumulative and not
		exclusive of any rights or remedies provided by law.
	 

	 
		SECTION 9.11 ASSIGNMENT. Neither this
		Agreement nor any of the rights or obligations hereunder shall be assigned by
		any of the parties hereto without the prior written consent of the other
		parties, except as set forth in Section 3.1(a). Subject to the preceding
		sentence, this Agreement will be binding upon, inure to the benefit of and be
		enforceable by the parties and their respective successors and assigns.
	 

	 
		38
	 

	 

	 
	 

	 

	 
		SECTION 9.12 STATUS. The Principals shall
		not be deemed to be members of a “group” (as such term is defined in
		Section 13D of the Exchange Act), and each Principal shall not be deemed to
		“beneficially own” (as such term is defined in Section 13D of
		the Exchange Act) Shares owned by any other Principal, because of this
		Agreement or any provision hereof.
	 

	 
		SECTION 9.13 PRINCIPALS AGREEMENT. The
		Principals will promptly notify Fortress of any amendment, waiver or
		termination of the Principals Agreement.
	 

	 
		39
	 

	 

	 
	 

	 

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  FORTRESS INVESTMENT GROUP
				  LLC
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 

			
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  PETER L. BRIGER, JR.
				

			 
	 	 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  WESLEY R. EDENS
				

			 
	 	 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  ROBERT I. KAUFFMAN
				

			 
	 	 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  RANDAL A. NARDONE
				

			 
	 	 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  MICHAEL E. NOVOGRATZ

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