Medley Management Inc. (MDLM)

[db7]

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2. Effective Date. This Assignment shall become effective on the date (the “Effective
Date”) all of the following conditions have been satisfied: (a) all of the Settling Parties have
executed this Assignment; and (b) either (i) at least $7.5 million in insurance proceeds have been
paid out from those Policies listed under “Tower 3 (E&O)” in Schedule II or (ii) the Medley D&Os
have executed a release of the insurance companies that issued the Policies listed under “Tower 3
(E&O)” in Schedule II in connection with those insurance companies’ funding some or all of a
settlement of the Pre-April 30 Claims.
3. Expiration Date. If the Effective Date does not occur prior to July 1, 2023, this
Assignment becomes null and void, and neither this Assignment nor evidence of its terms shall be
admissible for any purpose in any action or proceeding.7

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