Document:

exv10w5

Exhibit 10.5

FORM OF EXCHANGE AGREEMENT

               EXCHANGE AGREEMENT (the “Agreement”), dated as of _______, 2012, among Carlyle Group
Management L.L.C., The Carlyle Group L.P., Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub
L.L.C., Carlyle Holdings II GP L.L.C., Carlyle Holdings III GP L.P., Carlyle Holdings III GP Sub
L.L.C., Carlyle Holdings I L.P., Carlyle Holdings II L.P., Carlyle Holdings III L.P., Carlyle
Holdings II Sub L.L.C., and the Carlyle Holdings Limited Partners from time to time party hereto.

               WHEREAS, the parties hereto desire to provide for the exchange of certain Carlyle Holdings
Partnership Units for Common Units, on the terms and subject to the conditions set forth herein;

               WHEREAS, the right to exchange Carlyle Holdings Partnership Units set forth in Section 2.1(a)
below, once exercised, represents a several, and not a joint and several, obligation of the Carlyle
Holdings Partnerships (on a pro rata basis), and no Carlyle Holdings Partnership shall have any
obligation or right to acquire Carlyle Holdings Partnership Units issued by another Carlyle
Holdings Partnership;

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

ARTICLE I

DEFINITIONS

     SECTION 1.1. Definitions

          The following definitions shall be for all purposes, unless otherwise clearly indicated to the
contrary, applied to the terms used in this Agreement.

          “Agreement” has the meaning set forth in the preamble of this Agreement.

          “Business Day” means each day that is not a Saturday, Sunday or other day on which
banking institutions in New York, New York are authorized or required by law to close.

          “Carlyle Entity Parties” means, collectively, Issuer General Partner, Issuer, Carlyle
Holdings I GP Parent, Carlyle Holdings III GP Parent, the Carlyle Holdings General Partners, the
Carlyle Holdings Partnerships and Subsidiary Company.

          “Carlyle Holdings I” means Carlyle Holdings I L.P., a limited partnership formed under
the laws of the State of Delaware, and any successor thereto.

          “Carlyle Holdings I General Partner” means Carlyle Holdings I GP Sub L.L.C., a
Delaware limited liability company and the general partner of Carlyle Holdings I, and any successor
thereof.

 

 

          “Carlyle Holdings I GP Parent” means Carlyle Holdings I GP Inc., a corporation formed
under the laws of the State of Delaware and the sole member of Carlyle Holdings I General Partner,
and any successor thereof.

          “Carlyle Holdings I Partnership Units” means the units of limited partner interest of
Carlyle Holdings I, issued pursuant to the Amended and Restated Limited Partnership Agreement of
Carlyle Holdings I, as it may be amended, supplemented or restated from time to time.

          “Carlyle Holdings II” means Carlyle Holdings II L.P., a société en commandite formed
under the laws of the Province of Québec, and any successor thereto.

          “Carlyle Holdings II General Partner” means Carlyle Holdings II GP L.L.C., a limited
liability company formed under the laws of the State of Delaware and the general partner of Carlyle
Holdings II, and any successor general partner thereof.

          “Carlyle Holdings II Partnership Units” means the units of limited partner interest of
Carlyle Holdings II, issued pursuant to the Amended and Restated Limited Partnership Agreement of
Carlyle Holdings II, as it may be amended, supplemented or restated from time to time.

          “Carlyle Holdings III” means Carlyle Holdings III L.P., a société en commandite formed
under the laws of the Province of Québec, and any successor thereto.

          “Carlyle Holdings III General Partner” means Carlyle Holdings III GP Sub L.L.C., a
Delaware limited liability company and the general partner of Carlyle Holdings III, and any
successor thereof.

          “Carlyle Holdings III GP Parent” means Carlyle Holdings III GP L.P., a société en
commandite formed under the laws of the Province of Québec and the sole member of Carlyle Holdings
III General Partner, and any successor thereof.

          “Carlyle Holdings III Partnership Units” means the units of limited partner interest
of Carlyle Holdings III, issued pursuant to the Amended and Restated Limited Partnership Agreement
of Carlyle Holdings III, as it may be amended, supplemented or restated from time to time.

          “Carlyle Holdings General Partners” means, collectively, Carlyle Holdings I General
Partner, Carlyle Holdings II General Partner and Carlyle Holdings III General Partner.

          Carlyle Holdings Limited Partner” means each party hereto other than a Carlyle Entity
Party.

          “Carlyle Holdings Partnership Agreements” means, collectively, the Amended and
Restated Limited Partnership Agreement of Carlyle Holdings I, the Amended and Restated Limited
Partnership Agreement of Carlyle Holdings II and the Amended and Restated Limited Partnership
Agreement of Carlyle Holdings III, as they may each be amended, supplemented or restated from time
to time.

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          “Carlyle Holdings Partnership Unit” means, collectively, one Carlyle Holdings I
Partnership Unit, one Carlyle Holdings II Partnership Unit, and one Carlyle Holdings III
Partnership Unit.

          “Carlyle Holdings Partnerships” means, collectively, Carlyle Holdings I, Carlyle
Holdings II and Carlyle Holdings III.

          “Change of Control” means: (i) the occurrence of any Person, other than a Person
approved by the current Issuer General Partner, becoming the general partner of the Issuer; or (ii)
during any period of two consecutive years, Continuing Directors cease for any reason to constitute
a majority of the directors serving on the Issuer General Partner’s board of directors. For
purposes of this definition, “Continuing Director” means any director of the Issuer General Partner
(a) serving on the Issuer General Partner’s board of directors at the beginning of the relevant
period of two consecutive years referred to in the immediately preceding sentence, (b) appointed or
elected to the Issuer General Partner’s board of directors by the members of the Issuer General
Partner or (c) whose appointment or election to the Issuer General Partner’s board of directors by
such board, or nomination for election to the Issuer General Partner’s board of directors by the
limited partners of the Issuer, was approved by a majority of the directors of the Issuer General
Partner then still serving at the time of such approval who were so serving at the beginning of the
relevant period of two consecutive years, were so appointed or elected by the members of the Issuer
General Partner or whose appointment or election or nomination for election was so approved.

          “Code” means the Internal Revenue Code of 1986, as amended.

          “Common Unit” means a limited partner interest in the Issuer representing a fractional
part of the limited partner interests in the Issuer of all limited partners of the Issuer having
the rights and obligations specified with respect to Common Units in the Issuer Partnership
Agreement.

          “Dispute” has the meaning set forth in Section 3.9(a) of this Agreement.

          “Exchange” has the meaning set forth in Section 2.1(a) of this Agreement.

          “Exchange Rate” means the number of Common Units for which a Carlyle Holdings
Partnership Unit is entitled to be exchanged. On the date of this Agreement, the Exchange Rate
shall be 1 for 1, which Exchange Rate shall be subject to modification only as provided in Section
2.4.

          “IPO” means the initial public offering and sale of Common Units, as contemplated by
the Issuer’s Registration Statement on Form S-1 (File No. 333-176685).

          “Issuer” means The Carlyle Group L.P., a limited partnership formed under the laws of
the State of Delaware, and any successor thereto.

          “Issuer General Partner” means Carlyle Group Management L.L.C., a limited liability
company formed under the laws of the State of Delaware, and any successor thereto.

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          “Issuer Partnership Agreement” means the Amended and Restated Agreement of Limited
Partnership of the Issuer to be dated substantially concurrently with the consummation of the IPO,
as such agreement of limited partnership may be amended, supplemented or restated from time to
time.

          “Liens” means any and all liens, charges, security interests, options, claims,
mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or
arrangements or other restrictions on title or transfer of any nature whatsoever.

          “Mubadala Holders” means, collectively, MDC/TCP Investments (Cayman) I, Ltd., a Cayman
Islands exempted company, MDC/TCP Investments (Cayman) II, Ltd., a Cayman Islands exempted company,
MDC/TCP Investments (Cayman) III, Ltd., a Cayman Islands exempted company, MDC/TCP Investments
(Cayman) IV, Ltd., a Cayman Islands exempted company, MDC/TCP Investments (Cayman) V, Ltd., a
Cayman Islands exempted company, MDC/TCP Investments (Cayman) VI, Ltd., a Cayman Islands exempted
company, and Five Overseas Investment L.L.C., a United Arab Emirates limited liability company
registered in the Emirate of Abu Dhabi, and, to the extent such Persons are Permitted Transferees,
each of Mubadala Development Company PJSC and its direct and indirect subsidiaries.

          “Person” means an individual or a corporation, limited liability company, partnership,
joint venture, trust, estate, unincorporated organization, association (including any group,
organization, co-tenancy, plan, board, council or committee), government (including a country,
state, county, or any other governmental or political subdivision, agency or instrumentality
thereof) or other entity (or series thereof).

          “Permitted Transferee” has the meaning set forth in Section 3.1 of this Agreement.

          “Quarter” means, unless the context requires otherwise, a fiscal quarter of the
Issuer.

          “Quarterly Exchange Date” means, unless the Issuer cancels such Quarterly Exchange
Date pursuant to Section 2.8 hereof, the date that is the later to occur of either: (1) the second
Business Day after the date on which the Issuer makes a public news release of its quarterly
earnings for the prior Quarter or (2) the first day each Quarter that directors and executive
officers of the Issuer General Partner are permitted to trade under the applicable polices of the
Issuer relating to trading by directors and executive officers; provided that there shall be no
Quarterly Exchange Date for any party other than the California Public Employees’ Retirement System
or a Mubadala Holder prior to the first anniversary of the closing of the IPO (or, if later, the
date of the initial filing by the Issuer of a registration statement with the U.S. Securities and
Exchange Commission to cover delivery of Common Units to Carlyle Holdings Limited Partners upon an
Exchange). At least seventy-five (75) days prior to each Quarterly Exchange Date, the Issuer will
provide notice thereof to each Carlyle Holdings Limited Partner eligible to Exchange Carlyle
Holdings Partnership Units for Common Units on such Quarterly Exchange Date.

          “Sale Transaction” has the meaning set forth in Section 2.8 of this Agreement.

          “Securities Act” has the meaning set forth in Section 2.3(a) of this Agreement.

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          “Subsidiary Company” means Carlyle Holdings II Sub L.L.C., a limited liability company
organized under the laws of Delaware, and any successor thereto.

          “Transfer Agent” means such bank, trust company or other Person as shall be appointed
from time to time by the Issuer pursuant to the Issuer Partnership Agreement to act as registrar
and transfer agent for the Common Units.

ARTICLE II

EXCHANGE OF CARLYLE HOLDINGS PARTNERSHIP UNITS

     SECTION 2.1. Exchange of Carlyle Holdings Partnership Units.

               (a) (i) Subject to adjustment as provided in this Article II, to the provisions of the Carlyle
Holdings Partnership Agreements and the Issuer Partnership Agreement and to the provisions of
Section 2.2 hereof, each Carlyle Holdings Limited Partner shall be entitled, on any Quarterly
Exchange Date, to surrender Carlyle Holdings Partnership Units to the Carlyle Holdings Partnerships
in exchange for the delivery by the Carlyle Holdings Partnerships of a number of Common Units equal
to the product of such number of Carlyle Holdings Partnership Units surrendered multiplied by the
Exchange Rate (an “Exchange”); provided that any such Exchange is for a minimum of the lesser of
100 Carlyle Holdings Partnership Units or all of the vested Carlyle Holdings Partnership Units held
by such Carlyle Holdings Limited Partner that are then permitted under the Carlyle Holdings
Partnership Agreements to be exchanged by such Limited Partner. In addition, subject to adjustment
as provided in this Article II, to the provisions of the Carlyle Holdings Partnership Agreements,
the Issuer Partnership Agreement and to the provisions of Section 2.2 hereof, the California Public
Employees’ Retirement System and the Mubadala Holders shall be entitled at any time from and after
the consummation of the IPO to Exchange Carlyle Holdings Partnership Units for Common Units,
provided that the number of Carlyle Holdings Partnership Units surrendered by the California Public
Employees’ Retirement System or the Mubadala Holders, respectively, in any such Exchange is greater
than two percent of the then-outstanding Carlyle Holdings Partnership Units (provided that such
Exchange constitutes a “Block Transfer” within the meaning of Treasury Regulation section 1.7704-1
(e)(2)).

                    (ii) Notwithstanding anything to the contrary herein, upon the occurrence of a Dissolution
Event (as defined in the Carlyle Holdings Partnership Agreements) with respect to any Carlyle
Holdings Partnership, each Carlyle Holdings Limited Partner shall be entitled, upon the terms and
subject to the conditions hereof, to elect to Exchange Carlyle Holdings Partnership Units for
Common Units; provided, that any such Exchange pursuant to this sentence shall be effective
immediately prior to the effectiveness of the applicable dissolution of such Carlyle Holdings
Partnership (and, for the avoidance of doubt, shall not be effective if such dissolution is not
effective).

               (b) On the date Carlyle Holdings Partnership Units are surrendered for exchange, all rights of
the exchanging Carlyle Holdings Limited Partner as holder of such Carlyle Holdings Partnership
Units shall cease, and such exchanging Carlyle Holdings Limited Partner shall be treated for all
purposes as having become the Record Holder (as defined in the

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Issuer Partnership Agreement) of such Common Units and shall be admitted as a Limited Partner
(as defined in the Issuer Partnership Agreement) of the Issuer in accordance and upon compliance
with Section 10.2 of the Issuer Partnership Agreement.

               (c) For the avoidance of doubt, any exchange of Carlyle Holdings Partnership Units shall be
subject to the provisions of the Carlyle Holdings Partnership Agreements, including without
limitation the provisions of Sections 8.01, 8.02, 8.03, 8.04 and 8.12 to the extent applicable to
an exchanging Carlyle Holdings Limited Partner.

               (d) Where a Carlyle Holdings Limited Partner has exercised its right to
surrender its Carlyle Holdings Partnership Units to the Carlyle Holdings Partnerships in an
Exchange pursuant to Section 2.1(a), Carlyle Holdings I General Partner (with respect to Carlyle
Holdings I Partnership Units), Subsidiary Company (with respect to Carlyle Holdings II Partnership
Units) and Carlyle Holdings III General Partner (with respect to Carlyle Holdings III Partnership
Units), shall have a superseding right to acquire such interests for an amount of Common Units
equal to the amount of Common Units that would be received pursuant to such Exchange.

     SECTION 2.2. Exchange Procedures. (a) A Carlyle Holdings Limited Partner may
exercise the right to exchange Carlyle Holdings Partnership Units set forth in Section 2.1(a) above
by providing a written notice of exchange at least sixty (60) days prior to the applicable
Quarterly Exchange Date (or in the case of an Exchange effected by the California Public Employees’
Retirement System or the Mubadala Holders pursuant to the last sentence of 2.1(a) above, ten (10)
days prior to the date of such Exchange) to each of the Carlyle Holdings Partnerships and each of
Carlyle Holdings I General Partner, Subsidiary Company and Carlyle Holdings III General Partner
substantially in the form of Exhibit A hereto, duly executed by such holder or such
holder’s duly authorized attorney in respect of the Carlyle Holdings Partnership Units to be
exchanged, in each case delivered during normal business hours at the principal executive offices
of the Carlyle Holdings Partnerships.

               (b) As promptly as practicable following the surrender for exchange of the Carlyle Holdings
Partnership Units in the manner provided in this Article II, the Carlyle Holdings Partnerships
shall deliver or cause to be delivered at the offices of the then-acting Transfer Agent or, if
there is no then-acting Transfer Agent, at the principal executive offices of the Issuer, the
number of Common Units issuable upon such exchange, registered in the name of such exchanging
Carlyle Holdings Limited Partner, or its nominee. To the extent the Common Units are settled
through the facilities of The Depository Trust Company, the Carlyle Holdings Partnerships will,
subject to Section 2.2(c) below, upon the written instruction of the exchanging Carlyle Holdings
Limited Partner deliver the Common Units deliverable to such exchanging Carlyle Holdings Limited
Partner, through the facilities of The Depository Trust Company, to the account of the participant
of The Depository Trust Company designated by such exchanging Carlyle Holdings Limited Partner. The
Issuer General Partner, the Issuer and the Carlyle Holdings General Partners shall take such
actions as may be required to ensure the performance by the Carlyle Holdings Partnerships of their
respective obligations under this Article II, including causing the issuance and sale of Common
Units to or for the account of the Carlyle Holdings Partnerships in exchange for the delivery to
the Issuer of a number of Carlyle Holdings

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Partnership Units that is equal to the number of Carlyle Holdings Partnership Units
surrendered by an exchanging Carlyle Holdings Limited Partner.

               (c) The Carlyle Holdings Partnerships on the one hand, and each exchanging Carlyle Holdings
Limited Partner, on the other hand, shall bear their own expenses in connection with the
consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except
that the Carlyle Holdings Partnerships and Subsidiary Company, as applicable, shall bear any
transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by
reason of, any such Exchange; provided, however, that if any Common Units are to be delivered in a
name other than that of the exchanging Carlyle Holdings Limited Partner that requested such
Exchange (other than in the name of The Depository Trust Company or its nominee), then such Carlyle
Holdings Limited Partner and/or the person in whose name such Common Units are to be delivered
shall pay to the Carlyle Holdings Partnerships the amount of any transfer taxes, stamp taxes or
duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall
establish to the reasonable satisfaction of the Carlyle Holdings Partnerships that such tax has
been paid or is not payable.

               (d) The Carlyle Holdings Partnerships may adopt reasonable procedures for the implementation
of the exchange provisions set forth in this Article II, including, without limitation, procedures
for the giving of notice of an election for exchange. A Carlyle Holdings Limited Partner may not
revoke a notice of exchange delivered pursuant to Section 2.2(a) above, without the consent of the
Carlyle Holdings General Partners, which consent may be provided or withheld, or made subject to
such conditions, limitations or restrictions, as determined by the Carlyle Holdings General
Partners in their sole discretion. Such determinations need not be uniform and may be made
selectively among Carlyle Holdings Limited Partners, whether or not such Carlyle Holdings Limited
Partners are similarly situated.

     SECTION 2.3. Limitations on Exchanges.

               (a) Notwithstanding anything to the contrary, a Carlyle Holdings Limited Partner shall not be
entitled to exchange Carlyle Holdings Partnership Units, and the Issuer and the Carlyle Holdings
Partnerships shall have the right to refuse to honor any request for exchange of Carlyle Holdings
Partnership Units, at any time or during any period if the Issuer or the Carlyle Holdings
Partnerships shall determine, that such exchange (i) would be prohibited by law or regulation
(including, without limitation, the unavailability of any requisite registration statement filed
under the Securities Act of 1933, as amended (the “Securities Act”) or any exemption from
the registration requirements thereunder), or (ii) would not be permitted under any other
agreements with the Issuer or any of its subsidiaries to which such exchanging Carlyle Holdings
Limited Partner may be party (including, without limitation, the Carlyle Holdings Partnership
Agreements) or any written policies of the Issuer related to unlawful or inappropriate trading
applicable to its directors, officers or other personnel.

     SECTION 2.4. Splits, Distributions and Reclassifications.

               (a) The Exchange Rate shall be adjusted accordingly if there is: (i) any subdivision (by any
unit split, unit distribution, reclassification, reorganization, recapitalization or otherwise) or
combination (by reverse unit split, reclassification, reorganization,

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recapitalization or otherwise) of the Carlyle Holdings Partnership Units that is not
accompanied by an identical subdivision or combination of the Common Units; or (ii) any subdivision
(by any unit split, unit distribution, reclassification, reorganization, recapitalization or
otherwise) or combination (by reverse unit split, reclassification, reorganization,
recapitalization or otherwise) of the Common Units that is not accompanied by an identical
subdivision or combination of the Carlyle Holdings Partnership Units. If there is any
reclassification, reorganization, recapitalization or other similar transaction in which the Common
Units are converted or changed into another security, securities or other property, then upon any
Exchange, an exchanging Carlyle Holdings Limited Partner shall be entitled to receive the amount of
such security, securities or other property that such exchanging Carlyle Holdings Limited Partner
would have received if such Exchange had occurred immediately prior to the effective date of such
reclassification, reorganization, recapitalization or other similar transaction, taking into
account any adjustment as a result of any subdivision (by any split, distribution or dividend,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split,
reclassification, recapitalization or otherwise) of such security, securities or other property
that occurs after the effective time of such reclassification, reorganization, recapitalization or
other similar transaction. Except as may be required in the immediately preceding sentence, no
adjustments in respect of distributions shall be made upon the exchange of any Carlyle Holdings
Partnership Unit.

     SECTION 2.5. Common Units to be Issued.

               (a) The Issuer and the Carlyle Holdings Partnerships covenant that all Common Units issued
upon an Exchange will be validly issued. Nothing contained herein shall be construed to preclude
the Issuer or Carlyle Holdings Partnerships from satisfying their obligations in respect of the
exchange of the Carlyle Holdings Partnership Units by delivery of Common Units which are held in
the treasury of the Issuer or the Carlyle Holdings Partnership or any of their subsidiaries.

               (b) The Issuer and the Carlyle Holdings Partnerships covenant and agree that, to the extent
that a registration statement under the Securities Act is effective and available for Common Units
to be delivered with respect to any Exchange, Common Units that have been registered under the
Securities Act shall be delivered in respect of such exchange. In the event that any exchange in
accordance with this Agreement is to be effected at a time when any required registration has not
become effective or otherwise is unavailable, upon the request and with the reasonable cooperation
of the exchanging Carlyle Holdings Limited Partners requesting such exchange, the Issuer and the
Carlyle Holdings Partnerships shall promptly facilitate such exchange pursuant to any reasonably
available exemption from such registration requirements. The Issuer shall list the Common Units
required to be delivered upon exchange prior to such delivery upon each national securities
exchange or inter-dealer quotation system upon which the outstanding Common Units may be listed or
traded at the time of such delivery.

     SECTION 2.6. Restrictions.

               (a) The provisions of Sections 8.02, 8.03, 8.04, 8.06 and 8.11 of the Carlyle Holdings
Partnership Agreements and the restrictions on transfer under any other agreements with the Issuer
or any of its subsidiaries to which an exchanging Carlyle Holdings Limited

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Partner may be party shall apply, mutatis mutandis, to any Common Units. In each case, the
provisions of Sections 8.03 and 8.04 of the Carlyle Holdings Partnership Agreements shall apply in
the aggregate to Carlyle Holdings Partnership Units and Common Units received in exchange for
Carlyle Holdings Partnership Units held by each Carlyle Holdings Limited Partner or Limited Partner
(as defined in the Issuer Partnership Agreement) of the Issuer.

     SECTION 2.7. Acquisition and Disposition of Common Units.

               (a) A Carlyle Holdings Limited Partner (other than the California Public Employees’ Retirement
System or a Mubadala Holder) requesting an exchange under this Agreement covenants (i) to use
reasonable best efforts to sell or otherwise dispose of any Common Units received in such an
exchange within ten (10) days of the receipt thereof or any other specified period as the Issuer
General Partner may determine from time to time, and (ii) that no other Common Units are held by
such Carlyle Holdings Limited Partner, such Carlyle Holdings Limited Partner’s spouse, or any
entity disregarded as an entity separate from such Carlyle Holdings Limited Partner or such Carlyle
Holdings Limited Partner’s spouse for United States federal income tax purpose, at the time such
Carlyle Holder Limited Partner gives notice of such exchange pursuant to this Agreement or will be
acquired by any such person from such time through the sale or disposition
described in clause (i). Any Carlyle Holdings Limited Partner (other than the California Public
Employees’ Retirement System or a Mubadala Holder) still holding any Common Units on the last day
of such period shall cause all such Common Units to be transferred immediately to a partnership,
trust or other entity (other than an entity disregarded as an entity separate from its parent for
United States federal income tax purposes).

     SECTION 2.8. Subsequent Offerings.

               (a) The Issuer may from time to time provide the opportunity for Carlyle Holdings Limited
Partners to sell their Carlyle Holdings Partnership Units to the Issuer, the Carlyle Holdings
Partnerships or any of their subsidiaries (a “Sale Transaction”); provided that no Sale
Transaction shall occur unless the Issuer cancels the nearest Quarterly Exchange Date scheduled to
occur in the same fiscal year of the Issuer as such Sale Transaction. A Carlyle Limited Partner
selling Carlyle Holdings Partnership Units in connection with a Sale Transaction must provide
notice to Issuer at least thirty (30) days prior to the cash settlement of such Sale Transaction in
respect of the Carlyle Holdings Partnership Units to be sold, in each case delivered during normal
business hours at the principal executive offices of the Issuer. For the avoidance of doubt, the
total aggregate number of Quarterly Exchange Dates and Sale Transactions occurring during any
fiscal year of the Issuer shall not exceed four (4).

ARTICLE III

GENERAL PROVISIONS

     SECTION 3.1. Additional Carlyle Holdings Limited Partners. To the extent a Carlyle
Holdings Limited Partner validly transfers any or all of such holder’s Carlyle Holdings Partnership
Units to another person in a transaction in accordance with, and not in contravention of, the
Carlyle Holdings Partnership Agreements or any other agreement or agreements with the

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Issuer or any of its subsidiaries to which a transferring Carlyle Holdings Limited Partner may
be party, then such transferee (each, a “Permitted Transferee”) shall have the right to
execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto,
whereupon such Permitted Transferee shall become a Carlyle Holdings Limited Partner hereunder. To
the extent the Carlyle Holdings Partnerships issue Carlyle Holdings Partnership Units in the
future, the Carlyle Holdings Partnerships shall be entitled, in their sole discretion, to make any
holder of such Carlyle Holdings Partnership Units a Carlyle Holdings Limited Partner hereunder
through such holder’s execution and delivery of a joinder to this Agreement, substantially in the
form of Exhibit B hereto.

     SECTION 3.2. Amendment. (a) The provisions of this Agreement may be amended by the
affirmative vote or written consent of each of the Carlyle Holdings Partnerships and, after a
Change of Control, the holders of at least a majority of the Vested Percentage Interests (as such
term as defined in the Carlyle Holdings Partnership Agreements) of the Carlyle Holdings Partnership
Units (excluding Carlyle Holdings Partnership Units held by the Issuer or any direct or indirect
wholly-owned subsidiary thereof); provided, however, that any amendment of this Agreement that is
materially adverse to the California Public Employees’ Retirement System shall not be effective
with respect to the California Public Employees’ Retirement System unless the prior written consent
of the California Public Employees’ Retirement System shall have been obtained and any amendment of
this Agreement that is materially adverse to a Mubadala Holder shall not be effective with respect
to the Mubadala Holder unless the prior written consent of such Mubadala Holder shall have been
obtained.

               (b) Each Carlyle Holdings Limited Partner hereby expressly consents and agrees that, whenever
in this Agreement it is specified that an action may be taken upon the affirmative vote or written
consent of less than all of the Carlyle Holdings Limited Partners, such action may be so taken upon
the concurrence of less than all of the Carlyle Holdings Limited Partners and each Carlyle Holdings
Limited Partner shall be bound by the results of such action.

     SECTION 3.3. Addresses and 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 as specified in a notice given in accordance with this Section 3.3):

               (a) If to any Carlyle Entity Party, to:

1001 Pennsylvania Avenue, NW

Washington, DC 20004-2505

Attention: General Counsel

Fax: (202) 729-5266

Electronic Mail: list_exchangenotice@carlyle.com

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               (b) If to any Carlyle Holdings Limited Partner, to:

c/o The Carlyle Group L.P.

1001 Pennsylvania Avenue, NW

Washington, DC 20004-2505

Attention: General Counsel

Fax: (202) 729-5266

Electronic Mail: list_exchangenotice@carlyle.com

The Issuer General Partner shall forward any such communication to the applicable
Carlyle Holdings Limited Partner’s address, email address or facsimile number as
shown in the books and records of the Carlyle Holdings Partnerships.

     SECTION 3.4. Further Action. The parties shall execute and deliver all documents,
provide all information and take or refrain from taking action as may be necessary or appropriate
to achieve the purposes of this Agreement.

     SECTION 3.5. 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 3.6. 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.

     SECTION 3.7. Integration. 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.

     SECTION 3.8. Waiver. No failure by any party to insist upon the strict performance
of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy
consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant,
duty, agreement or condition.

     SECTION 3.9. Dispute Resolution.

               (a) Each party hereto other than the California Public Employees’ Retirement System and each
of the Mubadala Holders (i) irrevocably agrees that any and all disputes which cannot be settled
amicably, including any ancillary claims of any party, arising out of, relating to

11

 

or in connection with the validity, negotiation, execution, interpretation, performance or
non-performance of this Agreement (including the validity, scope and enforceability of this
arbitration provision) (a “Dispute”) shall be finally settled by arbitration conducted by
three arbitrators (or, in the event the amount of quantified claims and/or estimated monetary value
of other claims contained in the applicable request for arbitration is less than $3.0 million, by a
sole arbitrator) in Wilmington, Delaware in accordance with the Rules of Arbitration of the
International Chamber of Commerce (including the rules relating to costs and fees) existing on the
date of this Agreement except to the extent those rules are inconsistent with the terms of this
Section 3.9, and that such arbitration shall be the exclusive manner pursuant to which any Dispute
shall be resolved; (ii) agrees that this Agreement involves commerce and is governed by the Federal
Arbitration Act, 9 U.S.C. Section 1, et seq., and any applicable treaties governing the recognition
and enforcement of international arbitration agreements and awards; (iii) agrees to take all steps
necessary or advisable, including the execution of documents to be filed with the International
Court of Arbitration or the International Centre for ADR in order to properly submit any Dispute
for arbitration pursuant to this Section 3.9; (iv) irrevocably waives, to the fullest extent
permitted by law, any objection it may have or hereafter have to the submission of any Dispute for
arbitration pursuant to this Section 3.9 and any right to lay claim to jurisdiction in any venue;
(v) agrees that (A) the arbitrator(s) shall be U.S. lawyers, U.S. law professors and/or retired
U.S. judges and all arbitrators, including the president of the arbitral tribunal, may be U.S.
nationals and (B) the arbitrator(s) shall conduct the proceedings in the English language; (vi)
agrees that except as required by law or as may be reasonably required in connection with ancillary
judicial proceedings to compel arbitration, to obtain temporary or preliminary judicial relief in
aid of arbitration, or to confirm or challenge an arbitration award, the arbitration proceedings,
including any hearings, shall be confidential, and the parties shall not disclose any awards, any
materials in the proceedings created for the purpose of the arbitration, or any documents produced
by another party in the proceedings not otherwise in the public domain; and (vii) agrees that
performance under this Agreement shall continue if reasonably possible during any arbitration
proceedings.

               (b) Notwithstanding the provisions of paragraph (a), each party hereto may bring an action or
special proceeding for the purpose of compelling a party to arbitrate, seeking temporary or
preliminary relief in aid of an arbitration hereunder, or enforcing an arbitration award and, for
the purposes of this paragraph (b), each party hereto (i) irrevocably agrees that any such action
or special proceeding shall be exclusively brought in the Court of Chancery of the State of
Delaware or, if such court does not have subject matter jurisdiction thereof, any other court
located in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the
exclusive jurisdiction of such courts in connection with any such action or special proceeding;
(iii) irrevocably agrees not to, and waives any right to, assert in any such action or special
proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other
court to which proceedings in such courts may be appealed, (B) such action or special proceeding is
brought in an inconvenient forum, or (C) the venue of such action or special proceeding is
improper; (iv) expressly waives any requirement for the posting of a bond by a party bringing such
action or special proceeding; (v) consents to process being served in any such action or special
proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at
the address in effect for notices hereunder, and agrees that such service shall constitute good and
sufficient service of process and notice thereof; provided that nothing

12

 

in clause (v) hereof shall affect or limit any right to serve process in any other manner
permitted by law; (vi) irrevocably waives any and all right to trial by jury in any such claim,
suit, action or proceeding; and (vii) agrees that proof shall not be required that monetary damages
for breach of the provisions of this Agreement would be difficult to calculate and that remedies at
law would be inadequate.

               (c) If the arbitrator(s) shall determine that any Dispute is not subject to arbitration, or
the arbitrator(s) or any court or tribunal of competent jurisdiction shall refuse to enforce
Section 3.9(a) or shall determine that any Dispute is not subject to arbitration as contemplated
thereby, then, and only then, shall the alternative provisions of this Section 3.9(c) be
applicable. Each party hereto, to the fullest extent permitted by law, (i) irrevocably agrees that
any Dispute shall be exclusively brought in the Court of Chancery of the State of Delaware or, if
such court does not have subject matter jurisdiction thereof, any other court located in the State
of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the exclusive
jurisdiction of such courts in connection with any such claim, suit, action or proceeding; (iii)
irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or
proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other
court to which proceedings in such courts may be appealed, (B) such claim, suit, action or
proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or
proceeding is improper; (iv) expressly waives any requirement for the posting of a bond by a party
bringing such claim, suit, action or proceeding; (v) consents to process being served in any such
claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy
thereof to such party at the address in effect for notices hereunder, and agrees that such service
shall constitute good and sufficient service of process and notice thereof; provided that nothing
in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted
by law; and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit,
action or proceeding; and (vii) agrees that proof shall not be required that monetary damages for
breach of the provisions of this Agreement would be difficult to calculate and that remedies at law
would be inadequate. The parties acknowledge that the fora designated by this paragraph (c) have a
reasonable relation to this Agreement, and to the parties’ relationship with one another.

     SECTION 3.10. Counterparts. This Agreement may be executed and delivered (including
by facsimile transmission) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed and delivered shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. Copies of executed
counterparts transmitted by telecopy or other electronic transmission service shall be considered
original executed counterparts for purposes of this Section 3.10.

     SECTION 3.11. Tax Treatment. To the extent this Agreement imposes obligations upon a
particular Carlyle Holdings Partnership or a Carlyle Holdings General Partner, this Agreement
shall be treated as part of the relevant Carlyle Holdings Partnership Agreement as described in
Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury
Regulations. The parties shall report any Exchange consummated hereunder, (x) in the case of
Carlyle Holdings I, as a taxable sale of Carlyle Holdings I Partnership Units by a Carlyle Holdings
Limited Partner to Carlyle Holdings I GP Parent, (y) in the case of Carlyle Holdings II, as a
taxable sale of Carlyle Holdings II Partnership Units by a Carlyle Holdings Limited Partner

13

 

to Subsidiary Company and (z) in the case of Carlyle Holdings III, as a taxable sale of
Carlyle Holdings III Partnership Units by a Carlyle Holdings Limited Partner to Carlyle Holdings
III GP Parent, and no party shall take a contrary position on any income tax return, amendment
thereof or communication with a taxing authority.

     SECTION 3.12. Independent Nature of Holdings Unitholders’ Rights and Obligations.
The obligations of each Carlyle Holdings Limited Partner hereunder are several and not joint with
the obligations of any other Carlyle Holdings Limited Partner, and no Carlyle Holdings Limited
Partner shall be responsible in any way for the performance of the obligations of any other Carlyle
Holdings Limited Partner hereunder. The decision of each Carlyle Holdings Limited Partner to enter
into to this Agreement has been made by such Carlyle Holdings Limited Partner independently of any
other Carlyle Holdings Limited Partner. Nothing contained herein, and no action taken by any
Carlyle Holdings Limited Partner pursuant hereto, shall be deemed to constitute the Carlyle
Holdings Limited Partners as a partnership, an association, a joint venture or any other kind of
entity, or create a presumption that the Carlyle Holdings Limited Partners are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated hereby and
the Issuer acknowledges that the Carlyle Holdings Limited Partners are not acting in concert or as
a group, and the Issuer will not assert any such claim, with respect to such obligations or the
transactions contemplated hereby.

     SECTION 3.13. Applicable Law. This Agreement shall be governed by, and construed in
accordance with, the law of the State of Delaware.

[Remainder of Page Intentionally Left Blank]

14

 

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

	 	 	 	 	 
	 	CARLYLE GROUP MANAGEMENT L.L.C.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE CARLYLE GROUP L.P.

By: Carlyle Group Management L.L.C., its general

partner

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CARLYLE HOLDINGS I GP INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CARLYLE HOLDINGS I GP SUB L.L.C.

By: Carlyle Holdings I GP Inc., its sole member

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Exchange Agreement]

 

 

	 	 	 	 	 	 	 	 	 

	 	 	CARLYLE HOLDINGS II GP L.L.C.
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	The Carlyle Group L.P., its sole member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: Carlyle Group Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	CARLYLE HOLDINGS III GP L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By: Carlyle Holdings III GP Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: The Carlyle Group L.P., its sole member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: Carlyle Group Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	CARLYLE HOLDINGS III GP SUB L.L.C.
	 
	 	 	 	 	 	 	 	 
	 	 	By: Carlyle Holdings III GP L.P., its sole member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: Carlyle Holdings III GP Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: The Carlyle Group L.P., its sole member
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By: Carlyle Group Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 

[Exchange Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	CARLYLE HOLDINGS I L.P.
	 
	 	 	 	 	 	 
	 	 	By: Carlyle Holdings I GP Sub L.L.C., its general partner
	 
	 	 	 	 	 	 
	 	 	 	 	By: Carlyle Holdings I GP Inc., its sole member
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	CARLYLE HOLDINGS II L.P.
	 
	 	 	 	 	 	 
	 	 	By: Carlyle Holdings II GP L.L.C., its general partner
	 
	 	 	 	 	 	 
	 	 	 	 	By: The Carlyle Group L.P., its sole member
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By: Carlyle Group Management L.L.C., its general partner
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

[Exchange Agreement]

 

 

	 	 	 	 	 	 	 	 	 	 	 

	 	 	CARLYLE HOLDINGS III L.P.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By: Carlyle Holdings III GP Sub L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Carlyle Holdings III GP L.P., its sole member
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: Carlyle Holdings III GP Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By: The Carlyle Group L.P., its sole member
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By: Carlyle Group Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	CARLYLE HOLDINGS II SUB L.L.C.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By: The Carlyle Group L.P., its managing member
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Carlyle Group Management L.L.C., its general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 	 	 

[Exchange Agreement]

 

 

	 	 	 	 	 

	 	 	LIMITED PARTNERS
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:

[Exchange Agreement]

 

 

EXHIBIT A

[FORM OF]

NOTICE OF EXCHANGE

Carlyle Holdings I L.P.

Carlyle Holdings II L.P.

Carlyle Holdings III L.P.

Carlyle Holdings I GP Sub L.L.C.

Carlyle Holdings II Sub L.L.C.

Carlyle Holdings III GP Sub L.L.C.

1001 Pennsylvania Avenue, NW

Washington, DC 20004-2505

Attention: General Counsel

Fax: (202) 729-5266

Electronic Mail: list_exchangenotice@carlyle.com

Reference is hereby made to the Exchange Agreement, dated as of                     , 2012 (the
“Exchange Agreement”), among Carlyle Group Management L.L.C., The Carlyle Group L.P.,
Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub L.L.C., Carlyle Holdings II GP L.L.C.,
Carlyle Holdings III GP L.P., Carlyle Holdings III GP Sub L.L.C., Carlyle Holdings I L.P., Carlyle
Holdings II L.P., Carlyle Holdings III L.P., Carlyle Holdings II Sub L.L.C., and the Carlyle
Holdings Limited Partners from time to time party thereto, as amended from time to time.
Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange
Agreement.

          The undersigned Carlyle Holdings Limited Partner desires to exchange the number of Carlyle
Holdings Partnership Units set forth below in the form of exchange selected below to be issued in
its name as set forth below.

	 	 	 

	Legal Name of Carlyle Holdings Limited Partner:

	 	 
	 
	 	 

	 	 	 

	Address:

	 	 
	 
	 	 

	 	 	 

	Number of Carlyle Holdings Partnership Units to be exchanged:

	 	 
	 
	 	 

          The undersigned hereby represents and warrants that (i) the undersigned has full legal
capacity to execute and deliver this Notice of Exchange and to perform the undersigned’s
obligations hereunder; (ii) this Notice of Exchange has been duly executed and delivered by the
undersigned; (iii) the Carlyle Holdings Partnership Units subject to this Notice of Exchange will
be transferred to the Carlyle Holdings Partnerships free and clear of any Lien; (iv) in the case of
a Carlyle Holdings Limited Partner other than the California Public Employees’ Retirement System
and each of the Mubadala Holders, none of the undersigned, the undersigned’s spouse or any an
entity disregarded as an entity separate from the undersigned or the undersigned’s spouse for
United States federal income tax purposes holds any Common Units or will acquire any Common Units from the date
hereof through the sale or disposition of the Common Units acquired in the Exchange in accordance with the
Exchange Agreement and; (v) no consent, approval,
authorization, order, registration or qualification of any third party or with any court or
governmental agency or body having jurisdiction over the undersigned or the Carlyle Holdings
Partnership Units subject to this Notice of Exchange is required to be obtained by the

 

 

undersigned for the transfer of such Carlyle Holdings Partnership Units to the Carlyle
Holdings Partnerships.

          The undersigned hereby irrevocably constitutes and appoints each officer of each Carlyle
Entity Party as the attorney of the undersigned, with full power of substitution and resubstitution
in the premises, to do any and all things and to take any and all actions that may be necessary to
exchange the Carlyle Holdings Partnership Units subject to this Notice of Exchange on the books of
the Carlyle Holdings Partnerships for Common Units on the books of the Issuer.

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice of Exchange to
be executed and delivered by the undersigned or by its duly authorized attorney.

	 	 	 

	 	 	 
	 

	 	Name:

Dated:                                         

 

 

EXHIBIT B

 

[FORM OF]

JOINDER AGREEMENT

          This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement,
dated as of                     , 2012 (the “Agreement”), among Carlyle Group Management
L.L.C., The Carlyle Group L.P., Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub L.L.C.,
Carlyle Holdings II GP L.L.C., Carlyle Holdings III GP L.P., Carlyle Holdings III GP Sub L.L.C.,
Carlyle Holdings I L.P., Carlyle Holdings II L.P., Carlyle Holdings III L.P., Carlyle Holdings II
Sub L.L.C., and the Carlyle Holdings Limited Partners from time to time party thereto, as amended
from time to time. Capitalized terms used but not defined in this Joinder Agreement shall have
their meanings given to them in the Agreement. This Joinder Agreement shall be governed by, and
construed in accordance with, the law of the State of Delaware. In the event of any conflict
between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall
control.

          The undersigned hereby joins and enters into the Agreement having acquired Carlyle Holdings
Partnership Units in the Carlyle Holdings Partnerships. By signing and returning this Joinder
Agreement to the Issuer and the Carlyle Holdings Partnerships, the undersigned accepts and agrees
to be bound by and subject to all of the terms and conditions of and agreements of a Carlyle
Holdings Limited Partner contained in the Agreement, with all attendant rights, duties and
obligations of a Carlyle Holdings Limited Partner thereunder. The parties to the Agreement shall
treat the execution and delivery hereof by the undersigned as the execution and delivery of the
Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Issuer and by the
Carlyle Holdings Partnerships, the signature of the undersigned set forth below shall constitute a
counterpart signature to the signature page of the Agreement.

	 	 	 	 	 	 	 	 	 

	Name:

	 	 
	 	 
	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Address for Notices:	 	With copies to:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Attention:exv10w7

Exhibit 10.7

FORM OF

REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of _____, 2012, is by and
among The Carlyle Group L.P., a Delaware limited partnership (the “Company”), and the investors
whose signatures appear on the signature pages hereto (collectively, the “Investors” and each
individually, an “Investor”). For purposes of this Agreement, the term “Company” shall be deemed
to include and refer to any successor in interest to the Company (whether by merger, consolidation,
conversion, recapitalization, restructuring, reorganization or otherwise).

RECITALS

          WHEREAS, the Investors, pursuant to the terms of (a) that certain Subscription and Equity
Holder Agreement, dated as of September 17, 2007, by and among certain of the Investors or their
predecessors or assignors, and certain current and former subsidiaries of the Company, as amended
by the First Amendment to Subscription and Equity Holder Agreement dated as of the date of issuance
of the Notes (as defined below), as further amended and/or restated from time to time (the
“Subscription Agreement”), purchased certain interests (the “Parent Entity Interests”) in the
Carlyle Parent Entities (as defined in the Subscription Agreement), pursuant to the terms and
subject to the conditions set forth therein and (b) that certain Note and Unit Subscription
Agreement, dated as of December 16, 2010, by and among certain of the Investors or their
predecessors or assignors, and certain current and former subsidiaries of the Company, as further
amended and/or restated from time to time (the “Note and Unit Subscription Agreement”), purchased
certain notes (the “Notes”) and certain interests issued by the Carlyle Parent Entities, pursuant
to the terms and subject to the conditions set forth therein;

          WHEREAS, as contemplated by the Subscription Agreement and the Note and Unit Subscription
Agreement, as applicable, the Company and the Investors deem it desirable to enter into this
Agreement to set forth the registration rights of the Investors on the terms and subject to the
conditions set forth herein.

AGREEMENT

          In consideration of the recitals and the mutual premises, covenants and agreements contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     1. Definitions. Capitalized terms used but not defined herein shall have the meaning set
forth in the Subscription Agreement. In addition to capitalized terms defined elsewhere in this
Agreement, the following capitalized terms shall have the following meaning when used in this
Agreement.

          “Additional New Units” has the meaning set forth in the Note and Unit Subscription Agreement.

          “Affiliate” has the meaning set forth in the Note and Unit Subscription Agreement.

          “Commission” means the U.S. Securities and Exchange Commission.

          “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor
statute thereto and the rules and regulations of the Commission promulgated thereunder.

 

 

          “Holder” means each Investor that holds Registrable Securities, any permitted transferee or
assignee thereof to whom an Investor assigns its rights under this Agreement, the Subscription
Agreement and/or the Note and Unit Subscription Agreement, as applicable, and who agrees to become
bound by the provisions of this Agreement, the Subscription Agreement and/or the Note and Unit
Subscription Agreement, as applicable, and any permitted transferee or assignee thereof to whom a
permitted transferee or assignee assigns its rights under this Agreement, the Subscription
Agreement and/or the Note and Unit Subscription Agreement, as applicable, and who agrees to become
bound by the provisions of this Agreement, the Subscription Agreement and/or the Note and Unit
Subscription Agreement, as applicable and in each case, in accordance with the terms of this
Agreement, the Subscription Agreement and/or the Note and Unit Subscription Agreement, as
applicable.

          “Initial New Units” has the meaning set forth in the Note and Unit Subscription Agreement.

          “Lockup Date” means, with respect to (i) Registrable Securities that were derived from
Original Securities or Original Securities that are outstanding, the date that is 12 months after
the date of the consummation of the Qualified IPO and (ii) Registrable Securities that were derived
from New Securities or New Securities that are outstanding upon consummation of the Qualified IPO,
the earlier of (a) (x) the date that is 18 months after a Qualified IPO with respect to 50% of such
securities and (y) the date that is 24 months after a Qualified IPO for the remaining 50% of such
securities and (b) the date on which a Change of Control occurs. Notwithstanding the limitations
set forth in the foregoing sentence, (1) the Lockup Date for the Registrable Securities identified
in the foregoing clause (i) shall be adjusted in accordance with the terms set forth in Section
8.1(d) of the Subscription Agreement and (2) the Lockup Date for the Registrable Securities
identified in the foregoing clause (ii) shall be adjusted in accordance with the terms set forth in
Section 3.4(b) of the Note and Unit Subscription Agreement.

          “New Securities” means the Initial New Units, the Additional New Units, the Exchange
Securities and any other Units, interests or securities acquired pursuant to a Qualifying
Reorganization, Optional Exchange, or through the exercise of pre-emptive rights.

          “Operating Agreement” means the amended and restated limited partnership agreement of the
Company dated on or about the date hereof, as the same may be amended, restated, supplemented or
otherwise modified or superseded from time to time.

          “Optional Exchange” has the meaning set forth in the Note and Unit Subscription Agreement.

          “Original Securities” means the Interests and the interests or securities acquired through the
exercise of pre-emptive rights.

          “Person” means an individual, partnership, corporation, limited liability company,
association, joint stock company, trust, joint venture, unincorporated organization or other
entity, or a governmental entity or any department, agency, self-regulatory organization or
political subdivision thereof.

          “Public Offering” means any offering by the Company (or its successor) of its equity
securities to the public pursuant to an effective registration statement under the Securities Act
or any comparable statement under any comparable Unites States federal statute then in effect;
provided, however, that the following shall not be considered a Public Offering: (i) any issuance
of common equity as consideration for a merger or acquisition under Rule 145 of the Commission under the
Securities Act and (ii) any issuance of common equity or rights to acquire common equity to
existing securityholders or

 

 

to employees of the Company or its subsidiaries on Form S-4 or Form S-8
(or a successor form adopted by the Commission) or otherwise.

          “Qualified IPO” has the meaning set forth in the Note and Unit Subscription Agreement.

          “Registrable Securities” means (i) any outstanding IPO Entity Equity Securities received by
the Investors in connection with the Exchange or Optional Exchange; (ii) any IPO Entity Equity
Securities issued or issuable upon the exchange of any Exchange Securities received by the
Investors in connection with the Exchange, Optional Exchange, or upon exchange of Exchange
Securities pursuant to and in accordance with any agreement and related documentation (including
the operating agreements of the Carlyle Parent Entities, if applicable) entered into among the
Investors and the Carlyle Parent Entities in connection with the Reorganization or Qualifying
Reorganization, as the case may be, which provides for the exchange of Substitute Parent Interests
constituting Exchange Securities for IPO Entity Equity Securities; (iii) any other securities of
the Company (or its successor) issuable or issued to the Investors and into which the Exchange
Securities shall be reclassified or changed upon a merger, consolidation conversion,
recapitalization, reorganization or similar event; and (iv) any other securities of the Company (or
its successor) issued as a dividend or other distribution with respect to, or in exchange for or in
replacement of, any of the securities referred to in clauses (i) through (iii) of this definition;
provided, however, that Registrable Securities shall cease to be Registrable Securities when (A) a
registration statement covering resales of such Registrable Securities has been declared effective
under the Securities Act by the Commission and the Registrable Securities registered thereunder
have been disposed of pursuant to such effective registration statement, (B) such Registrable
Securities cease to be held by a Holder or (C) such Registrable Securities cease to be outstanding.

          “Registration” means a registration effected by preparing and filing a registration statement
in compliance with the Securities Act (and any post-effective amendments filed or required to be
filed) and the declaration or ordering of effectiveness of such registration statement with the
Commission.

          “Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor statute
thereto and the rules and regulations of the Commission promulgated thereunder.

          “Shelf Registration” means a registration of securities pursuant to a registration statement
filed with the Commission in accordance with and pursuant to Rule 415 promulgated under the
Securities Act (or any successor rule then in effect).

          “Units” has the meaning set forth in the Note and Unit Subscription Agreement.

     2. Demand Registration.

          2.1. Registrations.

          (a) Subject to the terms of this Agreement, at any time after the applicable Lockup Date, the
Holder and its Affiliates may request registration under the Securities Act of their Registrable
Securities (any Holder or Affiliate making such request being referred to as an “Initiating
Holder”) by providing written notice thereof to the Company and specifying in such notice the
number of Registrable Securities to be registered, following which the Company shall use its
commercially reasonable efforts to effect, as expeditiously as reasonably practicable (and subject
to the requirements and restrictions in Sections 2.1(b) and (c) below), the Registration of the
Registrable Securities for which the Initiating Holder has requested registration under this
Section 2.1(a); provided, however, that the number of Registrations which the Company shall be required to effect pursuant to this Section 2.1(a)
(each, a “Demand Registration”), together with the number of Underwritten Shelf Takedowns (as
defined below)

 

 

which the Company shall be required to effect pursuant to Section 3.2, shall be no
more than six (6) (the “Demand Limit”); and provided, further, that the Company shall not be
required to effect a Demand Registration unless the aggregate gross proceeds of the offering
(including the aggregate gross proceeds to the Holders making the request to be included in a
Demand Registration pursuant to Section 2.1(b) as a consequence of such Demand Registration) is
estimated to be $25.0 million or more. Any Demand Registration shall be prepared and filed on such
form, as selected by the Company in its sole discretion, for which the Company then qualifies or
that its counsel deems appropriate and which form shall be available for the registration of the
Registrable Securities to be registered thereunder in accordance with the intended method of
distribution thereof, and the Company shall be permitted to effect such Demand Registration on a
then currently effective shelf registration statement.

          (b) Within ten (10) days after receipt of any request pursuant to this Section 2.1, the
Company shall give written notice of such request to all other Holders (and any other Persons
having a right to participate in such Registration) and shall include in such Registration all
Registrable Securities with respect to which the Company has received written requests for
inclusion within thirty (30) days of the Company’s notice, along with any securities which the
Company and other holders entitled to piggyback rights in respect of such Registration may decide
to include in such Registration (in each case, subject to the cut-back provisions set forth in
Section 2.3 below).

          (c) Notwithstanding any provision in this Section 2.1 or elsewhere in this Agreement, no
provision relating to the registration of Registrable Securities shall be construed as permitting
the Holders to effect a Transfer of securities (including pursuant to Section 4 below) to the
extent that it is otherwise prohibited by the terms of the Subscription Agreement, the Operating
Agreement, the Note and Unit Subscription Agreement or any other applicable agreement between the
respective Holders and the Company or any of its subsidiaries.

          2.2 Effectiveness of Demand Registrations. A Demand Registration shall not be deemed to
have been effected and shall not count as a Demand Registration (i) unless a registration statement
with respect thereto has become effective and has remained effective for a period of at least one
hundred fifty (150) days (or such shorter period in which all Registrable Securities included in
such Demand Registration have actually been sold thereunder), (ii) if, after it has become
effective, such Demand Registration becomes subject prior to one hundred fifty (150) days (or such
shorter period in which all Registrable Securities included in such Demand Registration have
actually been sold thereunder) after effectiveness to any stop order, injunction or other order or
requirement of the Commission or other governmental entity or court for any reason, (iii) if, at
any time prior to the effective date of the registration statement relating to a Demand
Registration, the Initiating Holder revokes such Demand Registration request by providing written
notice thereof to the Company, provided that such revoked Demand Registration shall nonetheless
count as having been effected unless the Initiating Holder pay all Registration Expenses in
connection with such revoked Demand Registration within thirty (30) days of written request
therefor by the Company or (iv) if the conditions to closing specified in the purchase agreement or
underwriting agreement entered into in connection with such Demand Registration are not satisfied
by reason of any act or omission on the part of the Company.

          2.3
Priority. If a Demand Registration is an underwritten Public Offering and the
managing underwriters advise the Company in writing that, in their opinion, the inclusion of all or
a portion of the Registrable Securities and other equity securities of the Company requested to be
included in such Registration creates a substantial risk that the public offering price will be
reduced, the Company shall include in such Registration the number of Registrable Securities and
other equity securities requested to be included which in the opinion of such managing underwriters
can be sold without creating such a risk, first, pro rata among the respective Holders of such
Registrable Securities on the basis of the number of Registrable Securities owned by such Holders, with further successive pro rata
allocations among such Holders if any such Holder has requested the registration of less than all
such Registrable

 

 

Securities such Holder is entitled to register, and second any equity securities
proposed to be registered by the Company and any equity securities proposed to be registered for
the account of any other Persons other than the Holders, pro rata among the Company and the holders
of such securities on the basis of the number of shares which are owned by such holders and the
number of shares to be offered by the Company (or on such other basis as may be required pursuant
to agreements among the Company and such other holders of equity securities).

          2.4 Restrictions. The Company will not be obligated to effect any Demand Registration (x)
within one hundred eighty (180) days after the effective date of a previous Demand Registration,
(y) to the extent restricted from doing so pursuant to any agreement in place prior to September
17, 2007 or (z) to the extent it is contractually restricted from doing so pursuant to any
underwriters’ lock-up agreement that it has become subject to in the context of any prior
underwritten Public Offering. With respect to any Demand Registration, if (a) the Company, by
decision of its general partner, reasonably and in good faith determines that such filing would be
materially detrimental to the Company or require a disclosure of a material fact that would
reasonably be expected to have a material adverse effect on the Company or any plan or proposal by
the Company or any of its subsidiaries to engage in any acquisition or disposition of assets or
equity securities (other than in the ordinary course of business) or any merger, consolidation,
tender offer, material financing or other significant transaction and (b) the Company shall furnish
the Holders who have requested a Demand Registration a certificate signed by an executive officer
of the Company to such effect, the Company may postpone the filing or the effectiveness of a
registration statement for a Demand Registration for up to ninety (90) days; provided that the
Company may not postpone the filing or effectiveness of a registration statement for a Demand
Registration for more than one hundred eighty (180) days during any three hundred sixty five (365)
consecutive day period.

          2.5 Underwriting and Selection of Underwriters. If the Initiating Holder intends to
distribute the Registrable Securities covered by its request by means of an underwritten Public
Offering, it shall so advise the Company as a part of its request made pursuant to Section 2.1(a).
The Initiating Holder shall have the right to select the investment banker(s) and manager(s) to
administer such underwritten Public Offering, subject to the Company’s approval which shall not be
unreasonably withheld or delayed.

     3. Shelf Registrations.

          3.1 Filing. If requested by the Holders of Registrable Securities having an aggregate
value of $25.0 million or more, the Company shall use its commercially reasonable efforts to file,
a registration statement on any permitted form that qualifies, and is available for, the resale of
the Registrable Securities, with the Commission in accordance with and pursuant to Rule 415
promulgated under the Securities Act (or any successor rule then in effect) (the “Shelf”), provided
that the Company shall not be required to file the Shelf until such time as it is eligible to use
Form S-3 (or would be eligible to use Form S-3 but for its failure to file in a timely manner all
such reports or other materials required to be so filed in order to become eligible, or its failure
to satisfy the requirements set forth in Section I.A.5 of the General Instructions for Form S-3, or
any successor instructions substantially consistent therewith). The Company shall use its
commercially reasonable efforts to cause the Shelf to become effective as promptly thereafter as
practicable and not later than thirty (30) days of such filing. The Company shall give written
notice of the filing of the registration statement at least sixty (60) days prior to filing the
registration statement to all Holders of Registrable Securities (the “Registration Notice”) and
shall include in the Shelf all Registrable Securities with respect to which the Company has
received written requests for inclusion therein within twenty (20) days after sending the
Registration Notice and questionnaire provided to Holders; provided, however, that in order to be
named as a selling securityholder each Holder must furnish to the Company in writing such information in writing
as may be reasonably requested by the Company for the purpose of including such Holder’s
Registrable Securities in

 

 

the Shelf (the “Selling Holder Information”). The Company shall include
in the Shelf, Selling Holder Information received, to the extent necessary and in a manner so that
upon effectiveness of the Shelf, the Holder shall be named, to the extent required by the rules
promulgated under the Securities Act by the Commission, as a selling securityholder and be
permitted to deliver (or be deemed to deliver) a prospectus relating to the Shelf to purchasers of
the Registrable Securities in accordance with applicable law, and shall, if requested, within ten
(10) Business Days of any request, amend or supplement the Shelf such that the plan of distribution
or other related information reflects transactions proposed to be conducted by any Holder. If the
Company files an amended version of the Shelf, the Company shall include in such Shelf Selling
Holder Information that was not included in any previous filed version of the Shelf. The Company
shall use its commercially reasonable efforts to convert any Shelf that is on a Form S-1 (including
any Follow-On Shelf) to a registration statement on Form S-3 (“the “Form S-3 Shelf”) as soon as
practicable after the Company is eligible to use the Form S-3. If any Registrable Securities
remain issued and outstanding after three (3) years following the initial effective date of such
Shelf (the “Initial Shelf Effective Date”), the Company shall, prior to the expiration of such
Shelf, file a new Shelf covering such Registrable Securities and shall thereafter use its
commercially reasonable efforts to cause to be declared effective as promptly as practical, such
new Shelf. The Company shall maintain the effectiveness of the Shelf in accordance with the terms
hereof until no Holder holds any Registrable Securities.

          3.2 Requests for Underwritten Shelf Takedowns. Subject to the Demand Limit provided
in Section 2.1(a), at any time and from time to time after the Shelf has been declared effective by
the Commission, any Holder may request to sell all or any portion of their Registrable Securities
in an underwritten offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf
Takedown”); provided that the Company shall not be required to effect a Underwritten Shelf Takedown
unless the aggregate gross proceeds of the offering (including the aggregate gross proceeds to the
Holders making the request to be included in a Underwritten Shelf Takedown pursuant to Section 3.3
as a consequence of such Underwritten Shelf Takedown) is estimated to be $25.0 million or more.

          3.3 Demand Notices. All requests for Underwritten Shelf Takedowns shall be made by
giving written notice to the Company (the “Demand Shelf Takedown Notice”). Each Demand Shelf
Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold
in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and
commissions) of such Underwritten Shelf Takedown. Within ten (10) days after receipt of any Demand
Shelf Takedown Notice, the Company shall give written notice of such requested Underwritten Shelf
Takedown to all other Holders of Registrable Securities (the “Company Shelf Takedown Notice”) and,
subject to the provisions of Section 3.4, shall include in such Underwritten Shelf Takedown all
Registrable Securities with respect to which the Company has received written requests for
inclusion therein within twenty (20) days after sending the Company Shelf Takedown Notice.

          3.4 Priority on Underwritten Shelf Takedowns. If the managing underwriters for such
Underwritten Shelf Takedown advise the Company, in writing, that, in their opinion, the inclusion
of all or a portion of Registrable Securities requested to be included in such Underwritten Shelf
Takedown creates a substantial risk that the Underwritten Shelf Takedown price will be reduced, the
Company shall include in such Underwritten Shelf Takedown the number of Registrable Securities
which can be so sold, first, the Registrable Securities requested to be included in such
Underwritten Shelf Takedown pursuant to Section 3.2, which in the judgment of such underwriter can
be sold in an orderly manner within the price range of such offering, pro rata among the respective
Holders of such Registrable Securities on the basis of the number of Registrable Securities
requested to be included therein by each such Holder, and second, any other securities requested to
be included in such Underwritten Shelf Takedown to the extent permitted hereunder.

 

 

          3.5 Selection of Underwriters. The Holders of a majority of the Registrable
Securities requested to be included in a Underwritten Shelf Takedown shall have the right to select
the investment banker(s) and manager(s) to administer the offering, subject to the Company’s prior
approval which shall not be unreasonably withheld or delayed.

     4. Piggyback Registration; Exchange Shelf.

          4.1
Right to Piggyback. Whenever either (i) the Company proposes to undertake an
underwritten Public Offering of any of its equity securities under the Securities Act for its own
account (other than pursuant to a Demand Registration or Underwritten Shelf Takedown hereunder or a
Rule 145 transaction under the Securities Act) in which the Founders and/or Carlyle Partners and/or
any other common equityholder of the Company choose to include equity securities of the Company for
registration and resale or (ii) the Company proposes to undertake an underwritten Public Offering
of its equity securities under the Securities Act for the account of any of the Founders and/or
Carlyle Partners and/or any other common equityholder of the Company and, in any case, the
registration form to be used may be used for the registration of any Registrable Securities (a
“Piggyback Registration”) (except Forms S-4 or S-8), the Company will use reasonable efforts (based
on the nature and circumstances of the Public Offering) to provide notice thereof to those Holders
who are not restricted from Transferring Registrable Securities at the time of such proposed Public
Offering (it being understood that with respect to “bought” deals or overnight transactions such
notice may be impractical) and, should the Holders and/or other holders of equity securities of the
Company take all actions requested of them in a timely fashion, the Company will use reasonable
efforts to include in such registration the Registrable Securities and other equity securities (in
accordance with the priorities set forth in Section 4.2) with respect to which the Company has
received written requests for inclusion (which requests shall specify the number of equity
securities desired to be registered by such Holders or other holders, as applicable). In the event
that the Company (other than pursuant to any agreement in place prior to September 17, 2007) grants
“piggy back” rights to any common equityholder of the Company to include equity securities for
registration and resale in the registration whenever the Company proposes to undertake an
underwritten Public Offering of any of its equity securities exclusively for its own account, the
words “in which the Founders and/or Carlyle Partners and/or any other common equityholder of the
Company choose to include equity securities of the Company for registration and resale” in clause
(i) of this Section 4.1 shall be deemed to be deleted from such clause.

          4.2 Priority on Piggyback Registrations. If the managing underwriters advise the Company
in writing that, in their opinion, the number of Registrable Securities and other equity securities
of the Company requested to be included in the Piggyback Registration exceeds the largest number of
Registrable Securities that can be sold without having a material adverse effect on such offering,
including the price at which such Registrable Securities can be sold (the “Maximum Piggyback
Offering Size”), the Company shall include in such Registration, in the priority listed below, a
number of Registrable Securities and other equity securities up to the Maximum Piggyback Offering
Size:

          (a) in the case of Piggyback Registrations of the type described in clause (i) of Section 4.1,

          (i) first, all securities proposed to be registered by the Company; and

          (ii) second, the Registrable Securities and any other securities proposed to be
registered for the account of any other Persons, allocated pro rata among the
respective holders on the basis of the number of securities initially proposed to be
included by each such holder prior to giving effect to the cutback pursuant to this
Section 4.2(a).

 

 

     (b) in the case of Piggyback Registrations of the type described in clause (ii) of Section
4.1,

     (i) first, all securities proposed to be registered for the account of the
Founders and Carlyle Partners, allocated pro rata among the respective holders of
securities participating in such Piggyback Registration on the basis of the number
of equity securities (calculated on a converted to Company common equity basis)
owned by such holders; and

     (ii) second, any securities proposed to be registered by the Company or any
securities proposed to be registered for the account of any other Persons other than
the Founders, Carlyle Partners, including Registrable Securities held by the
Holders, pro rata among the holders of such securities on the basis of the number of
            shares which are owned by such holders.

          4.3 Selection of Underwriters. The Holders will have no right to select the managing
underwriters to administer the offering of any Piggyback Registration.

          4.4 Exchange Shelf. In addition to the other rights set forth herein, the Company
shall use its commercially reasonable efforts to cause to be declared effective under the
Securities Act by the Commission, prior to the Initial Lockup Date, or if a Change of Control
occurs, as promptly as reasonably practicable thereafter, one or more registration statements (the
“Exchange Registration”) covering (i) the delivery by the Company or its subsidiaries, from time to
time, to the Holders of IPO Entity Equity Securities registered under the Securities Act in
exchange for Substitute Parent Entity Interests or (ii) if the Company determines that the
registration provided for in clause (i) is not available for any reason, the registration of resale
of such IPO Entity Equity Securities by the Holders. The Company shall use its commercially
reasonable efforts to maintain the effectiveness of such Exchange Registration until all IPO Entity
Equity Interests of the Holders are sold. Without limiting the generality of the foregoing, if (a)
the Company, by decision of its general partner, reasonably and in good faith determines that such
filing would be materially detrimental to the Company or require a disclosure of a material fact
that might reasonably be expected to have a material adverse effect on the Company or any plan or
proposal by the Company or any of its subsidiaries to engage in any acquisition or disposition of
assets or equity securities (other than in the ordinary course of business) or any merger,
consolidation, tender offer, material financing or other significant transaction, the Company may
postpone the filing or the effectiveness of a registration statement for an Exchange Registration
for up to seventy-five (75) days; provided that the Company may not postpone the filing or
effectiveness of a registration statement for an Exchange Registration for more than one hundred
fifty (150) days during any three hundred sixty five (365) consecutive day period. Notwithstanding
the foregoing, the Company shall not be required to maintain the Exchange Registration in respect
of securities covered by a Shelf.

     5. Holdback Agreements.

          5.1 Holders’ Agreements. Each Holder agrees that, in connection with (x) the Qualified
IPO of the Company’s common equity securities and (y) any other underwritten Public Offering in
which such Holder participates, such Holder shall (i) not sell, make any short sale of or enter
into any other derivative transactions with respect to, loan, grant any option for the purchase of,
or otherwise Transfer any Registrable Securities (other than those included in such Registration,
if any, and then only pursuant to such Registration) without the prior written consent of the
Company and/or the underwriters managing the Public Offering of the Company’s securities during the
period beginning seven (7) days prior to the effective date of the applicable registration
statement (or, if applicable, such lesser period commencing as of such time as the Holders acquire
actual notice of such Public Offering, in the case of a Piggyback Registration) and ending one
hundred eighty (180) days following the pricing of the Public

 

 

Offering contemplated by clauses (x) and (y), and (ii) enter into and be bound by such form of
agreement with respect to the foregoing as the Company and/or the underwriters may request,
provided that such Holder shall not be so obligated pursuant to this Section 5 unless the Company,
each of its directors and officers and each holder of 5% or more of the Company’s outstanding
securities participating in such Public Offering enter into the same form of agreement referred to
in clause (ii) of this sentence. Nothing herein shall prevent a Holder from transferring
Registrable Securities to a (a) “Subscriber Affiliate” as defined in, and subject to the terms of,
the Subscription Agreement or to an “Affiliate” as defined in, and subject to the terms of, the
Note and Unit Subscription Agreement, provided that such transferee agrees to be bound by the
provisions of this Agreement to the extent the transferor would be so bound, provided, further,
that if (A) the Company issues an earnings release or discloses other material information or a
material event relating to the Partnership occurs during the last 17 days of such one hundred
eighty (180) day period or (ii) prior to the expiration of such one hundred eighty (180) day
period, the Company announces that it will release earnings results during the 16-day period
beginning upon the expiration of such period, then to the extent necessary for a managing or
co-managing underwriter of a registered offering required hereunder to comply with Rule 2711(f)(4)
of the Financial Industry Regulatory Authority, Inc., such period will be extended until 18 days
after the earnings release or disclosure of other material information or the occurrence of the
material event, as the case may be.

          5.2 Company’s Agreements. The Company agrees not to effect any public sale or
distribution of its equity securities, or any securities convertible into or exchangeable or
exercisable for such securities, during the seven (7) days prior to, and during the one hundred
eighty (180) days following, the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration (except as part of any such underwritten registration or
pursuant to registrations on Form S-4 or Form S-8 or any successor form), unless the underwriters
managing the Public Offering otherwise agree.

     6. Registration Procedures.

          6.1 Company’s Obligations. Whenever Holders have requested that any Registrable
Securities be registered pursuant to this Agreement (it being agreed that in connection with any
Exchange Registration pursuant to Section 4.4, only paragraphs (a), (c), (d), (e) and (j) below
shall be applicable, and in connection with any shelf registration pursuant to Section 3.1, only
paragraphs (c), (e) and (j) below shall be applicable ), the Company shall use its commercially
reasonable efforts to effect the registration and sale of the Registrable Securities of such
Holders in accordance with the intended method of disposition thereof and, pursuant thereto, the
Company shall as expeditiously as possible:

     (a) prepare and file with the Commission a registration statement with respect to such
Registrable Securities and use its commercially reasonable efforts to cause such
registration statement to become effective and remain effective for a period of not less
than one hundred fifty (150) days or until the Holders have finished the distribution
described in such registration statement;

     (b) prior to filing a registration statement or prospectus or any amendment or
supplement thereto in respect of any Demand Registration, furnish to the Holders and each
underwriter, if any, of the Registrable Securities covered by such registration statement
copies of such registration statement as proposed to be filed, and thereafter the Company
shall furnish to the Holders and underwriter, if any, such number of copies of such
registration statement, each amendment and supplement thereto (in each case including all
exhibits thereto and documents incorporated by reference therein), the prospectus included
in such registration statement (including each preliminary prospectus and any summary
prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the Securities
Act and such other documents as the Holders or underwriter may reasonably request in order
to facilitate the disposition of the

 

 

Registrable Securities owned by the Holders (subject to the limitations set forth
herein). The Holders shall have the right to request that the Company modify any
information contained in such registration statement, amendment and supplement thereto
pertaining to the Holders and the Company shall use its all commercially reasonable efforts
to comply with such request, provided, however, that the Company shall not have any
obligation to so modify any information if the Company reasonably expects that so doing
would cause the prospectus to contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements
therein not misleading.

     (c) after the filing of the registration statement, (i) cause the related prospectus to
be supplemented by any required prospectus supplement, and, as so supplemented, to be filed
pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by such
registration statement during the applicable period in accordance with the intended methods
of disposition by the Holders thereof set forth in such registration statement or supplement
to such prospectus and (iii) promptly notify the Holders of any stop order issued or
threatened by the Commission suspending the effectiveness of such registration statement or
any state securities commission and take all commercially reasonable efforts to prevent the
entry of such stop order or to obtain the withdrawal of such order if entered.

     (d) to the extent any “free writing prospectus” (as defined in Rule 405 under the
Securities Act) is used, file with the Commission any free writing prospectus that is
required to be filed by the Company with the Commission in accordance with the Securities
Act and retain any free writing prospectus not required to be filed.

     (e) use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by such registration statement under such other securities or “blue sky”
laws of such jurisdictions in the United States as the Holder or each underwriter, if any,
reasonably (in light of such member’s intended plan of distribution) requests and (ii) cause
such Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and operations of the
Company and do any and all other acts and things that may be reasonably necessary or
advisable to enable the Holders to consummate the disposition of the Registrable Securities
owned by the Holders, provided that the Company shall not be required to (A) qualify
generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 6.1(e), (B) subject itself to taxation in any such jurisdiction
or (C) consent to general service of process in any such jurisdiction.

     (f) immediately notify the Holders or each underwriter, if any, at any time when a
prospectus relating thereto is required to be delivered under the Securities Act, of the
occurrence of an event requiring the preparation of a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus will not contain an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements
therein not misleading and promptly prepare and make available to the Holders or
underwriter, if any, and file with the Commission any such supplement or amendment.

     (g) enter into customary agreements (including an underwriting agreement in customary
form) and take such all other actions as are reasonably required in order to expedite or
facilitate the disposition of such Registrable Securities in any such Public Offering,
including if necessary the engagement of a “qualified independent underwriter” in connection
with the qualification of the underwriting arrangements with the Financial Industry
Regulatory Authority.

 

 

     (h) subject to the execution of confidentiality agreements satisfactory in form and
substance to the Company in the exercise of its good faith judgment, pursuant to the
reasonable request of the underwriter (if any), give to each underwriter (if any) and its
counsel and accountants (i) reasonable and customary access to its books and records and
(ii) such opportunities to discuss the business of the Company with its directors, officers,
employees, counsel and the independent public accountants who have certified its financial
statements, as shall be appropriate, in the reasonable judgment of counsel to the
underwriter, to enable them to exercise their due diligence responsibility, provided that
any such discussions shall be done in a manner so as to not unreasonably disrupt the
operation of the business of the Company.

     (i) use its commercially reasonable efforts to furnish to the Holders and to each such
underwriter, if any, a signed counterpart, addressed to such person or underwriter, of (i)
an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort
letters from the Company’s independent public accountants, each in customary form and
covering such matters of the kind customarily covered by opinions or comfort letters, as the
case may be, as the Holders (solely in the case of a Demand Registration) or underwriter
reasonably requests.

     (j) use its commercially reasonable efforts to list all Registrable Securities covered
by such registration statement on any securities exchange or quotation system on which any
of the Registrable Securities are then listed or traded.

     (k) provide a transfer agent, a registrar and a CUSIP number for all such Registrable
Securities not later than the effective date of such registration statement.

     (l) have appropriate officers of the Company or its general partner (i) prepare and
make presentations at “road shows” and before analysts and rating agencies, as the case may
be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii)
otherwise use their commercially reasonable efforts to cooperate as reasonably requested by
the underwriters in the offering, marketing or selling of the Registrable Securities;
provided that, notwithstanding the foregoing, such officers of the Company and/or its
general partner shall not be required to participate in more than five (5) Business Days per
any Demand Registration in total of such presentations, road shows or any other marketing or
selling events.

     (m) cooperate with the Holders to facilitate the timely delivery of Registrable
Securities to be sold, which shall not bear any restrictive legends, and to enable such
Registrable Securities to be issued in such denominations and registered in such names as
the Holders may reasonably request at least two (2) Business Days prior to the closing of
any sale of Registrable Securities.

     6.2 Additional Holder Obligations.

     (a) The Holders shall promptly furnish in writing to the Company such information
regarding itself and the distribution of the Registrable Securities as the Company may from
time to time reasonably request and such other information as may be legally required or
advisable in connection with such registration.

     (b) Each Holder of Registrable Securities included in a Demand Registration agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind
referred to in Section 6.1(f), such Holder will immediately discontinue the disposition of
Registrable Securities until such Holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 6.1(f) and, if so directed by the Company, such
Holder shall

 

 

deliver to the Company, or destroy, all copies in such Holder’s possession of any
prospectus covering such Registrable Securities current at the time of receipt of such
notice.

     7. Registration Expenses.

          7.1 Company’s Expenses. Except as otherwise provided in Section 2.2, all expenses
incident to the Company’s performance of, or compliance with, this Agreement, including, but not
limited to, all registration and filing fees, fees and expenses of compliance with securities or
blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of
counsel for the Company and all independent certified public accountants, underwriters (excluding
discounts and commissions) and other Persons retained by the Company (all such expenses being
herein called “Registration Expenses”), shall be borne by the Company, provided that the Company
shall not be required to pay sales commissions, discounts or transfer taxes. In addition, the
Company shall pay its internal expenses (including, but not limited to, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual
audit or quarterly review, the expense of any liability insurance obtained by the Company and the
expenses and fees for listing the securities to be registered on each securities exchange. In
connection with any other resales of Registrable Securities under shelf registrations under Section
3, the Company shall reimburse the Holders of such Registrable Securities for the reasonable fees
and disbursements of one counsel chosen by the Holders of more than 50% of such Registrable
Securities, it being understood that such costs and expenses shall be considered “Registration
Expenses” for purposes of this Agreement.

          7.2 Holder’s Expenses. In connection with any Demand Registration or Piggyback
Registration, the Company shall reimburse the Holders of such Registrable Securities for the
reasonable cost and expenses incurred by such Holders in connection with such Registration
(excluding, for purposes of clarity, sales commissions, discounts and transfer taxes), including,
but not limited to, reasonable fees and disbursements of one counsel chosen by the Holders of more
than 50% of such Registrable Securities, it being understood that such costs and expenses shall be
considered “Registration Expenses” for purposes of this Agreement.

     8. Indemnification.

          8.1 By the Company. The Company agrees to indemnify, to the extent permitted by law, each
Holder, its officers, employees and directors and each Person who controls such Holder (within the
meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including, but not limited to, attorneys’ fees and expenses) caused by any untrue or alleged
untrue statement of material fact contained in any registration statement, prospectus or
preliminary prospectus, or any amendment thereof or supplement thereto, or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are caused by or contained in any information
furnished in writing to the Company by such Holder expressly for the acknowledged purpose of use
therein or by such Holder’s failure to deliver a copy of the prospectus or any amendments or
supplements thereto after the Company has furnished such Holder with a sufficient number of copies
of the same. In connection with an underwritten offering, the Company shall indemnify such
underwriters, their officers and directors and each Person who controls such underwriters (within
the meaning of the Securities Act) to the same extent as provided above with respect to the
indemnification of the Holders. The payments required by this Section 8.1 shall be made
periodically during the course of the investigation or defense, as and when bills are received or
expenses incurred.

          8.2 By Each Holder. In connection with any registration statement in which a Holder is
participating, each such Holder shall furnish to the Company in writing such information as the
Company reasonably requests for use in connection with any such registration statement or
prospectus

 

 

and, to the extent permitted by law, shall, indemnify the Company, its directors, employees
and officers and each Person who controls the Company (within the meaning of the Securities Act)
against any losses, claims, damages, liabilities and expenses (including, but not limited to,
attorneys’ fees and expenses) resulting from any untrue or alleged untrue statement of material
fact contained in the registration statement, prospectus or preliminary prospectus, or any
amendment thereof or supplement thereto, or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not misleading, but only
to the extent that such untrue statement or omission is contained in or omitted from any
information so furnished in writing by such Holder expressly for the acknowledged purpose of
inclusion in such registration statement, prospectus or preliminary prospectus; provided that (1)
the obligation to indemnify will be several, not joint and several, among such Holders and (2) the
liability of each such Holder will be in proportion to and limited in all events to the net amount
received by such Holder from the sale of Registrable Securities pursuant to such registration
statement.

          8.3 Procedure. Each party entitled to indemnification under this Section 8 (the
“Indemnified Party”) shall give written notice to the party required to provide indemnification
(the “Indemnifying Party”) promptly after such Indemnified Party has received written notice of any
claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the
defense of any such claim or any litigation resulting therefrom, provided that such counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be reasonably
satisfactory to the Indemnified Party. The Indemnified Party may participate in such defense at
such Indemnified Party’s expense; provided, however, that the Indemnifying Party shall bear the
expense of such defense of the Indemnified Party if (i) the Indemnifying Party has agreed in
writing to pay such expenses, (ii) the Indemnifying Party shall have failed to assume the defense
of such claim or employ counsel reasonably satisfactory to the Indemnified Party within a
reasonable time or (iii) in the reasonable judgment of the Indemnified Party, based upon the advice
of such Indemnified Party’s counsel, representation of both parties by the same counsel would be
inappropriate due to actual or potential conflicts of interest or that there may be defenses
available to the Indemnified Party which are different from or additional to those available to the
Indemnifying Party (in which case the Indemnifying Party shall not have the right to direct the
defense of such action on behalf of the Indemnified Party); provided, further, that in no event
shall the Indemnifying Party be liable for the fees and expenses of more than one counsel for all
Indemnified Parties in connection with any one action or separate but similar or related actions in
the same jurisdiction arising out of the same event, allegations or circumstances. The Indemnified
Party shall not make any settlement without the prior written consent of the Indemnifying Party,
which consent shall not be unreasonably withheld or delayed. The Indemnifying Party shall not,
except with the prior written consent of each Indemnified Party (not to be withheld, conditioned or
delayed unreasonably), consent to the entry of any judgment or enter into any settlement unless the
judgment or proposed settlement involves only the payment of money damages (none of which shall be
required to be paid by the Indemnified Party), does not require an admission of any wrongdoing by
or liability of the Indemnified Party, includes a full and unconditional release and does not
impose an injunction or other equitable relief upon the Indemnified Party.

          8.4 Survival. The indemnification provided for under this Agreement shall remain in full
force and effect regardless of any investigation made by or on behalf of the Indemnified Party or
any officer, director or controlling Person of such Indemnified Party and shall survive the
transfer of securities.

     9. Contribution. If the indemnification provided for in Section 8 from the Indemnifying
Party is unavailable to or unenforceable by the Indemnified Party in respect to any costs, fines,
penalties, losses, claims, damages, liabilities or expenses referred to herein, then the
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such costs, fines, penalties, losses,
claims, damages, liabilities or expenses in such

 

 

proportion as is appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Parties in connection with the actions which resulted in such costs, fines, penalties,
losses, claims, damages, liabilities or expenses, as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Parties shall be
determined by reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact, has been made by, or relates to information supplied by, such Indemnifying Party or
Indemnified Parties, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action. The amount paid or payable by a party as a result
of the costs, fines penalties, losses, claims, damages, liabilities and expenses referred to above
shall be deemed to include, subject to the limitations set forth in Section 7, any legal or other
fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding.

          The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 9 were determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding
paragraph. 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.

     10. Cooperation by the Company. From and after the applicable Lockup Date, if any
Holder shall transfer any Registrable Securities pursuant to Rule 144 under the Securities Act (or
a successor statute), the Company shall use its reasonable best efforts to cooperate with such
Holder and shall provide to the Holder such information as may be required to be provided
thereunder.

     11. Participation in Underwritten Registrations. No Holder may participate in any
registration hereunder which is underwritten unless such Holder (a) agrees to sell its securities
on the basis provided in any underwriting arrangements approved by such Person or Persons entitled
to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney,
custody agreements, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements. The foregoing notwithstanding, with respect to
any of the documents and/or agreements referred to in this Section 11, (i) no Holder shall be
required to make any representations and warranties with respect to or on behalf of the Company or
any other holder of securities of the Company and (ii) the liability of any Holder shall be limited
as provided in Section 8.2.

     12. Miscellaneous.

          12.1 No Inconsistent Agreements. The Company has not entered, and shall not hereafter
enter, into any agreement with respect to its securities which is inconsistent with the rights
granted to the Holders in this Agreement. If the Company has entered into or enters into a
registration rights agreement with a third party (excluding, for the avoidance of doubt, any
Founder, Carlyle Partner or employee of the Company or any of its Subsidiaries), the Company shall
promptly send a copy thereof to the Holders. If such registration rights agreement is on terms
more favorable than those set forth herein, this Agreement shall, to the extent so requested by the
Holders, be amended so as to provide the Holders with substantially the same material terms as
provided to such other third party.

          12.2 Adjustments Affecting Registrable Securities. The Company will not take any
action, or permit any change to occur, with respect to its Certificate of Formation or other
governing documents which would reasonably be expected to adversely affect the ability of the
Holders to include their Registrable Securities in a registration undertaken pursuant to this
Agreement or which would reasonably be expected to adversely affect the marketability of such
Registrable Securities in any such registration.

 

 

          12.3 Other Registration Rights. The Company will not hereafter grant to any Person or
Persons the right to request the Company to register any equity securities of the Company, or any
securities convertible or exchangeable into or exercisable for such securities, or to participate
in any registration, which right conflicts or interferes with any of the rights granted hereunder
or to the extent such participation rights provide for the inclusion of securities on a parity with
or prior to the inclusion of Registrable Securities. The Company will not include in any Demand
Registration or Underwritten Shelf Takedown any Securities which are not Registrable Securities
(for the purposes of Section 2 or Section 3, as applicable) unless and until all Registrable
Securities requested to be registered have first been so included.

          12.4 Amendments and Waivers. Except as otherwise expressly provided herein, the provisions
of this Agreement may be amended or waived at any time only by the written agreement of the Company
(or its successor) and the Holders of more than 50% of the outstanding Registrable Securities. Any
waiver, permit, consent or approval of any kind or character on the part of any such Holders of any
provision or condition of this Agreement must be made in writing and shall be effective only to the
extent specifically set forth in writing. Any amendment or waiver effected in accordance with this
paragraph shall be binding upon each Holder and the Company.

          12.5 Successors and Assigns. Except as otherwise expressly provided herein, all covenants
and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind
and inure to the benefit of the respective successors and assigns of the parties hereto, whether so
expressed or not.

          12.6 Descriptive Headings. The descriptive headings of this Agreement are inserted for
convenience of reference only and do not constitute a part of and shall not be utilized in
interpreting this Agreement.

     13. Notices. Any notices required or permitted to be sent hereunder shall be in writing
and shall be delivered either in person, by overnight courier or by facsimile transmission (with
delivery also by overnight courier sent on the day of the sending of such facsimile transmission)
to the following addresses (or such other address as any party hereto designates by written notice
to the Company):

     If to the Company:

The Carlyle Group L.P.

1001 Pennsylvania Avenue, N.W., Suite 220 South

Washington, D.C. 20004

Fax: 202-347-1818

Attn: General Counsel

     If to the Holders:

c/o Mubadala Development Co.

Al Mamoura Building

Khalifa Street, 11th Floor

Abu Dhabi

United Arab Emirates

Fax: +971 2 6160098

Attention: Hani Barhoush

     Any notice addressed and delivered as herein provided shall be deemed to be received upon
delivery, if delivered personally, when actually delivered to the address of the addressee
(regardless of

 

 

whether delivery is accepted) or if sent by facsimile transmission, upon confirmation by the
transmitting equipment of successful transmission, except that if such confirmation occurs after
5:00 p.m. (in the recipient’s time zone) on a Business Day, or occurs on a day that is not a
Business Day, then such communication will not be deemed to be delivered until the next succeeding
Business Day.

          13.1 Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware.

          13.2 Reproduction of Documents. This Agreement and all documents relating hereto,
including, but not limited to, (i) consents, waivers, amendments and modifications which may
hereafter be executed, and (ii) certificates and other information previously or hereafter
furnished, may be reproduced by any photographic, photostatic, microfilm, optical disk, micro-card,
miniature photographic or other similar process. The parties agree that any such reproduction
shall be admissible in evidence as the original itself in an arbitral, judicial or administrative
proceeding, whether or not the original is in existence and whether or not such reproduction was
made by a party in the regular course of business, and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

          13.3 Remedies. Each of the parties to this Agreement will be entitled to enforce its
rights under this Agreement specifically, to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights existing in its favor. The parties
hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party shall be entitled to seek (in addition to any other
remedy to which it may be entitled at law or in equity) injunctive relief, specific performance or
any other equitable remedy that may then be available without posting any bond or the necessity of
showing actual monetary damages in order to enforce or prevent any violations of the provisions of
this Agreement.

          13.4 Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

          13.5 Entire Agreement. This Agreement, the Subscription Agreement, the Note and Unit
Subscription Agreement and all other agreements entered into by the parties hereto pursuant to the
Subscription Agreement and the Note and Unit Subscription Agreement, constitute the complete and
final agreement of the parties concerning the matters referred to herein, and supersedes all prior
agreements and understandings.

          13.6 Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original, and such
counterparts together shall constitute one and the same instrument.

     14. Arbitration.

     (a) Any dispute with respect to this Agreement or any Person’s direct or indirect
rights or obligations arising out of or in connection with this Agreement or the
construction of this Agreement or the transactions contemplated hereby, including without
limitation a breach, default, misrepresentation or any determination made by a party hereto
pursuant to this Agreement, or failure to agree pursuant to any provision which expressly
requires mutual agreement among the parties, shall, after the unsuccessful negotiation in
good faith by the parties hereto, be referred to and finally resolved by arbitration in
London, England, under the London Court of International Arbitration Rules, as then in
effect, which rules are deemed to be

 

 

incorporated by reference into this Section 14. Such arbitration shall be the
exclusive manner pursuant to which any dispute shall be resolved. The arbitration shall be
presided over by three arbitrators. One arbitrator shall be appointed by a party or parties
in dispute, and one shall be appointed by the other party or parties in dispute. The third
arbitrator shall be appointed by the first two arbitrators. In the event of the failure of
either side in dispute to appoint an arbitrator or in the event of the failure of the first
two arbitrators to agree on the third arbitrator within thirty (30) days after their
appointment, that arbitrator shall be appointed in accordance with the London Court of
International Arbitration Rules. Hearings in such arbitration proceeding shall commence
within thirty (30) days of the selection of the arbitrators or as soon thereafter as the
arbitrators determine. The arbitrators shall deliver their opinion within thirty (30) days
after the completion of the arbitration hearings. The arbitrators’ decision shall be final
and binding upon the parties, and may be entered and enforced in any court of competent
jurisdiction by any of the parties. The arbitrators shall have the power to grant
temporary, preliminary and permanent relief, including, without limitation, injunctive
relief and specific performance. Unless otherwise ordered by the arbitrators pursuant to
Section 14(e), the arbitrators’ expenses shall be shared equally by the relevant Holders, on
the one hand, and the Company on the other hand.

     (b) In furtherance of the foregoing, each of the parties hereto (i) submits to the
jurisdiction of the courts of England located in London, England over any suit, action or
proceeding with respect to enforcement of any arbitral award or decision rendered in
accordance with the foregoing provisions, and (ii) waives any objection that it may have to
the venue of any suit, action or proceeding with respect to enforcement of any arbitral
award or decision rendered in accordance with the foregoing provisions in the courts of
England located in London, England. For the avoidance of doubt, where an arbitral tribunal
is appointed under this Agreement, the whole of its award shall be deemed for the purposes
of the New York Convention on the Recognition and Enforcement of Arbitral Awards of 1958 to
be contemplated by this Agreement (and judgment on any such award may be entered in
accordance with the provisions set forth in this Section 14). The Holders acknowledge that
they are commercial entities separate from (and with an identity separate from) its direct
and indirect shareholders, are capable of suing and being sued and is entering into the
transactions contemplated by this Agreement as private law commercial transactions that
shall not be deemed as being entered into in the exercise of any public functions and shall
not assert otherwise in any judicial proceedings ancillary to an arbitration hereunder.

     (c) Service of Process. The parties hereto agree that the process by which any
arbitral or other proceedings (“Proceedings”) in England are begun may be served on them by
being delivered to Law Debenture Corporate Services Limited or their registered offices for
the time being and by giving notice in accordance with Section 13. If Law Debenture
Corporate Services Limited is not or ceases to be effectively appointed to accept service of
process in England on any party’s behalf, such party shall immediately appoint a further
Person in England to accept service of process on its behalf. If within 15 days of notice
from a party requiring another party to appoint a Person in England to accept service of
process on its behalf the other party fails to do so, the party shall be entitled to appoint
such a Person by written notice to the other party. Nothing in this Section 14 shall affect
the right of the parties to serve process in any other manner permitted by applicable law.

     (d) Consent to Enforcement etc. Each of the parties hereto consents generally
in respect of any Proceedings to the giving of any relief or the issue of any process in
connection with such Proceedings including, without limitation, the making, enforcement or
execution against any property whatsoever, irrespective of its use or intended use, of any
order or judgment which is made or given in such Proceedings. No finding of fact,
conclusion of law, decision, award, judgment or the like, or other issue decided or made in
any Proceeding brought

 

 

in New York, New York or any other jurisdiction, shall be admitted, considered or
determinative in any Proceeding brought in London, England pursuant to this Section 14.

     (e) Attorney’s Fees. If any arbitration is brought under this Section 14, the
arbitrators may award the successful or prevailing party or parties reasonable attorneys’
fees and other costs incurred in that arbitration proceeding, in addition to any other
relief to which it or they may be entitled. If any other proceeding is brought by one or
more parties against one or more other parties to enforce an arbitration award, the
successful or prevailing party or parties shall be entitled to recover its or their
reasonable attorneys’ fees and other costs incurred in that action or proceeding, in
addition to any other relief to which it or they may be entitled. For purposes of this
Section 14(e), the determination of a successful or prevailing party or parties shall be an
issue of fact to be determined by the finder of fact.

     (f) The arbitration provisions of this Section 14 shall survive any termination or
expiration of this Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

          IN WITNESS WHEREOF, each of the following parties has executed and delivered this Agreement as
of the date first set forth above.

	 	 	 	 	 
	 	THE CARLYLE GROUP L.P.:

By: CARLYLE GROUP MANAGEMENT L.L.C., its general partner

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 	 	 

	 	 	THE INVESTORS:	 	 
	 
	 	 	 	 	 	 
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	 	By:	 	 	 	 
	 

	 	Its:
	 	 

	 	 
	 
	 	 	 	 	 	 
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	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 
	 	 	 	 	 	 
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	 	Its:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	FIVE OVERSEAS INVESTMENT L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

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