Common use of Admission of the Limited Partner Clause in Contracts

Admission of the Limited Partner. Pursuant to the provisions of Section 3.1(g) of the Limited Partnership Agreement, the General Partner hereby designates a new series of Class E Common Units, which shall be “Class E-5 Common Units”. Upon the Admission Date, the Limited Partner shall be admitted as a limited partner of the Partnership, the General Partner shall cause the Limited Partner to be named as a Limited Partner in the books of the Partnership and the Partnership shall issue to the Limited Partner 200,000 Class E-5 Common Units (the “ Class E-5 Common Units”) pursuant to and subject to the Sculptor Incentive Plan; provided, that the Limited Partner enters into an award agreement evidencing such grant substantially in the form attached hereto as Appendix A. The Class E-5 Common Units shall be subject to the terms and conditions of the Class E-5 Common Unit Award Agreement and the respective Limited Partnership Agreement of each of the Operating Partnerships then in-effect, including, but not limited to, the vesting and forfeiture terms set forth therein. The Limited Partner agrees to be bound by the terms and provisions of the Limited Partnership Agreement as of the Admission Date and shall execute the signature page of the Limited Partnership Agreement attached hereto. The Limited Partner’s initial Capital Account balance on the Admission Date will be $0 (zero dollars). The Limited Partner is hereby designated an “Original Partner” (for purposes of the Limited Partnership Agreement) by the General Partner and the rights, duties and obligations of the Limited Partner under the Limited Partnership Agreement following the admission of the Limited Partner to the Partnership shall, except to the extent modified by the terms of this Agreement, be the same as those of the previously admitted Original Partners thereunder.

Admission of the Limited Partner. Pursuant to the provisions of Section 3.1(g3.1(f) of the Limited Partnership Agreement, the General Partner hereby designates a new series of Class E D Common Units, which shall be “Class E-5 D-35 Common Units”.” The award of one Class D-35 Common Unit described in this Section 1 has been approved under the 2013 Plan. Upon the Admission Date, the The Limited Partner shall be admitted as a limited partner of the PartnershipPartnership as of the Admission Date, and the General Partner shall then cause the Limited Partner to be named as a Limited Partner in the books of the Partnership and the Partnership shall issue to the Limited Partner 200,000 one Class E-5 D-35 Common Units Unit (the “ “Initial Class E-5 D Common UnitsUnit”) pursuant to and subject to the Sculptor Incentive 2013 Plan; provided, that the Limited Partner enters into an award agreement evidencing such grant substantially in the form attached hereto as Appendix A. The Class E-5 Common Units shall be subject to the terms and conditions of the Class E-5 Common Unit Award Agreement and the respective Limited Partnership Agreement of each of the Operating Partnerships then in-effect, including, but not limited to, the vesting and forfeiture terms set forth therein. The Limited Partner agrees to that, as of the Admission Date, he shall be bound by the terms and provisions of the Limited Partnership Agreement as of the Admission Date and shall execute the signature page of the Limited Partnership Agreement attached hereto. The Upon the Admission Date, the Limited Partner’s initial Capital Account balance on the Admission Date will be $0 (zero dollars). The Limited Partner is hereby designated an “Original Partner” (for purposes of the Limited Partnership Agreement) by the General Partner as of the Admission Date and the rights, duties and obligations of the Limited Partner under the Limited Partnership Agreement following the his admission of the Limited Partner to the Partnership shall, except to the extent modified by the terms of this Agreement, be the same as those of the previously admitted Original Partners thereunder. The Limited Partner hereby agrees not to exchange the Initial Class D Common Unit (or a Class A Common Unit into which it converts) for so long as he is an Active Individual LP and agrees that such Common Unit and any Units that the Limited Partner may receive in a reallocation from other Partners under the Limited Partnership Agreement shall automatically be forfeited and cancelled upon the Limited Partner ceasing to be an Active Individual LP.