Document:

EX-10.6

 Exhibit 10.6 

EXECUTION VERSION 

AMENDED AND RESTATED EXCHANGE AGREEMENT 

AMENDED AND RESTATED EXCHANGE AGREEMENT (as amended, restated or supplemented, the “Agreement”), dated as of February 7,
2019, by and among the Issuer, Och-Ziff Corp, Och-Ziff Holding, OZ Management, OZ Advisors, OZ Advisors II and the Och-Ziff
Limited Partners and Class B Shareholders from time to time party hereto. Defined terms used herein have the respective meanings ascribed thereto in Section 1.1. 

WHEREAS, the parties hereto provided for the exchange of certain Och-Ziff Operating Group Units for
Class A Shares (or a cash equivalent), on the terms and subject to the conditions set forth in the original Exchange Agreement dated as of November 13, 2007, as amended on May 19, 2010 and amended and restated on August 1, 2012;

 WHEREAS, the obligation to exchange Och-Ziff Operating Group Units for Class A Shares (or a
cash equivalent) pursuant to Section 2.1(a)(ii) of this Agreement represents a several, and not a joint and several, obligation of each Och-Ziff Operating Group Partnership (on a pro rata basis),
and no Och-Ziff Operating Group Partnership shall have any obligation or right to acquire the portion of Och-Ziff Operating Group Units issued by another Och-Ziff Operating Group Partnership; and 
 WHEREAS, in connection with the letter agreement dated as of
December 5, 2018, among Daniel S. Och, the Issuer, Och-Ziff Corp, Och-Ziff Holding, OZ Management, OZ Advisors and OZ Advisors II with respect to certain
recapitalization, governance and other arrangements, the Exchange Committee, the Issuer, Och-Ziff Corp and Och-Ziff Holding, on behalf of themselves and the respective
partnerships they control, desire to amend this Agreement to provide Och-Ziff Limited Partners with additional exchange rights and to effect the other amendments described herein. 

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

DEFINITIONS 

Section 1.1 Definitions. 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “A Exchange” has the meaning set forth in Section 2.1(a)(i) of this Agreement. 

“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. 

  
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 “Aggregate Value” means, with respect to any Exchangeable Group Units
surrendered for Exchange, an amount equal to the product of (a) the number of Exchangeable Group Units so surrendered multiplied by (b) the Exchange Rate, and such product further multiplied by (c) the Value of a Class A Share.

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

“Applicable Partner Group” shall mean, with respect to any Exchanging Partner, collectively, (i) such Exchanging
Partner, (ii) any Related Trust of such Exchanging Partner, and (iii) any Applicable Transferee of any Class B Transferor included in clause (i) or (ii) above. 

“Applicable Transferee” shall mean, with respect to any Class B Transferor, any Class B Transferee of such
Class B Transferor and any subsequent Class B Transferee of such Class B Transferee (acting as Class B Transferor), other than a Class B Transferee identified in writing by the Class B Transferor to the Issuer and the Och-Ziff Operating Group Partnerships as not constituting an Applicable Transferee hereunder. 

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

“Blackout Periods” has the meaning set forth in Section 2.1(f) of this Agreement. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York
are authorized or required by law or executive order to remain closed. 
 “Cash Amount” has the meaning set forth in
Section 2.1(b). 
 “Charity” means any organization that is organized and operated for a purpose described in
Section 170(c) of the Code (determined without reference to Section 170(c)(2)(A) of the Code) and described in Sections 2055(a) and 2522 of the Code. 

“Class A Shares” means the common shares representing limited liability company interests in the Issuer designated as
“Class A Shares” or any security into which such shares are converted in connection with any conversion of the Issuer into a corporation. 

“Class B Exchange Amount” means, with respect to any Exchanging Partner, the number of Class B Shares to be
automatically cancelled in respect of any Exchange by such Exchanging Partner, which shall equal the number of Och-Ziff Operating Group Units to be Exchanged by such Exchanging Partner. 

“Class B Shares” means the common shares representing limited liability company interests in the Issuer designated as
“Class B Shares” or any security into which such shares are converted in connection with any conversion of the Issuer into a corporation. 

“Class B Shareholder” means, as of any relevant date, the record owner of Class B Shares as reflected on the books and
records of the Issuer or its authorized agent. 

  
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 “Class B Transfer” means any sale, transfer, assignment, conveyance,
whether voluntary or involuntary (including by operation of law), whereby any Person becomes the record holder of Class B Shares. 

“Class B Transferee” means any Person that, as a result of any Class B Transfer, becomes the record holder of the
Class B Shares subject to such Class B Transfer. 
 “Class B Transferor” means any Person that, as a result of
any Class B Transfer, is no longer the record holder of the Class B Shares subject to such Class B Transfer. 

“Closing” has the meaning set forth in Section 2.5(a) 

“Closing Date” has the meaning set forth in Section 2.5(a). 

“Closing Price” has the meaning set forth in the definition of Value. 

“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. 

“Commission” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to
enforce the Securities Act of 1933, as amended. 
 “Consent Rights” has the meaning set forth in Section 3.1(a). 

“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. For purposes of this definition, the terms “controlling,” “controlled by,” and “under common control with” have correlative
meanings. 
 “Delay Event” has the meaning set forth in Section 2.6(b). 

“Delayed Exchangeable Group Units” has the meaning set forth in Section 2.5(a). 

“Designated Class B Shares” has the meaning set forth in Section 2.1(e). 

“Distribution Holiday” has the meaning ascribed to such term in the Och-Ziff
Operating Group Partnership Agreements. 
 “Eligible Common Unit” has the meaning ascribed to such term in the Och-Ziff Operating Group Partnership Agreements. 
 “Established Exchange Date” means any
date on which the Exchange Committee shall determine to permit Exchanges pursuant to this Agreement, other than a Post-Distribution Holiday Exchange Date. 

“Exchange” means the exchange by an Och-Ziff Limited Partner of an Och-Ziff Operating Group Unit for a Class A Share (and/or the applicable Cash Amount) pursuant to Article II of this Agreement, and, as required by the context, the term “Exchange” shall refer
collectively to all Exchanges occurring on the same Exchange Date. 

  
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 “Exchange Committee” means a committee consisting of the Chief Executive
Officer of the Issuer and the Chief Financial Officer of the Issuer, who shall act together to take any action (including, without limitation, the selection of any date on which an Exchange shall be permitted, the consent to any amendment of this
Agreement pursuant to this Agreement and the determinations set forth in Section 2.2(a)) on behalf of the Exchange Committee. 

“Exchange Date” means any Established Exchange Date or Post-Distribution Holiday Exchange Date, or the date to which any such
Exchange Date may be delayed pursuant to Section 2.5(a). 
 “Exchange Exercise Notice” has the meaning set forth in
Section 2.2(b)(i). 
 “Exchange Notification” has the meaning set forth in Section 2.2(a)(i). 

“Exchange Procedures” shall mean the exchange procedures established by the Exchange Committee in its sole discretion from
time to time with respect to the appropriate notice, timing and regulatory procedures that should be complied with in connection with Exchanges permitted in accordance with this Agreement. 

“Exchange Rate” means the number of Class A Shares for which an Och-Ziff
Operating Group Unit is entitled to be exchanged. On the date of this Agreement, the Exchange Rate shall be 1 for 1, which Exchange Rate shall be subject to modification as provided in Section 2.7. 

“Exchange Right” means an Och-Ziff Limited Partner’s right to make an Exchange.

 “Exchangeable Group Unit” means one Exchangeable Common Unit (as defined in each of the
Och-Ziff Operating Group Partnership Agreements) with the same class designation in each of the Och-Ziff Operating Group Partnerships, collectively. 

“Exchanging Partner” means any Och-Ziff Limited Partner effecting an Exchange. 

“Governmental Entity” means any court, administrative agency, regulatory body, commission or other governmental authority,
board, bureau or instrumentality, domestic or foreign and any subdivision thereof. 
 “Insider Trading Policy” means the
Insider Trading Policy of the Issuer applicable to its directors and executive officers, as such insider trading policy may be amended from time to time. 

“Issuer” means Och-Ziff Capital Management Group LLC, a limited liability company
formed under the laws of the State of Delaware, and any successor thereto. 
 “Issuer Delay Notice” has the meaning set
forth in Section 2.6(b). 
 “Issuer Operating Agreement” means the Second Amended and Restated Limited Liability
Company Agreement of the Issuer, as such agreement may be amended, supplemented or restated from time to time. 

  
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 “Issuer Restricted Person” means, with respect to any proposed exchange,
(A) an Och-Ziff Limited Partner who, as of the date of such proposed exchange, (i) is a member of the Issuer’s Board of Directors or (ii) has appointed a designee to the Issuer’s Board
of Directors unless such designee (x) is not deemed an “affiliate” of such Och-Ziff Limited Partner for purposes of the Securities Exchange Act of 1934, as amended, and (y) is subject to
reasonable restrictions on the disclosure of any confidential information of the Issuer or its Affiliates to such Och-Ziff Limited Partner and his Affiliates, and (B) to the extent such Och-Ziff Limited Partner is an Issuer Restricted Person pursuant to the foregoing clause (A), such Och-Ziff Limited Partner’s Related Trusts and Affiliates. 

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

“Maximum Participation Amount” means the maximum number of Exchangeable Group Units subject to the relevant permitted
Exchange, as established by the Exchange Committee or in accordance with Section 2.2 of this Agreement, as applicable. 
 “New
York Courts” is defined in Section 3.9. 
 “Och-Ziff Corp” means Och-Ziff Holding Corporation, a corporation formed under the laws of the State of Delaware and the general partner of OZ Management and OZ Advisors, and any successor general partner thereof. 

“Och-Ziff General Partners” means, collectively,
Och-Ziff Corp and Och-Ziff Holding and any other entity from time to time serving as general partner (or equivalent) of an
Och-Ziff Operating Group Partnership. 
 “Och-Ziff
Holding” means Och-Ziff Holding LLC, a limited liability company formed under the laws of the State of Delaware and the general partner of OZ Advisors II, and any successor general partner thereof.

 “Och-Ziff Limited Partner” means each Person that is as of the date of this
Agreement or hereafter becomes a limited partner of each of the Och-Ziff Operating Group Partnerships pursuant to the terms of the applicable Och-Ziff Operating Group
Partnership Agreement. 
 “Och-Ziff Operating Group Partnership Agreements” means,
collectively, the Amended and Restated Limited Partnership Agreement of OZ Management, the Amended and Restated Limited Partnership Agreement of OZ Advisors and the Amended and Restated Limited Partnership Agreement of OZ Advisors II, as they may
each be amended, supplemented or restated from time to time, and any similar agreement of any other partnership or other entity that may hereafter become an Och-Ziff Operating Group Partnership in accordance
with this Agreement, as the same may be amended, supplemented, or restated from time to time. 

“Och-Ziff Operating Group Partnerships” means, collectively, OZ Management, OZ
Advisors, and OZ Advisors II, and any other partnership or entity whose general partner (or equivalent) is an Och-Ziff General Partner and that may hereafter become a party to this Agreement. 

“Och-Ziff Operating Group Unit” means, collectively, one common unit of a particular
class in each of the Och-Ziff Operating Group Partnerships. 

  
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 “Organizational Documents” has the meaning ascribed to such term in the Och-Ziff Operating Group Partnership Agreements. 
 “OZ Advisors” means OZ Advisors LP, a
limited partnership formed under the laws of the State of Delaware, and any successor thereto. 
 “OZ Advisors II” means OZ
Advisors II LP, a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 
 “OZ
Management” means OZ Management LP, a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 

“Partner Agreement” has the meaning ascribed to such term in the Och-Ziff Operating
Group Partnership Agreements. 
 “Permitted Transferee” means any Person who is a Permitted Transferee under the applicable
Och-Ziff Operating Group Partnership Agreement. 
 “Person” means an individual or
a corporation, limited liability company, partnership, joint venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee),
government (including a country, state, county, or any other governmental or political subdivision, agency or instrumentality thereof) or other entity (or series thereof). 

“Post-Distribution Holiday Exchange Date” means any date on which the Exchange Committee determines to permit Exchanges as
and when required or permitted pursuant to Section 2.2(a)(iv) or Section 2.5. 
 “Reallocated Och-Ziff Operating Group Units” is defined in Section 2.2(a)(v). 
 “Registration
Rights Agreement” means one or more Registration Rights Agreements providing for the registration of Class A Shares entered into among the Issuer and certain holders of Och-Ziff Operating Group
Units, as amended, modified, supplemented or restated from time to time. 
 “Registered Sale” means a sale of Class A
Shares pursuant to a Piggyback Registration (as defined in the Registration Rights Agreement). 
 “Related Trust” means,
with respect to any individual Och-Ziff Limited Partner, any other Och-Ziff Limited Partner that is an estate, family limited liability company, family limited
partnership of such individual Och-Ziff Limited Partner, a trust the grantor of which is such individual Och-Ziff Limited Partner, or any other estate planning vehicle
or family member relating to such individual Och-Ziff Limited Partner. 
 “Transfer
Agent” means such bank, trust company or other Person as shall be appointed from time to time by the Issuer pursuant to the Issuer’s Organizational Documents to act as registrar and transfer agent for the Class A Shares. 

  
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 “Value” means, on any Exchange Date with respect to a Class A Share,
the average of the daily Closing Prices for ten (10) consecutive trading days immediately preceding the Exchange Date. The “Closing Price” on any date means the last sale price for such Class A Shares, regular way, or, in
case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Class A Shares, in either case, as reported in the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on the New York Stock Exchange or, if such Class A Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which such Class A Shares are listed or admitted to trading or, if such Class A Shares are not listed or admitted to trading on any national securities exchange, the last
quoted price, or if not so quoted, the average of the high bid and low asked prices in the principal automated quotation system that may then be in use or, if such Class A Shares are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in such Class A Shares selected by the Board of Directors of the Issuer or, in the event that no trading price is available for such Class A Shares,
the fair market value of the Class A Shares, as determined in good faith by the Board of Directors of the Issuer. 
 ARTICLE II

 EXCHANGE OF OCH-ZIFF OPERATING GROUP UNITS 

Section 2.1 Exchange of Och-Ziff Operating Group Units. 

(a) Subject to adjustment as provided in this Article II, to the provisions of the Och-Ziff Operating
Group Partnership Agreements and the Issuer Operating Agreement (or the Issuer’s Organizational Documents in effect following conversion of the Issuer into a corporation) and to the other provisions of this Agreement, each Och-Ziff Limited Partner shall be entitled to exchange Exchangeable Group Units held by such Och-Ziff Limited Partner on any Established Exchange Date or, as applicable, any
Post-Distribution Holiday Exchange Date as follows: 
 (i) For the purpose of making a gratuitous transfer to any Charity,
an Och-Ziff Limited Partner may surrender Exchangeable Group Units to the Issuer in exchange for the delivery by the Issuer of a number of Class A Shares equal to the product of the number of Exchangeable
Group Units surrendered multiplied by the Exchange Rate (such exchange, an “A Exchange”); or 
 (ii)
Subject to paragraph (b) below, an Och-Ziff Limited Partner may surrender Exchangeable Group Units to the Och-Ziff Operating Group Partnerships in exchange for the
delivery by the Och-Ziff Operating Group Partnerships of a number of Class A Shares equal to the product of such number of Exchangeable Group Units surrendered multiplied by the Exchange Rate (such
exchange, a “B Exchange”); 
 (b) Notwithstanding the provisions of Section 2.1(a)(ii), the Board of Directors of the
Issuer may, in its sole and absolute discretion, elect to cause the Och-Ziff Operating Group Partnerships to acquire some or all of the Exchangeable Group Units surrendered for Exchange for cash (the
“Cash Exchange,” and the number of such Exchangeable Group Units to be 

  
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so acquired for cash, expressed as a percentage of the total number of such Exchangeable Group Units surrendered for Exchange, the “Applicable Percentage”). The amount of cash to
be paid for the Cash Exchange (the “Cash Amount”) shall equal the Aggregate Value of such surrendered Exchangeable Group Units multiplied by the Applicable Percentage. If the Board of Directors of the Issuer chooses to cause the Och-Ziff Operating Group Partnerships to acquire some or all of the surrendered Exchangeable Group Units pursuant to this Section 2.1(b), the Och-Ziff Operating Group
Partnerships shall give written notice thereof to such exchanging Och-Ziff Limited Partner on or before the close of business three days prior to Closing, and the number of Class A Shares to be delivered
pursuant to Section 2.1(a)(ii) hereof shall be correspondingly reduced. 
 (c) On the date Exchangeable Group Units are surrendered for
exchange, all rights of the exchanging Och-Ziff Limited Partner as holder of such Exchangeable Group Units and the Designated Class B Shares shall be automatically cancelled as provided in
Section 2.1(e), and such exchanging Och-Ziff Limited Partner shall be treated for all purposes as having become the Record Holder (as defined in the Issuer Operating Agreement) of the Class A Shares
issued in exchange for such Exchangeable Group Units and shall be admitted as a Member (as defined in the Issuer Operating Agreement) of the Issuer in accordance and upon compliance with Section 3.1 of the Issuer Operating Agreement (or in
accordance with any applicable provisions of the Issuer’s Organizational Documents in effect following conversion of the Issuer into a corporation). 

(d) For the avoidance of doubt, any Och-Ziff Limited Partner’s Exchange Rights shall be subject
to the provisions of the Och-Ziff Operating Group Partnership Agreements and any applicable Partner Agreement, including applicable vesting provisions and transfer restrictions. Further, the Issuer shall cause
each of the Och Ziff Operating Group Partnerships to have in effect an election under Section 754 of the Code for the taxable year of any Exchange. 

(e) In the case of any Exchange, the Designated Class B Shares shall be automatically cancelled on the books and records of the Issuer
and such Designated Class B Shares shall have no further rights or privileges and shall no longer be deemed to be outstanding limited liability company interests of the Issuer for any purpose from and after the Exchange Date. The term
“Designated Class B Shares” means a number of Class B Shares equal to the Class B Exchange Amount identified and determined as follows: 

(i) If the Exchanging Partner is a Class B Shareholder that, immediately prior to such Exchange, is the record owner of a
number of Class B Shares at least equal to the Class B Exchange Amount, the portion of such Class B Shares equal to the Class B Exchange Amount shall constitute the Designated Class B Shares; 

(ii) If the Exchanging Partner is a Class B Shareholder that, immediately prior to such Exchange, is the record owner of
a number of Class B Shares that is less than the Class B Exchange Amount, all of such Class B Shares, together with other Class B Shares held by such Exchanging Partner’s Applicable Partner Group in an amount equal to the
difference between the Class B Exchange Amount and the number of Class B Shares held by such Exchanging Partner shall constitute the Designated Class B Shares; 

  
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 (iii) If the Exchanging Partner is not a Class B Shareholder
immediately prior to such Exchange, then Class B Shares held by such Exchanging Partner’s Applicable Partner Group in an amount equal to the Class B Exchange Amount shall constitute the Designated Class B Shares. 

(iv) Any Class B Shares held by an Exchanging Partner’s Applicable Partner Group that constitute Designated
Class B Shares as determined pursuant to clause (ii) or (iii) of this Section 2.1(e) shall be cancelled in the applicable Exchange on a pro rata basis among all members of the Applicable Partner Group, based on the number of
Class B Shares held of record by each Class B Shareholder included in such Applicable Partner Group. 
 (f) Any Issuer Restricted
Person shall be subject to and comply with the Issuer’s Insider Trading Policy as applicable to members of the Issuer’s Board of Directors generally, including, without limitation, in connection with the exercise of such Issuer Restricted
Person’s Exchange Rights. Each Och-Ziff Limited Partner shall in all cases comply with applicable securities laws in connection with any subsequent transaction in Class A Shares. Any period in which
such Issuer Restricted Person is not permitted to exercise its Exchange Rights pursuant to the Insider Trading Policy is referred to herein as a “Blackout Period.” 

Section 2.2 Exchange Procedures. 

(a) 
 (i) Except
as provided in this Section 2.2(a), no Och-Ziff Limited Partner shall be entitled to effect an Exchange at any time. In the event that the Exchange Committee determines to permit an Exchange by the Och-Ziff Limited Partners pursuant to this Agreement other than an Exchange pursuant to Section 2.2(a)(iv) below (or is required to permit an Exchange pursuant to Section 2.2(a)(v) below), the Exchange
Committee shall provide written notice thereof (an “Exchange Notification”) to each Och-Ziff Limited Partner that sets forth, as and if applicable, the applicable Established Exchange Date,
the Maximum Participation Amount and the number of Exchangeable Group Units that may be Exchanged by such Och-Ziff Limited Partner on such Established Exchange Date, and the aggregate number of Reallocated Och-Ziff Operating Group Units. Any such Exchange Notification shall be delivered at least 20 Business Days prior to any such Established Exchange Date, unless the Issuer consents to a shorter period. An Established
Exchange Date must be a Business Day. 
 (ii) Prior to the final day of the Distribution Holiday, the Exchange Committee, in
consultation with the Issuer’s Board of Directors, shall have the right to establish any number of Established Exchange Dates during any fiscal year, but shall have no obligation to set any Established Exchange Dates during any given fiscal
year. 

  
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 (iii) If and to the extent the Exchange Committee determines to permit an
Exchange pursuant to Section 2.2(a)(ii), the Exchange Committee may establish a Maximum Participation Amount. In the case of any permitted Exchange pursuant to Section 2.2(a)(ii), each Och-Ziff
Limited Partner shall be entitled to Exchange in any such permitted Exchange up to that number of Exchangeable Group Units equal to the aggregate number of Exchangeable Group Units held by such Och-Ziff
Limited Partner multiplied by a fraction the numerator of which shall be the Maximum Participation Amount and the denominator of which shall be the aggregate number of Exchangeable Group Units outstanding (and subject to this Agreement). To the
extent any Och-Ziff Limited Partner does not participate up to its pro rata portion of the Maximum Participation Amount, the Exchange Committee may, in its sole discretion, permit the other Och-Ziff Limited Partners to Exchange such additional Exchangeable Group Units in the same proportions as determined above. Notwithstanding the foregoing, if the Exchange Committee permits any Exchange in connection
with a Tag-Along Sale or Drag-Along Sale (as such terms are defined in the Och-Ziff Operating Group Partnership Agreements), the Exchange Committee shall establish an
Established Exchange Date and all Och-Ziff Operating Group Units that are eligible to participate in such Tag-Along Sale or Drag-Along Sale in accordance with the terms
of the Och-Ziff Operating Group Partnership Agreements and any applicable Partner Agreements (other than Class P Och-Ziff Operating Group Units) shall be treated
the same as Exchangeable Group Units for all purposes of this Agreement and the relevant Och-Ziff Limited Partners shall be permitted to Exchange on such Established Exchange Date. 

(iv) As of and following the last day of the Distribution Holiday, and subject to the other provisions of this Agreement
(including but not limited to Section 2.2(c)), if at any time any Och-Ziff Limited Partner holds Exchangeable Group Units, the Exchange Committee shall set a Post-Distribution Holiday Exchange Date as
soon as reasonably practicable in accordance with the Exchange Procedures, this Section 2.2(a)(iv) and Section 2.2(b)(ii); provided, however, that (i) subject to the other provisions of this Agreement, the first
Post-Distribution Holiday Exchange Date shall occur as soon as the Och-Ziff Operating Group Partnerships are reasonably able to determine their net income for the Distribution Holiday Achievement Quarter but
in no event later than 45 calendar days after the last day of the Distribution Holiday; (ii) only one Post-Distribution Holiday Exchange Date shall be required per fiscal quarter; and (iii) the Exchange Committee shall consider in good
faith establishing more frequent Post-Distribution Holiday Exchange Dates as provided in the final paragraph of this Section 2.2(a)(iv) in any year in which it determines that each Och-Ziff Operating
Group Partnership will satisfy the 100-partner safe harbor described in Treasury Regulation section 1.7704-1(h) for the relevant year. A Post-Distribution Holiday
Exchange Date must be a Business Day. An Och-Ziff Limited Partner may exercise the right to exchange Och-Ziff Operating Group Units on any applicable Post-Distribution
Holiday Exchange Date if and to the extent such Och-Ziff Operating Group Units have become Exchangeable Group Units pursuant to the terms of the Och-Ziff Operating Group
Partnership Agreements. Under the Och-Ziff Operating Group Partnership Agreements, Eligible Common Units become Exchangeable Group Units as follows: 

  
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 (A) If an Och-Ziff Limited Partner
holds any Eligible Common Units as of the last day of the Distribution Holiday, such Eligible Common Units will become eligible for exchange over a period of two years with one-third of such Eligible Common
Units becoming eligible to be exchanged on any Exchange Date following the last day of the Distribution Holiday, two-thirds of such Eligible Common Units (to the extent not already exchanged) being eligible to
be exchanged on any Exchange Date following the first anniversary of the last day of the Distribution Holiday, and with any such Eligible Common Units not previously exchanged being eligible to be exchanged on any Exchange Date following the second
anniversary of the last day of the Distribution Holiday; and 
 (B) If an Och-Ziff
Limited Partner holds any Och-Ziff Operating Group Units that are not Eligible Common Units as of the last day of the Distribution Holiday or are issued after the last day of the Distribution Holiday but, in
either case, become Eligible Common Units after the last day of the Distribution Holiday, then any such Eligible Common Unit will become eligible to be exchanged on any Exchange Date following the later of (i) the date upon which it became an
Eligible Common Unit and (ii) the date on which it would have become eligible for exchange pursuant to paragraph (A) above if it had been an Eligible Common Unit as of the last day of the Distribution Holiday. 

In addition to setting one Post-Distribution Holiday Exchange Date per fiscal quarter as provided above, the Exchange Committee
may set additional Post-Distribution Holiday Exchange Dates with respect to any outstanding Exchangeable Group Units in accordance with the Exchange Procedures, this Section 2.2(a)(iv) and Section 2.2(b)(ii); provided that
participation in any such additional Post-Distribution Holiday Exchange Date shall be made available to all holders of Exchangeable Group Units. 

(v) Notwithstanding, and in addition to any Exchange Dates that may be scheduled pursuant to Sections 2.2(a)(ii), 2.2(a)(iii)
or 2.2(a)(iv), but subject to the limitations set forth herein, including Section 2.5(a) and any Delay Event, in the event any Och-Ziff Limited Partner receives
Och-Ziff Operating Group Units as a result of the reallocation of such Och-Ziff Operating Group Units pursuant to any Och-Ziff
Operating Group Partnership Agreement in a transaction that the Exchange Committee determines, in its sole and absolute discretion, is taxable to the recipient of such Och-Ziff Operating Group Units (such
units, “Reallocated Och-Ziff Operating Group Units”), the Exchange Committee shall promptly determine an Established Exchange Date and deliver an Exchange Notification pursuant to
Section 2.2(a)(i) to permit each such Och-Ziff Limited Partner to Exchange fifty percent (50%) of such Reallocated Och-Ziff Operating Group Units. 

(b) 
 (i) With
respect to Exchanges under Section 2.2(a) other than Exchanges pursuant to Section 2.2(a)(iv), upon receipt of an Exchange Notification, an Och-Ziff Limited Partner may exercise its right to exchange
Exchangeable Group Units as set forth in Section 2.1(a) by providing a written notice of exchange (an “Exchange Exercise Notice”) at least ten (10) Business Days prior to the applicable Established Exchange Date and in
accordance with the applicable Exchange Procedures. 

  
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 (ii) With respect to Exchanges under Section 2.2(a)(iv), an Och-Ziff Limited Partner may exercise the right to exchange Exchangeable Group Units as set forth in Section 2.1(a) by providing an Exchange Exercise Notice no less than thirty (30) days prior to the
desired Post-Distribution Holiday Exchange Date in accordance with the applicable Exchange Procedures. 
 (iii) An Exchange
Exercise Notice shall be delivered to the Issuer, in the case of an A Exchange, and each of the Och-Ziff Operating Group Partnerships, in the case of a B Exchange, (X) in the case of an A Exchange,
substantially in the form of Exhibit A hereto, and (Y) in the case of a B Exchange, substantially in the form of Exhibit B hereto, duly executed by such holder or such holder’s duly authorized attorney in respect of the Och-Ziff Operating Group Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Issuer and the Och-Ziff General
Partners. 
 (iv) As promptly as practicable following the surrender of Och-Ziff
Operating Group Units upon an Exchange in the manner provided in this Article II, the Issuer, in the case of an A Exchange, or the Och-Ziff Operating Group Partnerships, in the case of a B Exchange, shall
deliver or cause to be delivered at the principal executive offices of the Issuer or at the office of the Transfer Agent the number of Class A Shares issuable upon such Exchange, issued in the name of such exchanging Och-Ziff Limited Partner, and/or the applicable Cash Amount, if any. 
 (c) The Issuer, in the case of an
A Exchange, or the Och-Ziff Operating Group Partnerships, in the case of a B Exchange, may adopt reasonable procedures for the implementation of the exchange provisions set forth in this Article II, which
procedures shall apply ratably to all holders of Exchangeable Group Units, pro rata based on the Exchangeable Group Units held by such holder, and which procedures shall not delay the applicable exchange or impose any material obligations or other
liabilities on the applicable holders of Exchangeable Group Units. 
 Section 2.3 Concurrent Exchanges. The obligation with
respect to a B Exchange represents a several, and not a joint and several, obligation of the Och-Ziff Operating Group Partnerships, and no Och-Ziff Operating Group
Partnership shall have any obligation or right to acquire the portion of one or more Och-Ziff Operating Group Units issued by another Och-Ziff Operating Group
Partnership. Notwithstanding any other provision of this Agreement, an Exchange Exercise Notice shall not be valid unless the Och-Ziff Limited Partner giving such Exchange Exercise Notice requests an exchange
of an equal number of Och-Ziff Operating Group Units in each Och-Ziff Operating Group Partnership. 

Section 2.4 Engagement of a Financial Advisor. Upon receiving a valid Exchange Exercise Notice pursuant to Section 2.2(b),
the Och-Ziff Operating Group Partnerships shall collectively engage a financial advisor of national reputation to determine the relative value of each Och-Ziff Operating
Group Partnership as of the applicable Closing Date and the parties hereto agree to be bound by such financial advisor’s determination, including, without limitation, for tax reporting purposes. The
Och-Ziff Operating Group Partnerships shall be responsible for the fees and expenses of such financial advisor. The parties agree, however, that in the event that the
Och-Ziff Operating Group Partnerships have received a valuation or an opinion from a financial advisor of national reputation regarding such relative values, and each of the
Och-Ziff General Partners 

  
 12 

 
determines in its good faith judgment that no material change has occurred since the date of such valuation or opinion, or is expected to occur prior to Closing, with respect to the Och-Ziff Operating Group Partnerships, the Och-Ziff Operating Group Partnerships may elect to use such valuation or opinion for purposes of this Section 2.4 and the
parties hereto agree to be bound by such valuation or opinion, including, without limitation, for tax reporting purposes. 

Section 2.5 Closing. 

(a) If an Exchange Exercise Notice has been timely delivered pursuant to Section 2.2(b), then the closing (the
“Closing”) of the transactions contemplated by Section 2.1 shall take place on the third Business Day following the Exchange Date (as such date may be delayed pursuant to this Section 2.5(a), the “Closing
Date”) at the offices of the Issuer at 9 West 57th Street, New York, New York 10019 (or such other place as the parties to such Exchange shall agree). In the case of an Issuer Restricted
Person, if any Exchange Date would otherwise occur during a Blackout Period (or within two Business Days of the expiration of a Blackout Period), such Exchange Date shall be delayed until the third Business Day following the expiration of any such
Blackout Period (or such other date as the parties to such Exchange shall agree), unless such delay would not be required by the Exchange Procedures. In the case of an Issuer Restricted Person, if any Closing Date would otherwise occur during a
Blackout Period, such Closing Date shall be delayed until the third Business Day following the expiration of any such Blackout Period, unless such delay would not be required by the Exchange Procedures. In the event that the Issuer’s Board of
Directors determines that an Exchange on any Exchange Date would be likely to result in an ownership change within the meaning of Section 382 of the Code of the Issuer or Och-Ziff Corp (an
“Ownership Change”), at a time when the Issuer or Och-Ziff Corp has net operating losses, net operating loss carryforwards or net unrealized built-in
losses (within the meaning of Section 382 of the Code), in an aggregate amount of at least $50 million and such Ownership Change would result in a material limitation on their ability to utilize such tax attributes, then the Exchange
Committee may in its sole and absolute discretion delay such Exchange Date (the “Section 382 Delay Right”) with respect to the minimum number of Exchangeable Group Units that it determines must be delayed to avoid the possibility of
any such Ownership Change (the “Delayed Exchangeable Group Units”), until no later than the end of the fiscal year during which such Exchange Date occurs; provided that (i) the Exchange Committee shall establish an
additional Exchange Date at least once every fiscal quarter with respect to the maximum number of Delayed Exchangeable Group Units that may be exchanged without resulting in an Ownership Change where such Ownership Change would result in a material
limitation on the Issuer’s or Och-Ziff Corp’s ability to utilize such tax attributes, pro rata between all Exchanging Partners based on their number of Delayed Exchangeable Group Units, (ii) if
the Exchange Date is delayed with respect to some but not all of such Exchangeable Group Units, the Delayed Exchangeable Group Units shall be pro-rated between all Exchanging Partners based on the number of
their participating Exchangeable Group Units and (iii) the Section 382 Delay Right may be exercised by the Exchange Committee only once (and once exercised may also be applied to any subsequent Exchange Dates (subject to clause
(i) above) within the same fiscal year as the Exchange Date with respect to which the Section 382 Delay Right was exercised), regardless of whether any Exchanges pursuant to a subsequent Exchange Date in a subsequent fiscal year would
result in an Ownership Change. The Issuer and the Och-Ziff Operating Group Partnerships hereby agree that upon any additional issuance of any units or other equity interests by the Och-Ziff Operating Group Partnerships or their subsidiaries that may be exchanged or converted into equity interests of the Issuer or Och-Ziff Corp, such units shall not be
granted any exchange rights that are senior or pari passu to the exchange rights with respect to the Exchangeable Group Units hereunder. 

  
 13 

 (b) No Exchange shall be permitted (and, if attempted, shall be void ab initio) if the Och-Ziff General Partner of any Och-Ziff Operating Group Partnership determines in its sole and absolute discretion that such an Exchange would pose a material risk that such Och-Ziff Operating Group Partnership would be a “publicly traded partnership” as defined in Section 7704 of the Code. The Och-Ziff General Partners, based upon
the advice of outside counsel, shall be permitted to establish revised exchange procedures they determine are necessary or appropriate to ensure that each of the Och-Ziff Operating Group Partnerships will not
be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. Notwithstanding the foregoing, the parties agree that, (i) under current law, as long as the Exchange Notification is
timely provided pursuant to Section 2.2(b)(ii), any Exchange occurring pursuant to Section 2.2(a)(iv)’s once per fiscal quarter Post-Distribution Holiday Exchange Dates does not pose a material risk that any Och-Ziff Operating Group Partnership will be a “publicly traded partnership” as defined in Section 7704 of the Code and (ii) in the event of a change in law that necessitates revised exchange
provisions hereunder, any such revised exchange provisions shall be implemented in a manner that imposes the most minimal delays, conditions or other burdens possible and in no event will delay any Exchange beyond the end of the fiscal year in which
such Exchange would have otherwise been completed. 
 (c) Closing Conditions. The obligations of any of the parties to consummate an
Exchange pursuant to this Article II shall be subject to the conditions that (i) there shall be no injunction, restraining order or decree of any nature of any Governmental Entity that is then in effect that restrains or prohibits the Exchange
by the applicable Och-Ziff Limited Partner of its Och-Ziff Operating Group Units for Class A Shares and (ii) no such Exchange shall be prohibited by applicable
law or regulations. 
 (d) Closing Deliveries. At each Closing, with respect to each Och-Ziff
Limited Partner that elects to participate in the Exchange: 
 (i) to the extent reasonably requested by the Transfer Agent
and/or the Issuer in the case of an A Exchange, and/or any Och-Ziff Operating Group Partnership, in the case of a B Exchange, such Och-Ziff Limited Partner shall deliver
instructions and/or other instruments of transfer, in form and substance reasonably satisfactory to such Transfer Agent, the Issuer and/or such Och-Ziff Operating Group Partnership, as applicable, duly
executed by such Och-Ziff Limited Partner or such Och-Ziff Limited Partner’s duly authorized attorney, and transfer tax stamps or funds therefor, if required,
representing a number of Och-Ziff Operating Group Units to be exchanged; 
 (ii)
such Och-Ziff Limited Partner shall represent to the Issuer or the Och-Ziff Operating Group Partnerships, as applicable, that all of its
Och-Ziff Operating Group Units delivered at Closing are delivered free and clear of any and all Liens; 

  
 14 

 (iii) if such Och-Ziff Limited
Partner has delivered a number of Och-Ziff Operating Group Units pursuant to this Section 2.5(d) that represent a greater number of Och-Ziff Operating Group Units
than can be exchanged in such Exchange, the relevant Och-Ziff Operating Group Partnership will deliver back the number of Och-Ziff Operating Group Units, as applicable,
not subject to the Exchange; 
 (iv) in the case of an A Exchange, the Issuer shall deliver to the Och-Ziff Limited Partners participating in the Exchange a number of Class A Shares equal to the number of Och-Ziff Operating Group Units being surrendered in such A
Exchange; 
 (v) in the case of a B Exchange, each Och-Ziff Operating Group
Partnership shall deliver the number of Class A Shares corresponding to the units of partnership interest of such Och-Ziff Operating Group Partnership comprising part of the
Och-Ziff Operating Group Units that are the subject of such B Exchange and/or its proportionate share of the Cash Amount (if any), in each case determined by reference to the relative value of such Och-Ziff Operating Group Partnership established with respect to such Exchange pursuant to Section 2.4; and 

(vi) to the extent reasonably requested by the Issuer in the case of an A Exchange, or by any
Och-Ziff Operating Group Partnership, in the case of a B Exchange, such Och-Ziff Limited Partner shall deliver a “big boy” representation letter, in customary
form and substance, duly executed by such Och-Ziff Limited Partner. 
 (vii)
Delivery and transfer of any securities hereunder may be effected by book-entry transfer if and to the extent such securities are not held or issued in certificated form. 

Section 2.6 Revocability; Expenses; Notice of Unavailability of Registration Statement. 

(a) An Och-Ziff Limited Partner may revoke an Exchange Exercise Notice with respect to any or all of
the Och-Ziff Operating Group Units set forth in such Och-Ziff Limited Partner’s Exchange Exercise Notice by delivery of a written notice to the Och-Ziff Operating Group Partnerships (i) no later than ten (10) days after providing such Exchange Exercise Notice or (ii) at any time prior to Closing as a result of a Delay Event, except no
revocation shall be permitted if such revocation would be inconsistent with the applicable Exchange Procedures. 
 (b) If at any time after
delivery of an Exchange Exercise Notice with respect to a proposed Exchange and prior to the Closing of such Exchange, the Issuer determines that (i) the Exchange Date will be delayed, suspended or terminated in accordance with
Section 2.5(a), (b) or (c) or, solely in the case of Issuer Restricted Persons, during any Blackout Period, and/or (ii) the Class A Shares which may be issued in connection with an Exchange relating to a Registered Sale will not
be eligible to be sold pursuant to an effective registration statement on the anticipated Closing Date or within two Business Days of the anticipated Closing Date for any reason (collectively, a “Delay Event”), the Issuer shall
promptly notify each Och-Ziff Limited Partner that has delivered an Exchange Exercise Notice in connection with such proposed Exchange of such Delay Event (an “Issuer Delay Notice”). The
Issuer Delay Notice shall describe, in 

  
 15 

 
reasonable detail, the events giving rise to the Delay Event, the anticipated duration of such Delay Event and, if reasonably determinable in light of the facts and circumstances surrounding such
Delay Event, a revised proposed Exchange Date and Closing Date, which shall be as promptly as practicable after the relevant circumstances giving rise to such Delay Event have terminated. In the event the Issuer Delay Notice does not include a
revised proposed Exchange Date and Closing Date, the Issuer shall promptly notify each recipient of the revised proposed Exchange Date and Closing Date when such dates become reasonably determinable. 

(c) Each party hereto shall bear his own expenses in connection with the consummation of any of the transactions contemplated hereby, whether
or not any such transaction is ultimately consummated. 
 Section 2.7 Splits, Distributions and Reclassifications. The Exchange
Rate shall be adjusted accordingly if there is: (1) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the Och-Ziff Operating Group Units that is not accompanied by an identical subdivision or combination of the Class A Shares; or (2) any subdivision (by split, distribution, reclassification, recapitalization
or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the Class A Shares that is not accompanied by an identical subdivision or combination of the Och-Ziff
Operating Group Units. In the event of a reclassification or other similar transaction as a result of which the Class A Shares are converted into another security, then an Och-Ziff Limited Partner shall
be entitled to receive upon exchange the amount of such security that such Och-Ziff Limited Partner would have received if such exchange had occurred immediately prior to the effective date of such
reclassification or other similar transaction. Except as may be required in the immediately preceding sentence, no adjustments in respect of distributions shall be made upon an Exchange. 

Section 2.8 Taxes. The delivery of Class A Shares upon an Exchange shall be made without charge to the Och-Ziff Limited Partners for any stamp or other similar tax in respect of such issuance. 

Section 2.9 Call Right. Notwithstanding any other provision of this Agreement, Och-Ziff
Corp shall have the right (the “Call Right”), but not the obligation, to assume OZ Advisors II’s obligations to effect an Exchange at any particular Closing with respect to Och-Ziff
Operating Group Units issued by OZ Advisors II. Och-Ziff Corp may exercise the Call Right by giving written notice to such effect to OZ Advisors II prior to such Closing. 

ARTICLE III 
 GENERAL
PROVISIONS 
 Section 3.1 Amendment. 

(a) Subject to Section 3.1(c), no provision of this Agreement may be amended unless such amendment is approved in writing by the Issuer, Och-Ziff Corp, Och-Ziff Holding, and the Och-Ziff Operating Group Partnerships, and by the
Och-Ziff Limited Partners who, together with their Permitted Transferees, collectively hold at least two-thirds of the Och-Ziff
Operating Group Units collectively held by all of the Och-Ziff Limited Partners and their respective 

  
 16 

 
Permitted Transferees; provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on certain Och-Ziff
Limited Partners unless all such Och-Ziff Limited Partners disproportionately affected consent in writing to such amendment and provided, further, no such amendment shall impair or diminish the
rights of the Exchange Committee, unless approved by the Exchange Committee. 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. No voting rights, consent
rights or similar rights of an Och-Ziff Limited Partner under any provision of this Agreement (“Consent Rights”) shall be exercisable by any Och-Ziff
Limited Partner that is a Related Trust of an Individual Limited Partner (as defined in the Och-Ziff Operating Group Partnership Agreements) and any such Consent Rights shall instead be exercisable by such
Individual Limited Partner on behalf of such Related Trust and, for purposes of this Agreement, the Och-Ziff Operating Group Units of an Och-Ziff Limited Partner that is
a Related Trust of such Individual Limited Partner shall be treated as being owned by such Individual Limited Partner. 
 (b) No failure or
delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 (c)
The Exchange Committee, the Issuer, Och-Ziff Corp and Och-Ziff Holding may, on behalf of themselves and the respective partnerships they control, amend this Agreement in
writing without the approval or consent of any Och-Ziff Limited Partner or Permitted Transferees if such amendment does not materially and adversely affect any Och-Ziff
Limited Partner’s Exchange Right. 
 (d) Each Och-Ziff Limited Partner hereby expressly
consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or written consent of less than all of the Och-Ziff Limited Partners, such action may
be so taken upon the concurrence of less than all of the Och-Ziff Limited Partners and each Och-Ziff Limited Partner shall be bound by the results of such action. 

(e) This Agreement may be amended in accordance with the provisions of this Section 3.1 without the consent of any Class B
Shareholder (in its capacity as such). 
 Section 3.2 Addresses and Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or
certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 3.2): 

 

	 	(a)	 If to the Issuer, to: 

9 West 57th Street 

New York, New York 10019 

Attention: Chief Legal Officer 

Fax: (212) 790-0077 

Electronic Mail: David.Levine@ozm.com 

  
 17 

	 	(b)	 If to 

OZ Management LP 

OZ Advisors LP 

OZ Advisors II LP, 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: David.Levine@ozm.com 
  

	 	(c)	 If to any Och-Ziff Limited Partner, to: 

the address and facsimile number set forth for such Och-Ziff Limited 

Partner in the records of the Och-Ziff Operating Group Partnerships. 

 

	 	(d)	 If to any Class B Shareholder, to: 

the address and facsimile number set forth for such Class B 

Shareholder in the records of the Issuer. 

Section 3.3 Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 3.4 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted or required by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. This Agreement shall be
binding on each Person who becomes a Class B Shareholder, whether or not such Person executes and delivers a joinder to this Agreement pursuant to Section 3.5(c). 

Section 3.5 Partners; Och-Ziff Operating Group Partnerships. 

(a) To the extent an Och-Ziff Limited Partner (or an applicable Permitted Transferee) validly
transfers any or all of its Och-Ziff Operating Group Units to a Permitted Transferee of such Och-Ziff Limited Partner or to any other Person in a transaction not in
contravention of, and in accordance with, the applicable Och-Ziff Operating Group Partnership Agreements, then such Person shall have the right to execute and deliver a joinder to this Agreement, in form and
substance reasonably satisfactory to the Och-Ziff Operating Group Partnerships. Upon execution of any such joinder, such Person shall be entitled to all of the rights and shall be bound by each of the
obligations applicable to the relevant transferor hereunder. 

  
 18 

 (b) Each of the Issuer, Och-Ziff Corp and Och-Ziff Holding hereby agree that if any other Person subsequently becomes an Och-Ziff General Partner or Och-Ziff Operating Group
Partnership, as applicable, it will cause such Person to execute a joinder to this Agreement and become an “Och-Ziff General Partner” or an “Och-Ziff
Operating Group Partnership” for all purposes of this Agreement, and this Agreement shall be amended to the extent necessary to reflect such joinder. 

(c) Each Class B Shareholder hereby agrees that if such Class B Shareholder is a Class B Transferor, it will cause the
Class B Transferee to execute a joinder to this Agreement and become a “Class B Shareholder” for all purposes of this Agreement, and this Agreement shall be amended to the extent necessary to reflect such joinder. 

Section 3.6 Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 3.7 Integration. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter
hereof and supersedes all prior agreements and understandings pertaining thereto. 
 Section 3.8 Waiver. No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty,
agreement or condition. 
 Section 3.9 Submission to Jurisdiction; Dispute Resolution. Each party to this Agreement hereby
irrevocably and unconditionally, with respect to any matter or dispute arising under, or in connection with, this Agreement and the transactions contemplated hereby (i) submits for itself and its property in any legal action or proceeding
relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of
New York, and any appellate courts thereof (the “New York Courts”) (and covenants not to commence any legal action or proceeding in any other venue or jurisdiction); (ii) consents that any such action or proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;
(iii) agrees that service of process in any such action will be in accordance with the laws of the State of New York but that nothing herein shall affect the right to effect service of process in any other manner permitted by law;
(iv) waives any and all immunity from suit, execution, attachment or other legal process; and (v) waives in connection with any such action any and all rights to a jury trial. The parties agree that any judgment of any New York Court may
be enforced in any court having jurisdiction over any party of any of their assets. 

  
 19 

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

Section 3.11 Tax Treatment. To the extent this Agreement imposes obligations upon a particular
Och-Ziff Operating Group Partnership or a general partner of an Och-Ziff Operating Group Partnership, this Agreement shall be treated as part of the relevant Och-Ziff Operating Group Partnership Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and
1.761-1(c) of the Treasury Regulations. As required by the Code and the Treasury Regulations, the parties shall report any B Exchange consummated hereunder, in the case of OZ Management and OZ Advisors, as a
taxable sale of Och-Ziff Operating Group Units by an Och-Ziff Limited Partner to Och-Ziff Corp, and in the case of OZ Advisors
II, as a taxable sale of Och-Ziff Operating Group Units to Och-Ziff Holding, and no party shall take a contrary position on any income tax return, amendment thereof or
communication with a taxing authority. 
 Section 3.12 Reporting Requirements. The Issuer shall use reasonable efforts to comply
with the periodic reporting requirements under the Securities Exchange Act of 1934, as amended, for so long as any class of the Issuer’s equity securities is listed for trading on any national securities exchange. 

Section 3.13 Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware (without regard to conflicts of laws principles thereof). 
 [Remainder of Page Intentionally Left Blank] 

  
 20 

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

			
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
		
	By:	 	/s/ Thomas Sipp
	Name:	 	Thomas Sipp
	Title:	 	CFO and Executive Managing Director
	
	OCH-ZIFF HOLDING CORPORATION
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	CFO and Executive Managing Director
	
	OCH-ZIFF MANAGEMENT LP
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	CFO and Executive Managing Director

  
 [Signature Page to
Amended and Restated Exchange Agreement] 

 
			
	 OZ ADVISORS LP

		
	By:	 	 Och Ziff Holding Corporation,

		 	its General Partner
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	 Chief Financial Officer

	
	OCH-ZIFF HOLDING LLC
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	 Chief Financial Officer

	
	 OZ ADVISORS II LP

		
	By:	 	 Och-Ziff Holding LLC,

		 	its General Partner
		
	By:	 	 /s/ Thomas Sipp

	Name:	 	Thomas Sipp
	Title:	 	 Chief Financial Officer

  
 [Signature Page to
Amended and Restated Exchange Agreement] 

			
	EXCHANGE COMMITTEE
		
	By:	 	 /s/ Daniel S. Och

	Name:	 	Daniel S. Och
	Title:	 	Chairman

  
 [Signature Page to
Amended and Restated Exchange Agreement] 

 EXHIBIT A 

[FORM OF] 
 NOTICE OF A
EXCHANGE 
 Och-Ziff Capital Management Group LLC 

9 West 57th Street 

New York, New York 10019 
 Attention: Chief Legal Officer 

Fax: (212) [    ] 
 Electronic Mail:
[    ] 
 Reference is hereby made to the Amended and Restated Exchange Agreement, dated as of February 7, 2019 (as
amended, supplemented, or restated from time to time, the “Exchange Agreement”), among Och-Ziff Capital Management Group LLC, Och-Ziff Holding
Corporation, Och-Ziff Holding LLC, OZ Management LP, OZ Advisors LP, OZ Advisors II LP and the Och-Ziff Limited Partners from time to time party thereto, as amended from
time to time. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 
 The
undersigned Och-Ziff Limited Partner desires to exchange the number of Och-Ziff Operating Group Units set forth below. 

Legal Name of Och-Ziff Limited Partner:
                                         
                                         
                   
 Address:
                                         
                                         
                                         
                                         
         
 Type of Exchange: A Exchange. 

Number of Och-Ziff Operating Group Units to be exchanged:
                                         
                                

The undersigned (1) hereby represents that the Och-Ziff Operating Group Units set forth above are owned by the
undersigned, free of all Liens, (2) hereby exchanges such Och-Ziff Operating Group Units for Class A Shares and/or the applicable Cash Amount as set forth in the Exchange Agreement, (3) hereby
irrevocably constitutes and appoints any officer of the Och-Ziff Operating Group Partnerships, the Och-Ziff General Partners or the Issuer as its attorney, with full
power of substitution, to exchange said Och-Ziff Operating Group Units on the books of the Och-Ziff Operating Group Partnerships for Class A Shares on the books of
the Issuer, with full power of substitution in the premises and/or the applicable Cash Amount. 

  
 A-1 

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

	
	  

Name:

  

			
	Dated:	 	  

  

  
 A-2 

 EXHIBIT B 

[FORM OF] 
 NOTICE OF B
EXCHANGE 
 Och-Ziff Holding Corporation 

Och-Ziff Holding LLC 
 OZ
Management LP 
 OZ Advisors LP 
 OZ Advisors II LP 

9 West 57th Street 

New York, New York, 10019 
 Attention: Chief Legal Officer 

Fax: (212) [    ] 
 Electronic Mail:
[    ] 
 Reference is hereby made to the Amended and Restated Exchange Agreement, dated as of February 7, 2019 (as
amended, supplemented, or restated from time to time, the “Exchange Agreement”), among Och-Ziff Capital Management Group LLC, Och-Ziff Holding
Corporation, Och-Ziff Holding LLC, OZ Management LP, OZ Advisors LP, OZ Advisors II LP and the Och-Ziff Limited Partners from time to time party thereto, as amended from
time to time. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 
 The
undersigned Och-Ziff Limited Partner desires to exchange the number of Och-Ziff Operating Group Units set forth below. 

Legal Name of Och-Ziff Limited Partner:
                                         
                                         
           
 Address:
                                         
                                         
                                         
                                         
                 
 Type of Exchange: B Exchange. 

Number of Och-Ziff Operating Group Units to be exchanged:
                                         
                            

The undersigned (1) hereby represents that the Och-Ziff Operating Group Units set forth above are owned by the
undersigned, free of all liens, (2) hereby exchanges such Och-Ziff Operating Group Units for Class A Shares and/or the applicable Cash Amount as set forth in the Exchange Agreement, (3) hereby
irrevocably constitutes and appoints any officer of the Och-Ziff Operating Group Partnerships, the Och-Ziff General Partners or the Issuer as its attorney, with full
power of substitution, to exchange said Och-Ziff Operating Group Units on the books of the Och-Ziff Operating Group Partnerships for Class A Shares on the books of
the Issuer, with full power of substitution in the premises and/or the applicable Cash Amount. 

  
 B-1 

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

	
	  

Name:

  

			
	Dated:	 	  

  
 2EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 
  

 
 SECOND AMENDED AND RESTATED

 REGISTRATION RIGHTS AGREEMENT 

OF 
 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 
 Dated as of February 7, 2019 

 
  

 TABLE OF CONTENTS 

 

							
	Page	 
	 ARTICLE I DEFINITIONS AND OTHER MATTERS
	  	 	1	 
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Definitions Generally	  	 	5	 
		
	ARTICLE II REGISTRATION RIGHTS	  	 	6	 
	 Section 2.1
	 	Shelf Registration	  	 	6	 
	 Section 2.2
	 	Suspension of Use of Registration Statement	  	 	8	 
	 Section 2.3
	 	Piggyback Registration	  	 	9	 
	 Section 2.4
	 	Lock-Up Agreements	  	 	10	 
	 Section 2.5
	 	Registration Procedures	  	 	10	 
	 Section 2.6
	 	Indemnification by the Company	  	 	14	 
	 Section 2.7
	 	Indemnification by Registering Covered Persons	  	 	14	 
	 Section 2.8
	 	Conduct of Indemnification Proceedings	  	 	15	 
	 Section 2.9
	 	Contribution	  	 	16	 
	 Section 2.10
	 	Participation in Underwritten Public Offering	  	 	16	 
	 Section 2.11
	 	Other Indemnification	  	 	16	 
	 Section 2.12
	 	Cooperation by the Company	  	 	16	 
	 Section 2.13
	 	Parties in Interest	  	 	17	 
	 Section 2.14
	 	Acknowledgement Regarding the Company	  	 	17	 
	 Section 2.15
	 	Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities	  	 	17	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	17	 
	 Section 3.1
	 	Term of the Agreement; Termination of Certain Provisions	  	 	17	 
	 Section 3.2
	 	Amendments; Waiver	  	 	18	 
	 Section 3.3
	 	Governing Law	  	 	18	 
	 Section 3.4
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	19	 
	 Section 3.5
	 	Notices	  	 	19	 
	 Section 3.6
	 	Severability	  	 	20	 
	 Section 3.7
	 	Specific Performance	  	 	20	 
	 Section 3.8
	 	Assignment; Successors	  	 	20	 
	 Section 3.9
	 	No Third-Party Rights	  	 	20	 
	 Section 3.10
	 	Section Headings	  	 	21	 
	 Section 3.11
	 	Execution in Counterparts	  	 	21	 

 Appendix A Covered Persons 

Appendix B Covered Person Questionnaire 

  
 i 

 SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (as may be amended from time to time pursuant to the provisions hereof,
including the appendixes attached hereto, this “Agreement”), is made and entered into as of February 7, 2019, by and among Och-Ziff Capital Management Group LLC, a Delaware limited
liability company (the “Company”), and the Covered Persons (defined below) from time to time party hereto. 
 WHEREAS, the
Covered Persons are holders of Och-Ziff Operating Group Units (defined below), which, subject to certain restrictions and requirements, are exchangeable at the option of the holder thereof with the Och-Ziff Operating Group (defined below), pursuant to the Exchange Agreement (defined below) for Class A Shares (defined below) or, at the option of the Och-Ziff
Operating Group, the cash equivalent thereof; 
 WHEREAS, this Agreement amends and restates the Registration Rights Agreement among the
parties hereto dated as of November 19, 2007 and restated on August 1, 2012 (the “Prior Agreement”); 

WHEREAS, pursuant to the Prior Agreement, the Company provided the Covered Persons with registration rights with respect to Class A
Shares that may be delivered in exchange for their Och-Ziff Operating Group Units and any other Class A Shares they may otherwise hold from time to time; and 

WHEREAS, the parties hereto desire to amend and restate the Prior Agreement. 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein contained, the parties hereto
agree to amend and restate the Prior Agreement in its entirety as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER MATTERS 

Section 1.1 Definitions. Capitalized terms used in this Agreement without other definition shall, unless expressly stated
otherwise, have the meanings specified in this Section 1.1: 
 “Affiliate” means any other person that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control of such first person and “control” for these purposes means the direct or indirect power to direct or cause the direction of the
management and policies of another person, whether by operation of law or regulation, through ownership of securities, as trustee or executor or in any other manner. 

“Agreement” has the meaning ascribed to such term in the Recitals. 

“Beneficial owner” has the meaning set forth in Rule 13d-3 under the Exchange Act.

 “Board” means the Board of Directors of the Company. 

“Class A Shares” means Class A shares representing limited liability company or other common equity
interests in the Company. 
 “Company” has the meaning ascribed to such term in the Recitals. 

“Covered Person” means those persons from time to time listed on Appendix A hereto, and all persons who may become parties to
this Agreement and whose name is required to be listed on Appendix A hereto, in each case in accordance with the terms hereof. 

“Covered Och-Ziff Operating Group Units” means, with respect to a Covered Person,
such Covered Person’s Och-Ziff Operating Group Units. 
 “Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Exchange
Agreement” means the Amended and Restated Exchange Agreement, dated as of the date hereof, by and among the Company, each of the Och-Ziff Operating Group entities and the limited partners of each Och-Ziff Operating Group entity, as amended from time to time. 
 “Existing Registration
Statement” means the Company’s registration statement on Form S-3, SEC File No. 333-177993 (so long as effective) or any additional effective
“automatic shelf registration statement” as defined under Rule 405 under the Securities Act on Form S-3. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Governmental Authority” means any national, local or foreign (including U.S. federal, state or local) or supranational
(including European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or authority of competent jurisdiction. 

“Indemnified Parties” has the meaning ascribed to such term in Section 2.6. 

“Indemnifying Party” has the meaning ascribed to such term in Section 2.8. 

“Maximum Covered Person Participation Amount” has the meaning ascribed to such term in Section 2.3(a). 

“Maximum Offering Size” has the meaning ascribed to such term in Section 2.1(b) 

“Maximum Piggyback Offering Size” has the meaning ascribed to such term in Section 2.3(b). 

“New York Courts” has the meaning ascribed to such term in Section 3.4. 

  
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 “Och-Ziff” means the Company and
its consolidated subsidiaries, including the Och-Ziff Operating Group. 
 “Och-Ziff Operating Group” means, collectively, persons directly controlled by Och-Ziff Holding Corporation, a Delaware corporation, or
Och-Ziff Holding LLC, a Delaware limited liability company, during the term of this Agreement. As of the date hereof, the Och-Ziff Operating Group is comprised of OZ
Management LP, a Delaware limited partnership, OZ Advisors LP, a Delaware limited partnership, and OZ Advisors II LP, a Delaware limited partnership. 

“Och-Ziff Operating Group Agreements” means, collectively, the limited partnership
agreements and other organizational documents of each of the entities within the Och-Ziff Operating Group, as the same may be amended or implemented from time during the term of this Agreement. 

“Och-Ziff Operating Group Units” means, collectively, the units representing limited
partnership interests in each of the entities within the Och-Ziff Operating Group issued under the applicable Och-Ziff Operating Group Agreement that are exchangeable
for Class A Shares or convertible into interests that are exchangeable for Class A Shares. 
 “Permitted
Transferee” means any transferee of an Och-Ziff Operating Group Unit after the date hereof, the transfer of which was permitted by the Och-Ziff Operating Group
Agreements. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization, governmental entity or any other entity. 
 “Piggyback
Registrable Securities” means Registrable Securities then held by Covered Persons or to be held by Covered Persons upon an exchange pursuant to the Exchange Agreement occurring in connection with a Piggyback Registration hereunder. 

“Prior Agreement” has the meaning ascribed to such term in the Recitals. 

“Piggyback Registration” has the meaning ascribed to such term in Section 2.3(a). 

“Pro Rata Basis” means a pro rata amount, determined based on the sum of (i) the number of Class A Shares held of
record by each relevant person as of such date of determination and (ii) any Class A Shares that each relevant person has the right to acquire in the future as a result of any exchange, conversion, exercise or settlement of any securities
or rights held of record by such person as of such date of determination (disregarding for such purposes all vesting provisions and transfer restrictions and assuming that all of such securities or rights are settled in Class A Shares). 

“Proposed Participation Amount” means the aggregate number of Class A Shares each Covered Person has validly elected to
include in any Underwritten Public Offering or Piggyback Registration. 

  
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 “Registering Covered Person” has the meaning ascribed to such term in
Section 2.5(a). 
 “Registrable Securities” means Class A Shares that may be delivered in exchange for Och-Ziff Operating Group Units or otherwise held from time to time by Covered Persons. For purposes of this Agreement, Registrable Securities shall cease to be Registrable Securities when (i) such Registrable
Securities have been disposed of pursuant to an effective registration statement; (ii) such Registrable Securities have been sold pursuant to Rule 144 or otherwise transferred in a manner that results in the security being so transferred being
freely transferable thereafter; (iii) such Registrable Securities cease to be outstanding (or issuable upon exchange of Och-Ziff Operating Group Units) or (iv) such Registrable Securities are held by
a Covered Person who beneficially owns (within the meaning of Regulation 13D under the Securities Exchange Act) less than two (2) percent of the outstanding Class A Shares and is not an “affiliate” of the Company (within the
meaning of Rule 144) and such Registrable Securities may be sold in a single transaction pursuant to Rule 144 without limitation. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with any registration or
marketing of Registrable Securities, including all (i) SEC and securities exchange registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated
interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the securities
registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto,
(iv) security engraving and printing expenses, (v) reasonable fees and disbursements of counsel for Och-Ziff and customary fees and expenses for independent certified public accountants retained by Och-Ziff, (vi) reasonable fees and expenses of any special experts retained by Och-Ziff in connection with such registration, (vii) reasonable fees, out-of-pocket costs and expenses of the Covered Persons, including one counsel for all of the Covered Persons participating in the offering selected by the Company,
(viii) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of
any counsel thereto, (ix) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities,
(x) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or
delivery of the Registrable Securities, (xi) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xii) expenses relating to any
analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities and (xiii) all
out-of-pocket costs and expenses incurred by Och-Ziff or their appropriate officers in connection with their compliance with
Section 2.5(l). 
 “Registration Statement” has the meaning ascribed to such term in Appendix B. 

  
 4 

 “Related Trust” shall mean, in respect of any Covered Person that is a
natural person, any other Covered Person that is an estate, family limited liability company, family limited partnership of such Covered Person, a trust the grantor of which is such Covered Person that is a natural person, or any other estate
planning vehicle or family member relating to such Covered Person that is a natural person. 
 “Required Third-Party Piggyback
Securities” shall mean the number of Class A Shares that the Company is required to include in any Piggyback Registration hereunder pursuant to the terms of any Third-Party Agreement. 

“Resale Shelf Registration Statement” has the meaning ascribed to such term in Section 2.1(a). 

“Rule 144” means Rule 144 under the Securities Act and any successor rule thereto. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Shelf Registration” means a shelf registration effected in accordance with Rule 415 under the Securities Act or any
successor or similar rule. 
 “Third-Party Agreement” means any agreement by and between the Company and any Person that is
not a Covered Person that holds or has a right to acquire Class A Shares, pursuant to which such Person has the right to require the Company to include such Class A Shares in a registration statement filed by the Company (whether or not
for its own account) under the Securities Act. 
 “Underwritten Public Offering” means an underwritten public offering
pursuant to an effective registration statement under the Securities Act. 
 Section 1.2 Definitions Generally. Wherever
required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be
deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: 
 (a)
the word “or” is not exclusive; 
 (b) the words “including,” “includes,” “included” and
“include” are deemed to be followed by the words “without limitation”; 
 (c) the terms “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 

  
 5 

 (d)    the word “person” means any individual, corporation,
limited liability company, trust, joint venture, association, company, partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 

(e)    all section, paragraph or clause references not attributed to a particular document shall be references to such
parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 

ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1    Shelf Registration. 

(a)    The Company shall prepare and file, at its own expense, and shall cause to be effective not later than the first
Established Exchange Date (as defined in the Exchange Agreement) pursuant to Section 2.1(a) of the Exchange Agreement, a prospectus supplement or such supplemental materials to any Existing Registration Statement then required by SEC rules and
regulations or, if the Company is unable to effect a resale pursuant to an Existing Registration Statement, a new “shelf” registration statement on an appropriate form for an offering to be made on a continuous basis pursuant to Rule 415
under the Securities Act (the Existing Registration Statement as amended or supplemented and any new shelf registration statement, each a “Resale Shelf Registration Statement”), in each case, permitting the registration for resale
of all Registrable Securities by the Covered Persons in accordance with the methods of distribution elected by the Covered Persons pursuant to the questionnaire referred to in paragraph (c) below and set forth in the Resale Shelf Registration
Statement. The Company shall use its reasonable efforts to keep such Resale Shelf Registration Statement continuously effective for a period ending when all Class A Shares of the Company covered by the Resale Shelf Registration Statement are no
longer Registrable Securities or as provided in Section 3.1(a). 
 (b)    Covered Persons included in such Resale
Shelf Registration Statement shall have the right to request that an Underwritten Public Offering be effected off the Resale Shelf Registration Statement at any time (the “Initiating Holders”), subject to Section 2.2; provided
that, the Company shall not be required to effect an Underwritten Public Offering off the Resale Shelf Registration Statement unless the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included
in such Underwritten Public Offering on behalf of the Covered Persons participating in such Underwritten Public Offering equal or exceeds $25,000,000. If the Initiating Holders elect to effect an Underwritten Public Offering, then the Company shall
give prompt written notice at least 20 days prior to the filing of a prospectus supplement for such Underwritten Public Offering, to the Covered Persons, which notice shall offer the Covered Persons the opportunity to sell the number of Registrable
Securities held by Covered Persons as the Covered Persons may request. If any Covered Person elects to participate in an Underwritten Public Offering, such Covered Person shall notify the Company and the Initiating Holders at least 10 business days
prior to the filing of the prospectus supplement for such Underwritten Public Offering of its intention to include Registrable Securities in such Underwritten Public Offering. In case of an Underwritten Public Offering, if

  
 6 

 
the managing underwriter advises the Company and the Initiating Holders that, in its view, the number of Registrable Securities and other securities requested to be included in such registration
exceeds the largest number of Class A Shares that can be sold without having a material adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Offering Size”), the Company shall
include in such Underwritten Public Offering, in the priority listed below, up to the Maximum Offering Size: 
 (i) first,
all Registrable Securities requested to be included in the Underwritten Public Offering by the Initiating Holders and all Required Third-Party Piggyback Securities (allocated as between the Initiating Holders that have elected to participate in such
Underwritten Public Offering in the aggregate and the holders of Required Third-Party Piggyback Securities in the aggregate on a Pro Rata Basis, and further allocated among the Covered Persons participating in such Underwritten Public Offering on a
pro rata basis based on their respective Proposed Participation Amount, in each case, as and if necessary to ensure that the offering does not to exceed the Maximum Offering Size); and 

(ii) second, any securities proposed to be registered by the Company or any securities proposed to be registered for the
account of any other persons, with such priorities among them as the Company shall determine. 
 (c) The Company shall give written notice to
all Covered Persons at least twenty (20) business days prior to the anticipated filing date of a new shelf registration statement that is a Resale Shelf Registration Statement or any prospectus supplement to an Existing Registration Statement
that is or would be a Resale Shelf Registration Statement, which notice shall include a questionnaire in the form set forth in Appendix B hereto (the “Resale Registration Statement Notice”). At the time such new shelf registration
statement or prospectus supplement is filed, each Covered Person that has delivered to the Company a duly completed and executed questionnaire on or prior to the date which is ten (10) business days prior to such time shall be named as a
selling securityholder in the Resale Shelf Registration Statement and the related prospectus in such a manner as to permit such Covered Person to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law.
After effectiveness of the Resale Shelf Registration Statement, Covered Persons who acquire Registrable Securities after the Resale Registration Statement Notice may request that the Company file a supplement to such prospectus or amendment to the
Resale Shelf Registration Statement to include therein any Registrable Securities acquired after the Resale Registration Statement Notice and not previously included in such Shelf Registration Statement if such Covered Person provides the Company
with a duly completed and executed questionnaire in the form set forth in Appendix B hereto, whereupon the Company shall use reasonable efforts to file a prospectus supplement to an Existing Registration Statement or to cause a post-effective
amendment to such Resale Shelf Registration Statement filed for such purpose to be declared effective by the SEC as promptly as reasonably practicable after the filing thereof. The Company shall not be obligated to file a supplement or amendment for
the purpose of adding additional Registrable Securities (as described in the preceding sentence) more frequently than once per calendar year. 

  
 7 

 (d) The Company shall prepare and file such additional registration statements as necessary
every three years (or such other period of time as may be required to maintain continuously effective shelf registration statements) and use its commercially reasonable efforts to cause such registration statements to be declared effective by the
SEC so that a shelf registration statement remains continuously effective, subject to Section 2.2, with respect to resales of Registrable Securities as and for the periods required under Section 2.1(a), such subsequent registration
statements to constitute a Resale Shelf Registration Statement hereunder. 
 Section 2.2 Suspension of Use of Registration
Statement. 
 (a) Upon prior written notice to the Covered Persons, the Company may postpone effecting a registration (or suspend the use
of a Resale Shelf Registration Statement or Shelf Registration) pursuant to Section 2.1 on up to three occasions during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 120 days in the
aggregate (which period may not be extended or renewed), if (i) the Company is pursuing a material financing, acquisition, merger, joint venture, reorganization, disposition or similar transaction or the Company is resolving comments on its
public filings with the SEC or similar events and the Board determines in good faith that the Company’s ability to pursue or consummate such a transaction or resolve such comments would be materially adversely affected by any required
disclosure of such transaction or circumstances in any registration statement; (ii) a Piggyback Registration (defined in Section 2.3(a) below) in which Covered Persons were able to participate was completed within the prior 90 days; or
(iii) the Company is in possession of other material non-public information and the Board determines in good faith that the disclosure of such information during the period specified in such notice would
not be in the best interests of the Company. 
 (b) If all reports required to be filed by the Company pursuant to the Exchange Act have not
been filed by the required date without regard to any extension, or if the consummation of any business combination by the Company has occurred or is probable for purposes of Rule 3-05 or Article 11 of
Regulation S-X promulgated under the Securities Act or any similar successor rule, upon written notice thereof by the Company to the Covered Persons, the rights of the Covered Persons to offer, sell or
distribute any Registrable Securities pursuant to any registration statement or to require the Company to take action with respect to the registration or sale of any Registrable Securities pursuant to any registration statement shall be suspended
until the date on which the Company has filed such reports or obtained and filed the financial information required by Rule 3-05 or Article 11 of Regulation S-X to
be included or incorporated by reference, as applicable, in a registration statement, and the Company shall notify the Covered Persons in writing as promptly as practicable when such suspension is no longer required. The Company’s rights to
suspend its obligations under this Section 2.2(b) shall be in addition to its rights under Section 2.2(a). 

  
 8 

 Section 2.3 Piggyback Registration. 

(a) If the Company proposes at any time to register any Class A Shares under the Securities Act (other than a registration on Form S-8 or Form S-4 (or any similar successor forms), or registrations in connection with dividend reinvestment and stock purchase plans), whether or not for sale for its own
account, the Company shall each such time give prompt written notice at least 20 business days prior to the anticipated filing date of the registration statement or, in the case of an Existing Registration Statement, any prospectus supplement
relating to such registration, to the Covered Persons, which notice shall offer the Covered Persons the opportunity to elect to register for resale the number of Registrable Securities held by Covered Persons as the Covered Persons may request (the
“Maximum Covered Person Participation Amount”), subject to the provisions of Section 2.3(b) (a “Piggyback Registration”). 

If any Covered Person elects to participate in a Piggyback Registration, such Covered Person shall notify the Company at least 10 business
days prior to any such anticipated filing date of its election to include Registrable Securities in such Piggyback Registration. Each Covered Person electing to so participate may elect to include in the Piggyback Registration, Piggyback Registrable
Securities in an amount up to that number of Piggyback Registrable Securities then held by such Covered Person multiplied by a fraction, the numerator of which shall be the Maximum Covered Person Participation Amount and the denominator of which
shall be the aggregate number of Piggyback Registrable Securities then held by all Covered Persons electing to participate in such Piggyback Registration; provided, that if any Covered Person elects not to participate in such Piggyback
Registration up to its portion of the Maximum Covered Person Participation Amount as provided above, the other Covered Persons may elect to include in such Piggyback Registration additional Piggyback Registrable Securities in the same proportions as
determined above; and provided further, that the participation of each Covered Person in any such Piggyback Registration shall be reduced (without duplication) by the aggregate number of Registrable Securities sold by such Covered Person and
its Permitted Transferees pursuant to Rule 144 or another exemption from the registration requirements of the Securities Act during the three (3) months prior to the initial filing date of such Piggyback Registration. 

The Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities
that the Company has been so requested to register by the Covered Persons, to the extent necessary to permit the disposition of such Registrable Securities to be so registered, provided, that: (i) if such registration involves an
Underwritten Public Offering, all such Covered Persons to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected by the Company on the same terms and conditions as apply to the Company or
any other selling person, as applicable, and (ii) if, at any time after giving notice of its intention to register any securities pursuant to this Section 2.3(a) and prior to the effective date of the registration statement filed in
connection with such registration or the filing date of any prospectus supplement to an Existing Registration Statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the
Company shall give written notice to all such Covered Persons and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration effected under this Section 2.3 shall
relieve the Company of its obligations to effect a Shelf Registration to the extent required by Section 2.1. The Company shall pay all Registration Expenses in connection with each Piggyback Registration. 

  
 9 

 (b) If a Piggyback Registration involves an Underwritten Public Offering and the managing
underwriter advises the Company that, in its view, the number of Registrable Securities and other securities intended to be included in such registration exceeds the largest number of Class A Shares that can be sold without having a material
adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Piggyback Offering Size”), the Company shall include in such registration, in the following priority, up to the Maximum Piggyback
Offering Size: 
 (i) first, the Company securities proposed to be registered for the account of the Company or, if such
registration is not for the sale of Company securities for the account of the Company but is to comply with the demand registration rights of third parties, the Company securities proposed to be registered pursuant to such demand registration rights
of third parties; and 
 (ii) second, all Registrable Securities permitted to be included in such registration by Covered
Persons and all Required Third-Party Piggyback Securities (allocated as between the Covered Persons that have elected to participate in such Piggyback Registration in the aggregate and the holders of Required Third-Party Piggyback Securities in the
aggregate on a Pro Rata Basis, and further allocated among the Covered Persons participating in such Piggyback Registration on a Pro Rata Basis based on their respective Proposed Participation Amount, in each case, as and if necessary to ensure that
the offering does not to exceed the Maximum Piggyback Offering Size). 
 (c) Notwithstanding any provision in this Section 2.3 or
elsewhere in this Agreement, no provision relating to the registration of Registrable Securities shall be construed as permitting any Covered Person to effect a transfer of securities that is otherwise prohibited by the terms of any agreement
between such Covered Person and any Och-Ziff entity. 
 Section 2.4 Lock-Up Agreements. In connection with any sale of Registrable Securities in an Underwritten Public Offering, neither the Company nor any Covered Person shall offer, pledge, announce the intention to sell, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer, dispose of or hedge, directly or indirectly, or enter into any swap or other
agreement that transfers, in whole or in part, any of the economic consequences of ownership of any Class A Shares or other securities of the Company or any securities convertible into or exercisable or exchangeable for Class A Shares or
other securities of the Company (except as part of such Underwritten Public Offering and except as otherwise permitted by any lock-up executed or granted in connection with such Underwritten Public Offering)
during the period beginning 14 days prior to the consummation of the Underwritten Public Offering until the earlier of (i) such time as the Company and the lead managing underwriter shall agree and (ii) 180 days following the pricing of
the Underwritten Public Offering. 
 Section 2.5 Registration Procedures. In connection with any request by the Covered Persons
that Registrable Securities be registered pursuant to Section 2.3 and in connection with any Shelf Registration pursuant to Section 2.1, subject to the provisions of such Sections and unless otherwise set forth in this Section 2.5,
the paragraphs below shall be applicable: 

  
 10 

 (a) The Company shall as expeditiously as reasonably practicable prepare and file with the
SEC a prospectus supplement or such supplemental materials to any Existing Registration Statement then required by SEC rules and regulations or a registration statement on any form for which the Company then qualifies or that counsel for the Company
shall deem appropriate and which form shall be available for the registration of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its commercially reasonable efforts to
cause such filed registration statement to become and remain effective for a period of 30 days or such earlier date as, all of the Registrable Securities of the Covered Persons included in any such registration statement (each, a
“Registering Covered Person”) shall have actually been sold, or in the case of a Resale Shelf Registration Statement and a Shelf Registration, the date on which all of the Registrable Securities of all Registering Covered Persons
shall have actually been sold. 
 (b) Prior to filing a registration statement or prospectus supplement to an Existing Registration Statement
or any amendments or supplements thereto, the Company shall, if requested, furnish to each Registering Covered Person and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such offering
documents as proposed to be filed. Upon and after the filing of such registration statement or prospectus supplement to an Existing Registration Statement or any amendments or supplements thereto, the Company shall furnish to such Registering
Covered Person and underwriter, if any, (in each case in an electronic format, unless otherwise required by applicable law) such number of copies of such offering documents (in each case including all exhibits thereto and documents incorporated by
reference therein) and such other documents as such Registering Covered Person or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Registering Covered Person. Each Registering
Covered Person shall have the right to request in writing that the Company modify any information contained in such registration statement or prospectus supplement to an Existing Registration Statement or any amendments or supplements thereto
pertaining solely to such Registering Covered Person and the Company shall use its commercially reasonable efforts to comply with such request; provided, however, that the Company shall not have any obligation to so modify any information if
the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

 (c) After the filing of a registration statement or in the case of any prospectus supplement to an Existing Registration Statement, the
Company shall (i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities
Act with respect to the disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Registering Covered Person thereof set forth in such
registration statement or supplement to such prospectus and (iii) promptly notify in writing each Registering Covered Person holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC
suspending the effectiveness of such registration statement or any state securities commission and use commercially reasonable efforts to prevent the entry of such stop order or to obtain the withdrawal of such order if entered. 

  
 11 

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

(e) The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by such
registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering Covered Person holding such Registrable Securities or each underwriter, if any, reasonably (in light of
such Covered Person’s or underwriter’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by
virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Registering Covered Person to consummate the disposition of the Registrable Securities owned
by such person; provided, that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.5(e), (B) subject itself to
taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (f) The Company shall
promptly notify in writing each Registering Covered Person holding such Registrable Securities covered by such registration statement or each underwriter, if any, at any time when a prospectus relating thereto is required to be delivered under the
Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each such Registering Covered Person or underwriter,
if any, and file with the SEC any such supplement or amendment. 
 (g) The Company shall select and retain the underwriter or underwriters in
connection with an Underwritten Public Offering made pursuant to a Shelf Registration hereunder; provided, however that such underwriter or underwriters shall be reasonably acceptable to the Covered Persons holding a majority of the
Class A Shares included in such Underwritten Public Offering. In connection with any Underwritten Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take all such other
actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Underwritten Public Offering, including if necessary the engagement of the Company’s independent accountants to
deliver a customary “comfort letter,” the engagement of counsel to the Company to deliver customary legal opinion and “negative assurance” letters and the engagement of a “qualified independent underwriter” in
connection with the qualification of the underwriting arrangements with FINRA. 

  
 12 

 (h) Subject to the execution of confidentiality agreements reasonably satisfactory in form
and substance to the Company, upon the reasonable request of a Registering Covered Person or underwriter (if any), the Company shall give to each Registering Covered Person, each underwriter (if any) and their respective counsel and accountants
(i) reasonable and customary access to the books and records of the Company and (ii) such opportunities to discuss the business of the Company with its directors, officers, counsel and the independent public accountants who have certified
its financial statements, as shall be appropriate, in the reasonable judgment of counsel to such Registering Covered Person or underwriter, to enable them to exercise their due diligence responsibility. 

(i) Each Registering Covered Person registering securities under Section 2.3 shall promptly furnish in writing to the Company the
information set forth in Appendix B and such other information regarding itself, the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required or
advisable in connection with such registration, including such information necessary to correct any inaccuracies in information previously provided to the Company. 

(j) Each Registering Covered Person and each underwriter, if any, agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 2.5(f), such Registering Covered Person or underwriter shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities
until such Registering Covered Person’s or underwriter’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.5(f), and, if so directed by the Company, such Registering Covered Person or
underwriter shall deliver to the Company all copies, other than any permanent file copies then in such Registering Covered Person’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such
notice. If the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective (including the period referred to in Section 2.5(a)) by the number of days during the
period from and including the date of the giving of notice pursuant to Section 2.5(f) to the date when the Company shall make available to such Registering Covered Person a prospectus supplemented or amended to conform with the requirements of
Section 2.5(f). 
 (k) The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such
registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 

(l) In connection with an Underwritten Public Offering hereunder, the Company shall have appropriate officers (i) prepare and make
presentations at any “road shows” and before analysts and rating agencies, as the case may be and (ii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the underwriters in the offering,
marketing or selling of the Registrable Securities. 
 (m) The Company shall cooperate with the Registering Covered Persons to facilitate the
timely delivery of Registrable Securities to be sold, which shall not bear any restrictive legends, and to enable such Registrable Securities to be issued in such denominations and registered in such names as such Registering Covered Persons may
reasonably request at least two business days prior to the closing of any sale of Registrable Securities. 

  
 13 

 Section 2.6 Indemnification by the Company. In the event of any registration of
any Registrable Securities of the Company under the Securities Act pursuant to this Article II, the Company will, and it hereby does, indemnify and hold harmless, to the extent permitted by law, a Registering Covered Person, each Affiliate of
such Registering Covered Person and their respective directors and officers or general and limited partners or members and managing members (including any director, officer, Affiliate, employee, agent and controlling person of any of the foregoing)
and each other person, if any, who controls such seller within the meaning of the Securities Act (collectively, the “Indemnified Parties”), from and against any and all losses, claims, damages and liabilities (including, legal fees
and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue
statement of a material fact contained in any registration statement or amendment or supplement thereto under which such Registrable Securities were registered or any omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any prospectus, any free writing prospectus or any “issuer
information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, or any omission or alleged omission to state therein a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the Company shall not be liable to any Indemnified Party in any such case to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement,
prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, in reliance
upon and in conformity with written information furnished to the Company with respect to such seller specifically for use in the preparation thereof. 

Section 2.7 Indemnification by Registering Covered Persons. Each Registering Covered Person hereby indemnifies and holds harmless,
and the Company may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with this Article II, that the Company shall have received an undertaking reasonably satisfactory to it from
any underwriter to indemnify and hold harmless, the Company and all other prospective sellers of Registrable Securities, the Board, each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company
and all prospective sellers of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in Section 2.6 above, but only with respect
to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company
with respect to such seller or any underwriter, as applicable, specifically for use in the preparation of such registration statement, prospectus, any free writing prospectus or any “issuer 

  
 14 

 
information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of the Company, any of the Registering Covered Persons or any underwriter, or any of their respective Affiliates, directors, officers or controlling persons and
shall survive the transfer of such securities by such person. In no event shall any such indemnification liability of any Registering Covered Person be greater in amount than the dollar amount of the net proceeds received by such Registering Covered
Person upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 Section 2.8 Conduct of
Indemnification Proceedings. Promptly after receipt by an Indemnified Party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to Section 2.6 or
Section 2.7 above, such Indemnified Party shall, if a claim of indemnification in respect thereof is to be made pursuant to this Article II, give written notice of the commencement of such action to the person against whom indemnification
is sought (the “Indemnifying Party”); provided, that the failure of the Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Article II, except to the
extent that the Indemnifying Party is materially prejudiced by such failure to give notice. 
 In case any such action is brought against an
Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified Party and indemnifying parties may exist in respect of such claim, the Indemnifying Party shall be entitled to participate
in and to assume the defense thereof, jointly with any other Indemnifying Party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such
Indemnified Party of its election to assume the defense thereof, the Indemnifying Party will not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other
than reasonable costs of investigation. It is understood and agreed that the Indemnifying Party shall not, in connection with any proceeding, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for
all Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm shall be designated in writing by the Company and will be a nationally recognized firm or another firm reasonably
acceptable to the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its prior written consent, but if settled with such consent or if there shall be a final judgment for the
plaintiff, the Indemnifying Party agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party,
effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnification could have been sought hereunder by such Indemnified Party, unless such settlement
(A) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such Indemnified Party, from all liability on claims that are the subject matter of such proceeding and (B) does not include
any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 

  
 15 

 Section 2.9 Contribution. If the indemnification provided for in this
Article II from the Indemnifying Party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Parties
shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this
Section 2.9 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.9 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. In no event shall any such contribution liability of any Registering Covered Person be
greater in amount than the dollar amount of the net proceeds received by such Registering Covered Person upon the sale of the Registrable Securities giving rise to such contribution obligation. 

Section 2.10 Participation in Underwritten Public Offering. No Covered Person may participate in any Underwritten Public Offering
hereunder unless such Covered Person (a) agrees to sell such Covered Person’s securities on the basis provided in any underwriting arrangements approved by the other Registering Covered Persons and the Company and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement. 

Section 2.11 Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall be
given by the Company and the Registering Covered Person participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation or Governmental Authority other than the
Securities Act. 
 Section 2.12 Cooperation by the Company. The Company shall use its commercially reasonable efforts to timely
comply with the public information reporting requirements of the Commission which are conditions to the availability of Rule 144. If a Covered Person shall transfer any Registrable Securities pursuant to Rule 144, the Company shall use its
commercially reasonable efforts to cooperate with such Covered Person and shall use commercially reasonable efforts to provide to such Covered Person such information and legal opinions as may be required to be provided to effect a transfer of such
Registrable Securities under Rule 144. 

  
 16 

 Section 2.13 Parties in Interest. Each Covered Person shall be entitled to
receive the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement by reason of such Covered Person’s election to participate in a registration under this Article II. To the extent the Och-Ziff Operating Group Units held by Covered Persons are effectively transferred to a Permitted Transferee, the Permitted Transferee shall be entitled to receive the benefits of this Agreement and shall be bound
by the terms and provisions of this Agreement upon becoming bound hereby pursuant to Section 3.1(c). 
 Section 2.14
Acknowledgement Regarding the Company. Other than those determinations reserved expressly to the Covered Persons, all determinations necessary or advisable under this Article II shall be made by the Board, the determinations of which
shall be final and binding. 
 Section 2.15 Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable
Securities. The provisions of this Agreement shall apply to the full extent set forth herein with respect to the Registrable Securities, to any and all securities or units of the Och-Ziff Operating Group
or the Company or any successor or assign of any such person (whether by merger, amalgamation, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by
reason of any dividend, split, issuance, reverse split, combination, recapitalization, reclassification, merger, amalgamation, consolidation or otherwise. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 Term of the Agreement; Termination of Certain Provisions. 

(a) The term of this Agreement shall continue until such time as the Covered Persons hold less than
one-hundred thousand (100,000) Registrable Securities in the aggregate. 
 (b) Unless this Agreement
is terminated pursuant to Section 3.1(a) hereof, a Covered Person shall be bound by the provisions of this Agreement with respect to any Covered Och-Ziff Operating Group Units or Registrable Securities
until such time as such Covered Person ceases to hold any Covered Och-Ziff Operating Group Units or Registrable Securities. Thereafter, such Covered Person shall no longer be bound by the provisions of this
Agreement other than Sections 2.7, 2.8, 2.9 and 2.11 and this Article III, and such Covered Person’s name shall be removed from Appendix A to this Agreement. Any person that has ceased to be a Covered Person and that reacquires
Covered Och-Ziff Operating Group Units or Registrable Securities shall be added to Appendix A as a Covered Person; provided, that such person shall first sign an agreement in the form approved by the
Company acknowledging that such person is bound by the terms and provisions of this Agreement. 

  
 17 

 (c) Any Permitted Transferee shall be added to Appendix A as a Covered Person;
provided, that such Permitted Transferee shall first sign an agreement in the form approved by the Company acknowledging that such Permitted Transferee is bound by the terms and provisions of this Agreement. 

Section 3.2 Amendments; Waiver. 

(a) Subject to Section 3.2(c), no provision of this Agreement may be amended unless such amendment is approved in writing by the Company
and the Covered Persons who, together with their Permitted Transferees, collectively hold at least two-thirds of the Registrable Securities; provided, that no such amendment shall be effective if such
amendment will have a disproportionate and adverse effect on certain Covered Persons unless all such Covered Persons who are disproportionately and adversely affected 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. 
 (b) No voting rights, consent rights
or similar rights of a Covered Person under any provision of this Agreement (“Consent Rights”) shall be exercisable by any Covered Person that is a Related Trust of a Covered Person that is a natural person and any such Consent Rights
shall instead be exercisable by such Covered Person that is a natural person on behalf of such Related Trust and, for purposes of this Agreement, the Registrable Securities of a Covered Person that is a Related Trust of such Covered Person that is a
natural person shall be treated as being owned by such Covered Person that is a natural person. 
 (c) No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights
and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 (d) The Company may amend
this Agreement in writing without the approval or consent of any Covered Person or Permitted Transferee if such amendment does not materially and adversely affect any Covered Person’s or Permitted Transferee’s rights under this Agreement.
Each Covered Person understands that from time to time certain other persons may become Covered Persons and certain Covered Persons will cease to be bound by the provisions of this Agreement pursuant to the terms hereof. This Agreement may be
amended from time to time by the Company (without the approval of any other person) for the purposes of (i) adding to Appendix A Permitted Transferees of the Covered Och-Ziff Operating Group Units as
provided in Section 3.1(c) who agree to be bound by this Agreement and (ii) removing from Appendix A such persons as shall cease to be bound by the provisions of this Agreement pursuant to Section 3.1(b) hereof, which additions and
removals shall be given effect from time to time by appropriate changes to Appendix A. 
 Section 3.3 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 LAW PROVISIONS THEREOF. 

  
 18 

 Section 3.4 Submission to Jurisdiction; Waiver of Jury Trial. Each party to this
Agreement hereby irrevocably and unconditionally, with respect to any matter or dispute arising under, or in connection with, this Agreement and the transactions contemplated hereby (i) submits for itself and its property in any legal action or
proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York, and any appellate courts thereof (the “New York Courts”) (and covenants not to commence any legal action or proceeding in any other venue or jurisdiction); (ii) consents
that any such action or proceeding may be brought in the New York Courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same; (iii) agrees that service of process in any such action will be in accordance with the laws of the State of New York but that nothing herein shall affect the right to effect
service of process in any other manner permitted by law; (iv) waives any and all immunity from suit, execution, attachment or other legal process; and (v) waives in connection with any such action any and all rights to a jury trial. The
parties agree that any judgment of any New York Court may be enforced in any court having jurisdiction over any party of any of their assets. 

Section 3.5 Notices. 

(a) All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to
have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the
following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 3.5): 

If to a Covered Person, initially to the address indicated in such Covered Person’s questionnaire (a form of which is attached hereto as
Appendix B) or to the address then in the records of the Och-Ziff Operating Group or the Company, as applicable, with a copy to the Chief Legal Officer of the Company, as set forth below, or if no such
questionnaire has been delivered or if no address is then in the records of the Och-Ziff Operating Group or the Company, 

c/o Och-Ziff Capital Management Group LLC 

9 West 57th Street, 39th Floor 

New York, New York 10019 

Attention: Chief Legal Officer 

Electronic Mail: David.Levine@ozm.com 

  
 19 

 If to the Company, 

c/o Och-Ziff Capital Management Group LLC 

9 West 57th Street, 39th Floor 

New York, New York 10019 

Attention: Chief Legal Officer 

Electronic Mail: David.Levine@ozm.com 

The Company shall be responsible for notifying each Covered Person of the receipt of a notice, request, claim, demand or other communication
under this Agreement relevant to such Covered Person as set forth above (and each Covered Person shall notify the Company of any change in address for notices, requests, claims, demands or other communications). 

Section 3.6 Severability. If any provision of this Agreement is finally held to be invalid, illegal or unenforceable, (a) the
remaining terms and provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of
the invalid or unenforceable term or provision. 
 Section 3.7 Specific Performance. Each party hereto acknowledges that the
remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be
available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may be then available. 

Section 3.8 Assignment; Successors. This Agreement shall be binding upon and inure to the benefit of the respective legatees,
legal representatives, successors and assigns of the Covered Persons; provided, however, that a Covered Person may not assign this Agreement or any of his rights or obligations hereunder, and any purported assignment in breach hereof
by a Covered Person shall be void; and provided further, that no assignment of this Agreement by the Company or to a successor of the Company (by operation of law or otherwise) shall be valid unless such assignment is made to a person which
succeeds to the business of such person substantially as an entirety. 
 Section 3.9 No Third-Party Rights. Other than as
expressly provided herein, nothing in this Agreement shall be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this
Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns. The Company shall not, after the date hereof, without the prior written
consent of the Covered Persons holding a majority of the Registrable Securities then outstanding, enter into any agreement with any present or future stockholder of the Company that would grant any registration or other rights that conflict with, or
are senior to or pari passu with, the rights granted to the Covered Persons hereby. 

  
 20 

 Section 3.10 Section Headings. The headings of sections in
this Agreement are provided for convenience only and will not affect its construction or interpretation. 
 Section 3.11 Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 21 

 IN WITNESS WHEREOF, the undersigned has duly executed or caused to be duly executed this
Agreement as of the date indicated. 
  

			
	OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC

 
			
		
	By:	 	/s/ Thomas Sipp
	Name:	 	Thomas Sipp
	Title:	 	CFO and Executive Managing Director

 [Signature Page to Second Amended and Restated Registration Rights Agreement] 

  
 22 

 Appendix A 

Covered Persons 
 Adrian Croxson 

Akhil Mago 
 Andrew Frank 

Antonio Batista 
 Barbara Scanlon 

Boaz Sidikaro 
 Bob Mendelson 

Brett Klein 
 Dan Manor 

Daniel S. Och 
 David Becker 

David Levine 
 David Windreich 

Donald LaVigne 
 Erez Elisha 

Ghassan Ayoub 
 Harold Kelly 

Hermes Li 
 James Levin 

James O’Connor 
 Jeffrey Blockinger 

Jeffrey Lin 
 James-Keith Brown 

Joel Frank 
 Joseph Samuels 

Joshua Ross 
 Julie Siegel 

Kaushik Ghosh 
 Lee Minton 

Mack Ewing 
 Mathieu Clavel 

Michael Barnett 
 Michael Cohen 

Nathan Urquhart 
 Peter Wallach 

Rick Lyon 
 Robert Shafir 

Sean Rhatigan 
 Steven Orbuch 

Thomas Sipp 
 Wayne Cohen 

Zoltan Varga 

  
 A-1 

 Each Related Trust (as defined in the Exchange Agreement) of the above Covered Persons 

  
 A-2 

 Appendix B 

OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC 

Covered Person Questionnaire 

The undersigned Covered Person understands that the Company has filed or intends to file with the SEC a registration statement for the
registration of the Class A Shares (as such may be amended, the “Registration Statement”), in accordance with Sections 2.1 2.3 of the Second Amended and Restated Registration Rights Agreement (the “Registration
Rights Agreement”), among the Company and the Covered Persons referred to therein. A copy of the Agreement is available from the Company upon request at the address set forth below. All capitalized terms used and not otherwise defined
herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
 NOTICE 

The undersigned Covered Person hereby gives notice to the Company of its intention to register Registrable Securities beneficially owned by it
and listed below in Item 3 (unless otherwise specified under Item 3) pursuant to the Registration Statement. The undersigned, by signing and returning this Questionnaire, understands that it will be bound by the terms and conditions of this
Questionnaire and the Registration Rights Agreement. 
 Pursuant to the Registration Rights Agreement, the undersigned has agreed to
indemnify and hold harmless the Company and all other prospective sellers of Registrable Securities, the Board, each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company and all other
prospective sellers of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities arising in connection with
statements made or omissions concerning the undersigned in the Registration Statement, prospectus, any free writing prospectus or any “issuer information” in reliance upon the information provided in this Questionnaire. 

  
 B-1 

 The undersigned Covered Person hereby provides the following information to the Company and
represents and warrants that such information is accurate and complete: 
 QUESTIONNAIRE 

 

					
		
	 1.
	  	Name.
		
		  	  

		
	 (a)
	  	Full Legal Name of Covered Person:
		
		  	  

		
	 (b)
	  	Full Legal Name of Covered Person (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below are held:
		
		  	  

		
	 (c)
	  	Full Legal name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item 3 below are held:
		
		  	  

		
	 (d)
	  	Full Legal Name of natural control person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the Registrable Securities listed in Item 3 below):
		
	 2.
	  	Address for Notices to Covered Person:
		
		  	  

		
		  	  

		
		  	  

			
		  	 Telephone:
	  	  

			
		  	 Fax:
	  	  

			
		  	 Email:
	  	  

			
		  	Contact Person:	  	

  

  
 B-2 

			
		
	3.	  	Beneficial Ownership of Registrable Securities:
		
		  	Number of Registrable Securities beneficially owned:
		
		  	  

		
		  	  

		
		  	  

		
	4.	  	Broker-Dealer Status:
		
	(a)	  	Are you a broker-dealer?
		
		  	 Yes  ☐    No  ☐

		
		  	Note: If yes, the SEC’s staff has indicated that you should be identified as an underwriter in the Registration Statement.
		
	(b)	  	Are you an affiliate of a broker-dealer?
		
		  	 Yes  ☐    No  ☐

		
		  	If yes, please identify the broker-dealer with whom the Covered Person is affiliated and the nature of the affiliation:
		
		  	  

		
		  	  

		
		  	  

		
	 (c)
  
	  	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no
agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?
		
		  	 Yes  ☐    No  ☐

		
		  	Note: If no, the SEC’s staff has indicated that you should be identified as an underwriter in the Registration Statement.
		
	(d)	  	If you are (1) a broker-dealer or (2) an affiliate of a broker-dealer and answered “no” to Question 4(c), do you consent to being named as an underwriter in the Registration Statement?
		
		  	 Yes  ☐    No  ☐

  
 B-3 

			
		
	5.	  	Beneficial Ownership of Other Securities of the Company Owned by the Covered Person.
		
		  	Except as set forth below in this Item 5, the undersigned Covered Person is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in Item 3.
		
		  	Type and Amount of Other Securities beneficially owned by the Covered Person:
		
		  	  

		
		  	  

		
		  	  

		
	6.	  	Relationships with the Company:
		
		  	Except as set forth below, neither the undersigned Covered Person nor any of its affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the undersigned) has held any position
or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
		
		  	State any exceptions here:
		
	7.	  	Intended Method of Disposition of Registrable Securities:
		
		  	Intended Method or Methods of Disposition of Registrable Securities beneficially owned:
		
		  	  

		
		  	  

		
		  	  

  
 B-4 

 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof and at any time while the Registration Statement remains in effect. 
 By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 7 and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned understands that such
information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus. 

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly
authorized agent. 
  

											
	Dated:	 	  
	 		  	Beneficial Owner:	  	  

					
		 		 		  	By:	  	  

		 		 	        	  		  	Name:	  	  

		 		 		  		  	Title:	  	  

 PLEASE SEND A COPY OF THE COMPLETED AND EXECUTED QUESTIONNAIRE BY FAX OR ELECTRONIC MAIL, AND RETURN THE
ORIGINAL BY OVERNIGHT MAIL, TO: 
 Och-Ziff Capital Management Group LLC 

9 West 57th Street, 39th Floor 

New York, New York 10019 

Attention: Chief Legal Officer 

Electronic Mail: David.Levine@ozm.com 

  
 B-5

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