Document:

Indemnity Agreement

 EXHIBIT 10.43 
 INDEMNITY AGREEMENT 
 This Indemnity Agreement
(“Agreement”) is made as of December     , 2012, by and between Waste Management, Inc., a Delaware corporation (the “Company”), and
                    (“Indemnitee”). 
 RECITALS 
 WHEREAS, highly competent persons have become more reluctant to serve
publicly-held corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service
to and activities on behalf of the corporation; 
 WHEREAS, the Board of Directors of the Company (the “Board”) has
determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain
liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such
insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to
expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The By-laws of the Company (the “By-laws”) and the Third
Restated Certificate of Incorporation of the Company (the “Certificate”) require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of
the State of Delaware (the “DGCL”). The By-laws, the Certificate and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the
Company and members of the board of directors, officers and other persons with respect to indemnification; 
 WHEREAS, the
uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons; 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should
act to assure such persons that there will be increased certainty of such protection in the future; 
 WHEREAS, it is
reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the
Company free from undue concern that they will not be so indemnified; 

 WHEREAS, this Agreement is a supplement to and in furtherance of the By-laws and
Certificate of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; 

WHEREAS, Indemnitee does not regard the protection available under the Company’s By-laws, Certificate and insurance as adequate in
the present circumstances, and may not be willing to serve as a director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified; and 
 NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 

Section 1. Services to the Company. Indemnitee agrees to serve as a director of the Company. Indemnitee may at any time and
for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position.
This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its
subsidiaries or any Enterprise), if any, is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Company
(or any of its subsidiaries or any Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director of the Company, by the Company’s Certificate, the Company’s By-laws, and the
DGCL. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director of the Company. 
 Section 2. Definitions. As used in this Agreement: 
 (a) A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events: 
 i. Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen
percent (15%) or more of the combined voting power of the Company’s then outstanding securities unless the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the
aggregate number of outstanding shares of securities entitled to vote generally in the election of directors; 
 ii. Change in
Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a
director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(a)(i), 2(a)(iii) or 2(a)(iv)) whose election by the 

  
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Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds 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 so approved, cease for any reason to constitute at least a majority of the members of the Board; 
 iii. Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in 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) more than 51% of the combined voting power of the
voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; 

iv. Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale
or disposition by the Company of all or substantially all of the Company’s assets; and 
 v. Other Events. There occurs
any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined
below), whether or not the Company is then subject to such reporting requirement. 
 For purposes of this Section 2(a), the following terms
shall have the following meanings: 
 (A) “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended. 
 (B) “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of
the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 
 (C) “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a
Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity. 
 (b)
“Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of the Company or of any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or
other enterprise which such person is or was serving at the request of the Company. 

  
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 (c) “Disinterested Director” means a director of the Company who is not and was
not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
 (d) “Enterprise” shall
mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee,
agent or fiduciary. 
 (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred in connection with
any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 13(d)
only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by
Indemnitee or the amount of judgments or fines against Indemnitee. 
 (f) “Independent Counsel” means a law firm, or a
member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than
with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all
Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (g)
The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that
Indemnitee is or was a director of the Company, by reason of any action taken by him or of any action on his part while acting as a director of the Company, or by reason of the fact that he is or was serving at the request of the Company as a
director, officer, employee 

  
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or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability
or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement; except one initiated by an Indemnitee to enforce his rights under this Agreement. 

(h) Reference to “other enterprise” shall include employee benefit plans; references to “fines” shall include any
excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves
services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the
participants and beneficiaries of an employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

Section 3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of
this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3,
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding had no reasonable cause
to believe that his conduct was unlawful. The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any
indemnification provided by the Certificate, the By-laws, vote of its stockholders or disinterested directors or applicable law. 
 Section 4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is
threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted by applicable
law against all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the
Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the
case, Indemnitee is fairly and reasonably entitled to indemnification. 

  
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 Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any
Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him
or on his behalf in connection with each successfully resolved claim, issue or matter to the fullest extent permitted by law. If the Indemnitee is not wholly successful in such Proceeding, the Company also shall indemnify Indemnitee against all
Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which the Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or
matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 Section 6. Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee
is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 

Section 7. Additional Indemnification. 
 (a) Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a
party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection
with the Proceeding. 
 (b) For purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted
by applicable law” shall include, but not be limited to: 
 i. to the fullest extent permitted by the provision of the
DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL, and 
 ii. to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify
its officers and directors. 

  
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 Section 8. Exclusions. Notwithstanding any provision in this Agreement, the
Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 

(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or 
 (b) for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(a) hereof), or similar
provisions of state statutory law or common law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of
securities of the Company, as required in each case under the Exchange Act; or 
 (c) except as provided in Section 13(d)
of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees
or other indemnitees, unless (i) the Board of Directors of the Company authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to
the powers vested in the Company under applicable law. 
 Section 9. Advances of Expenses. In accordance with the
pre-existing requirements of Section 10.1 of the By-laws and Article Eighth of the Certificate, and notwithstanding any provision of this Agreement to the contrary, the Company shall advance, to the extent not prohibited by law, the Expenses
incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or
after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to
indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to
the Company to support the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement which shall constitute an undertaking providing that the Indemnitee undertakes to repay the
advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This Section 9 shall not apply
to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 8. 
 Section 10. Procedure for
Notification and Defense of Claim. 
 (a) Indemnitee shall notify the Company in writing of any matter with respect to which
Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification to the Company shall include a description of
the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification under this 

  
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Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably
necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such action, suit or proceeding. The omission by Indemnitee to notify the Company hereunder will not relieve the Company
from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the
Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. 
 (b) The Company will be entitled to participate in the Proceeding at its own expense. 
 Section 11. Procedure Upon Application for Indemnification. 
 (a) Upon
written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in
Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the
Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are
no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the stockholders of
the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making
such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the
person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless
therefrom. 
 (b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant
to Section 11(a) hereof, the Independent Counsel shall be selected as provided in this Section 11(b). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board of Directors, and the Company
shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that
such selection be made by the Board of Directors, in which event the preceding sentence shall apply), and Indemnitee shall give written 

  
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notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such
written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and the final
disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the
Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to whom
all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 11(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement,
Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

Section 12. Presumptions and Effect of Certain Proceedings. 

(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this
Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.
Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because
Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the
action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 (b) Subject to
Section 13(e), if the person, persons or entity empowered or selected under Section 11 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after
receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially 

  
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misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended
for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or
evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 12(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the
stockholders pursuant to Section 11(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board of Directors has resolved to submit such determination to the
stockholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen
(15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) of this Agreement. 
 (c)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this
Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the
Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. 
 (d) Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of
account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information
or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 12(d) shall not be deemed to
be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 
 (e) Actions of Others. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining
the right to indemnification under this Agreement. 
 Section 13. Remedies of Indemnitee. 

(a) Subject to Section 13(e), in the event that (i) a determination is made pursuant to Section 11 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made

  
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pursuant to Section 11(a) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made
pursuant to Section 5 or 6 or the last sentence of Section 11(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 7
of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to
declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication by a court of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the
Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence
such proceeding pursuant to this Section 13(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 
 (b) In the event that
a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 13 the Company
shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c) If a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 13, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the
provisions of this Agreement. It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of
Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company shall, to the fullest extent
permitted by law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the 

  
 -11-

 
Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by
Indemnitee for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is
determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be. 
 (e)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. 

Section 14. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 

(a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate, the By-laws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this
Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the
extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the By-laws, the Certificate and this Agreement, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy. 
 (b) To the extent that the Company maintains an insurance policy or
policies providing liability insurance for directors, officers, employees, or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of
the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the
time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in
accordance with the terms of such policies. 
 (c) In the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights. 

  
 -12-

 (d) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable (or for which advancement is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

(e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as a director, officer, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of Expenses from such other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise. 

Section 15. Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) 10 years
after the date that Indemnitee shall have ceased to serve as a director of the Company or (b) 1 year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 13 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of
Indemnitee and his heirs, executors and administrators. 
 Section 16. Severability. If any provision or provisions
of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the
fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
 Section 17. Enforcement.

 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on
it hereby in order to induce Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director of the Company. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and 

  
 -13-

 
understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of
the Certificate, the By-laws and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 Section 18. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 
 Section 19. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or
other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may
have to the Indemnitee under this Agreement or otherwise. 
 Section 20. Notices. All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
(b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other
communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received: 
 (a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company. 

(b) If to the Company to: 
 Waste Management, Inc. 
 Attention: General Counsel 

1001 Fannin Street 
 Houston, Texas 77002 
 or to any other address as may have been furnished to Indemnitee by the
Company. 
 Section 21. Contribution. To the fullest extent permissible under applicable law, if the indemnification
provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

  
 -14-

 Section 22. Applicable Law and Consent to Jurisdiction. This Agreement and the
legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee
pursuant to Section 13(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the
Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably RL&F
Service Corp., One Rodney Square, 10th Floor, 10th and King Streets, Wilmington, Delaware 19801 as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against
such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive,
and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 
 Section 23. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall
constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where
appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

  
 -15-

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written. 
  

					
	WASTE MANAGEMENT, INC.
		
	By:	 	  

		 	Name:	 	Rick L Wittenbraker
		 	Title:	 	Senior Vice President, General
		 		 	Counsel and Chief Compliance Officer
	
	  

	Name:
	Address:

  
 -16-EX-10.1

 Exhibit 10.1 
 FORM OF 
 FOURTH AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 ARTISAN PARTNERS HOLDINGS LP, 

a Delaware Limited Partnership 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
		  	ARTICLE I	  			
			
		  	GENERAL PROVISIONS	  			
			
	1.1.	  	Name	  	 	2	  
	1.2.	  	Place of Business	  	 	2	  
	1.3.	  	Registered Office and Agent	  	 	2	  
	1.4.	  	Purpose	  	 	2	  
	1.5.	  	Term	  	 	2	  
	1.6.	  	No Concerted Action	  	 	2	  
			
		  	ARTICLE II	  			
			
		  	REMOVAL AND APPOINTMENT OF GENERAL PARTNER;	  			
		  	ISSUANCE OF GENERAL PARTNERSHIP UNITS	  			
			
	2.1.	  	Removal and Appointment	  	 	3	  
	2.2.	  	Reclassification and Reverse Split	  	 	3	  
	2.3.	  	Transfer of Certain Preferred Units after the Effective Time	  	 	3	  
	2.4.	  	Issuance of Class B Common Stock and Class C Common Stock	  	 	3	  
	2.5.	  	Issuance of GP Units	  	 	4	  
	2.6.	  	Retained Profits Distribution	  	 	4	  
	2.7.	  	Purchase of Class A Common Units	  	 	4	  
			
		  	ARTICLE III	  			
			
		  	PARTNERSHIP UNITS	  			
			
	3.1.	  	General Provisions with Respect to Partnership Units	  	 	5	  
	3.2.	  	Issuance of Additional Partnership Units	  	 	6	  
			
		  	ARTICLE IV	  			
			
		  	EXCHANGES; ISSUANCES OF ADDITIONAL PARTNERSHIP UNITS;	  			
		  	RECLASSIFICATIONS, SUBDIVISIONS AND ADDITIONAL ISSUANCES	  			
			
	4.1.	  	Exchanges	  	 	6	  
	4.2.	  	Conversion of Convertible Preferred Stock; Exchange of Preferred Units	  	 	7	  
	4.3.	  	Termination of Class B Common Unit Holder’s Employment	  	 	7	  
	4.4.	  	Issuance of Class A Common Stock and Class B Common Stock	  	 	7	  
	4.5.	  	Subdivision or Combination	  	 	7	  
	4.6.	  	Issuance of Additional General Partner Securities	  	 	8	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	4.7.	  	Redemption and Repurchase of General Partner Securities	  	 	8	  
	4.8.	  	Contingent Value Rights	  	 	8	  
			
		  	ARTICLE V	  			
			
		  	CAPITAL CONTRIBUTIONS	  			
			
	5.1.	  	Capital Contributions	  	 	9	  
	5.2.	  	Return of Capital	  	 	9	  
	5.3.	  	Additional Capital Contributions	  	 	9	  
			
		  	ARTICLE VI	  			
			
		  	CAPITAL ACCOUNTS	  			
			
	6.1.	  	Capital Accounts	  	 	9	  
	6.2.	  	Capital Account Register	  	 	11	  
	6.3.	  	Interpretation	  	 	11	  
			
		  	ARTICLE VII	  			
			
		  	DISTRIBUTIONS	  			
			
	7.1.	  	Current Distributions	  	 	12	  
	7.2.	  	Distributions in connection with a Partial Capital Event	  	 	14	  
	7.3.	  	Liquidating Distribution	  	 	15	  
	7.4.	  	Nature of Distributions	  	 	15	  
	7.5.	  	Restrictions on Distributions	  	 	15	  
			
		  	ARTICLE VIII	  			
			
		  	 ALLOCATION OF ITEMS OF INCOME, GAIN, LOSS AND DEDUCTION

FOR CAPITAL ACCOUNT PURPOSES
	  			
			
	8.1.	  	Capital Account Allocations	  	 	15	  
	8.2.	  	Tax Allocations	  	 	16	  
	8.3.	  	Guaranteed Payments	  	 	16	  
			
		  	ARTICLE IX	  			
			
		  	RECORDS AND ACCOUNTING	  			
			
	9.1.	  	Books and Records	  	 	16	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	9.2.	  	Fiscal Year	  	 	16	  
	9.3.	  	Reports to Limited Partners	  	 	17	  
	9.4.	  	Investment of Partnership Funds	  	 	17	  
	9.5.	  	Tax Matters Partner	  	 	17	  
			
		  	ARTICLE X	  			
			
		  	MANAGEMENT OF THE PARTNERSHIP;	  			
		  	RIGHTS AND DUTIES OF THE GENERAL PARTNER	  			
			
	10.1.	  	Management Powers of the General Partner	  	 	18	  
	10.2.	  	Liability to Partnership Unit Holders and Partnership	  	 	19	  
	10.3.	  	Indemnification	  	 	19	  
	10.4.	  	Non-Exclusive Remedy	  	 	20	  
	10.5.	  	Other Permissible Activities	  	 	20	  
	10.6.	  	Expenses	  	 	21	  
			
		  	ARTICLE XI	  			
			
		  	LIMITED PARTNERS	  			
			
	11.1.	  	Limited Liability	  	 	22	  
	11.2.	  	No Withdrawal	  	 	22	  
			
		  	ARTICLE XII	  			
			
		  	DISSOLUTION AND TERMINATION	  			
			
	12.1.	  	Dissolution	  	 	22	  
	12.2.	  	Distribution of Assets Upon Termination	  	 	23	  
			
		  	ARTICLE XIII	  			
			
		  	VOTING AND CLASS APPROVAL RIGHTS	  			
			
	13.1.	  	Voting and Class Approval Rights	  	 	26	  
			
		  	ARTICLE XIV	  			
			
		  	TRANSFERABILITY OF PARTNERSHIP UNITS	  			
			
	14.1.	  	Restrictions on Transfers	  	 	27	  
	14.2.	  	Permitted Transfers of LP Units	  	 	28	  

  
 -iii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	14.3.	  	Prohibited Transfers	  	 	28	  
	14.4.	  	Transferees	  	 	29	  
	14.5.	  	Substituted Limited Partner	  	 	30	  
	14.6.	  	Partner Tax Documentation	  	 	30	  
			
		  	ARTICLE XV	  			
			
		  	GENERAL TERMS AND CONDITIONS	  			
			
	15.1.	  	Partition	  	 	31	  
	15.2.	  	Binding Effect	  	 	31	  
	15.3.	  	Agreement in Counterparts	  	 	31	  
	15.4.	  	Jurisdiction; Venue; Service of Process	  	 	31	  
	15.5.	  	Notices	  	 	32	  
	15.6.	  	Independence of Provisions	  	 	32	  
	15.7.	  	Execution of Documents	  	 	32	  
	15.8.	  	Power of Attorney	  	 	32	  
	15.9.	  	Amendments	  	 	33	  
	15.10.	  	Governing Law	  	 	34	  
	15.11.	  	Captions; Pronouns	  	 	34	  
	15.12.	  	Entire Agreement	  	 	34	  
	15.13.	  	Partnership Unit Holders Voting as a Single Class	  	 	34	  
	15.14.	  	Effectiveness; Third Restated LP Agreement	  	 	34	  
	15.15.	  	Confidentiality	  	 	34	  
	15.16.	  	Tax Classification	  	 	35	  
	15.17.	  	Tax Reporting	  	 	35	  
	15.18.	  	Publicly Traded Partnership	  	 	35	  
	15.19.	  	Code Section 754 Election	  	 	35	  
	15.20.	  	Tax Treatment of Partnership CVR Agreement and Partnership CVRs	  	 	35	  
	15.21.	  	Interpretation in Certain Circumstances	  	 	36	  

  

							
	 Appendices
	  		  			
	 Appendix A
	  	Defined Terms	  	 	A-1	  
	 Appendix B
	  	Allocations in Extraordinary Situations	  	 	B-1	  
			
	 Schedules
	  		  			
	 Schedule 2.7
	  	Purchase Schedule	  	 	C-1	  
	 Schedule 7.1
	  	Bonus Re-Allocation Schedule	  	 	D-1	  
	 Schedule A
	  	List of Class A Common Unit Holders	  	 	E-1	  
	 Schedule B
	  	List of Class B Common Unit Holders	  	 	F-1	  

  
 -iv-

 This FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF ARTISAN PARTNERS
HOLDINGS LP, dated as of                  , 2013 and effective as of the Effective Time, is by and among Artisan Partners Asset Management Inc., as the General Partner,
and the persons identified in the Register as the Class A Common Unit Holders, the Class B Common Unit Holders, the Class D Common Unit Holders and the Preferred Unit Holders, as Limited Partners. Capitalized terms used herein without
definition shall have the meanings assigned thereto on the attached Appendix A. 
 Recitals 

WHEREAS, Ziegler Investment Corporation, as general partner, and the initial Class A Limited Partners named therein, formed this
Partnership pursuant to the Agreement of Limited Partnership of Ziegler Partners, L.P., dated as of December 9, 1994 (the “Original LP Agreement”), and by filing a Certificate of Limited Partnership, dated as of
December 7, 1994 and effective December 9, 1994, as amended (the “Certificate”), in respect thereof with the Secretary of State of the State of Delaware; 

WHEREAS, the Original LP Agreement was duly amended and restated by the Amended and Restated Agreement of Limited Partnership of Artisan
Partners Limited Partnership, dated as of July 3, 2006, which was duly amended and restated by the Second Amended and Restated Agreement of Limited Partnership of Artisan Partners Limited Partnership, dated as of April 30, 2009, which was
duly amended by the First Amendment, Second Amendment and Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of Artisan Partners Limited Partnership, dated as of June 8, 2009, March 30, 2011 and
July 15, 2012, respectively, which was duly amended and restated by the Third Amended and Restated Agreement of Limited Partnership of Artisan Partners Holdings LP, dated as of July 15, 2012 (the “Third Restated LP
Agreement”); and 
 WHEREAS, in connection with the initial public offering (the “IPO”) of the
Class A Common Stock of the General Partner, pursuant to Sections 11.3 and 12.9 of the Third Restated LP Agreement, Artisan Investment Corporation, with (x) the consent of Preferred Unit Holders holding a majority of the Preferred Units
and (y) the consent of Limited Partners holding a majority of the Class A Common Units and Preferred Units, voting together as a single class, desires to amend and restate the Third Restated LP Agreement, effective as of the Effective
Time, to, among other things, (i) permit the removal of, and remove, Artisan Investment Corporation and permit the appointment and admission of, and appoint and admit, APAM as the General Partner, (ii) provide for the issuance by the
Partnership of a number of GP Units to the General Partner equal to the number of shares of Class A Common Stock that are issued in the IPO in exchange for the contribution by the General Partner to the Partnership of the net proceeds from the
issuance of such shares; and (iii) authorize the Partnership to issue a number of Partnership CVRs to each Preferred Unit Holder equal to the number of Preferred Units held by such Preferred Unit Holder and to APAM equal to the number, from
time to time, of Public Company CVRs issued pursuant to the Public Company CVR Agreement; 

 NOW THEREFORE, in consideration of the mutual premises and covenants contained herein and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Third Restated LP Agreement is hereby amended and restated in accordance with its terms as follows: 

ARTICLE I 

General Provisions 
 1.1. Name. The name of the Partnership is Artisan Partners Holdings LP. 

1.2. Place of Business. The principal business office of the Partnership shall be 875 East Wisconsin Avenue, Suite 800, Milwaukee,
WI 53202, or such other place as the General Partner shall designate. 
 1.3. Registered Office and Agent. 

(a) The Partnership shall maintain a registered office in the State of Delaware, and shall maintain registration as a
foreign limited partnership and take such other actions as the General Partner deems necessary or appropriate to allow the Partnership to conduct business in such jurisdictions as the General Partner deems appropriate. 

(b) The General Partner shall maintain agents for the service of process in the State of Delaware and such other
jurisdictions as the General Partner deems appropriate, and shall maintain the names and business addresses of such agents in the books and records of the Partnership. The General Partner may from time to time change the designation of any such
party who is to serve as such agent and may provide for additional agents for service in such other jurisdictions as the General Partner deems appropriate. 
 1.4. Purpose. The Partnership may carry on any lawful business, purpose or activity. 
 1.5. Term. The term of the Partnership as a limited partnership organized under the laws of the State of Delaware commenced upon the filing of the original Certificate in accordance with the Act
and such term shall continue until the Partnership is dissolved in accordance with the Act or this Agreement. The existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate as provided in the
Act. 
 1.6. No Concerted Action. Each Partnership Unit Holder hereby acknowledges and agrees that, except as expressly
provided herein, in performing its obligations or exercising its rights hereunder, it is acting independently and is not acting in concert with, on behalf of, as agent for, or as joint venturer of, any other Partnership Unit Holder. Other than in
respect of the Partnership, nothing contained in this Agreement shall be construed as creating a corporation, association, joint stock company, business trust, organized group of persons, whether incorporated or not, among or involving any
Partnership Unit Holder or its Affiliates and nothing in this Agreement shall be construed as creating or requiring any continuing relationship or commitment as between such parties other than as specifically set forth herein. To the fullest extent
permitted by applicable law, nothing contained in this Agreement shall be construed as creating any fiduciary or other duty of a 

  
 -2-

 
Limited Partner for the benefit of any other Partner, and the Limited Partners, each in its capacity as such, shall have no fiduciary duties to the Partnership, any Partnership Unit Holder or any
other Person notwithstanding any other provision in this Agreement, at law (whether common or statutory), in equity or otherwise. 
 ARTICLE II 
 Removal and Appointment of General Partner; 

Issuance of General Partnership Units 
 2.1. Removal and Appointment. The Third Restated LP Agreement is hereby amended to permit the removal of Artisan Investment Corporation, and to permit the appointment and admission of APAM, as the
general partner of the Partnership. Pursuant to the foregoing, as of the Effective Time, Artisan Investment Corporation is hereby removed, and APAM is hereby appointed and admitted, as the general partner of the Partnership. APAM hereby continues
the Partnership without dissolution effective as of such removal of Artisan Investment Corporation. For the avoidance of doubt, APAM shall initially be admitted as the general partner of the Partnership without an interest in the Partnership, and,
in such capacity, APAM shall not hold an interest in the Partnership until issued GP Units pursuant to Section 2.5. 
 2.2.
Reclassification and Reverse Split. As of the Effective Time, each GP Unit held by Artisan Investment Corporation is reclassified as a Class D Common Unit, which Artisan Investment Corporation shall continue to hold in its capacity as a
Limited Partner of the Partnership (and Artisan Investment Corporation is hereby admitted to the Partnership as a Limited Partner in respect thereof) as of the effective time of its removal as General Partner. Immediately thereafter, each
Partnership Unit Holder’s Partnership Units shall be reverse split at the Reverse Split Ratio (the “Reverse Unit Split”), provided that each Partnership Unit Holder’s number of Partnership Units, after applying the
Reverse Split Ratio, shall be rounded up to the nearest whole number, and the number of Partnership Units issued and outstanding and held by each Partnership Unit Holder immediately after the Reverse Unit Split shall be as set forth in the Register
maintained by the General Partner. 
 2.3. Transfer of Certain Preferred Units after the Effective Time. Notwithstanding
anything in this Agreement to the contrary, (i) after the Reverse Unit Split, (A) prior to the Merger Effective Time, H&F Brewer AIV, L.P. may Transfer              Preferred
Units (the “Transferred Preferred Units”) to H&F Brewer Blocker Corp. and upon such Transfer H&F Brewer Blocker Corp. shall automatically be admitted to the Partnership as a Limited Partner in respect thereof and (B) at
the Merger Effective Time, H&F Brewer Blocker Corp. may Transfer the Transferred Preferred Units to the General Partner by operation of law pursuant to the H&F Corp Merger Agreement, and (ii) the Transfers permitted by this
Section 2.3 shall not cause or result in a Revaluation Event. 
 2.4. Issuance of Class B Common Stock and Class C
Common Stock. Immediately prior to the Merger Effective Time, APAM shall issue to each Class B Common Unit Holder one share of Class B Common Stock for each Class B Common Unit held by such Class B Common Unit Holder and to each
Class A Common Unit Holder, Class D Common Unit Holder and Preferred Unit Holder one share of Class C Common Stock for each Class A Common Unit, Class D Common Unit or Preferred Unit held by such Class A Common Unit Holder, Class D
Common Unit Holder or Preferred Unit Holder. 

  
 -3-

 2.5. Issuance of GP Units. Upon the contribution by the General Partner to the
Partnership of the net proceeds of the IPO (without giving effect to the exercise of the over-allotment option granted by the General Partner to the underwriters of the IPO to purchase additional shares of Class A Common Stock to cover
over-allotments, if any), less the amount of net proceeds necessary for the General Partner to purchase Class A Common Units from the Selling Class A Common Unit Holders pursuant to Section 2.7, the Partnership shall issue to the
General Partner a number of GP Units equal to the number of shares of Class A Common Stock issued in the IPO, less the number of Class A Common Units to be purchased by the General Partner pursuant to Section 2.7. If the
over-allotment option is exercised, the Partnership shall also issue to the General Partner a number of GP Units equal to the number of shares of Class A Common Stock issued upon settlement of the over-allotment option in exchange for an amount
in cash equal to the net proceeds of the over-allotment option. 
 2.6. Retained Profits Distribution. In connection with
the IPO, the Partnership shall distribute $                 of Pre-IPO Accrued and Undistributed Profits of the Partnership (such distribution, the “Profits
Distribution”) with respect to the Partnership Units outstanding at the Effective Time on a pro rata basis in accordance with, as applicable, the Interest in Profits or the Percentage Interest represented by such Partnership Units as
of such time such Pre-IPO Accrued and Undistributed Profits were earned or accrued (in all cases, as determined by the General Partner), provided that (i) the amount to be distributed to each Selling Class A Common Unit Holder shall
be reduced by the amount of such Partnership Unit Holder’s Bonus Responsible Share multiplied by a fraction, the numerator of which equals the number of Class A Common Units being sold by such Selling Class A Common Unit Holder and
the denominator of which equals the total number of Class A Common Units held by such holder immediately prior to the sale and (ii) APAM hereby directs that the portion of the Profits Distribution with respect to the Transferred Preferred
Units otherwise to be distributed to APAM following the Merger Effective Time instead be distributed to H&F Brewer AIV II, L.P. in partial satisfaction of APAM’s obligations pursuant to the H&F Corp Merger Agreement. The Profits
Distribution shall be made promptly after the closing of the IPO. For the avoidance of doubt, APAM shall not be entitled to receive any of the Profits Distribution with respect to its GP Units. 

2.7. Purchase of Class A Common Units. Pursuant to the Purchase Agreements, the General Partner shall purchase from each
Class A Common Unit Holder set forth on Schedule 2.7 (each a “Selling Class A Common Unit Holder”) the number of Class A Common Units set forth opposite its name at a price per Class A Common Unit equal to the
net proceeds to the General Partner per share of Class A Common Stock in the IPO. Each Class A Common Unit so purchased by the General Partner shall immediately thereafter be reclassified as a GP Unit, and the General Partner shall
automatically redeem and cancel a number of shares of Class C Common Stock held by each Selling Class A Common Unit Holder equal to the number of Class A Common Units purchased from such holder. 

  
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 ARTICLE III 
 Partnership Units 
 3.1. General Provisions with Respect to Partnership
Units. 
 (a) Each Partnership Unit Holder’s interest in the Partnership, including such Partnership
Unit Holder’s interest, if any, in the capital, income, gain, loss, deduction and expense of the Partnership and the right to vote, if any, on certain Partnership matters as provided in this Agreement, shall be represented by Partnership Units.
Subject to Section 3.2, the Partnership shall have six authorized classes of Partnership Units, designated GP Units, Preferred Units, Class A Common Units, Class B Common Units, Class D Common Units and Class E Common Units. The ownership
by a Partnership Unit Holder of Partnership Units shall entitle such Partnership Unit Holder to allocations of profits and losses and other items and distributions of cash and other property as set forth in Article VII and Article VIII. Except as
provided in Sections 7.2 and 12.2, each Partnership Unit shall represent an identical interest in the Profits of the Partnership. Each Person issued any LP Unit by the Partnership shall automatically be deemed admitted to the Partnership as a
Limited Partner in respect of such LP Unit upon the issuance of such LP Unit to such Person. For the avoidance of doubt, each Person holding any LP Unit prior to the effectiveness of this Agreement and that continues to hold such LP Unit upon the
effectiveness of this Agreement shall automatically continue as a Limited Partner of the Partnership in respect of such LP Unit. 
 (b) Each Partnership Unit Holder shall be entitled to one vote per Partnership Unit on all matters as to which such Partnership Unit is entitled to vote and, except as otherwise provided in this
Agreement, each Partnership Unit shall have identical voting rights. Notwithstanding anything contained herein to the contrary, the Class E Common Unit Holders shall not have any voting rights under this Agreement, under the Act or otherwise, except
as expressly set forth in Section 15.9. 
 (c) None of the Partnership Units shall be represented by
certificates. 
 (d) The total number of Partnership Units issued and outstanding and held by Partnership Unit
Holders is set forth in the Register (as maintained by the General Partner in accordance with this Agreement). 

(e) For the avoidance of doubt, other than as provided for in Sections 7.2 and 12.2(d), the occurrence of a
Preference Termination Event shall not affect the rights of the Preferred Unit Holders as a class of holders under this Agreement. 
 (f) To the extent the Partnership is required, in respect of any distribution of cash or other property or allocation of income to or otherwise with respect to a Partner’s interest in the
Partnership, to withhold or deduct or pay any present or future taxes, duties, assessments or governmental charges of whatever nature, the amount so withheld or deducted or paid shall be deemed for all purposes of this Agreement to have been
distributed or allocated to or otherwise with respect to such Partnership Unit Holder in respect of its interest in the Partnership. 

  
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 3.2. Issuance of Additional Partnership Units. Subject to Sections 13.1 and 15.9, the
General Partner shall have the right to authorize and cause the Partnership to issue on such terms (including price) as may be determined by the General Partner (i) subject to the limitations set forth in Article IV, additional Partnership
Units, including preferred units (in addition to Preferred Units) or other classes or series of units having such rights, preferences and privileges as determined by the General Partner, and (ii) obligations, evidences of indebtedness or other
securities or interests convertible into or exercisable or exchangeable for Partnership Units. Subject to Sections 13.1 and 15.9, the General Partner shall have the power to amend this Agreement in order to provide for such powers, designations,
preferences and rights as the General Partner in its discretion deems necessary or appropriate to give effect to such additional authorization or issuance in accordance with this Section 3.2. 

ARTICLE IV 

Exchanges; Issuances of Additional Partnership Units; 
 Reclassifications, Subdivisions and Additional Issuances 
 4.1.
Exchanges. 
 (a) Upon the exchange by any Common Unit Holder of Common Units for shares of Class A
Common Stock pursuant to the Exchange Agreement, as of the effective date of such exchange, the Partnership shall cancel any Common Units so exchanged and for each Common Unit so exchanged issue one GP Unit to the General Partner. 

(b) Upon the exchange by any Preferred Unit Holder of Preferred Units for shares of Convertible Preferred Stock pursuant
to the Exchange Agreement, as of the effective date of such exchange, the Partnership shall record the transfer of each Preferred Unit so exchanged to the General Partner. 

(c) Upon the exchange by any Preferred Unit Holder of Preferred Units for shares of Class A Common Stock pursuant to
the Exchange Agreement, as of the effective date of such exchange, the Partnership shall cancel any Preferred Units so exchanged and for each Preferred Unit so exchanged issue to the General Partner a number of GP Units equal to the number of shares
of Class A Common Stock issued to such holder upon such exchange. 
 (d) The General Partner shall at all
times reserve and keep available out of its authorized but unissued Class A Common Stock, Class C Common Stock and Convertible Preferred Stock, such number of shares of Class A Common Stock, Class C Common Stock and Convertible Preferred
Stock as shall be deliverable upon (i) any exchange contemplated by this Section 4.1, (ii) any conversion contemplated by Section 4.2, or (iii) any issuance of Class C Common Stock contemplated by Section 4.3.

  
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 4.2. Conversion of Convertible Preferred Stock; Exchange of Preferred Units. Upon the
conversion of any shares of Convertible Preferred Stock into shares of Class A Common Stock pursuant to the Certificate of Incorporation of APAM, the General Partner shall exchange a corresponding number of Preferred Units held by it for a
number of GP Units equal to the number of shares of Class A Common Stock issued to such holder upon such conversion. 

4.3. Termination of Class B Common Unit Holder’s Employment. In the case of a Class B Common Unit Holder who is an employee
of, or who provides services to or on behalf of, the Partnership or an Affiliate thereof, upon the termination of the performance of services of such Class B Common Unit Holder (a “Terminated Employee-Partner”) for any reason, each
vested Class B Common Unit held by such Terminated Employee-Partner at the time of termination shall automatically be exchanged for a Class E Common Unit and such Class B Common Unit shall be cancelled for no other consideration. Any unvested Class
B Common Units held by such Terminated Employee-Partner shall be automatically cancelled. Upon exchange of the vested Class B Common Units for Class E Common Units, the General Partner shall (i) issue to the Terminated Employee-Partner a number
of shares of Class C Common Stock equal to the number of Class E Common Units held by the Terminated Employee-Partner, and (ii) automatically redeem and cancel the shares of Class B Common Stock held by the Terminated Employee-Partner. For the
avoidance of doubt, vesting of Class B Common Units shall be governed by grant agreements between each Class B Common Unit Holder and the Partnership. 
 4.4. Issuance of Class A Common Stock and Class B Common Stock. 
 (a) Upon the issuance by the General Partner of any shares of Class A Common Stock (including in connection with any equity incentive program or upon the conversion, exercise or exchange of any
security or other instrument convertible into or exercisable or exchangeable for shares of Class A Common Stock), the General Partner shall contribute the net proceeds of such issuance to the Partnership in exchange for a number of newly issued
GP Units equal to the number of shares of Class A Common Stock issued; provided that in lieu of such contribution and issuance the General Partner may agree to transfer such net proceeds to a Limited Partner in exchange for a number of
LP Units equal to such number of shares of Class A Common Stock. Any LP Units so acquired by the General Partner shall automatically convert into a GP Unit. 

(b) At any time the Partnership issues a Class B Common Unit, the General Partner shall issue a share of Class B Common
Stock to the recipient of such Class B Common Unit in exchange for the payment of its par value. Upon the forfeiture of any Class B Common Unit, the General Partner shall automatically redeem and cancel the corresponding share of Class B Common
Stock. 
 4.5. Subdivision or Combination. 

(a) The General Partner shall not in any manner effect any Subdivision or Combination of any of its Class A Common
Stock, and the Partnership shall not in any manner effect any Subdivision or Combination of GP Units unless the GP Units or the shares of Class A Stock are subdivided or combined, as the case may be, into an identical number of units or shares.

  
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 (b) The General Partner shall not in any manner effect any Subdivision or
Combination of any of its Convertible Preferred Stock unless the Preferred Units are subdivided or combined in equal proportion to such Subdivision or Combination. 

(c) The Partnership shall not in any manner effect any Subdivision or Combination of Preferred Units unless the shares of
Convertible Preferred Stock are subdivided or combined in equal proportion to such Subdivision or Combination. 

(d) So long as any Preferred Units are outstanding, the Partnership shall not in any manner effect any Subdivision or
Combination of any (i) GP Units unless the Preferred Units are subdivided or combined in equal proportion to such Subdivision or Combination, and (ii) Preferred Units unless the GP Units are subdivided or combined in equal proportion to
such Subdivision or Combination. 
 4.6. Issuance of Additional General Partner Securities. Subject to Section 4.5,
the General Partner shall not issue, and shall not agree to issue (including pursuant to any security or other instrument convertible into or exercisable or exchangeable for) any class of equity securities other than Class A Common Stock, Class
B Common Stock pursuant to Section 4.4(b), Class C Common Stock pursuant to Section 4.3 or Convertible Preferred Stock pursuant to Section 4.1(b) (“Additional General Partner Securities”), unless (i), subject to
Section 13.1, the Partnership shall issue or agree to issue, as the case may be, to the General Partner a number of units with designations, preferences and other rights and terms that are substantially the same as such Additional General
Partner Securities (“Additional Partnership Units”) equal to the number of such Additional General Partner Securities issued by the General Partner, and (ii) the General Partner transfers to the Partnership the net proceeds of
the issuance of such Additional General Partner Securities and agrees to transfer to the Partnership any amounts paid by the holders thereof upon their exercise, if applicable. 

4.7. Redemption and Repurchase of General Partner Securities. If the General Partner redeems, repurchases or otherwise acquires
any shares of its Class A Common Stock, Convertible Preferred Stock or Additional General Partner Securities for cash, the Partnership shall, at substantially the same time as such redemption, repurchase or acquisition, redeem an identical
number of GP Units, Preferred Units or Additional Partnership Units (as the case may be) held by the General Partner upon the same terms and for the same price, as the redemption, repurchase or acquisition of the Class A Common Stock,
Convertible Preferred Stock or Additional General Partner Securities. 
 4.8. Contingent Value Rights and Tax Receivable
Agreement (Exchanges). Immediately prior to the consummation of the IPO, (i) the Partnership shall issue the Partnership CVRs pursuant to the Partnership CVR Agreement (and, for the avoidance of doubt, the Partnership, and the General
Partner on behalf of the Partnership, is hereby authorized to enter into and perform the Partnership CVR Agreement notwithstanding any other provision of this Agreement or the Act to the contrary) and (ii) the General Partner shall enter into
the Tax Receivable Agreement (Exchanges), dated as of the date hereof, between the General Partner and each Partnership Unit Holder. 

  
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 ARTICLE V 
 Capital Contributions 
 5.1. Capital Contributions. Each Partnership
Unit Holder as of the Effective Time shall be deemed to have contributed to the capital of the Partnership the amounts set forth opposite each Partnership Unit Holder’s name in the Capital Account Register as of the Effective Time. 

5.2. Return of Capital. The General Partner shall have no personal liability for the repayment of the Capital Contribution of any
Limited Partner or for repayment to the Partnership of any portion of any negative balance in any Partnership Unit Holder’s Capital Account. Nothing in this Section 5.2 shall be construed to limit the General Partner’s liability to
creditors of the Partnership. No Partnership Unit Holder shall be paid interest on any Capital Contributions or on such Partnership Unit Holder’s Capital Account. 
 5.3. Additional Capital Contributions. No Partnership Unit Holder shall be required, or have the right, to make any additional Capital Contributions or loans to the Partnership which are not
specified herein (except as may be required by law). 
 ARTICLE VI 

Capital Accounts 
 6.1. Capital Accounts. There shall be maintained for each Partner a Capital Account in accordance with the following: 

(a) Credits. Each Partnership Unit Holder’s Capital Account shall be credited with (increased by) such
Partnership Unit Holder’s Capital Contributions, any income or gain allocated to such Partnership Unit Holder pursuant to Section 8.1, and the amount of any liabilities or indebtedness of the Partnership that is assumed by such Partnership
Unit Holder or that is secured by any property distributed to such Partner. 
 (b) Debits. Each
Partnership Unit Holder’s Capital Account shall be debited with (reduced by) the amount of cash and the Fair Market Value of any property distributed to such Partnership Unit Holder (except to the extent a distribution is treated as a
“guaranteed payment” under Section 707(c) of the Code), any expenses or losses allocated to such Partnership Unit Holder pursuant to Section 8.1, and the amount of any liabilities or indebtedness of such Partnership Unit Holder
that is assumed by the Partnership or that is secured by any property contributed by such Partnership Unit Holder to the Partnership. 
 (c) Revaluations. 
 (i) Allocation of Net Gain
Generally. After the application of Section 6.1(c)(iv), if immediately prior to any Revaluation Event (x)(I) the aggregate Revaluation Capital Account balances in respect of all of the Preferred Unit Holders (disregarding the portion
of the General Partner’s Revaluation Capital Account attributable to GP Units) at such time is at least equal to the product of the Preferred Unit Preference Amount multiplied by the number of

  
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Preferred Units outstanding at such time or (II) the Preferred Unit Holders are no longer entitled to preferential distributions with respect to either Partial Capital Events pursuant to
Section 7.2 or upon dissolution or liquidation of the Partnership pursuant to Section 12.2(d) and (y) the Revaluation Capital Account balance in respect of any Partnership Unit Holder is less than the amount equal to the aggregate
Revaluation Capital Account balances of all Partnership Unit Holders multiplied by the Percentage Interest of such Partnership Unit Holder (such difference, in respect of such Partnership Unit Holder, a “Capital Account Shortfall”),
the amount of net gain in connection with such Revaluation Event allocated with respect to: (1) a Common Unit Holder will equal (A) the net gain in connection with the Revaluation Event minus the GP Revaluation Event Allocable Gain
multiplied by (B) a fraction, the numerator of which is the Unit Shortfall with respect to the Common Unit Holder and the denominator of which is the Aggregate Shortfall; and (2) the General Partner will equal the GP Revaluation Event
Allocable Gain; provided that no gain shall be allocated pursuant to this clause (i) to the extent it would cause the Revaluation Capital Account balance in respect of any Common Unit Holder to be greater than the amount equal to the
aggregate Revaluation Capital Account balances of all Partnership Unit Holders multiplied by the Percentage Interest of such Partnership Unit Holder immediately after the Revaluation Event. For the avoidance of doubt, any remaining amount of net
gain in connection with such Revaluation Event following the foregoing allocation shall be allocated among the Partnership Unit Holders pursuant to Section 8.1. 

(ii) Allocation of Net Loss Generally. If immediately prior to any Revaluation Event (and after allocating net loss
pursuant to Section 6.1(c)(iii), if applicable) any Common Unit Holder has a Capital Account Shortfall, the amount of net loss in connection with such Revaluation Event allocated with respect to (1) a Common Unit Holder will equal
(x) the net amount of loss to be allocated in connection with the Revaluation Event (after application of Section 6.1(c)(iii), if applicable) minus the GP Revaluation Event Allocable Loss multiplied by (y) a fraction, the numerator of
which is the Unit Surplus with respect to the Common Unit Holder and the denominator of which is the Aggregate Surplus; and (2) the General Partner will equal the GP Revaluation Event Allocable Loss. 

(iii) Priority Allocation of Net Loss to Preferred Unit Holders. From and after the time, if any, at which the
Preferred Unit Holders are no longer entitled to preferential distributions with respect to either Partial Capital Events pursuant to Section 7.2 or upon dissolution or liquidation of the Partnership pursuant to Section 12.2(d), if and to
the extent any Common Unit Holder has a Capital Account Shortfall immediately prior to any Revaluation Event, (x) an amount of net gain in connection with such Revaluation Event, if any, shall be allocated pursuant to Section 6.1(c)(i),
and (y) an amount of net loss in connection with such Revaluation Event, if any, equal to the Preferred Unit Loss Allocation will be allocated to the Preferred Unit Holders on a pro rata basis until (and only until) the Revaluation Capital
Account balance in respect of each Preferred Unit Holder is equal to the aggregate Revaluation Capital Account balances of all 

  
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Partnership Unit Holders multiplied by the Percentage Interest of such Preferred Unit Holder. For the avoidance of doubt, any remaining amount of net loss in connection with such Revaluation
Event following the allocation in foregoing subclause (y) shall be allocated pursuant to Section 6.1(c)(ii). 
 (iv) Priority Allocation of Net Gain to Preferred Unit Holders and General Partner. From and after the time, if any, at which the CVR Payment Condition is satisfied, before allocating any net gain
in connection with the Revaluation Event to any other Partnership Unit Holder, such net gain shall be allocated to the Preferred Unit Holders and the General Partner (with respect to GP Units only) on a pro rata basis until the Revaluation Capital
Account balance in respect of each Preferred Unit Holder and the General Partner (with respect to GP Unit only) is equal to the aggregate Revaluation Capital Account balances of all Partnership Unit Holders immediately following the Revaluation
Event multiplied by the Percentage Interest of such Preferred Unit Holder or the General Partner (with respect to GP Units only), respectively. 
 (d) Transfers. In the event any Limited Partner Transfers or exchanges all or any portion of such Limited Partner’s Partnership Units in accordance with this Agreement or the Exchange
Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred LP Units. 
 (e) Treasury Regulations. The Partnership shall maintain the Capital Accounts in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). 

6.2. Capital Account Register. The Capital Accounts of the Partnership Unit Holders as of the Effective Time shall be set forth in
the Capital Account Register. After the Effective Time, the General Partner shall maintain and periodically update the Capital Account Register in accordance with the terms hereof. The Capital Account Register shall be conclusive and binding upon
the Partnership Unit Holders as the calculation of each Partnership Unit Holder’s Capital Account absent manifest error by the General Partner, except that the General Partner shall make any adjustments necessary to permit delivery of the
opinions referred to in Section 9.3(a). 
 6.3. Interpretation. The provisions of Section 6.1 and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Section 1.704-1(b) of the Treasury Regulations and shall be interpreted and applied in a manner consistent therewith (including the rules
set forth in the Treasury Regulations for determining the items and amounts of income, gain, loss and deduction to be taken into account for Capital Account purposes). In the event the General Partner determines that it is prudent to modify the
manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to debt that is secured by contributed or distributed property or that is assumed by the Partnership or the Partnership
Unit Holders), are computed in order to comply with such Treasury Regulations or any successor thereto, the General Partner may make such modification provided that it is unlikely to have a material effect on the amounts distributable to any
Partnership Unit Holder. 

  
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 ARTICLE VII 
 Distributions 
 7.1. Current Distributions. 

(a) Current Tax Distributions. To the extent permitted by law and consistent with the Partnership’s
obligations to its creditors as reasonably determined by the General Partner, the Partnership shall make tax distributions on or before the Tax Distribution Dates, provided that except as provided in Section 7.1(c), no tax distributions
shall be made to any Partnership Unit Holder in respect of any event that would give rise to a distribution under Sections 7.2 or 12.2(d). The aggregate amount of the tax distribution made with respect to any given Tax Distribution Date shall be the
product of (i) the estimated federal taxable income of the Partnership under the provisions of the Code, as though the Partnership were an individual, for the portion of the Fiscal Period ending on the last day of the calendar month immediately
preceding the Tax Distribution Date and commencing on the first day of the calendar month that includes the immediately preceding Tax Distribution Date, multiplied by (ii) the Tax Rate. Notwithstanding the foregoing, to the extent the
Partnership has had an estimated federal taxable loss for any prior Fiscal Period in that Fiscal Year, the amount in clause (i) above shall be reduced by that portion of the loss remaining after reducing taxable income for prior Fiscal Periods
in such Fiscal Year for the loss. Each Partnership Unit Holder shall receive a tax distribution proportional with the amount of federal taxable income to be allocated to such Partnership Unit Holder pursuant to Section 8.2; provided that
no tax distributions shall be made to a Partnership Unit Holder in respect of (x) any amounts distributed to such Partnership Unit Holder and treated as a “guaranteed payment” under Section 707(c) of the Code or (y) any
allocations of gross income to such Partnership Unit Holder pursuant to Section 6 of Appendix B. All tax distributions made to any Partnership Unit Holder pursuant to this Section 7.1(a) shall be treated as an advance against future
distributions by the Partnership to such Partnership Unit Holder pursuant to Sections 7.1(d) and 7.2 and clauses (iii), (iv), (v), (vi) and (vii) of Section 12.2(d), and all distributions to such Partnership Unit Holder pursuant to
Sections 7.1(d) and 7.2 and clauses (iii), (iv), (v), (vi) and (vii) of Section 12.2(d) shall be reduced by the amount of any such tax distributions advanced to such Partnership Unit Holder prior to or on the date of such
distribution that have not previously been taken into account to reduce the amount of distributions pursuant to such aforementioned provisions. 
 (b) Additional Tax Distributions. In the event any income tax return of the Partnership, as a result of an audit or otherwise, reflects items of income, gain, loss or deduction which are different
from the amounts estimated for each Partnership Unit Holder pursuant to Section 7.1(a) with respect to the Fiscal Period of such return in a manner that results in additional income or gain of the Partnership being allocated to all or some of
the Partnership Unit Holders, then to the extent permitted by law and consistent with the Partnership’s obligations to its creditors as reasonably determined by the General Partner, an additional tax distribution shall be made under the
principles of Section 7.1(a) to each Partnership Unit Holder to whom such additional income or gain is allocated, except that (i) the last day of the calendar month in which such adjustment occurs shall be treated as a Tax Distribution
Date and (ii) the amount of such additional income or gain shall be treated as the federal taxable income of the Partnership. All additional tax distributions made to any Partnership Unit Holder

  
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pursuant to this Section 7.1(b) shall be treated as an advance against future distributions by the Partnership to such Partnership Unit Holder pursuant to Sections 7.1(d) and 7.2 and clauses
(iii), (iv), (v), (vi) and (vii) of Section 12.2(d), and all distributions to such Partnership Unit Holder pursuant to Sections 7.1(d) and 7.2 and clauses (iii), (iv), (v), (vi) and (vii) of Section 12.2(d) shall be
reduced by the amount of any such tax distributions advanced to such Partner prior to or on the date of such distribution that have not previously been taken into account to reduce the amount of distributions pursuant to such aforementioned
provisions. 
 (c) Special Tax Distributions. Where the anticipated federal, state and local taxes
required to be paid by a Partnership Unit Holder in respect of its distributive share of the income and gain attributable to a Partial Capital Event exceed the cash distributions to any Partnership Unit Holder (the “Distributee
Partner”) pursuant to Section 7.2 for such Partial Capital Event (such excess amount, the “PCE Tax Shortfall”), the Partnership shall make an additional tax distribution, subject to the limitations set forth in
Section 7.1(a), to the Distributee Partner in the amount equal to the PCE Tax Shortfall (“Special Tax Distribution”). The Special Tax Distribution shall be taken from the cash that would otherwise be distributed to the
Preferred Unit Holders under Section 7.2(a); provided that in no event shall the Preferred Unit Holders receive, in the aggregate, cash in an amount equal to less than the product of (A) their aggregate Percentage Interest at the
time of the relevant Partial Capital Event and (B) the aggregate net proceeds of the relevant Partial Capital Event. Notwithstanding anything contained in this Agreement, all subsequent distributions to the Distributee Partner (other than Tax
Distributions) shall be made to the Preferred Unit Holders until the Special Tax Distribution has been repaid to the Preferred Unit Holders. 
 (d) Other Current Distributions. Distributions, other than those made pursuant to Section 7.2 or Section 12.2, may be declared by the General Partner out of funds legally available
therefor in such amounts and on such terms (including the payment dates of such distributions) as the General Partner shall determine and shall be made to the Partnership Unit Holders as of the close of business on such record date as the General
Partner shall determine on a pro rata basis in accordance with each Partnership Unit Holder’s Percentage Interest as of the close of business on such record date; provided that the General Partner shall have the obligation to make
the distributions provided for in Section 2.6 and such distributions shall be made only to the recipients thereof specified in Section 2.6 and shall not be made on a pro rata basis; provided, further, that the General
Partner shall have the obligation to make the distributions set forth in Sections 7.1(a), (b) and (c) and Sections 7.2 and 12.2; and provided, further, that, notwithstanding any other provision herein to the contrary, no
distributions shall be made to any Partnership Unit Holder or former Partnership Unit Holder to the extent such distribution would render the Partnership insolvent or would otherwise violate the Act. For purposes of the foregoing sentence,
insolvency shall mean the inability of the Partnership to meet its payment obligations when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 7.1(d), the General Partner
shall give notice to each Partnership Unit Holder of the record date, the amount and terms of the distribution and the payment date thereof. 

  
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 (e) Bonus Make-Whole Adjustments. Notwithstanding anything to the
contrary herein, each distribution after the Effective Time otherwise allocable pursuant to Section 7.1(d), Section 7.2 or Section 12.2(d)(iii) (i) to a Contributing Partner shall be reduced by such Contributing Partner’s
Bonus Responsible Share and (ii) to a Non-Contributing Partner shall be increased by such Non-Contributing Partner’s Bonus Make-Whole Amount, provided that the maximum amount a Non-Contributing Partner may receive with respect to LP
Units held at the Effective Time pursuant to this Section 7.1(e) shall equal such Non-Contributing Partner’s Bonus Make-Whole Share as of the Effective Time. 
 7.2. Distributions in connection with a Partial Capital Event. The General Partner shall, promptly, and in any event within 20 days following the occurrence of a Partial Capital Event, notify the
Partnership Unit Holders in writing that such Partial Capital Event has occurred and the amount of distributions, if any, to be distributed to such Partnership Unit Holder pursuant to this Section 7.2. The General Partner shall, within 60 days
after the completion of any Partial Capital Event, distribute the net proceeds thereof to the Partnership Unit Holders as of the close of business on such record date (which shall be reasonably proximate to the time of distributions pursuant to this
Section 7.2) as the General Partner shall determine as follows: 
 (a) First, until the occurrence of
the Preferred Units Preference Condition or the CVR Payment Condition (each a “Preference Termination Event”), whereupon all distributions in respect of Partial Capital Events shall be made in the manner described in
Section 7.2(b) and (c), subject to the provisions of Section 7.1(c), 60% to the Preferred Unit Holders (in proportion to their respective Capital Accounts as of the record date) and 40% to the Other Unit Holders (in proportion to their
respective Capital Accounts as of the record date), until the amount distributed on each Preferred Unit in respect of all Partial Capital Events equals the Preferred Unit Preference Amount. For the avoidance of doubt, the Preferred Unit Holders may
decline all or any portion of a distribution to be made pursuant to this Section 7.2(a) by giving written notice to the General Partner within 10 days after receiving notice that a Partial Capital Event has occurred. 

(b) Second, in the event that cash has been distributed pursuant to Section 7.2(a) above and prior
distributions pursuant to this Section 7.2(b) have not fully satisfied the Partnership’s obligations under this Section 7.2(b) in respect of such distributions under Section 7.2(a), 100% to the Other Unit Holders, until the
cumulative amount of all distributions to the Other Unit Holders made pursuant to Section 7.2(a) and this Section 7.2(b) in respect of all Partial Capital Events since the Effective Time equals the amount such Other Unit Holders would have
received from all such distributions had each such distribution been made in accordance with the Partnership Unit Holders’ respective Percentage Interests at the time of such distributions. Distributions to the Other Unit Holders pursuant to
this Section 7.2(b) shall be in proportion to their respective Capital Accounts as of the record date for such distribution. Distributions made pursuant to Section 7.2(a) and this Section 7.2(b) (including advances, if any, on such
distributions pursuant to Section 7.1) shall not exceed, in the aggregate, an amount equal to the quotient of (i) the product of (x) the Preferred Unit Preference Amount multiplied by (y) the number of Preferred Units outstanding
at the time of the initial 

  
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distribution pursuant to Section 7.2(a) divided by (ii) the aggregate Percentage Interest of the Preferred Unit Holders at the time of the initial distribution pursuant to
Section 7.2(a). On the settlement date of the Partnership CVRs, an amount equal to the excess, if any, of (x) the Settlement Amounts (as defined in the Partnership CVR Agreement) that would have been payable pursuant to Sections 4(a)
and 4(c) of the Partnership CVR Agreement had no Partial Capital Event occurred prior to such date over (y) the Settlement Amounts (as defined in the Partnership CVR Agreement) actually paid pursuant to such Sections 4(a) and 4(c) shall be
deemed to have been distributed to the Other Unit Holders pursuant to this Section 7.2(b). 
 (c)
Third, to the Partnership Unit Holders in proportion to their respective Capital Accounts as of the record date, provided that if in respect of any Partial Capital Event no distribution is required pursuant to Section 7.2(a) or
(b), no distribution shall be required in respect of such Partial Capital Event. 
 7.3. Liquidating Distribution. In the
event the Partnership is liquidated pursuant to Article XII, liquidating distributions shall be made pursuant to Section 12.2(d). 
 7.4. Nature of Distributions. Other than distributions pursuant to Sections 7.1(a), 7.1(b) and 7.1(c), which shall be made in cash, and Section 7.3, which shall be made as set forth in
Section 12.2(d), subject to Section 13.1(a)(iii), the Partnership may make distributions in kind; provided that, in the event of any such in-kind distribution, all recipients of such distribution shall receive the same general form
of consideration. 
 7.5. Restrictions on Distributions. Notwithstanding any provision to the contrary in this Agreement,
the Partnership, and the General Partner on behalf of the Partnership, shall not make a distribution to any Partnership Unit Holder on account of its Partnership Units or other interest in the Partnership to the extent that such distribution would
violate the Act or other applicable law. 
 ARTICLE VIII 
 Allocation of Items of Income, Gain, Loss and Deduction for Capital Account Purposes 
 8.1. Capital Account Allocations. Except as provided in Section 6.1(c) and Appendix B hereto, for Capital Account purposes, all items of income, gain, loss and deduction shall be
allocated among the Partnership Unit Holders in accordance with their Percentage Interests, provided that: 
 (a) if and to the extent the allocation of any loss or deduction to the Preferred Unit Holders would cause the Capital Account balance in respect of any Preferred Unit outstanding at the time to fall
below the sum of (i) until the occurrence of a Preference Termination Event, the Preferred Unit Preference Amount, (ii) any Pre-IPO Accrued and Undistributed Profits allocated to such Preferred Unit and (iii) any Post-IPO Accrued and
Undistributed Profits allocated to such Preferred Unit, the allocation of such loss or deduction otherwise allocable to the Preferred Unit Holders will instead be allocated to the Other Unit Holders having positive Capital Account balances in
proportion to their Percentage Interests, provided that no losses or deductions shall be 

  
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allocated pursuant to this Section 8.1(a) to any Other Unit Holder if and to the extent such allocation would cause the Capital Account balance in respect of any GP Unit or Common Unit
outstanding at the time to fall below the sum of (i) any Pre-IPO Accrued and Undistributed Profits allocated to such Partnership Unit and (ii) any Post-IPO Accrued and Undistributed Profits allocated to such Partnership Unit, 

(b) to the extent any distributions are adjusted pursuant to Section 7.1(e), an amount of income that otherwise would
have been allocated to Contributing Partners whose distributions were reduced shall instead be allocated in an amount equal to such reduction to Non-Contributing Partners whose distributions were increased, and 

(c) to the extent the Profits Distribution to a Selling Class A Common Unit Holder is reduced pursuant to
Section 2.6, an amount of deduction that otherwise would have been allocated to Partnership Unit Holders with respect to whom there are Bonus Make-Whole Amounts shall instead be allocated in an amount equal to such reduction to such Selling
Class A Common Unit Holder. 
 8.2. Tax Allocations. For federal, state and local income tax purposes, items of
income, gain, loss, deduction and credit shall be allocated to the Partnership Unit Holders in accordance with the allocations of the corresponding items for Capital Account purposes under Section 8.1, except that items with respect to which
there is a difference between tax basis and Carrying Value will be allocated in accordance with Section 704(c) of the Code, the Treasury Regulations thereunder, and Treasury Regulations Section 1.704-1(b)(4)(i). 

8.3. Guaranteed Payments. Any payment of salary, bonus or taxable fringe benefits made by the Partnership or its Subsidiaries to a
Partnership Unit Holder shall be treated as a “guaranteed payment” under Section 707(c) of the Code. For the avoidance of doubt, distributions to the Preferred Unit Holders shall not be treated as “guaranteed payments” under
Section 707(c) of the Code. 
 ARTICLE IX 
 Records and Accounting 
 9.1. Books and Records. The General
Partner, at the Partnership’s cost and expense, shall maintain or cause to be maintained accurate books and records of the Partnership and each Subsidiary at the principal place of business of the General Partner or such other place as the
General Partner shall reasonably determine. Such books and records shall be open to the inspection of each Partnership Unit Holder in person or by its duly authorized representatives at such place during regular business hours within a reasonable
time after receipt of a written request for such inspection. Any expense for any inspection (including any copying of such records) shall be borne by the Partnership Unit Holder causing such inspection to be conducted. 

9.2. Fiscal Year. Unless otherwise required by law, the Fiscal Year of the Partnership and its Subsidiaries shall be an annual
period ending on December 31. 

  
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 9.3. Reports to Limited Partners. The General Partner shall cause to be prepared, at
the Partnership’s expense, and shall use its best efforts to deliver to each Limited Partner (other than the items specified in clauses (a)(ii) and (c) below which shall only be delivered to the Original H&F Holders), the following:

 (a) Annual Report. Within 90 days after the end of each Fiscal Year, (i) an annual report
containing the audited consolidated financial statements of the Partnership and its Subsidiaries prepared in accordance with GAAP and accompanied by a report thereon containing the opinion of an independent accounting firm (the “Audited
Financial Statements”), and (ii) an opinion or opinions from the independent accounting firm in connection with the preparation of the Audited Financial Statements as to (A) the GAAP capital accounts of the Preferred Unit Holders
having been maintained in accordance with applicable law and the terms of this Agreement and (B) such Preferred Unit Holders’ GAAP capital account balance as of the end of such Fiscal Year. 

(b) Tax Return Information. Within 82 days after the end of each Fiscal Year, information necessary (or
reasonably requested by a Partnership Unit Holder) as a result of the Partnership Unit Holder’s investment in the Partnership for the preparation by the Partnership Unit Holders of their income tax returns. After the end of each Fiscal Year,
upon reasonable request of Preferred Unit Holders holding a majority of Preferred Units, the Partnership will use its commercially reasonable efforts to provide to the Preferred Unit Holders good faith estimates of the information required to be
provided pursuant to the first sentence of this Section 9.3(b). 
 (c) Interim Reports. Within 45
days after the end of each quarter (other than the fourth quarter), unaudited consolidated financial statements of the Partnership and its Subsidiaries for such quarter. 
 9.4. Investment of Partnership Funds. All funds of the Partnership and its Subsidiaries shall be either (i) deposited in the name of the Partnership or the applicable Subsidiary in such
accounts as shall be designated by the General Partner or (ii) invested at the General Partner’s discretion. Withdrawals therefrom shall be made solely by such officers of the Partnership or of the applicable Subsidiary, as applicable, or
other duly appointed individuals as the General Partner may designate. 
 9.5. Tax Matters Partner. The General Partner
shall be the “tax matters partner,” as that term is defined in Code Section 6231(a)(7) (the “Tax Matters Partner”) with all of the rights, duties and powers provided for in Code Sections 6221 through 6232,
inclusive. The Tax Matters Partner, as an authorized representative of the Partnership, shall direct the defense of any claims made by the Internal Revenue Service to the extent that such claims relate to the adjustment of Partnership items at the
Partnership level and, in connection therewith, may retain and pay the fees and expenses of counsel and other advisors chosen by the Tax Matters Partner from Partnership funds. Notwithstanding the foregoing, the Tax Matters Partner shall require the
consent of the General Partner and the holders of a majority of the Class A Common Units, the Class B Common Units, the Class D Common Units and the Preferred Units, each voting as a separate class, on matters that materially adversely affect
the allocation of the basis step-up in the Partnership assets under Sections 734 and 743 of the Code; provided, however, 

  
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that any such allocation shall be made only in accordance with all provisions of the Code, and any other law (federal, state or local), the regulations thereunder and any administrative guidance
issued by any regulatory authority. The General Partner shall promptly deliver to each Limited Partner a copy of all notices and communications with respect to income or similar taxes received from the Internal Revenue Service or other taxing
authority relating to the Partnership which might materially adversely affect such Limited Partners, and consult with, and consider in good faith the recommendation of any such materially and adversely affected Preferred Unit Holder in respect of
the defense of any claim. All expenses of the Tax Matters Partner (including reasonable disbursements) and other fees and expenses in connection with such defense shall be borne by the Partnership. Neither the Tax Matters Partner nor the Partnership
shall be liable for any additional tax, interest or penalties payable by a Partnership Unit Holder or any costs of separate counsel chosen by such Partnership Unit Holder to represent the Partnership Unit Holder with respect to any aspect of such
challenge. 
 ARTICLE X 
 Management of the Partnership; 
 Rights and Duties of the General Partner

 10.1. Management Powers of the General Partner. Except as otherwise expressly provided herein, the General Partner
(a) shall have the exclusive authority to manage and conduct the business of the Partnership, including the sole authority to manage, control and administer the day-to-day business and affairs of the Partnership, (b) is hereby authorized
and vested with the power on behalf of the Partnership to do all acts necessary or incidental to the carrying out of the business of the Partnership, and (c) shall have all of the rights and powers of a general partner of a limited partnership
under the Act, including the authority, right and power to make, do or perform the following: 
 (i) lease real
property and buy, sell or lease personal property in connection with the Partnership’s business; 
 (ii)
borrow money and procure temporary, permanent, conventional or other financing for purposes of financing the operations and development of the Partnership’s business, on such terms and conditions and at such rates of interest as it deems
appropriate in connection therewith and if security is required therefor, mortgage or grant any other security interest in and to any portion of the property or assets of the Partnership; 

(iii) cause property acquired by the Partnership to be taken and held in the Partnership’s name or in the name of
nominees or trustees, provided that said property shall nevertheless be Partnership property subject to this Agreement; 
 (iv) subject to Section 9.5, bring, defend, settle, compromise or otherwise participate in any and all actions, proceedings or investigations, whether at law, in equity or both, or before any
Governmental Authority or agency, and whether brought against the Partnership or the General Partner, arising out of, connected with or related in any way to the business and affairs of 

  
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the Partnership or the enforcement or protection of interests in the Partnership; the decision to settle or compromise in such a controversy and the terms and circumstances of such settlement or
compromise shall be solely the decision of the General Partner, as shall the decision to appeal to the court of last resort any decision adverse to the interest of the Partnership; 

(v) employ such persons, firms or corporations and fix their reasonable compensation as may be necessary for the
preparation of the Partnership’s financial statements, tax returns and reports and to carry on the business and accomplish the purposes of the Partnership; 
 (vi) appoint officers of the Partnership, and delegate duties and grant authority to such officers of the Partnership; 

(vii) pay out of Partnership funds all fees and expenses necessary to carry on the business and to accomplish the purposes
of the Partnership, including, without limitation, Partnership administration; 
 (viii) open accounts and
deposit and maintain funds in the name of the Partnership in banks, savings and loan associations, brokerage firms or other financial institutions; 
 (ix) take any actions required under Article II; and 
 (x) exercise
the powers of the Partnership as an equity holder, member, manager, limited partner or general partner, as the case may be, of its Subsidiaries. 
 The General Partner, as determined by its board of directors, may delegate to its officers or to the officers of the Partnership any of the foregoing authority, rights and powers. 

10.2. Liability to Partnership Unit Holders and Partnership. In the absence of fraud, willful misconduct or gross negligence,
neither the General Partner nor any officers or directors of the General Partner shall be liable to the Partnership Unit Holders or the Partnership for (i) any mistake in judgment or (ii) any action or inaction taken or omitted in the
course of performing its duties under this Agreement or in connection with the business of the Partnership. In addition, neither the General Partner nor any officers or directors of the General Partner shall be liable to the Partnership Unit Holders
or the Partnership for any loss due to the mistake, negligence, dishonesty, fraud or bad faith of any employee, broker or other agent of the Partnership selected by the General Partner without willful misconduct or gross negligence on the part of
the General Partner or such officer or director. 
 10.3. Indemnification. 

(a) The General Partner, Artisan Investment Corporation, former Advisory Committee members, any officers or directors of
the General Partner or Artisan Investment Corporation and their respective heirs, successors and assigns will be indemnified and held harmless by the Partnership against any losses, damages, costs or

  
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expenses (including reasonable attorneys’ fees, judgments, fines and amounts paid in settlement) actually incurred in connection with any threatened, pending or completed action, suit or
proceeding, whether civil, criminal or administrative (including any action by or on behalf of the Partnership) arising as a result of their being the General Partner, the former general partner, a former Advisory Committee member, or an officer or
director of the General Partner or the former general partner to the maximum extent that they could be indemnified if the Partnership were a Delaware corporation and they were directors of such corporation. In addition, the Partnership shall pay the
costs or expenses (including reasonable attorneys’ fees) incurred by the parties indemnified herein in advance of a final disposition of such matter so long as such indemnified party undertakes to repay such expenses if he or she is adjudicated
not to be entitled to indemnification. 
 (b) An officer or employee of, and any Persons whose full-time or
part-time professional efforts are devoted to providing services to, the Partnership or any Subsidiary of the Partnership will be indemnified by the Partnership against any losses, damages, costs or expenses (including reasonable attorneys’
fees, judgments, fines and amounts paid in settlement) actually incurred in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal or administrative arising as a result of their being an officer or
employee of the Partnership; provided, however, that no such Person shall be so indemnified or reimbursed for any claim, obligation or liability which shall have been finally adjudicated to have arisen out of or been based upon
the intentional misconduct, gross negligence, fraud or knowing violation of law by such Person. In addition, the Partnership shall pay the costs or expenses (including reasonable attorneys’ fees) incurred by such Persons indemnified herein in
advance of a final disposition of such matter so long as such Person undertakes to repay such expenses if he or she is adjudicated not to be entitled to indemnification; provided, however, that such Person gives prompt notice thereof,
executes such documents and takes such action as will permit the Partnership to conduct the defense or settlement thereof and cooperates therein. 
 10.4. Non-Exclusive Remedy. The right of indemnification provided hereby shall not be exclusive of, and shall not affect, any other rights to which any Partnership Unit Holder or other Person
indemnified hereunder may be entitled. Nothing contained in this Article X shall limit any lawful rights to indemnification existing independently of this Article X. No amendment, modification or repeal of Section 10.3 or this Section 10.4
shall adversely affect the indemnification rights of any Partnership Unit Holder or Person hereunder with respect to any claim giving rise to such rights that arises prior to the time of such amendment, modification or repeal. 

10.5. Other Permissible Activities. Except to the extent otherwise provided in any agreement between a Partnership Unit Holder and
the Partnership, any Limited Partner (except for the Class B Common Unit Holders) and any officer or director of any such Limited Partner or the General Partner may (either directly or through its Affiliates) engage in or possess interests in other
business ventures of every kind and description for its own account, including, without limitation, investing in other entities that engage in, or directly engaging in, institutional and retail investment management. Neither the Partnership nor any
of the Partnership Unit Holders shall have any rights by virtue of this Agreement in or to such other business ventures or to the 

  
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income or profits derived therefrom. Except for the General Partner and the Class B Common Unit Holders, each Partnership Unit Holder and each such Partnership Unit Holder’s Affiliates, in
any such Person’s capacity as a Partnership Unit Holder or an Affiliate of a Partnership Unit Holder, and any officer, director, agent, member or partner of a Class A Common Unit Holder, Class D Common Unit Holder, Class E Common Unit
Holder or Preferred Unit Holder, in such Person’s capacity as a director of the General Partner (a “Director Representative”), shall have no obligation to the Partnership to present any business opportunity to the Partnership,
even if the opportunity is one that the Partnership might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no such Person, in such Person’s capacity as a Partnership Unit
Holder or an Affiliate of a Partnership Unit Holder (or, to the fullest extent permitted by law and the Certificate of Incorporation of the General Partner, in a Director Representative’s capacity as a director of the General Partner), shall be
liable to the Partnership or any Partnership Unit Holder for breach of any fiduciary or other duty (if any), as a Partnership Unit Holder or otherwise, by reason of the fact that such Person pursues or acquires such business opportunity, directs
such business opportunity to another Person or fails to present such business opportunity, or information regarding such business opportunity, to the Partnership, notwithstanding any other provisions of this Agreement, at law (whether common or
statutory), in equity or otherwise. The General Partner will not engage in any business activity other than the management and ownership of the Partnership and its Subsidiaries, or own any assets (other than on a temporary basis) other than
Partnership Units and Partnership CVRs, provided that the General Partner may take any action (including incurring its own indebtedness) or own any asset if it determines in good faith that such actions or ownership are in the best interest
of the Partnership. 
 10.6. Expenses. The General Partner shall be entitled to reimbursement from the Partnership for
the General Partner’s operating expenses, overhead and other fees and expenses. Without limiting the foregoing sentence, at the General Partner’s sole discretion, cash distributions may be made to the General Partner (which distributions
shall be made without pro rata distributions to the other Partnership Unit Holders) in amounts required for the General Partner to pay (a) operating, administrative and other similar costs incurred by the General Partner, including payments
representing interest with respect to payments not made when due under the terms of the Tax Receivable Agreements and payments pursuant to any legal, tax, accounting and other professional fees and expenses, (b) any judgments, settlements,
penalties, fines or other costs and expenses in respect of any claims against, or any litigation or proceedings involving, the General Partner, (c) fees and expenses related to any securities offering, investment or acquisition transaction
(whether or not successful) authorized by the board of directors of the General Partner and (d) other fees and expenses in connection with the maintenance of the existence of the General Partner (including any costs or expenses associated with
being a public company listed on a national securities exchange). Notwithstanding anything to the contrary herein, any distributions made to the General Partner pursuant to this Section 10.6 shall be in addition to any distributions the General
Partner is otherwise entitled to as a Partnership Unit Holder and shall create no obligation for the Partnership to make any additional distribution to the Limited Partners. 

  
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 ARTICLE XI 
 Limited Partners 
 11.1. Limited Liability. Except as provided in
the Act, no Limited Partner shall be obligated personally for any of the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise. The Limited Partners shall take no part in the “control of the
business” of the Partnership (which phrase shall have the meaning assigned to it under the Act) or otherwise take any action that would make the Limited Partner liable for the obligations of the Partnership under the Act. The exercise by any
Limited Partner of any right conferred herein shall not be construed to constitute participation by such Limited Partner in the conduct or control of the business of the Partnership so as to make such Limited Partner liable as a general partner for
the debts and obligations of the Partnership for purposes of the Act. If appointed pursuant to this Agreement, a Limited Partner may serve as an officer of the Partnership. To the fullest extent permitted by law, no officer in its capacity as a
Limited Partner or otherwise, shall be deemed to participate in the “control of the business” or affairs of the Partnership so as to make such Person liable as a general partner for the debts and obligations of the Partnership for purposes
of the Act, and no such officer of the Partnership shall constitute a general partner of the Partnership or be liable for the obligations of the Partnership. 
 11.2. No Withdrawal. Other than with respect to the provisions set forth in Section 2.6, the exchange provisions set forth in Section 4.2, or the Transfer provisions set forth in Article
XIV, a Limited Partner shall not have the right to withdraw from the Partnership. 
 ARTICLE XII 

Dissolution and Termination 
 12.1. Dissolution. The Partnership shall be dissolved and its affairs wound up upon the first to occur of: 
 (a) the sale of all or substantially all of the Partnership’s assets; 
 (b) the Bankruptcy of the General Partner or the occurrence of any other event that results in the General Partner ceasing to be a general partner under the Act (each, an “Event of
Withdrawal”), provided that the Partnership shall not be dissolved and required to be wound up in connection with any of the events specified in this Section 12.1(b) if, within 90 days after the Event of Withdrawal, the
holders of at least a majority of the Class A Common Units, the Class B Common Units, the Class D Common Units and the Preferred Units, each voting as a separate class, consent in writing to continue the business of the Partnership and to
the appointment, effective as of the Event of Withdrawal, of one or more additional General Partners; 
 (c) the
entry of a decree of judicial dissolution pursuant to Section 17-802 of the Act; 
 (d) at any time there
are no limited partners of the Partnership; or 

  
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 (e) the consent of the General Partner and the consent of the holders of at
least a majority of the Class A Common Units, the Class B Common Units, the Class D Common Units and the Preferred Units, each voting as a separate class. 
 12.2. Distribution of Assets Upon Termination. 
 (a) Upon
the dissolution of the Partnership pursuant to Section 12.1, unless the Partnership is continued pursuant to Section 12.1(b), the General Partner (or if there is none or if such dissolution occurred pursuant to Section 12.1(c), a
Person approved by Limited Partners holding a majority of the outstanding Partnership Units, voting together as a single class and group, to act as a liquidating trustee of the Partnership (the “Liquidating Trustee”)), shall proceed
diligently to wind up the affairs of the Partnership and distribute its assets in accordance with the provisions of Section 12.2(d). 
 (b) All saleable assets of the Partnership may be sold in connection with any dissolution at public or private sale or at such price and upon such terms as the General Partner or the Liquidating Trustee,
as the case may be, may deem advisable. A Partnership Unit Holder or any partnership, corporation or other entity in which a Partnership Unit Holder is in any way interested may purchase assets at such sale. The General Partner or the
Liquidating Trustee, as the case may be, in its sole and absolute discretion, may in accordance with Section 12.2(d) distribute the assets of the Partnership in kind on the basis of the Fair Market Value thereof. 

(c) Profits and Losses (and the related items of income, gain, loss and deduction, as determined in accordance with
Section 6.3) of the Partnership in connection with any dissolution shall be determined as of the end of the period of winding up in accordance with the provisions of this Agreement and shall be credited or charged to the respective Capital
Accounts (respectively) of the Partnership Unit Holders. 
 (d) Upon the dissolution and winding up of the
Partnership, the assets of the Partnership shall be distributed in the following order of priority to the extent available: 
 (i) First, to creditors of the Partnership in satisfaction of any debts and liabilities of the Partnership (except for any loans made by Partnership Unit Holders, but including amounts due and
payable, if any, to any Person in settlement of the Partnership CVRs, to the extent permitted by law), whether by payment or the making of reasonable provision for payment thereof (which may include the establishment of any reserve which the General
Partner or the Liquidating Trustee deems necessary in its sole discretion to provide for any contingent, conditional or unmatured liabilities or obligations of the Partnership; at the expiration of such period of time as the General Partner or the
Liquidating Trustee, as the case may be, deems advisable, the balance remaining in any such reserve after payment of any such liabilities and obligations shall be distributed in the manner hereinafter set forth in this Section 12.2(d)).

  
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 (ii) Second, to the Partnership Unit Holders that have made loans to
the Partnership pro rata (in accordance with the amount of principal of such loans then outstanding) until each shall have received the outstanding principal of, and accrued and unpaid interest on, such loans. 

(iii) Third, subject to Section 7.1(e), in the event that the Partnership has Post-IPO Accrued and
Undistributed Profits, to the Partnership Unit Holders in accordance with their Percentage Interests at the time the Post-IPO Accrued and Undistributed Profits were earned or accrued (as determined by the General Partner) until the Partnership has
distributed all Post-IPO Accrued and Undistributed Profits; provided that if a Partnership Unit Holder Transfers or exchanges a Partnership Unit subsequent to the Partnership earning or accruing profits but prior to the distribution of such
profits, the transferee (including, in the case of an exchange, the General Partner) shall be entitled to the Post-IPO Accrued and Undistributed Profits associated with the Partnership Unit so Transferred or exchanged. 

(iv) Fourth, to the Partnership Unit Holders in proportion to their interests in the Grossed-Up Pre-IPO Profits
until the Partnership has distributed all Grossed-Up Pre-IPO Profits. The General Partner’s interest in the Grossed-Up Pre-IPO Profits shall equal the sum of (w) Net Grossed-Up Pre-IPO Profits and (x) any portion of the Limited
Partners’ interests in the Pre-IPO Accrued and Undistributed Profits transferred to the General Partner. A Limited Partner’s interest in the Grossed-Up Pre-IPO Profits shall equal the sum of (y) the Limited Partner’s portion of
Pre-IPO Accrued and Undistributed Profits set forth in the Capital Account Register as of the Effective Time, and (z) any portion of the Limited Partners’ interests in the Pre-IPO Accrued and Undistributed Profits transferred to such
Limited Partner; provided that if a Limited Partner Transfers or exchanges a Partnership Unit for Class A Common Stock or Convertible Preferred Stock subsequent to the Effective Time but prior to the distribution of such Pre-IPO Accrued
and Undistributed Profits, the transferee (including, in the case of an exchange, the General Partner) shall be entitled to the Pre-IPO Accrued and Undistributed Profits associated with the Partnership Unit so Transferred or exchanged (subject, in
the case of the General Partner, to any rights of holders of securities of the General Partner in respect of such Pre-IPO Accrued and Undistributed Profits). For the avoidance of doubt, the aggregate amount distributed under this
Section 12.2(d)(iv) with respect to Limited Partners’ interests in the Grossed-Up Pre-IPO Profits shall not exceed the aggregate amount of Pre-IPO Accrued and Undistributed Profits. 

(v) Fifth, 100% to the Preferred Unit Holders (in proportion to their respective Capital Account balances), until
the amount distributed on each Preferred Unit, including any preferential distributions previously made pursuant to Section 7.2(a), equals the Preferred Unit Preference Amount; provided that no distributions shall be made pursuant to
this Section 12.2(d)(v) following a Preference Termination Event (whereupon, all further distributions shall be made in the manner described in clauses (vi) and (vii) below). 

  
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 (vi) Sixth, in the event that any amounts were ever distributed
pursuant to Section 7.2(a) or Section 12.2(d)(v), 100% to each of the Other Unit Holders (in proportion to their respective Capital Account balances), until the cumulative amount of all distributions made, or deemed to have been made, to
such Other Unit Holders pursuant to Section 7.2(a) and Section 7.2(b) in respect of all Partial Capital Events since the Effective Time and this Section 12.2(d)(vi) equals the amount such Other Unit Holders would have received from
all such distributions had each such distribution been made in accordance with the Partnership Unit Holders’ respective Percentage Interests at the times of such distributions. Distributions made pursuant to Section 7.2(a),
Section 7.2(b), Section 12.2(d)(v) and this Section 12.2(d)(vi) shall not exceed, in the aggregate, an amount equal to the quotient of (i) the product of (x) the Preferred Unit Preference Amount multiplied by (y) the
number of Preferred Units outstanding at the time of the initial distribution, if any, pursuant to Section 7.2(a) or, if no such distribution pursuant to Section 7.2(a) has been made, at the time of the first distribution pursuant to
Section 12.2(d)(v) divided by (ii) the aggregate Percentage Interest of the Preferred Unit Holders at the time of the initial distribution referenced in the preceding clause (y). 

(vii) Seventh, to the Partnership Unit Holders in proportion to their respective Capital Account balances.

 (e) All distributions pursuant to Section 12.2(d) shall be made as soon as reasonably practicable
following the dissolution of the Partnership, and in any event no later than the last day of the Fiscal Year in which the dissolution occurs or, if later, on the 90th day after the dissolution date. 

(f) Notwithstanding any other provision of this Agreement to the contrary, (i) a sale of all of or substantially all
the Partnership Units, (ii) a merger or consolidation or similar business combination or conversion of or involving the Partnership or (iii) any other sale or other disposition (directly or indirectly, whether by operation of law or
otherwise) of all or substantially all of the Partnership’s assets or business (other than in connection with a formal dissolution of the Partnership) shall be deemed a complete liquidation of the Partnership and neither the Partnership nor the
General Partner shall authorize or permit the Partnership to enter into any such transaction unless in connection therewith appropriate provisions have been made so that, in the case of a transaction referred to in clause (i) or
(ii) above, the aggregate net proceeds payable to holders of Partnership Units in such transaction (taking into account the value of any Partnership Units retained immediately after completion of such transaction) or, in the case of a
transaction referred to in clause (iii) above, the assets of the Partnership, shall be distributed in the manner specified in Section 12.2(d), except for de minimis variations therefrom. 

  
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 ARTICLE XIII 
 Voting and Class Approval Rights 
 13.1. Voting and Class Approval
Rights. 
 (a) The consent of the General Partner and the consent of the holders of a majority of the
Class A Common Units, the Class B Common Units, the Class D Common Units and the Preferred Units, each voting as a separate class, are required to take any of the following actions: 

(i) engage in a sale, transfer, conveyance or disposition of Partnership assets or assets of a Subsidiary, whether or not
in contemplation of or in connection with a liquidation or dissolution of the Partnership, the Fair Market Value of which is greater than the 25% of the Fair Market Value of all of the assets of the Partnership and its Subsidiaries, or any merger,
consolidation or other similar business combination involving the Partnership or a material Subsidiary whereby the then existing Partnership Unit Holders would have less than a 75% direct or indirect interest in the equity of the Partnership or any
material Subsidiary; 
 (ii) except pursuant to Section 2.2, Section 2.5 or as required by
Section 4.1, Section 4.2, Section 4.3 or Section 4.4, redeem or issue additional Partnership Units or interests in any Subsidiary, reclassify or create additional classes of Partnership Units or interests in any Subsidiary
(except with respect to interests that are or will be held by the Partnership or any of its wholly-owned Subsidiaries); provided that, without the consent of the Limited Partners or any class thereof, the Partnership may (i) issue
additional Partnership Units the issuance of which has been approved by the shareholders of the General Partner (including, for the avoidance of doubt, the issuance of additional Partnership Units pursuant to compensation plans of the General
Partner that have been approved by the shareholders of the General Partner) and preferred units that are expressly junior in rights to the Preferred Units with respect to distribution rights and rights in liquidation of the Partnership,
(ii) redeem Partnership Units from the General Partner if the General Partner uses the proceeds of such redemption to repurchase shares of its Class A Common Stock or Convertible Preferred Stock, (iii) from and after the date on which
any person ceases to provide any services to the Partnership or any Subsidiary of the Partnership, redeem or reclassify Partnership Units that are held by such person, (iv) issue, redeem or reclassify interests in any Subsidiary of the
Partnership that will be or are held by persons providing (or who formerly provided) services to the applicable Subsidiary of the Partnership, provided that the amount and terms of each such issuance, redemption or reclassification with
respect to any such person have been approved by the board of directors of the General Partner or a committee thereof, and (v) after July 1, 2016, issue, redeem or reclassify Partnership Units or interests in any Subsidiary of the
Partnership that will be or are held by persons providing (or who formerly provided) services to the Partnership or any Subsidiary of the Partnership, provided that such issuance, redemption or reclassification has been approved by the board
of directors of the General Partner or a committee thereof; 

  
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 (iii) make any in-kind distributions; or 

(iv) take any action on tax matters that materially adversely affects the allocation of the step-up in basis of its assets
under Sections 734 or 743 of the Code with respect to the Partnership Unit Holders; 
 provided that, in each case,
(i) if any of the foregoing actions affect only certain classes of Partnership Units, only the approval of the General Partner and the affected classes is required for such action to be taken and (ii) the consent of a particular class of
Partnership Units shall be required only if such class of Partnership Units represents at least 5% of the outstanding Partnership Units. 
 (b) The General Partner agrees, for the benefit of the holders of its Convertible Preferred Stock, that it shall vote the Preferred Units it holds pursuant to the directions of the holders of a majority
of the outstanding shares of Convertible Preferred Stock on any occasion in which Preferred Unit Holders have the right to vote under this Agreement or the Act. For the avoidance of doubt, when voting in its capacity as the holder of Preferred
Units, the General Partner shall be deemed a Limited Partner and, in such capacity, the General Partner (and the holders of the Convertible Preferred Stock in so instructing the General Partner) shall have no duties (including fiduciary duties) to
the Partnership, any Partnership Unit Holder or any other Person notwithstanding any other provision in this Agreement, at law (whether common or statutory), in equity or otherwise. 

ARTICLE XIV 

Transferability of Partnership Units 
 14.1. Restrictions on Transfers. Other than as provided in Article II and Article IV, no Transfer of all or any part of a Partnership Unit may be made except as provided in this Article XIV. GP
Units may be issued only to the General Partner and are non-transferable. Notwithstanding anything to the contrary in this Article XIV, (i) the Exchange Agreement shall govern the exchange of Partnership Units for shares of Class A Common
Stock or Convertible Preferred Stock, and an exchange pursuant to and in accordance with the Exchange Agreement shall not be considered a “Transfer” for purposes of this Agreement, (ii) the Certificate of Incorporation of APAM shall
govern the conversion of Convertible Preferred Stock into Class A Common Stock, and a conversion pursuant to and in accordance with the Certificate of Incorporation of APAM shall not be considered a “Transfer” for purposes of this
Agreement, and (iii) the Resale and Registration Rights Agreement shall govern the transfer of Registrable Securities (as defined therein). 

  
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 14.2. Permitted Transfers of LP Units. Subject to the provisions of this
Section 14.2, Section 14.4 and Section 14.5, a Limited Partner may Transfer all or a portion of its LP Units to the following: 
 (a) if such transferring Limited Partner is an individual, (1) his spouse or children, or a trust for the benefit of the transferring Limited Partner, his spouse or lineal descendants, or
(2) with the consent of the General Partner, a transferee in a Transfer the purpose or intent of which is substantially equivalent with or similar to the purpose or intent of the types of Transfers permitted by sub-clause (1) above;

 (b) if such transferring Limited Partner is Artisan Investment Corporation or a permitted transferee of
Artisan Investment Corporation, to (1) the Zieglers, their respective spouse or child or a trust for the benefit of the foregoing or lineal descendants thereof, or (2) with the consent of the General Partner, a transferee in a Transfer the
purpose or intent of which is substantially equivalent with or similar to the purpose or intent of the types of Transfers permitted by sub-clause (1) above; 

(c) if such transferring Limited Partner is Sutter Hill Ventures or Frog & Peach Investors LLC, following the
First Year Lock-Up Expiration Date, to partners or members of Sutter Hill Ventures or Frog & Peach Investors LLC, respectively; 
 (d) if such transferring Limited Partner is one of the Original H&F Holders, to its Affiliates or, following the First Year Lock-Up Expiration Date, to partners of the Original H&F Holders or
other funds Affiliated with such Original H&F Holder. 
 14.3. Prohibited Transfers. 

(a) Notwithstanding any other provisions of this Article XIV, no Limited Partner may Transfer all or any of its LP Units,
except as provided in Article II and Article IV, unless such Limited Partner shall have delivered an opinion of counsel (who may be counsel for the Partnership) or, with respect to tax matters, an opinion of a qualified tax advisor (who may be the
tax advisor to the Partnership) satisfactory in form and substance to the General Partner, to the effect that: 

(i) such Transfer, when added to the total of all other Transfers of LP Units within the preceding twelve
(12) months, would not result in the Partnership being considered to have terminated within the meaning of Section 708 of the Code; 
 (ii) such Transfer would not violate the registration or qualification provisions of the Securities Act or of any state securities or “Blue Sky” laws applicable to the Partnership or to the LP
Units to be Transferred; 
 (iii) such Transfer would not cause the Partnership to lose its status as a
partnership for federal income tax purposes or cause the Partnership to become subject to the Investment Company Act of 1940, as amended; 
 (iv) such Transfer would not cause the Partnership to be treated as a publicly traded partnership under Code Section 7704(b); and 

  
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 (v) such Transfer would not result in any class of equity security of the
Partnership being held of record by 500 or more Persons; 
 any such opinion of counsel or tax advisor, as applicable, to be
delivered in writing to the Partnership not less than ten (10) days prior to the date of the Transfer. Each Limited Partner hereby severally agrees that it will not Transfer any LP Units except as permitted by this Agreement, and that any
purported Transfer in violation of this Agreement shall be null and void. All or any portion of this Section 14.3(a) may be waived by the General Partner. 
 (b) No Partnership Unit Holder may Transfer any Partnership Units to any Person unless such Partnership Unit Holder Transfers to the same Person a number of shares of Class B Common Stock or Class C
Common Stock, and, in the case of Preferred Units, prior to the settlement or termination of the Partnership CVRs, a number of Partnership CVRs equal to the number of Partnership Units transferred to such Person. 

14.4. Transferees. 
 (a) The Partnership shall not recognize for any purpose any purported Transfer of any Partnership Unit unless the provisions of Sections 14.1 through 14.4, inclusive, shall have been complied with
and there shall have been filed with the Partnership a dated notice of such Transfer, in form satisfactory to the General Partner, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and
such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Agreement applicable to it, including the provisions of Section 15.8 and its agreement to be bound hereby,
(ii) represents that such Transfer was made in accordance with all applicable laws and regulations, (iii) contains a joinder to the Exchange Agreement executed by the purchaser, assignee or transferee pursuant to and in accordance with the
Exchange Agreement, and (iv) contains a power of attorney granted by the purchaser, assignee or transferee to the General Partner to execute this Agreement on its behalf. 

(b) Unless and until an assignee of a Partnership Unit shall have been admitted to the Partnership as a Substituted
Limited Partner pursuant to Section 14.5, such assignee shall be entitled only to the economic rights of an assignee of a Partnership Unit under Section 17-702(a)(3) of the Act and any successor provision, and such assignee shall not have
the power or right to exercise, or to compel by legal action or otherwise the assigning Partnership Unit Holder to exercise, any rights or powers of a Partnership Unit Holder, including without limitation the right to give consents with respect to
such Partnership Unit; provided, however, that in any event a Person acquiring a Partnership Unit shall have only such rights as and shall be subject to all the obligations as are set forth in this Agreement, and, without limiting the
generality of the foregoing, such Person shall not have any right to partition of the Partnership’s assets or to have the value of its Partnership Unit ascertained or receive the value of such Partnership Unit. 

  
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 (c) Unless and until a Substituted Limited Partner is admitted in place of
such assigning Limited Partner, such assigning Limited Partner shall not cease to be a Limited Partner or cease to have any of the rights or obligations of a Limited Partner hereunder. 

(d) Anything herein to the contrary notwithstanding, both the Partnership and the General Partner shall be entitled to
treat the assignor of any Partnership Units as the absolute owner thereof in all respects, and shall incur no liability for distributions made in good faith to it, until such time as a written notice of the Transfer that conforms to the requirements
of this Article XIV has been received by the Partnership and accepted by the General Partner. 
 (e) A Person who
is the assignee of a Partnership Unit as permitted hereby but does not become a Substituted Limited Partner and who desires to make a further Transfer of such Partnership Unit, shall be subject to all of the provisions of this Article XIV to the
same extent and in the same manner as any Limited Partner desiring to make a Transfer of its Partnership Unit. 
 14.5.
Substituted Limited Partner. 
 (a) No Limited Partner shall have the right to substitute a purchaser,
assignee, transferee, donee, heir, legatee, distributee or other recipient of all or any part of such Limited Partner’s Partnership Units as a Limited Partner in its place. Any such purchaser, assignee, transferee, donee, heir, legatee,
distributee or other recipient of a Partnership Unit (whether pursuant to a voluntary or involuntary Transfer) shall be admitted to the Partnership as a Substituted Limited Partner only (i) with the consent of the General Partner, which consent
may be given or withheld in its sole and absolute discretion, (ii) by satisfying the requirements of Section 14.3, Section 14.4 and subsection (b) of this Section 14.5, and (iii) upon an update by the General Partner of
the Register and the Partnership’s certificate of limited partnership, if required to preserve the limited liability of the Limited Partners, all of which acts under this clause (iii) shall be done promptly, and (iv) upon execution of
this Agreement or a counterpart hereof. 
 (b) Each Substituted Limited Partner, as a condition to its admission
as a Limited Partner, shall execute and acknowledge such instruments, in form and substance satisfactory to the General Partner, as the General Partner reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement
of the Substituted Limited Partner to be bound by all the terms and provisions of this Agreement with respect to the Partnership Unit acquired. All reasonable expenses, including attorneys’ fees that are incurred by the Partnership in this
connection and not paid by the assignor Limited Partner, shall be borne by such Substituted Limited Partner. 

14.6. Partner Tax Documentation. Each of the Partnership Unit Holders and any other person upon becoming a partner
in the Partnership agrees to furnish such documentation and information as may reasonably be requested by the General Partner and upon which the General Partner may rely under applicable Treasury Regulations (i) to conclude that such Partner or
such other person is a U.S. Person under Section 7701(a)(30) of the Code or (ii) with respect to a Partnership Unit Holder or other person that is not a U.S. Person under Section 7701(a)(30) of the Code, to determine the residence of
such Partnership Unit Holder 

  
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or such other person in a manner that allows the General Partner to conclude that any withholding obligations that arise under the Code and the Treasury Regulations promulgated thereunder are
reduced or eliminated by reason of such Partnership Unit Holder’s or such other person’s residence. 
 ARTICLE XV

 General Terms and Conditions 
 15.1. Partition. Each Partnership Unit Holder expressly waives any rights it might otherwise have for a partition of the Partnership’s assets. 

15.2. Binding Effect. This Agreement shall inure to the benefit of and be binding upon the respective heirs, executors,
administrators, legal representatives, successors and assigns permitted hereunder of the parties hereto. 
 15.3. Agreement
in Counterparts. This Agreement may be executed in any number of counterparts which together shall constitute one and the same instrument. A Partnership Unit Holder’s execution of this Agreement transmitted by facsimile or by e-mail
delivery of a “.pdf” (or similar) format data file shall be effective when said facsimile or data file is received by the General Partner. The page with the original signature shall be sent by overnight courier to the General Partner.

 15.4. Jurisdiction; Venue; Service of Process. 

(a) Each Partnership Unit Holder irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Court of Chancery of the State of Delaware or, if such Court declines jurisdiction, the courts of the State of Delaware sitting in Wilmington, Delaware and of the United States District Court for the District of Delaware sitting
in Wilmington, Delaware, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Delaware State court or, to the fullest extent permitted by applicable law, in such United States District Court. Each of the
Partnership Unit Holders agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) Each Partnership Unit Holder irrevocably and unconditionally waives, to the fullest extent it may be permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 15.4(a). Each Partner irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 

  
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 (c) Each Partnership Unit Holder irrevocably consents to service of process
in the manner provided for notices in Section 15.5. Nothing in this Agreement shall affect the right of any Partnership Unit Holder to serve process in any other manner permitted by applicable law. 

15.5. Notices. All notices, demands, consents, offers and other communications required or permitted to be given pursuant to this
Agreement shall be in writing and shall be considered as properly given or made if delivered personally or by overnight courier or if mailed from within the United States, by registered or certified mail (return receipt requested), to the addresses
set forth in the Register, or if transmitted by facsimile to the telephone numbers set forth in the Register. All notices shall be deemed effective on the date when delivered personally, the day after being sent by facsimile or by overnight carrier,
or three days after having been mailed. Any Partnership Unit Holder may change its address by like notice stating its new address to the other Partnership Unit Holders. Commencing on the tenth day after the giving of such notice, such newly
designated address shall be such Partnership Unit Holder’s address for the purpose of all notices, demands, consents, offers and other communications required or permitted to be given pursuant to this Agreement, unless the Partnership Unit
Holder giving the notice specifies a later date. 
 15.6. Independence of Provisions. Each section of this Agreement
shall be considered severable, and if for any reason any section or sections herein are determined to be invalid and contrary to any existing or future laws, such invalidity shall not impair the operation or effect the portions of this Agreement
that are valid. 
 15.7. Execution of Documents. The Partnership Unit Holders agree to execute any instruments and
documents as may be required by law or that a Partner reasonably deems necessary or appropriate to carry out the intent of this Agreement. 
 15.8. Power of Attorney. 
 (a) Each Limited Partner (other
than H&F Brewer AIV, L.P., Hellman & Friedman Capital Associates V, LP and H&F Brewer Blocker Corp.), by its execution hereof, hereby irrevocably makes, constitutes and appoints the General Partner and the Liquidating Trustee, if
any, in such capacity as Liquidating Trustee for so long as it acts as such, as its true and lawful agent and attorney-in-fact, with full power of substitution and full power and authority in its name, place and stead, to make, execute, sign,
acknowledge, swear to, record and file (i) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (ii) the certificate of limited partnership and all amendments to the Certificate required or permitted
by law or the provisions of this Agreement; (iii) all certificates and other instruments deemed advisable by the General Partner or the Liquidating Trustee to carry out the provisions of this Agreement and applicable law or to permit the
Partnership to become or to continue as a limited partnership or partnership wherein the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business, and the execution and filing of which is not
inconsistent with the terms of this Agreement; (iv) all instruments that the General Partner or the Liquidating Trustee deems appropriate to reflect a change or modification of this Agreement or the Partnership in accordance with this
Agreement, including, without limitation, the admission of additional Limited Partners or Substituted Limited Partners, and adjustments of the Partnership Unit Holders’ Capital Accounts 

  
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pursuant to the provisions of this Agreement; (v) all conveyances and other instruments or papers deemed advisable by the General Partner or the Liquidating Trustee to effect the dissolution
and termination of the Partnership in accordance with the Partnership Agreement; (vi) all fictitious or assumed name certificates required or permitted to be filed on behalf of the Partnership; and (vii) all other instruments or papers
which may be required or permitted by law to be filed on behalf of the Partnership which are not legally binding on the Limited Partners in their individual capacity and are necessary to carry out the provisions of this Agreement. 

(b) The foregoing power of attorney: 

(i) is coupled with an interest, shall be irrevocable and, to the extent permitted by law, shall survive and shall not be
affected by the subsequent dissolution, bankruptcy or reorganization of any Limited Partner; 
 (ii) may be
exercised by the General Partner or the Liquidating Trustee as appropriate, either by signing separately as attorney-in-fact for each Limited Partner or by a single signature of the General Partner acting as attorney-in-fact for all of them; and

 (iii) shall survive the delivery of an assignment, or a Transfer, by a Limited Partner of some or all of its
Partnership Units; except that, where the assignee, or transferee, of some or all of such Limited Partner’s Partnership Units has been approved by the General Partner for admission to the Partnership as a Substituted Limited Partner, the power
of attorney of the assignor shall survive the delivery of such assignment for the sole purposes of enabling the General Partner or the Liquidating Trustee to execute, swear to, acknowledge and file any instrument necessary or appropriate to effect
such substitution. 
 (c) Each Limited Partner shall execute and deliver to the General Partner within fifteen
(15) days after receipt of the General Partner’s request therefor such other instruments as the General Partner reasonably deems necessary to carry out the terms of this Agreement. 

15.9. Amendments. The General Partner shall have the power to amend this Agreement, provided that consent of the holders of
a majority of the Class A Common Units, Class B Common Units, Class D Common Units and/or Preferred Units, each voting as a separate class, shall be required if such amendment (whether made directly or pursuant to an amendment or adoption
of a new partnership agreement (or similar governing agreement or instrument) in connection with a merger, consolidation, conversion or other reorganization involving the Partnership) materially and adversely affects such class of Units;
provided, that no amendment increasing the personal liability (by decreasing the limited liability or otherwise) of a Limited Partner, requiring any additional capital contribution by a Limited Partner or converting a Limited Partner’s
interest into a General Partner’s interest may be made without the consent of the affected Limited Partner. 

  
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 15.10. Governing Law. The validity, interpretation and construction of this Agreement
shall be determined and governed in all respects by the law of the State of Delaware. 
 15.11. Captions; Pronouns.
Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the Person or Persons may require. 

15.12. Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter
hereof and supersedes all prior and contemporaneous agreements and understandings (oral or written) of the parties in connection with any matter covered hereby. 
 15.13. Partnership Unit Holders Voting as a Single Class. Except as otherwise set forth herein, the Partnership Unit Holders shall vote together as a single class and group of Limited Partners of
the Partnership on all matters on which they are entitled to vote under this Agreement, under the Act, or otherwise, provided, for the avoidance of doubt, that the Class E Common Unit Holders shall not have any voting rights under this
Agreement, under the Act or otherwise, except as expressly set forth in Section 15.9. 
 15.14. Effectiveness; Third
Restated LP Agreement. This Agreement shall be effective at                  on the IPO Closing Date (the “Effective Time”). The Third Restated LP
Agreement shall govern the rights and obligations of the parties to the Third Restated LP Agreement and the Partnership Unit Holders for the time prior to the Effective Time. 
 15.15. Confidentiality. 
 (a) Each Limited Partner agrees,
and shall cause its respective Affiliates and its Affiliates’ personnel (including each of their accountants, legal advisers and other professional advisers), not to disclose to any other Person or otherwise use any non-public information
regarding the business affairs of the Partnership, including, without limitation, the Audited Financial Statements, other financial information, client lists, business plans, investment information or strategy, or list of Partnership Unit Holders or
other information regarding the ownership of the Partnership, in each case, whether or not marked confidential, (collectively, the “Confidential Information”); provided, however, that a Limited Partner (or any of its
Affiliates) may disclose Confidential Information (i) to the extent required pursuant to the Requirements of Law, in any report, statement, testimony or other submission to any Governmental Authority or (ii) in order to comply with any
Requirement of Law, or in response to any summons, subpoena or other legal process or formal or informal investigative demand, as the case may be, in the course of any litigation, investigation or administrative proceeding; provided,
further, that if any party or its Affiliate is, in the opinion of counsel to such Person, required by Requirements of Law to disclose any Confidential Information, such Person shall (A) to the extent such action would not violate or
conflict with Requirements of Law, promptly notify the General Partner of such Requirement of Law so that the Partnership may, in its sole discretion, seek an appropriate protective order and (B) if, in

  
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the absence of a protective order or the receipt of a waiver hereunder, such party or any of its Affiliates is nonetheless, in the opinion of counsel to such Person, compelled to disclose such
Confidential Information, such Person, after notice to the party hereto to which such information relates (unless such notice would violate or conflict with Requirements of Law), may disclose such Confidential Information to the extent so required
by Requirements of Law. If requested by the General Partner on behalf of the Partnership, the party disclosing such information shall (x) exercise commercially best reasonable efforts to obtain reliable assurances that the Confidential
Information so disclosed will be accorded confidential treatment or (y) cooperate with any attempt by the Partnership to obtain reliable assurances that the Confidential Information so disclosed will be accorded confidential treatment. For the
avoidance of doubt, the General Partner shall have the power to disclose or cause the Partnership to disclose Confidential Information as it deems necessary or appropriate. 

(b) Each Limited Partner shall have the right to inspect any schedules or other registers, including the Capital Account
Register, regarding the ownership and capital account balances of the Partnership Unit Holders. 
 15.16. Tax
Classification. All Partnership Unit Holders agree to take any proper actions to ensure that the Partnership is treated as a partnership for U.S. federal income tax purposes. The Partnership Unit Holders further agree that no Partnership Unit
Holder shall take any action inconsistent with the treatment of the Partnership as a partnership for U.S. federal income tax purposes. 
 15.17. Tax Reporting. The Partnership Unit Holders agree that in preparing and filing their tax returns they will report all tax items relating to the Partnership in a manner that is consistent
with the treatment set forth herein, and consistent with the reporting of such items on the Partnership’s tax returns and reports. 
 15.18. Publicly Traded Partnership. The Partnership’s interests shall not be traded on an established securities market within the meaning of Treasury Regulation section 1.7704-1(b) and
the Partnership shall use its reasonable best efforts to ensure that its interests are not readily tradable on a secondary market or the substantial equivalent thereof within the meaning of Treasury Regulation section 1.7704-1(c). 

15.19. Code Section 754 Election. The Partnership has in effect an election under Code Section 754, and shall have in
effect such an election for all subsequent taxable years. 
 15.20. Tax Treatment of Partnership CVR Agreement and
Partnership CVRs. The Partnership CVR Agreement is intended to be treated, together with this Agreement, as a single “partnership agreement” under Section 761(c) of the Code, and the Partnership CVRs are intended to be treated as
part of the related Preferred Units for United States federal income tax purposes. Thus, any payment under the Partnership CVR Agreement shall be treated as a distribution under Section 731 of the Code. The Partnership and each Partner agree to
treat the Partnership CVR Agreement and the Partnership CVRs accordingly for United States federal income tax purposes. For the avoidance of doubt, any payment pursuant to the Partnership CVR Agreement and/or in settlement of the Partnership CVRs
shall not obligate the Partnership to make any other payment or distribution, pro rata or otherwise, to the Partnership Unit Holders. 

  
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 15.21. Interpretation in Certain Circumstances. If the board of directors of the
General Partner determines that the result obtained by applying the terms of this Agreement is inconsistent with the intended substantive result, then, by a unanimous vote of the members of the board of directors of the General Partner then in
office, an alternative result and related allocations, determinations and distributions shall govern in lieu of the provisions of this Agreement notwithstanding anything in this Agreement to the contrary, provided that, if the board of
directors of the General Partner does not then include a director designated pursuant to Section 5.1(a)(i), 5.1(a)(ii), 5.1(a)(iii) or 5.1(a)(iv) of the Stockholders Agreement, then the holders of a majority of the Preferred Units, Class A
Common Units, Class D Common Units or Class B Common Units, respectively, voting as a separate class, must approve any alternative result and related allocations, determinations and distributions. 

[Next page is signature page] 

  
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 IN WITNESS WHEREOF, this FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF
ARTISAN PARTNERS HOLDINGS LP is executed as of the date first above written. 
  

			
	GENERAL PARTNER
	
	ARTISAN PARTNERS ASSET MANAGEMENT INC.
		
	 By:
	 	 
		 	Name:
		 	 Title:

	
	FORMER GENERAL PARTNER AND CLASS D COMMON UNIT HOLDER
	
	ARTISAN INVESTMENT CORPORATION
		
	 By:
	 	 
		 	Name:
		 	 Title:

	
	EACH CLASS A COMMON UNIT HOLDER LISTED ON SCHEDULE A HERETO:
		
	 By:
	 	            , its and their Agent and Attorney-in-Fact
		
	 By:
	 	 
		 	Name:
		 	 Title:

 
			
	EACH CLASS B COMMON UNIT HOLDER LISTED ON SCHEDULE B HERETO:
		
	By:	 	            , its and their Agent and Attorney-in-Fact
		
	By:	 	 
		 	Name:
		 	Title:
	
	PREFERRED UNIT HOLDERS:
	
	H&F BREWER AIV, L.P.
		
	By:	 	Hellman & Friedman Investors, V, L.P.
		
	By:	 	Hellman & Friedman LLC
		
	By:	 	 
		 	Name:
		 	Title:
	
	 HELLMAN & FRIEDMAN CAPITAL
 ASSOCIATES V, L.P.

		
	By:	 	Hellman & Friedman Investors, V, L.P.
		
	By:	 	Hellman & Friedman LLC
		
	By:	 	 
		 	Name:
		 	Title:

			
	
	H&F BREWER BLOCKER CORP.
		
	By:	 	H&F Brewer AIV II, L.P.
		
	By:	 	Hellman & Friedman LLC
		
	By:	 	 
		 	Name:
		 	Title:

 APPENDIX A 
 Except as the context shall otherwise require, the following terms shall have the following meanings for all purposes of this Agreement (the definitions to be applicable to both the singular and the
plural forms of the terms defined, where either such form is used in the Agreement): 
 “Act”
means the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. §§17-101, et seq., as amended from time to time. 
 “Additional General Partner Securities” has the meaning set forth in Section 4.6. 
 “Additional Partnership Units” has the meaning set forth in Section 4.6. 
 “Adjusted Capital Account Deficit” means, with respect to any Partnership Unit Holder, the deficit balance, if any, in such Partnership Unit Holder’s Capital Account as of the end of
the relevant Fiscal Period, after giving effect to the following adjustments: 
 (i) such Capital Account shall
be deemed to be increased by any amounts that such Partnership Unit Holder is obligated to restore to the Partnership (pursuant to this Agreement or otherwise) or is deemed to be obligated to restore pursuant to the second to last sentences of
Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5) (relating to allocations attributable to nonrecourse debt); and 
 (ii) such Capital Account shall be deemed to be decreased by the items described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulation
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted and applied consistently therewith. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with such Person. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common
control with”), as used with respect to any Person, shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise. 
 “Aggregate Shortfall” shall equal the sum of all of the Unit
Shortfalls. 
 “Aggregate Surplus” shall equal the sum of all of the Unit Surplus. 

“Agreement” means the Fourth Amended and Restated Agreement of Limited Partnership of Artisan Partners
Holdings LP, a Delaware limited partnership, as amended, restated or supplemented from time to time. 

  
 A-1

 “APAM” means Artisan Partners Asset Management Inc., a
Delaware corporation, and shall include its successors and assigns. 
 “Audited Financial
Statements” has the meaning set forth in Section 9.3(a). 
 “Average Daily VWAP”
means the average of the daily VWAP of a share of Class A Common Stock over the 60 Trading Days immediately prior to and including such Trading Day, with the first of such 60 Trading Days being no earlier than the 90th day after
(i) the Follow-On Offering Closing Date (but in no event shall the first of such 60 Trading Days be prior to the 15-month anniversary of the IPO Closing Date) or (ii) if the Follow-On Offering Closing Date has not occurred by the 15-month
anniversary of the IPO Closing Date, the 15-month anniversary of the IPO Closing Date; provided that in calculating such average (A) the VWAP for any Trading Day during the 60 Trading Day period prior to the ex-date of any extraordinary
distributions made on the Class A Common Stock during the 60 Trading Day period shall be reduced by the value (as determined in good faith by the Board) of such distribution per share of Class A Common Stock and (B) the VWAP for any
Trading Day during the 60 Trading Day period prior to the date of a Subdivision or Combination of the Class A Common Stock during the 60 Trading Day period shall automatically be adjusted in inverse proportion to such Subdivision or
Combination. 
 “Bankruptcy”, with respect to any Person, means and includes each of the
following occurrences: 
 (a) such Person commences a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of
it or any substantial part of its property, or consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or makes a general assignment for the
benefit of creditors, or fails generally to pay its debts as they become due, or takes any corporate action to authorize any of the foregoing; or 
 (b) an involuntary case or other proceeding is commenced against such Person seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding remains
undismissed and unstayed for a period of sixty (60) days; or an order for relief is entered against such Person under the federal bankruptcy laws of the United States as now or hereafter in effect. 

  
 A-2

 “Bonus Make-Whole Amount” with respect to any Partnership
Unit Holder means the product of (i) the quotient of (A) the Bonus Make-Whole Share with respect to such Partnership Unit Holder as of the relevant time divided by (B) the aggregate amount of Bonus Make-Whole Shares with respect to
all Partnership Unit Holders as of the relevant time, and (ii) the aggregate amount by which any single distribution is being reduced with respect to Partnership Unit Holders with Bonus Responsible Shares pursuant to Section 7.1(e).

 “Bonus Make-Whole Share” with respect to any partner means the amount set forth under the
column “Bonus Make-Whole Share” opposite such Partnership Unit Holder’s name on Schedule 7.1 as of the Effective Time less any amount that was previously applied to increase distributions to such Partnership Unit Holder (or
such Partnership Unit Holder’s transferee) pursuant to Section 7.1(e) or any amount otherwise paid by the Partnership to such Partnership Unit Holder in respect of such Partnership Unit Holder’s Bonus Make-Whole Share. The transferee
of any LP Units (other than the General Partner) shall be allocated the portion of the transferring Partnership Unit Holder’s Bonus Make-Whole Share, if any, associated with the LP Units transferred. If a Partnership Unit Holder with a Bonus
Make-Whole Share exchanges LP Units pursuant to the Exchange Agreement, the Bonus Make-Whole Share of such Partnership Unit Holder shall be reduced by the portion of the transferring Partner’s Bonus Make-Whole Share associated with the LP Units
exchanged. The General Partner’s calculation of each Partnership Unit Holder’s Bonus Make-Whole Share shall be conclusive and binding upon the Partnership Unit Holders absent manifest error by the General Partner. For the avoidance of
doubt, no Bonus Make-Whole Share shall be allocated to the GP Units as of the Effective Time or thereafter. 

“Bonus Responsible Share” with respect to any Partnership Unit Holder means the amount set forth under
the column “Bonus Responsible Share” opposite such Partnership Unit Holder’s name on Schedule 7.1 as of the Effective Time less any amount that was previously applied to reduce distributions to such Partnership Unit Holder (or
such Partnership Unit Holder’s transferee) pursuant to Section 7.1(e), provided that a Partner’s Bonus Responsible Share shall not be less than zero. The transferee of any LP Units (other than the General Partner) shall be
allocated the portion of the transferring Partnership Unit Holder’s Bonus Responsible Share, if any, associated with the LP Units transferred. If a Partnership Unit Holder with a Bonus Responsible Share exchanges LP Units pursuant to the
Exchange Agreement, the Bonus Responsible Share of such Partnership Unit Holder shall be reduced by the portion of the transferring Partnership Unit Holder’s Bonus Responsible Share associated with the LP Units exchanged. The General
Partner’s calculation of each Partnership Unit Holder’s Bonus Responsible Share shall be conclusive and binding upon the Partnership Unit Holders absent manifest error by the General Partner. For the avoidance of doubt, no Bonus
Responsible Share shall be allocated to the GP Units as of the Effective Time or thereafter. 
 “Capital
Account” means, with respect to each Partner, the account established and maintained for such Partnership Unit Holder pursuant to Article VI of this Agreement. 

“Capital Account Register” means a register maintained by the General Partner setting forth the Capital
Accounts of the Partnership Unit Holders. 
 “Capital Account Shortfall” has the meaning set
forth in Section 6.1(c)(i). 

  
 A-3

 “Capital Contribution” of any Partnership Unit Holders
means the amount received or deemed to have been received by the Partnership from such Partnership Unit Holder pursuant to Article VI. 
 “Carrying Value” means, the value at which the assets of the Partnership are carried on the books of the Partnership maintained under Treasury Regulations §1.704-1(b)(2)(iv) (with
such assets being revalued under Treasury Regulations §§1.704-1(b)(2)(iv)(e) and/or (f) in connection with each Revaluation Event). 
 “Cash Merger Consideration” has the meaning set forth in Section 2.5. 
 “Certificate” has the meaning set forth in the Recitals. 
 “Class A Common Stock” means the Class A common stock, par value $0.01 per share, of APAM. 
 “Class A Common Unit” means a unit representing a limited partner interest in the Partnership and designated in the Register as a Class A Common Unit as subdivided, reclassified or
otherwise modified from time to time in accordance with this Agreement. 
 “Class A Common Unit
Holder” means a Person identified as a “Class A Common Unit Holder” in the Register. 

“Class B Common Stock” means the Class B common stock, par value $0.01 per share, of APAM. 

“Class B Common Unit” means a unit representing a limited partner interest in the Partnership and
designated in the Register as a Class B Common Unit, as subdivided, reclassified or otherwise modified from time to time in accordance with this Agreement. 
 “Class B Common Unit Holder” means a Person identified as a “Class B Common Unit Holder” in the Register. 

“Class C Common Stock” means the Class C common stock, par value $0.01 per share, of APAM. 

“Class D Common Unit” means a unit representing a limited partner interest in the Partnership and
designated in the Register as a Class D Common Unit, as subdivided, reclassified or otherwise modified from time to time in accordance with this Agreement. 
 “Class D Common Unit Holder” means a Person identified as a “Class D Common Unit Holder” in the Register. 

“Class E Common Unit” means a unit representing a limited partner interest in the Partnership and
designated in the Register as a Class E Common Unit as subdivided, reclassified or otherwise modified from time to time in accordance with this Agreement. 

  
 A-4

 “Class E Common Unit Holder” means a Person identified
as a “Class E Common Unit Holder” in the Register. 
 “Code” means the Internal
Revenue Code of 1986, as amended from time to time. Reference to any specific section of the Code shall include such section, any regulations promulgated thereunder and any comparable provision of any future legislation amending, supplementing or
superseding such section. 
 “Common Unit” means a Class A Common Unit, a Class B Common
Unit, a Class D Common Unit or a Class E Common Unit, and “Common Units” means the Class A Common Units, the Class B Common Units, the Class D Common Units and the Class E Common Units. 

“Common Unit Holder” means a Person identified as a “Common Unit Holder” in the Register.

 “Confidential Information” has the meaning set forth in Section 15.15(a). 

“Contributing Partner” means those Partnership Unit Holders set forth on Schedule 7.1 with a Bonus
Responsible Share greater than zero. 
 “Conversion Rate” means, (i) for any exchange of
Preferred Units contemplated by Section 4.1(c), the Conversion Rate as calculated for such exchange pursuant to the Exchange Agreement, and (ii) for any conversion of Convertible Preferred Stock contemplated by Section 4.2, the
Conversion Rate as calculated pursuant to the Certificate of Incorporation of APAM, as the same may be amended from time to time. 
 “Convertible Preferred Stock” means the convertible preferred stock, par value $0.01 per share, of APAM. 

“CVR Payment Condition” shall have occurred if the Partnership shall have been required to make (and
shall not have defaulted on) a payment in settlement of the Partnership CVRs pursuant to the Partnership CVR Agreement. 
 “Distributee Partner” has the meaning set forth in Section 7.1(c). 
 “Effective Time” has the meaning set forth in Section 15.14. 
 “Event of Withdrawal” has the meaning set forth in Section 12.1(b). 
 “Exchange Agreement” means the exchange agreement, dated as of the date hereof, between the General Partner and the other Partnership Unit Holders, as the same may be amended from time to
time. 

  
 A-5

 “Fair Market Value” means the value reasonably determined
by the General Partner assuming a willing buyer and willing seller, both being apprised of all material information affecting said valuation. 
 “First Year Lock-Up Expiration Date” has the meaning assigned to it in the Resale and Registration Rights Agreement. 

“Fiscal Period” means all or any portion of a Fiscal Year for which the Partnership is required to
allocate Profits, Losses, and other items of income, gain, loss or deduction for federal income tax purposes, or pursuant to this Agreement. 
 “Fiscal Year” has the meaning set forth in Section 9.2. 
 “Follow-On Offering Closing Date” means the closing date of the follow-on offering APAM is obligated to conduct within fifteen (15) months of the IPO Closing Date pursuant to the
Resale and Registration Rights Agreement.”GAAP” means U.S. generally accepted accounting principles. 
 “General Partner” means APAM, in its capacity as general partner of the Partnership, and includes any Person who becomes a successor general partner of the Partnership. 

“Governmental Authority” means any nation or government, any state or other political subdivision
thereof, any entity exercising executive, legislative, judicial, regulatory or administration functions of or pertaining to government, including any government authority, agency, department, board, official, commission or instrumentality of the
United States, any foreign government, any State of the United States or any political subdivision thereof, any court, tribunal or arbitrator(s) of competent jurisdiction and any self-regulatory organization or securities exchange with regulatory or
supervisory authority or oversight responsibilities. 
 “GP Unit” means a unit representing a
general partner interest in the Partnership and designated in the Register as a GP Unit, as subdivided, reclassified or otherwise modified from time to time in accordance with this Agreement. 

“GP Revaluation Event Allocable Gain” shall equal the excess, if any, of (i) the General
Partner’s Percentage Interest (with respect to GP Units only) immediately after the Revaluation Event multiplied by the sum of the aggregate Revaluation Capital Account balances of all Partnership Unit Holders immediately prior to the
Revaluation Event and the net amount of gain in connection with the Revaluation Event over (ii) the Revaluation Capital Account of the General Partner (with respect to GP Units only) immediately prior to the Revaluation Event, provided that the
“GP Revaluation Event Allocable Gain” with respect to any Revaluation Event shall be net of any amount of gain allocated to the GP Units pursuant to Section 6.1(c)(iv) with respect to the Revaluation Event. 

  
 A-6

 “GP Revaluation Event Allocable Loss” shall equal the
lesser of (i) the net amount of loss to be allocated under Section 6.1(c)(ii) and (ii) the excess, if any, of (A) the Revaluation Capital Account of the General Partner (with respect to GP Units only) immediately prior to the
Revaluation Event, over (B) the General Partner’s Percentage Interest (with respect to GP Units only) immediately after the Revaluation Event multiplied by the difference of the aggregate Revaluation Capital Account balances of all
Partnership Unit Holders immediately prior to the Revaluation Event minus the net amount of loss in connection with the Revaluation Event. 
 “Grossed-Up Pre-IPO Profits” means the quotient of (i) the Pre-IPO Accrued and Undistributed Profits divided by (ii) one (1) minus the Percentage Interest represented by
the GP Units (excluding any GP Units issued upon exchange of LP Units). 
 “H&F Corp Merger
Agreement” means the Agreement and Plan of Merger, dated as of the date hereof, between APAM, H&F Brewer Blocker Corp and H&F Brewer AIV II, L.P. 

“Interest in Profits” means the percentage interest in the Profits of the Partnership of each Partnership
Unit Holder as set forth in the books and records of the Partnership at the relevant measurement date. 

“IPO” has the meaning set forth in the Recitals. 

“IPO Closing Date” means the closing date of the IPO. 

“Limited Partner” means a Person who holds one or more LP Units, and includes any Person admitted as an
additional or substituted limited partner of the Partnership pursuant to the provisions of this Agreement, each in its capacity as a limited partner of the Partnership. 

“Liquidating Trustee” has the meaning set forth in Section 12.2(a). 

“Losses” has the meaning assigned thereto in the definition of “Profits” in this
Appendix A. 
 “LP Unit” means a Common Unit or a Preferred Unit and “LP
Units” means the Common Units and the Preferred Units. 
 “Merger Effective Time” means
the time at which the merger of H&F Brewer Blocker Corp., a Delaware corporation, with and into APAM is effective. 
 “Minimum Gain” has the same meaning as “partnership minimum gain” as set forth in Sections 1.704-2(b)(2) and (d) of the Treasury Regulations. 

“Net Grossed-Up Pre-IPO Profits” means (i) Grossed-Up Pre-IPO Profits minus (ii) Pre-IPO
Accrued and Undistributed Profits. 
 “Nonrecourse Deductions” has the meaning set forth in
Section 1.704-2(b)(1) of the Treasury Regulations. The amount of Nonrecourse Deductions for a Fiscal Period of the Partnership equals the net increase, if any, in the amount of Minimum Gain during that Fiscal Period, determined according to the
provisions of Section 1.704-2(c) of the Treasury Regulations. 

  
 A-7

 “Nonrecourse Liability” has the meaning set forth in
Section 1.704-2(b)(3) of the Treasury Regulations. 
 “Non-Contributing Partner” means a
Partnership Unit Holder entitled to receive a Bonus Make-Whole Share as set forth on Schedule 7.1. 

“Original H&F Holders” means, collectively, H&F Brewer AIV, L.P. and Hellman & Friedman
Capital Associates V, L.P. 
 “Original LP Agreement” has the meaning set forth in the Recitals.

 “Other Unit Holder” means, at any particular time, any Partnership Unit Holder other than a
Preferred Unit Holder. To the extent a Preferred Unit Holder also holds a Partnership Unit other than a Preferred Unit, that Preferred Unit Holder is an “Other Unit Holder” only to the extent of its ownership of such Partnership Unit.

 “Partial Capital Event” means (i) a sale, transfer, conveyance or disposition of assets
of the Partnership and/or any Subsidiary in which the Partnership directly or indirectly realizes cash or other liquid consideration, other than a transaction (A) in the ordinary course of business, (B) that involves assets of the
Partnership or a Subsidiary having a Fair Market Value of less than or equal to 1% of the aggregate Fair Market Value of all assets of the Partnership and its Subsidiaries on a consolidated basis, or (C) that is a part of, or would result in, a
dissolution of the Partnership or (ii) the incurrence of indebtedness by the Partnership and/or its Subsidiaries the principal purpose of which is distributing the proceeds thereof to the Partnership Unit Holders or equity holders of the
Subsidiary, as applicable. For the avoidance of doubt, “Partial Capital Event” shall not include any payment from proceeds of the IPO or the incurrence of any indebtedness that is refinancing indebtedness of the Partnership existing on or
prior to the Effective Time or the proceeds of which are used to pay amounts due upon the settlement of the Partnership CVRs. 
 “Partner Nonrecourse Debt” has the meaning set forth in section 1.704-2(b)(4) of the Treasury Regulations. 

“Partner Nonrecourse Debt Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt,
equal to the Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with section 1.704-2(i)(3) of the Treasury Regulations. 

“Partnership” means Artisan Partners Holdings LP. 

“Partnership CVRs” has the meaning set forth in the Partnership CVR Agreement. 

  
 A-8

 “Partnership CVR Agreement” means the Partnership
Contingent Value Rights Agreement, dated as of             , 2013, between the Partnership and the holders of the Partnership CVRs from time to time. 

“Partnership Units” means the Common Units, the Preferred Units and the GP Units and any other classes or
units or other interests in the Partnership created and issued in accordance with this Agreement following the Effective Time, as subdivided, reclassified or otherwise modified from time to time in accordance with this Agreement. 

“Partnership Unit Holder” means a Person listed in the Register as holding one or more Partnership Units.

 “Percentage Interest” of a Partnership Unit Holder shall be equal to a fraction (expressed as
a percentage), the numerator of which is the number of Partnership Units held by such Partnership Unit Holder and the denominator of which is the number of Partnership Units held by all Partnership Unit Holders (it being understood that if the
Partnership hereafter issues any equity securities other than GP Units, Preferred Units, Class A Common Units, Class B Common Units, Class D Common Units or Class E Common Units, then this definition shall be changed pursuant to an amendment of
this Agreement in accordance with the terms hereof). 
 “Person” means any individual,
partnership, corporation, limited liability company, trust, unincorporated association, joint venture, or any other entity. 
 “Post-IPO Accrued and Undistributed Profits” means all Profits of the Partnership since the Effective Time that have not previously been distributed to the Partnership Unit Holders under
Section 7.1 
 “Pre-IPO Accrued and Undistributed Profits” means all Profits of the
Partnership prior to the Effective Time that, as of the Effective Time, had not previously been distributed to the Partnership Unit Holders. As of the Effective Time, the Pre-IPO Accrued and Undistributed Profits were
$            . 
 “Preference
Termination Event” has the meaning set forth in Section 7.2(a). 
 “Preferred
Unit” means a unit representing a limited partner interest in the Partnership and designated in the Register as a “Preferred Unit” held by a Preferred Unit Holder as subdivided, reclassified or otherwise modified from time to time
in accordance with this Agreement. 
 “Preferred Unit Holder” means a Person identified as a
“Preferred Unit Holder” in the Register. 
 “Preferred Unit Loss Allocation” shall
equal the lesser of (i) the absolute value of the net loss in connection with the Revaluation Event and (ii)(A) the aggregate Revaluation Capital Account balances in respect of all of the Preferred Units Holders

  
 A-9

 
immediately prior to the Revaluation Event minus (B) the product of (1) the aggregate Revaluation Capital Account balances in respect of all Partnership Unit Holders immediately
prior to the Revaluation Event reduced by the net loss in connection with the Revaluation Event multiplied by (2) the aggregate Percentage Interest of all the Preferred Unit Holders immediately following the Revaluation Event. 

“Preferred Unit Preference Amount” means an amount equal to the quotient of $357,194,316 divided by the
number of Preferred Units outstanding at the Effective Time. 
 “Preferred Units Preference
Condition” shall be satisfied on the first Trading Day as of which the Average Daily VWAP shall have been at least equal to the quotient of $446,492,893.75 divided by the product of (i) the Total Number of CVRs (as defined in the
Public Company CVR Agreement) and (ii) the Conversion Rate (as defined in the Certificate of Incorporation of APAM) on such Trading Day. 
 “Profits” and “Losses” means, for each Fiscal Year or part thereof, the Partnership’s income or loss on a consolidated basis for such period determined in accordance
with GAAP. For the avoidance of doubt, any salary, bonus or taxable fringe benefits paid to a Partnership Unit Holder shall be treated as a deduction for the purposes of computing Profits and Losses. 

“Profits Distribution” has the meaning set forth in Section 2.6. 

“Public Company CVRs” has the meaning set forth in the Public Company CVR Agreement. 

“Public Company CVR Agreement” means the Public Company Contingent Value Rights Agreement, dated as of
            , 2013, between APAM and the holders of the Public Company CVRs from time to time. 
 “Purchase Agreements” means each of the Purchase Agreements, dated as of             , 2013, between APAM and certain
Limited Partners whose Class A Common Units are to be purchased by APAM in connection with the IPO. 

“Register” means the register maintained by the General Partner listing the units held at a particular
time by the Class A Common Unit Holders, the Class B Common Unit Holders, the Class D Common Unit Holders, the Class E Common Unit Holders, the Preferred Unit Holders, the General Partner and other Persons holding a class of Partnership
Units other than those classes listed above in this definition, if any, in accordance with this Agreement 

“Requirements of Law” means, with respect to any Person, any domestic or foreign federal or state
statute, law, ordinance, rule, administrative code, administrative interpretation, regulation, order, consent, writ, injunction, directive, judgment, decree, policy, ordinance, decision, guideline or other requirement of (or agreement with) any
Governmental Authority (including any memorandum of understanding or similar arrangement with any Governmental Authority), in each case binding on that Person or its property or assets. 

  
 A-10

 “Resale and Registration Rights Agreement” means the resale
and registration rights agreement, dated as of the date hereof, between APAM and the Partnership Unit Holders, as the same may be amended from time to time. 
 “Revaluation Capital Account” means, with respect to each Partnership Unit Holder, such Partnership Unit Holder’s Capital Account less any Pre-IPO Accrued and Undistributed Profits
or Post-IPO Accrued and Undistributed Profits otherwise allocated to such Capital Account. 

“Revaluation Event” shall be deemed to have occurred immediately prior to the following events:

 (i) the acquisition of additional Partnership Units by any new or existing Partnership Unit Holder (including
the acquisition of additional GP Units by the General Partner pursuant to Section 2.5 and Section 4.4(a), but excluding the acquisition of additional Partnership Units by the General Partner pursuant to Sections 4.1(a), 4.1(b) or 4.1(c)),
or the admittance of any new Partnership Unit Holder (including a Class B Common Unit Holder) to the Partnership; 
 (ii) a distribution by the Partnership pursuant to Section 7.2 or Section 12.2(d); 
 (iii) the redemption or forfeiture of any Partnership Units; and 

(iv) the liquidation of the Partnership within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g) (other
than a liquidation caused by a termination of the Partnership under Code Section 708(b)(1)(B)). 

“Revalued Unit Target” shall equal (i) the sum of the aggregate Revaluation Capital Account balances
of all Partnership Unit Holders immediately prior to the Revaluation Event and the net gain in connection with the Revaluation Event divided by (ii) the total number of Partnership Units outstanding immediately following the Revaluation Event.

 “Reverse Split Ratio” means a ratio of 1 to a fraction, the numerator of which shall be
60,000,000 and the denominator of which shall be 69,173,703. 
 “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
 “Selling Class A Common Unit
Holder” has the meaning set forth in Section 2.7. 
 “Special Tax Distribution”
has the meaning set forth in Section 7.1(c). 

  
 A-11

 “State Income Tax Rate” means the highest combined rate of
state income tax and local income tax (for cities within such state) among the various state and local jurisdictions in which the Partnership Unit Holders are subject to tax as a result of owning Partnership Units. 

“Stockholders Agreement” means the Stockholders Agreement, dated as of the date hereof, between APAM and
certain holders of its capital stock from time to time party thereto, as the same may be amended from time to time. 
 “Subdivision or Combination” means any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of the capital stock of a corporation or any subdivision (by any split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of the equity interest of a non-corporate entity. 
 “Subsidiary”
means, as to any Person, a Person more than 50% of the outstanding voting equity of which is owned, directly or indirectly, by the initial Person or by one or more other Subsidiaries of the initial Person. For the purposes of this definition,
“voting equity” means equity that ordinarily has voting power for the election of directors or of Persons performing similar functions (such as a general partner of a partnership or the manager of a limited liability company), whether at
all times or only so long as no senior class of equity has such voting power by reason of any contingency. 

“Substituted Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant
to the provisions of Section 14.5. 
 “Surplus Unit Target” shall equal (i)(A) the
aggregate Revaluation Capital Accounts balances of all Partnership Unit Holders immediately prior to the Revaluation Event less the net loss in connection with the Revaluation Event minus (B) the aggregate Revaluation Capital Accounts balances
of all Preferred Unit Holders at such time after application of Section 6.1(c)(iii) divided by (ii) the total number of Common Units and GP Units outstanding immediately following the Revaluation Event. 

“Tax Distribution” means the amount distributed to Partnership Unit Holders pursuant to Sections 7.1(a),
7.1(b) and 7.1(c). 
 “Tax Distribution Dates” means, except as provided in Section 7.1(b)
and 7.1(c), January 15, April 15, June 15 and September 15 of each Fiscal Year commencing with January 15, 1995. 
 “Tax Matters Partner” has the meaning set forth in Section 9.5. 
 “Tax Rate” means the highest combined individual (i) federal income tax rate, (ii) State Income Tax Rate, (iii) rate of tax imposed under Section 1411 of the Code and
(iv) rate of any other tax to which any Partnership Unit Holder is subject as a result of owning Partnership Units reasonably determined to be included by the General Partner, for the Fiscal Period at issue, assuming maximum applicability of
the phase-out of itemized deductions contained in Section 68 of the Code. 

  
 A-12

 “Tax Receivable Agreements” means (i) the Tax
Receivable Agreement (Merger), dated as of the date hereof, between APAM and H&F Brewer AIV II, L.P., a Delaware limited partnership, and (ii) the Tax Receivable Agreement (Exchanges), dated as of the date hereof, between APAM and each
Partnership Unit Holder. 
 “Terminated Employee-Partner” has the meaning set forth in
Section 4.3. 
 “Third Restated LP Agreement” has the meaning specified in the Recitals.

 “Trading Day” means a day on which (i) the Class A Common Stock at the close
of regular session trading (not including extended or after hours trading) is not suspended from trading on any national or regional securities exchange or association or over-the-counter market that is the primary market for the trading the
Class A Common Stock, (ii) the Class A Common Stock has traded at least once during the regular session on the national securities exchange or association or over-the-counter market that is the primary market for the trading of the
Class A Common Stock, and (iii) there has been no “market disruption event.” For these purposes, “market disruption event” means the occurrence or existence for more than one half-hour period in the aggregate on any
scheduled trading day for the Class A Common Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Class A Common Stock, and such
suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time. 

“Transfer”, when used as a verb, means sell, exchange, give, assign, bequeath, pledge or otherwise
encumber, divest, dispose of or transfer of ownership or control of all, any part or any interest in, whether voluntarily or by operation of law, either inter vivos or upon death, and when used as a noun, means a sale, exchange, gift, assignment,
bequest, pledge, encumbrance, divestiture, disposition of or other transfer of ownership or control of all, any part or any interest in, whether voluntarily or by operation of law, either inter vivos or upon death. 

“Treasury Regulations” means the regulations adopted from time to time by the Department of the Treasury
under the Code. 
 “Unit Shortfall” in respect of a Common Unit Holder shall equal the excess,
if any, of (i) the Revalued Unit Target over (ii) the Revaluation Capital Account in respect of the Common Unit Holder immediately prior to the Revaluation Event. 

“Unit Surplus” in respect of a Common Unit Holder shall equal the excess, if any, of (i) the
Revaluation Capital Account in respect of the Common Unit Holder immediately prior to the Revaluation Event over (ii) the Surplus Unit Target. 

  
 A-13

 “VWAP” means the daily per share volume-weighted average
price of the Class A Common Stock as displayed under the heading Bloomberg VWAP on Bloomberg page “[•<equity> AQR]” (or its equivalent successor if such page is not available) in respect of the period from the
open of trading on such day until the close of trading on such day (or if such volume-weighted average price is unavailable, the market price of one share of such common stock on such day, determined by a nationally recognized independent investment
banking firm retained for this purpose by the General Partner). VWAP will be determined without regard to afterhours trading or any other trading outside the regular trading session or trading hours. 

“Zieglers” means Andrew A. Ziegler and Carlene Murphy Ziegler. 

  
 A-14

 APPENDIX B 
 Allocations in Extraordinary Situations 
 This Appendix sets forth certain
allocations that will apply to the extent and under the circumstances provided below in lieu of the allocation provided in Section 8.1 of the Partnership Agreement. In no event will an allocation or distribution under the Agreement (including
this Appendix B) be made which results in, or increases, an Adjusted Capital Account Deficit as of the end of the Fiscal Year to which such allocation or distribution relates. Except as otherwise provided, capitalized terms have the meanings
assigned thereto in the Agreement. 
 1. Special Allocations. The following special allocations shall be made in the
following order: 
 (a) Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(f)
of the Treasury Regulations, notwithstanding any other provision of this Appendix, if there is a net decrease in Minimum Gain during any Fiscal Period, each Partnership Unit Holder shall be specially allocated items of income and gain for such
Fiscal Period (and, if necessary, subsequent Fiscal Period) in an amount equal to such Partnership Unit Holder’s share of the net decrease in Minimum Gain, determined in accordance with Section 1.704-2(g) of the Treasury Regulations. The
items to be so allocated shall be determined in accordance with Sections 1.704-2(f)(6) and (j)(2) of the Treasury Regulations. This Section 1(a) is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(f)
of the Treasury Regulations and shall be interpreted consistently therewith. 
 (b) Partner Minimum Gain
Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations, notwithstanding any other provision of this Appendix, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a
Partner Nonrecourse Debt during any Fiscal Period, each Partnership Unit Holder who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5) of
the Treasury Regulations, shall be specially allocated items of income and gain for such Fiscal Period (and, if necessary, subsequent Fiscal Periods) in an amount equal to such Partnership Unit Holder’s share of the net decrease in Partner
Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(4) of the Treasury Regulations. The items to be so allocated shall be determined in accordance with
Sections 1.704-2(i)(4) and (j)(2) of the Treasury Regulations. This Section 1(b) is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(i)(4) of the Treasury Regulations and shall be interpreted
consistently therewith. 

 (c) Qualified Income Offset. In the event any Partnership Unit Holder
unexpectedly receives any adjustments, allocations or distributions described in Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of income and gain (including gross income) shall be specially allocated to each such Partnership Unit
Holder in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of such Partnership Unit Holder as quickly as possible, provided that an allocation pursuant to
this Section 1(c) shall be made if and only to the extent that such Partnership Unit Holder would have an Adjusted Capital Account Deficit after all other allocations provided for in this Appendix have been tentatively made as if this
Section 1(c) were not in the Agreement. 
 (d) Nonrecourse Deductions. Nonrecourse Deductions for any
Fiscal Period shall be allocated among the Partnership Unit Holders in accordance with Section 8.1 of the Agreement. 
 (e) Imputed Interest. To the extent the Partnership has taxable interest income or deduction with respect to any obligation of a Partnership Unit Holder to the Partnership pursuant to
Section 483, Sections 1271 through 1288, or Section 7872 of the Code: 
 (i) Such interest income
or deduction shall be specially allocated to the Partnership Unit Holders to whom such obligation relates; and 

(ii) The amount of such interest income or deduction shall be excluded from the Capital Contributions credited or debited
to such Partnership Unit Holder’s Capital Account in connection with payments of principal with respect to such obligations. 
 (f) Allocations Relating to Taxable Issuance of Partnership Units. Any income, gain, loss, or deduction realized as a direct or indirect result of the issuance of Partnership Units or other
interests in the Partnership shall be allocated among the Partnership Unit Holders so that, to the extent possible, the net amount of such items, together with all other allocations under the Agreement to each Partnership Unit Holder, shall be equal
to the net amount that would have been allocated to each such Partnership Unit Holder if such items had not been realized. 
 2.
Curative Allocations. The allocations set forth in Sections 1(a), 1(b), 1(c), 1(d), 1(e) and 1(f), above, (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the
intent of the Partnership Unit Holders that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of income, gain, loss, or deduction pursuant

  
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to this Section 2. Therefore, notwithstanding any other provision of this Appendix (other than the Regulatory Allocations), the General Partner shall make such offsetting special
allocations of income, gain, loss, or deduction in whatever manner they determine appropriate so that, after such offsetting allocations are made, each Partnership Unit Holder’s Capital Account balance is, to the extent possible, equal to the
Capital Account balance such Partnership Unit Holder would have had if the Regulatory Allocations were not part of this Appendix. In exercising his discretion under this Section 2, the General Partner shall take into account future Regulatory
Allocations under Sections 1(a) and 1(b), above, that, although not yet made, are likely to offset other Regulatory Allocations previously made under Section 1(d), above. 

3. Creditable Foreign Taxes. Creditable foreign taxes shall be allocated to the Partnership Unit Holders in accordance with the
Partnership Unit Holders’ distributive shares of income (including income allocated pursuant to Code Section 704(c) to which the creditable foreign tax relates. The provisions of this Section 3 are intended to comply with the
provisions of Treasury Regulations Section 1.704-1(b)(4)(viii). 
 4. Transfer of Interests. In the event
Partnership Units or other interests in the Partnership are Transferred pursuant to the Agreement during any Fiscal Period, the Profits (or Losses) allocated to the Partnership Unit Holders for each such Fiscal Period, and the related items of
income, gain, loss or deduction as determined under Section 6.3 of the Agreement, shall be allocated among the transferring Partnership Unit Holders in proportion to the Partnership Units or other interests in the Partnership each holds from
time to time during such Fiscal Period in accordance with Section 706 of the Code, using any convention permitted by law and selected by the General Partner. 
 5. Tax Allocations. 
 (a) Capital Contributions. In
accordance with Section 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss, and deduction with respect to any Capital Contribution shall, solely for tax purposes, be allocated among the Partnership Unit Holders so as
to take account of any variation between the adjusted basis of such property to the Partnership for federal income tax purposes and its initial Fair Market Value. Income, gain, loss, or deduction attributable to property held by the Partnership upon
the Effective Time, and with a variation between adjusted basis and initial Fair Market Value, will be allocated under the traditional method as described in Treasury Regulation Section 1.704-3(b). 

  
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 (b) Adjustment of Carrying Value. In the event the Carrying Value of
any asset of the Partnership is adjusted, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its
Carrying Value as so adjusted in the same manner as under Section 704(c) of the Code and the Treasury Regulations thereunder and shall be allocated under the traditional method as described in Treasury Regulation Section 1.704-3(b).

 (c) Elections. Any elections or other decisions relating to such allocations shall be made by the
General Partner in any manner that reasonably reflects the purpose and intent of this Agreement. For the avoidance of doubt, the General Partner shall not elect to take into account the difference referred to in 5(a) and 5(b) other than in
accordance with the traditional method as described in Treasury Regulation Section 1.704-3(b). Allocations pursuant to this Section 5 are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken
into account in computing, any Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of the Agreement. 
 6. Recharacterization of Guaranteed Payment as Distribution. 

In the event that a guaranteed payment to a Partnership Unit Holder is ultimately recharacterized (as the result of an
audit of the Partnership’s tax return or otherwise) as a distribution for federal income tax purposes, and if such recharacterization has the effect of disallowing a deduction or reducing the adjusted basis of any asset of the Partnership, then
an amount of the Partnership’s gross income equal to such disallowance or reduction shall be allocated to the recipient of such payment. 

  
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