The terms and conditions of the new agreements are substantially similar to the original employment agreements executed by theManaging PartnersonJuly 13, 2007, whose five-year term expired onJuly 13, 2012. The new agreements will be in effect throughJuly 19, 2015and will continue to provide each of theManaging Partnerswith total annual compensation of $100,000.
Leon Black, Apollo Global Management’s Chairman and Chief Executive Officer, said 'Josh, Marc and I strongly believe that the signing of our new employment agreements under substantially similar terms to our original agreements demonstrates our unwavering commitment to Apollo and a clear alignment of interests with our fellow shareholders. As a leading global alternative investment manager, Apollo is well positioned for continued expansion and diversification and we remain enthusiastic about the Company’s long-term growth prospects. After more than two decades together, we believe the best is yet to come for Apollo'.