Document:

EX-10.10

 Exhibit 10.10 
 MICROSTRATEGY INCORPORATED 
 MATERIAL TERMS FOR PAYMENT OF 

CERTAIN EXECUTIVE INCENTIVE COMPENSATION 
 Payment of incentive compensation to the Company’s chief executive officer and the three other most highly compensated officers (other than the chief financial officer) (the “covered executive
officers”), as determined in accordance with the applicable rules under Section 162(m) of the Internal Revenue Code (the “Code”) and the Securities Exchange Act of 1934, that is intended to satisfy the requirements of qualified
performance-based compensation under Section 162(m) of the Code must be based upon the attainment of one or more performance goals with respect to any one (or more) of a specified set of business criteria, which goals must be established in
writing by the Compensation Committee of the Board of Directors for a covered executive officer for each performance period. Performance goals will be based on one or more of the following business criteria, which may be measured on a GAAP
(generally accepted accounting principles in the United States) or non-GAAP basis: (1) total stockholder return; (2) such total stockholder return as compared to total return (on a comparable basis) of a publicly available index such as,
but not limited to, the Standard & Poor’s 500 Stock Index; (3) net income; (4) pretax earnings; (5) earnings before interest expense, taxes, depreciation and amortization; (6) pretax operating earnings after
interest expense and before bonuses and extraordinary or special items; (7) income from continuing operations before financing and other income and income taxes for the Company’s consolidated core business intelligence business unit;
(8) income from continuing operations before financing and other income and income taxes; (9) operating margin; (10) operating income; (11) earnings per share; (12) return on capital, return on equity, return on assets,
return on investment or other financial return ratios; (13) working capital; (14) ratio of debt to stockholders’ equity; (15) revenue; (16) revenue per employee; (17) market share; (18) proceeds from dispositions;
(19) net cash provided from operating activities; (20) cash flow; (21) credit rating; (22) annualized value of contracts; (23) gross profit; (24) sales and marketing expenses; (25) research and development
expenses; (26) general and administrative expenses; (27) income from continuing operations; (28) amount of cash and cash equivalents; (29) field margin, defined as consolidated gross profit minus the sales and marketing expenses
for the Company’s core business intelligence business; and (30) changes between years or periods that are determined with respect to any of the above-listed performance criteria. The Compensation Committee may specify that performance
goals based on such business criteria may be adjusted to take into account any one or more of the following: (i) extraordinary items or other unusual or one-time items, (ii) the cumulative effects of changes in accounting principles,
(iii) the writedown of any asset, (iv) charges for restructuring and rationalization programs; (v) fluctuations in currency exchange rates, (vi) disposals of business segments or (vii) acquisitions or dispositions.

 Such performance-based compensation by the Company will be paid solely on account of the attainment of one or more objective
performance goals established in writing by the Compensation Committee no later than 90 days after commencement of the performance period to which the goals relate (but in no event after 25% of the period has elapsed) and at a time when the
attainment of such goals is substantially uncertain. Performance goals may be based on one or more of the foregoing business criteria that apply to an individual, one or more business units or subsidiaries of the Company, one or more geographic
regions, one or more customer or channel partner accounts, or one or more products or services of the Company or to the Company as a whole, but need not be based on an increase or positive result under the business criteria selected. For
compensation that qualifies as performance-based compensation, the Compensation Committee is prohibited from increasing the amount of compensation payable if a performance goal is met, but may reduce or eliminate compensation even if such
performance goal is attained. 
 The maximum qualified performance-based compensation award that may be granted to any covered
executive officer based on attainment of one or more of the foregoing performance goals for a performance period that is one year or less is $8 million (with any amount paid for a performance period of less than one year counting against the limit
for the fiscal year in which or with which such performance period ends). The maximum qualified performance-based compensation award that may be granted to any covered executive officer based on attainment of one or more of the foregoing performance
goals for a performance period that is longer than one year (but no longer than five years) is $40 million. 

 The Compensation Committee from time to time may approve payment of discretionary incentive
compensation based on business criteria other than the foregoing performance goals. Any such discretionary compensation would not qualify for the exclusion from the $1 million limitation on deductible compensation under Section 162(m).EX-10.1

 Exhibit 10.1 

 
 

 
 DAILY ADJUSTING LIBOR REVOLVING LINE NOTE 

New York 
  

			
	February 13, 2013	  	$10,000,000.00

  

			
	BORROWER:	  	MANNING & NAPIER, INC., a Delaware corporation and MANNING & NAPIER GROUP, LLC., a Delaware limited liability company, joint and several, each with offices at 290 Woodcliff
Drive, Fairport, New York 14450
		
	BANK:	  	M&T BANK, a New York banking corporation with its principal banking office at One M&T Plaza, Buffalo, NY 14203. Attention: Office of General Counsel

 1. DEFINITIONS. Each capitalized term shall have the meaning specified herein and the following terms shall
have the indicated meanings: 
  

	 	a.	“Authorized Person” shall mean, each individually, Patrick Cunningham, as Chief Executive Officer; or Jeffrey S. Coons, as President or James
Mikolaichik, as Chief Financial Officer (include name(s) and title(s), as appropriate), or any other officer, employee or representative of Borrower who is authorized or designated as a signer of loan documents under the provisions of
Borrower’s most recent resolutions or similar documents on file with the Bank. Notwithstanding that individual names of Authorized Persons may have been provided to the Bank, the Bank shall be permitted at any time to rely solely on an
individual’s title to ascertain whether that individual is an Authorized Person. 

  

	 	b.	“Base Rate” shall mean a rate per annum equal to two (2) percentage point(s) above the rate of interest announced by the Bank from time to
time as its prime rate of interest (“Prime Rate”). If the prior blank is not completed, the Base Rate shall be two (2) percentage points above the Prime Rate. 

 

	 	c.	“Base Rate Loan” shall mean a Loan that accrues interest at the Base Rate. 

 

	 	d.	“Draw Date” shall mean, in relation to each Loan, the date that such Loan is made or deemed to be made to Borrower pursuant to this Note.

  

	 	e.	 “LIBOR” shall mean the rate per annum (rounded upward, if necessary, to the nearest 1/16th of 1%) obtained by dividing (i) the applicable London Interbank Offered Rate (see LIBOR Rate definition below), as
fixed by the British Bankers Association for United States dollar deposits in the London interbank market at approximately 11:00 a.m. London, England time (or as soon thereafter as practicable) on the appropriate day in accordance with the terms of
this Note, as determined by the Bank from any broker, quoting service or commonly available source utilized by the Bank, by (ii) a percentage equal to 100% minus the stated maximum rate of all reserves required to be maintained against
“Eurocurrency Liabilities” as specified in Regulation D (or against any other category of liabilities, which includes deposits by reference to which the interest rate on LIBOR Rate Loan(s) is determined, or any category of extensions of
credit or other assets which includes loans by a non-United States’ office of a bank to United States’ residents) on such date to any member bank of the Federal Reserve System. Notwithstanding any provision above, the practice of rounding
to determine LIBOR may be discontinued at any time in the Bank’s sole discretion. 

  

	 	f.	“LIBOR Rate” shall mean the rate per annum equal to: 

  

	 	•	 	 1.50 percentage point(s) above the greater of (a) one-month LIBOR, adjusting daily, or (b) one-day (i.e., overnight) LIBOR

  

	 	g.	“LIBOR Rate Loan” shall mean any Loan that accrues Interest at a LIBOR Rate, as determined by the Bank. 

 

	 	h.	“Loan” shall mean any advance of funds made to Borrower by the Bank pursuant to this Note. 

 

	 	i.	“London Business Day” shall mean any day on which dealings in United States dollar deposits are carried on by banking institutions in the London
interbank market. 

  

	 	j.	“Maximum Principal Amount” shall mean Ten Million and 00/100 Dollars ($10,000,000.00). 

  

	 	k.	“New York Business Day” shall mean any day other than Saturday, Sunday or other day on which commercial banking institutions in New York, New York are
authorized or required by law or other governmental action to remain closed for business. 

  

	 	l.	“Outstanding Principal Amount” shall mean, at any point in time, the aggregate outstanding principal amount of all loans made pursuant to this Note.

 2. PAYMENT OF PRINCIPAL, INTEREST AND EXPENSES. 
 a. Promise to Pay. For value received, and intending to be legally bound, Borrower promises to pay to the order of the Bank, ON DEMAND, the Maximum Principal Amount or the Outstanding Principal
Amount, if less, plus interest as set forth below and all fees and costs (including without limitation the Bank’s attorneys’ fees and disbursements, whether for internal or outside counsel) the Bank incurs in order to collect any amount
due under this Note, to negotiate or document a workout or restructuring, or to preserve its rights or realize upon any guaranty or other security for the payment of this Note (“Expenses”). 

b. Interest. Each Loan shall earn interest on the Outstanding Principal Amount thereof calculated on the basis of a 360-day year
for the actual number of days of each year (365 or 366), as follows: 
 i. LIBOR Rate Loans. Interest shall accrue
each day on any LIBOR Rate Loan, from and including the Draw Date to, but not including, the date such LIBOR Rate Loan is paid in full (or converts to a Base Rate Loan), at the LIBOR Rate in effect for that day. The applicable LIBOR Rate shall be
determined each day using LIBOR in effect for that day, which, if such day is not a London Business Day, shall have been fixed on the nearest preceding London Business Day. 

  
 1 

 ii. Base Rate Loans. Interest shall accrue each day on any Base Rate Loan,
from and Including the first day a Loan becomes a Base Rate Loan to, but not including, the day such Base Rate Loan is paid in full, at a rate per annum equal to the Base Rate in effect each day. Any change in the Base Rate resulting from a change
in the Prime Rate shall be effective on the date of such change. 
 c. Maximum Legal Rate. It is the intent of the Bank
and Borrower that in no event shall Interest be payable at a rate in excess of the maximum rate permitted by applicable law (the “Maximum Legal Rate”). Solely to the extent necessary to prevent interest under this Note from exceeding the
Maximum Legal Rate, any amount that would be treated as excessive under a final judicial interpretation of applicable law shall be deemed to have been a mistake and automatically canceled, and, if received by the Bank, shall be refunded to Borrower.

 d. Demand Facility. This is a pay-on-demand Note and all Loans hereunder are made at the Bank’s discretion and
shall become immediately due and payable upon demand by the Bank; provided, however, that the Outstanding Principal Amount of this Note and all accrued and unpaid interest shall automatically become immediately due and payable if Borrower or any
guarantor or endorser of this Note commences or has commenced against it any bankruptcy or insolvency proceeding, Borrower hereby waives protest, presentment and notice of any kind in connection with this Note. Absent demand for payment in full,
interest shall be due and payable monthly, as invoiced by the Bank. 
 e. Payments. Payments shall be made in immediately
available United States funds at any banking office of the Bank. 
 f. Proauthorized Transfers from Deposit Account. If a
deposit account number is provided in the following blank, Borrower hereby authorizes the Bank to debit Borrower’s deposit account
#                     with the Bank automatically for any amount which becomes due under this Note. 

g. Late Charge. If Borrower fails to pay, within five (5) days of its due date, any amount due and owing pursuant to this
Note or any other agreement executed and delivered to the Bank in connection with this Note, Borrower shall immediately pay to the Bank a late charge equal to the greatest of (a) $50.00, (b) five percent (5%) of the delinquent amount,
or (c) the Bank’s then current late charge as announced by the Bank from time to time. Notwithstanding the above, if this Note is secured by a one- to six-family owner-occupied residence, the late charge shall equal 2% of the delinquent
amount and shall be payable if payment is not received within fifteen days of its duo date. 
 h. Default Rate. If the
Borrower fails to make any payment when due under this Note, the interest rate on the Outstanding Principal Amount shall immediately and automatically increase to five (5) percentage points per year above the otherwise applicable rate per year,
and any judgment entered hereon or otherwise in connection with any suit to collect amounts due hereunder shall bear interest at such default rate. 
 i. Interest Accrual; Application of Payments. Interest will continue to accrue on the Outstanding Principal Amount until the Outstanding Principal Amount is paid in full. All installment payments
(excluding voluntary prepayments of principal) will be applied as of the date each payment is received and processed. Payments may be applied in any order in the sole discretion of the Bank, but, prior to demand for payment in full, may be applied
chronologically (i.e., oldest invoice first) to unpaid amounts due and owing, in the following order: first to accrued interest, then to principal, then to late charges and other fees, and then to alI other Expenses. 

3. CREDIT AVAILABILITY. 

a. General. This Note is issued by Borrower to the Bank in connection with a certain line of credit or loan limit made available by
the Bank to Borrower (the “Credit”). Except as otherwise provided herein, each Loan advanced hereunder shall be in the form of a LIBOR Rate Loan. 
 b. Authorized Representatives. The Bank may make any Loan pursuant to the Credit in reliance upon any oral, telephonic, written, teletransmitted or other request (the “Request(s)”) that
the Bank in good faith believes to be valid and to have been made by Borrower or on behalf of Borrower by an Authorized Person. The Bank may act on the Request of any Authorized Person until the Bank shall have received from Borrower, and had a
reasonable time to act on, written notice revoking the authority of such Authorized Person. Borrower acknowledges that the transmission between Borrower and Bank of any Request or other instructions with respect to the Credit involves the
possibility of errors, omissions, misinterpretations, fraud and mistakes, and agrees to adopt such internal measures and operational procedures as may be necessary to prevent such occurrences. By reason thereof, Borrower hereby assumes all risk of
loss and responsibility for, and releases and discharges the Bank from any and all responsibility or liability for, and agrees to indemnify, reimburse on demand and hold Bank harmless from, any and all claims, actions, damages, losses, liability and
expenses by reason of, arising out of, or in any way connected with or related to: (i) Bank’s accepting, relying on and acting upon any Request or other instruction’s with respect to the Credit; or (ii) any such error, omission,
misinterpretation, fraud or mistake, provided such error, omission, misinterpretation, fraud or mistake is not directly caused by the Bank’s gross negligence or willful misconduct. The Bank shall incur no liability to Borrower or to any other
person as a direct or indirect result of making any Loan pursuant to this paragraph. 
 
 c. Discretionary Facility. The Bank may modify, restrict, suspend or terminate the Credit at any time for any reason and without affecting Borrower’s then existing obligations under this Note.
Any Request for a Loan hereunder shall be limited in amount, such that the sum of (i) the principal amount of such Request; (ii) the Outstanding Principal Amount under this Note; and (iii) the aggregate face amounts of (or, if
greater, Borrower’s aggregate reimbursement obligations to the Bank (or any of its affiliates) in connection with) any letters of credit issued by the Bank (or any of its affiliates) at the request (or for the benefit) of Borrower, pursuant to
this Credit; does not exceed the Maximum Principal Amount under this Note. Notwithstanding the above, the Bank shall have the sole and absolute discretion whether to make any Loan (or any portion of any Loan) requested by Borrower, regardless of any
general availability under the Maximum Principal Amount. 

  
 2 

 d. Revolving Credit. This Note evidences a revolving Credit. Subject to all
applicable provisions in this Note and in any and all other agreements between the Borrower and the Bank related hereto, the Borrower may borrow, pay, prepay and reborrow hereunder at any time prior to demand for payment in full of the Outstanding
Principal Amount. Notwithstanding that, from time to time, there may be no amounts outstanding respecting this Note, this Note shall continue in full force and effect until all obligations and liabilities evidenced by this Note are paid in full and
the Credit evidenced by this Note has been terminated by the Bank. 
 e. Request for LIBOR Rate Loans. In making any
Request for a Loan, Borrower shall specify the aggregate amount of such Loan and the Draw Date; provided, however, if a Request is received by the Bank after 2:00 p.m. (Eastern Standard Time) on any given day, the earliest possible Draw Date will be
the next New York Business Day; and 
 f. Delivery of Requests. Delivery of a Request for a LIBOR Rate Loan shall be made
to the Bank at the following address, or such other address designated by the Bank from time to time; 
 M&T Bank

 255 East Avenue 
 Rochester, New York 14694 
 Attention: Michael Nichting 

Fax No. 585-325-5105 
 Telephone No. 585-258-8255 
 4. CONVERSION UPON DEFAULT. Unless the Bank shall
otherwise consent in writing, if (i) Borrower falls to pay when due, in whole or in part, the indebtedness under the Note (whether by demand or otherwise), or (ii) there exists a condition or event which, with the passage of time, the
giving of notice or both, shall constitute an event of default under any of Borrower’s agreement with the Bank, if any, the Bank, in its sole discretion, may convert any LIBOR Rate Loan to a Base Rate Loan. Nothing herein shall be construed to
be a waiver by the Bank to have any Loan accrue interest at the Default Rate of interest (which shall be calculated from the higher of the LIBOR Rate or the Base Rate, as described above). 
 5. RIGHT OF SETOFF. The Bank shall have the right to set off against the amounts owing under this Note any property held in a deposit or other account with the Bank or any of its affiliates or
otherwise owing by the Bank or any of its affiliates in any capacity to Borrower or any guarantor or endorser of this Note. Such setoff shall be deemed to have been exercised immediately at the time the Bank or such affiliate elects to do so.

 6. BANK RECORDS CONCLUSIVE. The Bank shall set forth on a schedule attached to this Note or maintained on computer, the date and
original principal amount of each Loan and the date and amount of each payment to be applied to the Outstanding Principal Amount of this Note. The Outstanding Principal Amount set forth on any such schedule shall be presumptive evidence of the
Outstanding Principal Amount of this Note and of all Loans. No failure by the Bank to make, and no error by the Bank in making, any annotation on any such schedule shall affect the Borrower’s obligation to pay the principal and interest of each
Loan or any other obligation of Borrower to the Bank pursuant to this Note. 
 7. PURPOSE. Borrower certifies (a) that no Loan will
be used to purchase margin stock except with the Bank’s express prior written consent for each such purchase and (b) that all Loans shall be used for a business purpose, and not for any personal, family or household purpose. 

8. AUTHORIZATION. Borrower, if a corporation, partnership, limited liability company, trust or other entity, represents that it is duly organized
and in good standing or duly constituted in the state of its organization and is duly authorized to do business in all jurisdictions material to the conduct of its business; that the execution, delivery and performance of this Note have been duly
authorized by all necessary regulatory and corporate or partnership action or by its governing instrument; that this Note has been duly executed by an authorized officer, partner or trustee and constitutes a binding obligation enforceable against
Borrower and not in violation of any law, court order or agreement by which Borrower is bound; and that Borrower’s performance is not threatened by any pending or threatened litigation. 
 9. INABILITY TO DETERMINE LIBOR RATES, INCREASED COSTS, ILLEGALITY. 
 a.
Increased Costs. If the Bank shall determine that, due to either (a) the introduction of any change in law (other than any change by way of imposition of or increase in reserve requirements included in the calculation of the LIBOR) or in
the interpretation of any requirement of law, or (b) the compliance requirements for any guideline or request from any central bank or other governmental authority (whether or not having the force of law), there shall be any increase in the cost to
the Bank of agreeing to make or making, funding or maintaining any LIBOR Rate Loans, then Borrower shall be liable for, and shall from time to time, upon demand therefor by the Bank, pay to the Bank such additional amounts as are sufficient to
compensate the Bank for such increased costs. 
 
 b.
Inability to Determine Rates. If the Bank shall determine that for any reason adequate and reasonable means do not exist for ascertaining LIBOR with respect to a proposed LIBOR Rate Loan, the Bank will give notice of such determination to
Borrower. Thereafter, the Bank may not make or maintain, as the case may be. LIBOR Rate Loans hereunder until the Bank revokes such notice in writing. Upon receipt of such notice, the Bank may convert any LIBOR Rato Loans to Base Rate Loans, and
Borrower may revoke any pending Request that Borrower previously made for a LIBOR Rate Loan. If Borrower does not revoke any such Request, the Bank may make the Loans, as proposed by Borrower, in the amount specified in the applicable Request
submitted by Borrower, but such Loans shall be made as Base Rale Loans instead of LIBOR Rate Loans. 
 c. Illegality. If
the Bank shall determine that the introduction of any law (statutory or common), treaty, rule, regulation, guideline or determination of an arbitrator or of a governmental authority or in the interpretation or administration thereof, has made it
unlawful, or that any central bank or other governmental authority has asserted that it is unlawful for the Bank to make LIBOR Rate Loans, then, on notice thereof by the Bank to Borrower, the Bank may suspend the making of LIBOR Rate Loans until the
Bank shall have notified Borrower that the circumstances giving rise to such determination shall no longer exist. If the Bank shall determine that it is unlawful to maintain any LIBOR Rate Loans, Borrower

  
 3 

 
shall immediately pay to the Bank the aggregate principal amount of all LIBOR Rate Loans then outstanding, together with accrued interest and related Expenses. If Borrower is required to pay off
any LIBOR Rate Loan as set forth in this subsection, then concurrently with such payment, Borrower may borrow from the Bank, in the amount of such payment, a Base Rate Loan. 
 10. MISCELLANEOUS. This Note, together with any related loan and security agreements and guaranties, contains the entire agreement between the Bank and Borrower with respect to the Note, and
supersedes every course of dealing, other conduct, oral agreement and representation previously made by the Bank. All rights and remedies of the Bank under applicable law and this Note or amendment of any provision of this Note are cumulative and
not exclusive. No single, partial or delayed exercise by the Bank of any right or remedy shall preclude the subsequent exercise by the Bank at any time of any right or remedy of the Bank without notice. No waiver or amendment of any provision of
this Note shall be effective unless made specifically in writing by the Bank. No course of dealing or other conduct, no oral agreement or representation made by the Bank, and no usage of trade, shall operate as a waiver of any right or remedy of the
Bank. No waiver of any right or remedy of the Bank shall be effective unless made specifically in writing by the Bank, Borrower agrees that in any legal proceeding, a copy of this Note kept in the Bank’s course of business may be admitted into
evidence as an original. This Note is a binding obligation enforceable against Borrower and its successors and assigns and shall inure to the benefit of the Bank and its successors and assigns. If a court deems any provision of this Note invalid,
the remainder of the Note shall remain in effect. Section headings are for convenience only. Singular number includes plural and neuter gender includes masculine and feminine as appropriate. 
 11. NOTICES. Any demand or notice hereunder or under any applicable law pertaining hereto shall be in writing and duly given if delivered to Borrower (at its address on the Bank’s records) or
to the Bank (at the address on page one and separately to the Bank officer responsible for Borrower’s relationship with the Bank). Such notice or demand shall be deemed sufficiently given for all purposes when delivered (i) by personal
delivery and shall be deemed effective when delivered, or (ii) by mail or courier and shall be deemed effective three (3) New York Business Days after deposit in an official depository maintained by the United States Post Office for the
collection of mail or one (i) New York Business Day after delivery to a nationally recognized overnight courier service (e.g., Federal Express). Notice by e-mail is not valid notice under this or any other agreement between Borrower and
the Bank. 
 12. JOINT AND SEVERAL. If there is more than one Borrower, each of them shall be jointly and severally liable for all
amounts which become due under this Note and the term “Borrower” shall include each as well as all of them. 
 13. GOVERNING
LAW, JURISDICTION. This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State of New York. Except as provided under federal law, this Note will be interpreted in accordance with the laws of the
State of New York excluding its conflict of laws rules. BORROWER HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN THE STATE OF NEW YORK IN A COUNTY OR JUDICIAL DISTRICT WHERE THE BANK MAINTAINS A BRANCH,
AND CONSENTS THAT THE BANK MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT BORROWER’S ADDRESS SET FORTH ABOVE FOR PROVIDING NOTICE OR DEMAND; PROVIDED THAT NOTHING CONTAINED IN THIS NOTE WILL PREVENT THE BANK FROM BRINGING ANY ACTION,
ENFORCING ANY AWARD OR JUDGMENT OR EXERCISING ANY RIGHTS AGAINST BORROWER INDIVIDUALLY, AGAINST ANY SECURITY OR AGAINST ANY PROPERTY OF BORROWER WITHIN ANY OTHER COUNTY, STATE OR OTHER FOREIGN OR DOMESTIC JURISDICTION. Borrower acknowledges and
agrees that the venue provided above is the most convenient forum for both the Bank and Borrower. Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note. 

14. WAIVER OF JURY TRIAL. BORROWER AND THE BANK HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY BORROWER AND THE
BANK MAY HAVE IN ANY ACTION OR PROCEEDING, IN LAW OR IN EQUITY, IN CONNECTION WITH THIS NOTE OR THE TRANSACTIONS RELATED HERETO. BORROWER REPRESENTS AND WARRANTS THAT NO REPRESENTATIVE OR AGENT OF THE BANK HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT THE BANK WILL NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THIS JURY TRIAL WAIVER, BORROWER ACKNOWLEDGES THAT THE BANK HAS BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE PROVISIONS OF THIS SECTION. 

 ̈    Amended and Restated Note. The Borrower acknowledges, agrees and understands
that this Note is given in replacement of and in substitution for, but not in payment of, a note dated on or about                      in the
original principal amount of $             issued by                     
to the Bank (or its predecessor in interest), as the same may have been amended or modified from time to time (“Prior Note”), and further, that: (a) the obligations of the Borrower as evidenced by the Prior Note shall continue in full
force and effect, as amended and restated by this Note, all of such obligations being hereby ratified and confirmed by the Borrower; (b) any and all liens, pledges, assignments and security interests securing the Borrower’s obligations
under the Prior Note shall continue in full force and effect, are hereby ratified and confirmed by the Borrower, and are hereby acknowledged by the Borrower to secure, among other things, all of the Borrower’s obligations to the Bank under this
Note, with the same priority, operation and effect as that relating to the obligations under the Prior Note; and (c) nothing herein contained shall be construed to extinguish, release, or discharge, or constitute, create, or effect a novation
of, or an agreement to extinguish, the obligations of the Borrower with respect to the indebtedness originally described in the Prior Note or any of the liens, pledges, assignments and security interests securing such obligations. 

  
 4 

 Acknowledgment. Borrower acknowledges that it has read and understands all the provisions of this Note,
including the Governing Law, Jurisdiction and Waiver of Jury Trial, and has been advised by counsel as necessary or appropriate. 
  

			
		 	MANNING & NAPIER, INC.
		
	By:	 	 /s/ Patrick Cunningham

		 	Patrick Cunningham, CEO
		
		 	MANNING & NAPIER GROUP, LLC
		
	By:	 	 /s/ James Mikolaichik

		 	James Mikolaichik, CFO

  

	
	 Brittney L. Maniscalco

	Signature of Witness
	
	 Brittney L. Maniscalco
 Typed Name of Witness

 ACKNOWLEDGMENT 
  

							
	STATE OF	 	New York                )	 		 	

									
		 	 	:ss    	  	 		 	
	COUNTY OF	 	 	Ontario               )	  	 		 	

 On the 13th day of February, in the year 2013, before me, the undersigned, a Notary Public in and for said State, personally
appeared Brittney L. Maniscalco, personally known to me or proved to me on the basis of satisfactory evidence to be the Individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the Instrument, the Individual, or the person upon behalf of which the individual noted, executed the Instrument. 

 

	
	 Lisa L. Fiorentino

	 Notary Public
  

LISA L. FIORENTINO
 NOTARY PUBLIC-STATE OF NEW YORK No. 01F16217959
 Qualified in Ontario
County
 My Commission Expires March 01, 2014

  

			
	  	  	FOR BANK USE
ONLY                                         
   
	Authorization Confirmed:	  	  

	 Product Code: 11900

Disbursement of Funds:
	  	

											
	Credit A/C        	  	#                             
       	  	Off Ck    	  	#                             
       	  	Payoff Obligation	  	#                             
       
		  	$                             
       	  		  	$                             
       	  		  	$                             
       

  
 5

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