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Exhibit 10.35

EXECUTION COPY

November 24, 2010

Personal and Confidential

Mr. Marc Spilker

[Address on File with Company]

Dear Marc:

We are pleased to confirm the following terms in connection with your employment with Apollo Management Holdings, L.P. (together with its current and future affiliated entities, other than portfolio companies of the investment funds managed by the Company or its affiliates, the “Company”). Unless otherwise defined herein, capitalized terms shall have the meanings set forth at the end of this letter agreement.

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determined by the Plan administrator in accordance with, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder) of a Class A Share on the grant date (the “Option Award”), and (ii) restricted stock units (the “RSUs”) in respect of 2,500,000 Class A Shares. The Options and the RSUs shall be granted pursuant to and subject to the Plan and the terms of the award agreements in respect of such awards, which are attached hereto as Exhibits A and B (respectively, the “Stock Option Agreement” and the “Restricted Share Unit Award Agreement”).

The Options will vest over a period of six (6) years as follows: (i) 4/24 of the Options will vest on December 31, 2011, and (ii) the remainder of the Options will vest in equal installments on the last day of each of the next 20 calendar quarters thereafter, provided that you remain in continuous service with the Company or its affiliates through each such vesting date, except as set forth below; provided further, that fifty percent (50%) of any unvested portion of the Option Award as of the Notice Date shall vest on the Notice Date if the Company terminates your employment without Cause, you resign for Good Reason, or your employment is terminated due to your death or Disability, in accordance with the terms and conditions set forth below in the section of this letter agreement entitled “Termination of Employment.” Any portion of the Option Award that is unvested as of the Notice Date, after giving effect to the accelerated vesting set forth above, shall be forfeited as of the Notice Date. Upon the termination of your employment (the “Termination Date”), all vested Options, including those that vest as a result of such termination of employment, shall continue to be outstanding and exercisable for the periods set forth in the applicable award agreement. In addition to the manners permitted under the Plan, in satisfaction of the exercise price of any Options, you may direct the Company to deduct from the Class A Shares issuable upon exercise of such Options a number of Class A Shares having an aggregate Fair Market Value (as defined in the Plan) equal to the sum of the aggregate exercise price in respect of the Options being exercised.

The RSUs will vest over a period of six (6) years as follows: (i) 4/24 of the RSUs will vest on December 31, 2011, and (ii) the remainder of the RSUs will vest in equal installments on the last day of each of the next 20 calendar quarters thereafter, except as set forth below, provided that you remain in continuous service with the Company or its affiliates through each such vesting date; provided further that fifty percent (50%) of any unvested portion of the RSUs as of the Notice Date shall vest on the Notice Date if the Company terminates your employment without Cause, you resign for Good Reason, or your employment is terminated due to your death or Disability, in accordance with the terms and conditions set forth below in the section of this letter agreement entitled “Termination of Employment.” Any portion of the RSUs that is unvested as of the Notice Date, after giving effect to the accelerated vesting set forth above, shall be forfeited as of the Notice Date. Class A Shares in respect of vested RSUs shall be delivered in accordance with the issuance schedule set forth in Exhibit A to the Restricted Share Unit Award Agreement. Distributions in respect of the Class A Shares underlying the RSUs shall accrue and be delivered in accordance with Section 4 of the Restricted Share Unit Award Agreement.

Fractional Class A Shares underlying the Options and the RSUs will not vest until they accumulate to equal one whole share. With respect to all Class A Shares underlying the Options and the RSUs, you will have customary demand registration rights. In connection with the grant of the Options and the RSUs, on the Start Date, the Company shall cause to be entered into the Joinder Agreement between you and Apollo Global Management, LLC.

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Termination by the Company without Cause or by You for Good Reason. If your employment is (i) terminated by the Company without Cause, which for purposes of this letter agreement, the Stock Option Agreement and Restricted Share Unit Award Agreement shall include the Company’s delivery of notice of non-renewal of the Term (and other than due to your death or Disability) or (ii) you resign your employment for Good Reason, (a) you shall receive severance in an amount equal to six (6) months of your Base Salary at the rate then in effect on the Termination Date, such payment to be

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made in a lump sum on the sixtieth (60^th) day following the Termination Date; (b) fifty percent (50%) of the unvested portion the Options as of the Notice Date shall vest on the Notice Date; and (c) fifty percent (50%) of any unvested portion of the RSUs as of the Notice Date shall vest on the Notice Date. Any portion of the Option Award or RSUs that is unvested as of the Notice Date, after giving effect to the accelerated vesting set forth above, will be forfeited as of the Notice Date. Both the severance and the acceleration of the unvested equity set forth in this paragraph are expressly conditioned upon your delivery to the Company of a general release of claims for the benefit of the Company and its affiliates and related persons, which shall in no event require you to waive rights under this letter agreement, accrued or vested rights, your rights to indemnification and coverage under any director and officer liability insurance policies, or your rights as a shareholder or holder of any other interests in the Company or its affiliates, with such release becoming effective and irrevocable prior to the sixtieth (60th) day following the Termination Date.

Termination due to Death or Disability. If your employment is terminated as a result of either your death or Disability, fifty percent (50%) of any unvested portion of the Options and the RSUs (and the related accrued distributions) shall vest as of the Termination Date.

Other than as set forth above and except with respect to any rights you may have under the terms of any compensation or benefit plans or investment programs of the Company in which you participate and rights to receive accrued and unpaid base salary and vacation pay through your Termination Date, you will not be entitled to any additional payments or benefits in the event of the termination of your employment.

The foregoing severance payments and benefits are intended to be exempt from Section 409A of the Code with respect to (i) above as a short term deferral pursuant to Treas. Reg. §1.409A-l(b)(4) and with respect to (ii) above as a nonstatutory stock option not providing for the deferral of compensation pursuant to Treas. Reg. §1.409A-l(b)(5)(i)(A). Notwithstanding the foregoing, if for any reason any portion of the foregoing severance payments and benefits are deemed to be nonqualified deferred compensation subject to Section 409A of the Code, the following rules of construction shall apply to that portion of the payment or benefit. Any termination of your employment triggering payment of benefits under this paragraph must constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-l(h) before distribution of such benefits can commence. To the extent that the termination of your employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-l(h) (as the result of further services that are reasonably anticipated to be provided by you to the Company at the time your employment terminates), any benefits payable under this letter agreement upon your termination (other than due to your death) that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-l(h). For purposes of clarification, this paragraph shall not cause any forfeiture of benefits on your part, but shall only act as a delay until such time as a “separation from service” occurs. Further, if you are a “specified employee” (as that term is used in Section 409A of the Code and regulations and other guidance issued thereunder) on the date your separation from service becomes effective and the payment of the amounts under this letter agreement constitute non-qualified deferred compensation, the payment of which would result in penalties under Section 409A of the Code, then such payments shall be delayed until the business day following the six (6)-month anniversary of the date your separation from service becomes effective, but only to the extent necessary to avoid such penalties under Section 409A of the Code. On the business day following the six (6)-month anniversary of the date your separation from service becomes effective, the Company shall pay you in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have paid you prior to that date under this letter agreement. It is intended that each

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installment of the payments and benefits provided under this letter agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code. If you die during the Section 409A postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of your estate on the first to occur of the delayed payment date or thirty (30) days after the date of your death. Neither the Company nor you shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A of the Code.

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following the Notice Date, you will not directly or indirectly (including through another person) (a) engage in any Competitive Business for your own account, (b) enter the employ of, or render any services to, any person engaged in any Competitive Business, or (c) acquire a material financial interest in any Competitive Business. Nothing herein shall, however, prohibit you from (i) being a passive owner of not more than 2% of the outstanding stock (or other interests) of any class of an entity that is publicly quoted or listed, so long as you have no active participation in the business of such entity; (ii) providing services to or maintaining a family office for purposes of managing your personal or family investments, provided you do not manage the investments or assets of any unrelated third party, or (iii) providing services to or becoming employed by any person that has a division, business unit or department that engages in any Competitive Business provided you do not, directly or indirectly, provide services to, are not responsible for, or do not have any oversight or supervisory responsibility for any such division, business unit or department. As used in this paragraph: (i) “person” means an individual, a corporation, limited liability company, partnership, association, trust or any other entity; and (ii) activity undertaken “directly or indirectly” includes any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner or a stockholder, member, partner, joint venturer of or otherwise, and includes any direct or indirect participation in such enterprise as an employee, consultant, director, officer, licensor of technology or otherwise.

The Company similarly agrees that none of its senior officers, Executive Committee members or directors will, whether during your employment or thereafter, directly or indirectly, make or ratify any statement, public or private, oral or written, to any person that disparages your business reputation. The Company will direct its partners not to make or ratify any statement, directly or indirectly, public or private, oral or written, to any person that disparages your business reputation, whether during your employment or thereafter.

Nothing contained herein shall prevent either party from making truthful statements as may be required by law or subpoena.

Remedies; Severability. Because your services are unique and you have had and will have access during the course of your employment to Confidential Information, money damages would be an inadequate remedy for any breach of the foregoing confidentiality, solicitation and competition provisions (the “Protective Covenants”). Therefore, in the event of a breach or threatened breach of any provision of a Protective Covenant during the restricted periods set forth herein, the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor at law or in equity, (a) apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting

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a bond or other security) and/or (b) cease any continuation of benefits to you otherwise called for by this letter agreement. If any provision of this letter agreement shall be held invalid, illegal or unenforceable in any jurisdiction for any reason, including, without limitation, the duration of such provision, its geographical scope or the extent of the activities prohibited or required by it, then, to the fullest extent permitted by law, (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intent of the parties hereto as nearly as may be possible, (b) such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision hereof, and (c) any court or arbitrator having jurisdiction thereover shall have the power to reform such provision to the extent necessary for such provision to be enforceable under applicable law. You hereby acknowledge and agree with the Company that (x) each of the Protective Covenants is an entirely separate, severable and independent covenant and restriction on you; (y) the duration, extent and application of each of the Protective Covenants is no greater than is necessary for the protection of the goodwill and trade connections of the business of the Company; and (z) in the event that any restriction on you contained in the Protective Covenants shall be found void but would be valid if some part thereof were deleted, such restrictions shall apply with any such deletion as may be necessary to make it valid and effective. The covenants set forth herein, in the Stock Option Agreement and the Restricted Share Unit Award Agreement shall be the exclusive covenants applicable to you as of the date hereof.

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Section 409A of the Code shall be paid under the applicable exception. Notwithstanding any other provision of this letter agreement to the contrary, all reimbursements and in-kind benefits provided under this letter agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this letter agreement); (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.

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The effectiveness of these terms is subject to your execution and return of this letter agreement on or before November 30, 2010 and on completion of a satisfactory background check. This letter agreement constitutes the entire agreement between the parties in relation to its subject matter and supersedes any previous agreement or understanding between the parties relating thereto, all of which are hereby cancelled, and you confirm that in signing this letter agreement you have not relied on any warranty, representation, assurance or promise of any kind whatsoever other than as are expressly set out in this letter agreement or in the plans and documents referenced herein.

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Additional Definitions

“Cause” means a termination of your employment, based upon a finding by the Executive Committee (without your participation), acting in good faith, after the occurrence of any of the following: (a) you are convicted or charged with a criminal offense; (b) your knowing and intentional violation of law in connection with any transaction involving the purchase, sale, loan or other disposition of, or the rendering of investment advice with respect to, any security, futures or forward contract, insurance contract, debt instrument, financial instrument or currency; (c) your bad faith, gross negligence, willful misconduct, fraud or willful or reckless disregard of duties in connection with the performance of any services on behalf of the Company or your engagement in conduct which is materially injurious to the Company, monetarily or otherwise; (d) your willful and intentional failure to comply in connection with any matter that is within your reasonable control with any reasonable directive of the Executive Committee in connection with the performance of any services on behalf of the Company; (e) your willful and intentional breach of any material provision of this letter agreement or any material provisions of any other agreements of the Company which causes material injury to the Company, monetarily or otherwise; (f) your intentional violation of any material written policies adopted by the Company governing the conduct of persons performing services on behalf of the Company or your non-adherence to the Company’s written policies and procedures or other applicable Company compliance manuals; (g) the willful taking of or omission to take any action that has caused or substantially contributed to a material deterioration in the business or reputation of the Company, or that was otherwise materially disruptive of their business or affairs; provided, however, that the term Cause shall not include for this purpose (A) any mistake of judgment made in good faith or (B) a communication to Leon D. Black, Marc J. Rowan, Joshua J. Harris or other senior executives of the Company, of any bona fide disagreement or suggestion concerning a proposed action by the Company; (h) the willful and intentional failure by you to devote substantially all of your business time, attention and energies to performing services as an executive of the Company without the prior written consent of the Company, other than by reason of death or your physical or mental incapacity; (i) the obtaining by you of any material improper personal benefit as a result of a material breach by you of any material covenant or agreement (including, without limitation, a material breach by you of the Company’s code of ethics or a material breach by you of other material written policies furnished to you relating to personal investment transactions); or (j) your suspension or other disciplinary action by an applicable regulatory authority that precludes you from carrying out your material duties to the Company; provided, however, that if a failure, breach, violation or action or omission described in any of clauses (d) to (g) is capable of being cured, you have failed to do so after being given written notice and a reasonable opportunity to cure.

“Competitive Business” means a business, operating in any jurisdiction in which a Company-affiliated fund or account, the Company, or another Company-affiliated management company manages or owns investments, which business manages or invests in assets substantially similar to those of a Company-affiliated fund or account, the Company or such management company directly or indirectly manages or in which it invests or any other business which competes with any business conducted by the Company as of the Termination Date.

“Confidential Information” means information that is not generally known to the public or the industry and that is used, developed or obtained by the Company in connection with its business, including, without limitation, information, observations and data obtained by you while employed by the Company or any of its predecessors (including those obtained prior to the date hereof) concerning the business or affairs of the Company (or such predecessors) or any affiliate thereof, fees, costs and pricing structures, investment performance, analyses, and new developments, compensation terms, levels, and arrangements, customer, client and investor information, customer, client and investor lists, all technology and trade secrets, investments and potential investments, and all similar and related information in whatever form. Confidential Information will not include any information previously published in a form generally

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available to the public or the industry. Confidential Information will be deemed published only if all material features comprising such information have been published in combination.

“Disability” means (i) you are not able to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, you are receiving income replacement benefits for a period of not less than three (3) months under an accident or health plan covering employees of the Company. The determination of whether or not a Disability exists for purposes of this letter agreement shall be made by a physician selected by the Company and reasonably acceptable to you and who is qualified to give such professional medical assessment.

“Good Reason” means, without your written consent, (a) a material adverse change in your title; (b) a requirement to report to a person or persons other than the other members of the Executive Committee; (c) the Company’s requirement that you no longer serve as a non-voting member of the Executive Committee; (d) a material adverse change in your duties and responsibilities from those contemplated by this letter agreement; (e) a reduction in your Base Salary, (f) a change in your office location to a location outside of Manhattan, or (g) a material breach of any other provision of this letter agreement or any other agreement between you and the Company; provided, however, that the foregoing shall constitute Good Reason only if (x) you provide written notice of your employment termination within ninety (90) days after the initial occurrence of the Good Reason condition, describing such condition in reasonable detail, and (y) you provide the Company with thirty (30) days to remedy the Good Reason condition following such notice and the Company fails to do so. Any resignation for Good Reason must occur within one hundred twenty (120) days after you provide the notice to the Company described in clause (x) of the immediately preceding sentence unless an earlier date is required by the Company.