Document:

Exhibit

Exhibit 10.35

Partner Agreement Between
OZ Advisors II LP and Alesia Haas
This Partner Agreement dated as of December 9, 2016 (as amended, modified, supplemented or restated from time to time, this “Agreement”) reflects the agreement of OZ Advisors II LP (the “Partnership”) and Alesia Haas (the “Limited Partner”) with respect to certain matters concerning (i) the admission of the Limited Partner to the Partnership upon December 13, 2016 (the “Admission Date”); (ii) the grant by the Partnership to the Limited Partner on the Admission Date of one Class D-30 Common Unit (as defined below) under the Och-Ziff Capital Management Group LLC 2013 Incentive Plan or a successor or predecessor plan (such plans, collectively, the “Plan”), (iii) conditional grants by the Partnership, OZ Management LP (“OZM”) and OZ Advisors LP (“OZA” and, together with the Partnership and OZM, the “Operating Partnerships”) of PSIs to the Limited Partner, pursuant to which the Limited Partner may receive conditional PSI Distributions in a combination of PSI Cash Distributions, including grants of Deferred Cash Interests under the DCI Plan (“PSI DCIs”), and PSI Class D Unit Distributions under the Plan, comprising Class D Common Units in the Partnership (“PSI Class D Units”) and Class D Common Units in the other Operating Partnerships (“OZM & OZA PSI Class D Units”) pursuant to Partner Agreements between the Limited Partner and the other Operating Partnerships (as amended, modified, supplemented or restated from time to time, the “OZM & OZA Partner Agreements”); (iv) conditional discretionary grants by the Operating Partnerships to the Limited Partner of Performance Distributions (as defined herein), pursuant to which the Limited Partner may receive a combination of cash distributions, including Deferred Cash Interests under the DCI Plan (together with any PSI DCIs, “Deferred Cash Interests”), and grants of Operating Group D Units under the Plan, comprising Class D Common Units in the Partnership (together with PSI Class D Units, “New Class D Units”) and OZM & OZA PSI Class D Units (together with the Class D Common Units in the Partnership, a “Performance Class D Unit Distribution”); and (v) her rights and obligations under the Amended and Restated Agreement of Limited Partnership of the Partnership dated as of December 14, 2015 (as amended, modified, supplemented or restated from time to time, the “Limited Partnership Agreement”).  This Agreement shall be a “Partner Agreement” (as defined in the Limited Partnership Agreement).  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Limited Partnership Agreement. References in this Agreement to actions of the General Partner refer to actions of the General Partner acting on behalf of the Partnership.
1.    Admission of the Limited Partner; Initial Grant of One Class D Common Unit; Grant of PSIs; Quarterly Advances.
(a)    Admission of the Limited Partner.  Pursuant to the provisions of Section 3.1(f) of the Limited Partnership Agreement, the General Partner hereby designates a new series of Class D Common Units, which shall be “Class D-30 Common Units.”  The award of one Class D-30 Common Unit described in this Section 1 has been approved under the Plan.  The Limited Partner shall be admitted as a limited partner of the Partnership as of the Admission Date, and the General Partner shall then cause the Limited Partner to be named as a Limited Partner in the books of the Partnership and the Partnership shall issue to the Limited Partner one 

Class D-30 Common Unit (the “Initial Class D Common Unit”) pursuant to and subject to the Plan.  The Limited Partner agrees that she shall be bound by the terms and provisions of the Limited Partnership Agreement as of the Admission Date and shall execute the signature page of the Limited Partnership Agreement attached hereto.  Upon the Admission Date, the Limited Partner’s initial Capital Account balance will be $0 (zero dollars).  The Limited Partner is hereby designated an “Original Partner” (for purposes of the Limited Partnership Agreement) by the General Partner as of the Admission Date and the rights, duties and obligations of the Limited Partner under the Limited Partnership Agreement following her admission to the Partnership shall, except to the extent modified by the terms of this Agreement, be the same as those of the previously admitted Original Partners thereunder.
(b)    Title.  Upon her admission to the Partnership, the Limited Partner will hold the title of Executive Managing Director with respect to the General Partner and will be appointed as the Chief Financial Officer of the Och-Ziff Group. 
(c)    Profit Sharing Interests.  Subject to the terms of this Agreement and the Limited Partnership Agreement, as of January 1, 2017 the Partnership may issue 1,000,000 PSIs to the Limited Partner and each of the other Operating Partnerships may simultaneously issue an equal number of PSIs to the Limited Partner.  The Limited Partner acknowledges and agrees that the number of PSIs held by the Limited Partner may be increased or reduced (including to zero) by the PMC Chairman in accordance with the terms of the Limited Partnership Agreement.  
(d)    Quarterly Advances.  Commencing with the Admission Date and prior to the Withdrawal or Special Withdrawal of the Limited Partner, OZ Management LP shall make a cash distribution of profits to the Limited Partner with respect to each quarter of such Fiscal Year (a “Quarterly Advance”) equal to $125,000, with such Quarterly Advances being distributed in advance on January 1, April 1, July 1 and October 1 of such Fiscal Year; provided that, in the General Partner’s discretion, some or all of the Operating Partnerships may make any Quarterly Advance; and provided, further, that the first Quarterly Advance shall include the amount accrued for the period from the Admission Date through December 31, 2016, inclusive.  As determined by the General Partner, any portion of the PSI Cash Distribution in respect of any Fiscal Year (excluding any Deferred Cash Interests) that would otherwise be made to the Limited Partner by any of the Operating Partnerships shall be reduced by the aggregate amount of Quarterly Advances made to the Limited Partner by such Operating Partnership in respect of the same Fiscal Year, but not below zero and without duplication; provided, that if the aggregate amount of Quarterly Advances in respect of such Fiscal Year distributed by any Operating Partnership is greater than the portion of the PSI Cash Distribution that would otherwise be payable by such Operating Partnership in respect of such Fiscal Year, the Performance Cash Distribution (as defined below) (excluding any Deferred Cash Interests) or any other cash distributions that would otherwise be made by such Operating Partnership to the Limited Partner in respect of such Fiscal Year may be reduced by the amount of such deficit, but not below zero and without duplication.  If the aggregate amount of Quarterly Advances made in respect of any Fiscal Year exceeds the aggregate reductions made pursuant to the foregoing sentences of this Section 1(d) in respect of the cash distributions (excluding Deferred Cash Interests) for such Fiscal Year, then, in the sole discretion of the PMC Chairman, the portions of the Variable 

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Distribution (as defined below) for such Fiscal Year to be distributed to the Limited Partner in the form of Operating Group D Units and Deferred Cash Interests may be reduced by an aggregate amount of no more than such excess.
2.    Variable Distributions.  
(a)    Variable Distributions.  Subject to the other terms of this Agreement and the Limited Partnership Agreement, the Limited Partner may receive (i) with respect to each Fiscal Year commencing with 2016, conditional performance-based discretionary awards from the Operating Partnerships as described below (a “Performance Distribution” and, together with any PSI Distribution in respect of the same Fiscal Year, a “Variable Distribution”); and (ii) with respect to each Fiscal Year commencing with 2017, a PSI Distribution as described below.  Any Variable Distribution for Fiscal Year 2016 shall be comprised only of a Performance Distribution and the Limited Partner shall not be eligible to receive a PSI Distribution in respect of Fiscal Year 2016.  The PMC Chairman shall make all decisions relating to: (A) any PSI Distribution as provided in the Limited Partnership Agreement, and (B) any Performance Distribution, including, without limitation, whether any Performance Distribution will be granted to the Limited Partner, and the amount of any such Performance Distribution based on any considerations he determines to be appropriate, including but not limited to the aggregate amount of distributions made to the Limited Partner by the Operating Partnerships with respect to any Fiscal Year.  All determinations by the PMC Chairman shall be final.  Any such determinations to award a Performance Distribution in respect of a Fiscal Year shall not create or imply any obligation to award a Performance Distribution in respect of any other Fiscal Year.
(b)    Determination of Variable Distributions. Subject to Sections 2(c) and 2(d) and the terms of the Limited Partnership Agreement, any Variable Distribution in respect of any Fiscal Year commencing with Fiscal Year 2016 may be comprised of:
(i)    other than with respect to Fiscal Year 2016, a PSI Distribution in an amount calculated in accordance with the terms of the Limited Partnership Agreement consisting of a combination of (A) a PSI Cash Distribution, including grants of Deferred Cash Interests, and (B) a PSI Class D Unit Distribution; and
(ii)    a Performance Distribution in an amount determined in the sole discretion of the PMC Chairman consisting of a combination of (A) cash distributions from one or more of the Operating Partnerships, including grants of Deferred Cash Interests (collectively, the “Performance Cash Distribution” and, together with the PSI Cash Distribution for such Fiscal Year, a “Variable Cash Distribution”), and (B) a Performance Class D Unit Distribution (together with the PSI Class D Unit Distribution for such Fiscal Year, a “Variable Class D Unit Distribution”).
(c)    Guaranteed Variable Distributions.  Subject to Section 2(d) but notwithstanding any other provisions of this Section 2 to the contrary:

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(i)    Guaranteed Variable Distribution for Fiscal Year 2016.  Subject to Section 2(d)(i) below, the Limited Partner’s Variable Distribution in respect of Fiscal Year 2016 (including the Quarterly Advances relating to such Fiscal Year) shall be comprised solely of a Performance Distribution, and the amount of such Performance Distribution shall be $1,604,000 (the “Guaranteed 2016 Annual Bonus Amount”), which represents an annualized amount of $3,500,000, pro-rated based on the number of days between July 15, 2016 and December 31, 2016, inclusive; provided that (i) the portion of the Variable Cash Distribution in respect of Fiscal Year 2016 to be received by the Limited Partner in the form of Deferred Cash Interests shall equal 25% of the Variable Distribution for such year, and (ii) the amount of the Variable Cash Distribution in respect of Fiscal Year 2016 payable other than in the form of Deferred Cash Interests shall be reduced by an amount equal to any fees (“Consulting Fees”) the Limited Partner has received in respect of the Consulting Agreement dated August 25, 2016 between the Limited Partner and OZ Management LP (as amended, the “Consulting Agreement”) in accordance with the penultimate paragraph of Section 3. 
(ii)    Guaranteed Minimum Variable Distribution for Fiscal Year 2017.  Subject to Section 2(d)(i) below, the amount of the Limited Partner’s Variable Distribution in respect of Fiscal Year 2017 (including the Quarterly Advances relating to such Fiscal Year) shall be no less than $2,250,000 (such minimum, the “Guaranteed 2017 Minimum Bonus Amount”); provided, that, the target amount thereof shall be an amount between the Guaranteed 2017 Minimum Bonus Amount and $4,000,000, with the actual amount of the Variable Distribution for Fiscal Year 2017 to be determined in the sole discretion of the PMC Chairman based on any considerations he determines to be appropriate, including but not limited to, the Limited Partner’s performance and the overall performance and growth of Och-Ziff.  The portion of the Variable Cash Distribution in respect of the Guaranteed 2017 Minimum Bonus Amount to be received by the Limited Partner in the form of Deferred Cash Interests shall equal 25% of the Guaranteed 2017 Minimum Bonus Amount. 
(d)     Withdrawal Events.  
(i)    Relating to the Variable Distributions for 2016 and 2017.  In order to be eligible to receive any portion of the Variable Distribution in respect of: (x) Fiscal Year 2016, the Limited Partner shall not have been subject to a Withdrawal pursuant to clause (A) (Cause) or clause (C) (resignation) of Section 8.3(a)(i) of the Limited Partnership Agreement as of December 31, 2016, and (y) Fiscal Year 2017, the Limited Partner shall not have ceased to be an Active Individual LP as of December 31, 2017.
(ii)    Relating to Other Variable Distributions.  In order to be eligible to receive any Variable Distribution in respect of Fiscal Years commencing with 

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2018, the Limited Partner shall not have been subject to a Withdrawal or Special Withdrawal, in each case as of any applicable distribution date.
3.    Variable Cash Distributions.  Unless determined otherwise in the sole discretion of the PMC Chairman and subject to Section 2, the Limited Partner may conditionally receive 75% of any Variable Distribution to which she may be entitled in respect of any applicable Fiscal Year in the form of a Variable Cash Distribution as follows:
(a)    as of January 15 of the subsequent Fiscal Year, the Limited Partner may conditionally receive cash distributions from the Operating Partnerships equal to 50% of the amount of such Variable Cash Distribution (not including the portion of such Variable Cash Distribution to be distributed as Deferred Cash Interests in accordance with Section 3(b) below); provided that, for purposes of this Section 3(a), these amounts shall be determined by the PMC Chairman in his sole discretion taking into account the General Partner’s estimate of the aggregate distributions to be made by the Operating Partnerships with respect to each Operating Group A Unit in respect of the Net Income earned by the Operating Partnerships during such Fiscal Year;
(b)    as of the 4Q Distribution Date relating to such Fiscal Year, the Limited Partner may conditionally receive a portion of the Variable Cash Distribution equal to 25% of the Variable Distribution in respect of such Fiscal Year in the form of a grant of Deferred Cash Interests relating to one or more OZ Funds (as defined in the DCI Plan) in accordance with the DCI Plan, such grant to be made by the Partnership and/or the other Operating Partnerships in the sole discretion of the General Partner; and
(c)     as of the 4Q Distribution Date relating to such Fiscal Year, the Limited Partner may conditionally receive cash distributions from the Operating Partnerships in an amount equal to the Variable Cash Distribution for such Fiscal Year, less the amounts of such Variable Cash Distribution to be distributed in accordance with Sections 3(a) or 3(b) above.
The amount of the Variable Cash Distribution in respect of Fiscal Year 2016 shall be reduced by the amount of any Consulting Fees, with the amount of such Consulting Fees to be offset against the portion of the Variable Cash Distribution for 2016 payable under Section 3(a) above and/or Section 3(c) above as determined by the Operating Partnerships in their discretion.
Any cash distributions to be made to the Limited Partner under this Section 3 may be made by one or more of the Operating Partnerships in the proportions determined by the General Partner in its sole discretion.  Any portion of any Performance Cash Distribution (excluding any Deferred Cash Interests) to be distributed to the Limited Partner by the Partnership may be made as a distribution of Net Income allocated to a Class C Non-Equity Interest in accordance with the Limited Partnership Agreement or pursuant to a different arrangement structured by the General Partner in its sole discretion.  
4.    Variable Class D Unit Distributions.  Unless determined otherwise in the sole discretion of the PMC Chairman, and subject to Section 2:

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(a)    Grant of Operating Group D Units.  The Limited Partner may conditionally receive 25% of any Variable Distribution to which she may be entitled in respect of any applicable Fiscal Year in the form of a Variable Class D Unit Distribution on the 4Q Distribution Date relating to such Fiscal Year (a “Unit Grant Date”) in the form of Operating Group D Units as follows: (i) the Partnership may conditionally grant to the Limited Partner a number of New ‎Class D Units equal to the Class D Unit Equivalent Amount in accordance with Section 4(b) below, and (ii) the other two Operating Partnerships may conditionally grant to the Limited Partner a number of OZM & OZA ‎PSI Class D Units equal to the Class D Unit Equivalent Amount pursuant to the OZM & OZA Partner Agreements.
(b)    Issuance of New Class D Units by the Partnership.  Upon each determination to issue New Class D Units to the Limited Partner on any Unit Grant Date as part of a Variable Class D Unit Distribution in accordance with the provisions of Section 2, the General Partner shall designate a new series of Class D Common Units pursuant to the provisions of Section 3.1(f) of the Limited Partnership Agreement. The Partnership shall issue a number of Class D Common Units of such series equal to the Class D Unit Equivalent Amount to the Limited Partner pursuant to and subject to the Plan on such Unit Grant Date.  Upon issuance of such New Class D Units, the General Partner shall cause the Limited Partner to be named as the holder of such New Class D Units in the books of the Partnership and the portion of the Limited Partner’s Capital Account balance attributable to such New Class D Units shall be $0 (zero dollars).  Upon issuance, any such New Class D Units shall be designated as “Original Common Units” of the Limited Partner (for purposes of the Limited Partnership Agreement) by the General Partner and the rights, duties and obligations of the Limited Partner with respect to such New Class D Units under the Limited Partnership Agreement shall be the same as those applicable to the Class D Common Units thereunder, except to the extent modified by the terms of this Agreement.
(c)    Class D Unit Equivalent Amount.  For purposes of any New Class D Units to be awarded in respect of a Variable Class D Unit Distribution under Section 2:
(i)    the term “Class D Unit Equivalent Amount” shall mean the quotient of the Variable Class D Unit Distribution divided by the Class D Unit Fair Market Value, rounded to the nearest whole number.
(ii)    the term “Class D Unit Fair Market Value” shall mean the average of the closing price on the New York Stock Exchange of Och-Ziff Capital Management Group LLC’s Class A Shares for the ten trading day period beginning (and including) December 11 (or the next trading day in the event that December 11 is not a trading day) of the year to which the award relates.  
For example, if the Limited Partner’s Variable Class D Unit Distribution in respect of a Fiscal Year is $1,500,000, and the average closing price of Class A Shares for the ten trading day period beginning December 11 of such Fiscal Year is $25 per share, then the Limited Partner would receive an award of 60,000 Class D Common Units (($1,500,000 / $25) = 60,000 Class D Common Units) in respect of such Variable Class D Unit Distribution.

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5.    Withdrawal, Vesting, Transfer, Exchange and Non-Compete Provisions.
(a)    Class D Common Units.
(i)    Initial Class D Common Unit.  The following changes shall apply to the provisions of Sections 2.13(g), 8.3(a)(ii) and 8.4(b) of the Limited Partnership Agreement with respect to the Limited Partner and any Related Trusts, and her or their Initial Class D Common Unit: (A) the Initial Class D Common Unit shall be treated as a Class A Common Unit thereunder, (B) the Initial Class D Common Unit shall be conditionally vested upon issuance, subject to the other terms hereof, (C) the consequences of any breach by the Limited Partner of any of the covenants set forth in Section 2.13(b)(i) (as modified hereunder) and Section 2.13(b)(ii) of the Limited Partnership Agreement shall be as set forth in Section 5(d)(ii), and (D) if the Initial Class D Common Unit (or any Class A Common Unit acquired in respect thereof) is reallocated under Section 5(d)(ii) below, any such reallocated Common Units shall remain vested.
(ii)    New Class D Units.  The following changes shall apply to the provisions of Sections 2.13(g) and 8.4(b) of the Limited Partnership Agreement with respect to the Limited Partner and any Related Trusts, and her or their New Class D Units: (i) the New Class D Units shall be treated as Class A Common Units thereunder, (ii) twenty-five percent (25%) of any New Class D Units shall vest on each of the first four anniversaries of December 26 of the Fiscal Year to which the relevant Variable Distribution relates, subject to the other terms hereof, (iii) the New Class D Units granted as part of any Variable Distribution shall only cease to vest and be subject to forfeiture in the event that the Limited Partner is subject to a Withdrawal pursuant to clause (A) (Cause) or clause (C) (resignation) of Section 8.3(a)(i) of the Limited Partnership Agreement, (iv) the consequences of any breach by the Limited Partner of any of the covenants set forth in Section 2.13(b)(i) (as modified hereunder) and Section 2.13(b)(ii) of the Limited Partnership Agreement shall be as set forth in Section 5(d)(ii), and (v) if any such New Class D Units (or any Class A Common Units acquired in respect thereof) are reallocated, any such reallocated Common Units shall remain subject to the same vesting requirements as they had been before such reallocation.
(b)    Deferred Cash Interests.  Deferred Cash Interests shall vest as specified in the DCI Plan and any award agreement entered into by the Limited Partner with respect to the grant of such Deferred Cash Interests, and additionally the consequences with respect to the Deferred Cash Interests of any breach by the Limited Partner of any of the covenants set forth in Section 2.13(b)(i) (as modified hereunder) and Section 2.13(b)(ii) of the Limited Partnership Agreement shall be as set forth in Section 5(d)(ii); provided, that the award agreements relating to the Deferred Cash Interests granted as part of the Variable Distributions in respect of Fiscal Years 2016 and 2017 shall provide that 25% of each such grant of Deferred Cash Interests shall vest in accordance with the DCI Plan on each of the first four anniversaries of March 1st of the year in which the Deferred Cash Interests are granted, with the vested amounts to be paid to the Limited Partner by the relevant Operating Partnership as of the last day of the month following the date in which the applicable vesting date occurs, and such Deferred 

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Cash Interests shall only cease to vest and be subject to forfeiture in the event that the Limited Partner is subject to a Withdrawal pursuant to clause (A) (Cause) or clause (C) (resignation) of Section 8.3(a)(i) of the Limited Partnership Agreement.
(c)    Profit Sharing Interests.  The PSIs held by the Limited Partner shall not vest but may be cancelled or reallocated from time to time in accordance with the terms of the Limited Partnership Agreement. 
(d)    Non-Competition Provisions.  
(i)    Non-Competition Covenant.  Notwithstanding any provisions hereof or of the Limited Partnership Agreement to the contrary, the Restricted Period with respect to the Limited Partner shall, solely for purposes of Section 2.13(b)(i) of the Limited Partnership Agreement, conclude on the last day of the 12-month period immediately following the date of the Limited Partner’s Special Withdrawal or Withdrawal.
(ii)    Consequences of Breach.  All grants of PSIs, Performance Cash Distributions, PSI Cash Distributions, the Initial Class D Common Unit, New Class D Units and Deferred Cash Interests shall be conditionally granted subject to the Limited Partner’s compliance with the covenants set forth in Section 2.13(b)(i) (as modified hereunder) and Section 2.13(b)(ii) of the Limited Partnership Agreement.  Without limitation or contradiction of the foregoing, and in addition to the applicability of Section 2.13(g) of the Limited Partnership Agreement as described in Section 5(a), the Limited Partner agrees that it would be impossible to compute the actual damages resulting from a breach of any such covenants, and that the amounts set forth in this Section 5(d)(ii) are reasonable and do not operate as a penalty, but are a genuine pre-estimate of the anticipated loss that the Partnership and other members of the Och-Ziff Group would suffer from the Limited Partner’s breach of any such covenants.  In the event the Limited Partner breaches any such covenants, then the Limited Partner shall have failed to satisfy the condition subsequent to the grants of PSIs, Performance Cash Distributions, PSI Cash Distributions, the Initial Class D Common Unit, New Class D Units and Deferred Cash Interests and the Limited Partner agrees that:
(A) on or after the date of such breach, the Initial Class D Common Unit and any New Class D Units (or any Class A Common Units acquired in respect thereof) received by the Limited Partner and all allocations and distributions on such Common Units that would otherwise have been received by the Limited Partner on or after the date of such breach shall thereafter be reallocated from the Limited Partner in accordance with Section 2.13(g) of the Limited Partnership Agreement, provided that any such Class D Common Units shall be treated as Class A Common Units thereunder;
(B) on or after the date of such breach, no allocations shall be made to the Limited Partner’s Capital Accounts and no distributions shall be made 

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to the Limited Partner in respect of the Initial Class D Common Unit or any New Class D Units (or any Class A Common Units acquired in respect thereof);
(C) on or after the date of such breach, (x) any PSIs held by the Limited Partner shall be forfeited by the Limited Partner and cancelled in accordance with the Limited Partnership Agreement, (y) any Deferred Cash Interests held by the Limited Partner shall be forfeited by the Limited Partner and cancelled, and (z) all allocations and distributions on such PSIs or in respect of such Deferred Cash Interests that would otherwise have been received by the Limited Partner on or after the date of such breach shall not thereafter be made;
(D) on or after the date of such breach, no Transfer (including any exchange pursuant to the Exchange Agreement) of the Initial Class D Common Unit or any New Class D Units (or any Class A Common Units acquired in respect thereof), PSIs or Deferred Cash Interests shall be permitted under any circumstances notwithstanding anything to the contrary in any other agreement;
(E) on or after the date of such breach, no sale, exchange, assignment, pledge, hypothecation, bequeath, creation of an encumbrance, or any other transfer or disposition of any kind may be made of any of the Class A Shares acquired by the Limited Partner through an exchange pursuant to the Exchange Agreement of any Class A Common Units acquired by the Limited Partner in respect of the Initial Class D Common Unit or any New Class D Units (“Exchanged Class A Shares”);
(F)    on the Reallocation Date, the Limited Partner shall immediately:
		
	(x)
	pay to the Continuing Partners, in accordance with Section 2.13(g) of the Limited Partnership Agreement, a lump-sum cash amount equal to the sum of: (i) the total after-tax proceeds received by the Limited Partner for any Exchanged Class A Shares that were transferred during the 24-month period prior to the date of such breach; and (ii) any distributions received by the Limited Partner during such 24-month period on Exchanged Class A Shares;

		
	(y)
	transfer any Exchanged Class A Shares held by the Limited Partner on and after the date of such breach to the Continuing Partners in accordance with Section 2.13(g) of the Limited Partnership Agreement; 

		
	(z)
	pay to the Continuing Partners in accordance with Section 2.13(g) of the Limited Partnership Agreement a lump-sum cash amount equal to the sum of: (i) the total after-tax proceeds received by the Limited Partner for any Exchanged Class A Shares that were transferred on or after the date of such breach; and (ii) all 

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distributions received by the Limited Partner on or after the date of such breach on Exchanged Class A Shares; and
(G)    on the Reallocation Date, the Limited Partner shall immediately pay to the Continuing Partners in proportion to the total number of Original Common Units owned by each such Continuing Partner and its Original Related Trusts a lump-sum cash amount equal to the total after-tax amount received by the Limited Partner as Performance Cash Distributions and PSI Cash Distributions (including in each case any cash distributions in respect of Deferred Cash Interests but excluding any Quarterly Advances) during the 24-month period prior to the date of such breach.
(e)    Cross-References.  References in the Limited Partnership Agreement to Sections thereof (including Sections 2.13(b), 2.13(g), 8.3(a)(ii) and 8.4(b)) that are modified by this Agreement shall be deemed to refer to such Sections as modified hereby.
6.    Distributions on Class D Common Units.  In connection with the Initial Class D Common Unit and any New Class D Units, the Limited Partner shall be entitled to receive distributions from the Partnership (i) in respect of the Initial Class D Common Unit with respect to the income earned by the Partnership beginning in the fiscal quarter during which the Admission Date occurred, and (ii) in respect of any New Class D Units that are issued, but only if and when such New Class D Units have been issued, in each case that are equivalent to those generally distributable to the Partners of the Partnership in respect of their Common Units; provided that New Class D Units granted as part of the Variable Distribution in respect of any Fiscal Year shall not receive any distributions or allocations in respect of the Net Income earned by the Partnership during any period prior to the end of such Fiscal Year, including the distribution that would otherwise be made on the 4Q Distribution Date relating to such Fiscal Year.  The amount of distributions per Common Unit made by each of the Operating Partnerships shall be determined by the General Partner in its discretion based on the services performed for the Operating Partnerships by all of the Individual Limited Partners, as such services are determinative of the performance of each of the Operating Partnerships.
7.    Entire Agreement.  This Agreement, together with any other agreements entered into on the date hereof between the Limited Partner and the Partnership or its Affiliates, contains the entire agreement and understanding among the parties as to the subject matter hereof and supersedes and replaces any prior oral or written agreements between the Limited Partner and the Partnership or its Affiliates, including the Consulting Agreement and the offer letter dated June 1, 2016 from the Operating Partnerships and agreed and acknowledged by the Limited Partner. 
8.    Compensation Clawback. As a highly regulated, global alternative asset management firm, Och-Ziff has had a long-standing commitment to ensure that its partners, officers and employees adhere to the highest professional and personal standards. In the case of fraud, misconduct or malfeasance by any of its partners, officers or employees, including, without limitation any fraud, misconduct or malfeasance that leads to a restatement of Och-Ziff’s financial results, or as required by law, the Compensation Committee of the Board of Directors 

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of Och-Ziff (the “Compensation Committee”) would consider and likely pursue a disgorgement of prior compensation, where appropriate based on the facts and circumstances.  The Compensation Committee will adopt and amend clawback policies, as it determines to be appropriate, including, without limitation, to comply with the final implementing rules regarding compensation clawbacks mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and any other applicable law.  The Compensation Committee may extend and apply such clawback provisions to similarly situated levels of partners that may not be required to be covered by applicable law as it determines to be necessary or appropriate in its discretion.  The Limited Partner hereby consents to comply with all of the terms and conditions of any such compensation clawback policy adopted by the Compensation Committee which may apply to the Limited Partner and other similarly situated partners on or after the Admission Date, and also agrees to perform all further acts and execute, acknowledge and deliver any documents and to take any further action requested by Och-Ziff to give effect to the foregoing.
9.    Defend Trade Secrets Act.  Notwithstanding any other provision of this Agreement or any other agreement entered into between the Limited Partner and any member of the Och-Ziff Group: (a) pursuant to 18 U.S.C. § 1833(b), the Limited Partner understands that she will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Och-Ziff Group that (i) is made (x) in confidence to a Federal, State, or local government official, either directly or indirectly, or to the Limited Partner’s attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding; (b) the Limited Partner understands that if she files a lawsuit for retaliation by the Och-Ziff Group for reporting a suspected violation of law, the Limited Partner may disclose the trade secret to her attorney and use the trade secret information in the court proceeding if she (I) files any document containing the trade secret under seal, and (II) does not disclose the trade secret, except pursuant to court order; (c) nothing in this Agreement or any other agreement or arrangement with any member of the Och-Ziff Group is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section; and (d) nothing in this Agreement or any other agreement or arrangement with any member of the Och-Ziff Group shall prohibit or restrict the Limited Partner from making any voluntary disclosure of information or documents pertaining to alleged violations of law to any governmental agency or legislative body, any self-regulatory organization, the legal departments of the Och-Ziff Group, and/or pursuant to the Dodd-Frank Act or Sarbanes-Oxley Act without prior notice to the Och-Ziff Group.
10.    Acknowledgment.  The Limited Partner acknowledges that she has been given the opportunity to ask questions of the Partnership and has consulted with counsel concerning this Agreement to the extent the Limited Partner deems necessary in order to be fully informed with respect thereto.
11.    Miscellaneous.
(a)     The Limited Partner represents that the execution, delivery and performance of this Agreement by the Limited Partner does not and will not conflict with, 

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breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Limited Partner is a party or by which she is bound.
(b)    Any notice required or permitted under this Agreement shall be given in accordance with Section 10.10 of the Limited Partnership Agreement.
(c)    Except as specifically provided herein and in the Limited Partnership Agreement, this Agreement cannot be amended or modified except by a writing signed by both parties hereto.  The provisions of this Agreement relating to PSIs, PSI Cash Distributions, Performance Cash Distributions, New Class D Units, Deferred Cash Interests or the terms of any such awards that have been granted, in whole or in part, at any time, may be amended by the PMC Chairman if he determines in his sole discretion that the adoption of any such amendments are necessary or desirable to comply with applicable law.
(d)    This Agreement and any amendment hereto made in accordance with Section 11(c) hereof shall be binding as to executors, administrators, estates, heirs and legal successors, or nominees or representatives, of the Limited Partner, and may be executed in several counterparts with the same effect as if the parties executing the several counterparts had all executed one counterpart.
(e)    If any provision of this Agreement shall be deemed invalid or unenforceable as written, it shall be construed, to the greatest extent possible, in a manner which shall render it valid and enforceable, and any limitations on the scope or duration of any such provision necessary to make it valid and enforceable shall be deemed to be part thereof, and no invalidity or unenforceability of any provision shall affect any other portion of this Agreement unless the provision deemed to be so invalid or unenforceable is a material element of this Agreement, taken as a whole.
(f)    The failure by any party hereto to enforce at any time any provision of this Agreement, or to require at any time performance by any party hereto of any provision hereof, shall in no way be construed as a waiver of such provision, nor in any way affect the validity of this Agreement or any part hereof, or the right of any party hereto thereafter to enforce each and every such provision in accordance with its terms.
(g)    The Limited Partner acknowledges and agrees that, in the event of any conflict between the terms of the Limited Partnership Agreement and the terms of this Agreement with respect to the rights and obligations of the Limited Partner, the terms of this Agreement shall control.  Except as specifically provided herein, this Agreement shall not otherwise affect any of the terms of the Limited Partnership Agreement.
(h)    Any remedies provided for in this Agreement shall be cumulative in nature and shall be in addition to any other remedies whatsoever (whether by operation of law, equity, contract or otherwise) which any party may otherwise have.
13.    Section 409A. This Agreement as well as payments and benefits under this Agreement are intended to be exempt from, or to the extent subject thereto, to comply with 

12
    

Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted in accordance therewith.  Notwithstanding anything contained herein to the contrary, the Limited Partner shall not be considered to have terminated employment with the Partnership for purposes of any payments under this Agreement which are subject to Section 409A until the Limited Partner has incurred a “separation from service” from the Partnership within the meaning of Section 409A.  Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for purposes of Section 409A and any payments described in this Agreement that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise.  Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid an accelerated or additional tax under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following the Limited Partner’s separation from service shall instead be paid on the first business day after the date that is six months following the Limited Partner’s separation from service (or, if earlier, the Limited Partner’s date of death).  To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to the Limited Partner shall be paid to the Limited Partner on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to the Limited Partner) during one year may not affect amounts reimbursable or provided in any subsequent year.

13
    

IN WITNESS WHEREOF, this Partner Agreement is executed and delivered as of the date first written above by the undersigned, and the undersigned do hereby agree to be bound by the terms and provisions set forth in this Partner Agreement.
	
		
	 
	OZ ADVISORS II LP:

	 
	 

	By:
	Och-Ziff Holding Corporation,

	 
	its General Partner

	 
	 

	By:
	/s/ Wayne Cohen

	Name:
	Wayne Cohen

	Title:
	President and Chief Operating Officer

	 
	 

	 
	 

	 
	 

	 
	THE LIMITED PARTNER:

	 
	 

	 
	/s/ Alesia Haas

	 
	Alesia Haas

	 
	 

14
    

AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF
OZ ADVISORS II LP
SIGNATURE PAGE
IN WITNESS WHEREOF, this Agreement is executed and delivered as of December 13, 2016 by the undersigned and the undersigned, do hereby agree to be bound by the terms and provisions set forth in this Agreement.
	
		
	 
	OZ ADVISORS II LP:

	 
	 

	By:
	Och-Ziff Holding Corporation,

	 
	its General Partner

	 
	 

	By:
	/s/ Wayne Cohen

	Name:
	Wayne Cohen

	Title:
	President and Chief Operating Officer

	 
	 

	 
	 

	 
	 

	 
	THE LIMITED PARTNER:

	 
	 

	 
	/s/ Alesia Haas

	 
	Alesia Haas

	 
	 

15Form 10-K

 Exhibit 10.39 

OCH-ZIFF DEFERRED CASH INTEREST PLAN 

The Partnerships have established the Och-Ziff Deferred Cash Interest Plan, as may be amended from
time to time (the “Plan”), for the purpose of compensating and incentivizing certain key personnel for their service to the Och-Ziff Group and further aligning their interests with the interests of
the shareholders of Och-Ziff Capital Management Group LLC through the use of notional investments in one or more investment funds managed or sponsored by the Partnerships or their Affiliates. The Plan is
intended to be a plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated individuals, and shall be interpreted and administered to the extent possible in a manner consistent
with such intent. 
 Article 1. Definitions 

Any capitalized terms that are not defined herein shall have the meaning ascribed to them in the Limited Partnership Agreements. 

 

	1.1	Administrator means the PMC Chairman. 

  

	1.2	Award means a notional U.S. dollar amount distributed in cash to a Participant in accordance with the terms of this Plan. 

  

	1.3	Award Agreement means the award acceptance form to be entered into by a Participant in connection with an Award. 

  

	1.4	Cause shall have the meaning set forth for such term in a Participant’s Partner Agreements in effect on the Grant Date or where a Participant’s Partner Agreements do not define “cause” (or
words of like import), “Cause” shall have the meaning set forth in the Limited Partnership Agreements in effect on the Grant Date. 

  

	1.5	Eligible Person means an Active Individual LP that the Administrator has determined in his sole discretion to be eligible to participate in this Plan. 

 

	1.6	Fund Investment Account means the book-keeping entry account maintained by the Partnerships for each Participant that reflects such Participant’s Award and adjustments thereto (including gains, losses and
expenses). 

  

	1.7	General Partner means, collectively, Och-Ziff Holding Corporation and Och-Ziff Holding LLC and any other entity from time to time
serving as general partner (or equivalent) of one of the Partnerships. 

  

	1.8	Grant Date means the effective date on which the Administrator grants an Award. 

  

	1.9	Limited Partnership Agreements means the limited partnership agreements of each of the Partnerships. 

  

	1.10	Notional Investment Date means the first day of the calendar month following the Grant Date of an Award. 

	1.11	OZ Funds shall have the meaning set forth in Section 4.3 herein. 

  

	1.12	Participant means an Eligible Person who has been selected by the Administrator, in his sole discretion, to participate in this Plan. 

 

	1.13	Partnerships means each of OZ Management LP, OZ Advisors LP, OZ Advisors II LP, and any other partnership or entity whose general partner (or equivalent) is a General Partner. 

 

	1.14	Termination of Affiliation means the Participant’s Withdrawal or Special Withdrawal or the Participant otherwise ceasing to be an Active Individual LP. 

 

	1.15	Vested means a Participant has an interest in a portion of his or her Fund Investment Account with respect to an Award that is not forfeitable other than as described in Section 3.2 below. 

 

	1.16	Vesting Date means the date upon which all or a portion of an Award vests in accordance with this Plan and the relevant Award Agreement. 

Article 2. Eligibility 
  

	2.1	Eligibility. The Administrator may grant Awards to any Eligible Person, whether or not he or she has previously received an Award. 

 

	2.2	Award Agreement. To the extent not set forth in this Plan, the terms and conditions of each Award (which need not be the same for each Award or for each Participant) shall be set forth in an Award Agreement
substantially in the form attached as Exhibit A hereto (which form may be changed from time to time by the Administrator in his sole discretion). 

Article 3. Vesting and Distributions 
  

	3.1	Award Amount; Vesting. Except as otherwise designated by the Administrator and as set forth in an Award Agreement, an Award shall vest in three equal annual installments commencing on January 1st of the calendar year following the Grant Date and, thereafter, on the first and second anniversaries of such date. A Participant will become Vested in amounts credited to his or her Fund Investment
Account in respect of an Award in accordance with such vesting schedule, provided that, except as otherwise set forth in the applicable Award Agreement, the Participant has not experienced a Termination of Affiliation and has not given notice of
Withdrawal due to his or her resignation on or prior to such Vesting Date. 

  

	3.2	 Forfeiture. Except as otherwise set forth in the applicable Award Agreement or Partner Agreements, upon a
Participant’s Termination of Affiliation or, if earlier, upon receipt by the General Partner of the Participant’s notice of a Withdrawal due to resignation, the portion of the Participant’s Fund Investment Account which is not Vested
as of such date shall be forfeited. In addition, the Participant’s Fund Investment Account shall be forfeited in full and distributions in respect thereof shall be subject to forfeiture in

  
 2 

	 	
accordance with, and to the extent provided in, the Limited Partnership Agreements or the Participant’s Partner Agreements in the event of any breach by the Participant of restrictive
covenants applicable to the Participant or as otherwise provided in the Participant’s Partner Agreements. Unless otherwise provided in the Limited Partnership Agreements or the Participant’s Partner Agreements, the provisions of the
foregoing sentence shall also apply in the event that the Participant is subject to a Withdrawal for Cause. 

  

	3.3	Distributions. Subject to the provisions of Section 8.3, a Participant shall receive a lump sum cash distribution in respect of each Vested portion of his or her Fund Investment Account on a date to be
determined by the General Partner and expected to be on or about the last day of the calendar month in which the applicable Vesting Date occurs; provided that such payment shall be made in all events within seventy (70) days following the
applicable Vesting Date. Such distribution shall be made by OZ Management LP except to the extent that the Administrator determines in his sole discretion that other Partnerships should distribute some or all of the distributable amount.

 Article 4. Investment in the Fund Investment Account 

 

	4.1	Crediting of Awards to Fund Investment Accounts. A Participant’s Award shall be credited to his or her Fund Investment Account on the Notional Investment Date. 

 

	4.2	Deemed Investment Fund Allocation. A Participant’s Award shall be deemed invested on a no-fee, no-carry basis in one or more of
the investment funds set forth in Section 4.3 below as determined by the Administrator in his sole discretion. 

  

	4.3	Investment Funds. The Administrator in his sole discretion may make Awards under this Plan in respect of notional investments in any class of interests in any of the investment funds managed or sponsored by the
Partnerships or their Affiliates from time to time (collectively, the “OZ Funds”). If the Administrator in his sole discretion determines that any OZ Fund in respect of which all or part of an Award was granted to a Participant
should cease to be available under this Plan for any reason, the Administrator shall have the authority to reallocate the portion of such Participant’s Fund Investment Account that had previously been attributable to notional investments in
such OZ Fund pursuant to such Award (including any notional earnings, gains, losses and expenses relating thereto) to one or more of the other OZ Funds available at such time. 

 

	4.4	Investment Fund Designation and Reallocations. With respect to each Award, the Administrator shall initially designate in an Award Agreement the OZ Funds (and, if applicable, the class of interests therein) to
which such Award shall be allocated and the proportions of such Award that shall be allocated to each such OZ Fund. After the Grant Date of any Award, the Administrator in his sole discretion may determine to reallocate all or any of the portion of
such Participant’s Fund Investment Account that is attributable to the notional investments made in any OZ Fund pursuant to such Award (including any notional earnings, gains, losses and expenses relating thereto) to one or more of the other OZ
Funds available at such time. 

  
 3 

	4.5	Calculation of Deemed Investments. For book-keeping purposes, each portion of a Participant’s Fund Investment Account allocated to a notional investment in a class of interests in an OZ Fund shall be
converted into notional interests of such fund by dividing the amount so allocated by the value of an interest of such class on the Notional Investment Date, which value shall be determined by the Administrator based on the portion of such
fund’s net asset value allocated to such class of interests of such fund (if applicable, or based on any other valuation consistent with the governing documents of the relevant OZ Fund or the policies of the
Och-Ziff Group) on the Notional Investment Date. Thereafter, a Participant’s notional investment in each such class of interests of such fund will be valued by the Administrator as of any Vesting Date or
date of any reallocation made in accordance with Sections 4.3 or 4.4 by multiplying the number of notional interests credited to his or her Fund Investment Account in respect of such class of interests of such fund on such date by the value of an
interest of such class on such date, which value shall be determined based on the fund’s net asset value (if applicable, or based on any other valuation consistent with the governing document of the relevant OZ Fund or the policies of the Och-Ziff Group) on the Vesting Date. 

  

	4.6	Notional Investments. This Plan provides only for “notional investments.” Therefore, earnings, gains, expenses and losses reflected by changes in the valuation of a Participant’s Fund Investment
Account or the portions thereof allocated to notional investments in particular OZ Funds determined by the Administrator from time to time in accordance with Section 4.5 are hypothetical and not actual, but shall be applied to measure the value
of a Participant’s Fund Investment Account and the amount of liability of OZ Management LP (or other entity as determined by the Administrator) to make payments to, or on behalf of, the Participant. 

Article 5. Beneficiary Designation 
  

	5.1	Beneficiary Designation. Each Participant shall have the right, at any time, to designate any person or persons as beneficiary or beneficiaries (both principal as well as contingent) to whom payment of the Vested
portion of the Participant’s Fund Investment Account (if any) shall be made in the event of the Participant’s death. In the event of multiple beneficiaries, such payment shall be apportioned among the beneficiaries in accordance with the
applicable designation forms. A beneficiary designation may be changed by a Participant by filing such change on a form prescribed by the Administrator. The receipt of a new beneficiary designation form will cancel all previously filed beneficiary
designations. 

  

	5.2	Failure to Designate. If a Participant fails to designate a beneficiary as provided above, or if all designated beneficiaries predecease the Participant, then all payments hereunder in respect of the Participant
shall be made to the Participant’s estate. 

 Article 6. Plan Administration 

 

	6.1	 Administrator. The Administrator is responsible for the administration of this Plan. The Administrator has
the authority to name one or more delegates to carry out certain responsibilities hereunder. Any such delegate shall have (a) the power and authority to 

  
 4 

	 	
take all necessary actions to carry out the ordinary course duties generally undertaken by the Administrator and (b) the power and authority to sign contracts, certificates and other
instruments, subject in the case of each of clauses (a) and (b) to the general or specific, written or oral authorization of the Administrator. 

  

	6.2	Action. Action by the Administrator may be taken in accordance with procedures that the Administrator adopts from time to time and that the Legal Department of the Och-Ziff
Group determines are legally permissible. 

  

	6.3	Powers of the Administrator. The Administrator shall administer and manage this Plan and shall have (and shall be permitted to delegate in accordance with this Plan) all powers necessary to accomplish that
purpose, including (but not limited to) the following: 

 (a)    To exercise discretionary authority to
construe, interpret, and administer this Plan; 
 (b)    To exercise discretionary authority to make all decisions
regarding eligibility, participation and investments, to make allocations and determinations required by this Plan, and to maintain records regarding Participants’ Fund Investment Accounts; 

(c)    To compute and certify to the Partnerships the amount and kinds of payments to Participants or their beneficiaries,
and to determine the time and manner in which such payments are to be paid; 
 (d)    To authorize all disbursements by
OZ Management LP (or such other Partnerships as determined by the Administrator) pursuant to this Plan; 
 (e)    To
maintain (or cause to be maintained) all the necessary records for administration of this Plan; 
 (f)    To make and
publish such rules for the regulation of this Plan as are not inconsistent with the terms hereof; 
 (g)    To authorize
his delegates to delegate to other individuals or entities from time to time the performance of any of the delegates’ duties or responsibilities hereunder; 

(h)    To establish or to change the OZ Funds under Article 4; 

(i)    To hire agents, accountants, actuaries, consultants and legal counsel to assist in operating and administering this
Plan; and 
 (j)    Notwithstanding any other provision of this Plan, the Administrator may take any action he deems
appropriate in furtherance of any policy of the Och-Ziff Group respecting insider trading as may be in effect from time to time. 

(k)    The Administrator has the exclusive and discretionary authority to construe and to interpret this Plan, to decide
all questions of eligibility for benefits, to determine the 

  
 5 

 
amount and manner of payment of such benefits and to make any determinations that are contemplated by (or permissible under) the terms of this Plan, and the Administrator’s decisions on such
matters will be final and conclusive on all parties. Any such decision or determination shall be made in the absolute and unrestricted discretion of the Administrator, even if (1) such discretion is not expressly granted by the Plan provision
in question, or (2) a determination is not expressly called for by the Plan provision in question, and even though other Plan provisions expressly grant discretion or call for a determination. As a result, benefits under the Plan will be paid
only if the Administrator decides in his discretion that the Participant is entitled to them. In the event of a review by a court, arbitrator or any other tribunal, any exercise of the Administrator’s discretionary authority shall not be
disturbed unless it is clearly shown to be arbitrary and capricious. 
  

	6.4	Compensation, Indemnity and Liability. The Administrator will serve without bond and without compensation for services hereunder. All expenses of this Plan and the Administrator will be paid by the Partnerships.
To the extent deemed appropriate by the Administrator, any such expense may be charged against specific Participant Fund Investment Accounts, thereby reducing the obligation of the Partnerships. Neither the Administrator nor any individual acting as
the delegate of the Administrator shall be liable for any act or omission of any other member or individual, nor for any act or omission on his or her own part, excepting his or her own willful misconduct. The Partnerships will indemnify and hold
harmless each member of the Administrator and any service provider of the Partnerships (or an affiliate, if recognized as an affiliate for this purpose by the Administrator) acting as the delegate of the Administrator against any and all expenses
and liabilities, including reasonable legal fees and expenses, arising out of his or her service as Administrator (or his or her serving as the delegate of the Administrator), excepting only expenses and liabilities arising out of his or her own
willful misconduct. 

  

	6.5	Taxes. If the whole or any part of any Participant’s Fund Investment Account becomes liable for the payment of any estate, inheritance, income, employment, or other tax which OZ Management LP (or other
entity as determined by the Administrator) may be required to pay or withhold, such entity will have the full power and authority to withhold and pay such tax out of any moneys or other property in its hand for the account of the Participant. To the
extent practicable, the Participant will be provided notice of such withholding. Prior to making any payment, OZ Management LP (or other entity as determined by the Administrator) may require such releases or other documents from any lawful taxing
authority as it shall deem necessary. 

 Article 7. Claims Procedures 

 

	7.1	 Claims for Benefits. If a Participant, beneficiary or other person (hereafter, “Claimant”) does
not receive timely payment of any benefits which he or she believes is due and payable under this Plan, he or she may make a claim for benefits to the Administrator. The claim for benefits must be in writing and addressed to the Administrator. If
the claim for benefits is denied, the Administrator will notify the Claimant within 90 days after the Administrator initially received the benefit claim. However, if special 

  
 6 

	 	
circumstances require an extension of time for processing the claim, the Administrator will furnish notice of the extension to the Claimant prior to the termination of the initial 90-day period and such extension may not exceed one additional, consecutive 90-day period. Any notice of a denial of benefits should advise the Claimant of the basis for the
denial, any additional material or information necessary for the Claimant to perfect his or her claim, and the steps which the Claimant must take to appeal his or her claim for benefits. 

 

	7.2	Appeals of Denied Claims. Each Claimant whose claim for benefits has been denied may file a written appeal for a review of his or her claim by the Administrator. The request for review must be filed by the
Claimant within 60 days after he or she received the notice denying his or her claim. The decision of the Administrator will be communicated to the Claimant within 60 days after receipt of a request for appeal. The notice shall set forth the basis
for the Administrator’s decision. If there are special circumstances which require an extension of time for completing the review, the Administrator’s decision may be rendered not later than 120 days after receipt of a request for appeal.

 Article 8. Amendment and Termination 
  

	8.1	Amendments. Subject to the provisions of Section 8.3, the Administrator has the right in his sole discretion to amend this Plan in whole or in part at any time and in any manner, including the terms on which
distributions are made, and the form and timing of distributions. However, no Plan amendment shall reduce the amount credited to the Fund Investment Account of any Participant as of the date such amendment is adopted. Any amendment shall be in
writing and adopted by the Administrator. All Participants and beneficiaries shall be bound by such amendment. 

  

	8.2	Termination of Plan. The Partnerships expect to continue this Plan, but are not obligated to do so. Subject to the provisions of Section 8.3, the Partnerships, acting by the Administrator, reserve the right
to discontinue and terminate this Plan at any time, in whole or in part, for any reason (including a change, or an impending change, in the tax laws of the United States or any State). Termination of this Plan will be binding on all Participants
(and a partial termination shall be binding upon all affected Participants) and their beneficiaries, but in no event may such termination reduce the amounts credited at that time to any Participant’s Fund Investment Account. If this Plan is
terminated (in whole or in part), the termination resolution shall provide for how amounts theretofore credited to affected Participants’ Fund Investment Accounts will be distributed. 

 

	8.3	 Section 409A. Payments under this Plan are intended to comply with Section 409A of the Code to the extent
subject thereto, and, accordingly, to the maximum extent permitted, this Plan and any Award Agreement thereunder shall be interpreted in accordance with such intent. Notwithstanding anything contained herein to the contrary, to the extent required
in order to avoid an accelerated or additional tax under Section 409A of the Code, the Participant shall not be considered to have terminated service with the Partnerships for purposes of any payments under this Plan which are subject to Section
409A of the Code until the Participant has incurred a “separation from service” from the Partnerships within the meaning of Section 409A of the Code. Each amount to 

  
 7 

	 	
be paid pursuant to this Plan and the Award Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing and
notwithstanding anything contained herein to the contrary, to the extent required in order to avoid an accelerated or additional tax under Section 409A of the Code, amounts that would otherwise be payable pursuant to this Plan and the Award
Agreement during the six-month period immediately following the Participant’s separation from service shall instead be paid on the first business day after the date that is six months following the
Participant’s separation from service (or, if earlier, the Participant’s date of death). The Partnerships make no representation that any or all of the payments described in this Plan will be exempt from or comply with Section 409A of the
Code and make no undertaking to preclude Section 409A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A of the Code. 

Article 9. Miscellaneous 
  

	9.1	Limitation on Participant’s Rights. No individual shall have any claim to receive any Award under this Plan, and there is no obligation for uniformity of treatment of Awards under this Plan. Nothing in this
Plan or any Award Agreement shall confer upon any Participant any right to continue as an Active Individual LP or shall interfere with or restrict the right of each Partnership or its equity holders (or of a Subsidiary or its equity holders, as the
case may be) to terminate such Participant’s active involvement with the Partnership at any time for any reason whatsoever, with or without cause. The Partnerships reserve the right to terminate the service of any Participant without any
liability for any claim against the Partnerships under this Plan, except for a claim for payment of deferrals as provided herein. 

  

	9.2	Compensation Clawback Policy. Awards shall be subject to any compensation recovery policy adopted by the Partnerships from time to time, including, without limitation, the compensation recovery provisions set
forth in the Limited Partnership Agreements, the clawback provisions set forth in the Participant’s Partner Agreements, and policies adopted to comply with applicable law. 

 

	9.3	Unfunded Obligation of the Partnerships. The benefits provided by this Plan are unfunded. All amounts payable under this Plan to Participants are paid from the general assets of the Partnerships. Nothing
contained in this Plan requires the Partnerships to set aside or hold in trust any amounts or assets for the purpose of paying benefits to Participants. Neither a Participant, beneficiary, nor any other person shall have any property interest, legal
or equitable, in any specific Partnership asset. This Plan creates only a contractual obligation on the part of the Partnerships, and the Participant has the status of a general unsecured creditor of the Partnerships with respect to amounts of
compensation deferred hereunder. Such a Participant shall not have any preference or priority over, the rights of any other unsecured general creditor of the Partnerships. No other entity guarantees or shares such obligation, and no other entity
shall have any liability to the Participant or his or her beneficiary. 

  
 8 

	9.4	Offset. Except as otherwise set forth herein, amounts due to or in respect of Participants under this Plan shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, defense or other right which the Partnerships may have against a Participant or others. 

  

	9.5	Other Plans. This Plan shall not affect the right of any Eligible Person or Participant to participate in and receive benefits under and in accordance with the provisions of any other benefit plans which are now
or hereafter maintained by the Partnerships, unless the terms of such other benefit plan or plans specifically provide otherwise or it would cause such other plan to violate a requirement for tax favored treatment. 

 

	9.6	Receipt or Release. Any payment to a Participant in accordance with the provisions of this Plan shall, to the extent thereof, be in full satisfaction of all claims against the Administrator and the Partnerships,
and the Administrator may require such Participant, as a condition precedent to such payment, to execute a receipt and release to such effect. 

  

	9.7	Governing Law. This Plan shall be construed, administered, and governed in all respects in accordance with applicable federal law and, to the extent not preempted by federal law, in accordance with the laws of
the State of Delaware (other than its laws relating to choice of law). If any provisions of this instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully
effective. 

  

	9.8	Gender, Tense and Examples. In this Plan, whenever the context so indicates, the singular or plural number and the masculine, feminine, or neuter gender shall be deemed to include the other. Whenever an example
is provided or the text uses the term “including” followed by a specific item or items, or there is a passage having a similar effect, such passage of this Plan shall be construed as if the phrase “without limitation” followed
such example or term (or otherwise applied to such passage in a manner that avoids limitation on its breadth of application). 

  

	9.9	Successors and Assigns; Nonalienation of Benefits. This Plan inures to the benefit of and is binding upon the parties hereto and their successors, heirs and assigns; provided, however, that except as otherwise
permitted by the Limited Partnership Agreements, the amounts credited to the Fund Investment Account of a Participant are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment,
execution or levy of any kind, either voluntary or involuntary, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to any benefits payable hereunder, including, any assignment
or alienation in connection with a separation, divorce, child support or similar arrangement, will be null and void and not binding on this Plan or the Partnerships. Notwithstanding the foregoing, the Administrator reserves the right to make
payments in accordance with a divorce decree, judgment or other court order as and when cash payments are made in accordance with the terms of this Plan from the Fund Investment Account of a Participant. Any such payment shall be charged against and
reduce the Participant’s Fund Investment Account. 

  
 9 

	9.10	Facility of Payment. Whenever, in the Administrator’s opinion, a Participant or beneficiary entitled to receive any payment hereunder is incapacitated in any way so as to be unable to manage his or her
financial affairs, the Administrator may direct OZ Management LP (or other entity as determined by the Administrator) to make payments to such person or to the legal representative of such person for his or her benefit, or to apply the payment for
the benefit of such person in such manner as the Administrator considers advisable. Any payment in accordance with the provisions of this section shall be a complete discharge of any liability for the making of such payment to the Participant or
beneficiary under this Plan. 

  

	9.11	Conflict. In the event of a conflict among this Plan, an Award Agreement, the Limited Partnership Agreements and the Partner Agreements applicable to a Participant in respect of the Award granted under an Award
Agreement, such Partner Agreements shall control except to the extent otherwise required by Section 409A of the Code. 

  

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

  

	9.13	Effective Date. This Plan shall take effect on the date of its adoption by the General Partner on behalf of the Partnerships. 

  
 10 

 Exhibit A 

OCH-ZIFF DEFERRED CASH INTEREST PLAN 

AWARD ACCEPTANCE FORM 
 [NAME] 

[ADDRESS] 
 [CITY, STATE, ZIP] 

The Partnerships grant to [NAME] (“you” or “Participant”), effective as of [DATE], an Award (the “Award”) as
described below, subject to the Och-Ziff Deferred Cash Interest Plan, as amended from time to time (the “Plan”). Capitalized terms used but not defined herein shall have the meanings set forth in the
Plan. 
  

			
	 Award Value on Grant Date:
	  	$
	 OZ Funds into which Award is invested:
	  	 [    ]% in [name of fund]

[    ]% in [name of fund]

 (a)    Except as otherwise provided herein and/or in the Plan, the Award will become
Vested on the Vesting Dates and in the amounts indicated below, provided that you have not experienced a Termination of Affiliation and have not given notice of your resignation. The Vested portion of the Award will be distributed in a lump sum on a
date to be determined by the General Partner and expected to be on or about the last day of the calendar month in which the applicable Vesting Date occurs; provided that such payment shall be made in all events within seventy (70) days
following the applicable Vesting Date.1 
  

					
	 Vesting Date
	  	Percentage Vested	 
	 [January 1, 20[    ]]
	  	 	33.33	% 
	 [First anniversary of January 1, 20[    ]]
	  	 	33.33	% 
	 [Second anniversary of January 1, 20[    ]]
	  	 	33.34	% 

 (b)    In the event that you have a Termination of Affiliation due to Disability or death,
or you are subject to a Withdrawal without Cause, the Award shall become Vested on the date (or dates) the Award would have otherwise become Vested in accordance with the vesting schedule set forth above and shall be paid in accordance with
paragraph (a) above. 
 (c)    Except as otherwise provided herein and/or in the Plan, in the event that you have a
Termination of Affiliation or have given notice of your Withdrawal due to resignation, any portion of the Award that is unvested, and any of your rights hereunder, shall be terminated, cancelled and forfeited effective immediately upon such
Termination of Affiliation (or, if earlier, upon receipt by the General Partner of your notice of resignation). 
  

 

	1	Vesting conditions herein (including paragraphs b and d) to be consistent with the participant’s partner agreements. 

  
 11 

 (d)    The Award shall be subject to forfeiture in accordance with, and to
the extent provided in, the Limited Partnership Agreements or your Partner Agreements in the event of your breach of any restrictive covenants applicable to you or as otherwise provided in the Limited Partnership Agreements or your Partner
Agreements. Unless otherwise provided in your Partner Agreements, the provisions of the foregoing sentence shall also apply in the event that you are subject to any Withdrawal for Cause. 

(e)    This Acceptance Form does not supersede, or otherwise amend or affect any other awards, agreements, rights or
restrictions that may exist between the parties. 
 In the event of a conflict among this Acceptance Form, the Plan, the Limited Partnership
Agreements and your Partner Agreements, such Partner Agreements shall control except to the extent otherwise required by Section 409A of the Code. 

  
 12 

 By executing this Acceptance Form, you indicate your acceptance of the Award set forth above and
agree to be bound by the terms, conditions and provisions set forth in this Acceptance Form and the Plan, all of which are incorporated by reference herein and are an integral part of this Acceptance Form. Please sign and return this Acceptance Form
to [NAME/TITLE] by [DATE]. In the event you fail to return the executed original by such date, the Partnerships reserve the right to terminate and forfeit the Award (including any rights provided for in this Acceptance Form), or to suspend or
forfeit all or any vesting event(s) arising from the Award. This Acceptance Form may be executed in counterparts, which together shall constitute one and the same original. 
  

							
	ACCEPTED AND AGREED TO AS OF THE GRANT DATE:
				
	PARTICIPANT:	 		 		 	
				
	  
	 		 		 	
	[NAME]	 		 		 	
		 		 	OZ MANAGEMENT LP
				
		 		 	By:	 	Och-Ziff Holding Corporation,
		 		 		 	its General Partner
				
		 		 	By:	 	  

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

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

		 		 	Name:	 	
		 		 	Title:	 	

  
 13

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