Document:

Amended and Restated Limited Partnership Agreement-Apollo Principal Holdings IV

 Exhibit 10.5 
 AMENDED AND RESTATED 
 EXEMPTED LIMITED PARTNERSHIP AGREEMENT 
 OF 
 APOLLO PRINCIPAL HOLDINGS IV,
L.P. 
 Dated July 13, 2007 
 THE
PARTNERSHIP UNITS OF APOLLO PRINCIPAL HOLDINGS IV, L.P. HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING ISSUED IN RELIANCE
UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN
COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR PROVINCE, AND ANY OTHER APPLICABLE SECURITIES LAWS; AND (II) THE TERMS AND CONDITIONS OF THIS LIMITED PARTNERSHIP AGREEMENT. THE UNITS MAY NOT BE TRANSFERRED

 OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS LIMITED PARTNERSHIP AGREEMENT. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH UNITS WILL BE
REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME. 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 Article I DEFINITIONS
	  	1
	 Section 1.01. Definitions
	  	1
		
	 Article II FORMATION, TERM, PURPOSE AND POWERS
	  	8
	 Section 2.01. Formation
	  	8
	 Section 2.02. Name
	  	9
	 Section 2.03. Term
	  	9
	 Section 2.04. Offices
	  	9
	 Section 2.05. Agent for Service of Process
	  	9
	 Section 2.06. Business Purpose
	  	9
	 Section 2.07. Powers of the General Partner
	  	9
	 Section 2.08. Partners; Withdrawal of Initial Limited Partner; Admission of New Partners
	  	9
	 Section 2.09. Withdrawal
	  	9
		
	 Article III MANAGEMENT
	  	10
	 Section 3.01. General Partner
	  	10
	 Section 3.02. Compensation
	  	10
	 Section 3.03. Expenses
	  	10
	 Section 3.04. Authority of Partners
	  	11
	 Section 3.05. Action by Written Consent or Ratification
	  	11
		
	 Article IV DISTRIBUTIONS
	  	11
	 Section 4.01. Distributions
	  	11
	 Section 4.02. Liquidation Distribution
	  	14
	 Section 4.03. Limitations on Distribution
	  	14
		
	 Article V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS
	  	14
	 Section 5.01. Initial Capital Contributions
	  	14
	 Section 5.02. No Additional Capital Contributions
	  	14
	 Section 5.03. Capital Accounts
	  	14
	 Section 5.04. Allocations of Profits and Losses
	  	14
	 Section 5.05. Special Allocations
	  	15
	 Section 5.06. Tax Allocations
	  	16
	 Section 5.07. Tax Advances
	  	16
	 Section 5.08. Tax Matters
	  	17
	 Section 5.09. Other Allocation Provisions
	  	17
		
	 Article VI BOOKS AND RECORDS; REPORTS
	  	17
	 Section 6.01. Books and Records
	  	17
		
	 Article VII PARTNERSHIP UNITS
	  	18
	 Section 7.01. Units
	  	18
	 Section 7.02. Register
	  	19

  

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	 Section 7.03. Registered Partners
	  	19
		
	 Article VIII FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS
	  	19
	 Section 8.01. Limited Partner Transfers
	  	19
	 Section 8.02. Encumbrances
	  	19
	 Section 8.03. Further Restrictions
	  	20
	 Section 8.04. Rights of Assignees
	  	20
	 Section 8.05. Admissions, Withdrawals and Removals
	  	20
	 Section 8.06. Admission of Assignees as Substitute Limited Partners
	  	21
	 Section 8.07. Withdrawal and Removal of Limited Partners
	  	21
		
	 Article IX DISSOLUTION, LIQUIDATION AND TERMINATION
	  	21
	 Section 9.01. No Dissolution
	  	21
	 Section 9.02. Events Causing Dissolution
	  	22
	 Section 9.03. Distribution upon Dissolution
	  	22
	 Section 9.04. Time for Liquidation
	  	23
	 Section 9.05. Termination
	  	23
	 Section 9.06. Claims of the Partners
	  	23
	 Section 9.07. Survival of Certain Provisions
	  	23
		
	 Article X LIABILITY AND INDEMNIFICATION
	  	23
	 Section 10.01. Liability of Partners
	  	23
	 Section 10.02. Indemnification
	  	24
		
	 Article XI MISCELLANEOUS
	  	25
	 Section 11.01. Severability
	  	25
	 Section 11.02. Notices
	  	26
	 Section 11.03. Cumulative Remedies
	  	26
	 Section 11.04. Binding Effect
	  	26
	 Section 11.05. Interpretation
	  	26
	 Section 11.06. Counterparts
	  	27
	 Section 11.07. Further Assurances
	  	27
	 Section 11.08. Entire Agreement
	  	27
	 Section 11.09. Governing Law
	  	27
	 Section 11.10. Expenses
	  	27
	 Section 11.11. Amendments and Waivers
	  	27
	 Section 11.12. No Third Party Beneficiaries
	  	28
	 Section 11.13. Headings
	  	28
	 Section 11.14. Construction
	  	29
	 Section 11.15. Power of Attorney
	  	29
	 Section 11.16. Letter Agreements: Schedules
	  	29
	 Section 11.17. Partnership Status
	  	29

  

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 AMENDED AND RESTATED 
 EXEMPTED LIMITED PARTNERSHIP AGREEMENT OF 
 APOLLO PRINCIPAL HOLDINGS IV, L.P. 
 This AMENDED AND RESTATED EXEMPTED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Apollo Principal Holdings IV, L.P. (the
“Partnership”) is made as of the 13th day of July, 2007, by and among Apollo Principal Holdings IV GP, Ltd., a company formed under the laws of the Cayman Islands, as general partner, and the Limited Partners (as defined herein) of
the Partnership. 
 WHEREAS, the Partnership was formed as a limited partnership pursuant to the Act, by the filing of a Certificate of
Registration (the “Certificate”) with the Registrar of Exempted Limited Partnership on April 30, 2007 and the execution of the initial Limited Partnership Agreement of the Company (the “Original Agreement”) by
Apollo Principal Holdings IV GP, Ltd., as general partner, and Sheryl Dean, as limited partner (the “Initial Limited Partner”); and 
 WHEREAS, the parties hereto desire to amend and restated the Original Agreement to permit the admission of additional Limited Partners and the withdrawal of the Initial Limited Partner. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto agree as
follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. Capitalized terms used herein without definition have the
following meanings (such meanings being equally applicable to both the singular and plural form of the terms defined):“Act” means the Exempted Limited Partnership Law (as amended) of the Cayman Islands. 
 “Additional Credit Amount” has the meaning set forth in Section 4.01(c)(ii). 
 “Adjusted Capital Account Balance” means, with respect to each Partner, the balance in such Partner’s Capital Account adjusted
(i) by taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(c)(4), (5) and (6); and (ii) by adding to such balance such Partner’s share of Partnership
Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Regulations Sections 1.704-2(g) and 1.704-2(i)(5), and any amounts such Partner is obligated to restore pursuant to any provision of this Agreement or by applicable Law.
The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Affiliate” means, with respect to a specified Person, any other Person that directly, or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such specified Person. 

 “Agreement” has the meaning set forth in the preamble of this Agreement. 
 “Amended Tax Amount” has the meaning set forth in Section 4.01(c)(ii). 
 “APO Corp.” means APO Corp., a Delaware corporation. 
 “APO Corp. Distribution Amount” means the sum of (a) the accrued and unpaid interest then due on the then outstanding Issuer Convertible Notes, and (b) an amount sufficient to pay the Taxes
on that portion of the annual net income of APO Corp. that exceeds the amount of Distributable Cash paid to APO Corp. 
 “APO Corp.
Subsidiary Partnership” means each of the Apollo Operating Group entities in which APO Corp. is a Limited Partner. 
 “APO
LLC” means APO Asset Co., LLC, a Delaware limited liability company. 
 “Apollo Operating Group” means each of the
Partnership, Apollo Principal Holdings I, L.P., a Delaware limited partnership, Apollo Principal Holdings II, L.P., a Delaware limited partnership, Apollo Principal Holdings III, L.P., a Cayman Islands limited partnership and Apollo Management
Holdings, L.P., a Delaware limited partnership, and any successors thereto or other entities formed to serve as holding vehicles for the Issuer’s carry vehicles, management companies or other entities formed to engage in the asset management
business (including alternative asset management), as set forth on Annex A, as amended from time to time. 
 “Assignee” has the meaning set forth in Section 8.04. 
 “Assumed Tax Rate” means the highest
effective marginal combined U.S. federal, state and local income tax rate for a Fiscal Year prescribed for an individual or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses subject to the
limitation described in Section 67(a) of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local
income taxes for U.S. federal income tax purposes). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners. 
 “Capital Account” means the separate capital account maintained for each Partner in accordance with Section 5.03 hereof. 
 “Capital Contribution” means, with respect to any Partner, the aggregate amount of money contributed to the Partnership and the Carrying Value of any property (other than money), net of any
liabilities assumed by the Partnership upon contribution or to which such property is subject, contributed to the Partnership pursuant to Article V. 
 “Carrying Value” means, with respect to any Partnership asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial carrying value of assets contributed to the
Partnership shall be their respective gross fair market values on the date of contribution as determined by the General Partner, and the Carrying Values of all Partnership assets shall be adjusted to equal their respective fair market values, in
accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of (a)

  

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the date of the acquisition of any additional Partnership Interest by any new or existing Partner in exchange for more than a de minimis Capital
Contribution; (b) the date of the distribution of more than a de minimis amount of Partnership assets to a Partner; (c) the date a Partnership Interest is relinquished to the Partnership; (d) any other date specified in the Treasury
Regulations or (e) any other date specified by the General Partner; provided, however, that adjustments pursuant to clauses (a), (b) (c) and (d) above shall be made only if such adjustments are deemed necessary or
appropriate by the General Partner to reflect the relative economic interests of the Partners. The Carrying Value of any Partnership asset distributed to any Partner shall be adjusted immediately before such distribution to equal its fair market
value. In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits (Losses)” rather than
the amount of depreciation determined for U.S. federal income tax purposes, and depreciation shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis. 
 “Certificate” has the meaning set forth in the preamble of this Agreement. 
 “Class” means the classes of Units into which the interests in the Partnership may be classified or divided from time to time pursuant
to the provisions of this Agreement. 
 “Class A Shares” means the Class A Common Shares of the Issuer representing
Class A limited partnership interests of the Issuer. 
 “Class A Units” means the Units of partnership interest in the
Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement. 
 “Closing Date” has the meaning set forth in the Strategic Agreement. 
 “Code” means the Internal
Revenue Code of 1986, as amended from time to time. 
 “Contingencies” has the meaning set forth in Section 9.03(c).

 “Control” (including the terms “Controlled by” and “under common Control with”) means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise, including,
without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 
 “Conversion Shares” means the Class A Shares issuable upon conversion of the Issuer Convertible Notes. 
 “Covered Person” and “Covered Persons” have the meanings set forth in Section 10.02(a). 
 “Credit Amount” has the meaning set forth in Section 4.01(c)(ii) of this Agreement. 
  

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 “Creditable Non-U.S. Tax” means a non-U.S. tax paid or accrued for United States federal
income tax purposes by the Partnership, in either case to the extent that such tax is eligible for credit under Section 901(a) of the Code. A non-U.S. tax is a Creditable Non-U.S. Tax for these purposes without regard to whether a partner
receiving an allocation of such non-U.S. tax elects to claim a credit for such amount. This definition is intended to be consistent with the definition of “Creditable Non-U.S. Tax” in Temporary Treasury Regulations
Section 1.704-1T(b)(4)(xi)(b), and shall be interpreted consistently therewith. 
 “Disabling Event” means the General
Partner ceasing to be the general partner of the Partnership pursuant to Section 17-402 of the Act. 
 “Distributable
Cash” means cash received by the Partnership from dividends and distributions or other income, other than cash reserves to account for reasonably anticipated expenses and other liabilities, including, without limitation, tax liabilities, as
the General Partner may determine to be appropriate. 
 “Encumbrance” means any mortgage, claim, lien, encumbrance,
conditional sales or other title retention agreement, right of first refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title of any nature whatsoever. 
 “ERISA” means The Employee Retirement Income Security Act of 1974, as amended. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Exchange Agreement” means the exchange agreement dated as of or about the date hereof among the Issuer, the Apollo
Operating Group, and the limited partners of the Apollo Operating Group entities from time to time, as amended from time to time. 
 “Exchange Transaction” means an exchange of Units for Class A Shares pursuant to, and in accordance with, the Exchange Agreement or, if the Issuer and the exchanging Limited Partner shall mutually agree, a Transfer of
Units to the Issuer, the Partnership or any of their subsidiaries for other consideration. 
 “Final Adjudication” has the
meaning set forth in Section 10.02(a). 
 “Final Tax Amount” has the meaning set forth in Section 4.01(c)(ii).

 “Fiscal Year” means (i) the period commencing upon the formation of the Partnership and ending on December 31,
2007 or (ii) any subsequent twelve-month period commencing on January 1 and ending on December 31. 
 “Fund”
means any pooled investment vehicle or similar entity sponsored or managed, directly or indirectly, by the Issuer or any of its subsidiaries. 
  

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 “General Partner” means Apollo Principal Holdings IV GP, Ltd., a company formed under
the laws of the Cayman Islands or any successor general partner admitted to the Partnership in accordance with the terms of this Agreement. 
 “Incapacity” means, with respect to any Person, the bankruptcy, dissolution, termination, entry of an order of incompetence, or the insanity, permanent disability or death of such Person. 
 “Initial Limited Partner” has the meaning set forth in the preamble. 
 “Initial Offering” means the earlier to occur of (i) an IPO and (ii) a Private Placement. 
 “IPO” means the consummation of an underwritten public offering of Class A Shares pursuant to an effective registration statement
(other than on Forms S-4 or S-8 or successors and/or equivalents to such forms); provided, that no such underwritten public offering shall constitute an “IPO” for the purposes of this Agreement unless (x) it involves a
sale to underwriters for distribution to the public representing a public float of at least 10% of the then outstanding equity interests of the Issuer Convertible Notes (calculated on a fully-diluted basis as if all outstanding Operating Group Units
have been exchanged for, and all outstanding Notes have been converted into, Class A Shares) and (y) such offering satisfies the Price Threshold, and (ii) the effectiveness of the shelf registration statement to be filed by the Issuer
in respect of the Class A Shares to be sold in the Private Placement; in the case of clauses both (i) and (ii), such registration statement to be filed by the Issuer with the SEC or (in connection with a listing on the London Stock
Exchange) with the Financial Services Authority of the United Kingdom. 
 “Issuer” means Apollo Global Management, LLC, a
limited liability company formed under the laws of the State of Delaware, or any successor thereto. 
 “Issuer Manager”
means AGM Management LLC, a limited liability company formed under the laws of the State of Delaware and the manager of the Issuer, or any successor manager of the Issuer. 
 “Issuer Convertible Notes” means the 7% convertible senior unsecured notes of the Issuer issued pursuant to the Strategic Agreement.

 “Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other
order issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority therefrom with jurisdiction over the Partnership or any Partner, as the
case may be. 
 “Limited Partner” means each of the Persons from time to time listed as a limited partner in the books and
records of the Partnership. 
 “Liquidation Agent” has the meaning set forth in Section 9.03 of this Agreement.

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

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 “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations
Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership for a fiscal year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that fiscal year, determined according to the
provisions of Treasury Regulations Section 1.704-2(c). 
 “Offering Date” has the meaning set forth in the Strategic
Agreement. 
 “Operating Group Units” refers to units in the Apollo Operating Group, each of which represents one limited
partnership interest in each of the limited partnerships that comprise the Apollo Operating Group and any other securities issued or issuable in exchange for or with respect to such Operating Group Units (i) by way of a dividend, split or
combination of shares or (ii) in connection with a reclassification, recapitalization, merger, consolidation or other reorganization. All calculations in respect of the Operating Group Units shall assume that all Operating Group Units shall
have vested fully as of the date of determination. 
 “Original Agreement” has the meaning set forth in the preamble.

 “Partners” means, at any time, each person listed as a partner (including the General Partner) on the books and records
of the Partnership, in each case for so long as he, she or it remains a partner of the Partnership as provided hereunder. 
 “Partnership” has the meaning set forth in the preamble of this Agreement. 
 “Partnership Minimum
Gain” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 
 “Partner Nonrecourse Debt
Minimum Gain” means an amount with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were
treated as a nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 
 “Partner Nonrecourse Deductions” has the meaning ascribed to the term “partner nonrecourse deductions” set forth in Treasury
Regulations Section 1.704-2(i)(2). 
 “Percentage Interest” means, with respect to any Partner, the quotient obtained
by dividing the number of Units then owned by such Partner by the number of Units then owned by all Partners. 
 “Person”
means any individual, corporation, partnership, limited partnership, limited liability company, limited company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 
 “Price Threshold” has the meaning set forth in the Strategic Agreement. 
 “Private Placement” means a private placement of Class A Shares pursuant to Rule 144A (or any successor provision), Regulation D
and Regulation S promulgated under the Securities Act, in an offering (i) to at least fifteen (15) purchasers and (ii) that requires the Issuer to file 

  

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with the SEC a shelf registration statement permitting registered re-sales of the Class A Shares within eight (8) months of the consummation of
such offering; provided, that no such private placement shall qualify as a “Private Placement” for the purposes of this Agreement, unless (x) such offering satisfies the Price Threshold and (y) it involves
engagement of one or more initial purchasers, placement agents or investment banks performing a similar role for the purpose of facilitating the distribution of Class A Shares representing at least 10% of the then outstanding equity interests
of the Issuer (calculated on a fully-diluted basis as if all Operating Group Units had been exchanged for, and all Issuer Convertible Notes had been converted into, Class A Shares); provided, further, that in the event that any Person
purchases Class A Shares representing more than 20% of such offering, the amount in excess of 20% shall be disregarded for the purpose of determining whether the 10% threshold set forth in this clause (y) has been satisfied. 
 “Profits” and “Losses” means, for each Fiscal Year or other period, the taxable income or loss of the Partnership, or
particular items thereof, determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (a) all items of income, gain, loss or deduction allocated pursuant to
Section 5.05 shall not be taken into account in computing such taxable income or loss; (b) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profits and Losses
shall be added to such taxable income or loss; (c) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss resulting from a disposition of such asset shall be calculated with
reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value, the amount of the adjustment shall be included as
gain or loss in computing such taxable income or loss; (e) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with
respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to
such adjusted tax basis; provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the General Partner may use any reasonable method for purposes of determining depreciation, amortization or
other cost recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise
taken into account in computing Profits and Losses pursuant to this definition shall be treated as deductible items. 
 “Roll-up
Agreements” mean collectively, each Roll-up Agreement, by and among BRH Holdings, L.P., a Cayman Islands exempted limited partnership, AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership, the Issuer, APO LLC, APO
Corp., and an employee of the Issuer or one of its subsidiaries, dated as of the date hereof, each as amended, restated, supplemented or otherwise modified from time to time 
 “SEC” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the
Securities Act. 
  

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 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Similar Law” means any law or regulation that could cause the underlying assets of
the Partnership to be treated as assets of the Limited Partner by virtue of its limited partner interest in the Partnership and thereby subject the Partnership and the General Partner (or other persons responsible for the investment and operation of
the Partnership’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. 
 “Strategic Agreement” means the Strategic Agreement, dated as of the date hereof, by and among the Issuer, APOC Holdings Ltd., a Cayman
Islands exempted company, the California Public Employees’ Retirement System and the other parties thereto. 
 “Tax
Advances” has the meaning set forth in Section 5.07. 
 “Tax Amount” has the meaning set forth in
Section 4.01(c)(i). 
 “Tax Distributions” has the meaning set forth in Section 4.01(c)(i). 
 “Tax Matters Partner” has the meaning set forth in Section 5.08. 
 “Transfer” means, in respect of any Unit, property or other asset, any sale, assignment, transfer, distribution or other disposition
thereof, whether voluntarily or by operation of Law, including, without limitation, the exchange of any Unit for any other security. 
 “Treasury Regulations” means the income tax regulations, including temporary regulations, promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding
regulations). 
 “Units” means the Class A Units and any other Class of Units authorized in accordance with this
Agreement, which shall constitute interests in the Partnership as provided in this Agreement and under the Act; entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the
Partnership at any particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided in this Agreement, together with the obligations of such Partner to comply with all
terms and provisions of this Agreement. 
 ARTICLE II 
 FORMATION, TERM, PURPOSE AND POWERS 
 Section 2.01. Formation. The Partnership was
formed as a limited partnership under the provisions of the Act by the filing on April 30, 2007 the Certificate as provided in the preamble of this Agreement. If requested by the General Partner, the Limited Partners shall promptly execute all
certificates and other documents consistent with the terms of this Agreement necessary for the General Partner to accomplish all filing, recording, publishing and other acts as may be appropriate to comply with all requirements for (a) the
formation and operation of a 

  

 8 

 
limited partnership under the laws of the Cayman Islands, (b) if the General Partner deems it advisable, the operation of the Partnership as a limited
partnership, or partnership in which the Limited Partners have limited liability, in all jurisdictions where the Partnership proposes to operate and (c) all other filings required to be made by the Partnership. 
 Section 2.02. Name. The name of the Partnership shall be, and the business of the Partnership shall be conducted under the name of,
Apollo Principal Holdings IV, L.P. 
 Section 2.03. Term. The term of the Partnership commenced on the date of the filing
of the Certificate, and the term shall continue until the dissolution of the Partnership in accordance with Article IX. The existence of the Partnership shall continue until cancellation of the Certificate in the manner required by the Act.

 Section 2.04. Offices. The Partnership may have offices at such places as the General Partner from time to time may
select. 
 Section 2.05. Agent for Service of Process. The Partnership’s registered offiec and registered agent for
service of process in the Cayman Islands shall be Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9002 or as otherwise determined by the General Partner from time to time. 
 Section 2.06. Business Purpose. The Partnership shall have the power to engage in any lawful act or activity for which exempted
limited partnerships may be formed under the Act. 
 Section 2.07. Powers of the General Partner. Subject to the
limitations set forth in this Agreement, the General Partner will possess and may exercise all of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation of the assets contributed to the
Partnership by the Partners, by any other Law or this Agreement, together with all powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the purpose of the Partnership set forth in
Section 2.06. 
 Section 2.08. Partners; Withdrawal of Initial Limited Partner; Admission of New Partners. The
Initial Limited Partner hereby withdraws as a Partner of the Partnership and shall have no interest in, or owe any obligation to, the Partnership whatsoever. As of the date hereof, the Initial Limited Partner received a return of any capital
contribution made to the Partnership. Each of the Persons listed in the books and records of the Partnership, as the same may be amended from time to time in accordance with this Agreement, by virtue of the execution of this Agreement, are admitted
as Partners of the Partnership. The rights, duties and liabilities of the Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as
provided herein. A Person may be admitted from time to time as a new Partner in accordance with Section 8.05 and Section 8.06; provided, however, that each new Partner shall execute and deliver to the General Partner an appropriate
supplement to this Agreement pursuant to which the new Partner agrees to be bound by the terms and conditions of the Agreement, as it may be amended from time to time. 
 Section 2.09. Withdrawal. No Partner shall have the right to withdraw as a Partner of the Partnership other than following the Transfer of all Units owned by such Partner in accordance with Article
VIII; provided, however, that a new General Partner or substitute General Partner may be admitted to the Partnership in accordance with Section 8.05. 
  

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 ARTICLE III 
 MANAGEMENT 
 Section 3.01. General Partner. 
 (a) The business, property and affairs of the Partnership shall be managed under the sole, absolute and exclusive direction of the General
Partner, which may from time to time delegate authority to officers or to others to act on behalf of the Partnership. 
 (b)
The Partners hereby agree that the Partnership, acting by the General Partner, shall be and hereby is authorized (i) to open bank accounts on behalf of the Partnership in such banks, and designate the persons authorized to sign checks, notes,
drafts, bills of exchange, acceptances, undertakings or orders for payment of money from funds of the Partnership on deposit in such accounts, as may be deemed by the General Partner to be necessary, appropriate or otherwise in the best interests of
the Partnership and, in connection therewith, execute any form of required resolution necessary to open any such bank accounts; (ii) prepare and file, or cause to be prepared and filed, by mail, facsimile or telephone, for and on behalf of the
Partnership, an Application for Employer Identification Number on United States Internal Revenue Service Form SS-4, and to prepare, execute and file with the appropriate authorities such other federal, state or local applications, forms and papers
on behalf of the Partnership as may be required by law or deemed by the General Partner to be necessary, appropriate or otherwise in the best interests of the Partnership, as applicable; and (iii) pay on behalf of the Partnership any and all
fees and expenses incident to and necessary to perfect the organization of the Partnership. Notwithstanding any other provision of this Agreement, the Partnership, acting by the General Partner on its behalf, is hereby authorized to enter into, and
to perform its obligations under, the aforementioned agreements, deeds, receipts, certificates, filings and other documents, without any consent of any Limited Partner, but such authorization shall not be deemed a restriction on the power of the
Partnership or the General Partner acting on behalf of the Partnership to enter into, and to perform its obligations under, other agreements on behalf of the Partnership. The Partners agree that the General Partner may execute the aforementioned
agreements, deeds, receipts, certificates, filings and other documents on behalf of the Partnership that the General Partner deems appropriate and that any prior acts of the Partnership and the General Partner acting on behalf of the Partnership,
consistent with the foregoing authorizations, are hereby ratified and confirmed. 
 Section 3.02. Compensation. The
General Partner shall not be entitled to any compensation for services rendered to the Partnership in its capacity as General Partner. 
 Section 3.03. Expenses. The Partnership shall bear and/or reimburse (i) the General Partner for any expenses incurred by the General Partner in connection with serving as the general partner of the Partnership, and
(ii) Issuer and APO Corp., with respect to the Partnership’s allocable share of any expenses solely incurred by or attributable to the Issuer or APO COrp. (such as expenses incurred in connection with the Initial Offering) but excluding
obligations incurred under the Tax Receivable Agreement by the Issuer or APO Corp., income tax expenses of the Issuer or APO Corp. and indebtedness incurred by the Issuer or APO Corp. 
  

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

 Section 3.05. Action by Written Consent or Ratification. Any action required or permitted to be taken by the Partners
pursuant to this Agreement shall be taken if all Partners whose consent or ratification is required consent thereto or provide a consent or ratification in writing. 
 ARTICLE IV 
 DISTRIBUTIONS 
 Section 4.01. Distributions. 
 (a) Prior to an Initial Offering, all distributions of Distributable Cash shall be made, at the discretion of the General Partner, in the following order of priority 
 (i) first, to APO Corp., until the cumulative amount distributed in the aggregate by the Apollo Operating Group to APO Corp. or APO
LLC, as applicable, equals any principal amount of the Issuer Convertible Notes then due; 
 (ii) second, to APO Corp.,
until the cumulative amount distributed in the aggregate by the Partnership and the other APO Corp. Subsidiary Partnerships, collectively, equals the APO Corp. Distribution Amount; 
 (iii) third, to the Limited Partners pro rata in accordance with their Percentage Interests, until the cumulative amount
distributed in the aggregate by the Partnership and the other APO Corp. Subsidiary Partnerships, collectively, equals the product of (x) a fraction, the numerator being the number of Operating Group Units outstanding minus the 

  

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number of Conversion Shares issuable upon conversion of the Issuer Convertible Notes and the denominator being the number of Conversion Shares issuable upon
conversion of the Issuer Convertible Notes and (y) the amount described in clause (a) of the definition of APO Corp. Distribution Amount; provided, that for purposes of this clause (iii) the number of Operating Group Units deemed to
be owned by APO Corp. and APO LLC (in the aggregate) shall be reduced by the number of Conversion Shares issuable upon conversion of all outstanding Issuer Convertible Notes and the number of Class A Shares issuable in the Initial Offering (the
intent of this provision being that APO Corp. shall not participate in any distributions pursuant to this clause (iii) if no Class A Shares are actually outstanding prior to the Initial Offering); and 
 (iv) fourth, to the Limited Partners pro rata in accordance with their respective Percentage Interests; provided, that the
amount attributable to net income earned by the Partnership with respect to Fiscal Year 2007 for the period prior to the Closing Date shall be distributed to the Limited Partners other than APO Corp. and their respective transferees pro rata (which
net income shall be calculated by multiplying (x) the aggregate amount of net income earned by the Partnership with respect to Fiscal Year 2007 by (y) a fraction, the numerator being the number of days that elapsed from and including
January 1, 2007 to but excluding the Closing Date and the denominator being 365); provided, further, if the Partnership and the other APO Corp. Subsidiary Partnerships, collectively, do not have sufficient funds to fully satisfy the APO Corp.
Distribution Amount, then amounts otherwise distributable pursuant to this Section 4.01(a)(iv) shall not be distributed to the Limited Partners unless either (x) after giving pro-forma effect to such distribution, there is no payment default of
the Issuer Convertible Notes or (y) the consent of the Noteholders has been given. It is understood that net income earned with respect to Fiscal Year 2007 may not be determinable or paid until Fiscal Year 2008. 
 (b) Immediately following an Initial Offering, all distributions of Distributable Cash shall be made, at the discretion of the General
Partner, to the Limited Partners pro rata in accordance with their respective Percentage Interests; provided, that: 
 (i) amounts attributable to net income earned by the Partnership with respect to Fiscal Year 2007 for the period prior to the Closing Date shall be distributed to the Limited Partners other than APO Corp. and their respective transferees
(which net income shall be calculated by multiplying (x) the aggregate amount of net income earned by the Partnership with respect to Fiscal Year 2007 by (y) a fraction, the numerator being the number of days that elapsed from and
including January 1, 2007 and to but excluding Closing Date and the denominator being 365), it being understood that net income earned with respect to Fiscal Year 2007 may not be determinable or paid until Fiscal Year 2008; and 
 (ii) amounts attributable to net income earned by the Partnership with respect to Fiscal Year 2007 for the period from and after the
Closing Date but prior to the Offering Date shall be distributed to the Limited Partners immediately prior to Offering Date pro rata in accordance with their respective Percentage Interests prior the Offering Date (which net income shall be
calculated by multiplying (x) the aggregate amount of net income earned by the Partnership with respect to Fiscal Year 2007 by (y) a fraction, the numerator being the number of days that elapsed from and including the Closing Date and to
but excluding the Offering Date and the denominator being 365), it being understood that net income earned with respect to Fiscal Year 2007 may not be determinable or paid until Fiscal Year 2008; and 
  

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 (iii) the distribution required pursuant to Section 4.01(a)(iii) shall be made
before the application of this subsection (b). 
 (c) Tax Distributions. 
 (i) In addition to the foregoing, if the General Partner reasonably determines that the taxable income of the Partnership for a Fiscal
Year will give rise to taxable income for the Partners (“Net Taxable Income”), the General Partner shall cause the Partnership to distribute Available Cash in respect of income tax liabilities (the “Tax
Distributions”) to the extent that other distributions made by the Partnership for such year were otherwise insufficient to cover such tax liabilities, provided that distributions pursuant to Section 4.02 and allocations pursuant to
Section 5.04 related to such distributions shall not be taken into account for purposes of this Section 4.01(c). The Tax Distributions payable with respect to any Fiscal Year shall be computed based upon the General Partner’s estimate
of the allocable Net Taxable Income in accordance with Article V, multiplied by the Assumed Tax Rate (the “Tax Amount”). For purposes of computing the Tax Amount, the effect of any benefit under Section 743(b) of the Code will
be ignored. Any Tax distributions shall be made to all Partners, whether or not they are subject to such applicable U.S. federal, state and local taxes, pro rata in accordance with their Participation Percentages. 
 (ii) Tax Distributions shall be calculated and paid no later than one day prior to each quarterly due date for the payment by corporations
on a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25% of the Tax Amount, (B) for the second quarterly period, 50% of the Tax Amount, less the prior Tax Distributions for the
Fiscal Year, (C) for the third quarterly period, 75% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and (D) for the fourth quarterly period, 100% of the Tax Amount, less the prior Tax Distributions for the Fiscal
Year. Following each Fiscal Year, and no later than one day prior to the due date for the payment by corporations of income taxes for such Fiscal Year, the General Partner shall make an amended calculation of the Tax Amount for such Fiscal Year (the
“Amended Tax Amount”), and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Amended Tax Amount so calculated exceeds the cumulative Tax Distributions previously made by the
Partnership in respect of such Fiscal Year. If the Amended Tax Amount is less than the cumulative Tax Distributions previously made by the Partnership in respect of the relevant Fiscal Year, then the difference (the “Credit Amount”)
shall be applied against, and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Within 30 days following the date on which the Partnership files a tax return on Form 1065, the General Partner shall make a final
calculation of the Tax Amount of such Fiscal Year (the “Final Tax Amount”) and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Final Tax Amount so calculated exceeds the
Amended Tax Amount. If the Final Tax Amount is less than the Amended Tax Amount in respect of the relevant Fiscal Year, then the difference (“Additional Credit Amount”) shall be applied against, and shall reduce, the amount of Tax
Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount applied against future Tax Distributions shall be treated as an amount actually distributed pursuant to this Section 4.01(c) for purposes of the
computations herein. 
  

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 Section 4.02. Liquidation Distribution. Distributions made upon dissolution of the
Partnership shall be made as provided in Section 9.03. 
 Section 4.03. Limitations on Distribution. Notwithstanding
any provision to the contrary contained in this Agreement, the General Partner shall not make a Partnership distribution to any Partner if such distribution would violate Section 17-607 of the Act or other applicable Law. 
 ARTICLE V 
 CAPITAL CONTRIBUTIONS;
CAPITAL ACCOUNTS; 
 TAX ALLOCATIONS; TAX MATTERS 
 Section 5.01. Initial Capital Contributions. The Partners have made, on or prior to the date hereof, Capital Contributions and have acquired the number of Class A Units as specified in the
books and records of the Partnership. 
 Section 5.02. No Additional Capital Contributions. Except as otherwise provided
in this Article V, no Partner shall be required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the
General Partner. 
 Section 5.03. Capital Accounts. A separate capital account (a “Capital Account”)
shall be established and maintained for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited with such Partner’s Capital Contributions, if
any, all Profits allocated to such Partner pursuant to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses allocated to such Partner pursuant to
Section 5.04, any items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner and the-
liabilities to which such property is subject) distributed by the Partnership to such Partner. Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same may be
credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the
extent it relates to the transferred interest. 
 Section 5.04. Allocations of Profits and Losses. Except as otherwise
provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect
to the Special Allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound up and its
assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership
were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets.
Notwithstanding the foregoing, 

  

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the General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made
in accordance with a partner’s interest in the Partnership, and in no event will APO Corp. be allocated Profits and Losses (or items thereof) attributable to any carried interest on private equity Funds related to either carry generating
transactions that have closed prior to the Closing Date or carry generating transactions in which a definitive agreement has been executed prior to the Closing Date, but such carry generating transaction has not yet closed. 
 Section 5.05. Special Allocations. Notwithstanding any other provision in this Article V: 
 (a) Minimum Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain
(determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if
necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in
accordance with Treasury Regulations Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections and shall be interpreted consistently therewith;
including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 
 (b) Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of
Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the deficit balance in such Partner’s Adjusted Capital Account Balance created by such adjustments, allocations or
distributions as promptly as possible; provided that an allocation pursuant to this Section 5.05(b) shall be made only to the extent that a Partner would have a deficit Adjusted Capital Account Balance in excess of such sum after all
other allocations provided for in this Article V have been tentatively made as if this Section 5.05(b) were not in this Agreement. This Section 5.05(b) is intended to comply with the “qualified income offset” requirement of the
Code and shall be interpreted consistently therewith. 
 (c) Gross Income Allocation. If any Partner has a deficit
Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be
obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as
quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for
in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement. 
 (d) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Percentage Interests. 
  

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

  

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applicable Law but only to the extent amounts sufficient to pay such taxes were not timely distributed to the Partner pursuant to Section 4.01(c)) with
respect to income attributable to or distributions or other payments to such Partner. 
 Section 5.08. Tax Matters. The
General Partner shall be the initial “tax matters partner” within the meaning of Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Partnership shall file as a partnership for federal, state, provincial
and local income tax purposes, except where otherwise required by Law. All elections required or permitted to be made by the Partnership, and all other tax decisions and determinations relating to federal, state, provincial or local tax matters of
the Partnership, shall be made by the Tax Matters Partner, in consultation with the Partnership’s attorneys and/or accountants. Tax audits, controversies and litigations shall be conducted under the direction of the Tax Matters Partner. The Tax
Matters Partner shall keep the other Partners reasonably informed as to any tax actions, examinations or proceedings relating to the Partnership and shall submit to the other Partners, for their review and comment, any settlement or compromise offer
with respect to any disputed item of income, gain, loss, deduction or credit of the Partnership. As soon as reasonably practicable after the end of each Fiscal Year, the Partnership shall send to each Partner a copy of U.S. Internal Revenue Service
Schedule K-1, and any comparable statements required by applicable U.S. state or local income tax Law as a result of the Partnership’s activities or investments, with respect to such Fiscal Year. The Partnership also shall provide the Partners
with such other information as may be reasonably requested for purposes of allowing the Partners to prepare and file their own tax returns. The Partnership shall use any reasonable method or combination of methods in accordance with
Section 706(d) of the Code for the purpose of allocating or specifically allocating items of income, gain, loss, deduction and expense of the Partnership for federal income tax purposes to account for the varying interests of the Partners for
the Fiscal Year. 
 Section 5.09. Other Allocation Provisions. Certain of the foregoing provisions and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1 (b) and shall be interpreted and applied in a manner consistent with such regulations.
Section 5.03, Section 5.04 and Section 5.05 may be amended at any time by the General Partner if the General Partner believes such amendment is advisable, so long as any such amendment does not materially change the relative economic
interests of the Partners. Furthermore, the General Partner shall use its reasonable best efforts to cause its subsidiaries to make adjustments to capital accounts to reflect an adjustment to the carrying value of such subsidiaries assets consistent
with the adjustments to Carrying Values of the Partnerships assets hereunder. 
 ARTICLE VI 
 BOOKS AND RECORDS; REPORTS 
 Section 6.01. Books and Records. 
 (a) At all times during the continuance of the Partnership,
the Partnership shall prepare and maintain separate books of account for the Partnership. 
  

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 (b) Except as limited by Section 6.01(c), each Limited Partner shall have the right
to receive, for a purpose reasonably related to such Limited Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand stating the purpose of such demand and at such Limited Partner’s own expense:

 (i) a copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of
all powers of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and 
 (ii) promptly after their becoming available, copies of the Partnership’s federal, state and local income tax returns and reports, if any, for the three most recent years. 
 (c) The General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its
sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the General Partner believes is not in the best interests of the
Partnership, could damage the Partnership or its business or that the Partnership is required by law or by agreement with any third party to keep confidential. 
 ARTICLE VII 
 PARTNERSHIP UNITS 
 Section 7.01. Units. Interests in the Partnership shall be represented by Units. The Units initially are comprised of
one Class: Class A Units. The General Partner may establish, from time to time in accordance with such procedures as the General Partner shall determine from time to time, other Classes, one or more series of any such Classes, or other
Partnership securities with such designations, preferences, rights, powers and duties (which may be senior to existing Classes and series of Units or other Partnership securities), as shall be determined by the General Partner, including
(i) the right to share in Profits and Losses or items thereof; (ii) the right to share in Partnership distributions; (iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions
upon which, the Partnership may or shall be required to redeem the Units or other Partnership securities (including sinking fund provisions); (v) whether such Unit or other Partnership security is issued with the privilege of conversion or
exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which each Unit or other Partnership security will be issued, evidenced by certificates and assigned or transferred; (vii) the
method for determining the Percentage Interest as to such Units or other Partnership securities; and (viii) the right, if any, of the holder of each such Unit or other Partnership security to vote on Partnership matters, including matters
relating to the relative designations, preferences, rights, powers and duties of such Units or other Partnership securities. Except as expressly provided in this Agreement to the contrary, any reference to “Units” shall include the
Class A Units and any other Classes that may be established in accordance with this Agreement. All Units of a particular Class shall have identical rights in all respects as all other Units of such Class, except in each case as otherwise
specified in this Agreement. 
  

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 Section 7.02. Register. The register of the Partnership shall be the definitive record
of ownership of each Unit and all relevant information with respect to each Partner. Unless the General Partner shall determine otherwise, Units shall be uncertificated and recorded in the books and records of the Partnership. 
 Section 7.03. Registered Partners. The Partnership shall be entitled to recognize the exclusive right of a Person registered on its
records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as
otherwise provided by the Act or other applicable Law. 
 ARTICLE VIII 
 FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS 
 Section 8.01.
Limited Partner Transfers. 
 (a) No Limited Partner or Assignee thereof may Transfer (including by exchanging in an
Exchange Transaction) all or any portion of its Units or other interest in the Partnership (or beneficial interest therein) without the prior consent of the General Partner, which consent may be given or withheld, or made subject to such conditions
(including, without limitation, the receipt of such legal opinions and other documents that the General Partner may require) as are determined by the General Partner, in each case in the General Partner’s sole discretion. Any such determination
in the General Partner’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated, and
shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units that is not in accordance with, or subsequently violates, this Agreement shall be, to the fullest extent
permitted by law, null and void. 
 (b) Subject to Section 8.03, the General Partner may consider consenting to an
exchange or Transfer of Units in an Exchange Transaction pursuant to the terms of the Exchange Agreement. In the case of an Transfer of Units in connection with an Exchange Transaction, the Percentage Interests of the Limited Partners shall be
appropriately adjusted to provide for, as applicable, a decrease in the number of Units owned by the Exchanging Limited Partner and an increase in the number of Units owned by APO Corp. 
 (c) Subject to Section 8.04, the General Partner may consider consenting to an exchange or Transfer of Units by a Limited Partner
that is a party to a Roll-up Agreement pursuant to the terms and provisions thereof. 
 Section 8.02. Encumbrances. No
Limited Partner or Assignee may create an Encumbrance with respect to all or any portion of its Units (or any beneficial interest therein) unless the General Partner consents in writing thereto, which consent may be given or withheld, or made
subject to such conditions as are determined by the General Partner, in the General Partner’s sole discretion. Consent of the General Partner shall be withheld until the holder of the Encumbrance acknowledges the terms and conditions of this
Agreement. Any purported Encumbrance that is not in accordance with this Agreement shall be, to the fullest extent permitted by law, null and void. 
  

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 Section 8.03. Further Restrictions. Notwithstanding any contrary provision in this
Agreement, in no event may any Transfer of a Unit be made by any Limited Partner or Assignee if: 
 (a) such Transfer is made
to any Person who lacks the legal right, power or capacity to own such Unit; 
 (b) such Transfer would require the
registration of such transferred Unit or of any Class of Unit pursuant to any applicable United States federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other non-U.S securities laws
(including Canadian provincial or territorial securities laws) or would constitute a non-exempt distribution pursuant to applicable provincial or state securities laws; 
 (c) such Transfer would not cause (i) all or any portion of the assets of the Partnership to (A) constitute “plan
assets” (under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to the provisions of ERISA, Section 4975 of the Code or any applicable Similar Law, or (ii) the
General Partner to become a fiduciary with respect to any existing or contemplated Limited Partner, pursuant to ERISA, any. applicable Similar Law, or otherwise; 
 (d) to the extent requested by the General Partner, the Partnership does not receive such legal and/or tax opinions and written
instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the General Partner, as determined in the General
Partner’s sole discretion or 
 (e) such Transfer would create a substantial risk that the Partnership would be
classified or otherwise treated other than as a partnership for U.S. federal income tax purposes. 
 Section 8.04. Rights of
Assignees. Subject to Section 8.06, the transferee of any permitted Transfer pursuant to this Article VIII will be an assignee only (“Assignee”), and only will receive, to the extent transferred, the distributions and
allocations of income; gain, loss, deduction, credit or similar item to which the Partner which transferred its Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such
other rights, and all obligations relating to, or in connection with, such Interest remaining with the transferring Partner. The transferring Partner will remain a Partner even if it has transferred all of its Units to one or more Assignees until
such time as the Assignee(s) is admitted to the Partnership as a Partner pursuant to Section 8.05. 
 Section 8.05.
Admissions, Withdrawals and Removals. 
 (a) No Person may be admitted to the Partnership as an additional General
Partner or substitute General Partner without the prior written consent or ratification of Partners whose Percentage Interests exceed 50% of the Percentage Interests of all Partners in the aggregate. A General Partner will not be entitled to
Transfer all of its Units or to withdraw from being a General Partner of the Partnership unless another General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn). 
  

 20 

 (b) No Limited Partner will be removed or entitled to withdraw from being a Partner of
the Partnership except in accordance with Section 8.07 hereof. 
 (c) Except as otherwise provided in Article IX or the
Act, no admission, substitution, withdrawal or removal of a Partner will cause the dissolution of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is not in accordance with this Agreement
shall be null and void. 
 Section 8.06. Admission of Assignees as Substitute Limited Partners. An Assignee will become a
substitute Limited Partner only if and when each of the following conditions is satisfied: 
 (a) the General Partner consents
in writing to such admission, which consent may be given or withheld, or made subject to such conditions as are determined by the General Partner, in each case in the General Partner’s sole discretion; 
 (b) if required by the General Partner, the General Partner receives written instruments (including, without limitation, copies of any
instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner) that are in a form satisfactory to the General Partner (as determined in its sole discretion); 
 (c) if required by the General Partner, the General Partner receives an opinion of counsel satisfactory to the General Partner to the
effect that such Transfer is in compliance with this Agreement and all applicable Law; and 
 (d) if required by the General
Partner, the parties to the Transfer, or any one of them, pays all of the Partnership’s reasonable expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Partnership). 

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

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

 21 

 Section 9.02. Events Causing Dissolution. The Partnership shall be dissolved and its
affairs shall be wound up upon the occurrence of any of the following events: 
 (a) the entry of a decree of judicial
dissolution of the Partnership under Section 17-802 of the Act upon the finding by a court of competent jurisdiction that the General Partner (i) is permanently incapable of performing its part of this Agreement, (ii) has been guilty
of conduct that is calculated to affect prejudicially the carrying on of the business of the Partnership, (iii) willfully or persistently commits a breach of this Agreement or (iv) conducts itself in a manner relating to the Partnership or
its business such that it is not reasonably practicable for the other Partners to carry on the business of the Partnership with the General Partner; 
 (b) any event which makes it unlawful for the business of the Partnership to be carried on by the Partners; 
 (c) the written consent of all Partners; 
 (d) any other event not inconsistent with any
provision hereof causing a dissolution of the Partnership under the Act; 
 (e) the Incapacity or removal of the General
Partner or the occurrence of a Disabling Event with respect to the General Partner; provided that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified in this Section 9.02(e) if:
(1) at the time of the occurrence of such event there is at least one other general partner of the Partnership who is hereby authorized to, and elects to, carry on the business of the Partnership; or (ii) all remaining Limited Partners
consent to or ratify the continuation of the business of the Partnership and the appointment of another general partner of the Partnership, effective as of the event that caused the General Partner to cease to be a general partner of the
Partnership, within 90 days following the occurrence of any such event. 
 Section 9.03. Distribution upon Dissolution.

 (a) Upon dissolution, the Partnership shall not be terminated and shall continue until the winding up of the affairs of the
Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take full account of the assets and liabilities of the
Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any liquidation shall be applied and distributed in
the following order: 
 (b) First, to the satisfaction of debts and liabilities of the Partnership (including satisfaction of
all indebtedness to Partners and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment of any reserve which the Liquidation Agent shall deem reasonably necessary for any
contingent, conditional or unmatured contractual liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may be paid over by the Liquidation Agent to any attorney-at-law, or acceptable party, as escrow
agent, to be held for disbursement in payment of any Contingencies and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the balance in the manner hereinafter provided in this
Section 9.03; and 
  

 22 

 (c) The balance, if any, to the Partners, pro rata to each of the Partners in accordance
with their Percentage Interests. 
 Section 9.04. Time for Liquidation. A reasonable amount of time shall be allowed for
the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation. 
 Section 9.05. Termination. The Partnership shall terminate when all of the assets of the Partnership, after payment of or due
provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall have been cancelled in the manner required by the
Act. 
 Section 9.06. Claims of the Partners. The Partners shall look solely to the Partnership’s assets for the
return of their Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are insufficient to return such Capital Contributions, the Partners
shall have no recourse against the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have any obligation to the Partnership or to the other Partners or to any
creditor or other Person to restore such negative balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to the extent required by the Act. 
 Section 9.07. Survival of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of
Section 10.02 and Section 11.09 shall survive the termination of the Partnership. 
 ARTICLE X 
 LIABILITY AND INDEMNIFICATION 
 Section 10.01. Liability of Partners. 
 (a) No Limited Partner shall be liable for any debt,
obligation or liability of the Partnership or of any other Partner or have any obligation to restore any deficit balance in its Capital Account solely by reason of being a Partner of the Partnership, except to the extent required by the Act.

 (b) This Agreement is not intended to, and does not, create or impose any fiduciary duty on any of the Limited Partners
hereto or on their respective Affiliates. Further, the Limited Partners hereby waive any and all fiduciary duties that, absent such waiver, may exist at or be implied by Law or in equity, and in doing so, recognize, acknowledge and agree that their
duties and obligations to one another and to the Partnership are only as expressly set forth in this Agreement and those required by the Act. 
  

 23 

 (c) Subject to the Act, to the extent that, at law or in equity, any Partner has duties
and liabilities relating thereto to the Partnership or to another Partner, the Partners acting under this Agreement will not be liable to the Partnership or to any such other Partner for their good faith reliance on the provisions of this Agreement.
Subject to the Act, the provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Partner otherwise existing at law or in equity, are agreed by the Partners to replace to that
extent such other duties and liabilities of the Partners relating thereto. 
 (d) The General Partner may consult with legal
counsel, accountants and financial or other advisors and any act or omission suffered or taken by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in good faith in reliance upon and in accordance
with the advice of such counsel, accountants or financial or other advisors will be full justification for any such act or omission, and the General Partner will be fully protected in so acting or omitting to act so long as such counsel or
accountants or financial or other advisors were selected with reasonable care. 
 Section 10.02. Indemnification.

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

 24 

 
the benefit of the successors by operation of law or valid assigns of such Covered Person. The Partnership shall pay the expenses incurred by a Covered
Person in defending a civil or criminal action, suit, investigation or proceeding in advance of the final disposition of such, action, suit, investigation or proceeding, upon receipt of an undertaking by the Covered Person to repay such payment if
there shall be a Final Adjudication that it is not entitled to indemnification as provided herein. In any suit brought by the Covered Person to enforce a right to indemnification hereunder it shall be a defense that the Covered Person has not met
the applicable standard of conduct set forth in this Section 10.02, and in any suit in the name of the Partnership to recover expenses advanced pursuant to the terms of an undertaking the Partnership shall be entitled to recover such expenses
upon Final Adjudication that the Covered Person has not met the applicable standard of conduct set forth in this Section 10.02. In any such suit brought to enforce a right to indemnification or to recover an advancement of expenses pursuant to
the terms of an undertaking, the burden of proving that the Covered Person is not entitled to be indemnified, or to an advancement of expenses, shall be on the Partnership (or any Limited Partner acting derivatively or otherwise on behalf of the
Partnership or the Limited Partners). The General Partner may not satisfy any right of indemnity or reimbursement granted in this Section 10.02 or to which it may be otherwise entitled except out of the assets of the Partnership (including,
without limitation, insurance proceeds and rights pursuant to indemnification agreements), and no Partner shall be personally liable with respect to any such claim for indemnity or reimbursement. The General Partner may enter into appropriate
indemnification agreements and/or arrangements reflective of the provisions of this Section 10.02 and obtain appropriate insurance coverage on behalf and at the expense of the Partnership to secure the Partnership’s indemnification
obligations hereunder and may enter into appropriate indemnification agreements and/or arrangements reflective of the provisions of this Section 10.02. Each Covered Person shall be deemed a third party beneficiary (to the extent not a direct
party hereto) to this Agreement and, in particular, the provisions of this Section 10.02. 
 (c) To the extent that, at
law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Partners, the Covered Person shall not be liable to the Partnership or to any Partner for its good faith reliance
on the provisions of this Agreement. Subject to the Act, the provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the
Partners to replace such other duties and liabilities of each such Covered Person. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.01. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the
transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
  

 25 

 Section 11.02. Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or
certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.02): 
  

	 	(a)	If to the Partnership, to: 

 Apollo Principal Holdings IV,
L.P. 
 c/o Apollo Principal Holdings IV GP, Ltd, 
 9 West 57th St., 43rd Floor 
 New York, NY 10019 
  

	 	(b)	If to any Partner, to: 

 Apollo Principal Holdings IV,
L.P. 
 c/o Apollo Principal Holdings IV GP, Ltd. 
 9 West 57th St., 43rd Floor 
 New York, NY 10019 
  

	 	(c)	If to the General Partner, to: 

 Apollo Principal Holdings
IV, L.P. 
 c/o Apollo Principal Holdings IV GP, Ltd. 
 9 West 57th St., 43rd Floor 
 New York, NY 10019 
 Section 11.03. Cumulative Remedies. The rights and remedies provided
by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by
Law. 
 Section 11.04. Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties
and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 
 Section 11.05. Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all
references herein to “Articles,” “Sections” and paragraphs shall refer to corresponding provisions of this Agreement. 
  

 26 

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

 Section 11.07. Further Assurances. Each Limited Partner shall perform all other acts and execute and deliver all other
documents as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
 Section 11.08. Entire
Agreement. 
 (a) This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject
matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 (b) For the avoidance of doubt,
each of the Limited Partners that serve as a senior managing director of any of the Apollo Operating Group or their subsidiaries may from time to time enter into agreements with the Partnership in respect of the terms of such service. 
 Section 11.09. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands. To
the fullest extent permitted by applicable law, the General Partner and each Limited Partner hereby agree that any claim, action or proceeding by any Limited Partner seeking any relief whatsoever based on, arising out of or in connection with, this
Agreement or the Partnership’s business or affairs shall be brought only in the courts of the Cayman Islands. EACH PARTNER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 11.10. Expenses. Except as otherwise specified in
this Agreement, the Partnership shall be responsible for all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with its operation. 
 Section 11.11. Amendments and Waivers. 
 (a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or modified by the written consent of the General Partner; provided that any amendment that would have a material adverse effect
on the rights or preferences of any Class of Units in relation to other Classes of Units must be approved by the holders of not less than a majority of the Percentage Interests of the Class affected; provided further, that the General Partner
may, without the written consent of any Limited Partner or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in
connection therewith, to reflect: (i) any amendment, supplement, waiver or modification that the General 

  

 27 

 
Partner determines to be necessary or appropriate in connection with the creation, authorization or issuance of any class or series of equity interest in the
Partnership; (ii) the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement; (iii) a change in the name of the Partnership, the location of the principal place of business of the Partnership, the
registered agent of the Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver or modification that the General Partner determines in its sole discretion to be necessary or appropriate to address changes
in U.S. federal income tax regulations, legislation or interpretation; (v) a change in the Fiscal Year or taxable year of the Partnership and any other changes that the General Partner determines to be necessary or appropriate as a result of a
change in the Fiscal Year or taxable year of the Partnership including a change in the dates on which distributions are to be made by the Partnership. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by Law. 
 (c) The General Partner may, in its sole discretion, unilaterally amend this Agreement on or before the
effective date of the final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(1) (or any similar provision) under which the fair market value of a partnership interest that is
transferred is treated as being equal to the liquidation value of that interest, (ii) an agreement by the Partnership and each of its Partners to comply with all of the requirements set forth in such regulations and Notice 2005-43 (and any
other guidance provided by the Internal Revenue Service with respect to such election) with respect to all partnership interests transferred in connection with the performance of services while the election remains effective, (iii) the
allocation of items of income, gains, deductions and losses required by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and (c), and (iv) any other related amendments. 
 (d) Except as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the Partnership, each
Partner hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of any of the Partnership’s property. 
 Section 11.12. No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties
hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement (other than pursuant to Section 10.02 hereof). 
 Section 11.13. Headings. The headings and
subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 
  

 28 

 Section 11.14. Construction. Each party hereto acknowledges and agrees it has had the
opportunity to draft, review and edit the language of this Agreement and that it is the intent of the parties hereto that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any
dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted by law the benefit of any rule of Law or any legal decision that would require that in cases of uncertainty,
the language of a contract should be interpreted most strongly against the party who drafted such language. 
 Section 11.15.
Power of Attorney. Each Limited Partner, by its execution hereof, hereby irrevocably makes, constitutes and appoints the General Partner as its true and lawful agent and attorney in fact, with full power of substitution and full power and
authority in its name, place and stead, to make, execute, sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (b) the original certificate of limited
partnership of the Partnership and all amendments thereto required or permitted by law or the provisions of this Agreement; (c) all certificates and other instruments (including consents and ratifications which the Limited Partners have agreed
to provide upon a matter receiving the agreed support of Limited Partners) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions of Section 8.04) and Law or to permit the Partnership to
become or to continue as a limited partnership or partnership wherein the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business; (d) all instruments that the General Partner deems appropriate
to reflect a change or modification of this Agreement or the Partnership in accordance with this Agreement, including, without limitation, the admission of additional Limited Partners or substituted Limited Partners pursuant to the provisions of
this Agreement; (e) all conveyances and other instruments or papers deemed advisable by the General Partner to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates required or
permitted (in light of the Partnership’s activities) to be filed on behalf of the Partnership. 
 Section 11.16. Letter
Agreements: Schedules. The General Partner may, or may cause the Partnership to, without the approval of any Limited Partner or other Person, enter into separate letter agreements with individual Limited Partners with respect to any matter, in
each case on terms and conditions not inconsistent with this Agreement, which have the effect of establishing rights under, or supplementing the terms of, this Agreement. The General Partner may from time to time execute and deliver to the Limited
Partners schedules which set forth information contained in the books and records of the Partnership and any other matters deemed appropriate by the General Partner. Such schedules shall be for information purposes only and shall not be deemed to be
part of this Agreement for any purpose whatsoever. 
 Section 11.17. Partnership Status. The parties intend to treat the
Partnership as a partnership for U.S. federal income tax purposes. The General Partner shall file a Form 8832 with the Internal Revenue Service electing for the Partnership to be classified as a partnership for U.S. federal income tax purposes.

  

 29 

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

									
	General Partner: 	 		 	APOLLO PRINCIPAL H0LDINGS IV GP, LTD.
					
		 		 		 	By:	 	/s/ John J. Suydam
		 		 		 		 	 John J. Suydam
 Vice President

					
		 		 		 	Witness: 	 	/s/ Laurie Medley
		 		 		 		 	Laurie Medley

  

									
	Limited Partners:	 		 	BLACK FAMILY PARTNERS, L.P.
					
		 		 		 	By:	 	 Black Family GP, LLC,
 its General
Partner

					
		 		 		 	By:	 	/s/ Leon D. Black
		 		 		 		 	 Leon D. Black
 Manager

					
		 		 		 	Witness: 	 	/s/ Melanie Spinela
		 		 		 		 	Melanie Spinela

  

									
		 		 	MJR FOUNDATION LLC
					
		 		 		 	By:	 	/s/ Marc J. Rowan
		 		 		 		 	 Marc J. Rowan
 Manager

					
		 		 		 	Witness: 	 	/s/ Karen Bowen
		 		 		 		 	Karen Bowen

 [Apollo Principal Holdings IV, L.P. - LPA] 

									
					
		 	Limited Partner: 	 		 		 	/s/ Joshua J. Harris
		 		 		 		 	Joshua J. Harris
					
		 		 		 	Witness: 	 	/s/ Katherine Frize
		 		 		 		 	Katherine Frize

  

									
					
		 	Initial Limited Partner: 	 		 		 	/s/ Sheryl Dean
		 		 		 		 	Sheryl Dean
					
		 		 		 	Witness: 	 	/s/ Ben Benson
		 		 		 		 	Ben Benson

 [Apollo Principal Holdings IV, L.P. - LPA]Registration Rights Agreement

 Exhibit 10.6 
 EXECUTION COPY 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of August 8, 2007 among Apollo Global Management,
LLC, a Delaware limited liability company (the “Company”), Goldman, Sachs & Co. (“Goldman Sachs”), J.P. Morgan Securities Inc. (“J.P. Morgan”) and Credit Suisse Securities (USA) LLC (“Credit Suisse”
and, together with Goldman, Sachs and J.P. Morgan, collectively, the “Representatives” and the “Initial Purchasers”). 
 THE PARTIES ENTER INTO THIS AGREEMENT on the basis of the facts, understandings and intentions set forth below: 
 A. The Company, the Initial Purchasers and AGM Management, LLC (“Manager”) entered into that certain Purchase/Placement Agreement dated as of August 2, 2007 (the “Purchase Agreement”) in connection with the
offering and sale (the “Offering”) of up to 34,500,000 Class A Shares of the Company (“Shares”). 
 B. In order to induce the investors who are purchasing the Shares in the Offering to purchase such Shares and the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide the registration rights
provided for in this Agreement for the holders of Registrable Shares (as defined below). 
 C. The execution and
delivery of this Agreement is a condition to the closing of the transactions contemplated by the Purchase Agreement, 
 NOW, THEREFORE,
in consideration of the premises and the mutual covenants of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as set forth below:

 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 Additional Shares: Shares or other securities issued in respect of the Shares by reason of or in connection with any stock
dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such shares or any combination of shares, recapitalization, merger or consolidation, or any other equity securities
issued pursuant to any other pro rata distribution with respect to the Shares. 
 Agreement: As defined in the
Introductory Paragraph of this Agreement. 
 Affiliate: As to any specified Person, (i) any Person that directly,
or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specified Person, (ii) any executive officer, director, trustee, managing member or general partner of the specified Person and
(iii) any legal entity for which the specified Person acts as an executive officer, director, trustee, managing member or general partner. For purposes of this definition, “control” (including the correlative meanings of the terms
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly, or indirectly through one or more intermediaries, of the power to direct or cause the direction of the
management and policies of such Person, whether by contract, through the ownership of voting securities, partnership interests, membership interests or other equity interests or otherwise. 
 Business Day: Each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New
York are authorized or obligated by applicable law, regulation or executive order to close. In the event that any date, deadline or period end described in this Agreement falls on a day that is not a Business Day, such date, deadline or period end
shall be deemed to fall on the next succeeding Business Day. 

 Closing Time: August 8, 2007 or such other time or such other date as the
Representatives and the Company may agree. 
 Commission: The Securities and Exchange Commission. 
 Company: As defined in the Introductory Paragraph of this Agreement, and any successor thereto. 
 Credit Suisse: As defined in the Introductory Paragraph of this Agreement, and any successor thereto. 
 End of Suspension Notice: As defined in Section 5(b) hereof. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission pursuant
thereto. 
 Goldman Sachs: As defined in the Introductory Paragraph of this Agreement, and any successor thereto.

 Holder: Each Participant and its direct or indirect transferees, so long as such Participant or transferee owns any
Registrable Shares. 
 Indemnified Party: As defined in Section 7(a) hereof. 
 J.P. Morgan: As defined in the Introductory Paragraph of this Agreement, and any successor thereto. 
 Manager: As defined in the Introductory Paragraph of this Agreement, and any successor thereto. 
 Mandatory Shelf Registration Statement: As defined in Section 2(a) hereof. 
 NASD: The National Association of Securities Dealers, Inc. 
 Offered Shares: The Rule 144A Shares and the Regulation D Shares sold pursuant to the terms and conditions of the Purchase
Agreement or the Subscription Agreements (as defined in the Purchase Agreement). 
 Offering: As defined in Recital A
hereof. 
 Offering Circular: The offering circular, dated August 3, 2007, prepared in connection with the
Offering. 
 Participants: The purchasers in the Offering of (i) the Regulation D Shares from the Company and
(ii) Rule 144A Shares from the Initial Purchasers. 
 Person: An individual, partnership, corporation, limited
liability company, trust, unincorporated organization, government or agency or political subdivision thereof, or any other legal entity. 
 Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and supplements to any such prospectus, including post-effective amendments and
any free writing prospectus filed with the Commission or otherwise conveyed to investors, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 
  

 2 

 Purchase Agreement: As defined in Recital A of this Agreement, as amended from
time to time. 
 Registrable Shares: Each of the Offered Shares and any Additional Shares, upon original issuance
thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder, until, in the case of any such Offered Shares or Additional Shares, as applicable, the earliest to occur of:

 (i) the second anniversary of the initial effective date of the Mandatory Shelf Registration Statement or, in the case of
any Additional Shares for which tacking under Rule 144A is not available and which are not included in the Mandatory Shelf Registration Statement, until the second anniversary of the issuance of the Additional Shares; 
 (ii) the date on which such Shares have been sold pursuant to a Registration Statement or distributed to the public pursuant to Rule 144;

 (iii) the date on which, in the written opinion of counsel to the Company, such Shares not held by Affiliates of the
Company are saleable pursuant to subparagraph (k) of Rule 144; or. 
 (iv) the date on which such Shares are sold to the
Company or any of its subsidiaries. 
 Registration Expenses: Any and all expenses incident to the performance of or
compliance with this Agreement, including, without limitation: (i) all Commission, securities exchange, NASD registration, listing, inclusion and filing fees including, if applicable, the fees and expenses of any “qualified independent
underwriter” (and its counsel) that is required to be retained by any holder of Registrable Shares in accordance with the rules and regulations of the NASD, (ii) all fees and expenses incurred in connection with compliance with
international, federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the
Registrable Shares and the preparation of a blue sky memorandum and compliance with the rules of the NASD), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, duplicating, printing, delivering and
distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, agreements among underwriters, securities sales agreements, certificates and any other documents relating to the performance
under and compliance with this Agreement, (iv) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange or the Nasdaq Stock Market pursuant to Section 4(m) of
this Agreement, (v) the fees and disbursements of counsel for the Company and of the independent public accountants of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required
by or incident to such performance, including with respect to rate of return data, but only such letters as are substantially similar to those delivered in connection with the Offering), and reasonable fees and disbursements of one counsel for the
selling Holders to review the Mandatory Shelf Registration Statement, any Subsequent Shelf Registration Statement, and any agreements to be entered into by a Selling Stockholder in connection with any of the foregoing, and (vi) any fees and
disbursements customarily paid by issuers in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection with any Registration Statement), provided, however, that Registration Expenses
shall exclude brokers’ or underwriters’ discounts and commissions and transfer taxes or transfer fees, if any, relating to the sale or disposition of Registrable Shares by a Holder and the fees and disbursements of any counsel to the
Holders other than as provided for in subparagraph (v) above. 
 Registration Statement: Any Shelf Registration
Statement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post- effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated
by reference, if any, in such registration statement. 
  

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 Regulation D: Regulation D (Rules 501-508) promulgated by the Commission under the
Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such regulation. 
 Regulation D Shares: Shares initially sold by the Company in accordance with the Purchase Agreement in accordance with Regulation D
and pursuant to Subscription Agreements (as defined in the Purchase Agreement). 
 Rule 144: Rule 144 promulgated by
the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 Rule I44A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A Shares: Shares initially sold by the Company to the Initial Purchasers and resold by the Initial Purchasers to
“qualified institutional buyers” (as such term is defined in Rule 144A). 
 Rule 158: Rule 158 promulgated by
the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a
replacement thereto having substantially the same effect as such rule. 
 Securities Act: The Securities Act of 1933,
as amended, and the rules and regulations promulgated by the Commission thereunder. 
 Shares: As defined in Recital A
hereof. 
 Shelf Registration Statement: The Mandatory Shelf Registration Statement or any Subsequent Shelf
Registration Statement. 
 Strategic Investors: The California Public Employees’ Retirement System, a unit of the
State and Consumer Services Agency of the State of California, and APOC Holdings Ltd., a Cayman Islands exempted company. 
 Subsequent Shelf Registration Statement: As defined in Section 2(d) hereof. 
 Suspension Event:
As defined in Section 5(b) hereof. 
 Suspension Notice: As defined in Section 5(b) hereof. 

Trigger Date: As defined in Section 2(a) hereof. 
  

 4 

 Underwritten Offering: A sale of securities of the Company to an underwriter or
underwriters for reoffering to the public. 
 2. Registration Rights. 
 (a) Mandatory Shelf Registration. As set forth in Section 4 hereof, the Company agrees to file with the Commission no later
than 240 days from the date hereof a Shelf Registration Statement on Form S-1 or such other form under the Securities Act then available to the Company providing for the resale pursuant to Rule 415 from time to time by the Holders of any and all
Registrable Shares (including for the avoidance of doubt any Additional Shares that are issued prior to the effectiveness of such Shelf Registration Statement) (such registration statement, including the Prospectus, amendments and supplements to
such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement, the
“Mandatory Shelf Registration Statement”); provided, however, that notwithstanding anything to the contrary in the foregoing, the Company shall not file the Mandatory Shelf Registration Statement with the Commission prior to
the 181st day from the date hereof. The Company shall use all commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as promptly as practicable following such filing, and for this
purpose, the Company shall be entitled to consider the advice of the managing underwriter or underwriters of an initial public offering of the Shares that is then pending, if any, as to the effect that the effectiveness of the Shelf Registration
Statement could reasonably be expected to have on the marketing of the initial public offering. Any Shelf Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available
(including, without limitation, an Underwritten Offering, a sale through brokers or agents, or a sale over the internet) by the Holders of any and all Registrable Shares. 
 (b) Expenses. The Company shall pay all Registration Expenses in connection with the registration of the Registrable Shares
pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration) of all discounts
and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement and any other expense of the Holders not specifically allocated to the
Company pursuant to this Agreement relating to the sale or disposition of such Holder’s Registrable Shares pursuant to any Registration Statement. 
 (c) Subsequent Shelf Registration for Additional Shares Issued after Effectiveness of the Mandatory Shelf Registration Statement. If any Additional Shares are issued or distributed to Holders after the
effectiveness of the Mandatory Shelf Registration Statement, or such Additional Shares were otherwise not included in a prior Registration Statement, then the Company shall as soon as reasonably practicable file an additional shelf registration
statement (including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated
by reference, if any, in such registration statement, a “Subsequent Shelf Registration Statement”) covering such Additional Shares on behalf of the Holders thereof in the same manner, and subject to the same provisions in this Agreement as
the Mandatory Shelf Registration Statement, provided that the provisions of Section 2(a) or 2(b) hereof will not apply to any such Subsequent Shelf Registration Statement. 
  

 5 

 3. Rules 144 and 144A Reporting. 
 With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the
Registrable Shares to the public without registration, the Company agrees to, so long as any Holder owns any Registrable Shares: 
 (a) at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of all securities to the general public, use its commercially reasonable efforts to make and keep public
information available, as those terms are understood and defined in Rule 144(c) under the Securities Act; 
 (b) use all
commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such
reporting requirements); and 
 (c) if the Company is not required to file reports and other documents under the Securities
Act and the Exchange Act, it will: 
 (i) use its commercially reasonable efforts to: 
 (x) post on its primary website and a website maintained by the transfer agent for the Shares (the “Rule 144A Website”) annual
reports within the time periods specified below, which will contain information that is substantially similar to the information that is required to be contained in an Annual Report on Form 10-K (as in effect on the date of the Offering Circular)
under the Exchange Act (but only to the extent the Company has historically provided similar information, including in the Offering Circular), including (i) a discussion of financial condition and results of operations consistent with the
discussion in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in an Annual Report on Form 10-K and (ii) audited combined annual financial statements prepared in accordance with
GAAP; and 
 (y) post on its primary website and the Rule 144A Website quarterly reports within the time period specified
below in respect of each of the first three calendar quarters of each fiscal year, which will contain information that is substantially similar to the information that is required to be contained in a Quarterly Report on Form 10-Q (as in effect on
the date of the Offering Circular) under the Exchange Act (but only to the extent the Company has historically provided similar Information, including in the Offering Circular), including (i) a discussion of financial condition and results of
operations consistent with the discussion in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in a Quarterly Report on Form 10-Q and (ii) unaudited condensed combined quarterly
financial statements prepared in accordance with GAAP; 
 (ii) use its commercially reasonable efforts to post its annual
reports: 
 (x) for its 2007 fiscal year, within 120 days after the end of that fiscal year, and 
 (y) for each subsequent fiscal year, within 90 days after the end of that fiscal year; 
 (iii) use its commercially reasonable efforts to post its quarterly reports: 
 (x) for its second fiscal quarter of 2007, within 90 days after the end of that fiscal quarter, 
 (y) for its third fiscal quarter of 2007, within 60-75 days after the end of that fiscal quarter, and 
 (z) for each subsequent, applicable fiscal quarter, within 45 days after the end of that fiscal quarter; 
  

 6 

 (iv) in the event it is unable to post a report within the time periods specified above,
post a notification on its primary website and the Rule 144A Website describing why the report was not timely posted, and post the report as soon after the end of such period as is reasonably practicable; and 
 (v) when it affirmatively decides to disclose information about its business that it has determined to be material to any person not
subject to a confidentiality undertaking, it will simultaneously make that information available through postings to its primary website and the Rule 144A Website; in addition, in the case of any other disclosure of material information about its
business it will make that information available to through postings to our primary website and the Rule 144A Website as soon as reasonably practicable after such disclosure; and finally, the Company will take steps to ensure that, in the event it
provides information to any client or other person and that information might reasonably be deemed to be material to its business as a whole, such persons will be aware of their obligation to preserve the confidentiality of such information and
understand that they may not trade in the Company’s securities on the basis of such information until it has been made available to all Holders; 
 provided, however, that (i) the Company will not include information in the reports described above if and to the extent it determines in its good faith judgment that (A) such information is not material to Holders or to
the Company’s businesses, assets, operations, financial positions or prospects or (B) in any discussion of a material contract or business arrangement, the disclosure of such information could reasonably be expected to result in
competitive harm to the Company’s business or prospects so long as the statements contained in the applicable report, in light of the circumstances under which they were made, are accurate in all material respects; (ii) the Company will
provide as exhibits only its operating agreement and any amendments thereto; and (iii) the Company will not have any obligation to comply with the Sarbanes-Oxley Act of 2002 or Items 307, 308, 402, 405, 406, 407, 601 and 10(e) of Regulation
S-K. 
 4. Registration Procedures. 
 In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use all commercially reasonable efforts to effect or cause to be effected the
registration of the Registrable Shares under the Securities Act to permit the resale of such Registrable Shares by the Holder or Holders in accordance with the Holders’ intended method or methods of resale and distribution (which methods shall
be commercially reasonable), all on the terms and conditions set forth herein, and the Company shall: 
 (a) prepare and file
with the Commission, as specified in this Agreement, a Shelf Registration Statement, which shall comply in all material respects as to form with the requirements of the applicable form and include all financial statements required by the Commission
to be filed therewith, and use its commercially reasonable efforts to cause such Shelf Registration Statement to become effective as promptly as practicable following such filing as specified in Section 4(a) and to remain effective, subject to
Section 5 hereof, until the date on which no Holders hold Registrable Shares, provided, however, that if the Company has an effective Shelf Registration Statement on Form S-1 under the Securities Act and becomes eligible to use Form S-3
or such other short-form registration statement under the Securities Act, the Company may, upon 30 days prior written notice to all Holders of Registrable Shares, register any Registrable Shares registered but not yet distributed under the effective
Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is declared effective, de-register such shares under the previous Registration Statement or transfer filing fees
from the previous Registration Statement pursuant to Rule 429; 
  

 7 

 (b) subject to Section 4(i) hereof, (i) prepare and file with the Commission
such amendments and post-effective amendments to the Shelf Registration Statement as may be necessary to keep the Shelf Registration Statement effective for the period described in Section 4(a) hereof, (ii) cause each Prospectus contained
therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424, and (iii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by
the Shelf Registration Statement during the applicable period in accordance with the method or methods of distribution set forth in the “Plan of Distribution” section of the Prospectus; 
 (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto as such Holder may reasonably request; the Company consents, subject to Section 5, to the lawful use of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale
of the Registrable Shares covered by any such Prospectus; 
 (d) use all commercially reasonable efforts to register or
qualify, or obtain exemption from registration or qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws
of such domestic United States jurisdictions as the Representatives or any Holder covered by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such
Registration Statement is required to be kept effective pursuant to Section 4(a) and do any and all other acts and things that may be reasonably necessary to enable such Holder to consummate the disposition in each such jurisdiction of such
Registrable Shares covered by the Registration Statement; provided, however, that the Company shall not be required to take any action to comply with this Section 4(d) if it would require the Company or any of its subsidiaries to
(i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Section 4(d), (ii) subject itself to taxation in any
such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 
 (e) notify the
Representatives and each Holder with Registrable Shares covered by a Registration Statement promptly and, if requested by the Representatives or any such Holder, confirm such advice in writing at the address determined in accordance with
Section 10(b), (i)when such Registration Statement has become effective and when any post-effective amendments thereto become effective or upon the filing of a supplement to any prospectus, (ii) of the issuance by the Commission or any
state securities authority of any stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for that purpose, (iii) of any request by the Commission or any other federal or state governmental
authority for amendments or supplements to such Registration Statement or related Prospectus or for additional information, and (iv) of the happening of any event during the period such Registration Statement is effective as a result of which
such Registration Statement or the related Prospectus or any document incorporated by reference therein contains any 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 or, in the case of the Prospectus, contains any 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, in light of the
circumstances under which they were made, not misleading (which information shall be accompanied by an instruction to suspend the use of the Registration Statement and the Prospectus until the requisite changes have been made); 
 (f) during the period of time referred to in Section 4(a) above, use all commercially reasonable efforts to avoid the issuance of, or
if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of the Shelf Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any
jurisdiction, as promptly as practicable; 
 (g) upon request, furnish to each requesting Holder with Registrable Shares
covered by a Registration Statement, without charge, at least one conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested); 
  

 8 

 (h) except as provided in Section 5, upon the occurrence of any event contemplated
by Section 4(f)(iv) hereof, use all commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to the Shelf Registration Statement or the related Prospectus or any document incorporated therein by reference or
file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and, upon request, promptly furnish to each requesting Holder a reasonable number of copies each such supplement or
post-effective amendment; 
 (i) if requested by the representative of the underwriters, if any, or any Holders of Registrable
Shares being sold in connection with an Underwritten Offering, (i) as promptly as practicable incorporate in a Prospectus supplement or post-effective amendment such material information as the representative of the underwriters, if any, or
such Holders indicate in writing relates to them and (ii) use its commercially reasonable efforts to make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received
written notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
 (j) enter
into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form and reasonably satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite
or facilitate the distribution of the Registrable Shares included in such Registration Statement and, in the case of an Underwritten Offering, make representations and warranties to the Holders of Registrable Shares covered by such Registration
Statement and to the underwriters in such form and scope as are customarily made by issuers to selling stockholders and underwriters in underwritten offerings, respectively, and confirm the same to the extent customary if and when requested;

 (k) in connection with an Underwritten Offering, use its commercially reasonable efforts to make available for inspection
by one representative appointed by the Holders of a majority of the Registrable Shares and, with respect to an Underwritten Offering, the representative of any underwriters participating in any disposition pursuant to a Registration Statement and
one law firm retained by each representative of such Holders or underwriters, respectively, during normal business hours and upon reasonable notice, all financial and other records, pertinent corporate documents and properties of the Company and
cause the respective officers, directors and employees of the Company to supply all information reasonably requested by any such representative of the Holders, the representative of the underwriters or counsel thereto in connection with a Shelf
Registration Statement; provided, however, that no records, documents or information shall be disclosed by the representative of the Holders, representative of the underwriters or counsel thereto unless (i) the disclosure of such
records, documents or information is necessary to avoid or correct a material misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction, or (iii) such records, documents or information have been generally made available to the public by the Company; provided, further, that to the extent practicable, the foregoing
inspection and information gathering shall be coordinated on behalf of the Holders and the other parties entitled thereto by one law firm designated by and on behalf of the Holders and the other parties, which counsel the Company reasonably
determines to be acceptable; 
 (l) use all commercially reasonable efforts (including, without limitation, seeking to cure in
the Company’s listing or inclusion application any deficiencies cited by the exchange or market) to list or include all Registrable Shares on the New York Stock Exchange or the Nasdaq Stock Market; 
  

 9 

 (m) use all commercially reasonable efforts to prepare and file in a timely manner all
documents and reports required by the Exchange Act (at any time after it has become subject to such reporting requirements) and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act
expires prior to the expiration of the effectiveness period of the Registration Statement as required by Section 4(a) hereof, the Company shall register the Registrable Shares under the Exchange Act and shall maintain such registration through
the effectiveness period required by Section 4(a) hereof; 
 (n) provide a CUSIP number for all Registrable Shares, not
later than the effective date of the Registration Statement; 
 (o) (i) otherwise use all commercially reasonable efforts
to comply with all applicable rules and regulations of the Commission, (ii) make generally available to its stockholders, as soon as reasonably practicable, earning statements covering at least 12 months that satisfy the provisions of
Section 1l(a) of the Securities Act and Rule 158 (or any similar rule promulgated under the Securities Act) thereunder, no later than 90 days after the end of each fiscal year of the Company and (iii) delay the effectiveness of any
Registration Statement to which any Holder of Registrable Shares covered by such Registration Statement shall have, based upon the written opinion of counsel, objected on the grounds that such Registration Statement does not comply in all material
respects with the requirements of the Securities Act, provided that the Company may request effectiveness of such Registration Statement following such time as the Company shall have used its commercially reasonable efforts to resolve any
such issue with the objecting Holder and shall have advised the Holder in writing of its reasonable belief that such filing complies with the requirements of the Securities Act; 
 (p) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement
from and after a date not later than the effective date of such Registration Statement; 
 (q) in connection with any sale or
transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the security being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if
any, to facilitate the timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any transfer restrictive legends (other than as required by the Company’s operating
agreement) and to enable such Registrable Shares to be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may reasonably request at least three Business Days prior to any sale of the
Registrable Shares; 
 (r) upon effectiveness of the first registration statement filed by the Company, the Company will take
such actions and make such filings as are necessary to effect the registration of the Shares under the Exchange Act simultaneously with or as soon as practicable following the effectiveness of the Registration Statement; 
 (s) in the case of an Underwritten Offering, use all commercially reasonable efforts to furnish or cause to be furnished to the
underwriters a signed counterpart, addressed to the underwriters, of: (i) an opinion of counsel for the Company, dated the date of each closing under the underwriting agreement, in customary form reasonably acceptable to the Company and counsel
for the Company; and (ii) a “comfort” letter, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the
Company’s financial statements included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date
of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in Underwritten Offerings and such other financial matters as such Holder and the underwriters may reasonably request and customarily
obtained by underwriters in Underwritten Offerings; 
  

 10 

 (t) in the case of an Underwritten Offering, use its commercially reasonable efforts to
cooperate and assist in any filings required to be made with the NASD and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter,” if applicable) that is
required to be retained in accordance with the rules and regulations of the NASD). 
 The Company may require the Holders to
furnish to the Company such information regarding the proposed distribution by such Holder (including information concerning voting and dispositive control over such Holder’s Registrable Shares) as the Company may from time to time reasonably
request in writing or as shall be required to effect the registration of the Registrable Shares and no Holder shall be entitled to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus
forming a part thereof if such Holder does not provide such information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling stockholder pursuant to an Underwritten Offering shall be required
to be named as a selling stockholder in the related prospectus and to deliver a prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information
previously furnished by such Holder not misleading. A representative of the Holders shall have a reasonable opportunity prior to the filing of any Registration Statement to review the Registration Statement with respect to the accuracy of the
information provided by such Holders and to provide comments thereon to the Company or its counsel. 
 Each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(f)(ii), 4(f)(iii) or 4(f)(iv) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a
Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the reasonable expense of the Company) all copies in its
possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
 5. Black-Out Period. 
 (a) Subject to the provisions of this Section 5, the Company shall have the right, but not the obligation, from time to time to suspend the use of a Registration Statement following the effectiveness of the Registration Statement (and
the filings with any international, federal or state securities commissions), if a Suspension Event (as defined below) occurs. If the Company elects to suspend the effectiveness and/or use of a Registration Statement following the occurrence of a
Suspension Event, the Company, by written notice to the Representatives and by written notice, email transmission or such other means that the Company reasonably believes to be a reliable means of communication (a “Suspension Notice”),
shall notify the Holders that the effectiveness of the Registration Statement has been suspended and shall direct the Holders to suspend sales of the Registrable Shares pursuant to the Registration Statement until the Suspension Event has ended. A
Suspension Event shall be deemed to have occurred if: (i) the representative of the underwriters of an Underwritten Offering of common stock of the Company has advised the Company that the offer or sale of Registrable Shares pursuant to the
Registration Statement would have a material adverse effect on the Company’s Underwritten Offering; (ii) the Board of Directors of the Company or the Manager in good faith has determined that the offer or sale of any Registrable Shares
would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other significant transaction involving the Company; or (iii) the Board of Directors of the Company
or the Manager has determined in good faith, that it is required by law, or that it is in the best interests of the Company, to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to ensure
that the Prospectus included in the Registration Statement (1) contains the financial 

  

 11 

 
information required under Section 10(a)(3) of the Securities Act; (2) discloses any fundamental change in the information included in the
Prospectus; or (3) discloses any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information. Upon the occurrence of any Suspension Event, the Company
shall use its commercially reasonable efforts to promptly amend or supplement the Registration Statement or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as
applicable, so as to permit the Holders to resume sales of the Registrable Shares as soon as practicable. In no event shall the Company be permitted to suspend the use of a Registration Statement in any 12 month period for more than 45 consecutive
days or for more than an aggregate of 90 days, except as a result of a refusal by the Commission to declare any post-effective amendment to the Registration Statement effective after the Company has used all commercially reasonable efforts to cause
such post-effective amendment to be declared effective, in which case the Company shall terminate the suspension of the use of the Registration Statement immediately following the effective date of the post-effective amendment. 
 (b) If the Company gives a Suspension Notice to the Holders to suspend sales of the Registrable Shares following a Suspension Event, the
Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as
defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the Registrable
Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) upon delivery by the Company of notice that the Suspension Event or
its potential effects are no longer continuing (an “End of Suspension Notice”), which End of Suspension Notice shall be given by the Company to the Holders and the Representatives in the same manner as the Suspension Notice promptly
following the conclusion of any Suspension Event and its effect. 
 (c) Notwithstanding any provision herein to the contrary,
if the Company shall give a Suspension Notice pursuant to this Section 5, the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by
the number of days during the period from the date of the giving of the Suspension Notice to and including the date when Holders shall have received the End of Suspension Notice and copies of the supplemented or amended Prospectus necessary to
resume sales; provided that such period of time shall not be extended beyond the date that securities are no longer Registrable Shares. 
 6. Representations and Warrantees. 
 The Company represents and warrants to, and agrees with, each Purchaser
and each of the holders from time to time of Registrable Shares that: 
 (a) this Agreement has been duly authorized, executed
and delivered by the Company; and 
 (b) the compliance by the Company with all of the provisions of this Agreement and the
consummation of the transactions herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject,
(ii) result in any violation of the provisions of the certificate of formation, limited liability company agreement or other governing documents of the Company or (iii) result in any violation of any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, except in the case of (i) and (iii) above, for such conflicts, breaches,
violations or defaults as would not reasonably be expected to result in a material 

  

 12 

 
adverse effect on the business, properties, condition (financial or otherwise), results of operations or prospects of the Company and its subsidiaries, taken
as whole (a “Material Adverse Effect”); and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the consummation by the Company of the
transactions contemplated by this Agreement, except (w) the registration under the Securities Act of the Registrable Shares, (x) such consents, approvals, authorizations, registrations or qualifications as may be required under state
securities or blue sky laws in connection with the offering and distribution of the Registrable Shares, (y) such consents, approvals, authorizations, registrations or qualifications that have been obtained and are in full force and effect as of
the date hereof and (z) such consents, approvals, authorizations, registrations or qualifications that the failure to have would not reasonably be expected to have a Material Adverse Effect. 
 7. Indemnification and Contribution. 
 (a) The Company agrees to indemnify and hold harmless (i) each Initial Purchaser and each Holder, (ii) each person, if any, who controls each Initial Purchaser and each Holder within the meaning of the
Securities Act or the Exchange Act and (iii) the respective officers, directors, partners, employees, representatives and agents of each Initial Purchaser and each Holder or any person who controls any of the foregoing (each person referred to
in clause (i), (ii) or (iii) are referred to collectively as the “Indemnified Parties”), from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited
to, any losses, claims, damages, judgments, expenses, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as
such losses, claims, damages, judgments, expenses, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or Prospectus including any document
incorporated by reference therein, or in any amendment or supplement thereto or in any preliminary Prospectus relating to the Registration Statement, or arise out of, or are based upon, the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action in respect thereof as such expenses are incurred; provided, however, that (i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or
liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement or Prospectus or in any amendment or supplement thereto or in any preliminary Prospectus
relating to the Registration Statement in reliance upon and in conformity with written information pertaining to a Holder or furnished to the Company by or on behalf of a Holder or any participating underwriter specifically for inclusion therein and
(ii) in the case of a Suspension Event, the Company shall not be liable for any loss, claim, damage or liability resulting from a sale of Shares by any Holder occurring after delivery by the Company of a Suspension Notice and prior to delivery
by the Company of an End of Suspension Notice; provided, further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify
underwriters, their officers and directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the
Shares if requested by such Holders. 
 (b) In connection with any Registration Statement in which a Holder is participating
and as a condition to such participation, each Holder, severally and not jointly, will indemnify and hold harmless the Company, its officers, directors, partners, employees, representatives, agents and investment advisers and each person, if any,
who controls any of the foregoing within the meaning of the Securities Act or the Exchange Act (the “Company Indemnified Persons”) from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the
Company or any 

  

 13 

 
such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or
actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or Prospectus or in any amendment or supplement thereto or in any preliminary Prospectus relating to
the Registration Statement, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the
extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to a Holder or furnished to the Company by or on behalf of a Holder or any
participating underwriter specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company or any Company Indemnified Person for any legal or other expenses
reasonably incurred by the Company or such Company Indemnified Person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability which
such Holder may otherwise have to the Company or any Company Indemnified Person. 
 (c) Promptly after receipt by an
indemnified party under this Section 6 of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party
under this Section 7, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further that the failure to notify the indemnifying party shall not relieve it from any liability that it
may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the 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 (who may, unless
in the reasonable judgment of counsel to the indemnifying party a potential conflict of interest exists, be counsel to the indemnifying 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 be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable costs and expenses incurred at the request of the indemnifying party. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party unless such settlement (i) includes any unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) If
the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above in such proportion as is appropriate to respect the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other
relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or 

  

 14 

 
liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 6(d), the Holders shall not be required to contribute any
amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Shares pursuant to the Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. 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 guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution
as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 
 (e) The agreements contained in this Section 6 shall survive the sale of the Shares pursuant to the Registration Statement and shall
remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
 8. Market Stand-off Agreement. 
 Each Holder hereby agrees that it shall not, to the
extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer, pledge, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell (including without
limitation any short sale), grant any option, right or warrant for the sale of or otherwise transfer or dispose of any Registrable Shares or other Shares or any securities convertible into or exchangeable or exercisable for Shares then owned by such
Holder (other than to donees, partners or other transferees of the Holder who agree to be similarly bound) for a period of up to 60 days following the date of an Underwritten Offering by the Company pursuant to a shelf registration statement of the
Company filed under the Securities Act; provided, however, that: 
 (a) with respect to the 60-day period that follows
the date of an Underwritten Offering pursuant to a Shelf Registration Statement, such agreement shall not be applicable to Registrable Shares sold pursuant to such Shelf Registration Statement, as the case may be; 
 (b) the Company, the Strategic Investors, all executive officers and directors of the Company and Manager then holding Shares or
securities convertible into or exchangeable or exercisable for Shares shall enter into similar agreements for not less than the entire time period required of the Holders hereunder; and 
 (c) the Holders shall be allowed any concession or proportionate release allowed to the Company, the Strategic Investors or any executive
officer or director that entered into similar agreements. 
 In order to enforce the foregoing covenant, the Company shall
have the right to place restrictive legends on the certificates representing the securities subject to this Section 7 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of each Holder (and
the securities of every other Person subject to the foregoing restriction) until the end of such period. 
 9. Termination of the
Company’s Obligations. 
 The Company shall have no further obligations pursuant to this Agreement at such time as no
Registrable Shares are outstanding, provided, however, that the Company’s obligations under Sections 3, 7 and l0(a) through and including 10(k) of this Agreement and Exhibit A to this Agreement shall remain in full force and effect
following such time. 
  

 15 

 10. Miscellaneous. 
 (a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less than 50% of the then outstanding Registrable Shares.
Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with
the provisions of the immediately preceding sentence. 
 (b) Notices. All notices and other communications, provided
for or permitted hereunder shall be made in writing by delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram: 
 (i) if to a Holder, at the most current addresses given by the transfer agent and registrar of the Shares to the Company; and 

(ii) if to the Company, at the offices of the Company at 9 West 57th Street, New York, NY 10019, Attention: Chief Legal Officer, Fax: (212) 515-3267. 
 (c) Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto and shall inure to the benefit of each Holder. The Company agrees that the Holders shall be third party beneficiaries to the agreements made hereunder by the Initial Purchasers and the Company,
and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder; provided, however, that no Holder shall have the right to enforce such
agreements unless and until such Holder fulfills all of its obligations hereunder. 
 (d) Stock Legend. In addition to
any other legend that may appear on the stock certificates evidencing the Registrable Shares, for so long as any Shares remain Registrable Shares each stock certificate evidencing such Registrable Shares shall contain a legend to the following
effect: “THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ENTITLED TO THE BENEFITS OF A CERTAIN REGISTRATION RIGHTS AGREEMENT, DATED AUGUST 8, 2007.” 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (f) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE
APPLICATION OF THE LAW OF ANY OTHER STATE. 
 (g) Severability. if any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated, and the parties hereto shall use their commercially 

  

 16 

 
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable. 
 (h) Entire Agreement. This Agreement (including the Exhibit
hereto), together with the Purchase Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect
of the subject matter contained herein and therein. 
 (i) Registrable Shares Held by the Company or its Affiliates.
Whenever the consent or approval of Holders of a specified percentage of Registrable Shares is required hereunder, Registrable Shares held by the Company or its Affiliates shall not be counted in determining whether such consent or approval was
given by the Holders of such required percentage. 
 (j) Survival. This Agreement is intended to survive the
consummation of the transactions contemplated by the Purchase Agreement. The indemnification and contribution obligations under Section 6 of this Agreement shall survive the termination of the Company’s obligations under Section 2 of
this Agreement. 
 (k) Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the provisions of this Agreement. All references made in this Agreement to “Section” refer to such Section of this Agreement, unless expressly stated otherwise. 
 (l) Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this Agreement, or where any provision
hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other available remedy. 
 [Remainder of this Page Intentionally Left Blank] 
  

 17 

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

  

			
	APOLLO GLOBAL MANAGEMENT, LLC
		
	By:	 	AGM Management, LLC,
		 	its Manager
		
	By:	 	BRH Holdings GP, Ltd.,
		 	its Sole Member
		
	By:	 	/s/ John J. Suydam
		 	 Name: John J. Suydam
 Title: Vice President

	
	AGM MANAGEMENT, LLC
		
	By:	 	BRH Holdings GP, Ltd.,
		 	its Sole Member
		
	By:	 	/s/ John J. Suydam
		 	 Name: John J. Suydam
 Title: Vice President

 [Signature Page for Registration Rights Agreement] 

			
	GOLDMAN SACHS & CO
		
	By:	 	/s/ Goldman Sachs & Co
		 	 Name:
 Title:

  

			
	J.P. MORGAN SECURITIES, INC.
		
	By:	 	/s/ Elizabeth P. Myers
		 	 Name:    Elizabeth P. Myers
 Title:    Managing Director

  

			
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	/s/ Steven C. Pierson
		 	 Name: Steven C. Pierson
 Title: Managing
Director

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