Document:

Form of Tax Receivable Agreement

 Exhibit 10.3 
 FORM OF TAX RECEIVABLE AGREEMENT 
 This TAX RECEIVABLE AGREEMENT (as amended from time to time, this
“Agreement”), dated as of November      2007, is hereby entered into by and among Och-Ziff Capital Management Group LLC, a Delaware limited liability company (“Parent”), Och-Ziff Holding
Corporation, a Delaware corporation (the “Corporation”), Och-Ziff Holding LLC, a Delaware limited liability company (“Holdings”), OZ Management LP, a Delaware limited partnership (“OZ Management”),
OZ Advisors LP, a Delaware limited partnership (“OZ Advisors”) (OZ Management and OZ Advisors, together with all other Persons (as defined herein) in which the Corporation acquires a general partnership interest, managing member
interest or similar interest after the date hereof and who execute and deliver a joinder contemplated in Section 7.14, the “Operating Group Entities”), OZ Advisors II LP, a Delaware limited partnership (“OZ Advisors
II”, and together with the Operating Group Entities, the “Partnerships”), and each of the undersigned parties hereto identified as “Partners.” 
 RECITALS 
 WHEREAS, the Partners hold interests as partners in each of the
Operating Group Entities and are selling a portion of such interests (the “Initial Sale”) as described in the registration statement on Form S-1 initially filed with the Securities and Exchange Commission on July 2, 2007
(Registration No. 333-144256), as amended prior to the date hereof; 
 WHEREAS, the Partners hold limited partnership interests
(“Operating Partnership Units”) in each of the Operating Group Entities, each of which is treated as a partnership for U.S. Federal income tax purposes; 
 WHEREAS, the Corporation is the general partner of each of the Operating Group Entities, and will hold Operating Partnership Units in each of the Operating Group Entities; 
 WHEREAS, the Partnership Units are exchangeable with the Partnerships for Class A shares (the “Class A Shares”) in Och-Ziff Capital
Management Group LLC, a Delaware limited liability company (the “Parent”) and/or cash pursuant to the Exchange Agreement; 
 WHEREAS, the Operating Group Entities, and each of their direct and indirect Subsidiaries treated as partnerships for United States Federal income tax purposes (other than an OZ Fund), will have in effect an election under section 754 of
the Internal Revenue Code of 1986, as amended (the “Code”), for the Taxable Year of the IPO Date and for each other Taxable 

 
Year in which an exchange by a Partner of Operating Partnership Units for Class A Shares and/or cash occurs, which election is intended to result in an
adjustment to the tax basis of the assets owned by the Operating Group Entities and such subsidiaries, solely with respect to the Corporation, at the time of an exchange by a Partner of Operating Partnership Units for Class A Shares and/or cash
or any other acquisition of Operating Partnership Units for cash or otherwise, including the Initial Sale (collectively, an “Exchange”) (such time, the “Exchange Date”) (such assets and any asset whose tax basis is
determined, in whole or in part, by reference to the adjusted basis of any such asset, the “Adjusted Assets”) by reason of such Exchange and the receipt of payments under this Agreement; 
 WHEREAS, the income, gain, loss, expense and other Tax items of (i) the Operating Group Entities and such subsidiaries solely with respect to the
Corporation may be affected by the Basis Adjustment (defined below) with respect to the Adjusted Assets and (ii) the Corporation may be affected by the Imputed Interest (as defined below); and 
 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed Interest on the
actual liability for Taxes of the Corporation. 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Adjusted Asset” is defined in the Preamble. 
 “Advisory Firm” means Skadden, Arps, Slate, Meagher & Flom LLP, Ernst & Young LLP, any other “big four” accounting firm or any other law firm that is nationally recognized
as being expert in Tax matters and that is agreed to by the Board of Directors of the Parent (as defined in the Partnership Agreement of the Parent). 
 “Advisory Firm Letter” shall mean a letter from the Advisory Firm stating that the relevant schedule, notice or other information to be provided by the Corporation to the 

  

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Applicable Partner and all supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not
expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered to the Applicable Partner. 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate” means LIBOR plus 100 basis
points. 
 “Agreement” is defined in the preamble of this Agreement. 
 “Amended Schedule” is defined in Section 2.04(b) of this Agreement. 
 “Amount Realized” means, in respect of an Exchange by an Applicable Partner, the amount that is deemed for purposes of this Agreement to
be the amount realized by the Applicable Partner on the Exchange, which shall be the sum of (i) the Market Value of the Class A Shares, the amount of cash and the amount or fair market value of other consideration transferred to the
Exchanging Member in the Exchange and (ii) the Share of Liabilities attributable to the Units Exchanged. 
 “Applicable
Partner” means any present or former Partner to whom any portion of a Realized Tax Benefit is Attributable hereunder. 
 “Attributable”: The portion of any Realized Tax Benefit of the Corporation that is “Attributable” to any present or former Partner other than the Corporation shall be determined by reference to the assets
from which arise the depreciation, amortization or other similar deductions for recovery of cost or basis (“Depreciation”) and with respect to Imputed Interest that produce the Realized Tax Benefit, under the following principles:

  

	 	(i)	Any Realized Tax Benefit arising from a deduction to the Corporation with respect to a Taxable Year for Depreciation arising in respect of a Basis Adjustment to an Adjusted Asset is
Attributable to the Applicable Partner to the extent that the ratio of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by the Applicable Partner bears to the aggregate of all Depreciation for the
Taxable Year in respect of Basis Adjustments resulting from all Exchanges by all Partners. 

  

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	 	(ii)	Any Realized Tax Benefit arising from a deduction to the Corporation with respect to a Taxable Year in respect of Imputed Interest is Attributable to the Applicable Partner that is
required to include the Imputed Interest in income (without regard to whether such Partner is actually subject to tax thereon). 

 “Basis Adjustment” means the adjustment to the Tax basis of an Adjusted Asset under section 732 of the Code (in situations where, as a result of one or more Exchanges, a Partnership becomes an entity that is disregarded as
separate from its owner for tax purposes) or sections 743(b) and 754 of the Code (including in situations where, following an Exchange, a Partnership remains in existence as an entity for Tax purposes) and, in each case, comparable sections of
state, local and foreign Tax laws (as calculated under Section 2.01 of this Agreement) as a result of an Exchange and the payments made pursuant to this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis
Adjustment resulting from (i) an Exchange of one or more Partnership Units shall be determined without regard to any Pre-Exchange Transfer of such Partnership Units and as if any such Pre-Exchange Transfer had not occurred. 
 A “Beneficial Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, such
security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 
 “Board” means the board of directors of the Parent. 
 “Business Day” means Monday through Friday
of each week, except that a legal holiday recognized as such by the government of the United States of America or the State of New York shall not be regarded as a Business Day. 
 “Change of Control” means the occurrence of any of the following events: 
  

	 	(i)	any Person or any group of Persons acting together which would constitute a “group” for purposes of section 13(d) of the Securities and Exchange Act of
1934, or any successor provisions thereto, excluding a group of Persons, which, if it includes any Original Partner or any of his Affiliates, includes all Original Partners then employed by Parent or any of its Affiliates, is or
becomes the Beneficial Owner, directly or indirectly, of securities of the Parent representing more than fifty percent (50%) of the combined voting power of the Parent’s then outstanding voting securities; or 

  

	 	(ii)	 the following individuals cease for any reason to constitute a majority of the number of directors of the Parent then serving: individuals who, on the date of the
consummation of the initial public offering of Class A Shares, 

  

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constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of directors of the Parent) whose appointment or election by the Board or nomination for election by the Parent’s shareholders was approved or recommended by
a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date of the consummation of the initial public offering of Class A Shares or whose appointment, election or nomination for election
was previously so approved or recommended by the directors referred to in this clause (ii); or 

  

	 	(iii)	there is consummated a merger or consolidation of the Parent or any direct or indirect subsidiary of the Parent with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving
company is a subsidiary, the ultimate parent thereof, or (y) all of the Persons who were the respective Beneficial Owners of the voting securities of the Parent immediately prior to such merger or consolidation do not Beneficially Own, directly
or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation; or 

  

	 	(iv)	the shareholders of the Parent approve a plan of complete liquidation or dissolution of the Parent or there is consummated an agreement or series of related agreements for the sale
or other disposition, directly, or indirectly, by the Parent of all or substantially all of the Parent’s assets, other than such sale or other disposition by the Parent of all or substantially all of the Parent’s assets to an entity, at
least fifty percent (50%) of the combined voting power of the voting securities of which are owned by shareholders of the Parent in substantially the same proportions as their ownership of the Parent immediately prior to such sale.

 Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of
Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Parent immediately prior to such transaction
or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Parent immediately following such transaction or series of transactions. 
 “Class A Shares” is defined in the recitals of this Agreement. 
 “Class B Shares” means the Class B shares in the Parent. 
  

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 “Code” is defined in the recitals of this Agreement. 
 “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate Entity” is defined in
Section 7.11(a)(i) of this Agreement. 
 “Corporation” is defined in the Preamble of this Agreement. 
 “Corporation Return” means the U.S. federal Tax Return and/or state and/or local and/or foreign Tax Return, as applicable, of the
Corporation filed with respect to Taxes of any Taxable Year. 
 “Cumulative Net Realized Tax Benefit” for a Taxable Year
means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized
Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 
 “Default Rate” means LIBOR plus 500 basis points. 
 “Determination” shall have the meaning ascribed to such term in section 1313(a) of the Code or similar provision of state, local and foreign tax law, as applicable, or any other event (including the
execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 
 “Dispute” has
the meaning set forth in Section 7.08(a). 
 “Early Termination Date” means the date of an Early Termination Notice for
purposes of determining the Early Termination Payment. 
 “Early Termination Notice” is defined in Section 4.02 of this
Agreement. 
 “Early Termination Schedule” is defined in Section 4.02 of this Agreement. 
  

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 “Early Termination Payment” is defined in Section 4.03(b) of this Agreement.

 “Early Termination Rate” means the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points. 
 “Exchange” is defined in the recitals of this Agreement, and “Exchanged” and “Exchanging” shall have correlative
meanings. 
 “Exchange Agreement” means the Exchange Agreement by and among OZ Management LP, OZ Advisors LP, OZ Advisors II
LP and the Partners from time to time party thereto. 
 “Exchange Basis Schedule” is defined in Section 2.02 of this
Agreement. 
 “Exchange Date” is defined in the recitals of this Agreement. 
 “Exchange Payment” is defined in Section 5.01. 
 “Excluded Assets” is defined in Section 7.11(c) of this Agreement. 
 “Expert” is defined in Section 7.09 of this Agreement. 
 “Holdings” is defined in the
recitals of this Agreement. 
 “Holdings Group Partnership” means OZ Advisors II and all other Persons (as defined herein)
in which Holdings acquires a general partnership interest, managing member interest or similar interest on or after the date hereof. 
 “Holdings Group Partnership Unit” means an interest in capital or profits, whether specified as a unit or otherwise, in a Holdings Group Partnership. 
 “Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or the Partnerships,
but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation) using the same methods, elections, conventions and similar practices used on the relevant Corporation Return but using the Non-Stepped Up Tax Basis instead
of the tax basis reflecting the Basis Adjustments of the Adjusted Assets and excluding any deduction attributable to Imputed Interest. 
  

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 “Imputed Interest” shall mean any interest imputed under section 1272, 1274 or 483 or
other provision of the Code and any similar provision of state, local and foreign tax law with respect to a Corporation’s payment obligations under this Agreement. 
 “IPO Date” means the date on which Class A Shares in Parent are sold in an initial public offering. 
 “IRS” means the United States Internal Revenue Service. 
 “LIBOR” means
for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be
publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “Market Value” shall mean the closing price of the Class A Shares on the applicable Exchange Date on the national securities
exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided that if the closing price is not reported by the Wall Street Journal for the
applicable Exchange Date, then the Market Value shall mean the closing price of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer quotation system on which such
Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided further, that if the Class A Shares are not then listed on a National Securities Exchange or Interdealer Quotation System, “Market
Value” shall mean the cash consideration paid for Class A Shares, or the fair market value of the other property delivered for Class A Shares, as determined by the Board of Directors of the Corporation in good faith. 
 “Material Objection Notice” has the meaning set forth in Section 4.02. 
 “Net Tax Benefit” has the meaning set forth in Section 3.01(b). 
 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the tax basis that such asset would have had at such time if no
Basis Adjustment had been made. 
 “Objection Notice” has the meaning set forth in Section 2.04(a). 
 “Operating Group Entities” is defined in the Preamble. 
  

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 “Operating Partnership Units” is defined in the recitals to this Agreement. 

“Original Partners” means each of the Partners party hereto on the date of execution of this Agreement. 
 “OZ Advisors II” is defined in the Preamble. 
 “OZ Fund” means (i) any private equity fund, hedge fund or any other public or private investment fund managed, directly or indirectly, by any Operating Group Entity or any of its Subsidiaries or
Affiliates or any of its investment advisors and (ii) any Subsidiary of any such fund. 
 “Parent” is defined in the
Preamble. 
 “Partner” means each party hereto (other than Parent, the Corporation, Holdings and the Partnerships) and each
other individual who from time to time executes a joinder to this Agreement in form and substance reasonably satisfactory to the Corporation. 
 “Partnerships” is defined in the recitals of this Agreement. 
 “Partnership Agreement” means,
with respect to a Partnership, the Amended and Restated Limited Partnership Agreement of such Partnership, as such is from time to time amended or restated. 
 “Partnership Units” means Holdings Group Partnership Units and Operating Partnership Units. 
 “Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 
 “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 
 “Pre-Exchange Transfer” means any transfer (including upon the death of a Partner) of one or more Partnership Units (i) that occurs
prior to an Exchange of such Partnership Units, and (ii) to which section 743(b) of the Code applies. 
  

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 “Realized Tax Benefit” means, for a Taxable Year and for all Taxes collectively, the net
excess, if any, of the Hypothetical Tax Liability over the actual liability for Taxes of the Corporation (or the Partnerships, but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation for such Taxable Year), such
actual Tax liability to be computed with the adjustments described in this Agreement. If all or a portion of the actual liability for Taxes of the Corporation, or the Partnerships (but only with respect to Taxes imposed on the Partnerships and
allocable to the Corporation for such Taxable Year), for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there
has been a Determination. 
 “Realized Tax Detriment” means, for a Taxable Year and for all Taxes collectively, the net
excess, if any, of the actual liability for Taxes of the Corporation (or the Partnerships, but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation for such Taxable Year) over the Hypothetical Tax Liability for
such Taxable Year, such actual Tax liability to be computed with the adjustments described in this Agreement. If all or a portion of the actual liability for Taxes of the Corporation, or the Partnerships (but only with respect to Taxes imposed on
the Partnerships and allocable to the Corporation for such Taxable Year), for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment
unless and until there has been a Determination. 
 “Receivable” of a Partner means such Partner’s rights, interests,
and entitlements hereunder as of the date of this Agreement. 
 “Reconciliation Dispute” has the meaning set forth in
Section 7.09. 
 “Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this
Agreement. 
 “Schedule” means any Exchange Basis Schedule, Tax Benefit Schedule and the Early Termination Schedule.

 “Share of Liabilities” means, as to any Partnership Unit at the time of an exchange, the portion of the relevant
Partnership’s “liabilities” (as such term is defined in section 752 and section 1001 of the Code) allocated to that Partnership Unit pursuant to section 752 of the Code and the applicable Treasury Regulations. 
 “Subsequent Exchange” is defined in Section 4.01(a) of this Agreement. 
  

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

 “Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 
 “Tax Benefit Schedule” is defined in Section 2.03 of this Agreement. 
 “Tax Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any
attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 
 “Taxable Year” means a taxable year as defined in section 441(b) of the Code or comparable section of state, local or foreign tax law, as applicable, (and, therefore, for the avoidance of doubt, may include a period of less
than 12 months for which a Tax Return is made) ending on or after an Exchange Date in which there is a Basis Adjustment due to an Exchange. 
 “Taxes” means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges that are based on or measured with respect to net income or profits, whether on an exclusive or on an alternative basis,
and any interest related to such Tax. 
 “Taxing Authority” shall mean any domestic, foreign, federal, national, state,
county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 
 “Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including
corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year ending on or after such Early Termination Date, the Corporation will have taxable income sufficient to fully utilize the deductions arising from the
Basis Adjustment and the Imputed Interest during such Taxable Year, (2) the federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable
Year by the Code and other law as in effect on the Early Termination Date, (3) any loss carryovers generated by the Basis Adjustment or the Imputed Interest and available as of the date of the Early Termination Schedule will be utilized by the
Corporation on a pro rata basis from the date of the Early Termination Schedule through 

  

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the scheduled expiration date of such loss carryovers, (4) any non-amortizable assets are deemed to be disposed of on the fifteenth anniversary of the
earlier of the Basis Adjustment and the Early Termination Date, provided, that in the event of a Change of Control non-amortizable assets shall be deemed disposed of at the earlier of (i) the time of sale of the relevant asset or
(ii) as generally provided in this Valuation Assumption (4) and (5) if, at the Early Termination Date, there are Units that have not been Exchanged, then each such Unit shall be deemed to be Exchanged for the Market Value of the
Class A Shares and the amount of cash that would be transferred if the Exchange occurred on the Early Termination Date. 
 ARTICLE II

 DETERMINATION OF REALIZED TAX BENEFIT 
 Section 2.01 Basis Adjustment. For purposes of this Agreement, as a result of an Exchange, each Operating Group Entity shall be deemed to be entitled to a Basis Adjustment for each of its Adjusted
Assets with respect to the Corporation, the amount of which Basis Adjustment shall be the excess, if any, of (i) the sum of (x) the Amount Realized by the Applicable Member in the Exchange, to the extent attributable to such Adjusted
Asset, plus (y) the amount of payments made pursuant to this Agreement with respect to such Exchange, to the extent attributable to such Adjusted Asset, over (ii) the Corporation’s share of the Operating Group Entity’s Tax basis
for such Adjusted Asset immediately after the Exchange, attributable to the Operating Partnership Units Exchanged, determined as if (x) the Operating Group Entity remains in existence as an entity for tax purposes, and (y) the Operating
Group Entity had not made the election provided by section 754 of the Code. For the avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed
Interest. 
 Section 2.02 Exchange Basis Schedule. Within 120 calendar days after the filing of the U.S. federal income
tax return of the Corporation for each Taxable Year in which any Exchange has been effected, the Corporation shall deliver to the Applicable Partner a schedule (the “Exchange Basis Schedule”) that shows, in reasonable detail, for
purposes of Taxes, (i) the actual unadjusted tax basis of the Adjusted Assets as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to the Adjusted Assets as a result of the Exchanges effected in such Taxable Year and
all prior Taxable Years, calculated (a) in the aggregate and (b) solely with respect to Exchanges by the Applicable Partner, (iii) the period or periods, if any, over which the Adjusted Assets are amortizable and/or depreciable and
(iv) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable (which, for non-amortizable assets shall be based on the Valuation Assumptions). 
 Section 2.03 Tax Benefit Schedule. Within 120 calendar days after the filing of the U.S. federal income tax return of the Corporation
for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Applicable Partner a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year (a “Tax Benefit Schedule”). The Schedule will become final as provided in Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in
Section 2.04(b)). 
  

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 Section 2.04 Procedures, Amendments 
 (a) Procedure. Every time the Corporation delivers to the Applicable Partner an applicable Schedule under this Agreement, including any Amended
Schedule delivered pursuant to Section 2.04(b), but excluding any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver to the Applicable Partner schedules and work papers providing
reasonable detail regarding the preparation of the Schedule and an Advisory Firm Letter supporting such Schedule and (y) allow the Applicable Partner reasonable access at no cost to the appropriate representatives at the Corporation and the
Advisory Firm in connection with a review of such Schedule. The applicable Schedule shall become final and binding on all parties unless the Applicable Partner, within 30 calendar days after receiving an Exchange Basis Schedule or amendment thereto
or within 30 calendar days after receiving a Tax Benefit Schedule or amendment thereto, provides the Corporation with notice of a material objection to such Schedule (“Objection Notice”) made in good faith. If the parties, for any
reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days of receipt by the Corporation of an Objection Notice, if with respect to an Exchange Basis Schedule, or within 30 calendar days of receipt by the
Corporation of an Objection Notice, if with respect to a Tax Benefit Schedule, after such Schedule was delivered to the Applicable Partner, the Corporation and the Applicable Partner shall employ the reconciliation procedures as described in
Section 7.09 of this Agreement (the “Reconciliation Procedures”). 
 (b) Amended Schedule. The applicable Schedule for
any Taxable Year may be amended from time to time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional
factual information relating to a Taxable Year after the date the Schedule was provided to the Applicable Partner, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material change
in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized
Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an
“Amended Schedule”). 
  

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 ARTICLE III 
 TAX BENEFIT PAYMENTS 
 Section 3.01 Payments 
 (a) Payments. Within five (5) calendar days of a Tax Benefit Schedule delivered to an Applicable Partner becoming final in accordance with
Section 2.04(a), the Corporation shall pay to the Applicable Partner for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.01(b) in the amount Attributable to the Applicable Partner. Each such Tax Benefit Payment
shall be made by wire transfer of immediately available funds to a bank account of the Applicable Partner previously designated by such Partner to the Corporation. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of
estimated tax payments, including, without limitation, federal income tax payments. 
 (b) A “Tax Benefit Payment” means an
amount, not less than zero, equal to the sum of the Net Tax Benefit and the Interest Amount. The “Net Tax Benefit” for each Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax
Benefit as of the end of such Taxable Year over the total amount of payments previously made under this Section 3.01, excluding payments attributable to Interest Amount; provided, however, that for the avoidance of doubt, no
Partner shall be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” for a given Taxable Year shall equal the interest on the Net Tax Benefit for such Taxable Year calculated at the
Agreed Rate from the due date (without extensions) for filing the Corporation Return with respect to Taxes for the most recently ended Taxable Year until the Payment Date. Notwithstanding the foregoing, for each Taxable Year ending on or after the
date of a Change of Control, all Tax Benefit Payments, whether paid with respect to Units that were Exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by
using Valuation Assumptions (1), (3), and (4), substituting in each case the terms “the date on which a Change of Control becomes effective” for an “Early Termination Date”. The Net Tax Benefit and the Interest Amount shall be
determined separately with respect to each separate Exchange, on a Partnership Unit-by-Partnership Unit basis by reference to the Amount Realized by the Applicable Partner on the Exchange of a Partnership Unit and the resulting Basis Adjustment to
the Corporation. 
 Section 3.02 No Duplicative Payments. It is intended that the provisions of this Agreement will not
result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of the Corporation’s Cumulative Net Realized Tax Benefit, and the
Interest Amount thereon, being paid to the Partners pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner so that these fundamental results are achieved. 
 Section 3.03 Pro Rata Payments. For the avoidance of doubt, to the extent (i) the Corporation’s deductions with respect to
any Basis Adjustment is limited in a particular Taxable 
  

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Year or (ii) the Corporation lacks sufficient funds to satisfy its obligations to make all Tax Benefit Payments due in a particular Taxable Year, the
limitation on the deductions, or the Tax Benefit Payments that may be made, as the case may be, shall be taken into account or made for the Applicable Partner in the same proportion as Tax Benefit Payments would have been made absent the limitations
set forth in clauses (i) and (ii) of this paragraph, as applicable. 
 Section 3.04 Opt-Out. 
 (a) Notwithstanding Section 3.01, prior to an Exchange, an Applicable Partner may elect not to receive any payments under this Agreement with
respect to such Exchange, by delivering written notice evidencing such election, reasonably satisfactory in form and substance to the Corporation, to the Corporation at least 10 Business Days prior to the Closing Date of the relevant
Exchange. Such notice of election, when delivered, shall be irrevocable; provided, however, that a revocation of an Exchange under the Exchange Agreement shall constitute a revocation of any notice of election with respect to the Class A
Units the Exchange of which so has been revoked, and such notice of election shall be without further force and effect to the extent so treated as revoked; provided further, that no revocation of a previously delivered notice of election other than
a revocation resulting as provided in the foregoing proviso shall be permitted. 
 (b) This Agreement shall not apply to any Exchange to the
extent such Exchange is covered by a notice of election delivered pursuant to Section 3.04(a) (to the extent such notice of election continues in effect), and all computations hereunder, including the computation of any Tax Benefit Payments and
determination of any amounts Attributable to any Partner, shall be made without taking into account Exchanges covered by any such notice of election. For the avoidance of doubt, an Applicable Partner that makes an election pursuant to
Section 3.04(a) shall remain entitled to payments under this Agreement with respect to any Exchanges with respect to which no election has been made (and continues in effect) pursuant to Section 3.04(a). 
 ARTICLE IV 
 TERMINATION 

 Section 4.01 Early Termination and Breach of Agreement. 
 (a) The Corporation may terminate this Agreement with respect to all of the Partnership Units held (or previously held and exchanged) by all Partners at
any time by paying to all of the Partners the Early Termination Payment; provided, however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by all Partners, and provided, further, that the Corporation may
withdraw any notice to execute its termination rights under this Section 4.01(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by the Corporation, 

  

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neither the Applicable Partners nor the Corporation shall have any further payment obligations under this Agreement in respect of such Partners, other than
for any (a) Tax Benefit Payment agreed to by the Corporation and an Applicable Partner as due and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with or including the date
of the Early Termination Notice (except to the extent that the amount described in clause (b) is included in the Early Termination Payment). For the avoidance of doubt, if an Exchange occurs after the Corporation makes the Early Termination
Payments with respect to all Partners, the Corporation shall have no obligations under this Agreement with respect to such Exchange, and its only obligations under this Agreement in such case shall be its obligations to all Partners under
Section 4.03(a). 
 (b) In the event that the Corporation breaches any of its material obligations under this Agreement, whether as a
result of failure to make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then
all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payment
calculated as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by the Corporation and any Partners as due and payable but unpaid as of the date of a breach, and (3) any Tax
Benefit Payment due for the Taxable Year ending with or including the date of a breach. Notwithstanding the foregoing, in the event that the Corporation breaches this Agreement, the Partners shall be entitled to elect to receive the amounts set
forth in clauses (1), (2) and (3), above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three months of the date such payment is due shall be
deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement
within three months of the date such payment is due. 
 (c) The undersigned parties hereby acknowledge and agree that the timing, amounts
and aggregate value of Tax Benefit Payments pursuant to this Agreement are not reasonably ascertainable. 
 Section 4.02 Early
Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.01 above, the Corporation shall deliver to each Partner notice of such intention to exercise such right (“Early Termination
Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporation’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment. The applicable
Early Termination Schedule shall become final and binding on all parties unless the Applicable Partner, within 30 calendar days after receiving the Early Termination Schedule thereto provides the Corporation with notice of a material objection to
such Schedule made in good faith (“Material Objection Notice”). If the parties, for any reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days after receipt by the Corporation of the
Material Objection Notice, the Corporation and the Original Partner shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement. 
  

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 Section 4.03 Payment upon Early Termination. (a) Within three calendar days after
agreement between the Applicable Partner and the Corporation of the Early Termination Schedule, the Corporation shall pay to the Applicable Partner an amount equal to the Early Termination Payment. Such payment shall be made by wire transfer of
immediately available funds to a bank account designated by the Applicable Partner. 
 (b) The “Early Termination Payment”
as of the date of the delivery of an Early Termination Schedule shall equal with respect to the Applicable Partner the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be
paid by the Corporation to the Applicable Partner beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. 
 ARTICLE V 
 SUBORDINATION AND LATE PAYMENTS 
 Section 5.01 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early
Termination Payment required to be made by the Corporation to a Partner or to the Partners under this Agreement (an “Exchange Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other
amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured
obligations of the Corporation that are not Senior Obligations. 
 Section 5.02 Late Payments by the Corporation. The
amount of all or any portion of any Exchange Payment not made to any Partner when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such
Exchange Payment was due and payable. 
 ARTICLE VI 
 NO DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01 Original Partner
Participation in the Corporation’s and Partnerships’ Tax Matters. Except as otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation and the
Partnerships, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporation shall notify the Original Partners
of, and keep the Original Partners reasonably informed with respect to the portion of any audit of the Corporation and the Partnerships by a Taxing Authority the outcome of which is reasonably expected to affect the 
  

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Original Partners’ rights and obligations under this Agreement, and shall provide to the Original Partners reasonable opportunity to provide information
and other input to the Corporation, the Partnerships and their respective advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporation and the Partnerships shall not be required to take any
action that is inconsistent with any provision of any of the Partnership Agreements. 
 Section 6.02 Consistency. Except
upon the written advice of an Advisory Firm, the Corporation and the Partners agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items
(including without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any Schedule required to be provided by or on behalf of the Corporation under this Agreement. Any
Dispute concerning such advice shall be subject to the terms of Section 7.09; provided, however, that only an Original Partner shall have the right to object to such advice pursuant to this Section 6.02. 
 Section 6.03 Cooperation. The Partners shall each (a) furnish to the Corporation in a timely manner such information, documents
and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or
controversy with any Taxing Authority, (b) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or its representatives may reasonably
request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporation shall reimburse each Partner for any reasonable third-party costs and
expenses incurred pursuant to this Section. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Notices. All notices,
requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the
sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be
delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
  

 18 

 if to the Corporation, to: 
 c/o Och-Ziff Capital Management Group LLC 
 9 West 57th Street 
 New York, New York, 10019 
 Attention: Chief Legal Officer 
 Fax: (212) 790-0077 
 Electronic Mail: Jeffrey.Blockinger@ozcap.com 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036

 (T) (212) 735-3000 
 (F) (212) 735-2000 
 Attention: Jennifer A. Bensch 
 if to the Operating Group Entities or OZ Advisors II, to: 
 c/o Och-Ziff Capital Management Group LLC 
 9 West
57th Street 
 New York, New York, 10019

 Attention: Chief Legal Officer 
 Fax: (212) 790-0077 
 Electronic Mail: Jeffrey.Blockinger@ozcap.com 
 with a copy to: 
 Skadden, Arps, Slate,
Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 (T) (212) 735-3000 
 (F) (212) 735-2000 
 Attention:
Jennifer A. Bensch 
 If to the Partners or any Partner, to: 
 the address and facsimile number set forth for such Partner in the records of the Partnerships. 
 Any party may change its
address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 
 Section 7.02 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed
by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery
of a manually signed counterpart of this Agreement. 
  

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 Section 7.03 Entire Agreement; No Third Party Beneficiaries. This Agreement
constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each
party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement. 
 Section 7.04 Governing Law. This Agreement shall be governed by, and construed in accordance with, the
law of the State of New York, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 
 Section 7.05 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such 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 an acceptable manner in order
that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
 Section 7.06 Successors; Assignment; Amendments; Waivers. No Partner may assign this Agreement to any person without the prior written consent of the Corporation; provided, however, (i) that, to the
extent Partnership Units are effectively transferred in accordance with the terms of the Partnership Agreements, and any other agreements the Original Partners may have entered into with each other, or a Partner may have entered into with the
Parent, the Corporation, Holdings and/or any of the other Partnerships, the transferring Partner shall assign to the transferee of such Partnership Units the transferring Partner’s rights under this Agreement with respect to such transferred
Partnership Units, as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporation, agreeing to become
a “Partner” for all purposes of this Agreement, except as otherwise provided in such joinder, and (ii) that, once an Exchange has occurred, any and all payments that may become payable to a Partner pursuant to this Agreement with
respect to such Exchange may be assigned to any Person or Persons, as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance reasonably
satisfactory to the Corporation, agreeing to be bound by Section 7.12 and acknowledging specifically the last sentence of the next paragraph. For the avoidance of doubt, to the extent an Original Partner or other Person transfers Partnership
Units to an Original Partner as may be permitted by any agreement to which the Partnership whose Partnership Units are subject to such transfer is a party, the Original Partner receiving such Partnership Units shall have all rights under this
Agreement with respect to such transferred Partnership Units as such Original Partner has, under this Agreement, with respect to the other Partnership Units held by him. 
  

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 Notwithstanding the foregoing provisions of this Section 7.06, no transferee described in clause
(i) of the immediately preceding paragraph shall have the right to enforce the provisions of Section 2.04, 4.02, 6.01 or 6.02 of this Agreement, and no assignee described in clause (ii) of the immediately preceding paragraph shall
have any rights under this Agreement except for the right to enforce its right to receive payments under this Agreement. 
 No provision of
this Agreement may be amended unless such amendment is approved in writing by each of Parent, the Corporation and Holdings, on behalf of themselves and the respective Partnerships they Control, and by Original Partners who would be entitled to
receive at least two-thirds of the Early Termination Payments payable to all Original Partners hereunder if the Corporation had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for
purposes of this sentence, all payments made to any Original Partner pursuant to this Agreement since the date of such most recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect
on the payments certain Partners will or may receive under this Agreement unless all such Partners disproportionately effected consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and
signed by the party against whom the waiver is to be effective. 
 All of the terms and provisions of this Agreement shall be binding upon,
shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any direct or indirect
successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Corporation would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein, in the event an Original Partner transfers his Partnership Units to a Permitted Transferee (as
defined in each Partnership Agreement), excluding any other Original Partner, such Original Partner shall have the right, on behalf of such transferee, to enforce the provisions of Sections 2.04, 4.02 or 6.01 with respect to such transferred
Partnership Units. 
 Section 7.07 Titles and Subtitles. The titles of the sections and subsections of this Agreement are
for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 7.08 Submission to
Jurisdiction; Dispute Resolution. 
 (a) Any and all disputes which are not governed by Section 7.09, including but not limited to
any ancillary claims of any party, arising out of, relating to or in 

  

 21 

 
connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and
enforceability of this arbitration provision) (each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International
Chamber of Commerce. If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The
arbitrator shall be a lawyer admitted to the practice of law in the State of New York and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration
proceedings. In addition to monetary damages, the arbitrator shall be empowered to award equitable relief, including, but not limited to an injunction and specific performance of any obligation under this Agreement. The arbitrator is not empowered
to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. The award shall be final and binding upon the parties as from the
date rendered, and shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having
jurisdiction over a party or any of its assets. 
 (b) Notwithstanding the provisions of paragraph (a), the Corporation may bring an action
or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes
of this paragraph (b), each Partner (i) expressly consents to the application of paragraph (c) of this Section 7.08 to any such action or proceeding, (ii) 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, and (iii) irrevocably appoints the Corporation as such Partner’s agent for service of process in connection with any such
action or proceeding and agrees that service of process upon such agent, who shall promptly advise such Partner of any such service of process, shall be deemed in every respect effective service of process upon the Partner in any such action or
proceeding. 
 (c) 
 (i) EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.08, OR ANY
JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain
temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the forum designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’
relationship with one another; 
  

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 (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any
objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in paragraph (c) (i) of this Section 7.08 and such
parties agree not to plead or claim the same; and 
 (iii) The parties hereby waive in connection with any Dispute any and all
rights to a jury trial. 
 Section 7.09 Reconciliation. In the event that the Corporation and an Applicable Partner are
unable to resolve a disagreement with respect to the matters governed by Sections 2.04, 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted
for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm
(other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with either the Corporation or the Applicable Partner or other actual or potential conflict of interest. If the
parties are unable to agree on an Expert within fifteen (15) days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The
Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an
amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before
the date any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, such payment shall be paid on the date such payment would be due and
such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporation; except as
provided in the next sentence. The Corporation and each Applicable Partner shall bear their own costs and expenses of such proceeding, unless the Applicable Partner has a prevailing position that is more than 10% of the payment at issue, in which
case the Corporation shall reimburse such Applicable Partner for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall
be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporation and the Applicable Partner and may be entered and
enforced in any court having jurisdiction. 
  

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 Section 7.10 Withholding. The Corporation shall be entitled to deduct and withhold
from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent that
amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Applicable Partner. 
 Section 7.11 Treatment as Corporation; Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets.

 (a) Holdings shall provide that all provisions of this Agreement shall correspondingly apply, including the payment of Tax Benefit
Payments by any corporation owned directly or indirectly in whole or in part, now or in the future, by Holdings, with respect to any Realized Tax Benefit with respect to Holdings Group Partnership Units, that are part of an Exchange and in which
such corporation owns an interest, under the same terms and conditions as set forth in this Agreement, and Holdings shall cause such corporation to execute and deliver a joinder to this Agreement to such effect. If either (i) the Parent or
Holdings elects to be or is otherwise for any reason (e.g., whether due to a change in law or an interpretation of existing law) treated as a corporation for tax purposes, or (ii) the Parent holds Holdings directly or indirectly through an
entity that is treated as a corporation for tax purposes, then the provisions of this Agreement shall apply (v) to Parent and/or Holdings, as appropriate, in the same manner as it applies to the Corporation, and (w) to each partnership,
limited partnership and limited liability company Controlled by Parent or Holdings as if each such entity were a Partnership; provided that, to the extent any Partnership Units were Exchanged at a time when none of the events described in
clause (i) or (ii) above had yet occurred, then (y) each such Exchange shall be treated for purposes of this Agreement as having occurred immediately after the first to occur of such events described in clause (i) or
(ii) above at the Fair Market Value in existence at the time of such prior Exchange, and (z) the entity that is to be treated in the same manner as the Corporation shall be required to make the same Tax Benefit Payments pursuant to the
terms of this Agreement that it would have been required to make had it been treated in the same manner as the Corporation on the date of such Exchange; provided, however, that such Tax Benefit Payments shall be payable only with
respect to (I) Original Assets that are still owned at the time of the applicable event described in clause (i) or (ii) above, and (II) taxable years of such entity ending on or after the date of the applicable event described in
clause (i) or (ii) above. The parties agree that the terms of this Agreement will be applied to any corporation under this Section 7.11 only if the aggregate Tax Benefit Payments payable with respect to such corporation are reasonably
expected to be more than $10 million. For the avoidance of doubt, if an event described in clause (i) or (ii) above occurs, an exchange of Holdings Group Partnership Units, whether occurring before or after the occurrence of such event,
shall be treated as an Exchange for all purposes of this Agreement. 
 (b) If the Corporation becomes a member of an affiliated or
consolidated group of corporations that files a consolidated income tax return pursuant to sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, 

  

 24 

 
then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination
Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 
 (c) Notwithstanding any other provision of this Agreement, if Parent acquires one or more assets that, as of an Exchange Date, have not been contributed to the Operating Group Entities (other than Parent’s interests in the Corporation
and Holdings) (such assets, “Excluded Assets”), then all Tax Benefit Payments due hereunder shall be computed as if such assets had been contributed to the Operating Group Entities on a pro rata basis on the date such assets were
first acquired by Parent; provided, however, that if an Excluded Asset consists of stock in a corporation, then, for purposes of this Section 7.11(c), (i) such corporation (and any corporation Controlled by such corporation)
shall be deemed to have contributed its assets to the Corporation in a transaction described in section 351 of the Code, and (ii) the Corporation shall be deemed to have contributed all such assets to the Partnerships, in each case on the date
on which the Parent acquired stock of such corporation. 
 (d) If any entity that is obligated to make an Exchange Payment hereunder
transfers one or more assets to a corporation with which such entity does not file a consolidated tax return pursuant to section 1501 of the Code, such entity, for purposes of calculating the amount of any Exchange Payment (e.g., calculating the
gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be
received by such entity shall be equal to the fair market value of the contributed asset (as reasonably determined by the governing body, or the Person responsible for management, of such entity acting in good faith), plus (i) the amount of
debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a contribution of a partnership interest. 
 Section 7.12 Confidentiality. Each Partner and assignee acknowledges and agrees that the information of the Corporation is
confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, shall keep and retain in the strictest confidence and
not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation or any Person included within the Parent and their respective Affiliates and successors and the other Partners, including, without
limitation, the identity of the beneficial holders of interests in any fund or account managed by the Parent or any of its Subsidiaries, confidential information concerning the Parent, any Person included within the Parent and their respective
Affiliates and successors, the other Partners and any fund, account or investment managed by any Person included within the Parent, including marketing, investment, performance data, fund management, credit and financial information, and other
business affairs of the Corporation, any Person included within the Parent and their respective Affiliates and successors, the other Partners and any fund, account or investment managed directly or indirectly by any Person included within the
Corporation learned of by the Partner heretofore or hereafter. This clause 7.12 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a
result of an act of 

  

 25 

 
such Partner in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent
necessary for a Partner to prepare and file his or her tax returns, to respond to any inquiries regarding the same from any taxing authority or to prosecute or defend any action, proceeding or audit by any taxing authority with respect to such
returns. Notwithstanding anything to the contrary herein, each Partner and assignee (and each employee, representative or other agent of such Partner or assignee, as applicable) may disclose to any and all Persons, without limitation of any kind,
the tax treatment and tax structure of (x) the Corporation, the Partnerships, the Partners and their Affiliates and (y) any of their transactions, and all materials of any kind (including opinions or other tax analyses) that are provided
to the Partners relating to such tax treatment and tax structure. 
 If a Partner or assignee commits a breach, or threatens to commit a
breach, of any of the provisions of this Section 7.12, the Corporation shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent
jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Subsidiaries or the other Partners and the
accounts and funds managed by the Corporation and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or
in equity. 
 Section 7.13 Partnership Agreement. To the extent this Agreement imposes obligations upon a particular
Partnership or a general partner of a Partnership, this Agreement shall be treated as part of the relevant partnership agreement of each Partnership 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. 
 Section 7.14 Joinder. The Corporation hereby agrees that, to the extent it acquires a general
partnership interest, managing member interest or similar interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement promptly upon acquisition of such interest, and such person shall
be treated as a “Partnership” for all purposes of this Agreement. The Parent hereby agrees to cause any Corporate Entity that acquires an interest in any Partnership Entity to execute a joinder to this Agreement (to the extent such Person
is not already a party hereto) promptly upon such Person becoming subject to the provisions of Section 7.11(a), and to cause any Partnership to execute a joinder to this Agreement promptly upon any Corporate Entity owning an interest in such
Partnership Entity becoming subject to the provisions of Section 7.11(a). 
 Section 7.15 Breach of Section 2.13 of
Partnership Agreements. The parties hereby acknowledge and agree that the provisions of Section 2.13 of the Partnership Agreements shall be binding upon the Partners for purposes of this Agreement and are hereby incorporated into this
Agreement, and shall be controlling as to matters addressed thereby notwithstanding anything in this Agreement to the contrary. 
 Section 7.16 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  

 26 

 [Signature pages follow] 
  

 27 

 IN WITNESS WHEREOF, Parent, the Corporation, Holdings, each Partnership and each Partner have duly
executed this Agreement as of the date first written above. 
  

					
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OCH-ZIFF HOLDING CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OCH-ZIFF HOLDING LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OZ MANAGEMENT LP
			
		 	By:	 	OCH-ZIFF GP LLC, its general partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	OZ ADVISORS LP
			
		 	By:	 	OCH-ZIFF GP LLC, its general partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Signature Page to Tax Receivable Agreement 

					
	 OZ ADVISORS II LP

			
		 	By:	 	OCH-ZIFF HOLDING LLC, its general partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 PARTNERS

		
		 	  

 Signature Page to Tax Receivable AgreementForm of Och-Ziff Capital Management Group LLC 2007 Equity Incentive Plan

 Exhibit 10.5 
 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 2007 EQUITY INCENTIVE PLAN 
  

	1.	Purpose of the Plan. 

 The Och-Ziff Capital
Management Group LLC 2007 Equity Incentive Plan (the “Plan”) was adopted by the Board on             , 2007 and approved by the shareholders of Och-Ziff Capital
Management Group LLC (the “Company”) on             , 2007, prior to the initial public offering of Company Shares. The purpose of the Plan is to provide additional
incentive to selected employees, directors and Consultants of and service providers to the Company, its Subsidiaries (including OZ Advisors LP, OZ Management LP and OZ Advisors II LP) or Affiliates, whose contributions are essential to the growth
and success of the Company’s business, in order to strengthen the commitment of such persons to the Company and its Subsidiaries and Affiliates, motivate such persons to faithfully and diligently perform their responsibilities and attract and
retain competent and dedicated persons whose efforts shall result in the long-term growth and profitability of the Company. To accomplish such purposes, the Plan provides that the Company (or a Participating Subsidiary or Affiliate) may grant
equity-based Awards based on the Company’s Shares. Notwithstanding any provision of the Plan, to the extent that any Award would be subject to Section 409A of the Code, it is the Company’s intent that each such Award comply with the
requirements set forth in Section 409A of the Code and any regulations or guidance promulgated thereunder. 
  

	2.	Definitions. 

 The following capitalized terms used
in the Plan have the respective meanings set forth in this Section: 
 (a) “Administrator” means the Board, or if and to the
extent the Board does not administer the Plan, the Committee in accordance with Section 3 hereof. 
 (b) “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the term “Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 (c) “Award” means individually or collectively, any Option, Share Appreciation Right, Restricted Share, Restricted Share Unit,
Performance Share, unrestricted Share or Other Share-Based Award granted under the Plan. 
 (d) “Award Agreement” means any
written agreement, contract or other instrument or document evidencing an Award. 
 (e) A “Beneficial Owner” of a security
is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or
(ii) investment power, which includes the power to dispose, or to direct the disposition of, such security. The term “Beneficially Own” shall have a correlative meaning. 

 (f) “Board” means the Board of Directors of the Company. 
 (g) “Cause” means, unless otherwise defined in the Participant’s Award Agreement, employment agreement, or other written agreement
describing the Participant’s terms of employment with the Company or any Subsidiary or Affiliate, (i) the commission of an act of fraud, dishonesty, misrepresentation or breach of trust by the Participant in the course of the
Participant’s employment with or the Participant’s provision of services to the Company or any Subsidiary or Affiliate; (ii) the Participant’s indictment or entering of a plea of no contest for a crime constituting a felony or in
respect of any act of fraud or dishonesty; (iii) the commission of an act by the Participant which would make the Participant or the Company (including any of its Subsidiaries or Affiliates) subject to being enjoined, suspended, barred or
otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory disqualification; (iv) gross negligence or willful misconduct in connection with the Participant’s performance of his or
her duties in connection with the Participant’s employment by or provision of services to the Company (including any Subsidiary or Affiliate for whom the Participant may be employed by or providing service to on a full-time basis at the time)
or the Participant’s failure to comply with any of the restrictive covenants set forth herein; (v) the commission of any act that would result or which might reasonably be a substantial factor resulting in the termination of the Company
(including any of its Subsidiaries or Affiliates) for cause under any of the Company’s (including any of its Subsidiaries’ or Affiliates’) management, advisory or similar agreements; (vi) the Participant’s failure to comply
with any material policies or procedures of the Company (including any Subsidiary or Affiliate for whom the Participant may be employed by or providing service to on a full-time basis at the time) as in effect from time to time provided that the
Participant shall have been delivered a copy of such policies or notice that they have been posted on a Company (or Subsidiary or Affiliate, as the case may be) website prior to such compliance failure, and (vii) the Participant’s failure
to perform the material duties in connection with the Participant’s position. 
 (h) “Change in Capitalization” means
any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) distribution (whether in the form of cash, Shares, or other property), share
split or reverse share split, (iii) combination or exchange of shares, (iv) other change in structure or (v) declaration of a distribution, which the Administrator determines, in its sole discretion, affects the Shares such that an
adjustment pursuant to Section 5 hereof is appropriate. 
 (i) “Change of Control” means the occurrence of any of the
following events: 
  

	 	(1)	any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities and Exchange Act of
1934, or any successor provisions thereto, excluding any Permitted Transferee or any group of Persons, is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding voting securities; or 

  

 2 

	 	(2)	the following individuals cease for any reason to constitute a majority of the number of directors of the Company then serving: individuals who, on the date of the consummation of
the initial public offering of Class A Shares, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors on the date of the consummation of the initial public offering of Class A Shares or whose appointment, election or nomination for election was previously so approved or
recommended by the directors referred to in this clause (2); or 

  

	 	(3)	there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, either (i) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving
company is a subsidiary, the ultimate parent thereof, or (ii) all of the Persons who were the respective Beneficial Owners of the voting securities of the Company immediately prior to such merger or consolidation do not Beneficially Own,
directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation; or 

  

	 	(4)	the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement or series of related agreements for the
sale or other disposition, directly, or indirectly, by the Company of all or substantially all of the Company’s assets, other than the sale or other disposition by the Company of all or substantially all of the Company’s assets to an
entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

 Notwithstanding the foregoing, except with respect to clause (2) and clause (3)(i) above, a “Change in Control” shall
not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Company immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 
 (j) “Class A Shares” means the Class A Shares of the Company. 
  

 3 

 (k) “Class B Shares” means the Class B Shares of the Company. 
 (l) “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific
section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 
 (m)
“Committee” means the Board, or a committee designated by the Board to administer the Plan. With respect to Awards granted to Covered Employees, such committee shall consist of two or more persons, each of whom, unless otherwise
determined by the Board, is an “outside director” within the meaning of Section 162(m) of the Code and a “nonemployee director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by
the applicable stock exchange on which the Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. 
 (n) “Company” means Och-Ziff Capital Management Group LLC, a Delaware limited liability company, and any successors thereto. 

(o) “Consultant” means a consultant or advisor who is a natural person, engaged to render bona fide services to the Company or
any Subsidiary. 
 (p) “Covered Employee” has the meaning set forth in Section 162(m)(3) of the Code. 
 (q) “Disability” means, unless otherwise defined in the Participant’s Award Agreement, that a Participant (i) as determined by
the Administrator in its sole discretion, is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12
months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company or an Affiliate of the Company. 
 (r) “Distribution Equivalent” means a right, granted pursuant to this Plan, to be paid an amount determined with respect to the
distributions declared and paid with respect to outstanding Shares, as specified in, and pursuant to the terms of, an applicable Award Agreement. 
 (s) “Exchange Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 (t) “Exercise Price” means the per share price at which a holder of an award granted hereunder may purchase the Shares issuable upon
exercise of such award. 
 (u) “Fair Market Value” as of a particular date shall mean the fair market value as determined by
the Administrator in its sole discretion; provided, however, (i) if the Share or other security is admitted to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported
on such date, or (ii) if the Share or other security 

  

 4 

 
is then traded in an over-the-counter market, the fair market value on any date shall be the average of the highest bid and lowest asked prices for such
share in such over-the-counter market on such date. 
 (v) “IPO” means the initial public offering of Shares, as
contemplated in the registration statement on Form S-1 of Och-Ziff Capital Management Group LLC (No. [333-144256]). 
 (w) “LLC
Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Och-Ziff Capital Management Group LLC, as amended from time to time. 
 (x) “LTIP Units” means awards issued with respect to equity interests in the Och-Ziff Operating Group as more fully described in Section 10. 
 (y) “Och-Ziff Operating Group” shall have the meaning assigned to it in the LLC Agreement. 
 (z) “Option” means an option to purchase Shares granted pursuant to Section 7 hereof. Each Option shall be a nonqualified option,
and shall not be an incentive option as defined in Section 422 of the Code. 
 (aa) “Other Share-Based Awards” means an
Award granted pursuant to Section 10 of the Plan. 
 (bb) “Participant” means (i) any employee, director, partner
or Consultant of or service provider to the Company, any Subsidiary or Affiliate; and (ii) the trustee of any trust established for the purpose of providing benefits to any individual described in (i) and/or to any dependant, family member
(including any spouse, former spouse, widow, widower or co-habitee) or household member of any individual described in (i) and/or to any class of individuals comprising individuals described in (i), their dependants, family members or household
members, provided always that the relevant employee, director, partner, Consultant or service provider has been selected as a participant by the Administrator, pursuant to the Administrator’s authority in Section 3 below, to
receive an Award or, where applicable, as being eligible or potentially eligible to receive an Award subject to any discretion conferred upon the trustee by the terms of the relevant trust. 
 (cc) “Participating Subsidiary or Affiliate” means any Subsidiary or Affiliate that has adopted the Plan. 
 (dd) “Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings including operating
income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax income;
(iii) earnings per Share (basic or diluted); (iv) operating profit; (v) economic income; (vi) revenue, revenue growth or rate of revenue growth; (vii) return on assets (gross or net), return on investment, return on capital,
or return on equity; (viii) returns on sales or revenues; (ix) operating expenses; (x) share price appreciation; (xi) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by
operations, or cash flow in 

  

 5 

 
excess of cost of capital; (xii) implementation or completion of critical projects or processes; (xiii) economic value created;
(xiv) cumulative earnings per share growth; (xv) operating margin or profit margin; (xvi) Share price or total shareholder return; (xvii) cost targets, reductions and savings, productivity and efficiencies; (xviii) strategic
business criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion, investor satisfaction, employee satisfaction, human resources management, supervision of litigation, information
technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons; (xix) personal professional objectives, including any of the foregoing performance goals, the implementation of
policies and plans, the negotiation of transactions, the development of long term business goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xx) any combination
of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the
particular criteria, and may be applied to one or more of the Company, a Subsidiary or Affiliate, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of
other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which
specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). Each of the foregoing Performance Goals shall not be
required to be determined in accordance with generally accepted accounting principles and shall be subject to certification by the Committee; provided that the Committee shall have the authority to make equitable adjustments to the Performance Goals
in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or regulations, or to account
for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. 
 (ee) “Performance Shares” means Shares that are subject to restrictions based upon the attainment of specified performance objectives
granted pursuant to Section 9 below. 
 (ff) “Person” means any individual, corporation, firm, partnership, joint
venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 
 (gg)
“Plan” means this Och-Ziff Capital Group LLC 2007 Equity Incentive Plan. 
 (hh) “Restricted Shares” means
Shares subject to certain restrictions granted pursuant to Section 9 below. 
 (ii) “Restricted Share Units” means the
right to receive Shares or cash equal to the Fair Market Value of Shares at the end of a specified period granted pursuant to Section 9 below. 
 (jj) “Shares” means the Company’s Class A Shares (as specified in the applicable Award Agreement) reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger,
consolidation or other reorganization) security. 
  

 6 

 (kk) “Share Appreciation Right” means the right pursuant to an award granted under
Section 8 below to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Share Appreciation Right or portion thereof is surrendered, of the Shares covered by such right or such portion
thereof, over (ii) the aggregate Exercise Price of such right or such portion thereof. 
 (ll) “Subsidiary” means, with
respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or
managing member or similar interest of such Person. 
  

	3.	Administration. 

 (a) The Plan shall be administered
by the Administrator and shall be administered in accordance with the requirements of Section 162(m) of the Code only to the extent applicable and to the extent the Administrator determines that specified Awards are intended to qualify as
performance based compensation under Section 162(m) of the Code) and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule 16b-3”). 
 (b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without
limitation: 
  

	 	(1)	to select Participants; 

  

	 	(2)	to determine whether and to what extent Awards are to be granted hereunder to Participants; 

  

	 	(3)	to determine the number of Shares to be covered by each Award granted hereunder; 

  

	 	(4)	to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Awards granted hereunder (including, but
not limited to, (i) the restrictions applicable to Awards and the conditions under which restrictions applicable to such awards shall lapse, (ii) the performance goals and periods applicable to awards of Performance Shares, (iii) the
Exercise Price, if any, of Awards, (iv) the vesting schedule applicable to Awards, (v) the number of Shares subject to Awards and (vi) any amendments to the terms and conditions of outstanding Awards, including, but not limited to
reducing the Exercise Price of such Awards, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards); 

  

	 	(5)	to determine the Fair Market Value with respect to any Award; 

  

	 	(6)	to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting a termination of the Participant’s employment or service
for purposes Options granted under the Plan; 

  

 7 

	 	(7)	to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 

  

	 	(8)	to construe and interpret the terms and provisions of the Plan and any award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the
administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan; 

  

	 	(9)	to delegate its authority, in whole or in part, under this Section 3 to two or more individuals (who may or may not be members of the Board), subject to the requirements
of applicable law or any stock exchange on which the Shares are traded; 

  

	 	(10)	to delegate its authority, in whole or in part, under this Section 3 and with respect to Participants who are not executive officers of the Company, to one or more individuals
(who may or may not be members of the Board), subject to the requirements of applicable law or any stock exchange on which the Shares are traded; and 

  

	 	(11)	determine at any time whether, to what extent and under what circumstances and method or methods Awards may be settled by the Company, or any Participating Subsidiary or Affiliate.
In the event of such determination, references to the Company shall be deemed to be references to the applicable Participating Subsidiary or Affiliate for purposes of the Plan as appropriate. 

 (c) Notwithstanding paragraph (b) of this Section 3, neither the Board, the Committee nor their respective delegates shall have the authority
to reprice (or cancel and regrant) any Option or, if applicable, other Award at a lower exercise, base or purchase price without first obtaining the approval of the Company’s shareholders. 
 (d) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the
Company and the Participants. No member of the Board or the Committee, nor any officer, partner, member or employee of the Company or any Subsidiary or Affiliate acting on behalf of the Board or the Committee, shall be personally liable for any
action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer, partner, member or employee of the Company and of any Subsidiary or
Affiliate acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation. 
  

 8 

	4.	Shares Reserved for Issuance Under the Plan. 

 (a)
Subject to Section 5 hereof, the maximum number of Shares that may be delivered pursuant to Awards granted under the Plan shall be a number of Class A Shares equal to 15% of number of outstanding Class A and Class B shares of the
Company outstanding immediately after the consummation of the IPO, as increased on the first day of each fiscal year beginning in calendar year 2008 by a number of Class A Shares equal to the excess of (i) 15% of the number of outstanding
Class A shares of the Company on the last day of the immediately preceding fiscal year (assuming the exchange of all Och-Ziff Operating Group A Units for Class A shares) over (ii) the number of Shares reserved for issuance under the
Plan as of such date. From and after such time as the Plan is subject to Code Section 162(m), the aggregate Awards granted during any fiscal year to any single individual who is likely to be a Covered Employee shall not exceed
(i)              shares subject to Options or Share Appreciation Rights or (ii)              shares
subject to Restricted Shares, Restricted Share Units, Performance Shares, unrestricted Shares or Other Share-Based Awards. Determinations made in respect of the limitation set forth in the preceding sentence shall be made in a manner consistent with
Section 162(m) of the Code. 
 (b) If any grant under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited
as to any Shares, or is tendered or withheld as to any Shares in payment of the exercise price of the grant or the taxes payable with respect to the exercise or vesting of the grant, then such unpurchased, forfeited, tendered or withheld Shares
shall thereafter be available for further grants under the Plan unless, in the case of Options granted under the Plan, related Share Appreciation Rights are exercised. 
  

	5.	Equitable Adjustments. 

 In the event of any Change
in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, in the manner to be determined by the Administrator, in its sole discretion, in (i) the aggregate number of Shares reserved for issuance under
the Plan and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar or fiscal year, (ii) the kind, number and Exercise Price subject to outstanding Options and Share Appreciation Rights granted
under the Plan, and (iii) the kind, number and purchase price of Shares subject to outstanding awards of Restricted Shares, Restricted Share Units, Performance Shares, unrestricted shares or Other Share-Based Awards granted under the Plan,
provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Equitable substitutions or adjustments shall also be made if the Administrator determines in its sole discretion that such adjustment is necessary in
order to avoid an adverse impact on the value of any outstanding award granted hereunder. Without limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator shall take such action as is necessary to
adjust the outstanding awards to reflect the Change in Capitalization, including, but not limited to, the cancellation of any outstanding award granted hereunder in exchange for payment in cash or other property of the aggregate Fair Market Value of
the Shares covered by such award, reduced by the aggregate Exercise Price or purchase price thereof, if any. Notwithstanding the foregoing, no such adjustment shall cause any Award hereunder that is or becomes subject to Section 409A of the
Code to fail to comply with the requirements of such section. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive. 
  

 9 

	6.	Eligibility. 

 Participants under the Plan shall be
selected from time to time by the Administrator, in its sole discretion. 
  

	7.	Options. 

 (a) General. Each Participant who
is granted an Option shall enter into an Award Agreement containing such terms and conditions as the Administrator shall determine, in its discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the
term of the Option and provisions regarding exercisability of the Option granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be
outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as
the Administrator shall deem desirable and set forth in the applicable Award Agreement. 
 (b) Exercise Price. The Exercise Price of
Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time of grant, provided that the Exercise Price of any Option shall not be less than 100% of the Fair Market Value of the Shares on the date of
grant. 
 (c) Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable
more than ten years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. 
 (d) Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of
preestablished corporate performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive
such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the
exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

 (e) Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying
the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole
discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of
Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate option price of the Shares as to which such Option
shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing. 
  

 10 

 (f) Rights as Shareholder. A Participant shall have no rights to distributions or any other rights
of a shareholder with respect to the Shares subject to an Option until the Participant has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements of Section 14 hereof and, if requested, has given the
representation described in paragraph (b) of Section 15 hereof. 
 (g) Transfers of Options. Except as otherwise determined
by the Administrator, no Option granted under the Plan shall be transferable by a Participant other than by the laws of descent and distribution. Unless otherwise determined by the Administrator in accord with the provisions of the immediately
preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during the period the Participant is under a legal disability, by the Participant’s guardian or legal representative. The
Administrator may, in its sole discretion, subject to applicable law, permit the gratuitous transfer during a Participant’s lifetime of an Option, (i) by gift to a member of the Participant’s immediate family, (ii) by transfer by
instrument to a trust for the benefit of such immediate family members, or (iii) to a partnership or limited liability company in which such family members are the only partners or members; provided, however, that, in addition to
such other terms and conditions as the Administrator may determine in connection with any such transfer, no transferee may further assign, sell, hypothecate or otherwise transfer the transferred Option, in whole or in part, other than by operation
of the laws of descent and distribution. Each permitted transferee shall agree to be bound by the provisions of this Plan and the applicable Award Agreement. 
 (h) Termination of Employment or Service. 
  

	 	(1)	Unless the applicable Award Agreement provides otherwise or unless otherwise determined by the Committee, in the event that the employment or service of a Participant with the
Company or any Subsidiary or Affiliate shall terminate for any reason other than Cause, Disability, or death, but including termination by reason of the entity employing the Participant or to which the Participant is rendering services ceasing to be
a Subsidiary or Affiliate of the Company (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the date that is 90 days after such termination, on which
date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. The 90-day period
described in this Section 7(h)(1) shall be extended to one year after the date of such termination in the event of the Participant’s death during such 90-day period. Notwithstanding the foregoing, no Option shall be exercisable after the
expiration of its term. 

  

	 	(2)	 Unless the applicable Award Agreement provides otherwise or unless otherwise determined by the Committee, in the event that the employment or service of a
Participant with the Company or any Subsidiary shall terminate on account of the Disability or death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall
remain exercisable until the date that is one year after such termination, on which date they shall expire and (B) Options granted to such Participant, to the extent that they 

  

 11 

	 	 
were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing,
no Option shall be exercisable after the expiration of its term. 

  

	 	(3)	In the event of the termination of a Participant’s employment or service for Cause, all outstanding Options, including vested Options, granted to such Participant shall expire
at the commencement of business on the date of such termination. 

 (i) Other Change in Employment Status. An Option may
be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status of an Participant, in the discretion of the
Administrator. The Administrator shall follow any applicable written policies of the Company (if any), including such rules, guidelines and practices as may be adopted pursuant to Section 3 hereof, as they may be in effect from time to time,
with regard to such matters. 
  

	8.	Share Appreciation Rights. 

 (a) General.
Share Appreciation Rights may be granted either alone (“Free Standing Share Appreciation Rights”) or in conjunction with all or part of any other Award granted under the Plan (“Related Share Appreciation Rights”).
Related Share Appreciation Rights may be granted either at or after the time of the grant of such Award. The Administrator shall determine the Participants to whom, and the time or times at which, grants of Share Appreciation Rights shall be made;
the number of Shares to be awarded, the price per share, and all other conditions of Share Appreciation Rights. Notwithstanding the foregoing, no Related Share Appreciation Rights may be granted for more Shares than are subject to the Award to which
it relates and any Share Appreciation Rights must be granted with an Exercise Price not less than the Fair Market Value of Shares on the date of grant. The provisions of Share Appreciation Rights need not be the same with respect to each
Participant. Share Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the
Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 
 (b) Exercisability. 
  

	 	(1)	Freestanding Share Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after
grant. 

  

	 	(2)	Related Share Appreciation Rights shall be exercisable only at such time or times and to the extent that the Awards to which they relate shall be exercisable in accordance with the
provisions of Section 7 above and this Section 8 of the Plan. 

 (c) Payment Upon Exercise. 
  

	 	(1)	 Upon the exercise of a Free Standing Share Appreciation Right, the Participant shall be entitled to receive up to, but not more than, that 

  

 12 

	 	 
number of Shares equal in value to the excess of the Fair Market Value of a Share as of the date of exercise over the price per share specified in the Free
Standing Share Appreciation Right (which price shall be no less than 100% of the Fair Market Value of such Share on the date of grant) multiplied by the number of Shares in respect of which the Free Standing Share Appreciation Right is being
exercised, with the Administrator having the right to determine the form of payment. 

  

	 	(2)	A Related Share Appreciation Right may be exercised by a Participant by surrendering the applicable portion of the related Award. Upon such exercise and surrender, the Participant
shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair Market Value of a Share as of the date of exercise over the Exercise Price specified in the related Award (which price shall be no
less than 100% of the Fair Market Value of a Share on the date of grant) multiplied by the number of Shares in respect of which the Related Share Appreciation Right is being exercised, with the Administrator having the right to determine the form of
payment. Awards that have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Share Appreciation Rights have been so exercised. 

  

	 	(3)	Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in cash (or in any combination of Shares and cash).

 (d) Rights as Shareholder. A Participant shall have no rights to distributions or any other rights of a shareholder
with respect to the Shares subject to Share Appreciation Rights until the Participant has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements of Section 14 hereof and, if requested, has given the
representation described in paragraph (b) of Section 15 hereof. 
 (e) Non-Transferability. Share Appreciation Rights shall
be transferable only when and to the extent an Award would be transferable under Section 7 of the Plan. 
 (f) Termination of
Employment or Service. 
  

	 	(1)	In the event of the termination of employment or service with the Company, any Subsidiary or any Affiliate of a Participant who has been granted one or more Free Standing Share
Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after grant. 

  

	 	(2)	In the event of the termination of employment or service with the Company or any Subsidiary of a Participant who has been granted one or more Related Share Appreciation Rights, such
rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement. 

  

 13 

 (g) Term. 
  

	 	(1)	The term of each Free Standing Share Appreciation Right shall be fixed by the Administrator, but no Free Standing Share Appreciation Right shall be exercisable more than ten years
after the date such right is granted. 

  

	 	(2)	The term of each Related Share Appreciation Right shall be the term of the Award to which it relates, but no Related Share Appreciation Right shall be exercisable more than ten
years after the date such right is granted. 

  

	9.	Restricted Shares, Restricted Share Units and Performance Shares. 

 (a) General. Awards of Restricted Shares, Restricted Share Units or Performance Shares may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the
Participants to whom, and the time or times at which, awards of Restricted Shares, Restricted Share Units or Performance Shares shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition
of Restricted Shares, Restricted Share Units or Performance Shares; the Restricted Period (as defined in paragraph (c) of this Section 9), if any, applicable to awards of Restricted Shares or Restricted Share Units; the performance
objectives, if any, applicable to awards of Restricted Shares, Restricted Share Units or Performance Shares; and all other conditions of the awards of Restricted Shares, Restricted Share Units and Performance Shares. The Administrator may also
condition the grant of the award of Restricted Shares, Restricted Share Units or Performance Shares upon the exercise of Options, or upon such other criteria as the Administrator may determine, in its sole discretion. If the restrictions,
performance objectives and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her shares of Restricted Shares, Restricted Share Units or Performance Shares. The provisions of the awards of Restricted
Shares, Restricted Share Units or Performance Shares need not be the same with respect to each Participant. 
 (b) Awards and
Certificates. Except as otherwise provided below in this Section 9, (i) each Participant who is granted an award of Restricted Shares or Performance Shares shall be issued a share certificate in respect of such shares of Restricted
Shares or Performance Shares (or such other appropriate evidence of ownership as determined by the Administrator); and (ii) such certificate (or other evidence of ownership) shall be registered in the name of the Participant, and, if
appropriate, shall bear a legend referring to the terms, conditions, and restrictions applicable to any such award. The Company may require that the share certificates evidencing Restricted Shares or Performance Shares granted hereunder be held in
the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Shares or Performance Shares, the Participant shall have delivered a power of attorney, endorsed in blank, relating to
the Shares covered by such award. 
 (c) Restrictions and Conditions. The awards of Restricted Shares, Restricted Share Units and
Performance Shares granted pursuant to this Section 9 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter: 

 

	 	(1)	 Subject to the provisions of the Plan and the Restricted Shares Award Agreement, Restricted Share Units Award Agreement or Performance Shares Award Agreement, as
appropriate, governing any such award, 

  

 14 

	 	 
during such period as may be set by the Administrator commencing on the date of grant (the “Restricted Period”), the Participant shall not
be permitted to sell, transfer, pledge or assign shares of Restricted Shares, Restricted Share Units or Performance Shares awarded under the Plan; provided, however, that the Administrator may, in its sole discretion, provide for the
lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the
attainment of certain performance related goals, the Participant’s termination of employment or service as a director or Consultant to the Company or any Subsidiary or Affiliate, the Participant’s death or Disability. Notwithstanding the
foregoing, upon a Change in Control, the outstanding Awards shall be subject to Section 11 hereof. 

  

	 	(2)	Except as may be provided in a Restricted Share Award Agreement, the Participant shall generally have the rights of a shareholder of the Company with respect to Restricted Shares or
Performance Shares during the Restricted Period. The Participant shall generally not have the rights of a shareholder with respect to Shares subject to awards of Restricted Share Units during the Restricted Period; provided, however,
that, at the discretion of the Committee, distributions declared during the Restricted Period with respect to the number of Shares covered by Restricted Share Units may be accrued and paid to the Participant promptly after, and only after, the
Restricted Period shall expire without forfeiture in respect of such distributions made in respect of Restricted Share Units. Certificates for unrestricted Shares shall be delivered to the Participant promptly after, and only after, the Restricted
Period shall expire without forfeiture in respect of such awards of Restricted Shares, Restricted Share Units or Performance Shares except as the Administrator, in its sole discretion, shall otherwise determine. 

  

	 	(3)	The rights of Participants granted Awards of Restricted Shares, Restricted Share Units or Performance Shares upon termination of employment or service as a director or Consultant to
the Company or to any Subsidiary or Affiliate terminates for any reason during the Restricted Period shall be set forth in the Award Agreement. 

 (d) To the extent that the Plan is then subject to Section 162(m) of the Code, no payment pursuant to this Section 9 with respect to Awards which are intended to qualify as performance-based compensation
under Section 162(m) of the Code shall be made to a “covered employee” (within the meaning of Section 162(m) of the Code) prior to the certification by the Committee that the applicable Performance Goals have been attained. The
Committee may establish such other rules applicable to Awards granted pursuant to this Section 9, provided, however, with respect to Awards which are intended to qualify as performance-based compensation under Section 162(m) of the Code,
such rules shall be in compliance with Section 162(m) of the Code. 
  

 15 

	10.	Other Share-Based Awards. 

 (a) The Administrator is
authorized to grant Awards to Participants in the form of Other Share-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement, including, but not limited to, awards of
restricted share units and awards that are valued in whole or in part by reference to Class A Shares, including awards valued by reference to book value, fair value or performance of a subsidiary or partner interests, including distribution
equivalent rights and performance units. Other Share-Based Awards may be granted as free-standing awards or in tandem with other Awards under the Plan. The Administrator shall determine the terms and conditions of such Awards, consistent with the
terms of the Plan, at the date of grant or thereafter, including any Performance Goals and performance periods. Shares or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this
Section 10 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any
required corporate action. The Administrator may, in its sole discretion, settle such Other Share-Based Awards for cash or other property as appropriate; provided that it determines, after consultation with its legal counsel and tax advisers, that
such alternate settlement would be in the Company’s best interest. 
 (b) The Administrator is also authorized to grant Awards to
Participants in the form of LTIP Unit awards which, whether vested or unvested, may entitle the Participant to receive, currently or on a deferred or contingent basis, distributions or distribution equivalent payments with respect to the number of
LTIP Units or other distributions from the Och-Ziff Operating Group with respect to which the Administrator may provide in the applicable Award Agreement that such amounts (if any) shall be deemed to have been reinvested in additional LTIP Units.
The LTIP Units granted under the Plan will be subject to the conversion ratio, if any, pursuant to which LTIP Units may be exchanged for Shares in accordance with the terms of the LLC Agreement. LTIP Units may be structured as “profits
interests,” “capital interests” or other types of interests for federal income tax purposes. The Administrator has the authority to determine the number of Shares, interests, units or rights underlying an award of LTIP Units in light
of all applicable circumstances, including performance-based vesting conditions, operating partnership “capital account allocations,” to the extent set forth in the partnership agreements for Och-Ziff Operating Group, the Code, or value
accretion factors and conversion ratios. 
 (c) To the extent that the Plan is then subject to Section 162(m) of the Code, no payment
pursuant to this Section 10 with respect to Awards which are intended to qualify as performance-based compensation under Section 162(m) of the Code shall be made to a Covered Employee prior to the certification by the Committee that the
applicable Performance Goals have been attained. The Committee may establish such other rules applicable to the Other Share-Based Awards, provided, however, that with respect to Awards which are intended to qualify as performance-based compensation
under Section 162(m) of the Code, such rules shall be in compliance with Section 162(m) of the Code. 
  

	11.	Accelerated Vesting In Connection With a Change in Control. 

 (a) In the event of a Change in Control, any outstanding Option that is not assumed or continued, or an equivalent option or right is not substituted therefor pursuant to the Change in Control transaction’s governing document, shall
become fully vested and exercisable “immediately prior to” the effective date of such Change in Control and shall expire upon the effective date of such Change in Control. For purposes of this Section 11, “immediately prior

  

 16 

 
to” shall mean sufficiently in advance of the Change in Control transaction such that there will be time for each affected Participant to exercise his
or her Option and participate in the Change in Control transaction in the same manner as all other holders of Common Stock. If an Option becomes fully vested and exercisable immediately prior to a Change in Control, the Administrator shall notify
the affected Participant in writing or electronically that the Option has become fully vested and exercisable, and that the Option will terminate upon the Change in Control. 
 (b) Unless otherwise determined by the Administrator and evidenced in an Award Agreement, in the event that (i) a Change in Control occurs and
(ii) the Participant’s employment or service is terminated by the Company, its successor or affiliate thereof without Cause on or after the effective date of the Change in Control but prior to 12 months following such Change in Control,
then: 
  

	 	(1)	any unvested or unexercisable portion of any Award carrying a right to exercise shall become vested and exercisable; and 

  

	 	(2)	the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to any other Award granted under the Plan shall lapse and all unvested Awards shall
be deemed fully vested and performance conditions imposed with respect to such Awards shall be deemed to be fully achieved. 

  

	12.	Amendment and Termination. 

 The Board may amend,
alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent. Unless the Board determines otherwise,
the Board shall obtain approval of the Company’s shareholders for any amendment that would require such approval in order to satisfy the requirements of Section 162(m) of the Code, any rules of the stock exchange on which the Shares are
traded or other applicable law. If any Award is subject to Section 409A of the Code and fails to comply with the requirements of Section 409A of the Code, the Administrator reserves the right to (but is not obligated to) amend, modify or
supplement such Award in order to cause it to either not be subject to Section 409A of the Code or to comply with the applicable provisions of Section 409A of the Code. The Administrator may amend the terms of any Award theretofore
granted, prospectively or retroactively, but, subject to Section 5 of the Plan, no such amendment shall impair the rights of any Participant without his or her consent. 
  

	13.	Unfunded Status of Plan. 

 The Plan is intended to
constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a
general creditor of the Company. 
  

 17 

	14.	Withholding Taxes. 

 Each Participant shall, no
later than the date as of which the value of an Award first becomes includible in the gross income of the Participant for federal and/or state income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding
payment of, any federal, state, or local taxes of any kind required by law to be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company
shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Whenever cash is to be paid pursuant to an award granted hereunder, the Company shall have the right to
deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. Whenever Shares are to be delivered pursuant to an award, the Company shall have the right to require the Participant to
remit to the Company in cash an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have
the Company withhold from delivery of Shares or by delivering already owned unrestricted Shares, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their Fair Market Value on the
date of which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. The Company may also
use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award. 
  

	15.	General Provisions. 

 (a) Shares shall not be issued
pursuant to the exercise of any Award granted hereunder unless the exercise of such Award and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities
Act of 1933, as amended, the Exchange Act and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 (b) The Administrator may require each person acquiring Shares to represent to and agree with the Company in writing that such person is acquiring the
Shares without a view to distribution thereof. The certificates for such Shares may include any legend that the Administrator deems appropriate to reflect any restrictions on transfer which the Administrator determines, in its sole discretion, arise
under applicable securities laws or are otherwise applicable. 
 (c) All certificates for Shares delivered under the Plan shall be subject to
such stop-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares may then be listed, and
any applicable federal or state securities law, and the Administrator may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. 
 (d) The Administrator may require a Participant receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to enter into
a shareholder agreement or “lock-up” agreement in such form as the Committee shall determine is necessary or desirable to further the Company’s interests. 
  

 18 

 (e) The adoption of the Plan shall not confer upon any Participant any right to continued employment or
service with the Company or any Subsidiary or Affiliate, as the case may be, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment or service of any of its Participants at any
time. 
  

	16.	Effective Date. 

 The Plan became effective upon
adoption by the Board on             , 2007 (the “Effective Date”), and approval by shareholders of the Company on
            , 2007. 
  

	17.	Term of Plan. 

 No Award shall be granted pursuant
to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date. 
  

	18.	Governing Law. 

 This Plan shall be construed and
enforced in accordance with the laws of the State of Delaware without regard to the application of the principles of conflicts or choice of laws. 
  

 19

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