Document:

EX-10.6

 Exhibit 10.6 

 
  
 MANNING & NAPIER, INC. 
 2011
EQUITY COMPENSATION PLAN 
  

 

 MANNING & NAPIER, INC. 

2011 EQUITY COMPENSATION PLAN 

1. Purpose 

Manning & Napier, Inc. and Manning & Napier Group, LLC hereby adopt this Manning & Napier, Inc. 2011 Equity
Compensation Plan effective as of November 23, 2011. This Plan is intended to encourage equity ownership of the Company and MN Group by persons providing services to the Company, MN Group and/or its subsidiaries, including directors, employees,
advisers and consultants of the Company, MN Group and/or their subsidiaries, and to provide additional incentives for them to promote the success of the business of the Company and MN Group. 
 2. Definitions 
 As used in this Plan, the following terms shall have the
following meanings: 
 2.1 Accelerate, when used with respect to an Award (other than Restricted Stock or Restricted
Units), means that as of the time of reference the Award will vest and, if applicable, will become exercisable with respect to some or all of the Class A Stock, Units or cash equivalent for which such Award was not then otherwise exercisable by
its terms, and, when used with respect to Restricted Stock or Restricted Units, means that the Risk of Forfeiture otherwise applicable to the Class A Stock or Units shall expire with respect to some or all of the Class A Stock or Units
then otherwise subject to the Risk of Forfeiture. 
 2.2 Affiliate means, with respect to any Person, any other Person
that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, “control” means the possession, direct or indirect, of the power to direct or
cause the direction of management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 2.3 Award means any grant or sale pursuant to the Plan of Options, Restricted Units, Restricted Stock, Unit Grants, other Unit-Based Awards or LTIP Units. 

2.4 Award Agreement means an agreement, instrument or other document between the Company or MN Group, as the case may be, and the
recipient of an Award, setting forth the terms and conditions of the Award. 
 2.5 Beneficial Owner shall have the
meaning set forth in Rule 13d-3 under the Exchange Act. 
 2.6 Board means the Board of Directors of the Company.

 2.7 Cause means, unless otherwise provided in an applicable Award Agreement, a termination of employment or service,
based on a finding by the Committee, that the Participant engaged in conduct (a) which involves fraud, moral turpitude, willful misconduct, bad faith or commission of a crime that is classified as a felony under New York law and in the
reasonable opinion of the Board is injurious to the Company, MN Group or their Affiliates, or (b) that constitutes grounds for termination for cause under the Participant’s employment, consulting or service agreement with the Company, MN
Group or their Affiliates, to the extent applicable, or under any policies in effect applicable to the Participant and relating to his or her employment by, or association with, the Company, MN Group or their Affiliates. 

2.8 Change in Control shall have the meaning set forth in Section 8.2 hereof. 

2.9 Class A Stock means Class A common stock, par value $0.01 per share, of the Company. 

2.10 Class A Unit means a “Class A Unit” in MN Group, as described in the Operating Agreement. 

2.11 Class B Unit means a “Class B Unit” in MN Group, as described in the Operating Agreement. 

 2.12 Code means the Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto, and any regulations issued from time to time thereunder. To the extent that reference is made to any particular section of the Code, such reference shall be, where the context so admits, to any corresponding provisions
of any succeeding law. 
 2.13 Committee means any committee of the Board that is delegated responsibility for the
administration of the Plan, as provided in Section 4; provided, that such committee shall be comprised solely of directors of the Company who are (a) “non-employee directors” under Rule 16b-3 of the Exchange Act,
(b) “outside directors” under Code Section 162(m) and (c) “independent directors” pursuant to New York Stock Exchange requirements. For any period during which no such committee is in existence,
“Committee” shall mean the Managing Member and all authority and responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the Managing Member. 

2.14 Company means Manning & Napier, Inc., a corporation organized under the laws of the State of Delaware. 

2.15 Covered Employee shall have the meaning set forth in Section 162(m)(3) of the Code. 

2.16 Effective Date means the date this Plan is adopted by the Board, on behalf of the Company, and the Managing Member, on behalf
of MN Group. 
 2.17 Equity Units means either Class A Stock, Units or LTIP Units. 

2.18 Exchange Act means the Securities Exchange Act of 1934, as amended from time to time, and as now or hereafter construed,
interpreted and applied by regulations, rulings and cases. 
 2.19 Exercise Price means the price per share of
Class A Stock or Unit, as applicable, at which a holder of an Award granted hereunder may purchase the Class A Stock or Units issuable upon exercise of such Award. 
 2.20 Fair Market Value of a share of Class A Stock or a Unit on any given date means: (i) if the Class A Stock is listed for trading on the New York Stock Exchange, the closing sale
price per share of Class A Stock on the New York Stock Exchange on that date (or, if no closing sale price is reported, the last reported sale price), (ii) if the Class A Stock is not listed for trading on the New York Stock Exchange,
the closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported on that date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the
Exchange Act on which the Class A Stock is listed, (iii) if the Class A Stock is not so listed on a national securities exchange, the last quoted bid price for the Class A Stock on that date in the over-the-counter market as
reported by Pink Sheets LLC or a similar organization, or (iv) if the Class A Stock is not so quoted by Pink Sheets LLC or a similar organization such value as the Committee, in its sole discretion, shall determine in good faith. For the
avoidance of doubt, the Fair Market Value of a Unit shall at all times equal the Fair Market Value of a share of Class A Stock. 
 2.21 Grant Date means the date as of which an Option is granted, as determined under Section 6.1(a). 
 2.22 IPO means the initial public offering of Class A Stock, as contemplated in the registration statement on Form S-1 of the Company (No. 333-175309). 

2.23 ISO means any Option to acquire Class A Stock intended to be and designated as an incentive stock option within the
meaning of Section 422 of the Code. Options to acquire Units may not be designated as ISOs. 
 2.24 LTIP Unit means
a certain class or classes of membership interests in the Company which, upon the occurrence of certain events, may convert into Units. 
 2.25 Managing Member means the Company, as the Managing Member of MN Group. 

2.26 MN Group means Manning & Napier Group, LLC, a limited liability company organized under the laws of the State of
Delaware. 
 2.27 NQSO means any Option that is designated as a nonqualified stock option. 

  
 2 

 2.28 Operating Agreement means the Amended and Restated Limited Liability Company
Agreement of MN Group, effective as of October 1, 2011, as in effect from time to time. 
 2.29 Option means an
option to purchase Class A Stock, in the form of an ISO or a NQSO, or an option to purchase Units. 
 2.30 Optionee
means a Participant to whom an Option shall have been granted under the Plan. 
 2.31 Participant means any holder of an
outstanding Award under the Plan. 
 2.32 Performance Goals means performance goals based on one or more of the following
criteria: (i) earnings including operating income, economic income, economic net income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, or extraordinary or special items or book value per share
(which may exclude nonrecurring items); (ii) pre-tax income or after-tax income; (iii) earnings per common share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or rate of revenue growth; (vi) return
on assets (gross or net), return on investment, return on capital, or return on equity; (vii) returns on sales or revenues; (viii) operating expenses; (ix) stock price appreciation; (x) cash flow, free cash flow, cash flow return
on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xi) implementation or completion of critical projects or processes; (xii) economic value created; (xiii) cumulative
earnings per share growth; (xiv) operating margin or profit margin; (xv) common stock price or total stockholder return; (xvi) cost targets, reductions and savings, productivity and efficiencies; (xvii) strategic business
criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology,
and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons; (xviii) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and
plans, the negotiation of transactions, the development of long-term business goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xix) any combination of any of
the foregoing. 
 Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the
particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company, MN Group or an Affiliate, or a division or strategic business unit of the Company or MN Group,
or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, or other pre-established target or designated comparison group, all as determined by the Committee. The Performance
Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will occur), and a maximum level of performance
above which no additional payment will be made (or at which full vesting will occur). Each of the foregoing Performance Goals shall, as selected by the Committee, be determined in accordance with generally accepted accounting principles or non-GAAP
financial measures, and shall be subject to certification by the Committee; provided that, to the extent an Award is intended to satisfy the performance-based compensation exception to the limits of Section 162(m) of the Code and then to the
extent consistent with such exception, the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company MN Group or any Affiliate or the financial
statements of the Company, MN Group or any Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or
related to the disposal of a segment of a business or related to a change in accounting principles. 
 2.33 Person means
any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, or other entity. 
 2.34 Plan means this Manning & Napier, Inc. 2011 Equity Compensation Plan, as amended from time to time, and including any attachments or addenda hereto. 

2.35 Restricted Stock means an Award of shares of Class A Stock to a Participant under Section 6.2 that may be subject
to certain restrictions and to a Risk of Forfeiture. 
 2.36 Restricted Units means an Award of Units to a Participant
under Section 6.2 that may be subject to certain restrictions and to a Risk of Forfeiture. 

  
 3 

 2.37 Restriction Period means the period of time, established by the Committee in
connection with an Award of Restricted Stock or Restricted Units, during which such Restricted Stock or Restricted Units are subject to a Risk of Forfeiture described in the applicable Award Agreement. 

2.38 Risk of Forfeiture means a limitation on the right of the Participant to retain Restricted Stock or Restricted Units,
including a right in the Company or MN Group, as the case may be, to reacquire the Restricted Stock or Restricted Units at less than their then Fair Market Value or for no consideration, arising because of the occurrence or non-occurrence of
specified events or conditions. 
 2.39 Securities Act means the Securities Act of 1933, as amended from time to time.

 2.40 Stock Appreciation Right or SAR means the right pursuant to an Award granted under Section 6.4 below
to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date of such SAR or portion thereof is surrendered, of the Class A Stock or Unit covered by such right or such portion thereof, over
(ii) the aggregate Exercise Price of such right or portion thereof. 
 2.41 Stock-Based Award means an Award granted
to a Participant pursuant to Section 6.4 hereof, that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Class A Stock including but not limited to performance units and
Stock Appreciation Rights, and which may be subject to the attainment of Performance Goals or a period of continued employment or other terms and conditions as permitted under the Plan. 

2.42 Unit means a Class A Unit or a Class B Unit. 
 2.43 Unit Grant means a grant of Units not subject to restrictions or other forfeiture conditions. 
 2.44 Unit-Based Award means an Award granted pursuant to Section 6.4 of the Plan, that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or
related to, Units including but not limited to performance units and Stock Appreciation Rights, and which may be subject to the attainment of Performance Goals or a period of continued employment or other terms and conditions as permitted under the
Plan. 
 The definition of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth therein or herein), (ii) references to any law, constitution, statute, treaty, regulation, rule
or ordinance, including any section or other part thereof shall refer to it as amended from time to time and shall include any successor law, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar
import, shall be construed to refer to this Plan in its entirety and not to any particular provision hereof and (iv) all references herein to Sections shall be construed to refer to Sections to this Plan. 

3. Term of the Plan 

Unless the Plan shall have been earlier terminated by the Company, Awards may be granted under this Plan at any time in the period
commencing on the date of approval of the Plan by the Company and ending immediately prior to the tenth anniversary of such date. Awards granted pursuant to the Plan within that period shall not expire solely by reason of the termination of the
Plan. 
 4. Administration 
 The Plan shall be administered by the Committee; provided, however, that the Committee may delegate to one or more “executive officers” (as defined under applicable rules promulgated
under the Exchange Act) the authority to grant Awards hereunder to employees who are not executive officers, and to consultants and advisers, in accordance with such guidelines as the Committee shall set forth at any time or from time to time.
Subject to the provisions of the Plan, the Committee shall have complete authority, in its discretion, to make or to select the manner of making all determinations with respect to each Award to be granted by the Company or MN Group under the Plan
including the director, employee, adviser or consultant to receive the Award and the form of Award. In 

  
 4 

 
making such determinations, the Committee may take into account the nature of the services rendered by such directors, employees, advisers and consultants, their present and potential
contributions to the success of the Company and/or MN Group, and such other factors as the Committee in its discretion shall deem relevant. Subject to the provisions of the Plan, the Committee shall also have complete authority to interpret the
Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms and provisions of the respective Award Agreements (which need not be identical), and to make all other determinations necessary or advisable for the
administration of the Plan. The Committee’s determinations made in good faith on matters referred to in the Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made pursuant
hereto. 
 5. Authorization of Grants 
 5.1 Eligibility. The Committee may grant from time to time and at any time prior to the termination of the Plan one or more Awards, either alone or in combination with any other Awards, to any
service provider to the Company, MN Group or any of their Affiliates, including directors, officers, employees, advisers and consultants of the Company, MN Group and/or their respective Affiliates. 

5.2 General Terms of Awards. Each grant of an Award shall be subject to all applicable terms and conditions of the Plan (including
but not limited to any specific terms and conditions applicable to that type of Award set out in Section 6 or in the Award Agreement), and such other terms and conditions, not inconsistent with the terms of the Plan, as the Committee may
prescribe. Restricted Units and Units Grants under the Plan shall at all times be subject to the terms of the Operating Agreement. 
 5.3 Non-Transferability of Awards. Awards shall not be transferable, and no Awards or interest therein may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution, and all of a Participant’s rights in any Award may be exercised during the life of the Participant only by the Participant or the Participant’s legal representative. Notwithstanding
the foregoing, Unit Grants and, following lapse of the Restriction Period, Restricted Units may be transferred in accordance with the provisions of the Operating Agreement. 
 5.4 Conditions to Receipt of Awards. 
 (a) Unless otherwise waived by the
Committee, no prospective Participant shall have any rights with respect to an Award unless and until such Participant has executed an Award Agreement evidencing the Award, delivered a fully executed copy thereof to the Company, and otherwise
complied with the applicable terms and conditions of such Award. 
 (b) Notwithstanding anything herein to the contrary, no
Award of Options, Restricted Units, Unit Grants, other Unit-Based Awards or LTIP Units and no issuance of Class A Stock or Units upon exercise of an Option or the settlement of any Stock-Based or Unit-Based Award, may be made to an individual
who has committed any act which could serve as a basis for (i) denial, suspension or revocation of the registration of any investment adviser, including Affiliates of the Company or MN Group, under Section 203(e) of the Investment Advisers
Act of 1940, as amended, or Rule 206(4)-4(b) thereunder, or for disqualification of any investment adviser, including Affiliates of the Company or MN Group, as an investment adviser to a registered investment company pursuant to Sections 9(a)
or 9(b) of the Investment Company Act of 1940, as amended, (ii) precluding the Company, MN Group or their respective Affiliates from acting as a fiduciary by operation of Section 411 of the Employee Retirement Income Security Act of 1974,
as amended, or (iii) precluding the Company, MN Group or their respective Affiliates from qualifying as a “qualified professional asset manager” within the meaning of Department of Labor Prohibited Transaction Exemption 84-14.

 (c) Each Award of Restricted Units, Unit Grants, other Unit-Based Awards or LTIP Units and each issuance of Units to the
recipient of an Award of Options exercisable into Units or upon settlement of a Unit-Based Award, shall be conditioned upon the recipient’s execution of the Operating Agreement or an agreement of accession thereto. 

5.5 Equity Subject to Plan. The maximum number of Equity Units reserved for the grant or settlement of Awards (in the form of
Class A Stock or Units) under the Plan shall be a number equal to 13,142,813 and shall be subject to adjustment as provided herein. If any shares of Class A Stock or Units subject to an Award are forfeited, canceled, exchanged or
surrendered or if an Award otherwise terminates or expires without a distribution of Equity Units to the Participant, the Class A Stock or Units with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange,
surrender, termination or expiration, again be available for Awards under the Plan. Notwithstanding the foregoing, Equity Units that are exchanged by a Participant or withheld by the Company or MN Group, in either case, as full or partial payment in
connection with any Award under the Plan, as well as any Equity 

  
 5 

 
Units exchanged by a Participant or withheld by the Company or MN Group to satisfy the tax withholding obligations related to any Award under the Plan, shall not be available for subsequent
Awards under the Plan. 
 5.6 Covered Employees. From and after the date that the grant of an Award to a Covered Employee
is subject to Section 162(m) of the Code, the aggregate Awards granted during any fiscal year to any single individual who is likely to be a Covered Employee shall not exceed 2,628,563 Equity Units. Determinations made in respect of the
limitation set forth in the preceding sentence shall be made in a manner consistent with Section 162(m) of the Code. 
 5.7
Authorized Shares. Shares of Class A Stock issued under the Plan may, in whole or in part, be authorized but unissued shares of Class A Stock or shares that have been or may be reacquired by the Company in the open market, in
private transactions or otherwise. 
 6. Specific Terms of Awards 

6.1 Options. 
 (a) Date of Grant. The granting of an Option shall take place at the time specified in the Award Agreement. 
 (b) Exercise Price. The price at which a share of Class A Stock or a Unit may be acquired under each Option shall be no less than 100% of the Fair Market Value of such Class A Stock or
Unit on the Grant Date. 
 (c) Option Period. The exercise period with respect to each Option shall be determined in the
sole discretion of the Committee and specified in each Award Agreement; provided, however, that no Option may be exercised on or after the tenth anniversary of the Grant Date. 

(d) Exercisability. An Option may be immediately exercisable or become exercisable in such installments, cumulative or
non-cumulative, as the Committee may determine and as set forth in each Award Agreement. In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option in whole or in part at any time. 

(e) ISOs. No ISO shall be granted to any employee of the Company or MN Group, if such employee owns, or is deemed to own,
immediately prior to the grant of the ISO, stock representing more than 10% of the total combined voting power of the Company, MN Group or their Affiliates, or more than 10% of the value of all classes of stock of the Company, MN Group or their
Affiliates, unless the purchase price for the stock under such ISO shall be at least 110% of its Fair Market Value at the time such ISO is granted and the ISO, by its terms, shall not be exercisable more than five years from the date it is granted.
In determining the stock ownership under this paragraph, the provisions of Section 424(d) of the Code shall be controlling. 
 (f) Termination of Association with the Company — Generally. Unless the Committee shall provide otherwise for any Award with respect to any Option as set forth in the Award Agreement for such
Option, if the Optionee’s employment or other association with the Company ends for any reason, any outstanding Option of the Optionee shall cease to be exercisable in any respect and shall terminate not later than 90 days following that
event and, for the period it remains exercisable following that event, shall be exercisable only to the extent exercisable at the date of that event (and to the extent not then exercisable, shall terminate as of the date of such event). Military or
sick leave or other bona fide leave shall not be deemed a termination of employment or other association, provided that it does not exceed the longer of ninety (90) days or the period during which the absent Optionee’s reemployment
rights, if any, are guaranteed by statute or by contract. 
 (g) Method of Exercise. An Option may be exercised by the
Optionee giving written notice, in the manner provided in Section 14 or as otherwise set forth in an Award Agreement, specifying the number of shares of Class A Stock or Units with respect to which the Option is then being exercised. Where
the exercise of an Option is to be accompanied by payment, the Committee may determine the required or permitted forms of payment, subject to the following: (a) all payments will be by cash or check acceptable to the Committee; or (b) if
so permitted by the Committee, (i) through the delivery of Class A Stock or Units that have a Fair Market Value equal to the exercise price, except where payment by delivery of Class A Stock or Units would adversely affect the
Company’s results of operations under U.S. generally accepted accounting principles or where payment by delivery of Class A Stock or Units outstanding for less than six months would require application of securities laws relating to profit
realized on such Class A Stock or Units, (ii) by other means acceptable to the Committee, or (iii) by means of withholding of Class A Stock or Units, with an aggregate Fair Market Value equal to (A) the aggregate exercise
price and (B) unless the Company or MN Group is precluded 

  
 6 

 
or restricted from doing so under debt covenants, minimum statutory withholding taxes with respect to such exercise, or (iv) by any combination of the foregoing permissible forms of payment.
The delivery of Class A Stock or Units in payment of the exercise price under clause (g)(i) above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Committee
may prescribe. 
 (h) No Certificates. Unless otherwise required under the Operating Agreement, Units are not represented
by certificates. The “issuance” of Units pursuant to the exercise of an Option granted under the Plan shall not require the creation or delivery of a certificate or other evidence of ownership, other than that provided by the applicable
Award Agreement, but instead only the Company’s recognition of the Optionee on its books and records as the beneficial holder of such Units, unless otherwise required under the Operating Agreement. 

(i) Rights Pending Exercise. No Participant holding an Option shall be deemed for any purpose to be (i) a stockholder of the
Company with respect to any shares of Class A Stock, or (ii) a member of MN Group with respect to any of the Units, in either case issuable pursuant to his or her Option, except to the extent that the Option shall have been exercised with
respect thereto. 
 6.2 Restricted Stock and Restricted Units. 

(a) Purchase Price Class A Stock, Restricted Stock, Units or Restricted Units may be issued under the Plan for such
consideration, in cash, other property or services, or any combination thereof, as is determined by the Committee. 
 (b) No
Certificates. Units are not represented by certificates. The “issuance” of Units or Restricted Units under the Plan shall not require the creation or delivery of a certificate or other evidence of ownership, other than that provided by
the applicable Award Agreement, but instead only the MN Group’s recognition of the Participant on its books and records as the beneficial holder of such Units or Restricted Units. 

(c) Restrictions and Restriction Period. During the Restriction Period applicable to Restricted Stock or Restricted Units, such
Restricted Stock or Restricted Units shall be subject to limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance of services, Company and/or MN Group performance or otherwise as the
Committee may determine and provide for in the applicable Award Agreement. Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis as it deems appropriate. Certificates
for shares issued pursuant to Restricted Stock Awards shall bear an appropriate legend referring to such restrictions, and any attempt to dispose of any such shares in contravention of such restrictions shall be null and void and without effect.
Such certificates may, if so determined by the Committee, be held in escrow by an escrow agent (which may be the Company or MN Group) appointed by the Committee, to be held for the benefit of the Participant for such period in the discretion of the
Committee until the applicable Restriction Period lapses. 
 (d) Rights Pending Lapse of Risk of Forfeiture or Forfeiture of
Award. Except as otherwise provided in the Plan or the applicable Award Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted Stock or Restricted Units, the Participant shall
have all of the rights of a holder of Class A Stock or Units, as the case may be, including, but not limited to, the right to vote and the right to receive any dividends or distributions with respect to the Restricted Stock or Restricted Units,
as applicable. 
 (e) Termination of Association with the Company. Unless the Committee shall provide otherwise in the
applicable Award Agreement for any Award of Restricted Stock or Restricted Units, upon termination of a Participant’s employment or other association with the Company, MN Group and their Affiliates for any reason during the Restriction Period,
all Restricted Stock or Restricted Units still subject to Risk of Forfeiture shall be forfeited or otherwise subject to return to or repurchase by the Company or MN Group on the terms specified in the Award Agreement; provided, however, that
military or sick leave or other bona fide leave shall not be deemed a termination of employment or other association if it does not exceed the longer of ninety (90) days or the period during which the absent Participant’s reemployment
rights, if any, are guaranteed by statute or by contract. 
 6.3 Class A Stock and Unit Grants. Class A Stock
and Unit Grants may be awarded solely in recognition of significant contributions to the success of the Company, MN Group or their Affiliates in lieu of compensation otherwise already due and in such other limited circumstances as the Committee
deems appropriate. Class A Stock and Unit Grants shall be made without forfeiture conditions of any kind. 

  
 7 

 6.4 Stock-Based Awards. The Committee, in its sole discretion, may grant Awards of
phantom shares of Class A Stock, SARs and other Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of a share of Class A Stock. Such Stock-Based Awards shall be in such form, and
dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive shares of Class A Stock (or the equivalent cash value of such Class A Stock) upon the completion of a specified period of
service, the occurrence of an event and/or the attainment of Performance Goals. Stock-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine:
(a) the number of shares of Class A Stock to be awarded under (or otherwise related to) such Stock-Based Awards; (b) whether such Stock-Based Awards shall be settled in cash, shares of Class A Stock or a combination of cash and
Class A Stock; and (c) all other terms and conditions of such Stock-Based Awards (including, without limitation, the vesting provisions thereof). 
 6.5 Unit-Based Awards. The Committee, in its sole discretion, may grant Awards of phantom Units, SARs and other Awards that are valued in whole or in part by reference to, or are otherwise based on
the Fair Market Value of a Unit. Such Unit-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive one or more Units (or the equivalent cash value of
such Units) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of Performance Goals. Unit-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the
provisions of the Plan, the Committee shall determine: (a) the number of Units to be awarded under (or otherwise related to) such Unit-Based Awards; (b) whether such Unit-Based Awards shall be settled in cash, Units or a combination of
cash and Units; and (c) all other terms and conditions of such Unit-Based Awards (including, without limitation, the vesting provisions thereof). 
 6.6 LTIP Units. LTIP Units may be granted as free-standing awards or in tandem with other Awards under the Plan, and may be valued by reference to the Units, and will be subject to such other
conditions and restrictions as the Committee, in its sole and absolute discretion, may determine, including, but not limited to, continued employment or service, computation of financial metrics and/or achievement of pre-established Performance
Goals. LTIP Units, whether vested or unvested, may entitle the participant to receive, currently or on a deferred or contingent basis, distributions or distribution equivalent payments with respect to the number of Units corresponding to the LTIP
Unit or other distributions from the Company and the Committee may provide in the applicable Award Agreement that such amounts (if any) shall be deemed to have been reinvested in additional Units or LTIP Units. The LTIP Units granted under the Plan
will be subject to such terms and conditions as may be determined by the Committee in its sole and absolute discretion, including, but not limited to the conversion ratio, if any, pursuant to which LTIP Units may be exchanged for Units in accordance
with the terms of the Operating Agreement. LTIP Units may be structured as “profits interests,” “capital interests” or other types of interests for federal income tax purposes. 

6.7 Awards to Participants Outside the United States. The Committee may modify the terms of any Award under the Plan granted to a
Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws,
regulations, and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a
result of the Participant’s residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily employed in the United States. The Committee may establish supplements to, or
amendments, restatements, or alternative versions of the Plan for the purpose of granting and administrating any such modified Award, none of which shall require prior approval of the stockholders of the Company except for stockholder approval as
may be necessary for the Plan or Award to comply with applicable law. 
 7. Adjustment Provisions 

7.1 Adjustment for Company Actions. If subsequent to the adoption of the Plan by the Company and MN Group the outstanding
Class A Stock or Units are increased, decreased, or exchanged for a different number or kind of stock, units or other securities, or if additional shares, units or new or different shares, units or other securities are distributed with respect
to Class A stock or Units through merger, consolidation, sale of all or substantially all the property of the Company or MN Group, reorganization, recapitalization, reclassification, dividend, stock or unit split, reverse stock or unit split,
or other similar distribution with respect to such Class A Stock or Units, the Committee shall make an adjustment, to the extent appropriate and proportionate, in (i) the numbers and kinds of Class A Stock, Units or other securities
subject to the then outstanding Awards, and (ii) the exercise price for each Class A Stock, Unit or other securities subject to then outstanding Options (without change in the aggregate purchase price as to which such Options remain
exercisable). 

  
 8 

 7.2 Related Matters. Any adjustment in Awards made pursuant to this Section 7
shall be determined and made, if at all, by the Committee and shall include any correlative modification of terms, including of Exercise Prices, rates of vesting or exercisability, Risks of Forfeiture and applicable repurchase prices for Restricted
Stock, Restricted Units, LTIP Units, Stock-Based Awards and Unit-Based Awards, which the Committee may deem necessary or appropriate so as to ensure the rights of the Participants in their respective Awards are not substantially diminished nor
enlarged as a result of the adjustment and Company action other than as expressly contemplated in this Section 7. No fraction of a shares of Class A Stock or Unit shall be issued or purchasable or deliverable upon exercise, but in the
event any adjustment hereunder of the number of shares of Class A Stock or Units covered by an Award shall cause such number to include a fraction, such number of shares of Class A Stock or Units shall be adjusted to the nearest smaller
whole number of shares of Class A Stock or Units. 
 8. Change in Control Provisions 

8.1 Unless otherwise determined by the Committee or evidenced in an applicable Award Agreement or employment or other agreement, in the
event of a Change in Control, the Committee shall have the discretion, exercisable either in advance of such Change in Control or at the time thereof, to provide for one or more of the following: 

(a) the continuation of outstanding Awards after the Change in Control without change; 

(b) the cash-out of outstanding Options as of the time of the transaction as part of the transaction for an amount equal to the
difference between the price that would have been paid for the shares of Class A Stock or Units subject to such outstanding Options if such Options were exercised upon the closing of such transaction and the exercise price of such outstanding
Options; provided that if the exercise price of the Options exceeds the price that would have been paid for the shares of Class A Stock or Units subject to the outstanding Options if such Options were exercised upon the closing of the
transaction, then such Options may be cancelled without making a payment to the Optionees; 
 (c) a requirement that the buyer
in the transaction assume outstanding Awards; 
 (d) a requirement that the buyer in the transaction substitute outstanding
Options with comparable options to purchase the equity interests of the buyer or its parent and/or substitute outstanding Restricted Stock, Restricted Units, LTIP Units, Stock-Based Awards, and/or Unit-Based Awards with comparable restricted stock
or units of the buyer or its parent; and 
 (e) the Acceleration of outstanding Options, Restricted Stock, Restricted Units,
Stock-Based Awards, Unit-Based Awards and LTIP Units. 
 Notwithstanding any other provision of the Plan, in the event of a
Change in Control in which the consideration paid to the holders of shares of Class A Stock and Units is solely cash, the Committee may, in its discretion, provide that each Award shall, upon the occurrence of a Change in Control, be canceled
in exchange for a payment, in cash or Class A Stock, in an amount equal to (i) the excess of the consideration paid per share of Class A Stock and Units in the Change in Control over the exercise or purchase price (if any) per share
of Class A Stock or Unit subject to the Award multiplied by (ii) the number of shares of Class A Stock or Units granted under the Award. 
 8.2 A “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred: 

(a) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a
Beneficial Owner in connection with a transaction described in clause (I) of paragraph (c) below; 
 (b) during any
period of twelve (12) month period, individuals who at the beginning of such period constitute the Board, and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose election by the Board or nomination for election by the Company’s shareholders was approved by a majority vote of the
directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously approved, cease for any reason to constitute at least a majority of the Board; 

  
 9 

 (c) there is consummated a merger or consolidation of the Company or MN Group with any other
corporation or other entity, other than (I) a merger or consolidation which results in (A) the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or MN
Group, at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) the individuals who comprise the Board
immediately prior thereto constituting immediately thereafter at least a majority of the board of directors of the Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a
subsidiary, the ultimate parent thereof, or (II) a merger or consolidation effected to implement a recapitalization of the Company or MN Group (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more of the combined voting power of the
Company’s then outstanding securities; 
 (d) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or MN Group or there is consummated an agreement for the sale or disposition by the Company or MN Group of all or substantially all of the assets of the Company or MN Group, as the case may be (it being conclusively
presumed that any sale or disposition is a sale or disposition by the Company of all or substantially all of its assets if the consummation of the sale or disposition is contingent upon approval by the Company’s stockholders unless the Board
expressly determines in writing that such approval is required solely by reason of any relationship between the Company and any other Person or an Affiliate of the Company and any other Person), other than a sale or disposition by the Company of all
or substantially all of the Company’s assets to an entity (i) at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of
the Company immediately prior to such sale or disposition and (ii) the majority of whose board of directors immediately following such sale or disposition consists of individuals who comprise the Board immediately prior thereto; or 

(e) the Company ceases to be the Managing Member of MN Group. 
 8.3 Notwithstanding Section 8.2 to the contrary, a “Change in Control” shall not be deemed to have occurred by virtue of (a) the consummation of any transaction or series of integrated
transactions immediately following which the record holders of the capital stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns
all or substantially all of the assets of the Company immediately following such transaction or series of transactions, or (b) the loss of voting control of the Company by William Manning pursuant to the terms of the Company’s charter.

 9. Settlement of Awards 
 9.1 Violation of Law. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in the reasonable opinion of the Committee, the issuance of Class A
Stock, Units or LTIP Units covered by an Award may constitute a violation of law, then the Company and/or MN Group, as the case may be, may delay such issuance and the delivery of such Class A Stock, Units or LTIP Units, as applicable, until
approval shall have been obtained from such governmental agencies as may be required under any applicable law, rule, or regulation, and the Company and MN Group shall take all reasonable efforts to obtain such approval. 

9.2 Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company.

 9.3 No Fractional Shares. No fractional shares of Class A Stock shall be issued or delivered pursuant to the Plan
or any Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 9.4 Investment Representations. Neither the Company nor MN Group shall be under any obligation to issue Class A
Stock, Units or LTIP Units covered by any Award unless the intended recipient has made such written representations to the Company or MN Group (upon which the Company or MN Group believe it may reasonably rely) as the Company or MN Group, as the
case may be, may deem necessary or appropriate for purposes of confirming that the issuance of such Class A Stock, Units or LTIP Units, as applicable, will be exempt from the registration requirements of the Securities Act and any applicable
state securities laws and otherwise in compliance with all applicable laws, rules and regulations, including but not limited to that the Participant is acquiring the 

  
 10 

 
Class A Stock, Units or LTIP Units, as applicable, for his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution of any
such Class A Stock, Units or LTIP Units. 
 9.5 Registration. In the event that the disposition of Class A
Stock or Units acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act, and is not otherwise exempt from such registration, such Class A Stock or Units shall be restricted against transfer
to the extent required by the Securities Act or regulations thereunder, and the Committee may require a Participant receiving Class A Stock or Units pursuant to the Plan, as a condition precedent to receipt of such Class A Stock or Units,
to represent to the Company or MN Group in writing that the Class A Stock or Units acquired by such Participant is acquired for investment only and not with a view to distribution. 

9.6 Tax Withholding. Whenever Class A Stock, Units or LTIP Units are issued or to be issued pursuant to Awards granted under
the Plan, the Company and MN Group shall (i) have the right to require the recipient to remit to the Company or MN Group in cash an amount sufficient to satisfy federal, state, local or other withholding tax requirements if, when, and to the
extent required by law (whether so required to secure for the Company or MN Group an otherwise available tax deduction or otherwise) coincident with the recipient’s exercise of such Option or receipt of Class A Stock or Units; or
(ii) to the extent permitted by applicable law, withhold a number of Class A Stock, Units or LTIP Units having an aggregate Fair Market Value equal to an amount sufficient to satisfy any federal, state, local or other withholding
requirements. The obligations of the Company and MN Group under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company and MN Group shall, to the extent permitted by law, have the right to deduct any such
taxes from any payment of any kind otherwise due to the recipient of an Award. 
 10. No Special Employment or Other Rights 

Nothing contained in the Plan or in any Award Agreement shall confer upon any recipient of an Award any right with respect to the
continuation of his or her employment or other association with the Company, MN Group or any of their Affiliates, or interfere in any way with the right of the Company, MN Group or any of their Affiliates, subject to the terms of any separate
employment or consulting agreement, any provision of law, or the Operating Agreement to the contrary, at any time to terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of
the recipient’s employment or other association with the Company, MN Group or any such Affiliate. 
 11. Nonexclusivity of the Plan

 The adoption of the Plan by the Company and MN Group shall not be construed as creating any limitations on the power of
the Company or MN Group to adopt such other incentive arrangements as it may deem desirable, including without limitation, the granting of options and restricted units other than under the Plan, and such arrangements may be either applicable
generally or only in specific cases. 
 12. Section 409A of the Code 

This Plan is intended to comply and shall be administered in a manner that is intended to comply with Section 409A of the Code and
shall be construed and interpreted in accordance with such intent. To the extent that an Award, issuance and/or payment is subject to Section 409A of the Code, it shall be awarded and/or issued or paid in a manner that will comply with
Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Any provision of this Plan that would cause an
Award, issuance and/or payment to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Code Section 409A (which amendment may be retroactive to the extent permitted by applicable law).

 13. Termination and Amendment of the Plan and Awards 
 The Company and MN Group may at any time terminate the Plan or make such modifications of the Plan as it shall deem advisable. Unless the Company and MN Group otherwise expressly provide, or may deem
necessary or appropriate to comply with applicable law, including without limitation the provisions of Section 409A of the Code, no termination or amendment of the Plan may adversely affect the rights of the recipient of an Award previously
granted hereunder without the consent of the recipient of such Award. 

  
 11 

 The Plan shall take effect on the Effective Date but the Plan (and any grants of Awards made
prior to the stockholder approval mentioned herein) shall be subject to the requisite approval of the stockholders of the Company, which approval must occur within twelve (12) months of the date that the Plan is adopted by the Board. In the
event that the stockholders of the Company do not ratify the Plan at a meeting of the stockholders at which such issue is considered and voted upon, then upon such event the Plan and all rights hereunder shall immediately terminate and no
Participant (or any permitted transferee thereof) shall have any remaining rights under the Plan or any Award Agreement entered into in connection herewith. The Board may amend, alter or discontinue the Plan, but no amendment, alteration, or
discontinuation shall be made that would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent, or that without the approval of the stockholders of the Company would, except as provided in
Section 7, increase the total number of Awards reserved for the purpose of the Plan. In addition, approval by the stockholders of the Company shall be required with respect to any amendment that materially increases benefits provided under the
Plan or materially alters the eligibility provisions of the Plan or with respect to which stockholder approval is required under the rules of any stock exchange on which the Class A Stock is then listed. Unless sooner terminated by the Board,
the Plan shall terminate on the tenth anniversary of the Effective Date. The Board reserves the right to terminate the Plan at any time. No Awards shall be granted under the Plan after such termination date. The Plan shall remain in effect with
respect to Awards made under the Plan prior to the termination of the Plan until such Awards have been satisfied or terminated in accordance with the terms of the Plan and the applicable Award Agreements. 

The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, provided that the Award as
amended is consistent with the terms of the Plan, and further provided that, other than as the Committee may deem necessary or appropriate to comply with applicable law, including without limitation the provisions of Section 409A of the
Code, no amendment or modification of an outstanding Award may adversely affect the rights of the recipient of such Award without his or her consent. An amendment or modification to an Award that is necessary or appropriate to comply with applicable
law or that does not adversely affect the rights of the recipient of such Award may be made without the consent of such recipient. 
 14.
Notices and Other Communications 
 Any notice, demand, request or other communication hereunder to any party shall be deemed
to be sufficient if contained in a written instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or by facsimile with a confirmation copy by regular, certified or overnight mail,
addressed or sent by facsimile, as the case may be, (i) if to the recipient of an Award, at his or her residence address last filed with the Company or MN Group, and (ii) if to the Company or MN Group, at their principal place of business,
addressed to the attention of the Managing Member, or to such other address or facsimile number, as the case may be, as the addressee may have designated by notice to the addressor. All such notices, requests, demands and other communications shall
be deemed to have been received: (x) in the case of personal delivery, on the date of such delivery, (y) in the case of mailing, when received by the addressee, and (z) in the case of facsimile transmission, when confirmed by
facsimile machine report. 
 15. Governing Law 
 The Plan and all Award Agreements and actions taken thereunder shall be governed, interpreted and enforced in accordance with the laws of the State of New York without regard to the conflict of laws
principles thereof. 
 Adopted by resolution of the Managing Member of MN Group and the Board of Directors of the Company as of
November 17, 2011. 

  
 12EX-10.9

 Exhibit 10.9 
 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 OF 

MNA ADVISORS, INC. 

Dated November 23, 2011 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1.	  	DEFINITIONS	  	 	1	  
	ARTICLE 2.	  	RESTRICTION ON TRANSFER OF SHARES	  	 	4	  
	    2.1.	  	General	  	 	4	  
	    2.2.	  	Related Shareholders Agreements	  	 	4	  
	    2.3.	  	Registration of Transfer by Company	  	 	4	  
	    2.4.	  	Effect of Non-Complying Transfers	  	 	4	  
	    2.5.	  	Definition of “Permitted Transfer” and “Permitted Transferee”	  	 	4	  
	ARTICLE 3.	  	CERTAIN PERMITTED TRANSFERS OF SHARES	  	 	4	  
	    3.1.	  	Generally	  	 	4	  
	ARTICLE 4.	  	CONDITIONS TO ALL TRANSFERS	  	 	5	  
	    4.1.	  	Party to this Agreement	  	 	5	  
	    4.2.	  	Maintenance of S Corporation Status	  	 	5	  
	    4.3.	  	Compliance with Applicable Laws	  	 	5	  
	    4.4.	  	Legend	  	 	5	  
	ARTICLE 5.	  	COMPANY’S SUBCHAPTER S ELECTION	  	 	5	  
	    5.1.	  	General	  	 	5	  
	    5.2.	  	Shareholders’ Acts	  	 	6	  
	    5.3.	  	Company’s Acts	  	 	6	  
	    5.4.	  	Revocation and Termination	  	 	6	  
	ARTICLE 6.	  	CORPORATE GOVERNANCE	  	 	6	  
	    6.1.	  	Board of Directors and Other Matters	  	 	6	  
	    6.2.	  	Officers	  	 	9	  
	    6.3.	  	Distributions and Allocations	  	 	9	  
	    6.4.	  	Performance Incentive Committee	  	 	10	  
	    6.5.	  	Interested Shareholders	  	 	12	  
	ARTICLE 7.	  	COMPANY OPTION TO PURCHASE SHARES UNDER CERTAIN CIRCUMSTANCES	  	 	12	  
	    7.1.	  	Company Option	  	 	12	  
	    7.2.	  	Purchase Price	  	 	12	  
	    7.3.	  	Terms of Payment	  	 	12	  
	    7.4.	  	Closing	  	 	13	  
	ARTICLE 8.	  	COMPANY OPTION TO PURCHASE UNVESTED SHARES OWNED BY AN EMPLOYEE UPON CERTAIN EVENTS	  	 	13	  
	    8.1.	  	Company Purchase Option	  	 	13	  
	    8.2.	  	Purchase Price	  	 	13	  
	    8.3.	  	Terms of Payment	  	 	13	  
	    8.4.	  	The Closing	  	 	13	  
	ARTICLE 9.	  	CERTAIN DEFINITIONS	  	 	13	  
	    9.1.	  	Vested and Unvested Shares	  	 	13	  
	    9.2.	  	Disability or Disabled	  	 	14	  
	    9.3.	  	Personal Representative	  	 	14	  

  
 i 

							
	ARTICLE 10.	  	COMPANY’S OBLIGATIONS TO PAY FOR SHARES	  	 	14	  
	    10.1.	  	Insufficient Surplus	  	 	14	  
	    10.2.	  	Default in Certain Payments by Company	  	 	15	  
	ARTICLE 11.	  	VOTING AND OTHER ARRANGEMENTS	  	 	15	  
	    11.1.	  	General	  	 	15	  
	    11.2.	  	Limited Authority	  	 	15	  
	    11.3.	  	Conditional Authority	  	 	15	  
	    11.4.	  	Votes in Contravention of the Agreement	  	 	15	  
	    11.5.	  	General	  	 	15	  
	    11.6.	  	Power of Attorney for Permitted Transfers; Stock Powers	  	 	16	  
	ARTICLE 12.	  	TERMINATION	  	 	16	  
	    12.1.	  	Agreement	  	 	16	  
	    12.2.	  	Rights of Shareholder	  	 	16	  
	ARTICLE 13.	  	COVENANT NOT TO COMPETE	  	 	16	  
	    13.1.	  	Noncompete During Employment and Upon Termination for Cause or Voluntary Termination	  	 	16	  
	    13.2.	  	Noncompete Upon Other Termination of Employment	  	 	19	  
	    13.3.	  	Miscellaneous	  	 	21	  
	ARTICLE 14.	  	GENERAL CLOSING TERMS AND CONDITIONS	  	 	21	  
	    14.1.	  	Closing	  	 	21	  
	    14.2.	  	Deliveries at Closing	  	 	21	  
	    14.3.	  	Agreement to Take All Necessary Steps	  	 	21	  
	    14.4.	  	Endorsement of Pledge Agreement	  	 	21	  
	ARTICLE 15.	  	OTHER PROVISIONS	  	 	22	  
	    15.1.	  	Repurchase of Shares Agreement	  	 	22	  
	    15.2.	  	Confidentiality	  	 	22	  
	    15.3.	  	Return of Documents	  	 	22	  
	ARTICLE 16.	  	RELATED ARRANGEMENTS	  	 	22	  
	ARTICLE 17.	  	AGREEMENT BY THE COMPANY	  	 	22	  
	ARTICLE 18.	  	NOTICES	  	 	23	  
	ARTICLE 19.	  	ARBITRATION	  	 	23	  
	ARTICLE 20.	  	COMPANY REDEMPTIONS	  	 	24	  
	    20.1.	  	Redemptions In General	  	 	24	  
	    20.2.	  	Additional Sale Rights	  	 	25	  
	    20.3.	  	Additional Provisions Related To Redemptions	  	 	25	  
	ARTICLE 21.	  	DEATH OF MANNING	  	 	26	  
	ARTICLE 22.	  	MISCELLANEOUS	  	 	26	  
	    22.1.	  	Section Headings	  	 	26	  
	    22.2.	  	Waivers and Amendments	  	 	26	  
	    22.3.	  	Entire Agreement	  	 	27	  
	    22.4.	  	Severability	  	 	27	  
	    22.5.	  	Counterparts	  	 	27	  
	    22.6.	  	Governing Law	  	 	27	  
	    22.7.	  	Successors and Assigns	  	 	27	  
	    22.8.	  	Further Assurances	  	 	27	  
	    22.9.	  	No Third Party Beneficiaries	  	 	27	  

  
 ii 

					
	    22.10.	  	References	  	28

  
 iii

 *  *   * 

EXHIBITS 
 Exhibit
A     Amended and Restated Certificate of Incorporation 
 Exhibit B     Amended and Restated By-Laws

  
 iv 

 THIS AMENDED AND RESTATED SHAREHOLDERS AGREEMENT dated as of November 23, 2011, among
MNA Advisors, Inc. (the “Company”) and those Persons who are individuals and whose signatures are attached hereto. Each such individual, other than William Manning (“Manning”), for so long as they own their Shares, is hereinafter
referred to as an “Employee” and collectively as the “Employees”. The Employees and Manning for so long as they own Shares are hereinafter referred to collectively as the “Shareholders” and individually as a
“Shareholder.” 
 PRELIMINARY STATEMENT 
 The Shareholders wish to provide for certain restrictions on the transfer of their Shares, grant certain options with respect to the sale of their Shares, provide for the conduct of the business of the
Company, and confirm certain other agreements among them. 
 NOW, THEREFORE, in furtherance of the foregoing, and in
consideration of the premises and the mutual covenants and agreements herein contained, the parties hereby agree as follows: 

ARTICLE 1. DEFINITIONS 
 As used in this Agreement, the following terms have the meanings specified or referred to in this Article 1: 
 “AAC” — M&N Advisory Advantage Corporation. 

“Affiliate” — AAC, MNAO and MNCC. 
 “Agreement” — This Amended and Restated Shareholders Agreement. 

“Board” — See Section 6.1.1. 
 “Business Day” — Any day that is not a Saturday or Sunday or a day on which banks located in New York, New York or in Rochester, New York are authorized or required to be closed.

 “By-Laws” — The Company’s Amended and Restated By-Laws, substantially in the form of Exhibit B hereto.

 “Cause” — See Section 13.1.1. 
 “CEO” — See Section 6.1.4. 
 “Certificate of
Incorporation” — The Company’s Amended and Restated Certificate of Incorporation, substantially in the form of Exhibit A hereto. 
 “Code” — See Section 5.1. 
 “Company” — See the
first paragraph of this Agreement. 

 “Compensation” — See Section 13.1. 

“confidential information” — See Section 15.2.1. 

“DDR Event” — See Section 8.1. 
 “DDR Selling Shareholder” — See Section 8.1. 
 “DDR
Shares” — See Section 8.1. 
 “Distributable Amount” — See Section 6.3. 

“Disability” or “Disabled” — See Section 9.2. 

“Election” or “Elections” — See Section 5.1. 

“Employee” or “Employees” — See the first paragraph of this Agreement. 

“Employee-Owner Directors” — See Section 6.1.3. 

“Encumbrance” — Any security interest, mortgage, lien, charge, adverse claim or restriction of any kind, including, but
not limited to, any restriction on use, voting, transfer, receipt of income or other exercise of any attributes of ownership. 

“General Limit” — See Section 20.1. 
 “Involuntary Sale Shareholder” — See Section 7.1. 

“Involuntary Sale Shares” — See Section 7.1. 

“Involuntary Termination” — See Section 13.1. 

“Manning” — See the first paragraph of this Agreement. 

“Manning Director” — See Section 6.1.1. 
 “Manning Heirs” — See Section 6.1.3. 
 “Meeting”
— See Section 22.2. 
 “MNAO” — M&N Alternative Opportunities, Inc. 

“MNCC” — Manning & Napier Capital Company, L.L.C. 

“Opter” — See Section 13.1. 
 “Opt-Out Date” — See Section 13.1. 

  
 2 

 “Outstanding Shares” — The number of shares held of record and beneficially
by all Shareholders as of the date hereof as such number may be increased or decreased from time to time pursuant to a stock dividend, stock split, redemption, recapitalization, reorganization or other similar transaction in which each
Shareholder’s percentage interest in the Company remains constant. 
 “Performance Incentive Committee” or
“PIC” — See Section 6.4. 
 “Permitted Transfer” — See Section 2.5. 

“Permitted Transferee” — See Section 2.5. 
 “Person” — Any individual, corporation, partnership, joint stock company, joint venture, estate, trust, unincorporated association, government or any political subdivision thereof or other
entity. 
 “Personal Representative” — See Section 9.3. 

“Prospect” — See Section 13.1. 
 “Quarter” — A three-month period ending on the last Business Day of each April, July, October and January. 
 “Related Shareholders Agreements” — See Section 2.2. 

“Shareholder” or “Shareholders” — See the first paragraph of this Agreement. 

“Shares” — The issued and Outstanding Shares of the Company on any particular date. 

“Termination” — See Section 13.2. 
 “Termination Event” — See Section 13.1. 
 “TRA
Agreement” — shall mean the tax receivable agreement, by and between Manning & Napier, Inc. and the M&N Group Holdings, LLC, to be entered into in connection with the initial public offering of Manning & Napier, Inc.

 “Transfer” — Any direct or indirect sale, exchange, assignment, bequest, gift, the creation of any
Encumbrance, and any other transfer or other disposition of any kind, whether voluntary or involuntary, affecting title to or possession of any Shares. 
 “Unvested Performance Shares” — See Section 9.1.3. 

“Unvested Shares” — Shall mean the Unvested Performance Shares and the Unvested Time Shares. 

“Unvested Time Shares” — See Section 9.1.2. 

  
 3 

 “Vested Shares” — See Section 9.1. 

“Voluntarily Terminate” — See Section 13.1. 
 “vote” — Any right or opportunity to vote for, consent to or otherwise approve or disapprove any matter, whether such right or opportunity is derived from applicable law or otherwise.

 ARTICLE 2. RESTRICTION ON TRANSFER OF SHARES 
 2.1. General. No Shareholder may Transfer any Shares except as permitted by, and in accordance with the terms of, this Agreement. 

2.2. Related Shareholders Agreements. The Shareholders are parties to other agreements listed on Schedule A attached hereto
(such agreements are collectively referred to as the “Related Shareholders Agreements”). The Related Shareholders Agreements contain provisions similar to those contained in this Agreement, including without limitation, provisions granting
purchase and sale options with respect to the shares of common stock or interests owned by the Shareholders in such other entities. The Shareholders agree that in the event a purchase or sale of shares or interests is to occur pursuant to a
provision of a Related Shareholders Agreement, the Shareholders or the Company, as the case may be, shall simultaneously purchase or sell shares pursuant to the provision(s) of this Agreement most similar to the applicable provision(s) of such
Related Shareholders Agreement. 
 2.3. Registration of Transfer by Company. The Company will not cause or permit
the registration of Transfer of any Shares to be made on its books unless the Transfer is permitted by, and has been made in accordance with the terms of, this Agreement. 
 2.4. Effect of Non-Complying Transfers. Any purported Transfer in violation of this Agreement will be null and void and of no legal effect, and no purported transferee of such a Transfer
will be a shareholder of the Company. 
 2.5. Definition of “Permitted Transfer” and “Permitted
Transferee”. Any Transfer permitted by, and made in accordance with the terms of, this Agreement is referred to as a “Permitted Transfer”. Any Person to which Shares may be transferred pursuant to a Permitted Transfer is
referred to as a “Permitted Transferee”. Any Permitted Transferee will be deemed to be a “Shareholder” for the purposes of this Agreement, effective as of the date of the Permitted Transfer. 

ARTICLE 3. CERTAIN PERMITTED TRANSFERS OF SHARES 
 3.1. Generally. Each Shareholder may Transfer any of his Shares with the express written consent of (a) for so long as Manning is a Shareholder, (i) Shareholders owning more than
50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof, whether such Shares are still owned by Manning) and (ii) Manning and (b) if Manning is no longer a Shareholder, (i) Shareholders
owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof) and (ii) those 

  
 4 

 
Persons owning more than 50% of the Outstanding Shares owned by Manning as of the date hereof, and any such Transfer may be made without complying with the other provisions of this Agreement.
Manning may Transfer his Shares without restriction. Notwithstanding any other provision of this Agreement a Shareholder may Transfer Shares pursuant to and in accordance with any specific provision of this Agreement (including, without limitation,
Transfers pursuant to Article 20) providing for such Transfer (without regard to any restrictions contained in the Agreement) and Shares may be Transferred pursuant to any pledge agreement authorized under this Agreement. 

ARTICLE 4. CONDITIONS TO ALL TRANSFERS 
 4.1. Party to this Agreement. Prior to any Transfer, each proposed transferee of Shares must agree to be bound by this Agreement by delivering a duly executed counterpart of this Agreement
to the Company and each other remaining Shareholder and by executing and delivering such other documents as may be reasonably recommended by counsel for the Company. 
 4.2. Maintenance of S Corporation Status. No Transfer may be made in violation of Article 5. 
 4.3. Compliance with Applicable Laws. No Shareholder may Transfer any Shares in violation of the federal securities laws of the United States or of any state thereof or in violation of any
other applicable law. As a condition to registration of any Transfer on the Company’s books, the Company may require a Shareholder to furnish to the Company an opinion of counsel reasonably acceptable to the Company as to compliance with the
foregoing. 
 4.4. Legend. All certificates representing Shares will bear the following legend: 

“The shares represented by this certificate (the “Shares”) have not been registered under the Securities Act of 1933, as
amended (the “Act”), and may not be sold or transferred unless a registration statement under the Act is in effect or an exemption from such registration is available. The Shares are also subject to an Amended and Restated Shareholders
Agreement dated as of November 23, 2011 (the “Agreement”) , which contains provisions affecting the rights and obligations of the holder of the Shares and restrictions upon the transfer of the Shares. Any transfer of the Shares in
violation of that Agreement is null and void. A copy of the Agreement is on file at the principal offices of the company. In addition, the powers of the board of directors of this company were restricted as set forth in the company’s
certificate of incorporation.” 
 ARTICLE 5. COMPANY’S SUBCHAPTER S ELECTION 

5.1. General. The Company and the Shareholders have elected to be taxed under Subchapter S of the Internal Revenue Code of
1986, as amended (the “Code”), and have made a 

  
 5 

 
corresponding election under Section 660 of the New York Tax Law to be taxed as a New York S corporation (collectively, the “Elections” and individually an “Election”).
Subject to Section 5.4, the Company and each Shareholder agree to timely execute and deliver all documents and take all actions required to continue and maintain the Elections and to timely file all tax returns consistent therewith. 

5.2. Shareholders’ Acts. Notwithstanding any other provision of this Agreement to the contrary, at all times while an
Election is effective, no Shareholder (other than Manning) may Transfer any of his Shares if such Transfer would cause the Company or the Shareholders to cease to meet the requirements then applicable for maintaining such Election. 

5.3. Company’s Acts. At all times while the Elections are effective, the Company will take no action if such action
would cause the Company or the Shareholders to cease to meet the requirements then applicable for maintaining the Elections. 

5.4. Revocation and Termination. Upon the written consent of the holders of a majority of the outstanding Shares, the
parties will take such steps as are necessary to revoke the Elections. The provisions of this Article 5 will terminate and be of no further force or effect from and after the date that the Elections are no longer effective under the Code and the New
York Tax Law. 
 ARTICLE 6. CORPORATE GOVERNANCE 
 6.1. Board of Directors and Other Matters. 
 6.1.1 The Shareholders
shall vote their Shares, and shall otherwise use their best efforts, to: 
 (a) establish and maintain a board of
directors of the Company (the “Board”) consisting of at least three, but not greater than six, directors. At least 50 percent of the Board shall consist of Persons, including Persons not employed by the Company, designated by Manning (each
Person so designated is referred to as a “Manning Director”); 
 (b) remove any Manning Director if
requested by Manning with or without cause; and 
 (c) cause any vacancy on the Board created by the death,
resignation, incapacity or removal of a Manning Director to be filled by a replacement director designated by Manning. 
 6.1.2
In the event that Manning wishes to designate an Employee to be a director, the Shareholders and the Company shall use their best efforts to obtain any consents or other approvals required prior to such individual(s) becoming directors. 

6.1.3 In the event that Manning becomes disabled or is otherwise unable or declines to serve as a director, is unable to designate his
allotted designees to the Board, the 

  
 6 

 
Shareholders shall elect replacement directors in accordance with the Certificate of Incorporation and By-Laws of the Company. 

Notwithstanding any other provision of this Agreement, in the event of the death of Manning (but only for so long as his heirs are
shareholders of the Company), the Shareholders shall vote their shares and shall otherwise use their best efforts to: 
 (a) elect two directors designated by a majority in interest of the heirs or assigns of Manning (the “Manning Heirs”) as a Manning Director; 

(b) remove any Manning Director if requested by a majority in interest of the Manning Heirs, with or without cause; and

 (c) cause any vacancy on the Board caused by the death, resignation, incapacity or removal of a Manning
Director to be filled by a replacement director designated by a majority in interest of the Manning Heirs. 
 (d)
elect four directors who are the individuals who at such time are employees of Manning & Napier Group, LLC (or its subsidiaries) and hold the largest direct and indirect ownership interests in Manning & Napier Group, LLC (the
“Employee-Owner Directors”); provided, however, in the event the fourth largest direct and indirect ownership interest in Manning & Napier Group, LLC is held by more than one individual, then the individual
holding the most senior executive title shall be appointed as an Employee-Owner Director; provided, if such individuals hold identical or equal titles, then the individual with the highest total compensation shall be appointed as an Employee-Owner
Director; provided further, if such individuals hold identical or equal titles and earn identical total compensation, then a majority of the remaining Board shall determine which of such individual shall be elected as an Employee-Owner Director.

 (e) remove any Employee-Owner Director (i) if such Director has committed willful misconduct or gross
negligence in a manner that materially impairs the Company’s financial condition or prospects, (ii) if such Director has continually refused or intentionally failed to perform his or her duties and obligations in some material respect
after reasonable written notice (and reasonable time to cure) of any such refusal or failure to perform such duties or obligations, (iii) if such Director has been convicted of a felony or crime involving moral turpitude, (iv) if such
Director has breached a material obligation under this Agreement, (v) if such Employee-Owner Director is no longer an employee of the Company; or (vi) if such Employee-Owner Director does not hold one of the four largest direct and
indirect ownership interests in Manning & Napier Group, LLC. 
 (f) cause any vacancy created by the
death, disability, retirement, resignation or anything described in (e) above, of an Employee-Owner Director to be filled by an individual then employed by Manning & Napier Group, LLC and holding one of the four largest direct and
indirect ownership interests in Manning & Napier Group, LLC. 

  
 7 

 6.1.4 The Shareholders shall cause the Certificate of Incorporation to provide that:

 (a) Except as provided for in this Agreement no changes in the capital structure of the Company including, but
not limited to, any increase or decrease in the authorized capital stock, or any issuance (including of treasury shares), redemption, purchase, retirement, conversion or exchange of shares of capital stock or grant of options shall be made without
the (a) for so long as Manning is a Shareholder, a written consent signed by (i) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof, whether such Shares are
still owned by Manning) and (ii) Manning and (b) if Manning is no longer a Shareholder, a written consent signed (i) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of
the date hereof) and (ii) those Persons owning more than 50% of the Outstanding Shares owned by Manning as of the date hereof. 
 (b) All decisions regarding the management of the business of the Company other than those requiring the specific approval of the (x) Board as specified in (i) Section 6.1.6,
(ii) other Sections of this Agreement or (iii) the Certificate of Incorporation, and/or (y) other committees established pursuant to this Agreement, shall require the approval only of the Chief Executive Officer (the “CEO”).
The CEO’s functions will include the (i) review and approval of annual (or other periodic) business, strategic and action plans, budgets, resource allocations and acquisition proposals, and (ii) recommendation to the Board of
appointment of the officers for the Company. 
 (c) All decisions to require Shareholders to make additional
capital contributions must be approved by (a) for so long as Manning is a Shareholder, (i) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof, whether such
Shares are still owned by Manning) and (ii) Manning and (b) if Manning is no longer a Shareholder, (i) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date
hereof) and (ii) those Persons owning more than 50% of the Outstanding Shares owned by Manning as of the date hereof. 

6.1.5 Board Powers. The Shareholders shall cause the Certificate of Incorporation to provide that notwithstanding any other
provisions of this Agreement any decisions regarding the following matters shall be made by the Board: 
 (a) any
commitment of funds in excess of $10,000,000 on a cumulative non-discounted basis for any fiscal year or portion thereof; 
 (b) distribution of any property (other than taxable income which is governed by Section 6.3 of this Agreement and proceeds received pursuant to Article 20) to the Shareholders; 

  
 8 

 (c) adoption or change of the delegation of authority or fiscal procedures
of the Company other than as provided in this Agreement; 
 (d) adoption of a general regulatory strategy or any
substantial change therein; 
 (e) Appointment of the officers of the Company. 

(f) creation, incurrence or assumption of any indebtedness for borrowed money in excess of $10,000,000; 

(g) sale, transfer, assignment, conveyance, lease, or other disposal of, any material portion of the assets of the Company
(other then pursuant to Article 20), or any interest or estate in such material portion; 
 (h) approval of any
independent public accountant for the Company; 
 (i) authorization of loans of money by the Company to any
Shareholder in any amount or any other loan in excess of $1,000,000; 
 (j) donation of money or property in
excess of amounts approved by the CEO; 
 (k) entering into or renewal of any collective bargaining agreement or
amendment thereto; 
 (l) entering into any lease not necessary for the operations of the business; and

 (m) making any other decision or taking any other action specified in this Agreement as one to be made or
taken by the Board. 
 6.1.6 M&N Group Holdings, LLC Operating Agreement. Notwithstanding any other provision of this
Agreement to the contrary, the Company shall not act to amend the amended and restated operating agreement of M&N Group Holdings, LLC without a written consent signed by (a) for so long as Manning is a Shareholder, (i) Shareholders
owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof, whether such Shares are still owned by Manning) and (ii) Manning and (b) if Manning is no longer a Shareholder,
(i) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof) and (ii) those Persons owning more than 50% of the Outstanding Shares owned by Manning as of the date
hereof. 
 6.2. Officers. The Board shall appoint (i) a Chief Executive Officer, (ii) a President and
(iii) an Executive Vice President. 
 6.3. Distributions and Allocations. Company distributions to
Shareholders in respect of their Shares are intended to be made no less frequently than quarterly. The aggregate amount 

  
 9 

 
to be distributed in any Quarter (the “Distributable Amount”) will be an amount equal to the Company’s cash flow (excluding cash received pursuant to Article 20 which shall be used
to redeem Shareholders and cash needed for purposes of Article 7) for the three month period ending on the last Business Day of the month preceding the last month of such Quarter as reduced by any amounts which are necessary or appropriate for the
Company to retain taking into account the Company’s intended business purpose of being a holding company for its interest in M&N Group Holdings, LLC. On or prior to the fifteenth Business Day of the last month of each Quarter, the CEO will
provide a recommendation of the Distributable Amount to the Company. The Board shall cause the Company to immediately adopt CEO’s recommendation of the Distributable Amount unless the Board determines that such recommendation contains a clear
error or would result in a contravention of applicable law. On or prior to the last Business Day of each Quarter, the Company shall distribute the Distributable Amount to its Shareholders. The Company shall attempt (to the extent such action is not
burdensome on or inconvenient to the Company or any Shareholder, or adversely affect any Election) to make interim distributions to the Shareholders in proportion to their share ownership in an amount equal to the Shareholders’ estimated income
tax liability resulting from their ownership of the Shares. 
 (b) Upon a sale of Shares by any Shareholder such Shareholder
shall receive with respect to such Shares a pro rata allocation of the Company’s taxable income or loss for the year of sale based on the number of days such Shares have been held over 365. 

(c) Upon a sale or redemption of Shares by any Shareholder, the Company shall prior to April 15 of the year following such sale
distribute to such Shareholder the Shareholder’s allocable pro rata amount of any distributions made by the Company with respect to the period during which the Shareholder owned the Shares (to the extent not previously distributed to such
Shareholder). 
 6.4. Performance Incentive Committee. 

6.4.1 There shall be established PIC which shall comprise five members for each Shareholder (other than Manning). Manning, Cunningham and
Auspitz shall be the “permanent members” of the PIC; provided, however, that Manning may replace Cunningham or Auspitz in his sole discretion; further provided, however, should Manning not desire or be able to serve on the PIC, then the
“permanent members” shall select his replacement. Manning along with one of the two other permanent members (or the two “permanent members,” if Manning is no longer a member of the PIC) shall select the remaining two individuals
who shall comprise the PIC for each Shareholder (other than Manning). Each member of the PIC shall have one vote and any action by the PIC shall require the affirmative vote of at least three (3) of its members. 

6.4.2 The purpose of the PIC shall be to determine if a Shareholder has met his or her performance criteria for the calendar years 2012,
2013 and 2014 and therefore the Shareholder is eligible to vest as to one-third (1/3) of the Shareholder’s Unvested Performance Shares. In addition, should a Shareholder be determined by the PIC not to have met his or her performance
criteria in either 2012 or 2013 then the PIC shall have the discretion at the end of 2013 or 2014 (as applicable) to determine that such Shareholder should vest with respect to some or all of such previously Unvested Performance Shares. 

  
 10 

 6.4.3 The process of the PIC shall be as follows: 

(a) Prior to each calendar year for which a Shareholder is subject to evaluation by the PIC, 

(i) Prior to November 30 the supervisor or area manager of the Shareholder shall propose criteria related to the performance
expectations of such Shareholder to the PIC. 
 (ii) Prior to December 20 the PIC shall review the proposed criteria,
modify the criteria as it deems appropriate and approves the final criteria for such Shareholder. 
 (iii) Prior to
December 31 the final criteria shall be distributed to the Shareholder and his or her supervisor. 
 (b) After the calendar
year for which a Shareholder is subject to evaluation by the PIC, 
 (i) Prior to January 15 the Shareholder’s
supervisor shall submit to the PIC an evaluation of the Shareholder’s performance (as it pertains to the final criteria established by the PIC) and a recommendation as to whether the Shareholder has met such criteria. 

(ii) Prior to February 15 the PIC shall vote on the supervisors recommendation with a majority of the PIC (3 votes) needed to
approve or reject. If the PIC rejects the supervisor’s recommendation then the PIC shall, by majority vote, adopt its own recommendation. The supervisors recommendation and the votes of the individual members of the PIC shall be available for
review by the affected Shareholder. 
 (iii) Prior to February 21 the Shareholder and his or her supervisor shall be
informed of the PIC’s decision. If the PIC does not notify the Shareholder (taking into account (c) below) of its decision in a timely manner, then it will be assumed that the PIC has approved the vesting of such Shareholder’s
Unvested Performance Shares that were subject to vesting for such calendar year. 
 (c) Notwithstanding any of the dates listed
in (i) and (ii) above the PIC and the supervisor shall be afforded delays of up to two weeks and more time for circumstances beyond their control. 
 6.4.4 Notwithstanding any provision of this Agreement to the contrary, if the PIC determines in its review of the 2014 performance of the Shareholders that certain Shares shall remain Unvested Performance
Shares, then such Shares are subject to purchase by a designee of the Company pursuant to Article 8 below. Before authorizing such purchase the PIC shall determine who (which may not be the Company) shall be entitled to purchase such Shares;
provided, however, no member of that Shareholder’s PIC may be so designated. 

  
 11 

 6.5. Interested Shareholders. The Company shall not obtain debt financing in
excess of $500,000 from any Shareholder or any Person related to or affiliated with a Shareholder without the prior written consent of all Shareholders. 
 ARTICLE 7. COMPANY OPTION TO PURCHASE SHARES UNDER 
 CERTAIN
CIRCUMSTANCES 
 7.1. Company Option. In the event that (i) voluntary proceedings by, or involuntary
proceedings against, any Employee are commenced under any provisions of any federal or state law relating to bankruptcy or insolvency, (ii) the Shares of any Employee are attached or garnished, (iii) any judgment is obtained in any action
or proceeding against an Employee and the sale of such Employee’s Shares is contemplated under legal process as a result of such judgment, (iv) any execution or other legal process is issued against any Employee or against such
Employee’s Shares, (v) any other form of legal proceedings or process is commenced by which the Shares of an Employee may be Transferred, the Company (or its designee) will have the right, exercisable upon written notice given to such
Employee (the “Involuntary Sale Shareholder”), to purchase all but not less than all of the Involuntary Sale Shareholder’s Shares (the “Involuntary Sale Shares”). The closing of the purchase and sale of the Involuntary Sale
Shares will occur in accordance with Article 14. At such closing, the Involuntary Sale Shareholder shall execute and deliver such instruments as may be reasonably necessary to effectuate such sale. The Company (or its designee; provided, however, if
the payment obligations under the agreement whereby the Employee purchased such Shares have not been fully satisfied then the Company can not assign its rights to a designee) will pay the purchase price set forth in Section 7.2 to the
Involuntary Sale Shareholder upon the payment terms set forth in Section 7.3. 
 7.2. Purchase Price. The
purchase price for the Involuntary Sale Shares which are Unvested Shares will be the lesser of (i) the cost for such shares and (ii) the fair market value of such shares, as determined in the sole discretion of the Board. The purchase
price for the Involuntary Sale Shares which are Vested Shares will be the fair market value of such shares, as determined in the sole discretion of the Board. 
 7.3. Terms of Payment. (a) The purchaser(s) will pay the purchase price for the Involuntary Sale Shares which are Unvested Shares to the Involuntary Sale Shareholder, at
purchaser’s option (i) in cash at the Closing or (ii) over 12 payments, on each of the next 12 Payment Dates (as defined below), beginning on the next Payment Date after the closing of the sale. In addition, if purchaser elects to pay
based on (ii) above, each such payment will include an amount of interest equal to the Stated Rate (prorated for the time the unpaid purchase amount remains unpaid) on the unpaid purchase price; and (b) the purchaser will pay the purchase
price for the Involuntary Sale Shares which are Vested Shares by making 12 payments, on each of the next 12 Payment Dates, beginning on the next Payment Date after the closing of the sale. For purposes of this Agreement the term Payment Date shall
mean the last Business Day of each April, July, October and January. For purposes of this Agreement the term Stated Rate shall mean the sum of (a) the Federal Reserve/Citibase prime rate quoted by Bloomberg L.P. at 11 a.m. (New York City time)
on the immediately preceding Payment Date plus (b) two percent (2%). 

  
 12 

 7.4. Closing. The closing with respect to any purchase and sale of Shares
pursuant to this Article 7 shall be held in accordance with Article 14. 
 ARTICLE 8. COMPANY OPTION TO PURCHASE UNVESTED
SHARES 
 OWNED BY AN EMPLOYEE UPON CERTAIN EVENTS 

8.1. Company Purchase Option. In compliance with Section 6.4.4, a designee of the Company shall have the option to
purchase all or a portion of the Unvested Shares (the “DDR Shares”) owned by each Employee (each a “DDR Selling Shareholder”) (a) on or after February 21, 2015 or (b) earlier, on the date the DDR Selling
Shareholder’s employment is terminated for any reason other than death or Disability. The Company may exercise its option with respect to the DDR Shares by written notice given to the DDR Selling Shareholder or to his Personal Representative.
The Company’s designee will pay the purchase price set forth in Section 8.2 to the DDR Selling Shareholder or to his Personal Representative upon the payment terms set forth in Section 8.3. 

8.2. Purchase Price. The purchase price for the DDR Shares will be the lesser of (i) the cost for such shares and
(ii) the fair market value of such shares, as determined in the sole discretion of the Board. 
 8.3. Terms of
Payment. The purchaser(s) will pay the purchase price for the DDR Shares to the DDR Selling Shareholder, at purchaser’s option (i) in cash at the Closing or (ii) over 12 payments, on each of the next 12 Payment Dates,
beginning on the next Payment Date after the closing of the sale. In addition, if purchaser elects to pay based on (ii) above, each such payment will include an amount of interest equal to the Stated Rate (prorated for the time the unpaid
purchase amount remains unpaid) on the unpaid purchase price. Any sale contemplated by this Section 8.3 shall be pursuant to a purchase agreement reasonably satisfactory to the parties. If the purchase agreement provides for payment over 12
payments, such agreement shall contain language pursuant to which the purchaser shall pledge the Shares he or she purchases as security for the purchaser’s payment obligations under the purchase agreement. 

8.4. The Closing. The closing with respect to any purchase and sale of Shares pursuant to this Article 8 shall be in
accordance with Article 14. 
 ARTICLE 9. CERTAIN DEFINITIONS 

9.1. Vested and Unvested Shares. The term “Vested Shares” means Shares owned by the Employees which are vested
pursuant to Sections 9.1.1, 9.1.2, 9.1.3 and 9.1.4. The term “Unvested Shares” means Shares owned by the Employees which are not Vested Shares. 
 9.1.1 A percentage of the Shares of each Employee shall be Vested Shares upon execution of this Agreement. The percentage that shall vest shall equal the percentage that equals fifteen
(15) multiplied by a fraction the numerator of which is one hundred (100) and the denominator of which is one hundred less the sum of Manning & Napier Associates, LLC’s, Manning’s and Richard Goldberg’s initial
percentage interest in M&N Group Holdings, LLC. For example, if Manning & Napier Associates, LLC’s, Manning’s and Richard Goldberg’s combined initial percentage interest in M&N Group Holdings, LLC is 10%, then the
percentage 

  
 13 

 
of each Employee’s Shares that shall vest upon the execution of this Agreement shall be 15 x 100/90 = 16.6666666666%. 

9.1.2 A percentage of each Employee’s Unvested Shares (the “Unvested Time Shares”) shall vest on each of December 31,
2012, December 31, 2013 and December 31, 2014 provided such Employee is employed on such date by Manning & Napier Group, LLC (or any of its subsidiaries). The percentage that shall vest shall equal the percentage that equals
five (5) multiplied by a fraction the numerator of which is one hundred (100) and the denominator of which is one hundred less the sum of Manning & Napier Associates, LLC’s, Manning’s and Richard Goldberg’s initial
percentage interest in M&N Group Holdings, LLC. For example, if Manning & Napier Associates, LLC’s, Manning’s and Richard Goldberg’s combined initial percentage interest in M&N Group Holdings, LLC is 10% then the
percentage of each Employee’s Shares that shall vest upon December 31, 2012, December 31, 2013 and December 31, 2014 shall be 5 x 100/90 = 5.55555555555%. 

9.1.3 Any Unvested Shares not vested under Section 9.1.1 or subject to vesting under 9.1.2 (the “Unvested Performance
Shares”) shall vest or remain Unvested Shares pursuant to Section 6.4 above. 
 9.1.4 Notwithstanding any other
provision of this Agreement to the contrary, in the event of the death of any Shareholder all Shares owned by such Shareholder shall immediately become Vested Shares. 
 9.2. Disability or Disabled. The terms “Disability” and “Disabled” mean such physical or mental disability or incapacity of an individual as, in the sole opinion of the
Board, prevents such individual from discharging his normal service obligations to the Company for an aggregate period of 90 Business Days during any 365-day period. The date of Disability will be the date on which the Board makes the determination
set forth in the preceding sentence. 
 9.3. Personal Representative. The term “Personal Representative”
means the executor or administrator of the estate of a deceased Shareholder, the guardian or other legal representative of a Disabled Shareholder and any other personal or legal representative (by operation of law or otherwise), as the case may be,
of a Shareholder. The Personal Representative of any Shareholder will give the Company prompt notice of his appointment, stating the address at which notices under this Agreement may be given to him. 

ARTICLE 10. COMPANY’S OBLIGATIONS TO PAY FOR SHARES 
 10.1. Insufficient Surplus. If at the time the Company is required to make any payment for any Shares to be purchased by it under this Agreement and the Company’s surplus is legally
insufficient for that purpose, the entire available surplus of the Company shall be applied to the payment, and the Company and the Shareholders shall promptly take all action which may be permitted by law to increase the capital of the Company or
revalue its assets so as to increase its surplus to the extent necessary to permit the payment to be made in full; provided, however, no Shareholder shall be required to make any capital contribution due to the provisions of this Section 10.1
(unless otherwise required by the Board). 

  
 14 

 10.2. Default in Certain Payments by Company. If the Company defaults in
making any payment with respect to its purchase of Shares of any Shareholder, whether at any closing specified herein or under any promissory note issued hereunder, and such default is not in dispute and continues for 90 Business Days after notice
thereof, the Shareholders shall cause the Company to be dissolved and liquidated, and distribution of the assets promptly made. 

ARTICLE 11. VOTING AND OTHER ARRANGEMENTS 
 11.1. General. In consideration of the mutual agreements contained in this Agreement each Shareholder hereby irrevocably makes, constitutes and appoints each other Shareholder as his true
and lawful agent, attorney-in-fact and proxy with respect to his Shares for a period coterminous with this Agreement to cause the Shares registered in such Shareholder’s name and any Shares with respect to which he has the power to vote to be
voted in accordance with this Agreement at any and all meetings of the Shareholders or in any written consent in lieu thereof. 

11.2. Limited Authority. The authority granted to the Shareholders pursuant to this Article 11 is limited. No Shareholder
shall have the authority to vote the Shares of another Shareholder (i) with respect to any matter other than those matters contained in this Agreement and (ii) other than in the manner provided herein. 

11.3. Conditional Authority. The authority granted to the Shareholders in this Article 11 is conditioned upon the failure
of a Shareholder to vote his Shares in accordance with this Agreement. The proxy and the authority hereby conferred shall be irrevocable and shall be considered to be coupled with an interest. 

11.4. Votes in Contravention of the Agreement. Any vote cast in contravention of the terms and provisions of this Agreement
by any of the parties hereto shall be of no force or effect. 
 11.5. General. Each of the Shareholders hereby
irrevocably constitutes and appoints each other Shareholder (including any successor to such Shareholder), as the case may be, the true and lawful attorney of such Shareholder, from time to time, to execute, acknowledge, swear to and file any of the
following: 
 11.5.1 Any certificate, schedule or other instrument which may be required to be filed by the Company under the
laws of the United States, any state or political subdivision thereof, or of any foreign nation or political subdivisions thereof, including, without limitation, any filing required to be made by the Company under the securities or antitrust laws of
any such jurisdiction; and each Shareholder agrees to provide each other Shareholder with such information as may be necessary to enable any such filing to be made; 
 11.5.2 Any instrument, certificate or other document necessary and appropriate for carrying out the obligations of each such Shareholder set forth in Articles 7, and 8 (including without limitation the
sale by any Shareholder of his or her interest in the Company pursuant to Articles 7 and 8); and 
 11.5.3 All documents which
may be required to effectuate the dissolution, liquidation and termination of the Company. 

  
 15 

 It is expressly acknowledged by each Shareholder that the foregoing power of attorney is
coupled with an interest and is irrevocable. 
 11.6. Power of Attorney for Permitted Transfers; Stock Powers. A
certificate representing such Shareholder’s Shares in the Company has been issued to each such Shareholder upon his purchase of such Shares and such Certificate simultaneously with the execution of this Agreement shall be delivered by each such
Shareholder to the Company along with a stock power signed by that Shareholder in blank. 
 Upon an event which would allow the
Company to require a Shareholder to sell either all or a portion of his or her interest in the Company pursuant to, without limitation, Articles 7 and 8 of this Agreement, each of the Shareholders hereby irrevocably authorizes each of the other
Shareholders, as his or her lawful attorney-in-fact, to complete his or her executed stock power(s) (whether held by the Company and/or the pledgee) and deliver his or her Shares certificate accompanied by the completed stock power(s) to a Permitted
Transferee at the time of the closing of a Permitted Transfer under this Agreement. 
 It is expressly acknowledged by each
Shareholder that the foregoing power of attorney is coupled with an interest and is irrevocable. 
 ARTICLE 12.
TERMINATION 
 12.1. Agreement. This Agreement shall terminate upon the occurrence of any of the following
events: (i) bankruptcy, receivership, liquidation and/or dissolution of the Company, (ii) the acquisition of all of the Shares by a single Person, (iii) the completion of any sale of Shares, merger, consolidation or corporate
reorganization in which each of the Shareholders agrees to the sale or exchange of his Shares in a manner so that a third party becomes the owner of more than 50 percent of the Shares, or (iv) December 31, 2050; provided, however, the
provisions of Article 4, 13, 15 and 20.3 shall survive the termination of this Agreement. 
 12.2. Rights of
Shareholder. This Agreement shall terminate with respect to any Shareholder, and he shall have no further rights or obligations hereunder, except those contained in Articles 4, 13 and 15 which expressly survive the sale, immediately upon his
disposition of all of his Shares, provided that such disposition was completed in compliance with this Agreement. 
 ARTICLE 13.
COVENANT NOT TO COMPETE 
 13.1. Noncompete During Employment and Upon Termination for Cause or Voluntary
Termination. In the event that a Shareholder Voluntarily Terminates (as defined below) his employment with the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its
subsidiaries)) or such Shareholder’s employment is terminated by the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) for “Cause” (a
“Termination Event”) then such Shareholder agrees with each other Shareholder and with the Company that after ceasing to be an employee of the Company (or its directly or indirectly held Affiliates which shall include Manning &
Napier Group, LLC (and its subsidiaries)), he will not, directly or indirectly, (i) for a period of two years engage in or become interested in, as owner, shareholder, partner, lender, 

  
 16 

 
investor, director, officer, employee, consultant, agent, representative or otherwise, any Person engaged in any business competitive with that of the Company (or its directly or indirectly held
Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates; provided, however, that for purposes of this subsection (i) if such Shareholder is an Opter (as defined below) as of an Opt-Out Date
(as defined below) then the provisions contained in this subsection (i) shall not apply. For purposes of this Agreement the term “Opter” shall mean (1) with respect to individuals who become Employees after December 31,
2001, any Employee whose average annualized Compensation (as defined below), while an Employee, is less than $300,000 (such amount shall be adjusted annually, beginning in 2003, by multiplying such amount (as previously adjusted) by the Gross
Domestic Product Implicit Price Deflator (for such year) as published by the Bureau of Economic Analysis) tested over the 24 month period immediately preceding the Opt-Out Date (or shorter period if the individual was not an Employee for at least 24
months); provided, however, any Employee who receives (has received or is to receive) more than $1,000,000, in the aggregate, (including the fair market value of any property received in the transaction) in exchange for his or her ownership interest
in the Company shall no longer qualify as an Opter (regardless of his or her Compensation) and (2) with respect to individuals who became Employees before January 1, 2002, any Employee whose average annualized Compensation (as defined
below), while an Employee, is less than $300,000 (such amount shall be adjusted annually, beginning in 2003, by multiplying such amount (as previously adjusted) by the Gross Domestic Product Implicit Price Deflator (for such year) as published by
the Bureau of Economic Analysis) tested over the 24 month period immediately preceding the Opt-Out Date; provided, however, any Employee who receives (has received or is to receive) more than $1,000,000, in the aggregate, (including the fair market
value of any property received in the transaction) in exchange for his or her ownership interest in the Company shall no longer qualify as an Opter (regardless of his or her Compensation). For purposes of this Agreement the term
“Compensation” shall mean the sum of (a) the Employee’s wages from the Company or Manning & Napier Group, LLC (or its subsidiaries) (including any bonus or incentive payments of any kind, all as reflected on the
Employee’s W-2 form or otherwise), (b) the Employee’s taxable income realized as a result of being a Shareholder (or Member) of the Company or Manning & Napier Group, LLC (or its subsidiaries) (as reflected on the form K-1 or
1099 received by the Employee with respect to each of the Company or Manning & Napier Group, LLC (or its subsidiaries)). The following illustrates the concept of an Opter: (x) with respect to an Employee who has been an Employee for
greater than 24 months, if such Employee’s employment with the Company or Manning & Napier Group, LLC (or its subsidiaries) ceases and during the 24 month period immediately preceding such Employee’s termination of employment such
Employee’s average annual Compensation (during such 24 month period) is less than $300,000, the Employee at that time qualifies as an Opter (thus, for example, if an Employee, who has been an Employee for at least 24 months, resigns as of
July 15, 2005, then the Employee’s aggregate Compensation between July 15, 2003 and July 14, 2005 is taken into account in determining whether the Employee qualifies as an Opter), and (y) with respect to an Employee who has
not been an Employee for 24 months the Employee’s Compensation will be annualized based on the period that the individual was an Employee in order to determine whether the Employee’s average annual Compensation exceeds $300,000. Thus if
the Employee’s Compensation, while an Employee for three months, is $75,000 or less for such three month period the Employee will at that time qualify as an Opter. If after six months as an Employee, the Employee’s Compensation exceeds
$150,000 during such six month 

  
 17 

 period, the Employee will no longer qualify as an Opter. For purposes of this Agreement the term
“Opt-Out Date” shall mean the last date of employment of any Employee, (ii) for a period of three years (four years if the Termination Event occurs after five years of such person becoming a Shareholder and five years if the
Termination Event occurs after ten years of such person becoming a Shareholder) solicit, on behalf of himself or any Person, any Person that is as of the Termination Event, or has been within one year prior to the Termination Event, a client of the
Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates to become an investment advisory, brokerage or similar client of the Shareholder or any other
Person; (iii) for a period of five years solicit any Person who is as of the Termination Event, or has been within one year prior to the Termination Event, an employee of the Company (or its directly or indirectly held Affiliates which shall
include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates to become an employee of or consultant to the Shareholder or any other Person; or (iv) for a period of two years (three years if the Termination Event is
after five years of such person becoming a Shareholder and five years if the Termination Event is after ten years of such person becoming a Shareholder), solicit any Person who is a “Prospect” of the Company (or its directly or indirectly
held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates, to become an investment advisory, brokerage or similar client of the Shareholder or any other Person. For purposes of this Article
13, the term “Prospect” shall mean any Person (i) who is on the monthly marketing group meeting list of prospects issued during the twelve months prior to the Termination Event, (ii) who is on the monthly, quarterly or semiannual
list of prospects submitted to the products group manager (or person fulfilling such function) issued in the twelve months prior to the Termination Event, (iii) who is on the semiannual forecast list of prospects that each sales representative
or client consultant submits to the national sales manager (or person fulfilling such function) issued in the twelve months prior to the Termination Event or (iv) who has met with sales or marketing personnel (i.e., sales representatives,
product management or sales support personnel) more than two times in the six months prior to the Termination Event regarding the services provided by the Company (or its directly or indirectly held Affiliates which shall include Manning &
Napier Group, LLC (and its subsidiaries)) and its related entities. The provisions of this Section 13.1 shall also be applicable to any Shareholder while such Person is a Shareholder and Employee of the Company (or its directly or indirectly
held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) without regard to the 2 year, 3 year and 5 year time periods referred to herein. 

For purposes of this Article 13, “Voluntarily Terminate” shall mean any employee who resigns from the Company (or its directly
or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)); provided, however, an employee shall not be deemed to “Voluntarily Terminate” his employment with the Company (or its directly
or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) if (x) such employee terminates his employment with the Company (or its directly or indirectly held Affiliates which shall include
Manning & Napier Group, LLC (and its subsidiaries)) within 4 months after the end of a calendar year in which such employee’s total compensation decreases by more than 20 percent from his compensation for the prior calendar year and if
such reduction is solely as a result of sales management decisions by the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) taken without such employee’s
consent and not of general application to all 

  
 18 

 
employees of a particular department or category (for example, reassignment of an employee’s client to another sales representative and that are not a consequence of a client’s written
or oral request or (y) such employee is terminated as a result of a Disability and after such employee no longer suffers such Disability offers his services to the Company (or its directly or indirectly held Affiliates which shall include
Manning & Napier Group, LLC (and its subsidiaries)) and the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) refuses to employ such employee at a job of
similar title and salary ((x) and (y) above referred to as “Involuntary Termination”). 
 13.1.1
Cause. Cause shall mean conduct by the Employee which involves fraud, moral turpitude, willful misconduct, bad faith or commission of a crime that is classified as a felony under New York law and in the reasonable opinion of the Board
is injurious to the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)). 
 13.1.2 Permitted Activities. A Shareholder shall not be deemed to have breached Section 13.1 solely by reason of purchasing stock in a corporation whose shares are listed on the New
York Stock Exchange, the American Stock Exchange or quoted on the National Association of Securities Dealers Automated Quotation System, provided that the Shareholder’s beneficial ownership (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended) of any class of equity securities in any such corporation is less than 5% of the aggregate number of outstanding shares of such class. 
 13.2. Noncompete Upon Other Termination of Employment. In the event that a Shareholder’s employment is terminated by the Company (or its directly or indirectly held Affiliates which
shall include Manning & Napier Group, LLC (and its subsidiaries)) for any reason (including an Involuntary Termination) other than a reason described in Section 13.1 (a “Termination”) then such Shareholder agrees with each
other Shareholder and with the Company that, after ceasing to be an employee of the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)), he will not, directly or
indirectly, (i) for a period of three years (two years in the case of an Involuntary Termination prior to the fifth anniversary of such person becoming a Shareholder, four years if the Termination occurs after the fifth anniversary of such
person becoming a shareholder and five years if the Termination is after the tenth anniversary of such person becoming a Shareholder) solicit, on behalf of himself or any Person, any Person that is as of the Termination, or has been within one year
prior to the Termination, a client of the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates to become an investment advisory, brokerage or
similar client of the Shareholder or any other Person; (ii) for a period of five years solicit any Person who is as of the Termination, or has been within one year prior to the Termination, an employee of the Company (or its directly or
indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates to become an employee of or consultant to the Shareholder or any other Person; or (iii) for a period of two years
(three years if the Termination occurs after the fifth anniversary of such person becoming a Shareholder and five years if the Termination occurs after the tenth anniversary of such person becoming a Shareholder) solicit any Person who is a Prospect
of the Company (or its directly or indirectly held Affiliates which shall include 

  
 19 

 
Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates to become an investment advisory, brokerage or similar client of the Shareholder or any other Person; provided,
however, that the two year period (and only the two year period) referred to in this subclause (iii) shall not apply in the case of an Involuntary Termination prior to the fifth anniversary of such person becoming a Shareholder. In addition, if
(A) such Shareholder’s employment is terminated after (i) one year after such Shareholder’s note issued to the person or entity from which he or she acquired his or her Shares is paid in full and provided that (ii) ten
million dollars (after any capital contributions required pursuant to this Agreement) has been distributed to the Shareholders after the note issued to the person or entity from which he or she acquired his or her Shares is paid in full, then such
employee shall not for a period of six (6) months, directly or indirectly engage in or become interested in, as owner, shareholder, partner, lender, investor, director, officer, employee, consultant, agent, representative or otherwise, any
Person engaged in any business competitive with the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates, (B) such Shareholder’s
employment is terminated after (i) two years after such Shareholder’s note issued to the person or entity from which he or she acquired his or her Shares is paid in full and provided that (ii) twenty million dollars (after any capital
contributions required pursuant to this Agreement) has been distributed to the Shareholders after the note issued to the person or entity from which he or she acquired his or her Shares is paid in full, then such employee shall not for a period of
one (1) year, directly or indirectly engage in or become interested in, as owner, shareholder, partner, lender, investor, director, officer, employee, consultant, agent, representative or otherwise, any Person engaged in any business
competitive with the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates, (C) such Shareholder’s employment is terminated after
(i) three years after such Shareholder’s note issued to the person or entity from which he or she acquired his or her Shares is paid in full and provided that (ii) thirty million dollars (after any capital contributions required
pursuant to this Agreement) has been distributed to the Shareholders after the note issued to the person or entity from which he or she acquired his or her Shares is paid in full, then such employee shall not for a period of eighteen
(18) months, directly or indirectly engage in or become interested in, as owner, shareholder, partner, lender, investor, director, officer, employee, consultant, agent, representative or otherwise, any Person engaged in any business competitive
with the Company (or its directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates, or (D) such Shareholder’s employment is terminated after (i) four
years after such Shareholder’s note issued to the person or entity from which he or she acquired his or her Shares is paid in full and provided that (ii) forty million dollars (after any capital contributions required pursuant to this
Agreement) has been distributed to the Shareholders after the note issued to the person or entity from which he or she acquired his or her Shares is paid in full, then such employee shall not for a period of two (2) years, directly or
indirectly engage in or become interested in, as owner, shareholder, partner, lender, investor, director, officer, employee, consultant, agent, representative or otherwise, any Person engaged in any business competitive with the Company (or its
directly or indirectly held Affiliates which shall include Manning & Napier Group, LLC (and its subsidiaries)) or its Affiliates; provided, however, that for purposes of (A), (B), (C) and (D) above, if such Shareholder is an Opter
as of an Opt-Out Date the provisions contained in those provisions shall not apply. 

  
 20 

 13.2.1 Permitted Activities. A Shareholder shall not be deemed to have
breached Section 13.2 solely by reason of purchasing stock in a corporation whose shares are listed on the New York Stock Exchange, the American Stock Exchange or quoted on the National Association of Securities Dealers Automated Quotation
System, provided that the Shareholder’s beneficial ownership (as defined in Rule 13d 3 under the Securities Exchange Act of 1934, as amended) of any class of equity securities in any such corporation is less than 5% of the aggregate number of
outstanding shares of such class. 
 13.3. Miscellaneous. While the limitations and restrictions imposed by this
Section 13 by the parties upon each other are considered by the parties to be reasonable in all the circumstances, it is recognized that restrictions of the nature in question may fail to be enforceable for technical reasons unforeseen, and,
accordingly, if any of such restrictions shall be adjudged to be void, but would be valid if part of the wording thereof were deleted or the period, if any thereof, reduced or the range of activities or area dealt with thereby reduced in scope, said
restriction shall apply with such modifications as may be necessary to make it valid and effective, provided, however, that this Agreement is not thereby rendered fundamentally different in its content or effect. 

ARTICLE 14. GENERAL CLOSING TERMS AND CONDITIONS 
 14.1. Closing. Unless otherwise specified, the closing of any purchase and sale pursuant to this Agreement will be held at the principal offices of the Company at 11:00 A.M. New York City
time on the date specified in the notice of election to purchase or sell such Shares which date shall not be less than 10 Business Days or more than 60 Business Days after the date of delivery of such notice. 

14.2. Deliveries at Closing. Unless otherwise specified, at the closing of any purchase and sale hereunder, the
Transferring party will deliver to the acquiring party stock certificates representing the Shares Transferred free and clear of all Encumbrances, accompanied by duly executed stock powers and any other documents necessary or reasonably requested by
the acquiring party to duly Transfer the Shares. If the seller is the Personal Representative of a Shareholder, such seller shall also deliver to the purchaser due evidence of his fiduciary authority. The acquiring party will deliver and pay the
purchase price as provided in the purchase agreement pursuant to which such shares have been purchased. Except for attorney’s fees where each party will pay his own attorney and otherwise as provided herein, the acquiring party will pay all
expenses and charges of the Transfer of such Shares. 
 14.3. Agreement to Take All Necessary Steps. Whenever
Shareholders, pursuant to this Agreement, purchase Shares, each Transferring Shareholder and the Personal Representatives of any Shareholder shall do all things and execute and deliver all papers as may be reasonably necessary to consummate such
purchase or as may be reasonably requested by the acquiring party and will reasonably cooperate during the period prior to the closing so that the Company’s business continues to function in substantially the same manner as it has been
functioning prior to the closing. 
 14.4. Endorsement of Pledge Agreement. To the extent the purchase price for
any Shares is paid in whole or in part by the assumption of a note the purchaser shall execute an 

  
 21 

 
endorsement to any existing pledge agreement issued to the seller of such Shares agreeing to be bound by the terms of such agreement. 

ARTICLE 15. OTHER PROVISIONS 
 15.1. Repurchase of Shares Agreement. If the Shares of any Shareholder are purchased by any Person (other than Manning or the Company) such Person shall be deemed an Employee and a
Shareholder for purposes of this Agreement. 
 15.2. Confidentiality. Each Shareholder shall keep confidential and
not disclose to any other Person or use any confidential information (as defined in Section 15.2.1) while a Shareholder and thereafter. This Section 15.2 shall not be violated by disclosure pursuant to court order or as otherwise required
by law, on condition that notice of the requirement for such disclosure is given to the Company prior to making any disclosure and the Shareholder cooperates as the Company may reasonably request in resisting such disclosure. In addition this
Section 15.2 shall not be violated by disclosure of certain financial information as required in connection with and as a result of any sale of Shares contemplated by this Agreement. 

15.2.1 Confidential Information. For purposes of this Agreement, “confidential information” means any information
concerning or related to the Company or its Affiliates and the business conducted by them, except for such information which is a matter of public record. By way of example and not limitation, “confidential information” includes all trade
secrets, customer lists, financial data, product information, forms of organization, procedures, computer software, investment strategies, screens and pricing disciplines, business or investment methodologies, source codes, prices or plans and
includes the terms of the Related Shareholders Agreements, this Agreement and any other agreements related to the Company. 

15.3. Return of Documents. All records, papers and other documents received or made by the Shareholder which concern or
relate to the Company or its Affiliates or the business conducted by them are the property of the Company. At any time upon request, and in any event not later than the date on which the Shareholder is no longer an employee of the Company, the
Shareholder will promptly deliver all copies of such records, papers and other documents to the Company. 
 ARTICLE 16.
RELATED ARRANGEMENTS 
 The Shareholders are shareholders or members of the entities listed on Schedule B and are parties
to the Related Shareholders Agreements. Reference is hereby made to the provisions of the Related Shareholders Agreements requiring a sale of shares or interests of the entities upon a sale of Shares by Manning or any Employee pursuant to the terms
of this Agreement. 
 ARTICLE 17. AGREEMENT BY THE COMPANY 

The Company hereby agrees that (1) insofar as is proper or required, it consents to the provisions of this Agreement; (2) it
will not transfer or reissue any of its shares in violation of this Agreement or without requiring proof of compliance with this Agreement; and (3) all share 

  
 22 

 
certificates issued by the Company while this Agreement remains in force shall contain the share legend set forth in Section 4.4. 

ARTICLE 18. NOTICES 
 All notices, consents and other communications under this Agreement shall be in writing and shall be deemed to have been duly given when (a) delivered by hand, (b) when sent by telecopier (with
receipt confirmed), provided that a copy is promptly thereafter mailed by first class prepaid registered or certified mail, return receipt requested, (c) when received by the addressee, if sent by Express Mail, Federal Express or other express
delivery service (receipt requested), or by such other means as the parties may agree from time to time or (d) five (5) Business Days after being mailed, by first class postage prepaid registered or certified mail, return receipt
requested; in each case to the appropriate addresses, and telecopier numbers set forth on the signature pages attached to this agreement (or to such other addresses and telecopier numbers as a party may designate as to itself by notice to the other
parties). 
 ARTICLE 19. ARBITRATION 

(a) Any dispute or controversy arising under or in connection with this Agreement shall be settled by arbitration to be
held in the City of New York in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction pursuant to the Federal Arbitration Act, 9
U.S.C. § 1, et seq., and the parties to this Agreement consent to the jurisdiction of the New York courts for this purpose. Any process or other papers under this provision may be served outside New York State in the same manner provided with
respect to notices under this Agreement, provided a reasonable time for appearance or response is allowed. Each party to the arbitration shall appoint one arbitrator and the two arbitrators so appointed shall appoint a third arbitrator. 

(b) The parties shall be afforded reasonable prehearing disclosure of relevant information. 

(c) Each party to the arbitration shall have one day to present its case to the arbitrators and the arbitrators shall be
instructed to make their award no later than 30 days after the date of the closing of the hearing. 
 (d) The
arbitrators may provide that the costs, expenses and attorneys’ fees incurred by the prevailing party in connection with the proceeding will be paid, in part or full, by the other party to the arbitration. 

(e) The parties will be entitled to injunctive relief to restrain any breach or threatened breach of this Agreement
pending the resolution of a dispute pursuant to this Article 19, and no bond or other security will be required in connection with such injunctive relief. 

  
 23 

 ARTICLE 20. COMPANY REDEMPTIONS 

20.1. Redemptions In General. The Company’s primary asset shall be its ownership interest in M & N Group Holdings,
LLC, whose primary asset shall be its ownership in the units of Manning and Napier Group, LLC. Each year beginning with the calendar year 2013 the Shareholders (other than Manning) shall be entitled to have redeemed by the Company a portion of their
Vested Shares. The mechanism for effectuating such redemption shall be that the Shareholders (other than Manning) shall have an annual subscription period in the first Quarter of each such calendar year, whereby each Shareholder (other than Manning)
shall inform the Company of how many Vested Shares such Shareholder would like to have redeemed and if the total Vested Shares that the Shareholders (other than Manning) wish to have redeemed is in excess of what is allowed under the General Limit
(as defined below), then each such Shareholder who wishes to be redeemed shall have his or her Vested Shares redeemed by the Company based on his or her pro rata percentage (based on Vested Shares) of the General Limit. The procedure of such annual
subscription period shall be determined by the CEO. After the Company has determined the amount, if any, of Shares that are to be redeemed the Company shall direct M&N Group Holdings, LLC to cause there to be a Interim Capital Transaction (as
such term is defined in the M&N Group Holdings, LLC operating agreement) in an amount sufficient to redeem a number of units of M&N Group Holdings, LLC that will allow the Company to redeem the Vested Shares that have been requested to be
redeemed and that are within the General Limit. For purposes of this Agreement the “General Limit” shall be equal to one and one-half percent (1.5%) of the outstanding number of shares of Manning & Napier, Inc. assuming all
of the holders of Manning and Napier Group, LLC units convert into shares of Manning & Napier, Inc. as of the time of the initial public offering of Manning & Napier, Inc.; provided, however, that the Board may increase the General
Limit to allow for additional redemptions at its sole and absolute discretion; further provided, however, that if any Shareholder (other than Manning) shall die, his estate or heirs shall be entitled to request the Company to redeem all of such
Shareholder’s Vested Shares (without reduction to the General Limit). For illustrative purposes only, if there is 100,000,000 units of Manning & Napier Group, LLC outstanding at the time of the initial public offering of
Manning & Napier, Inc., then the General Limit shall be based on a sale 1,500,000 units of Manning & Napier Group, LLC. Therefore, if all of the Shareholders’ (other than Manning) indirect ownership in the Manning &
Napier Group, LLC’s units is 30,000,000 units, then 5% of each Shareholder’s (other than Manning) Vested Shares may be redeemed annually. If any Shareholder (other than Manning) does not wish to have 5% of his or her Vested Shares redeemed
in any year then the other Shareholders (other than Manning) shall be allowed to have redeemed additional Vested Shares pro rata. 
 Notwithstanding the previous paragraph, to the extent Shareholders (other than Manning) have availed themselves of a similar provision of a Related Shareholders Agreement, the General Limit shall be
reduced by an amount equal to what was sold pursuant to those Related Shareholders Agreements. 
 The purchase price that the
Company shall pay a Shareholder for his or her Vested Shares that are subject to redemption shall be equal to the amount the Company receives (less any ordinary and necessary expenses incurred by the Company to effectuate such

  
 24 

 
redemption) from M&N Group Holdings, LLC as a result of the Interim Capital Transaction with respect to the Shares of such Shareholder that is the subject of the redemption. 

20.2. Additional Sale Rights. 
 20.2.1 Manning, subject to the limitations contained in any other agreement, shall have the right, at any time, to cause the Company to direct M&N Group Holdings, LLC to cause there to be a Interim
Capital Transaction in an amount sufficient to redeem a number of units of M&N Group Holdings, LLC that will allow the Company to redeem the Shares that Manning has requested to be redeemed. 

20.2.2 In addition to the General Limit provided in Section 20.1 above, to the extent Manning shall sell any of his direct or
indirect ownership interest in Manning and Napier Group, LLC the Shareholders shall have the right to have a similar percentage of their Shares redeemed by the Company by increasing the General Limit, for such year, contained in Section 20.1.

 20.3. Additional Provisions Related To Redemptions and Certain Other Matters. 

20.3.1 The Company shall not hypothecate, mortgage, pledge or otherwise transfer its rights and obligations with respect to payments due
under an Interim Capital Transaction until the Company’s liquidation. 
 20.3.2 The Company shall (i) except
as otherwise required by the Code, use the cash method of accounting for federal income tax purposes and (ii) elect out of the installment sale treatment under Code Section 453(d) and Treasury Regulation Section 15A.453-1(c)(1) with
respect to any redemption of units in M&N Group Holdings, LLC it owns. 
 20.3.3 Upon the redemption of a share of the
Company stock (for avoidance of any doubt, excluding a purchase under Article 7 or 8 of this Agreement), as consideration for the stock redeemed, the Company shall pay to the redeeming shareholder at the end of each calendar quarter, beginning with
the calendar quarter in which the redemption is effective, an amount equal to the sum of all payments received from M&N Group Holdings, LLC (including, without limitations, payments received by the Company under the TRA Agreement) during such
calendar quarter, attributable to the related Interim Capital Transaction 
 20.3.4 The Company’s obligation to make the
consideration described in Section 20.3.3 with respect to a redemption shall not be evidenced by a note or another instrument transferable by the redeeming shareholder. 
 20.3.5 The Company’s obligation to pay the consideration described in Section 20.3.3 shall not be secured by the Company’s right to payments from M&N Group Holdings, LLC, with respect
to the related Interim Capital Transaction. 
 20.3.6 The shareholders agree, by requesting a redemption of shares of the
Company stock, that they shall elect out of the installment sale treatment under Code Section 

  
 25 

 
453(d) and Treasury Regulation Section 15A.453-1(c)(1) with respect to, if applicable, the redemption. 
 ARTICLE 21. DEATH OF MANNING 
 Upon the death of Manning, the Company, in
consultation with Manning’s estate shall determine whether it is tax efficient to liquidate the Company and to distribute the remaining assets of the Company, pro rata, to the Shareholders. In the event it is determined that a liquidation of
the Company is in the best interest of the Manning Estate then (i) the operating agreement of M&N Group Holdings, LLC shall be amended to contain provisions that are substantially similar to the provisions of this Agreement to effectuate
the intent of this Agreement, (ii) the Company shall be liquidated and (iii) the General Limit for such year shall be increased to allow the Shareholders (other than Manning) the ability to have redeemed additional Vested Shares to afford
such Shareholders the ability to pay all income taxes resulting for the liquidation of the Company. 
 ARTICLE 22.
MISCELLANEOUS 
 22.1. Section Headings. The section and clause headings contained in this Agreement are
for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 22.2. Waivers and
Amendments. Notwithstanding any other provision of this Agreement, this Agreement may be modified or amended by either (1) (a) for so long as Manning is a Shareholder, a written consent signed by (i) Shareholders owning more
than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof, whether such Shares are still owned by Manning) and (ii) Manning and (b) if Manning is no longer a Shareholder, a written consent
signed by (i) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof) and (ii) those Persons owning more than 50% of the Outstanding Shares owned by Manning as
of the date hereof or (2) (a) for so long as Manning is a Shareholder, an oral resolution adopted by (x) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date
hereof, whether such Shares are still owned by Manning) and (y) Manning, at a Meeting (as defined below) thereof and certified to by an officer of the Company and (b) if Manning is no longer a Shareholder, a oral resolution adopted by
(i) Shareholders owning more than 50% of the Outstanding Shares (excluding the Outstanding Shares owned by Manning as of the date hereof) and (ii) those Persons owning more than 50% of the Outstanding Shares owned by Manning as of the date
hereof, at a Meeting (as defined below) thereof and certified to by an officer of the Company. The Company may, whenever desired, integrate into a single instrument all of the provisions of this Agreement as so amended or modified. For purposes of
this Section 22.2, the term “Meeting” shall mean a meeting (which may be attended in person, by telephone or by written proxy) called by such Shareholder(s) who own at least 50% of the Outstanding Shares by written notice (which may
include facsimile or e-mail) at least 3 Business Days before such meeting. No such modification or amendment shall require the consent or approval of the Company. The Shareholders shall to the extent necessary take any and all actions required to
effectuate such modifications or amendments, including, without limitation, approving amendments or 

  
 26 

 
modifications to the Certificate of Incorporation The delay or failure on the part of any party hereto to insist, in any one instance or more, upon strict performance of any of the terms or
conditions of this Agreement, or to exercise any right or privilege herein conferred shall not be construed as a waiver of any such terms, conditions, rights or privileges but the same shall continue and remain in full force and effect. All rights
and remedies are cumulative. 
 22.3. Entire Agreement. This Agreement and the Related Shareholders Agreements
supersede all prior agreements among the parties with respect to their subject matter and are intended, with the documents referred to herein and therein, as a complete and exclusive statement of the terms of the agreement among the parties with
respect to the subject matter hereof and thereof. 
 22.4. Severability. If any provision of this Agreement is
invalid or unenforceable, the balance of the Agreement shall remain in effect and, if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. 

22.5. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an
original, and all of which together shall constitute one and the same instrument. 
 22.6. Governing Law. This
Agreement and (unless otherwise provided) all amendments hereof and waivers and consents hereunder shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. 
 22.7. Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the
parties’ respective legal representatives, successors, heirs, distributees, testamentary beneficiaries and personal representatives. No party may assign any rights or delegate any of its duties under this Agreement. 

22.8. Further Assurances. The parties hereto agree to do such further acts and things as are necessary or advisable to
carry into effect the purposes of this Agreement to better assure and confirm unto the other parties hereto such parties’ rights hereunder, subject to the limitations set forth in this Agreement. 

22.8.1 In furtherance of the foregoing, whenever the Shareholders shall, pursuant to this Agreement, purchase Shares, each transferring
Shareholder and the Personal Representatives of any deceased or incompetent Shareholder shall do all things and execute and deliver all papers as may be reasonably necessary to consummate such purchase or as may be reasonably requested by the
acquiring parties and shall reasonably cooperate during the period prior to the closing so that the Company’s business continues to function in substantially the same manner as it has been functioning prior to the closing. 

22.9. No Third Party Beneficiaries. This Agreement is intended for the exclusive benefit of the parties to this Agreement
and their respective permitted Personal Representatives, 

  
 27 

 
successors and assigns, and nothing contained in this Agreement shall be construed as creating any rights or benefits in or to any third party. 

22.10. References. All references to “corporation(s)” shall be deemed to include “entity(ies)”, all
references to “share(s)” or “stock” shall be deemed to include “interest(s)”, all references to “shareholder(s)” shall be deemed to include “member(s)” or “partner(s)” and all references to
“shareholders agreement(s)” shall be deemed to include “operating agreement(s).” 
 SIGNATURE PAGES TO
FOLLOW 

  
 28 

					
	  	  	Address for Notices under Article 18:
			
		  		  	 c/o MNA Advisors, Inc.
 290
Woodcliff Drive
 Fairport, New York 14450
 Telecopier No.: (585) 325-5143
 Attention: William Manning

			
		  		  	with copies to:
			
		  		  	 Herrick, Feinstein LLP
 2
Park Avenue
 21st Floor
 New York, New
York 10016
 Telecopier No.: 212-545-3410

Attention: Harold Levine, Esq.

  

			
	MNA ADVISORS, INC.
		
	By:	 	/s/ Richard B. Yates
		 	 Name: Richard B. Yates

Title: Chief Legal Officer

					
	  	  	  Address for Notices under Article 18:
		  		  	  
 William Manning

11 Bristol View Drive
 Fairport, New York
14450

			
		  		  	with copies to:
			
		  		  	 Herrick, Feinstein LLP
 2 Park
Avenue
 21st Floor
 New York, New York
10016
 Telecopier No.: 212-545-3410

Attention: Harold Levine, Esq.

  

			
		
		 	/s/ WILLIAM MANNING
		 	WILLIAM MANNING

					
	  	 	  Address for Notices under Article 18:
			
		 		 	 B. Reuben Auspitz
 36
Buttermilk Hill Rd.
 Pittsford, New York 14534

			
		 		 	with copies to:
			
		 		 	 Garvey Schubert Barer
 1000
Potomac Street, N.W.
 Fifth Floor

Washington, D.C. 20007-3501
 Telecopier No.:
202-965-1729
 Attention: William D. Simon, Esq.

  

			
		
		 	/s/ B. REUBEN AUSPITZ
		 	B. REUBEN AUSPITZ

					
	  	  	  Address for Notices under Article 18:
			
		  		  	 Gary Henderson
 40 Royale
Drive
 Fairport, New York 14450

			
		  		  	with copies to:
			
		  		  	 Garvey Schubert Barer
 1000
Potomac Street, N.W.
 Fifth Floor

Washington, D.C. 20007-3501
 Telecopier No.:
202-965-1729
 Attention: William D. Simon, Esq.

  

			
		
		 	/s/ GARY HENDERSON
		 	GARY HENDERSON

					
	  	 	Address for Notices under Article 18:
			
		 		    	 Patrick Cunningham
 18 Parkview
Manor Circle
 Honeoye Falls, New York 14472

			
		 		    	with copies to:
			
		 		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ PATRICK CUNNINGHAM
		 	PATRICK CUNNINGHAM

					
	  	 	Address for Notices under Article 18:
			
		 		    	 Jeffrey A. Herrmann
 200
2nd Avenue South #511

St. Petersburg, Florida 33701

			
		 		    	with copies to:
			
		 		    	 Cavitch, Familo, Durkin & Futkin
 14th
Floor
 The East Ohio Building

Cleveland, Ohio 44114
 Telecopier No.:
216-621-3415
 Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ JEFFREY A. HERRMANN
		 	JEFFREY A. HERRMANN

					
	  	 	Address for Notices under Article 18:
			
		 		    	 Jeffrey S. Coons
 14
Whitestone Lane
 Rochester, New York 14618

			
		 		    	with copies to:
			
		 		    	 Cavitch, Familo, Durkin & Futkin
 14th
Floor
 The East Ohio Building

Cleveland, Ohio 44114
 Telecopier No.:
216-621-3415
 Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ JEFFREY S. COONS
		 	JEFFREY S. COONS

					
	  	 	Address for Notices under Article 18:
			
		 		    	 Michael J. Magiera
 7
Turnberry Lane
 Pittsford, New York 14534

			
		 		    	with copies to:
			
		 		    	 Cavitch, Familo, Durkin & Futkin
 14th Floor
 The East Ohio Building
 Cleveland, Ohio 44114
 Telecopier No.: 216-621-3415

Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ MICHAEL J. MAGIERA
		 	MICHAEL J. MAGIERA

					
	  	 	Address for Notices under Article 18:
			
		 		    	 Beth H. Galusha
 6 Carriage
Court
 Pittsford, New York 14534

			
		 		    	with copies to:
			
		 		    	 Cavitch, Familo, Durkin & Futkin
 14th Floor
 The East Ohio Building
 Cleveland, Ohio 44114
 Telecopier No.: 216-621-3415

Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ BETH H. GALUSHA
		 	BETH H. GALUSHA

					
	  	 	Address for Notices under Article 18:
			
		 		    	 George J. Nobilski
 417
French Road
 Rochester, New York 14618

			
		 		    	with copies to:
			
		 		    	 Cavitch, Familo, Durkin & Futkin
 14th Floor
 The East Ohio Building
 Cleveland, Ohio 44114
 Telecopier No.: 216-621-3415

Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ GEORGE J. NOBILSKI
		 	GEORGE J. NOBILSKI

					
	  	 	Address for Notices under Article 18:
			
		 		    	 Jack W. Bauer
 11 Pond
Meadow
 Rochester, New York 14624

			
		 		    	with copies to:
			
		 		    	 Cavitch, Familo, Durkin & Futkin
 14th Floor
 The East Ohio Building
 Cleveland, Ohio 44114
 Telecopier No.: 216-621-3415

Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ JACK W. BAUER
		 	JACK W. BAUER

					
	  	 	Address for Notices under Article 18:
			
		 		    	 Charles H. Stamey
 470
Coffee Pot Riviera NE
 St. Petersburg, Florida 33704

			
		 		    	with copies to:
			
		 		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ CHARLES H. STAMEY
		 	CHARLES H. STAMEY

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Marc D. Tommasi
 36 Wenham
Drive
 Pittsford, New York 14534

			
		  		    	with copies to:
			
		  		    	 Phillips Lytle Hitchcock Blaine & Huber, LLP
 1400 First Federal Plaza
 Rochester, New York 14614

Attention: Lisa Powers, Esq.

  

			
		
		 	/s/ MARC D. TOMMASI
		 	MARC D. TOMMASI

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Antony Desorbo
 8429 Hobnail
Road
 Manilus, New York 13104

			
		  		    	with copies to:
			
		  		    	 Frank J. Patyi, Esq.
 Bond,
Schoeneck & King, PLLC
 One Lincoln Center
 Syracuse, New York 13202

  

			
		
		 	/s/ ANTONY DESORBO
		 	ANTONY DESORBO

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Brian Gambill
 6750
Falcon’s Point
 Victor, New York 14564

			
		  		    	with copies to:
			
		  		    	 Cavitch, Familo, Durkin & Futkin
 14th Floor
 The East Ohio Building
 Cleveland, Ohio 44114
 Telecopier No.: 216-621-3415

Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ BRIAN GAMBILL
		 	BRIAN GAMBILL

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Brian Lester
 80 Deer Creek
Road
 Pittsford, New York 14534

			
		  		    	with copies to:
			
		  		    	 Cavitch, Familo, Durkin & Futkin
 14th Floor
 The East Ohio Building
 Cleveland, Ohio 44114
 Telecopier No.: 216-621-3415

Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ BRIAN LESTER
		 	BRIAN LESTER

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Christian Andreach
 4048
East Avenue
 Rochester, New York 14618

			
		  		    	with copies to:
			
		  		    	 Mr. Joseph A. Cullen, Esq.

Stark & Stark
 P.O. Box 1500

Newtown, PA 18940

  

			
		
		 	/s/ CHRISTIAN ANDREACH
		 	CHRISTIAN ANDREACH

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Christopher Cummings
 5
Mendonshire Drive
 Honeoye Falls, New York 14472

			
		  		    	with copies to:
			
		  		    	 Cavitch, Familo, Durkin & Futkin
 14th
Floor
 The East Ohio Building

Cleveland, Ohio 44114
 Telecopier No.:
216-621-3415
 Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ CHRISTOPHER CUMMINGS
		 	CHRISTOPHER CUMMINGS

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Kathryn Maurer
 93 Country
Down Circle
 Fairport, New York 14450

			
		  		    	with copies to:
			
		  		    	 Cavitch, Familo, Durkin & Futkin
 14th Floor
 The East Ohio Building
 Cleveland, Ohio 44114
 Telecopier No.: 216-621-3415

Attention: Thomas M. Cawley, Esq.

  

			
		
		 	/s/ KATHRYN MAURER
		 	KATHRYN MAURER

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Virge Trotter
 18 Mandalay
Ridge
 Pittsford, New York 14534

			
		  		    	with copies to:
			
		  		    	 Tyler J. Savage, Esq.
 Woods
Oviatt Gilman
 700 Crossroads Bldg
 Two
State Street
 Rochester, New York 14614

Telecopier No.: 585-454-3968

  

			
		
		 	/s/ VIRGE TROTTER
		 	VIRGE TROTTER

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Christine M. Glavin
 30
Turning Leaf Lane
 Rochester, New York 14612

			
		  		    	with copies to:
			
		  		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ CHRISTINE M. GLAVIN
		 	CHRISTINE M. GLAVIN

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Michael Platania
 331
Chelsea Meadows
 W. Henrietta, New York 14586

			
		  		    	with copies to:
			
		  		    	 George H. Gray, Esq.
 Gray
& Feldman LIR
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ MICHAEL PLATANIA
		 	MICHAEL PLATANIA

  
  

					
	 	  	Address for Notices under Article 18:
			
		  		    	 Justin T. Goldman
 295
Ashley Drive
 Rochester, New York 14620

			
		  		    	with copies to:
			
		  		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

	
	
	/s/ JUSTIN T. GOLDMAN
	JUSTIN T. GOLDMAN

					
	  	  	Address for Notices under Article 18:
			
		  		    	 David C. Roewer
 259
Longbranch Drive
 Dublin, Ohio 43017

			
		  		    	with copies to:
			
		  		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ DAVID C. ROEWER
		 	DAVID C. ROEWER

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Jeffrey W. Donlon
 79
Mahogany Run
 Pittsford, New York 14534

			
		  		    	with copies to:
			
		  		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ JEFFREY W. DONLON
		 	JEFFREY W. DONLON

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Scott Pilchard
 5229 East
Palo Verde Place
 Paradise Valley, AZ 85253

			
		  		    	with copies to:
			
		  		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ SCOTT PILCHARD
		 	SCOTT PILCHARD

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Richard B. Yates
 5 Pickwick
Drive
 Rochester, New York 14618

			
		  		    	with copies to:
			
		  		    	 George H. Gray, Esq.
 Gray
& Feldman LLP
 625 Panorama Trail

Rochester, New York 14625

  

			
		
		 	/s/ RICHARD B. YATES
		 	RICHARD B. YATES

							
	  	  	Address for Notices under Article 18:	  	  

				
		  		    	 Kristin Castner
 70 Mahogany
Run
 Pittsford, NY 14534
	  	
				
		  		    	with copies to:	  	
				
		  		    	 Lisa B. Morris, Esq.
 1577
W. Ridge Road
 Rochester, NY 14615
	  	

  

			
		 	/s/ KRISTIN CASTNER
		 	KRISTIN CASTNER

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Timothy Willis
 7616 Golden
Wheat Lane
 Westerville, Ohio 43082

			
		  		    	with copies to:
			
		  		    	 Daniel J. Chiacchia

Chiacchia & Flaming
 5113 South Park
Avenue
 Hamburg, New York 14075

  

			
		
		 	/s/ TIMOTHY WILLIS
		 	TIMOTHY WILLIS

					
	  	  	Address for Notices under Article 18:
			
		  		    	 Sean J. Yarton
 24 Portofino
Circle
 Henrietta, NY 14467

			
		  		    	with copies to:
			
		  		    	 Michael T. Harren

Chamberlain D’Amanda
 1600 Crossroads
BuildingSY
 Two State Street

Rochester, NY 14614-1397

  

			
		
		 	/s/ SEAN J. YARTON
		 	SEAN J. YARTON

					
	
	             Address
for Notices under Article 18:

		
		  	 Paul R. Smith
 7
Persimmon Drive
 Penfield, New York 14526

		
		  	with copies to:
		
		  	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

 

	
	
	/s/ PAUL R. SMITH
	PAUL R. SMITH

					
	
	 Address for Notices under Article 18:

		
		  	 James T. Herbst
 2
Latour Manor
 Fairport, New York 14450

		
		  	with copies to:
		
		  	 Michael T. Harren

Chamberlain D’Amanda
 1600 Crossroads
Building
 Two State Street
 Rochester,
New York 14614-1397
 Fax: 585-232-3882

 

	
	
	/s/ JAMES T. HERBST
	JAMES T. HERBST

					
	
	 Address for Notices under Article 18:

		
		  	 Otto Odendahl
 510
Elder Lane
 Winnetka, IL 60093

		
		  	with copies to:
		
		  	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

 

	
	
	/s/ OTTO ODENDAHL
	OTTO ODENDAHL

					
	
	 Address for Notices under Article 18:

		
		    	 Robert Conrad
 1504
Stone Court
 Westlake, Ohio 44145

		
		    	with copies to:
		
		    	 Cavitch, Familo, Durkin & Futkin
 The East Ohio Building, 14th Floor
 Cleveland, Ohio 44114

Attention: Thomas M. Cawley, Esq.

 

	
	
	/s/ ROBERT CONRAD
	ROBERT CONRAD

 Address for Notices under Article 18: 

									
				
		  		  	 Samuel B. Drost

1404 Hampton Lane
 Plano, Texas
75075
	  	
				
		  		  	with copies to:	  	
				
		  		  	  
	  	
				
		  		  	  
	  	
				
		  		  	  
	  	

  

	
	
	/s/ SAMUEL B. DROST
	SAMUEL B. DROST

					
	
	 Address for Notices under Article 18:

		
		    	 Christopher Long

197 Grandmar Chase NW
 Canton, GA
30115

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

 

	
	
	/s/ CHRISTOPHER LONG
	CHRISTOPHER LONG

					
	
	 Address for Notices under Article 18:

		
		    	 Jeffrey M. Tyburski

18 Misty Pine Road
 Fairport, New York
14450

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

  

	
	
	/s/ JEFFREY M. TYBURSKI
	JEFFREY M. TYBURSKI

  

 Address for Notices under Article 18: 

					
		
		    	 Jodi L. Hedberg
 3
Jade Creek
 Hilton, New York 14468

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

  

	
	
	/s/ JODI L. HEDBERG
	JODI L. HEDBERG

  

					
	
	 Address for Notices under Article 18:

		
		    	 Michele R. McGinn

30 Park Forest Drive
 Pittsford, NY
14534

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

  

	
	
	/s/ MICHELE R. MCGINN
	MICHELE R. MCGINN

  

					
	
	 Address for Notices under Article 18:

		
		    	 Michele T. Mosca

11 Shadow Creek
 Penfield, New York
14526

		
		    	with copies to:
		
		    	 Cavitch, Familo, Durkin & Futkin
 The East Ohio Building, 14th Floor
 Cleveland, Ohio 44114

Attention: Thomas M. Cawley, Esq.

  

	
	
	/s/ MICHELE T. MOSCA
	MICHELE T. MOSCA

  

					
	
	 Address for Notices under Article 18:

		
		    	 Robert Pickels
 81
Mahogany Run
 Pittsford, New York 14534

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

  

	
	
	/s/ ROBERT PICKELS
	ROBERT PICKELS

  

					
	
	 Address for Notices under Article 18:

		
		    	 Jason Lisiak
 1422
Harbour Walk Road
 Tampa, Florida 33602

		
		    	with copies to:
		
		    	 Annoj M. Thakrar

Grotefeld & Hoffmann, LLP
 180 N. LaSalle
Street, Suite 1810
 Chicago, IL 60601

  

	
	
	/s/ JASON LISIAK
	JASON LISIAK

  

					
		
	 Address for Notices under Article 18:
	  	
		
		    	 Jay Welles
 5
Windham Circle
 Mendon, New York 14506

		
		    	with copies to:
		
		    	 Cavitch, Familo, Durkin & Futkin
 The East Ohio Building, 14th Floor
 Cleveland, Ohio 44114

Attention: Thomas M. Cawley, Esq.

 

	
	
	/s/ JAY WELLES
	JAY WELLES

					
		
	 Address for Notices under Article 18:
	  	
		
		    	 Eric Daniels
 219
West Avenue
 Rochester, New York 14611

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

 

	
	
	/s/ ERIC DANIELS
	ERIC DANIELS

					
	
	 Address for Notices under Article 18:

		
		    	 Christopher F. Petrosino
 264 Oakdale Drive
 Rochester, New York 14618

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

 

	
	
	/s/ CHRISTOPHER F. PETROSINO
	  

	CHRISTOPHER F. PETROSINO

							
			
	 Address for Notices under Article 18:
	  		  	
			
		    	 Sammy Azzouz
 39
Chadwick Manor
 Fairport, New York 14450
	  	
			
		    	with copies to:	  	
			
		    		  	
		    	  
	  	
			
		    		  	
		    	  
	  	
			
		    		  	
		    	  
	  	

  

	
	/s/ SAMMY AZZOUZ
	  

	SAMMY AZZOUZ

					
	
	 Address for Notices under Article 18:

		
		    	 Mark Macpherson
 10
Dunnewood Court
 Pittsford, New York 14534

		
		    	with copies to:
		
		    	 Cavitch, Familo, Durkin & Futkin
 The East Ohio Building, 14th Floor
 Cleveland, Ohio 44114

Attention: Thomas M. Cawley, Esq.

 

	
	
	/s/ MARK MACPHERSON
	  

	MARK MACPHERSON

					
	
	 Address for Notices under Article 18:

		
		    	 Keith Harwood
 3321
Dandelion Trail
 Canandaigua, New York 14424

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

 

	
	
	/s/ KEITH HARWOOD
	  

	KEITH HARWOOD

					
	
	 Address for Notices under Article 18:

		
		    	 Ajay Sadarangani

2141-H East Avenue
 Rochester, New York
14610

		
		    	with copies to:
		
		    	 George H. Gray, Esq.

Gray & Feldman LLP
 625 Panorama
Trail
 Rochester, New York 14625

 

	
	
	/s/ AJAY SADARANGANI
	  

	AJAY SADARANGANI

 SCHEDULE A 

 

			
		
	(1)	  	A shareholders agreement dated as of December 31, 2002, as amended, among them and AAC.
		
	(2)	  	A shareholders agreement dated as of December 31, 2002, as amended, among them and MNAO.
		
	(3)	  	An operating agreement dated as of December 31, 2002, as amended, among them and MNCC.

 Schedule B 

 

	
	 AAC

	 MNAO

	 MNCC

 EXHIBIT A 
 AMENDED AND RESTATED CERTIFICATE OF INCORPORATION 

 EXHIBIT B 
 AMENDED AND RESTATED BY-LAWS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]