Amendment to Partner Agreement, dated as of June 9, 2020, by and among James Levin, Sculptor Capital Management, Inc., Sculptor Capital LP, Sculptor Capital Advisors LP and Sculptor Capital Advisors II LP

Exhibit 10.1

Execution Version

AMENDMENT TO

PARTNER AGREEMENT BETWEEN

EACH OF SCULPTOR CAPITAL LP, SCULPTOR CAPITAL ADVISORS LP AND SCULPTOR CAPITAL ADVISORS II LP, AND JAMES LEVIN

This Amendment (“this Amendment”) is entered into as of June 9, 2020 (the “Effective Date”), by and among James Levin (the “Limited Partner”), and each of Sculptor Capital LP (f/k/a OZ Management LP), Sculptor Capital Advisors LP (f/k/a OZ Advisors LP) and Sculptor Capital Advisors II LP (f/k/a OZ Advisors II LP) (and, together with Sculptor Capital LP and Sculptor Capital Advisors II LP, the “Operating Partnerships”) and Sculptor Capital Management, Inc (the “Company”).

WHEREAS, reference is made to the Amended and Restated Partner Agreement between Sculptor Capital LP and the Limited Partner, dated as of February 16 2018, the Amended and Restated Partner Agreement between Sculptor Capital Advisors LP and the Limited Partner, dated as of February 16, 2018, and the Amended and Restated Partner Agreement between Sculptor Capital Advisors II LP and the Limited Partner, dated as of February 16, 2018, each as amended by the Omnibus Agreement entered into by and among the Limited Partner and the Operating Partnerships, dated as of February 7, 2019 (the “Omnibus Agreement”, and collectively, the “Partner Agreements”); capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Partner Agreements.

WHEREAS, the Limited Partner and each of the Operating Partnerships desire to amend certain provisions of the Partner Agreements.

WHEREAS, under Section 26(c) of the Omnibus Agreement, during the Distribution Holiday, the Omnibus Agreement cannot be waived, amended supplemented or otherwise modified in any material respect without (i) the applicable Chief Executive Officer and Compensation Committee approvals; and (ii) the approval of at least 5 out of 7 member of the Board (or if the size of the Board is subsequently increased or decreased, such other supermajority vote as represents at least two-thirds of the directors) supported by the advice of a third party compensation consultant.

WHEREAS, the Chief Executive Officer, the Compensation Committee and at least 5 out of 7 members of the Board have approved this Amendment after consulting with Semler Brossy.

NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto hereby agree to amend the Partner Agreements as follows, effective as of the Effective Date:

“The Limited Partner has been appointed by the Board, and shall serve and continue to serve during the Term, as the Chief Executive Officer (“CEO”) and Chief Investment Officer (“CIO”) of the Company.”

“The Limited Partner shall serve as CEO, CIO, PMC Chairman and Chairman of the Partner Management Committee, with day-to-day management responsibility as provided in Section 1(c) below, and such other responsibilities historically held by the CEO and CIO of the Company and commensurate with the positions, as reasonably determined by the Board.”

“The Limited Partner shall report to, and at all times be subject to the lawful direction of, the Board. The Limited Partner shall have ultimate authority over investment activities (including as to (i) investment committees structure, composition, and oversight, and (ii) personnel matters such as compensation and hiring/firing). The Limited Partner shall be Chair of the investment-related committees.”

(e) Board. The Company shall nominate the Limited Partner to serve as a member of the Board at the 2020 annual shareholder meeting of the Company, without additional compensation. The Company shall continue to nominate the Limited Partner to the Board for as long as the Limited Partner serves as CEO. The Limited Partner, in consultation with the PMC, shall have the right to nominate a director to the Board from those then serving on the PMC. Robert Shafir shall occupy this seat until December 31, 2021 (or such earlier date that Robert Shafir may choose to resign from the Board), and thereafter, the Limited Partner (in consultation with the PMC) shall have the right to nominate one

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member of the PMC to the Board. The Board shall consult collaboratively with the Limited Partner on all open director seats on the Board and give good-faith consideration to any independent candidate advanced by the Limited Partner.

“Notwithstanding any provision of this Agreement to the contrary, effective commencing with the 2020 Fiscal Year and each Fiscal Year thereafter, the Limited Partner shall not be eligible to participate in the 2018 Partner Incentive Pool, as may be amended or extended from time to time.”

“The Restricted Period with respect to the Limited Partner shall, for purposes of Section 2.13(b) of the Limited Partnership Agreement, conclude on the last day of the 24-month period immediately following the date of the Limited Partner’s Special Withdrawal or Withdrawal, regardless of the reason for such termination of service with the Partnership (whether, for the avoidance of doubt, due to the failure of the Buyer to offer a Comparable Position or otherwise in connection with or following a Change of Control, and in any such case irrespective of whether the Limited Partner remains in service in a Comparable Position through the COC Vesting Period); provided, that solely for purposes of Section 2.13(b)(i) of the Limited Partnership Agreement, the Restricted Period shall conclude on the last day of the 12-month period immediately following the date of a Special Withdrawal or Withdrawal described in the first paragraph of Section 7(b), unless the General Partner timely elects to make, and timely makes, the cash payment described in Section 7(b)(iii).”

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IN WITNESS WHEREOF, this Amendment is executed and delivered as of the date first written above by the undersigned, and the undersigned do hereby agree to be bound by the terms and provisions set for in this Amendment.

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