Document:

EXHIBIT 10.5

       

      

      AMENDED AND RESTATED

      

      KKR & CO. INC.

      

      2019 EQUITY INCENTIVE PLAN

        

       

        

      	1.	
              Purpose of the Plan

            

       

      

      This Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the “Plan”) is designed to promote the long term financial interests and growth of KKR &
        Co. Inc., a Delaware corporation (the “Corporation”), and its Affiliates by (i) attracting and retaining directors, officers, employees, consultants or other service providers of the Corporation or any of its Affiliates and (ii) aligning the
        interests of such individuals with those of the Corporation and its Affiliates by providing them with equity-based awards based on shares of Common Stock, $0.01 par value per share, of the Corporation (the “Common Stock”).

       

      

      	2.	
              Definitions

            

       

      

      The following capitalized terms used in the Plan have the respective meanings set forth in this Section:

       

      

      (a)          Act:  The Securities Exchange Act of 1934, as amended, or
          any successor thereto.

       

        

      (b)          Administrator: The Board or a committee, or a
          subcommittee, thereof to whom authority to administer the Plan has been delegated by the Board.

       

        

      (c)          Affiliate:  With respect to any specified Person, any
          other Person that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common control with such specified Person. As used herein, the term “Control” (including the terms “Controlled by”
          and “under common Control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or
          executor, by contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person.

       

        

      (d)          Award:  Individually or collectively, any Option, Stock
          Appreciation Right, or Other Stock-Based Awards based on or relating to the Common Stock issuable under the Plan.

       

        

      (e)          Board:  The board of directors of the Corporation.

       

        

      
        
          

        2

      

      
      (f)          Change in Control:  Except as otherwise set forth in any
          applicable Award agreement, (i) the occurrence of any Person, other than KKR Management LLP or a Person approved by KKR Management LLP, becoming the Series I Preferred Stockholder (as defined in the Certificate of Incorporation of the
          Corporation), (ii) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or more series of related transactions of all or substantially all of the combined assets of the Group
          Partnerships taken as a whole to any Person other than a Permitted Person, (iii) the consummation of any transaction or a series of related transactions (including any merger or consolidation) that results in any Person (other than a Permitted
          Person) becoming the beneficial owner of a majority of the controlling interests in any one or more Group Partnerships that together hold all or substantially all of the combined assets of the Group Partnerships taken as a whole, or (iv) the
          occurrence of any other event as determined by the Board to constitute a Change in Control. Solely for the purpose of this definition, the term “Person” shall have the meaning given to such term under Section 13(d)(3) of the Act or any
          successor provision thereto; and for purposes of the Plan, the term “beneficial owner” shall have the meaning given to such term under Rule 13d-3 promulgated under the Act or any successor provision thereto, and the combined assets of the
          Group Partnerships shall exclude the portion of any such assets that are allocable to holders of any non-controlling interests in any consolidated subsidiaries.

       

        

      (g)          Code:  The Internal Revenue Code of 1986, as amended, or
          any successor thereto.

       

        

      (h)          Effective Date:  March 29, 2019, which is the date on
          which the KKR & Co. Inc. 2019 Equity Incentive Plan became effective.

       

        

      (i)          Employment:  The term “Employment” as used herein shall
          be deemed to refer to (i) a Participant’s employment if the Participant is an employee of the Corporation or any of its Affiliates, (ii) a Participant’s services as a consultant, partner or other service provider, if the Participant is consultant
          to, partner of, or other service provider for the Corporation or of any of its Affiliates, and (iii) a Participant’s services as an non-employee director, if the Participant is a non-employee member of the Board.

       

        

      (j)          Fair Market Value:  Of a share of Common Stock on any
          given date means (i) the closing sale price per share of Common Stock on the New York Stock Exchange or The NASDAQ Stock Market (a “U.S. Exchange”) on that date (or, if no closing sale price is reported, the last reported sale price), (ii)
          if Common Stock is not listed for trading on a U.S. Exchange, the closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported on that date in composite transactions for the principal national securities
          exchange registered pursuant to the Act on which the Common Stock is listed, (iii) if Common Stock is not so listed on a U.S. Exchange, the last quoted bid price for Common Stock on that date in the over-the-counter market as reported by OTC
          Markets Group Inc. or a similar organization, or (iv) if Common Stock is not so quoted by OTC Markets Group Inc. or a similar organization, the average of the mid-point of the last bid and ask prices for Common Stock on that date from a
          nationally recognized independent investment banking firm selected by the Administrator for this purpose.

       

        

      (k)         Group Partnerships:  KKR Group Partnership L.P., a Cayman Islands exempted limited partnership, along with its successor and any other partnership designated in the future as a “Group Partnership” by the Corporation.

       

        

      
        
          

        3

      

      (l)          Group Partnership Unit: Collectively, one “Class A”
          partner interest of each of the Group Partnerships.

       

        

      (m)         KKR Group:  The Group Partnerships, the direct and
          indirect parents of the Group Partnerships (the “Parents”), any direct or indirect subsidiaries of the Parents or the Group Partnerships, the general partner or similar controlling entities of any investment fund or vehicle that is
          managed, advised or sponsored by any member of the KKR Group (the “Funds”) and any other entity through which any of the foregoing directly or indirectly conducts its business, but shall exclude any portfolio company in which a Fund owns
          an interest as an investor.

       

        

      (n)          KKR Management LLP:  KKR Management LLP, a Delaware
          limited liability partnership, or its successor, which as of the Effective Date, is the sole holder of Series I preferred stock of the Corporation.

       

        

      (o)          Option:  An option to purchase Common Stock granted
          pursuant to Section 6 of the Plan.

          

        

      (p)          Option Price:  The purchase price per share of Common
          Stock of an Option, as determined pursuant to Section 6(a) of the Plan.

       

        

      (q)          Other Stock-Based Awards:  Awards granted pursuant to
          Section 8 of the Plan.

       

        

      (r)          Participant:  A director, officer, employee, consultant,
          partner or other service provider of the Corporation or of any of its Affiliates who is selected by the Administrator to participate in the Plan.

       

        

      (s)          Permitted Person:  The term “Permitted Person” means (i)
          an individual who (a) is an executive or employee of the KKR Group, (b) devotes substantially all of his or her business and professional time to the activities of the KKR Group and (c) did not become an executive or employee of the KKR Group or
          begin devoting substantially all of his or her business and professional time to the activities of the KKR Group in contemplation of a Change in Control or (ii) any Person in which any one or more such individuals directly or indirectly holds a
          majority of the controlling interests.

       

        

      (t)          Person:  Any individual, corporation, partnership,
          limited partnership, limited liability company, limited company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof.

       

        

      (u)         Prior Plan:  The Amended and Restated KKR & Co. Inc.
          2010 Equity Incentive Plan.

       

        

      (v)         Stock Appreciation Right:  A stock appreciation right
          granted pursuant to Section 7 of the Plan.

       

        

      
        
          

        4

      

      3.          Common Stock Subject to the Plan

       

        

      (a)          General. Subject to Section 9 hereof, the total number of
          shares of Common Stock which shall be available for issuance in respect of outstanding Awards and the grant of future Awards, in each case, under the Plan (the “Plan Amount”) shall be, as of the Effective Date, a number of shares of Common
          Stock equal to fifteen percent (15%) of the aggregate of the shares of Common Stock and Group Partnership Units (excluding Group Partnership Units held by the Corporation or its wholly-owned subsidiaries) outstanding at the close of business on
          the last day of the last completed fiscal quarter of the Corporation immediately preceding the Effective Date.  Notwithstanding the foregoing, beginning with the first fiscal year of the Corporation commencing after the Effective Date and
          continuing with each subsequent fiscal year of the Corporation occurring thereafter, the Plan Amount will be increased, on the first day of each fiscal year of the Corporation occurring during the term of the Plan, by a number of shares of Common
          Stock equal to the positive difference, if any, of (x) 15% of the aggregate number of shares of Common Stock and Group Partnership Units (excluding Group Partnership Units held by the Corporation or its wholly-owned subsidiaries) outstanding at
          the close of business on the last day of the immediately preceding fiscal year of the Corporation minus (y) the Plan Amount as of such date, unless the Administrator should decide to increase the Plan Amount by a lesser amount on any such date.
          The issuance of shares of Common Stock or the payment of cash upon the exercise of an Award or in consideration of the settlement, cancellation or termination of an Award shall reduce the Plan Amount (with any Awards settled in cash reducing the
          Plan Amount by the number of shares of Common Stock determined by dividing the cash amount to be paid thereunder by the Fair Market Value of one share of Common Stock on the date of payment).  Shares of Common Stock which are subject to Awards
          which are cancelled, forfeited, terminated or otherwise expired by their terms without the payment of consideration, and shares of Common Stock which are used to pay the exercise price of any Award, shall remain in the Plan Amount and may be
          granted again as Awards under the Plan. Shares of Common Stock which are subject to Awards other than
          Options or Stock Appreciation Rights which are withheld to pay tax withholding obligations will be deemed not to have been delivered, will remain in the Plan Amount, and will be available for further Awards under the Plan.

       

        

      (b)         Substitute Awards.  Awards may, in the discretion of the
          Administrator, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by any entity acquired by the Corporation or with which the Corporation combines.  The number of shares of Common Stock
          underlying such substitute awards shall be counted against the Plan Amount.

       

        

      	4.	
              Administration

            

       

        

      (a)          Administration and Delegation.  The Plan shall be
          administered by the Administrator.  The Administrator may delegate some or all of its authority and duties, including its authority to grant Awards, under the Plan to any employee or group of employees of the Corporation or of any Affiliate of
          the Corporation; provided that such delegation and grants are consistent with applicable law and guidelines, if any, established by the Board or the Administrator (or both) from time to time.  The Administrator may allocate the
          day-to-day administration of the Plan to any employee or group of employees of the Corporation or any of its Affiliates or any third-party stock plan administrator.  Notwithstanding any such delegation or allocation, the Board or Administrator
          may act as Administrator at any time and any such delegation or allocation may be revoked by the Board or Administrator at any time.

       

        

      
        
          

        5

      

      (b)         Interpretation; Corrections; Final and Binding Decisions. 
          The Administrator is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. 
          The Administrator may correct any defect or supply any omission or reconcile any inconsistency in the Plan or Award agreement in the manner and to the extent the Administrator deems necessary or desirable, without the consent of any Participant. 
          Any decision of the Administrator in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not
          limited to, Participants and their beneficiaries and successors).

       

        

      (c)         Establishment of Award Terms.  The Administrator shall
          have the full power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any
          vesting conditions).

       

        

       (d)         Payment of Taxes Due.  The Administrator shall require
          payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award.  To the extent that such withholding arises in connection with the settlement
          of an Award with Common Stock, the Administrator may, in its sole discretion, cause such payments to be funded by reducing the Common Stock delivered upon settlement by an amount of Common Stock having a Fair Market Value equal to the amount of
          payments that would then be due (and if an Award is settled in cash, the Administrator may withhold cash in respect to such taxes due). The Administrator shall establish the manner in which any such tax obligation may be satisfied by the
          Participant. 

      

        

      	5.	
              Limitations

            

       

      

      No Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

       

      

      	6.	
              Terms and Conditions of Options

            

       

      

      Options granted under the Plan shall be non‐qualified options for federal income tax purposes, and shall be subject to the foregoing and the following terms and conditions
        and to such other terms and conditions, not inconsistent therewith, as the Administrator shall determine:

       

      

      (a)          Option Price.  The Option Price per share of Common Stock
          shall be determined by the Administrator, provided that, solely for the purposes of an Option granted under the Plan to a Participant who is a U.S. taxpayer, in no event will the Option Price be less than 100% of the Fair Market
          Value on the date an Option is granted.

       

        

      
        
          

        6

      

      (b)          Exercisability.  Options granted under the Plan shall be
          exercisable at such time and upon such terms and conditions as may be determined by the Administrator, but in no event shall an Option be exercisable more than ten years after the date it is granted.

       

        

      (c)          Exercise of Options.

       

        

      (i)          Except as otherwise provided in the Plan or in an Award
          agreement, an Option may be exercised for all, or from time to time any part, of the shares of Common Stock for which it is then exercisable.  For purposes of this Section 6 of the Plan, the exercise date of an Option shall be the later of the
          date a notice of exercise is received by the Corporation and, if applicable, the date payment is received by the Corporation pursuant to clauses (A), (B), (C) or (D) in the following sentence.

       

        

      (ii)         The Option Price for share of the Common Stock as to which an
          Option is exercised shall be paid to the Corporation, and in the manner designated by the Administrator, pursuant to one or more of the following methods: (A) in cash or its equivalent (e.g., by personal check); (B) in Common Stock having a Fair
          Market Value equal to the aggregate Option Price for the shares of Common Stock being purchased and satisfying such other requirements as may be imposed by the Administrator; provided that such Common Stock have been held by the
          Participant for such period as may be established from time to time by the Administrator in order to avoid adverse accounting treatment applying generally accepted accounting principles; (C) partly in cash and partly in such Common Stock; (D) if
          there is a public market for the Common Stock at such time, through the delivery of irrevocable instructions to a broker to sell Common Stock obtained upon the exercise of the Option and to deliver promptly to the Corporation an amount out of the
          proceeds of such sale equal to the aggregate Option Price for the Common Stock being purchased, or (E) to the extent permitted by the Administrator, through net settlement in Common Stock.

       

        

      (iii)        To the extent compliant with applicable laws, no Participant
          shall have any rights to distributions or other rights of a holder with respect to Common Stock subject to an Option until the Participant has given written notice of exercise of the Option, paid in full the Option Price for such Common Stock
          and, if applicable, has satisfied any other conditions imposed by the Administrator pursuant to the Plan.

       

        

      (d)          Attestation.  Wherever in this Plan or any agreement
          evidencing an Award a Participant is permitted to pay the Option Price of an Option or taxes relating to the exercise of an Option by delivering Common Stock, the Participant may, subject to procedures satisfactory to the Administrator, satisfy
          such delivery requirement by presenting proof of beneficial ownership of such Common Stock, in which case the Corporation shall treat the Option as exercised without further payment and shall withhold such number of shares of Common Stock from
          the Common Stock acquired by the exercise of the Option, as appropriate.

       

        

      
        
          

        7

      

      	7.	
              Terms and Conditions of Stock Appreciation Rights

            

       

        

      (a)          Grants.  The Administrator may grant (i) a Stock
          Appreciation Right independent of an Option or (ii) a Stock Appreciation Right in connection with an Option, or a portion thereof.  A Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the
          time the related Option is granted or at any time prior to the exercise or cancellation of the related Option, (B) shall cover the same number of shares of Common Stock covered by an Option (or such lesser number of shares of Common Stock as the
          Administrator may determine) and (C) shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award
          agreement).

       

        

      (b)          Exercise Price.  The exercise price per share of Common
          Stock of a Stock Appreciation Right shall be an amount determined by the Administrator; provided, however, that in the case of a Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, the exercise
          price may not be less than the Option Price of the related Option; provided, further that, solely for the purposes of a Stock Appreciation Right granted under the Plan to a Participant who is a U.S. taxpayer, in the case of a
          Stock Appreciation Right that was not granted in conjunction with an Option, the exercise price per Stock Appreciation Right shall not be less than 100% of the Fair Market Value on the date the Stock Appreciation Right is granted.

       

        

      (c)          Terms of Grant:  Each Stock Appreciation Right granted
          independent of an Option shall entitle a Participant upon exercise to an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common Stock over (B) the exercise price per share of Common Stock, times
          (ii) the number of shares of Common Stock covered by the Stock Appreciation Right.  Each Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Corporation the
          unexercised Option, or any portion thereof, and to receive from the Corporation in exchange therefore an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common Stock over (B) the Option Price per
          share of Common Stock, times (ii) the number of shares of Common Stock covered by the Option, or portion thereof, which is surrendered.  Payment shall be made in Common Stock or in cash, or partly in Common Stock and partly in cash (any such
          Common Stock valued at such Fair Market Value), all as shall be determined by the Administrator.

       

        

      (d)          Exercisability:  Stock Appreciation Rights may be
          exercised from time to time upon actual receipt by the Corporation of written notice of exercise stating the number of shares of Common Stock with respect to which the Stock Appreciation Right is being exercised.  The date a notice of exercise is
          received by the Corporation shall be the exercise date.  The Administrator, in its sole discretion, may determine that no fractional Common Stock will be issued in payment for Stock Appreciation Rights, but instead cash will be paid for the
          fractional Common Stock and the number of shares of Common Stock to be delivered will be rounded downward to the next whole share of Common Stock.

       

        

      
        
          

        8

      

      (e)          Limitations.  The Administrator may impose, in its
          discretion, such conditions upon the exercisability of Stock Appreciation Rights as it may deem fit, but in no event shall a Stock Appreciation Right be exercisable more than ten years after the date it is granted.

       

        

      	8.	
              Other Stock-Based Awards

            

       

      

      The Administrator, in its sole discretion, may grant or sell Awards of Common Stock, restricted Common Stock, deferred restricted Common Stock, phantom restricted Common
        Stock or other Common Stock-based awards (including, but not limited to, restricted stock units) based in whole or in part on the Fair Market Value of the Common Stock (“Other Stock-Based Awards”).  Such Other Stock-Based Awards shall be in
        such form, and dependent on such conditions, as the Administrator shall determine, including, without limitation, the right to receive, or vest with respect to, one or more shares of Common Stock (or the equivalent cash value of such Common Stock)
        upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives.  Other Stock-Based Awards may be granted alone or in addition to any other Awards granted under the Plan.  Subject to
        the provisions of the Plan, the Administrator shall determine to whom and when Other Stock-Based Awards will be made, the number of shares of Common Stock to be awarded under (or otherwise related to) such Other Stock-Based Awards; whether such
        Other Stock-Based Awards shall be settled in cash, Common Stock, or other assets or a combination of cash, Common Stock and other assets; and all other terms and conditions of such Awards (including, without limitation, the vesting provisions
        thereof and provisions ensuring that all Common Stock so awarded and issued shall be fully paid and non-assessable).

       

      

      	9.	
              Adjustments Upon Certain Events

            

       

      

      Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

       

        

      (a)          Equity Restructurings. In the event of any extraordinary
          Common Stock distribution or split, recapitalization, rights offering, split-up or spin-off or any other event that constitutes an “equity restructuring” (as defined under Financial Accounting Standards Board (FASB) Accounting Standards
          Codification 718) with respect to the Common Stock, the Administrator shall, in the manner determined appropriate or desirable by the Administrator and without liability to any person, adjust any or all of (i) the number of shares of Common Stock
          or other securities of the Corporation (or number and kind of other securities or property) with respect to which Awards may be granted under the Plan, and (ii) the terms of outstanding Awards, including, but not limited to (A) the number of
          shares of Common Stock or other securities of the Corporation (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate, (B) the Option Price or exercise price of any Option or Stock
          Appreciation Right and (C) any performance targets or other applicable terms.

       

        

      
        
          

        9

      

      (b)          Mergers, Reorganizations and Other Corporate Transactions.
          In the event of any reorganization, merger, consolidation, combination, repurchase or exchange of Common Stock or other securities of the Corporation, issuance of warrants or other rights to purchase Common Stock or other securities of the
          Corporation, or other similar corporate transaction or event that affects the Common Stock such that an adjustment is determined by the Administrator in its discretion to be appropriate or desirable, the Administrator in its sole discretion and
          without liability to any person shall make such substitution or adjustment, if any, as it deems to be equitable as to (i) the number of shares of Common Stock or other securities of the Corporation (or number and kind of other securities or
          property) with respect to which Awards may be granted under the Plan, and (ii) the terms of any outstanding Award, including (A) the number of shares of Common Stock or other securities of the Corporation (or number and kind of other securities
          or property) subject to outstanding Awards or to which outstanding Awards relate, (B) the Option Price or exercise price of any Option or Stock Appreciation Right and (C) any performance targets or other applicable terms.

       

        

      (c)          Change in Control. In the event of a Change in Control
          after the Effective Date, (i) if determined by the Administrator in the applicable Award agreement or otherwise, any outstanding Awards then held by Participants which are unexercisable or otherwise unvested or subject to lapse restrictions shall
          automatically be deemed exercisable or otherwise vested or no longer subject to lapse restrictions, as the case may be, as of immediately prior to such Change in Control and (ii) the Administrator may (subject to Sections 16 and 18), but shall
          not be obligated to: (A) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of an Award; (B) cancel such Awards for fair value (as determined in the sole discretion of the Administrator) which, in the case of
          Options and Stock Appreciation Rights, may equal the excess, if any, of value of the consideration to be paid in the Change in Control transaction to holders of the same number of shares of Common Stock subject to such Options or Stock
          Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Common Stock subject to such Options or Stock Appreciation Rights) over the aggregate exercise price of such Options or Stock Appreciation
          Rights; (C) provide that any Options or Stock Appreciation Right having an exercise price per share of Common Stock that is greater than the per share value of the consideration to be paid in the Change in Control transaction to a holder of a
          share of Common Stock shall be cancelled without payment of any consideration therefor; (D) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted
          hereunder as determined by the Administrator in its sole discretion; or (E) provide that for a period of at least 15 days prior to the Change in Control, such Options or Stock Appreciation Rights shall be exercisable as to all shares subject
          thereto and that upon the occurrence of the Change in Control, such Options or Stock Appreciation Rights shall terminate and be of no further force and effect.

       

        

      	10.	
              No Right to Employment or Awards

            

       

      

      The granting of an Award under the Plan shall impose no obligation on the Corporation or any Affiliate to continue the Employment of a Participant and shall not lessen or
        affect the Corporation’s or Affiliate’s right to terminate the Employment of such Participant.  No Participant or other Person shall have any claim to be granted any Award (including as a result of recurring prior Award), and there is no obligation
        for uniformity of treatment of Participants, or holders or beneficiaries of Awards.  No Award shall constitute compensation for purposes of determining any benefits under any benefit plan.  The terms and conditions of Awards and the Administrator’s
        determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated).

        

      

      
        
          

        10

      

      	11.	
              Successors and Assigns

            

      

        The Plan shall be binding on all successors and assigns of the Corporation and a Participant, including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in
        bankruptcy or representative of the Participant’s creditors.

       

      

      	12.	
              Nontransferability of Awards

            

       

      

      Unless otherwise determined or approved by the Administrator, an Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of
        descent and distribution.  Any transfer or assignment in violation of the prior sentence shall be null and void.  An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of
        the Participant.

       

      

      	13.	
              Amendments or Termination

            

       

      

      The Board may amend, alter or discontinue the Plan or any outstanding Award, but no amendment, alteration or discontinuation shall be made, without the consent of a
        Participant, if such action would materially diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Administrator may without the
        Participant’s consent (a) amend the Plan or any outstanding Award in such manner as it deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws (including, without limitation, to avoid adverse
        tax consequences to the Corporation or to Participants as provided in Section 14 and Section 18 below), and (b) amend any outstanding Awards in a manner that is not adverse (other than in a de minimis
        manner) to a Participant, except as otherwise may be permitted pursuant to Section 9 hereof or as is otherwise contemplated pursuant to the terms of the Award, without the Participant’s consent.

       

      

      	14.	
              International Participants

            

       

      

      With respect to Participants who reside or work outside the United States of America, the Administrator may, in its sole discretion, amend the terms of the Plan or Awards
        with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Corporation or an Affiliate.

       

      

      	15.	
              Choice of Law

            

       

      

      The Plan shall be governed by and construed in accordance with the law of the State of New York without giving effect to any otherwise governing principles of conflicts of
        law that would apply the laws of another jurisdiction.

       

      

      	16.	
              Notices

            

       

      

       Except as otherwise provided in the Plan, any written notice required or permitted under the Plan may be delivered electronically, including, without limitation, delivery by means of e-mail delivery or e-mail
        notification that a notice is available on a website. 

      

      

      
        
          

        11

      

      	17.	
              Other Laws; Restrictions on Transfer of Common Stock

            

       

      

      The Administrator may refuse to issue or transfer any Common Stock or other consideration under an Award if, acting in its sole discretion, it determines that the issuance
        or transfer of such Common Stock or such other consideration might violate any applicable law or regulation or entitle the Corporation to recover profits under Section 16(b) of the Act, as amended, and any payment tendered to the Corporation by a
        Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. Without limiting the generality of the foregoing, no Award granted hereunder shall
        be construed as an offer to sell securities of the Corporation, and no such offer shall be outstanding, unless and until the Administrator in its sole discretion has determined that any such offer, if made, would be in compliance with all
        applicable requirements of the United States federal and any other applicable securities laws.

      

      

      	18.	
              Section 409A

            

       

      

      To the extent applicable, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and
        other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date.   Notwithstanding other provisions of the Plan or any Award agreements issued
        thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a Participant.  In the event that
        it is reasonably determined by the Administrator that, as a result of Section 409A of the Code, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award agreement, as
        the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, consistent with the provisions of Section 13 above, the Corporation may take whatever actions the Administrator determines
        necessary or appropriate to comply with, or exempt the Plan and Award agreement from the requirements of Section 409A of the Code and related Department of Treasury guidance and other interpretive materials as may be issued after the Effective Date
        including, without limitation, (a) adopting such amendments to the Plan and Awards and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Administrator determines necessary or appropriate to
        preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) taking such other actions as the Administrator determines necessary or appropriate to avoid the imposition of an additional tax under Section
        409A of the Code, which action may include, but is not limited to, delaying payment to a Participant who is a “specified employee” within the meaning of Section 409A of the Code until the first day following the six-month period beginning on the
        date of the Participant’s termination of Employment.  The Corporation shall use commercially reasonable efforts to implement the provisions of this Section 18 in good faith; provided that neither the Corporation, the Administrator
        nor any employee, director or representative of the Corporation or of any of its Affiliates shall have any liability to Participants with respect to this Section 18.

       

      

      	19.	
              Effectiveness of the Plan

            

       

      

      The Plan shall be effective as of the Effective Date.

       

        

       

        

      *          *          *EXHIBIT 4.1

     

    DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO

     

    SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

     

    General

     

    The following description summarizes the most important terms of our securities registered pursuant to Section 12 of the Securities Exchange Act of
      1934, as amended.  This summary does not purport to be complete and is qualified in its entirety by the provisions of our amended and restated certificate of incorporation (“certificate of incorporation”) and amended and restated bylaws (“bylaws”),
      copies of which have been previously filed by us with the Securities and Exchange Commission (the “SEC”).  For a complete description of our securities, you should refer to our certificate of incorporation, our bylaws and applicable provisions of
      Delaware law.  As used in this section, “we,” “us” and “our” mean KKR & Co.  Inc., a Delaware corporation, and its successors, but not any of its subsidiaries.

     

    Our authorized capital stock consists of 5,000,000,000 shares, all with a par value of $0.01 per share, of which:

     

    	

          	●	
            3,500,000,000 are designated as common stock;

          

     

    	

          	●	
            1,500,000,000 are designated as preferred stock, of which (v) 13,800,000 shares are designated as “6.75% Series A Preferred Stock” (“Series A Preferred Stock”), (w)
              6,200,000 shares are designated as “6.50% Series B Preferred Stock” (“Series B Preferred Stock”), (x) 23,000,000 shares are designated as “6.00% Series C Mandatory Convertible Preferred Stock” (“Series C Mandatory Convertible Preferred
              Stock”), (y) 1 share is designated as “Series I Preferred Stock” (“Series I Preferred Stock”) and (z) 499,999,999 shares are designated as “Series II Preferred Stock” (“Series II Preferred Stock”).

          

     

    Common Stock

     

    Economic Rights

     

    Dividends.  Subject to preferences that apply to shares of
      Series A Preferred Stock, Series B Preferred Stock and Series C Mandatory Convertible Preferred Stock and any other shares of preferred stock outstanding at the time on which dividends are payable, the holders of our common stock are entitled to
      receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine.

     

    Liquidation.  If we become subject to an event giving rise
      to our dissolution, liquidation or winding up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time
      ranking on a parity with our common stock with respect to such distribution, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding
      shares of our Series A Preferred Stock, Series B Preferred Stock, Series C Mandatory Convertible Preferred Stock, Series I Preferred Stock, Series II Preferred Stock and any other outstanding shares of preferred stock.

     

    Voting Rights

     

    Our certificate of incorporation provides for holders of our common stock and our Series II Preferred Stock, voting together as a single class, to
      have the right to vote on the following matters:

     

    	

          	●	
            any increase in the number of authorized shares of Series I Preferred Stock;

          

     

    	

          	●	
            a sale of all or substantially all of our and our subsidiaries’ assets, taken as a whole, in a single transaction or series of related transactions (except (i) for
              the sole purpose of changing our legal form into another

          

     

    
      1

      
        

    

    limited liability entity and where the governing instruments of the new entity provide our stockholders with substantially the same
      rights and obligations and (ii) mortgages, pledges, hypothecations or grants of a security interest by the Series I Preferred Stockholder in all or substantially all of our assets (including for the benefit of affiliates of the Series I Preferred
      Stockholder));

     

    	

          	●	
            merger, consolidation or other business combination (except for the sole purpose of changing our legal form into another limited liability entity and where the
              governing instruments of the new entity provide our stockholders with substantially the same rights and obligations); and

          

     

    	

          	●	
            any amendment to our certificate of incorporation that would have a material adverse effect on the rights or preferences of our common stock relative to the other
              classes of our stock.

          

     

    In addition, Delaware law would permit holders of our common stock to vote as a separate class on an amendment to our certificate of incorporation
      that would:

     

    	

          	●	
            change the par value of our common stock; or

          

     

    	

          	●	
            alter or change the powers, preferences, or special rights of the common stock in a way that would adversely affect the holders of our common stock.

          

     

    Our certificate of incorporation provides that the number of authorized shares of any class of stock, including our common stock, may be increased or
      decreased (but not below the number of shares of such class then outstanding) solely with the approval of the Series I Preferred Stockholder and, in the case of any increase in the number of authorized shares of our Series I Preferred Stock, the
      holders of a majority in voting power of the common stock and Series II Preferred Stock, voting together as a single class.  As a result, the Series I Preferred Stockholder can approve an increase or decrease in the number of authorized shares of
      common stock and Series II Preferred Stock without a separate vote of the holders of the common stock or the Series II Preferred Stock, as applicable.  This could allow us to increase and issue additional shares of common stock and/or Series II
      Preferred Stock beyond what is currently authorized in our certificate of incorporation without the consent of the holders of the common stock or the Series II Preferred Stock, as applicable.

     

    Except as described below under “Anti-Takeover Provisions—Loss of voting rights,” each record holder of common stock will be entitled to a number of
      votes equal to the number of shares of common stock held with respect to any matter on which the common stock is entitled to vote.

     

    No Preemptive or Similar Rights

     

    Our common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions.

     

    Limited Call Right

     

    If at any time:

     

    	

          	(i)	
            less than 10% of the then issued and outstanding shares of any class (other than preferred stock) are held by persons other than the Series I Preferred Stockholder and its
              affiliates; or

          

     

    	

          	(ii)	
            we are subjected to registration under the provisions of the U.S.  Investment Company Act of 1940, as amended (the “Investment Company Act”),

          

     

    we will have the right, which we may assign in whole or in part to the Series I Preferred Stockholder or any of its affiliates, to acquire all, but
      not less than all, of the remaining shares of the class held by unaffiliated persons.

     

    As a result of our right to purchase outstanding shares of common stock, a stockholder may have their shares purchased at an undesirable time or
      price.

     

    
      2

      
        

    

    Preferred Stock

     

    Our board of directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish
      from time to time the number of shares to be included in each series, and to fix the designation, powers (including voting powers), preferences and rights of the shares of each series and any of its qualifications, limitations or restrictions, in
      each case without further vote or action by our stockholders (except as may be required by the terms of any preferred stock then outstanding).  Our board of directors may (except where otherwise provided in the applicable preferred stock designation)
      increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares outstanding) the number of shares of any series of preferred stock, without any further vote or action by our stockholders. 
      Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the proportion of voting power held by, or other relative rights of, the holders of our common stock.  The issuance of
      preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control of our company and might
      adversely affect the market price of the common stock or the proportion of voting power held by, or other relative rights of, the holders of the common stock.

     

    As of the date of filing of the Annual Report on Form 10-K for the year ended December 31, 2020, there are no series of preferred stock outstanding
      other than as described herein.

     

    Series A Preferred Stock

     

    In March 2016, KKR & Co.  L.P.  issued 13,800,000 6.75% Series A Preferred Units (“Series A Preferred Units”).  In connection with our conversion
      to a corporation, each Series A Preferred Unit outstanding immediately prior to the conversion converted into one issued and outstanding, fully paid and nonassessable share of Series A Preferred Stock.

     

    Economic rights.  Dividends on the Series A Preferred Stock
      are payable when, as and if declared by our board of directors out of funds legally available, at a rate per annum equal to 6.75% of the $25.00 liquidation preference per share.  Dividends on the Series A Preferred Stock are payable quarterly on
      March 15, June 15, September 15 and December 15 of each year, when, as and if declared our board of directors.

     

    Dividends on the Series A Preferred Stock are non-cumulative.

     

    Ranking.  Shares of the Series A Preferred Stock rank senior
      to our common stock and equally with shares of our Series B Preferred Stock, Series C Mandatory Convertible Preferred Stock and any of our other equity securities, including any other preferred stock, that we may issue in the future, whose terms
      provide that such securities will rank equally with the Series A Preferred Stock respect to payment of dividends and distribution of our assets upon our liquidation, dissolution or winding up (“Series A parity stock”).  Shares of the Series A
      Preferred Stock include the same provisions with respect to restrictions on declaration and payment of dividends as the Series B Preferred Stock and Series C Mandatory Convertible Preferred Stock.  Holders of the Series A Preferred Stock do not have
      preemptive or subscription rights.

     

    Shares of the Series A Preferred Stock rank junior to (i) all of our existing and future indebtedness and (ii) any of our equity securities, including
      preferred stock, that we may issue in the future, whose terms provide that such securities will rank senior to the Series A Preferred Stock with respect to payment of dividends and distribution of our assets upon our liquidation, dissolution or
      winding up (such equity securities, “Series A senior stock”).  We currently have no Series A senior stock outstanding.  While any shares of Series A Preferred Stock are outstanding, we may not authorize or create any class or series of Series A
      senior stock without the approval of two-thirds of the votes entitled to be cast by the holders of outstanding Series A Preferred Stock and all other series of Series A voting preferred stock (defined below), acting as a single class.  See “—Voting
      rights” below for a discussion of the voting rights applicable if we seek to create any class or series of Series A senior stock.

     

    Maturity.  The Series A Preferred Stock does not have a
      maturity date, and we are not required to redeem or repurchase the Series A Preferred Stock.

     

    
      3

      
        

    

    Optional redemption.  We may not redeem the Series A
      Preferred Stock prior to June 15, 2021 except as provided below under “—Change of control redemption.” At any time or from time to time on or after June 15, 2021, we may, at our option, redeem the Series A Preferred Stock, in whole or in part, at a
      price of $25.00 per share of Series A Preferred Stock plus declared and unpaid dividends, if any, to, but excluding, the redemption date, without payment of any undeclared dividends.

     

    Holders of the Series A Preferred Stock will have no right to require the redemption of the Series A Preferred Stock.

     

    Change of control redemption.  If a change of control event
      occurs prior to June 15, 2021, we may, at our option, redeem the Series A Preferred Stock, in whole but not in part, at a price of $25.25 per share of Series A Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption
      date, without payment of any undeclared dividends.

     

    If we do not give a redemption notice within the time periods specified in our certificate of incorporation following a change of control event
      (whether before, on or after June 15, 2021), the dividend rate per annum on the Series A Preferred Stock will increase by 5.00%.

     

    A change of control event would occur if a change of control is accompanied by the lowering of the rating on certain series of our senior notes that
      are guaranteed by us and KKR Group Partnership L.P.  (the “KKR Group Partnership”) (or, if no such series of our senior notes are outstanding, our long-term issuer rating) in respect of such change of control and any series of such senior notes or
      our long-term issuer rating, as applicable, is rated below investment grade.

     

    The change of control redemption feature of the Series A Preferred Stock may, in certain circumstances, make more difficult or discourage a sale or
      takeover of us or the KKR Group Partnership and, thus, the removal of incumbent management.  We have no present intention to engage in a transaction involving a change of control, although it is possible that we could decide to do so in the future.

     

    Voting rights.  Except as indicated below, the holders of
      the Series A Preferred Stock will have no voting rights.

     

    Whenever six quarterly dividends (whether or not consecutive) payable on the Series A Preferred Stock have not been declared and paid, the number of
      directors on our board of directors will be increased by two and the holders of the Series A Preferred Stock, voting together as a single class with the holders of the Series B Preferred Stock, Series C Mandatory Convertible Preferred Stock and any
      other series of Series A parity stock then outstanding upon which like voting rights have been conferred and are exercisable (any such other series, together with the Series B Preferred Stock and Series C Mandatory Convertible Preferred Stock, the
      “Series A voting preferred stock”), will have the right to elect these two additional directors at a meeting of the holders of the Series A Preferred Stock and such Series A voting preferred stock.  These voting rights will continue until four
      consecutive quarterly dividends have been declared and paid on the Series A Preferred Stock.

     

    The approval of two-thirds of the votes entitled to be cast by the holders of outstanding Series A Preferred Stock and all series of Series A voting
      preferred stock, acting as a single class, either at a meeting of stockholders or by written consent, is required in order:

     

    	

          	(i)	
            to amend, alter or repeal any provision of our certificate of incorporation relating to the Series A Preferred Stock or series of Series A voting preferred stock so as to materially
              and adversely affect the voting powers, rights or preferences of the holders of the Series A Preferred Stock or series of Series A voting preferred stock, or

          

     

    	

          	(ii)	
            to authorize, create or increase the authorized amount of, any class or series of preferred stock having rights senior to the Series A Preferred Stock with respect to the payment of
              distributions or amounts upon liquidation, dissolution or winding up,

          

     

    
      4

      
        

    

    provided that in the case of clause (i) above, if such amendment materially and adversely affects the rights, preferences, privileges or voting powers
      of one or more but not all of the classes or series of Series A voting preferred stock (including the Series A Preferred Stock for this purpose), only the consent of the holders of at least two-thirds of the outstanding shares of the classes or
      series so affected, voting as a class, is required in lieu of (or, if such consent is required by law, in addition to) the consent of the holders of two-thirds of the Series A voting preferred stock (including the Series A Preferred Stock for this
      purpose) as a class.

     

    However, we may create additional series or classes of Series A parity stock and any equity securities that rank junior to our Series A Preferred
      Stock and issue additional series of such stock without the consent of any holder of the Series A Preferred Stock.

     

    In addition, if at any time any person or group (other than the Series I Preferred Stockholder and its affiliates, or a direct or subsequently
      approved transferee of the Series I Preferred Stockholder or its affiliates) acquires, in the aggregate, beneficial ownership of 20% or more of the Series A Preferred Stock then outstanding, that person or group will lose voting rights on all of its
      stock and the stock may not be voted on any matter and will not be considered to be outstanding when calculating required votes or for other similar purposes.  See “Anti-Takeover Provisions—Loss of voting rights.”

     

    Amount payable in liquidation.  Upon any voluntary or
      involuntary liquidation, dissolution or winding up of us, each holder of the Series A Preferred Stock will be entitled to a payment equal to the sum of the $25.00 liquidation preference per share of Series A Preferred Stock and declared and unpaid
      dividends, if any, to, but excluding the date of the liquidation, dissolution or winding up.  Such payment will be made out of our assets available for distribution (to the extent available) to the holders of the Series A Preferred Stock following
      the satisfaction of all claims ranking senior to the Series A Preferred Stock.

     

    No conversion rights.  The shares of Series A Preferred
      Stock are not convertible into common stock or any other class or series of our capital stock or any other security.

     

    Series A GP Mirror Units.  In connection with the Series A
      Preferred Stock, we hold a series of preferred units issued by the KKR Group Partnership (the “Series A GP Mirror Units”), with economic terms designed to mirror those of the Series A Preferred Stock.  The terms of the Series A GP Mirror Units
      provide that unless distributions have been declared and paid or declared and set apart for payment on all Series A GP Mirror Units issued by the KKR Group Partnership for the then-current quarterly dividend period, then during such quarterly
      dividend period only, the KKR Group Partnership may not repurchase its common units or any junior units and may not declare or pay or set apart payment for distributions on its junior units, other than distributions paid in junior units or options,
      warrants or rights to subscribe for or purchase junior units.  The terms of the Series A GP Mirror Units also provide that, in the event that the KKR Group Partnership liquidates, dissolves or winds up, the KKR Group Partnership may not declare or
      pay or set apart payment on its common units or any other units ranking junior to the Series A GP Mirror Units unless the outstanding liquidation preference on all outstanding Series A GP Mirror Units have been repaid via redemption or otherwise. 
      The foregoing is subject to certain exceptions, including, (i) in the case of a merger or consolidation of the KKR Group Partnership in a transaction whereby the surviving person, if not the KKR Group Partnership immediately prior to such
      transaction, expressly assumes all of the obligations under the Series A GP Mirror Units and satisfies certain other conditions, (ii) in the case of a merger or consolidation of the KKR Group Partnership that does not, or sale, assignment, transfer,
      lease or conveyance of KKR Group Partnership assets that do not, constitute a Substantially All Merger or Substantially All Sale (as such terms are defined in the limited partnership agreement governing the KKR Group Partnership (the “KKR Group
      Partnership LPA”)), (iii) the sale or disposition of the KKR Group Partnership should the KKR Group Partnership not constitute a “significant subsidiary” under Rule 1-02(w) of Regulation S-X promulgated by the SEC, (iv) the Series A Preferred Stock
      have been fully redeemed, (v) transactions where the assets of KKR Group Partnership being liquidated, dissolved or wound up are immediately contributed to a successor of KKR Group Partnership or any future partnership designated as a Group
      Partnership (as such term is defined in the KKR Group Partnership LPA) and (vi) any Permitted Transfer or Permitted Reorganization (as such terms are defined in the KKR Group Partnership LPA).  The Series A GP Mirror Units (as defined below) rank
      equally with the Series B GP Mirror Units and Series C GP Mirror Units.

     

    Series B Preferred Stock

     

    
      5

      
        

    

    In June 2016, KKR & Co.  L.P.  issued 6,200,000 6.50% Series B Preferred Units (“Series B Preferred Units”).  In connection with our conversion to
      a corporation, each Series B Preferred Unit outstanding immediately prior to the conversion converted into one issued and outstanding, fully paid and nonassessable share of Series B Preferred Stock.

     

    Economic rights.  Dividends on the Series B Preferred Stock
      are payable when, as and if declared by our board of directors out of funds legally available, at a rate per annum equal to 6.50% of the $25.00 liquidation preference per share.  Dividends on the Series B Preferred Stock are payable quarterly on
      March 15, June 15, September 15 and December 15 of each year, when, as and if declared our board of directors.

     

    Dividends on the Series B Preferred Stock are non-cumulative.

     

    Ranking.  Shares of the Series B Preferred Stock rank senior
      to our common stock and equally with shares of our Series A Preferred Stock, Series C Mandatory Convertible Preferred Stock and any of our other equity securities, including any other preferred stock, that we may issue in the future, whose terms
      provide that such securities will rank equally with the Series B Preferred Stock respect to payment of dividends and distribution of our assets upon our liquidation, dissolution or winding up (“Series B parity stock”).  Shares of the Series B
      Preferred Stock include the same provisions with respect to restrictions on declaration and payment of dividends as the Series A Preferred Stock and Series C Mandatory Convertible Preferred Stock.  Holders of the Series B Preferred Stock do not have
      preemptive or subscription rights.

     

    Shares of the Series B Preferred Stock rank junior to (i) all of our existing and future indebtedness and (ii) any of our equity securities, including
      preferred stock, that we may issue in the future, whose terms provide that such securities will rank senior to the Series B Preferred Stock with respect to payment of dividends and distribution of our assets upon our liquidation, dissolution or
      winding up (such equity securities, “Series B senior stock”).  We currently have no Series B senior stock outstanding.  While any shares of Series B Preferred Stock are outstanding, we may not authorize or create any class or series of Series B
      senior stock without the approval of two-thirds of the votes entitled to be cast by the holders of outstanding Series B Preferred Stock and all other series of Series B voting preferred stock (defined below), acting as a single class.  See “—Voting
      rights” below for a discussion of the voting rights applicable if we seek to create any class or series of Series B senior stock.

     

    Maturity.  The Series B Preferred Stock does not have a
      maturity date, and we are not required to redeem or repurchase the Series B Preferred Stock.

     

    Optional redemption.  We may not redeem the Series B
      Preferred Stock prior to September 15, 2021 except as provided below under “—Change of control redemption.” At any time or from time to time on or after September 15, 2021, we may, at our option, redeem the Series B Preferred Stock, in whole or in
      part, at a price of $25.00 per share of Series B Preferred Stock plus declared and unpaid dividends, if any, to, but excluding, the redemption date, without payment of any undeclared dividends.

     

    Holders of the Series B Preferred Stock will have no right to require the redemption of the Series B Preferred Stock.

     

    Change of control redemption.  If a change of control event
      occurs prior to September 15, 2021, we may, at our option, redeem the Series B Preferred Stock, in whole but not in part, at a price of $25.25 per share of Series B Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption
      date, without payment of any undeclared dividends.

     

    If we do not give a redemption notice within the time periods specified in our certificate of incorporation following a change of control event
      (whether before, on or after September 15, 2021), the dividend rate per annum on the Series B Preferred Stock will increase by 5.00%.

     

    A change of control event would occur if a change of control is accompanied by the lowering of the rating on certain series of our senior notes that
      are guaranteed by us and the KKR Group Partnership (or, if no such series of

     

    
      6

      
        

    

    our senior notes are outstanding, our long-term issuer rating) in respect of such change of control and any series of such senior notes or our long-term issuer rating,
      as applicable, is rated below investment grade.

     

    The change of control redemption feature of the Series B Preferred Stock may, in certain circumstances, make more difficult or discourage a sale or
      takeover of us or the KKR Group Partnership and, thus, the removal of incumbent management.  We have no present intention to engage in a transaction involving a change of control, although it is possible that we could decide to do so in the future.

     

    Voting rights.  Except as indicated below, the holders of
      the Series B Preferred Stock will have no voting rights.

     

    Whenever six quarterly dividends (whether or not consecutive) payable on the Series B Preferred Stock have not been declared and paid, the number of
      directors on our board of directors will be increased by two and the holders of the Series B Preferred Stock, voting together as a single class with the holders of the Series A Preferred Stock, Series C Mandatory Convertible Preferred Stock and any
      other series of Series B parity stock then outstanding upon which like voting rights have been conferred and are exercisable (any such other series, together with the Series A Preferred Stock and Series C Mandatory Convertible Preferred Stock, the
      “Series B voting preferred stock”), will have the right to elect these two additional directors at a meeting of the holders of the Series B Preferred Stock and such Series B voting preferred stock.  These voting rights will continue until four
      consecutive quarterly dividends have been declared and paid on the Series B Preferred Stock.

     

    The approval of two-thirds of the votes entitled to be cast by the holders of outstanding Series B Preferred Stock and all series of Series B voting
      preferred stock, acting as a single class, either at a meeting of stockholders or by written consent, is required in order:

     

    	

          	(i)	
            to amend, alter or repeal any provision of our certificate of incorporation relating to the Series B Preferred Stock or series of Series B voting preferred stock so as to materially
              and adversely affect the voting powers, rights or preferences of the holders of the Series B Preferred Stock or series of Series B voting preferred stock, or

          

     

    	

          	(ii)	
            to authorize, create or increase the authorized amount of, any class or series of preferred stock having rights senior to the Series B Preferred Stock with respect to the payment of
              distributions or amounts upon liquidation, dissolution or winding up,

          

     

    provided that in the case of clause (i) above, if such amendment materially and adversely affects the rights, preferences, privileges or voting powers
      of one or more but not all of the classes or series of Series B voting preferred stock (including the Series B Preferred Stock for this purpose), only the consent of the holders of at least two-thirds of the outstanding shares of the classes or
      series so affected, voting as a class, is required in lieu of (or, if such consent is required by law, in addition to) the consent of the holders of two-thirds of the Series B voting preferred stock (including the Series B Preferred Stock for this
      purpose) as a class.

     

    However, we may create additional series or classes of Series B parity stock and any equity securities that rank junior to our Series B Preferred
      Stock and issue additional series of such stock without the consent of any holder of the Series B Preferred Stock.

     

    In addition, if at any time any person or group (other than the Series I Preferred Stockholder and its affiliates, or a direct or subsequently
      approved transferee of the Series I Preferred Stockholder or its affiliates) acquires, in the aggregate, beneficial ownership of 20% or more of the Series B Preferred Stock then outstanding, that person or group will lose voting rights on all of its
      stock and the stock may not be voted on any matter and will not be considered to be outstanding when calculating required votes or for other similar purposes.  See “Anti-Takeover Provisions—Loss of voting rights.”

     

    Amount payable in liquidation.  Upon any voluntary or
      involuntary liquidation, dissolution or winding up of us, each holder of the Series B Preferred Stock will be entitled to a payment equal to the sum of the $25.00 liquidation preference per share of Series B Preferred Stock and declared and unpaid
      dividends, if any, to, but excluding the date

     

    
      7

      
        

    

    of the liquidation, dissolution or winding up.  Such payment will be made out of our assets available for distribution (to the extent available) to the holders of the
      Series B Preferred Stock following the satisfaction of all claims ranking senior to the Series B Preferred Stock.

     

    No conversion rights.  The shares of Series B Preferred
      Stock are not convertible into common stock or any other class or series of our capital stock or any other security.

     

    Series B GP Mirror Units.  In connection with the Series B
      Preferred Stock, we hold a series of preferred units issued by the KKR Group Partnership (the “Series B GP Mirror Units”), with economic terms designed to mirror those of the Series B Preferred Stock.  The terms of the Series B GP Mirror Units
      provide that unless distributions have been declared and paid or declared and set apart for payment on all Series B GP Mirror Units issued by the KKR Group Partnership for the then-current quarterly dividend period, then during such quarterly
      dividend period only, the KKR Group Partnership may not repurchase its common units or any junior units and may not declare or pay or set apart payment for distributions on its junior units, other than distributions paid in junior units or options,
      warrants or rights to subscribe for or purchase junior units.  The terms of the Series B GP Mirror Units also provide that, in the event that the KKR Group Partnership liquidates, dissolves or winds up, the KKR Group Partnership may not declare or
      pay or set apart payment on its common units or any other units ranking junior to the Series B GP Mirror Units unless the outstanding liquidation preference on all outstanding Series B GP Mirror Units have been repaid via redemption or otherwise. 
      The foregoing is subject to certain exceptions, including, (i) in the case of a merger or consolidation of the KKR Group Partnership in a transaction whereby the surviving person, if not the KKR Group Partnership immediately prior to such
      transaction, expressly assumes all of the obligations under the Series B GP Mirror Units and satisfies certain other conditions, (ii) in the case of a merger or consolidation of the KKR Group Partnership that does not, or sale, assignment, transfer,
      lease or conveyance of KKR Group Partnership assets that do not, constitute a Substantially All Merger or Substantially All Sale (as such terms are defined in the KKR Group Partnership LPA)), (iii) the sale or disposition of the KKR Group Partnership
      should the KKR Group Partnership not constitute a “significant subsidiary” under Rule 1-02(w) of Regulation S-X promulgated by the SEC, (iv) the Series B Preferred Stock have been fully redeemed, (v) transactions where the assets of KKR Group
      Partnership being liquidated, dissolved or wound up are immediately contributed to a successor of KKR Group Partnership or any future partnership designated as a Group Partnership (as such term is defined in the KKR Group Partnership LPA) and
      (vi) any Permitted Transfer or Permitted Reorganization (as such terms are defined in the KKR Group Partnership LPA).  The Series B GP Mirror Units rank equally with the Series A GP Mirror Units and Series C GP Mirror Units.

     

    Forum selection.  The federal district courts of the United
      States of America are the exclusive forums for resolving any complaint brought by any holder of Series B Preferred Stock (including any holder of beneficial interests in shares of Series B Preferred Stock) asserting a cause of action arising under
      the United States federal securities laws (except, and only to the extent, that any such claims, actions or proceedings are of a type for which such a holder may not waive its right to maintain a legal action or proceeding in the courts of the State
      of Delaware with respect to matters relating to internal corporate claims of KKR & Co.  Inc.  as set forth under Section 115 of the Delaware General Corporation Law (the “DGCL”).

     

    Series C Mandatory Convertible Preferred Stock

     

    In August 2020, KKR & Co.  Inc.  issued 23,000,000 6.00% Series C Mandatory Convertible Preferred Stock (“Series C Mandatory Convertible Preferred
      Stock”).

     

    Economic rights.  Dividends on the Series C Mandatory
      Convertible Preferred Stock are payable on a cumulative basis when, as and if declared by our board of directors out of funds legally available, at a rate per annum equal to 6.00% of the $50.00 liquidation preference per share (equivalent to $3.00
      per annum per share) and may be paid in cash or, subject to certain limitations, in shares of Common Stock or a combination of cash and shares of Common Stock.  If declared, dividends on the Series C Mandatory Convertible Preferred Stock are payable
      quarterly on March 15, June 15, September 15 and December 15 of each year to, and including, September 15, 2023, having commenced on December 15, 2020.

     

    Ranking.  Shares of the Series C Mandatory Convertible
      Preferred Stock rank senior to our common stock and equally with shares of our Series A Preferred Stock, Series B Preferred Stock and any of our other equity securities, including any other preferred stock, that we may issue in the future, whose
      terms provide that such securities will rank

     

    
      8

      
        

    

    equally with the Series C Mandatory Convertible Preferred Stock respect to payment of dividends and distribution of our assets upon our liquidation, dissolution or
      winding up (“Series C parity stock”).  Shares of the Series C Mandatory Convertible Preferred Stock include the same provisions with respect to restrictions on declaration and payment of dividends as the Series A Preferred Stock and Series B
      Preferred Stock.  Holders of the Series C Mandatory Convertible Preferred Stock do not have preemptive or subscription rights.

     

    Shares of the Series C Mandatory Convertible Preferred Stock rank junior to (i) all of our existing and future indebtedness and (ii) any of our equity
      securities, including preferred stock, that we may issue in the future, whose terms provide that such securities will rank senior to the Series C Mandatory Convertible Preferred Stock with respect to payment of dividends and distribution of our
      assets upon our liquidation, dissolution or winding up (such equity securities, “Series C senior stock”).  We currently have no Series C senior stock outstanding.  While any shares of Series C Mandatory Convertible Preferred Stock are outstanding, we
      may not authorize or create any class or series of Series C senior stock without the approval of two-thirds of the votes entitled to be cast by the holders of outstanding Series C Mandatory Convertible Preferred Stock and all other series of Series C
      voting preferred stock (defined below), acting as a single class.  See “—Voting rights” below for a discussion of the voting rights applicable if we seek to create any class or series of Series C senior stock.

     

    Conversion rights.  Unless converted or redeemed earlier in
      accordance with the terms of the Series C Mandatory Convertible Preferred Stock, each share of Series C Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be September 15, 2023,
      into between 1.1662 shares and 1.4285 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Series C Mandatory Convertible Preferred Stock.  The number of
      shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day
      immediately preceding September 15, 2023.

     

    In addition, at any time prior to September 15, 2023, holders of the Series C Mandatory Convertible Preferred Stock have the option to elect to
      convert their shares of the Series C Mandatory Convertible Preferred Stock, in whole or in part, into shares of common stock at the minimum conversion rate of 1.1662 shares of common stock per share of Series C Mandatory Convertible Preferred Stock. 
      If holders elect to convert any shares of the Series C Mandatory Convertible Preferred Stock during a specified period beginning on the effective date of certain fundamental changes (as described in the certificate of designations related to the
      Series C Mandatory Convertible Preferred Stock), such shares of Series C Mandatory Convertible Preferred Stock will be converted into shares of common stock at a conversion rate including a make-whole amount based on the present value of future
      dividend payments.

     

    Voting rights.  Except as indicated below, the holders of
      the Series C Mandatory Convertible Preferred Stock will have no voting rights.

     

    Whenever six quarterly dividends (whether or not consecutive) payable on the Series C Mandatory Convertible Preferred Stock have not been declared and
      paid, the number of directors on our board of directors will be increased by two and the holders of the Series C Mandatory Convertible Preferred Stock, voting together as a single class with the holders of the Series A Preferred Stock, Series B
      Preferred Stock and any other series of Series C parity stock then outstanding upon which like voting rights have been conferred and are exercisable (any such other series, together with the Series A Preferred Stock and Series B Preferred Stock, the
      “Series C voting preferred stock”), will have the right to elect these two additional directors at a meeting of the holders of the Series C Mandatory Convertible Preferred Stock and such Series C voting preferred stock.  These voting rights will
      continue until when all accumulated and unpaid dividends on the Series C Mandatory Convertible Preferred Stock have been paid in full, or declared and a sum or number of shares of the common stock sufficient for such payment shall have been set aside
      for the benefit of the holders of the Series C Mandatory Convertible Preferred Stock, on the Series C Mandatory Convertible Preferred Stock.

     

    The approval of two-thirds of the votes entitled to be cast by the holders of outstanding Series C Mandatory Convertible Preferred Stock and all
      series of Series C voting preferred stock, acting as a single class, either at a meeting of stockholders or by written consent, is required in order:

     

    
      9

      
        

    

    	

          	(i)	
            to amend or alter the provisions of our certificate of incorporation so as to authorize or create, or increase the authorized number of, any class or series of stock ranking senior
              to the Series C Mandatory Convertible Preferred Stock,

          

     

    	

          	(ii)	
            to amend, alter or repeal any provision of our certificate of incorporation relating to the Series C Mandatory Convertible Preferred Stock or series of Series C voting preferred
              stock so as to adversely affect the special rights, preferences or voting powers of the holders of the Series C Mandatory Convertible Preferred Stock or series of Series C voting preferred stock, or

          

     

    	

          	(iii)	
            to consummate a binding share exchange or reclassification involving the shares of the Series C Mandatory Convertible Preferred Stock or a merger or consolidation of us with another
              entity, unless in each case: (i) the shares of the Series C Mandatory Convertible Preferred Stock remain outstanding following the consummation of such binding share exchange, reclassification, merger or consolidation or, in the case of any
              such merger or consolidation with respect to which we are not the surviving or resulting entity (or the Series C Mandatory Convertible Preferred Stock is otherwise exchanged or reclassified), are converted or reclassified into or exchanged
              for preference securities of the surviving or resulting entity or its ultimate parent; and (ii) the shares of the Series C Mandatory Convertible Preferred Stock that remain outstanding or such shares of preference securities, as the case may
              be, have such rights, preferences and voting powers that, taken as a whole, are not materially less favorable to the holders thereof than the rights, preferences and voting powers, taken as a whole, of the Series C Mandatory Convertible
              Preferred Stock immediately prior to the consummation of such transaction.

          

     

    However, we may create additional series or classes of Series C parity stock and any equity securities that rank junior to our Series C Mandatory
      Convertible Preferred Stock and issue additional series of such stock without the consent of any holder of the Series C Mandatory Convertible Preferred Stock.

     

    Amount payable in liquidation.  Upon any voluntary or
      involuntary liquidation, winding-up or dissolution of us, each holder of the Series C Mandatory Convertible Preferred Stock will be entitled to a payment equal to the sum of the $50.00 liquidation preference per share of Series C Mandatory
      Convertible Preferred Stock and declared and unpaid dividends, if any, to, but excluding the date of the liquidation, winding-up or dissolution.  Such payment will be made out of our assets available for distribution (to the extent available) to the
      holders of the Series C Mandatory Convertible Preferred Stock following the satisfaction of all claims ranking senior to the Series C Mandatory Convertible Preferred Stock.

     

    If, upon the voluntary or involuntary liquidation, winding-up or dissolution of us, the amounts payable with respect to (1) the $50.00 liquidation
      preference per share of Series C Mandatory Convertible Preferred and declared and unpaid dividends, if any, to, but excluding the date of the liquidation, winding-up or dissolution on the shares of the Mandatory Convertible Preferred Stock and (2)
      the liquidation preference of, and the amount of accumulated and unpaid dividends (to, but excluding, the date fixed for liquidation, winding up or dissolution) on, all Series A Preferred Stock, Series B Preferred Stock and any other series of Series
      C parity stock then outstanding, if applicable, are not paid in full, the holders and all holders of any such Series A Preferred Stock, Series B Preferred Stock and any other series of Series C parity stock then outstanding shall share equally and
      ratably in any distribution of our assets in proportion to their respective liquidation preferences and amounts equal to the accumulated and unpaid dividends to which they are entitled.

     

    Series C GP Mirror Units.  In connection with the Series C
      Mandatory Convertible Preferred Stock, we hold a series of preferred units issued by the KKR Group Partnership (the “Series C GP Mirror Units”), with economic terms designed to mirror those of the Series C Mandatory Convertible Preferred Stock.  The
      terms of the Series C GP Mirror Units provide that unless distributions have been declared and paid or declared and set apart for payment on all Series C GP Mirror Units issued by the KKR Group Partnership for the then-current quarterly dividend
      period, then during such quarterly dividend period only, the KKR Group Partnership may not repurchase its common units or any junior units and may not declare or pay or set apart payment for distributions on its junior units, other than distributions
      paid in junior units or options, warrants or rights to subscribe for or purchase junior units.  The terms of the Series C GP Mirror Units also provide that, in the event that the KKR Group Partnership liquidates, dissolves or winds up, the KKR Group
      Partnership may not declare or pay or set apart payment on its common units or any other

     

    
      10

      
        

    

    units ranking junior to the Series C GP Mirror Units unless the outstanding liquidation preference on all outstanding Series C GP Mirror Units have been repaid via
      redemption or otherwise.  The foregoing is subject to certain exceptions, including, (i) in the case of a merger or consolidation of the KKR Group Partnership in a transaction whereby the surviving person, if not the KKR Group Partnership immediately
      prior to such transaction, expressly assumes all of the obligations under the Series C GP Mirror Units and satisfies certain other conditions, (ii) in the case of a merger or consolidation of the KKR Group Partnership that does not, or sale,
      assignment, transfer, lease or conveyance of KKR Group Partnership assets that do not, constitute a Substantially All Merger or Substantially All Sale (as such terms are defined in the KKR Group Partnership LPA)), (iii) the sale or disposition of the
      KKR Group Partnership should the KKR Group Partnership not constitute a “significant subsidiary” under Rule 1-02(w) of Regulation S-X promulgated by the SEC, (iv) the Series C Mandatory Convertible Preferred Stock have been fully redeemed,
      (v) transactions where the assets of KKR Group Partnership being liquidated, dissolved or wound up are immediately contributed to a successor of KKR Group Partnership or any future partnership designated as a Group Partnership (as such term is
      defined in the KKR Group Partnership LPA) and (vi) any Permitted Transfer or Permitted Reorganization (as such terms are defined in the KKR Group Partnership LPA).  The Series C GP Mirror Units rank equally with the Series A GP Mirror Units and
      Series B GP Mirror Units.

     

    Series I Preferred Stock

     

    Economic rights.  Except for any distribution required by
      the DGCL to be made upon a dissolution event, the Series I Preferred Stockholder does not have any rights to receive dividends.

     

    Voting rights.  The Series I Preferred Stock is voting and
      is entitled to one vote per share on any matter that is submitted to a vote of our stockholders.

     

    Except as otherwise expressly provided by applicable law, only the vote of the Series I Preferred Stockholder, together with the approval of our board
      of directors, shall be required in order to amend certain provisions of our certificate of incorporation and none of our other stockholders shall have the right to vote with respect to any such amendments, which include, without limitation:

     

    	

          	(1)	
            amendments to provisions relating to approvals of the transfer of the Class B units in the KKR Group Partnership, Series I Preferred Stockholder approvals for certain actions and the
              appointment or removal of the Chief Executive Officer or Co-Chief Executive Officers;

          

     

    	

          	(2)	
            a change in our name, our registered agent or our registered office;

          

     

    	

          	(3)	
            an amendment that our board of directors determines to be necessary or appropriate to address certain changes in U.S.  federal, state and local income tax regulations, legislation or
              interpretation;

          

     

    	

          	(4)	
            an amendment that is necessary, in the opinion of our counsel, to prevent us or our indemnitees from having a material risk of being in any manner subjected to the provisions of the
              Investment Company Act, the U.S.  Investment Advisers Act of 1940, as amended, or “plan asset” regulations adopted under the U.S.  Employee Retirement Income Security Act of 1974, as amended, whether or not substantially similar to plan asset
              regulations currently applied or proposed by the U.S.  Department of Labor;

          

     

    	

          	(5)	
            a change in our fiscal year or taxable year;

          

     

    	

          	(6)	
            an amendment that our board of directors has determined to be necessary or appropriate for the creation, authorization or issuance of any class or series of our capital stock or
              options, rights, warrants or appreciation rights relating to our capital stock;

          

     

    	

          	(7)	
            any amendment expressly permitted in our certificate of incorporation to be made by the Series I Preferred Stockholder acting alone;

          

     

    
      11

      
        

    

    	

          	(8)	
            an amendment effected, necessitated or contemplated by an agreement of merger, consolidation or other business combination agreement that has been approved under the terms of our
              certificate of incorporation;

          

     

    	

          	(9)	
            an amendment effected, necessitated or contemplated by an amendment to the partnership agreement of the KKR Group Partnership that requires unitholders of the KKR Group Partnership
              to provide a statement, certification or other proof of evidence regarding whether such unitholder is subject to U.S.  federal income taxation on the income generated by the KKR Group Partnership;

          

     

    	

          	(10)	
            any amendment that our board of directors has determined is necessary or appropriate to reflect and account for our formation of, or our investment in, any corporation, partnership,
              joint venture, limited liability company or other entity, as otherwise permitted by our certificate of incorporation;

          

     

    	

          	(11)	
            a merger into, or conveyance of all of our assets to, another limited liability entity that is newly formed and has no assets, liabilities or operations at the time of the merger or
              conveyance other than those it receives by way of the merger or conveyance consummated solely to effect a mere change in our legal form, the governing instruments of which provide the stockholders with substantially the same rights and
              obligations as provided by our certificate of incorporation;

          

     

    	

          	(12)	
            any amendment that our board of directors determines to be necessary or appropriate to cure any ambiguity, omission, mistake, defect or inconsistency; or

          

     

    	

          	(13)	
            any other amendments substantially similar to any of the matters described in (1) through (12) above.

          

     

    In addition, except as otherwise provided by applicable law, the Series I Preferred Stockholder, together with the approval of our board of directors,
      can amend our certificate of incorporation without the approval of any other stockholder to adopt any amendments that our board of directors has determined:

     

    	

          	(1)	
            do not adversely affect the stockholders considered as a whole (or adversely affect any particular class or series of stock as compared to another class or series) in any material
              respect;

          

     

    	

          	(2)	
            are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal, state, local or
              non-U.S.  agency or judicial authority or contained in any federal, state, local or non-U.S.  statute (including the DGCL);

          

     

    	

          	(3)	
            are necessary or appropriate to facilitate the trading of our stock or to comply with any rule, regulation, guideline or requirement of any securities exchange on which our stock are
              or will be listed for trading;

          

     

    	

          	(4)	
            are necessary or appropriate for any action taken by us relating to splits or combinations of shares of our capital stock under the provisions of our certificate of incorporation; or

          

     

    	

          	(5)	
            are required to effect the intent of or are otherwise contemplated by our certificate of incorporation.

          

     

    Actions requiring Series I Preferred Stockholder approval. 
      Certain actions require the prior approval of the Series I Preferred Stockholder, including, without limitation:

     

    	

          	●	
            entry into a debt financing arrangement in an amount in excess of 10% of our then existing long-term indebtedness (other than with respect to intercompany debt financing
              arrangements);

          

     

    	

          	●	
            issuances of securities that would (i) represent at least 5% of any class of equity securities or (ii) have designations, preferences, rights priorities or powers
              that are more favorable than the common stock;

          

     

    	

          	●	
            adoption of a shareholder rights plan;

          

     

    
      12

      
        

    

    	

          	●	
            amendment of our certificate of incorporation, certain provisions of our bylaws relating to our board of directors and officers, quorum, adjournment and the conduct
              of stockholder meetings, and provisions related to stock certificates, registrations of transfers and maintenance of books and records of KKR & Co.  Inc.  and the operating agreement of the KKR Group Partnership;

          

     

    	

          	●	
            the appointment or removal of our Chief Executive Officer or a Co-Chief Executive Officer;

          

     

    	

          	●	
            merger, sale or other dispositions of all or substantially all of the assets, taken as a whole, of us and our subsidiaries, and the liquidation or dissolution of us
              or the KKR Group Partnership; and

          

     

    	

          	●	
            the withdrawal, removal or substitution of any person as the general partner of the KKR Group Partnership or the transfer of beneficial ownership of all or any part
              of a general partner interest in the KKR Group Partnership to any person other than a wholly-owned subsidiary.

          

     

    Amount payable in liquidation.  Upon any voluntary or
      involuntary liquidation, dissolution or winding up of us, each holder of the Series I Preferred Stock will be entitled to a payment equal to $0.01 per share of Series I Preferred Stock.

     

    Transferability.  The Series I Preferred Stockholder may
      transfer all or any part of the Series I Preferred Stock held by it with the written approval of our board of directors and a majority of the controlling interest of the Series I Preferred Stockholder without first obtaining approval of any other
      stockholder so long as the transferee assumes the rights and duties of the Series I Preferred Stockholder under our certificate of incorporation, agrees to be bound by the provisions of our certificate of incorporation and furnishes an opinion of
      counsel regarding limited liability matters.  The foregoing limitations do not preclude the members of the Series I Preferred Stockholder from selling or transferring all or part of their limited liability company interests in the Series I Preferred
      Stockholder at any time.

     

    Series II Preferred Stock

     

    Economic rights.  Except for any distribution required by
      the DGCL to be made upon a dissolution event, holders of our Series II preferred stock do not have any rights to receive dividends.

     

    Voting rights.  Our certificate of incorporation provides
      for holders of our common stock and our Series II Preferred Stock, voting together as a single class, to have the right to vote on certain matters.  See “Common Stock—Voting Rights.”

     

    In addition, holders of our Series II Preferred Stock will be entitled to vote separately as a class on any amendment to our certificate of
      incorporation that changes certain terms of the Series II Preferred Stock or is inconsistent with such terms, changes the par value of the shares of Series II Preferred Stock or adversely affects the rights or preferences of the Series II Preferred
      Stock.

     

    So long as the ratio at which KKR Group Partnership Units (as defined below) are exchangeable for our common stock remains on a one-for-one basis,
      holders of our Series II Preferred Stock shall vote together with holders of our common stock as a single class and on an equivalent basis.  If the ratio at which KKR Group Partnership Units are exchangeable for our common stock changes from a
      one-for-one basis, the number of votes to which the holders of the Series II Preferred Stock are entitled will be adjusted accordingly.

     

    Amount payable in liquidation.  Upon any voluntary or
      involuntary liquidation, dissolution or winding up of us, each holder of the Series II Preferred Stock will be entitled to a payment equal to $0.000000001 per share of Series II Preferred Stock.

     

    Transfers and cancellations.  Units in the KKR Group
      Partnership (the “KKR Group Partnership Units”) that are held by KKR Holdings are exchangeable for shares of our common stock on a one-for-one basis, subject to customary adjustments for splits, stock dividends and reclassifications and compliance
      with applicable lock-up, vesting and transfer restrictions.  When a KKR Group Partnership Unit is exchanged for a share of common stock, the

     

    
      13

      
        

    

    corresponding share of Series II Preferred Stock shall automatically be cancelled and retired with no consideration being paid or issued with respect thereto.

     

    No shares of Series II Preferred Stock may be issued by us except to a holder of KKR Group Partnership Units, such that after such issuance of Series
      II Preferred Stock, such holder of KKR Group Partnership Units holds an identical number of KKR Group Partnership Units and shares of Series II Preferred Stock.  No shares of Series II Preferred Stock may be transferred by the holder thereof except
      (i) for no consideration to us upon which transfer such shares shall automatically be cancelled, or (ii) together with the transfer of an identical number of KKR Group Partnership Units made to the transferee of such KKR Group Partnership Units made
      in compliance with our bylaws.

     

    Conflicts of Interest

     

    Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the
      corporation or its officers, directors or stockholders.  Our certificate of incorporation, to the maximum extent permitted from time to time by Delaware law, renounces any interest or expectancy that we have in any business ventures of the Series I
      Preferred Stockholder and its affiliates and any member, partner, Tax Matters Partner (as defined in U.S.  Internal Revenue Code of 1986, as amended (the “Code”), in effect prior to 2018), Partnership Representative (as defined in the Code), officer,
      director, employee agent, fiduciary or trustee of any of KKR or its subsidiaries, the KKR Group Partnership, the Series I Preferred Stockholder or any of our or the Series I Preferred Stockholder’s affiliates and certain other specified persons
      (collectively, the “Indemnitees”).  Our certificate of incorporation provides that each Indemnitee has the right to engage in businesses of every type and description, including business interests and activities in direct competition with our
      business and activities.  Our certificate of incorporation also waives and renounces any interest or expectancy that we may have in, or right to be offered an opportunity to participate in, business opportunities that are from time to time presented
      to the Indemnitees.  Notwithstanding the foregoing, pursuant to our certificate of incorporation, the Series I Preferred Stockholder has agreed that its sole business will be to act as the Series I Preferred Stockholder and as a general partner or
      managing member of any partnership or limited liability company that we may hold an interest in and that it will not engage in any business or activity or incur any debts or liabilities except in connection therewith.

     

    Anti-Takeover Provisions

     

    Our certificate of incorporation and bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, that are intended to
      enhance the likelihood of continuity and stability in the composition of our board of directors and to discourage certain types of transactions that may involve an actual or threatened acquisition of our company.  These provisions are intended to
      avoid costly takeover battles, reduce our vulnerability to a hostile change in control or other unsolicited acquisition proposal, and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer
      to acquire us.  However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition of our company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its
      best interest, including attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

     

    Series II Preferred Stock.  Our common stock is entitled to
      vote on matters provided by our certificate of incorporation and Delaware law.  Our certificate of incorporation provides that generally, with respect to any matter on which the common stock is entitled to vote, such vote shall require a majority or
      more of all the outstanding shares of common stock and Series II Preferred Stock voting together as a single class.  As of June 30, 2020, KKR Holdings owned 285,978,495 shares of Series II Preferred Stock, representing approximately 33.8% of the
      total combined voting power of the common stock and Series II Preferred Stock.  As a result, with respect to any matter as to which common stock may be entitled to vote, depending on the number of shares of outstanding shares of common stock and
      Series II Preferred Stock actually voted, our senior employees have sufficient voting power to substantially influence matters subject to the vote.

     

    Election of directors.  Subject to the rights granted to one
      or more series of preferred stock then outstanding, the Series I Preferred Stockholder has the sole authority to elect directors.

     

    
      14

      
        

    

    Removal of directors.  Subject to the rights granted to one
      or more series of preferred stock then outstanding, the Series I Preferred Stockholder has the sole authority to remove and replace any director, with or without cause, at any time.

     

    Vacancies.  In addition, our bylaws also provide that,
      subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on the board of directors that results from an increase in the number of directors and any vacancies on our board of directors
      will be filled by the Series I Preferred Stockholder.

     

    Loss of voting rights.  If at any time any person or group
      (other than the Series I Preferred Stockholder and its affiliates, or a direct or subsequently approved transferee of the Series I Preferred Stockholder or its affiliates) acquires, in the aggregate, beneficial ownership of 20% or more of any class
      of our stock then outstanding, that person or group will lose voting rights on all of its shares of stock and such shares of stock may not be voted on any matter as to which such shares may be entitled to vote and will not be considered to be
      outstanding when sending notices of a meeting of stockholders, calculating required votes, determining the presence of a quorum or for other similar purposes, in each case, as applicable and to the extent such shares of stock are entitled to any
      vote.

     

    Requirements for advance notification of stockholder proposals. 
      Our bylaws establish advance notice procedures with respect to stockholder proposals relating to the limited matters on which our common stock may be entitled to vote.  Generally, to be timely, a stockholder’s notice must be received at our principal
      executive offices not less than 90 days or more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders.  Our bylaws also specify requirements as to the form and content of a stockholder’s
      notice.  Our bylaws allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings, which may have the effect of precluding the conduct of certain business at a meeting if the rules and
      regulations are not followed.  These provisions may deter, delay or discourage a potential acquirer from attempting to influence or obtain control of our company.

     

    Special stockholder meetings.  Our certificate of
      incorporation provides that special meetings of our stockholders may be called at any time only by or at the direction of our board of directors, the Series I Preferred Stockholder or, if at any time any stockholders other than the Series I Preferred
      Stockholder are entitled under applicable law or our certificate of incorporation to vote on specific matters proposed to be brought before a special meeting, stockholders representing 50% or more of the voting power of the outstanding stock of the
      class or classes of stock which are entitled to vote at such meeting.  Common stock and Series II Preferred Stock are considered the same class for this purpose.

     

    Stockholder action by written consent.  Pursuant to Section
      228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is
      signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless
      the certificate of incorporation provides otherwise or it conflicts with the rules of the New York Stock Exchange.  Our certificate of incorporation permits stockholder action by written consent by stockholders other than the Series I Preferred
      Stockholder only if consented to by the board of directors in writing.

     

    Actions requiring Series I Preferred Stockholder approval. 
      Certain actions require the prior approval of the Series I Preferred Stockholder.  See “Preferred Stock—Series I Preferred Stock—Actions requiring Series I Preferred Stockholder approval” above.

     

    Amendments to our certificate of incorporation requiring Series I
        Preferred Stockholder approval.  Except as otherwise expressly provided by applicable law, only the vote of the Series I Preferred Stockholder, together with the approval of our board of directors, shall be required in order to amend
      certain provisions of our certificate of incorporation and none of our other stockholders shall have the right to vote with respect to any such amendments.  See “Preferred Stock—Series I Preferred Stock—Voting Rights” above:

     

    Super-majority requirements for certain amendments to our
        certificate of incorporation.  Except for amendments to our certificate of incorporation that require the sole approval of the Series I Preferred Stockholder, any

     

    
      15

      
        

    

    amendments to our certificate of incorporation require the vote or consent of stockholders holding at least 90% in voting power of our common stock and Series II
      Preferred Stock unless we obtain an opinion of counsel confirming that such amendment would not affect the limited liability of such stockholder under the DGCL.  Any amendment of this provision of our certificate of incorporation also requires the
      vote or consent of stockholders holding at least 90% in voting power of our common stock and Series II Preferred Stock.

     

    Merger, sale or other disposition of assets.  Our
      certificate of incorporation provides that we may, with the approval of the Series I Preferred Stockholder and with the approval of the holders of at least a majority in voting power of our common stock and Series II Preferred Stock, sell, exchange
      or otherwise dispose of all or substantially all of our assets in a single transaction or a series of related transactions, or consummate any merger, consolidation or other similar combination, or approve the sale, exchange or other disposition of
      all or substantially all of the assets of our subsidiaries, except that no approval of our common stock and Series II Preferred Stock shall be required in the case of certain limited transactions involving our reorganization into another limited
      liability entity.  See “—Common Stock—Voting Rights.” We may in our sole discretion mortgage, pledge, hypothecate or grant a security interest in all or substantially all of our assets (including for the benefit of persons other than us or our
      subsidiaries) without the prior approval of the holders of our common stock and Series II Preferred Stock.  We may also sell all or substantially all of our assets under any forced sale of any or all of our assets pursuant to the foreclosure or other
      realization upon those encumbrances without the prior approval of the holders of our common stock and Series II Preferred Stock.

     

    Series A Preferred Stock, Series B Preferred Stock and Series C Mandatory Convertible Preferred Stock.  The
      rights of holders of our Series A Preferred Stock and Series B Preferred Stock requiring us to redeem all or a portion of their series of preferred stock upon the occurrence of a change of control event, as well as the rights of holders of our Series
      C Mandatory Convertible Preferred Stock permitting conversion of their shares upon the occurrence of a “fundamental change”, could have the effect of discouraging third parties from pursuing certain transactions with us, which may otherwise be in the
      best interest of our stockholders.  See “Preferred Stock” above.

     

    Choice of forum.  Unless we consent in writing to the
      selection of an alternative forum, (a) the Court of Chancery of the State of Delaware (or, solely to the extent that the Court of Chancery lacks subject matter jurisdiction, the federal district court located in the State of Delaware) is the
      exclusive forum for resolving (i) any derivative action, suit or proceeding brought on behalf of the corporation, (ii) any action, suit or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer,
      employee or stockholder of the corporation to the corporation or the corporation’s stockholders, (iii) any action, suit or proceeding asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws or
      as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any action, suit or proceeding asserting a claim governed by the internal affairs doctrine, and (b) the federal district courts of the United States
      shall be the exclusive forum for the resolution of any action, suit or proceeding asserting a cause of action arising under the Securities Act, in each case except as otherwise provided in our certificate of incorporation for any series of our
      preferred stock.

     

    Business Combinations

     

    We have opted out of Section 203 of the DGCL, which provides that an “interested stockholder” (a person other than the corporation or any direct or
      indirect majority-owned subsidiary who, together with affiliates and associates, owns, or, if such person is an affiliate or associate of the corporation, within three years did own, 15% or more of the outstanding voting stock of a corporation) may
      not engage in “business combinations” (which is broadly defined to include a number of transactions, such as mergers, consolidations, asset sales and other transactions in which an interested stockholder receives or could receive a financial benefit
      on other than a pro rata basis with other stockholders) with the corporation for a period of three years after the date on which the person became an interested stockholder without certain statutorily mandated approvals.

     

    Transfer Agent and Registrar

     

    The transfer agent and registrar for our common stock, Series A Preferred Stock, Series B Preferred Stock and Series C Mandatory Convertible Preferred
      Stock is American Stock Transfer & Trust Company, LLC.  The transfer agent and registrar’s address is 6201 15th Avenue, Brooklyn, New York 11219, and its telephone number is (718) 921-8300.

     

    
      16

      
        

    

    Listing

     

    Our common stock, Series A Preferred Stock, Series B Preferred Stock
        and Series C Mandatory Convertible Preferred Stock are listed on the New York Stock Exchange under the ticker symbols “KKR”, “KKR PR A”, “KKR PR B” and “KKR PR C,”  respectively.

     

  

  

  

  17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]