APOLLO GLOBAL MANAGEMENT, LLC EMPLOYMENT, NON-COMPETITION AND NON-SOLICITATION AGREEMENT THIS EMPLOYMENT, NON-COMPETITION AND NON-SOLICITATION AGREEMENT ("Agreement") is made and entered into as of July 13, 2007, by and between Apollo Global Management, LLC, a Delaware limited liability company (the "Company"), and Leon D. Black ("Executive"). Where the context pe►mits, references to "the Company" shall include the Company and any successor of the Company. Capitalized terms used herein that are not defined in the paragraph in which they first appear are defined in Section 5(b) or in the Agreement Among Principals. WITNESSETH: WHEREAS, the Company desires to secure the services of Executive for the benefit of the Company and its Affiliates (as defined below) from and after the date hereof; and WHEREAS, Executive desires to provide such services. NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein contained, together with other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 1. SERVICES AND DUTIES. From and after the date hereof (the "Effective Date"), Executive shall be employed by the Company in the capacity of its Chairman and Chief Executive Officer. Executive shall be a full-time employee of the Company and shall dedicate substantially all of Executive's working time to the Company and its Affiliates and shall have no other employment and no other business ventures which either are undisclosed to the Company or conflict with Executive's duties under this Agreement. Executive will perform such duties as are required by the Company from time to time and normally associated with Executive's position, together with such additional duties, commensurate with Executive's positions with the Company and with its Affiliates, as may be assigned to Executive from time to time by the Governing Body. The "Governing Body" means AGM Manageme