Document:

Exhibit

Exhibit 10.1

UK SUB PLAN TO FEDERATED INVESTORS, INC. STOCK INCENTIVE PLAN

Neither this document, nor any stock award agreement connected with it, is an approved prospectus for the purposes of section 85(1) of the Financial Services and Markets Act 2000 (“FSMA”) and no offer of transferable securities to the public (for the purposes of section 102B of FSMA) is being made in connection with the UK Sub-Plan to the Federated Investors Inc. Stock Incentive Plan (the “Sub-Plan”).  The Sub-Plan is exclusively available to bona fide UK employees and former employees of Federated Investors Inc. or any of its subsidiaries.

UK SUB-PLAN TO THE 
FEDERATED INVESTORS INC.
STOCK INCENTIVE PLAN

Additional terms and conditions for Awards received by Participants tax resident in the UK, pursuant to Section 4.1(c) of the Federated Investors Inc. Stock Incentive Plan as amended (the “Federated Plan”). 

		
	1.
	The purpose of this Sub-Plan is to provide incentives for UK Participants (as defined below) through the grant of Awards over shares of Class B Common Stock of Federated Investors Inc. (the “Company”).

		
	2.
	This Sub-Plan shall apply to all UK Participants. In the event that a Participant becomes a UK Participant subsequent to the grant of an Award under the Plan, then such Award shall immediately and automatically be amended in a manner consistent with this Sub-Plan unless otherwise determined by the Board Committee. 

		
	3.
	Capitalized terms used in this Sub-Plan are defined in the Plan, subject to the provisions of this Sub-Plan.

		
	4.
	References to Incentive Stock Options and Non-qualified Stock Options shall not apply to Options granted under the Sub-Plan. 

		
	5.
	Any Options granted under this Sub-Plan shall be designated as Non-tax advantaged Options.

		
	6.
	This Sub-Plan is governed by the Plan and all its provisions shall be identical to those of the Plan SAVE THAT (i) “Sub-Plan” shall be substituted for “Plan” where applicable and (ii) the following provisions shall be as stated in this Sub-Plan in order to accommodate the specific requirements of the laws of England and Wales:

		
	7.
	SECTION 2.  Definitions. 

The following definition shall be amended to read:
“Plan” means the Federated Plan as modified by this UK Sub-Plan.
The following definitions shall be added for the purposes of the UK Sub-Plan:
“Award Agreement” means the agreement under which an Award is made or granted.

“Award Shares” means the Shares subject to or comprised in an Award.
“Clawback Amount” means the amount determined under Section 14.3.
“Employee” means an employee or full-time director of the Company or any Group Company.
“Group Company” shall mean the Company and its subsidiaries (within the meaning of that term in section 1159 of the UK Companies Act 2006).
“HMRC” means HM Revenue & Customs.
“ITEPA” means the Income Tax (Earnings and Pensions) Act 2003.
“Joint Election” means an election (in such terms and such form as provided in paragraphs 3A and 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992), which has been approved by HMRC for the transfer of the whole of or any liability of the Secondary Contributor for any Secondary NIC Liability.
“Non-tax advantaged Option” shall mean an Option over Shares that is neither an option granted pursuant to a CSOP scheme under Schedule 4 ITEPA nor an enterprise management incentive (EMI) option which meets the requirements of Schedule 5 ITEPA.
“Personal Representative” shall mean the personal representative(s) of a UK Participant (being either the executors of his or her will or if he or she dies intestate the duly appointed administrator(s) of his or her estate) who have provided to the Board Committee evidence of their appointment as such.
“Secondary Contributor” shall mean a person or company who has a liability to account (or pay) the Secondary NIC Liability to HMRC.
“Secondary NIC Liability” shall mean any liability to employer’s Class 1 National Insurance contributions to the extent arising from the grant, vesting, exercise, release or cancellation of an Award or arising out of the acquisition, vesting, retention and/or disposal of the Shares acquired pursuant to an Award, where such liability may be recovered from the Participant by the Secondary Contributor under paragraph 3A of Schedule 1 to the Social Security Contributions and Benefits Act 1992 or transferred to the Participant under paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992.
“Section 431 Election” shall mean an election made under section 431 of ITEPA.
“Share” shall mean share of Class B Common Stock of the Company.
“Taxable Event” shall mean any occasion on which a UK Tax Liability and/or Secondary NIC Liability arises in connection with an Award or any Shares acquired under it, including but not limited to the grant, vesting, exercise, assignment, release, cancellation or other disposal of an Award or arising out of the acquisition, vesting, retention and/or disposal of the Shares acquired pursuant to an Award or otherwise pursuant to an award of Shares under the Plan. 

“UK Participant” means a Participant resident in the United Kingdom for United Kingdom tax purposes, or otherwise within the scope of United Kingdom taxation on employment income as a result of duties performed in the United Kingdom.
“UK Group Company” shall mean a Group Company which is incorporated in the UK.
“UK Tax Liability” shall mean any liability or obligation of the Company and/or any Group Company, including any UK Group Company, to account (or pay) for income tax (under the United Kingdom withholding system of PAYE (pay as you earn)) or any other taxation provisions and primary class 1 National Insurance contributions in the United Kingdom to the extent arising from the grant, exercise, vesting, assignment, release, cancellation or any other disposal of an Award or arising out of the acquisition, retention and disposal of the Shares acquired under this Plan.
		
	8.
	SECTION 4.2 Designation of Participants.

For the purposes of the UK Sub-Plan, Section 4.2 of the Federated Plan shall read as follows:
“Participants shall be selected, from time to time, by the Board Committee, from those Employees of the Company and any Group Company who, in the opinion of the Board Committee, have the capacity to contribute materially to the continued growth and successful performance of the Company. Outside Directors and any other person who is not an Employee may not be granted Awards under this Sub-Plan.”
		
	9.
	SECTION 5.4 Transferability of Options.

For the purposes of the UK Sub-Plan, Section 5.4 of the Federated Plan shall read as follows:
“Options granted under the Sub-Plan may not be sold, transferred, pledged, assigned, hypothecated or otherwise disposed of in any manner other than on the UK Participant’s death to the UK Participant’s Personal Representative, and may be exercised during the lifetime of the UK Participant, only by the UK Participant.”
		
	10.
	SECTION 6.5 Transferability of SARs.

For the purposes of the UK Sub-Plan, Section 6.5 of the Federated Plan shall read as follows:
“SARs granted under the Sub-Plan may not be sold, transferred, pledged, assigned, hypothecated or otherwise disposed of in any manner other than on the UK Participant’s death to the UK Participant’s Personal Representative, and may be exercised during the lifetime of the UK Participant, only by the UK Participant.”
		
	11.
	SECTION 12.1 Rights of Employees.

For the purposes of the UK Sub-Plan, Section 12.1 of the Federated Plan shall read as follows:
“The rights and obligations of any individual under the terms of his or her office or employment with the Company or any Group Company shall not be affected by his or her participation in the Plan or any right which he or she may have to participate in it. Nothing in the Plan shall interfere with or limit in any way the right of the Company or any Group Company to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continued 

employment with the Company or any affiliate. An individual who participates in the Plan waives any and all rights to compensation or damages in consequences of the termination of his or her office or employment for any reason whatsoever (whether or not such termination is wrongful or unfair) insofar as those rights arise or may arise from his or her ceasing to have rights under an Award as a result of such termination. The grant of an Award does not imply that any further Award will be granted or that a Participant has any right to receive any further Award.”
		
	12.
	SECTION 12.2 Tax Withholding.

For the purposes of the UK Sub-Plan, the words “tax withholding requirements” shall be generally understood to include any sums due pursuant to any UK Tax Liability and (if applicable) Secondary NIC Liability.
		
	13.
	SECTION 12.10 Transferability of Awards.

For the purposes of the UK Sub-Plan, Section 12.10 of the Federated Plan shall read as follows:
“Notwithstanding anything to the contrary contained in this Plan, Shares subject to any Performance Share Award or Restricted Stock Award may be transferred to a “family member” as defined in and pursuant to the terms and conditions set forth in Section A.1.a.5 of the General Instructions to Form S-8 promulgated under the Securities Act of 1933, as amended, as such provision may be amended from time to time, on such terms and conditions as may be determined by the Board Committee.  For the avoidance of doubt, Stock Options and Stock Appreciation Rights may not be transferred.”
		
	14.
	SECTION 12.  Miscellaneous.

For the purposes of the UK Sub-Plan, a new Section 12.13 shall be added as follows:
“No term of the Plan or any Award Agreement shall be construed so as to require the Company or the Board Committee to grant, or alter the terms of, any Option to a UK Participant so as to confer any “tax-advantaged” status on that Option for United Kingdom tax purposes.”
For the purposes of the UK Sub-Plan, a new Section 12.14 shall be added as follows:
“The Board Committee may provide in an Award Agreement that the grant, satisfaction, vesting or exercise of an Award (or any portion thereof) or the purchase of Shares, is conditional upon the UK Participant making or refraining from making a Section 431 Election with respect to the Shares acquired pursuant to the grant, satisfaction, vesting or exercise of such Award or otherwise. If a UK Participant makes a Section 431 Election in respect of any Shares so acquired, such election shall be made no later than fourteen (14) days from the date of acquisition of the Shares.”
For the purposes of the UK Sub-Plan, a new Section 12.15 shall be added as follows:
“The Board Committee may provide in an Award Agreement that the grant, satisfaction, vesting or exercise of an Award (or any portion thereof) or the purchase of Shares, is conditional upon the UK Participant either making a Joint Election, or indemnifying the Company and/or any Group Company in respect of any Secondary NIC Liability, with respect to the Shares acquired pursuant to the grant, satisfaction, vesting or exercise of such Award or otherwise.”

		
	15.
	SECTION 13.  Malus and Clawback. 

For the purposes of the UK Sub-Plan, a new Section 13 shall be added as follows:
“13    Malus and Clawback
“13.1    This Section 13 applies in relation to an Award if (a) either or both of Sections 13.2 and/or 13.3 apply, and (b) Section 13.4 applies.
“13.2    This Section 13.2 applies in relation to an Award if the Board Committee, at its discretion, determines that any of the following circumstances exist: 
(a)    the Participant has participated in or was responsible for conduct which resulted in significant losses to a Group Company, 
(b)    the Participant has failed to meet appropriate standards of fitness and propriety, 
(c)    the Company has reasonable evidence of fraud or material dishonesty by the Participant, 
(d)    the Company has become aware of any material wrongdoing on the part of the Participant, 
(e)    the Participant has acted in a manner which in the opinion of the Board Committee has brought or is likely to bring any Group Company into material disrepute or is materially adverse to the interests of any Group Company, 
(f)    there is a breach of the Participant’s employment contract that is a potentially fair reason for dismissal, 
(g)    the Participant is in breach of a fiduciary duty owed to any Group Company or any client or customer of a Group Company, 
(h)    the Participant participates in a ‘lift out’ of a team or group of employees, or whether alone or with others entices or otherwise encourages a team or group of employees to move to another firm, 
(i)    a Participant who has ceased to be an Employee was in breach of his or her employment contact or fiduciary duties in a manner that would have prevented the grant, vesting or exercise of the Award had the Company been aware (or fully aware) of that breach, and which the Company was not aware (or fully aware) until after either (1) both the Participant’s ceasing to be an employee and the time the Award Shares were acquired by the Participant pursuant to the Award, or (2) there was a material error in determining whether the Award should be granted or determining the size and nature of the Award.
“13.3    This Section 13.3 applies in relation to an Award if the Board Committee, at its discretion, determines that either of the following circumstances exist:

(a)    a Group Company mis-stated any financial information (whether or not audited) for any part of a financial year that was taken into account in (i) determining whether the Award should be made, or (ii) determining the size and nature of the Award, or
(b)    a Group Company or business unit that employs or employed the Participant, or for which the Participant is responsible, has suffered a material failure of risk management.
“13.4    This Section 13.4 applies in relation to an Award if the Board Committee, at its discretion, determines that, if the circumstances mentioned in Section 13.2 or 13.3 had existed, and the Board Committee had been fully aware that they existed at the date on which the Award was granted, then either (a) the Board Committee would not have granted the Award, or (b) the Board Committee would have granted the Award in relation to a smaller number of Shares.
“13.5    If the Board Committee makes a determination in relation to an Award under this Section 13, it must do so within three years of becoming aware of the circumstances mentioned in Sections 13.2 or 13.3.”
		
	16.
	SECTION 14.  Operation of Malus and Clawback. 

For the purposes of the UK Sub-Plan, a new Section 14 shall be added as follows:
“14.1    This Section 14 applies to an Award if Section 13 applies to the Award.
“14.2    If at the date of the determination under Section 13.4, Award Shares (or some of the Award Shares) have not yet been issued or transferred to the Participant, the Board Committee may determine to cancel the Award to the extent that Award Shares have not yet been issued or transferred to the Participant, or to reduce it by such number of Shares as the Board Committee considers to be fair and reasonable, taking into account all circumstances that the Board Committee considers to be relevant. 
“14.3    If at the end of the determination under Section 13.4, Award Shares (or some of the Award Shares) have been issued or transferred to the Participant, the Board Committee may determine a Clawback Amount in relation to the Award.
“14.4    The Clawback Amount shall be such amount as the Board Committee considers to be fair and reasonable, taking account of all circumstances that the Board Committee considers to be relevant, but shall not be more than either (a) the Fair Market Value of the Award Shares measured on the date or dates of the Taxable Event or Taxable Events in relation to the relevant Award Shares, or (b) the Fair Market Value of the Award Shares measured on the date of the determination. 
“14.5    If the Participant has paid or is liable to pay any amount of a UK Tax Liability which cannot be recovered from or repaid by any relevant tax authority (whether directly or indirectly), the Board Committee may in its discretion decide to reduce the Clawback Amount to take account of this amount. In deciding whether to reduce the Clawback Amount, the Board Committee shall take account of such factors as it thinks fit, which may include market practice, corporate governance rules and guidelines, and the expectations of shareholders.
“14.6    For the avoidance of doubt, the Board Committee is not obliged to determine a Clawback Amount in relation to any particular Award, even if the Board Committee does determine a Clawback 

Amount in relation to other Awards to the same or other Participants which were granted or which vested on the same date or dates.
“14.7    The Participant shall reimburse the Company for the Clawback Amount, in any way acceptable to the Board Committee, on or as soon as possible after the Board Committee determines a Clawback Amount in relation to the Award. If the Participant fails to reimburse the Company within 30 days after the determination, the Company shall obtain reimbursement from the Participant in any (or a combination of) the following ways:
(a)    by reducing or cancelling any Options that the Participant has not exercised,
(b)    by reducing or cancelling any Award (other than an Option) where the Award Shares have not yet been issued or transferred to the Participant,
(c)    by reducing or cancelling any cash bonus payable to the Participant by any Group Company,
(d)    by reducing or cancelling any future or existing Award made or granted to the Participant under any other share incentive plan or bonus plan operated by any Group Company (other than a Schedule 2 SIP or a Schedule 3 SAYE option plan, as those terms are defined in ITEPA), 
(e)    by requiring the Participant to transfer any Shares acquired by the Participant under any Award to the Company or such other person as the Company may direct for no consideration,
(f)    by requiring the Participant to make a cash payment to a Group Company, or
(g)    by reducing the Participant’s salary.
“14.8    If the Participant participates in another share incentive plan or bonus plan operated by a Group Company, and that other plan contains a provision that has similar effect to this Section 14, the Board Committee may give effect to that provision in any of the following ways:
(a)    by reducing or cancelling any Options that the Participant has not exercised, or
(b)    by reducing or cancelling any Award (other than an Option) where the Award Shares have not yet been issued or transferred to the Participant.
“14.9    It is a condition of the issue or transfer of Award Shares to a Participant that the Participant, if requested to do so by the Board Committee, sign an acceptance notice (which may form part of the Award Agreement in relation to the relevant Award) declaring an irrevocable agreement to the terms of this Section 14.”

UK Sub-Plan adopted October 25, 2018Exhibit

Exhibit 10.2

FEDERATED INVESTORS, INC.
Stock Incentive Plan

2018 RESTRICTED STOCK AWARD AGREEMENT

FOR AWARDS TO EMPLOYEES IN THE UNITED KINGDOM

THIS AGREEMENT, is made and effective as of the 16th day of November, 2018 by and between Federated Investors, Inc. (including its successors and assigns, the "Company"), a Pennsylvania corporation having its principal place of business in Pittsburgh, Pennsylvania
 
A
       N
              D

__________________, an Employee of the Company or a Group Company (the "Participant").  Capitalized terms used in this Agreement shall, unless specifically defined herein, have the respective meanings given to such terms in the UK Sub-Plan (the “UK Sub-Plan”) to the Federated Investors, Inc. Stock Incentive Plan, as amended (the "Stock Incentive Plan"). 

WITNESSETH THAT:

WHEREAS, in order to provide incentives to Federated employees, the Company has adopted the Stock Incentive Plan under which, among other things, Awards of Class B Common Stock of the Company, no par value (the "Class B Common Stock"), can be made to Employees; and

WHEREAS, the Company desires to have Participant continue in Federated’s employ and to provide Participant with an incentive to put forth maximum effort for the success of the business; and

WHEREAS, Participant holds a position of trust and confidence within Federated (as hereafter defined), and Federated has entrusted and will continue to entrust Participant with its trade secrets and confidential, proprietary business information and knowledge about and relationships with Federated employees and Federated Clients (as hereafter defined).  Because such information and relationships could be used by Federated’s competitors to gain an unfair advantage against Federated, this Agreement and the Confidentiality Agreement (as hereafter defined) contain noncompetition provisions to protect Federated’s confidential information, employee and client relationships, and goodwill; and

WHEREAS, subject to the terms and conditions hereafter set forth, by action of the Board Committee, the Company hereby grants an Award of Class B Common Stock to Participant.

2018 RSA E/NONS (UK Sub-Plan)

NOW, THEREFORE, in consideration of the mutual covenants and representations herein contained, and intending to be legally bound, the parties hereto agree as follows:

ARTICLE I
Definitions

As used herein:

1.1    "Federated" shall mean Federated Investors, Inc. or any corporate parent, affiliate, or direct or indirect subsidiary thereof (including any Group Company), or any successor to Federated, for which Participant performs services, regardless of whether this Agreement has been expressly assigned to such corporate parent, affiliate, or direct or indirect subsidiary, or successor.
1.2    "Federated Client" shall mean each client or customer of Federated which Federated or any of its employees handled, serviced, or solicited at any time during the Participant’s employment with Federated or, where such employment has been terminated or has ceased, during the two (2) year period immediately preceding such termination or cessation.
1.3    "Federated Services" shall mean any services the same as, similar to, or in competition with the type of services offered by Federated at any time during the Participant’s employment with Federated or, where such employment has been terminated or has ceased, during the two (2) year period immediately preceding such termination or cessation, including, without limitation, offering mutual funds (which term includes for the purposes of this Agreement any investment company, fund or collective investment scheme) for sale, providing investment advice and/or investment management, providing administrative or distribution services to mutual funds and/or providing retirement plan services, mutual fund clearing services, or mutual fund account administration services; provided, however, that, in the discretion of the Company exercised by notice to the Participant, Federated Services may not include business lines abandoned by Federated.
1.4    "Performance Measure Event" shall have such meaning as established and adopted by the Board Committee at a meeting held on October 25, 2018 as set forth in the resolutions attached hereto as Exhibit A, which definition is hereby incorporated by reference and a copy of which the Participant acknowledges receipt thereof.
1.5    "Restriction Period" shall mean the period beginning on the date of this Agreement and ending on (i) November 17, 2023 with respect to the Shares that would be Vested Shares as of November 17, 2023 pursuant to Section 3.1 and (ii) in the event of Participant’s Disability, November 17, 2023 with respect to the Shares that would be Vested Shares pursuant to Section 3.2(b) and (iii) in the event of the Participant’s death on or after November 17, 2021, the date of the Participant’s death.  
1.6    "Unvested Shares" shall mean all Shares other than Vested Shares.  

-2-
2018 RSA E/NONS (UK Sub-Plan)

1.7    "Vested Shares" means Shares that have vested in accordance with Section 3.1 or Section 3.2.

ARTICLE II
Grant of Restricted Stock

2.1    Subject to the conditions set forth in Section 2.2 hereof and the other terms and conditions of this Agreement, the Company hereby grants, effective November 16, 2018, to Participant an Award (the "2018 Award") to purchase _____ (  ) shares (the "Shares") of Class B Common Stock at a purchase price of $3.00 per share (the "Purchase Price").  At the discretion of the Company, certificates for the Shares may not be issued.  In lieu of certificates, the Company will establish a book entry account for the Shares in the name of the Participant with the Company's transfer agent and registrar for the Class B Common Stock.

2.2    Notwithstanding Section 2.1 or any other provision of this Agreement to the contrary, this Agreement shall become effective only if Participant executes and delivers to the Company two counterparts of this Agreement along with the Purchase Price for the Shares by November 13, 2018, time being of the essence.

2.3    It is intended that the Award qualify as "performance-based compensation" under Section 162(m) of the Code and the regulations promulgated thereunder.

 
ARTICLE III
Terms of the Award

3.1    If the Performance Measure Event shall have been attained, then during the continuation of Participant's employment by Federated, the 2018 Award shall vest in Participant in accordance with the schedule of vesting as follows:
        
	
			
	Date
	Portion Vested
	Cumulative Percentage

	November 17, 2023
	100%
	100% (restrictions lapse)

Notwithstanding the foregoing or any provision of this Agreement to the contrary, if the Board Committee determines, prior to the Disability or death of the Participant, that the Performance Measure Event has not been attained, Participant's rights to the 2018 Award shall be immediately forfeited and Participant shall immediately sell to the Company, and the Company shall purchase from Participant, all Shares at the Purchase Price per Share.  

3.2    In the event of the Disability or death of Participant after the effective date of this Agreement and prior to a determination by the Board Committee that the Performance Measure Event has not been attained or at any time after a determination by the Board Committee that the Performance Measure Event has been attained:

-3-
2018 RSA E/NONS (UK Sub-Plan)

(a)     Prior to November 17, 2021, all Unvested Shares as of the date of such Disability or death shall be forfeited and sold back to the Company in accordance with Section 3.3 below.

(b)     On or after November 17, 2021, all Shares not then Vested Shares as of the date of such Disability or death shall become Vested Shares upon such Disability or death.  The Restriction Period shall end on the date of Participant's death, or in the case of Participant’s Disability, the Restriction Period shall end on November 17, 2023.  

(c)     For purposes of this Agreement, "Disability" shall be deemed to have occurred as of the first day following Participant's termination of employment by Federated as a result of a mental or physical condition that prevents Participant from engaging in the principal duties of Participant's employment with Federated as determined in accordance with the Rules and Regulations Establishing Formal Review Procedures under the Stock Incentive Plan.

3.3    Upon the termination or cessation of Participant's employment with Federated for any reason whatsoever, including an involuntary termination without cause, prior to a determination by the Board Committee that the Performance Measure Event has been attained or any time after a determination by the Board Committee that the Performance Measure Event has been attained, Participant shall immediately sell to the Company, and the Company shall purchase from Participant, all Shares that are Unvested Shares as of the date of termination or cessation of employment, in each case at the Purchase Price per Share.

3.4    Participant acknowledges that Participant has previously entered into (whether as part of Participant’s contract of employment or by separate agreement) or simultaneously herewith is entering into an "Agreement Regarding Confidential Information" with Federated (the "Confidentiality Agreement").  Participant acknowledges that Federated would not enter into this Agreement without the Confidentiality Agreement.  In the event that, during the course of Participant's employment with Federated, Participant shall (i) engage in "competition" with Federated as defined but excluding the temporal limitations contained in Section 3.6 of this Agreement or (ii) shall breach any provision of the Confidentiality Agreement, then Participant shall immediately sell to the Company and the Company shall purchase from Participant, at the Purchase Price per Share, all Shares, whether Vested Shares or Unvested Shares, then owned by the Participant.  If Participant chooses to engage in competition with Federated as defined above or chooses to breach the Confidentiality Agreement, Participant will knowingly be forfeiting Participant’s 2018 Award, whether Vested Shares or Unvested Shares, granted under this Agreement and will have considered the loss of such a potential benefit in Participant's decision to engage in competition with Federated or to breach the Confidentiality Agreement.  In the event of a breach of the Confidentiality Agreement, Federated also shall have the rights and remedies provided under that agreement.

3.5    Participant acknowledges that in the event that Participant engages in competition with Federated as defined and within the temporal limitations contained in Section 3.6 of this Agreement, then Federated shall be entitled, in addition to any other remedies 

-4-
2018 RSA E/NONS (UK Sub-Plan)

and damages available, to an injunction to restrain such breach or threatened breach thereof by Participant, Participant’s partners, agents, servants, employers, and employees, and any other persons acting for or with Participant.  Participant further agrees that any corporate parent, direct or indirect subsidiary, affiliate, or successor of Federated for which Participant performs services may enforce this Agreement without need for any assignment of this Agreement.

3.6    Participant shall be deemed to have engaged in "competition" with Federated in the event that, during the period of Participant's employment by Federated and thereafter until twelve (12) months after the last date for which compensation (including any pay beyond the last day actively worked, if any) is received by Participant from Federated, Participant, directly or indirectly, in any capacity whatsoever (either as an employee, officer, director, stockholder, proprietor, partner, joint venturer, consultant or otherwise for any person other than Federated) (i) solicits, contacts, calls upon, communicates with, or attempts to communicate with any Federated Client for the purpose of providing Federated Services to such Federated Client or (ii) sells any Federated Services to any Federated Client.  Notwithstanding the foregoing, Participant's ownership of not more than five percent (5%) of the total shares of all classes of stock of any publicly-held corporation or other business organization shall not constitute Participant's competition with the Company or any Subsidiary hereunder.  Further, for the avoidance of doubt, nothing in this Agreement or the Confidentiality Agreement prevents reporting (or receiving financial awards from the government resulting from reporting) possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures, protected under the whistleblower provisions of federal law or regulation (or similar foreign law), including, without limitation, good faith disclosure on a confidential basis of Confidential Information (as defined in the Confidentiality Agreement) constituting “Trade Secrets” as defined in 18 U.S.C. § 1839 (or similar foreign law), and so long as such disclosures are consistent with 18 U.S.C. § 1833 (or similar foreign law).

3.7    Participant hereby acknowledges and agrees that:
(a)    This Agreement and the Confidentiality Agreement are necessary for the protection of the legitimate business interests of Federated;
(b)    The restrictions contained in this Agreement and the Confidentiality Agreement regarding scope, length of term and types of activities restricted are reasonable;
(c)    Participant has received adequate and valuable consideration for entering into this Agreement and the Confidentiality Agreement;
(d)    Participant’s covenants in Sections 3.4 to 3.7 of this Agreement and those in the Confidentiality Agreement shall be construed as independent of any other provisions and the existence of any claim or cause of action Participant may have against Federated, whether predicated on this Agreement or not, shall not constitute a defense to the enforcement by Federated of these covenants;

-5-
2018 RSA E/NONS (UK Sub-Plan)

(e)    Neither this Agreement nor the Confidentiality Agreement prevents Participant from earning a livelihood after termination or cessation of employment with Federated; and
(f)    Participant has an obligation to notify prospective employers of the covenants in Sections 3.4 to 3.7 of this Agreement and of those in the Confidentiality Agreement. 

ARTICLE IV
Withholding Taxes; Section 431 Election

4.1    The Company shall have the authority to withhold, or to require a Participant to remit to the Company, prior to issuance or delivery of any Shares or the removal of any stop order or transfer restrictions on the Shares or any restrictive legends on the Certificates representing the Shares hereunder, an amount in cash sufficient to satisfy minimum federal, state and local tax withholding requirements and/or any UK Tax Liability associated with the 2018 Award (each a "Withholding Obligation").  Notwithstanding any other provision of this Agreement to the contrary, including but not limited to Section 5.1 hereof, in the event of any minimum federal, state or local tax or UK Tax Liability Withholding Obligation (other than pursuant to an election under Section 431(1) as described in Section 4.2 below), the Company has the right to permit the Participant to sell, or to have sold on Participant's behalf, Shares, to a third party, in an amount and under such terms and conditions as the Company shall establish in its sole discretion.  Additionally, the Company, in its sole discretion, shall have the right to withhold from the Participant Shares with a Fair Market Value (as defined in the Stock Incentive Plan) equal to the Company's minimum federal, state and local tax withholding requirements and/or equal to the amount of the UK Tax Liability associated with the 2018 Award.  For this purpose, Fair Market Value shall be determined as of the day that the Withholding Obligation arises.

4.2    The Participant acknowledges that (a) the Participant has been informed of the availability of making an election in accordance with Section 431(1) of the Income Tax (Earnings and Pensions) Act 2003; and (b) that such election must be made within fourteen (14) days of the date on which the Participant acquires Shares pursuant to the 2018 Award.  The form of the Section 431(1) election the Participant may elect to make is set out in Exhibit B to this 2018 Restricted Stock Award Agreement.

ARTICLE V
Restrictions on Transfer
5.1    Participant hereby acknowledges that none of the Shares, whether Vested Shares or Unvested Shares, may be sold, exchanged, assigned, transferred, pledged, hypothecated, gifted or otherwise disposed of (collectively, "disposed of") until the expiration of the Restriction Period applicable to those Shares and the payment of any minimum withholding tax.  Participant further acknowledges that there may be a period of administrative delay between the date on which the Restriction Period expires and the date on which the Shares may be disposed of by the Participant.  The Board Committee may, in its sole discretion, permit the 

-6-
2018 RSA E/NONS (UK Sub-Plan)

Shares to be transferred to a "family member" as defined in and pursuant to the terms and conditions set forth in Section A.1.a.5 of the General Instructions to Form S-8 promulgated under the Securities Act of 1933, as amended, as such provision may be amended from time to time under terms and conditions as may be determined by the Human Resources Department.

5.2    Participant shall not dispose of the Shares acquired, or any portion thereof, at any time, unless Participant shall comply with the Securities Act of 1933, as amended, and the regulations of the Securities and Exchange Commission thereunder, any other applicable securities law, and the terms of this Agreement, the Stock Incentive Plan and the UK Sub-Plan.  Participant further agrees that the Company may direct its transfer agent to refuse to register the transfer of any Shares underlying the 2018 Award which, in the opinion of the Company's counsel, constitutes a violation of any applicable securities laws then in effect or the terms of this Agreement.

5.3    Any certificate representing the Shares issued during the Restriction Period shall, unless the Board Committee determines otherwise, bear a legend substantially as follows:

"The sale or other transfer of the shares of stock represented by this certificate is subject to certain restrictions set forth in the Federated Investors, Inc. Stock Incentive Plan, administrative rules adopted pursuant to such Plan and a Restricted Stock Award Agreement between the registered owner and Federated Investors, Inc.  A copy of the Plan, such rules and such agreement may be obtained from the Secretary of Federated Investors, Inc."

The Participant further acknowledges and understands that the certificates representing the Shares issued hereunder may bear such additional legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws.

Any book entry for the Shares will be restricted and subject to stop orders during the Restriction Period. 

5.4    If certificates representing the Shares underlying the 2018 Award are issued during the Restriction Period, they shall be retained in custody by the Company.  Within a reasonable time after Vested Shares may be disposed of by the Participant in accordance with Section 5.1 hereof, all restrictions or stop orders applicable to the Shares shall be removed and, in the event that certificates have been issued, legends shall be removed upon the Participant's written request to the transfer agent.  

ARTICLE VI
Miscellaneous
6.1    In the event of any change or changes in the outstanding Class B Common Stock of the Company by reason of any stock dividend, recapitalization, reorganization, merger, 

-7-
2018 RSA E/NONS (UK Sub-Plan)

consolidation, splitup, combination or exchange of shares, or any similar change affecting the Class B Common Stock, any of which takes effect after the effective date of this Agreement, then in any such event the number and kind of shares subject to the 2018 Award, the Purchase Price and any other similar provisions, shall be equitably adjusted consistent with such change in such manner as the Board Committee, in its discretion, may deem appropriate to prevent dilution or enlargement of the rights granted to Participant hereunder.  Any adjustment so made shall be final and binding upon Participant and all other interested parties.

6.2    Whenever the word "Participant" is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the Participant’s Personal Representatives, the word "Participant" shall be deemed to include the Participant’s Personal Representatives. 

6.3    After the effective date of this Agreement:  (a) the Participant shall be entitled to vote the Shares, whether Vested Shares or Unvested Shares, on all matters presented to the holders of Class B Common Stock of the Company and (b) the Shares, whether Vested Shares or Unvested Shares, shall be deemed to be issued and outstanding for all purposes, including, without limitation, the payment of dividends and distributions and any determination of any stockholder's or stockholders' percentage equity interest in the Company.

6.4    Nothing in this Agreement or the Stock Incentive Plan (including the UK Sub-Plan) shall confer upon Participant any right to continue in the employ of Federated or shall affect the right of Federated to terminate the employment of Participant with or without cause.  Nothing in this Agreement or the Stock Incentive Plan (including the UK Sub-Plan) shall affect the rights and obligations of the Participant under the terms of the Participant’s office or employment with Federated or any Group Company.  The Participant waives any and all rights to compensation or damages in consequences of the termination of the Participant’s office or employment for any reason whatsoever (whether or not such termination is wrongful or unfair) insofar as those rights arise or may arise from the Participant ceasing to have rights under the 2018 Award as a result of such termination.  The grant of the 2018 Award does not imply that any further Award will be granted or that the Participant has any right to receive any further Award under the Stock Incentive Plan (including the UK Sub-Plan). 

6.5    The 2018 Award received by Participant pursuant to this Agreement shall not be considered compensation for purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company unless otherwise provided in such plan.

6.6    Every notice or other communication relating to this Agreement shall be in writing and shall be mailed or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided, however, that unless and until some other address be so designated, all notices or communications by Participant to the Company shall be mailed or delivered to the Secretary of the Company at its office at Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222, and all notices or communications by the Company to Participant may be given to Participant personally or may be mailed to the Participant.

-8-
2018 RSA E/NONS (UK Sub-Plan)

6.7    This Agreement and its validity, interpretation, performance and enforcement shall be governed by the laws of the Commonwealth of Pennsylvania.

6.8    The 2018 Award shall be subject to the terms and conditions set forth in the Stock Incentive Plan (including the UK Sub-Plan), and in the event of any conflict between the provisions of this Agreement and those of the Stock Incentive Plan (including the UK Sub-Plan), the Stock Incentive Plan (including the UK Sub-Plan) provisions shall govern. 

6.9    This Agreement will be binding upon and inure to the benefit of Participant's heirs and representatives and the assigns and successors of the Company and may be assigned by the Company to any third party, but neither this Agreement nor any rights hereunder will be assignable or otherwise subject to hypothecation by Participant.

6.10    Except as stated hereafter, this Agreement represents the entire agreement of the parties with respect to the subject matter hereof.  To the extent Participant has entered into an agreement with Federated that contains provisions pertaining to non-competition or non-solicitation of clients, non-solicitation or non-hiring of employees and/or non-disclosure or non-use of confidential information, including but not limited to the Confidentiality Agreement, the terms of this Agreement shall not supersede, but shall be in addition to, any other such agreement.  This Agreement may be amended or terminated at any time by written agreement of the parties hereto.  Notwithstanding the foregoing or any provision of this Agreement to the contrary, the Company may at any time (without the consent of the Participant) modify, amend or terminate any or all of the provisions of this Agreement to the extent necessary to conform the provisions of this Agreement with Section 409A of the Code and the regulations promulgated thereunder ("Section 409A") or an exception thereto.

6.11    Whenever possible, each provision in this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement will be held to be prohibited by or invalid under applicable law, then (a) such provisions will be deemed amended to accomplish the objectives of the provisions as originally written to the fullest extent permitted by law and (b) all other provisions of this Agreement will remain in full force and effect.

6.12    Any dispute or litigation arising out of or relating to this Agreement will be resolved in the courts of Allegheny County or the Western District of Pennsylvania and Participant hereby consents to jurisdiction in Pennsylvania.

6.13    No rule of strict construction will be implied against the Company, or any other person in the interpretation of any of the terms of this Agreement or any rule or procedure established by the Board Committee.

6.14    Participant irrevocably agrees to the terms of Section 14 of the Stock Incentive Plan (including the UK Sub-Plan) (Operation of Malus and Clawback), and agrees and 

-9-
2018 RSA E/NONS (UK Sub-Plan)

acknowledges that this 2018 Restricted Stock Award Agreement constitutes an acceptance notice for the purposes of Section 14.9 of the Stock Incentive Plan as modified by the UK Sub-Plan.

6.15    Participant agrees, upon demand of the Company, to do all acts and execute, deliver and perform all additional documents, instruments and agreements that may be required by the Company to implement the provisions and purposes of this Agreement.

6.16    The Participant hereby grants to the Company an irrevocable power of attorney and declares that the Company shall be the attorney-in-fact to act for and on behalf of the Participant, to act in Participant's name, place and stead, in connection with (i) any and all transfers of Shares, whether Vested Shares or Unvested Shares, to the Company pursuant to this Agreement, including pursuant to Sections 3.3, 3.4 and 4.1 hereof, or (ii) any sale of Vested Shares to a third party pursuant to Section 4.1 hereof, or (iii) any transfers of Shares, whether Vested Shares or Unvested Shares as the Board Committee may require to be made pursuant to Section 14 of the Stock Incentive Plan (including the UK Sub-Plan). 

6.17    The 2018 Award is intended to be excepted from coverage under Section 409A and shall be interpreted and construed accordingly.  The Company may, in its sole discretion and without the Participant's consent, modify or amend the terms of this 2018 Award, impose conditions on the timing and effectiveness of the issuance of the Shares, or take any other action it deems necessary or advisable to cause this 2018 Award to be excepted from Section 409A (or to comply therewith to the extent that Company determines it is not excepted).  Notwithstanding the foregoing, Participant recognizes and acknowledges that Section 409A may impose upon the Participant certain taxes or interest charges for which the Participant is and shall remain solely responsible.

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

-10-
2018 RSA E/NONS (UK Sub-Plan)

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

FEDERATED INVESTORS, INC.

By ___________________________
               Chief Financial Officer    
                        
 

PARTICIPANT

                                            

Print Name:____________________

-11-
2018 RSA E/NONS (UK Sub-Plan)

Exhibit A to the 2018 Restricted Stock Award Agreement

2018 Restricted Stock Award
RESOLVED, for purposes of those Agreements intended to qualify as "performance-based" compensation under Section 162(m) of the Internal Revenue Code and regulations thereunder, the terms "Performance Measure Event" shall be defined as follows (capitalized terms shall have the meanings given to such terms in the Agreements, provided that for the purposes of determining "Operating Profits," the term "Company" shall have the meaning assigned thereto in the Plan):
        "Performance Measure Event" means, with respect to the nine-month Performance Period beginning on January 1, 2019 and ending on September 30, 2019, that the Company has "Operating Profits" of at least $75,000,000.  The term "Operating Profits" means for the applicable Performance Period, the Company’s total revenue less distributions to minority interests and less total expenses (excluding amortization of intangible assets, impairment losses and debt expenses, including, without limitation, interest and loan fees) as reflected in the Company’s audited or unaudited financial statements.  The Performance Measure Event shall have occurred if the Company has Operating Profits of at least $75,000,000 during the Performance Period specified herein and the Board Committee shall have determined and certified such results in writing.

2018 RSA E/NONS (UK Sub-Plan)

Exhibit B to the 2018 Restricted Stock Award Agreement

Joint Election under s431 ITEPA 2003 for full or partial disapplication of Chapter 2 Income Tax (Earnings and Pensions) Act 2003

One Part Election

		
	1.
	Between

the Employee                         [insert name of employee]
whose National Insurance Number is         [insert NINO]
and
the Company (who is the Employee's employer)     [insert name of company]
of Company Registration Number            [insert CRN]

		
	2.
	Purpose of Election

This joint election is made pursuant to section 431(1) or 431(2) Income Tax (Earnings and Pensions) Act 2003 (ITEPA) and applies where employment-related securities, which are restricted securities by reason of section 423 ITEPA, are acquired.

The effect of an election under section 431(1) is that, for the relevant Income Tax and NIC purposes, the employment-related securities and their market value will be treated as if they were not restricted securities and that sections 425 to 430 ITEPA do not apply.  An election under section 431(2) will ignore one or more of the restrictions in computing the charge on acquisition.  Additional Income Tax will be payable (with PAYE and NIC where the securities are Readily Convertible Assets).

Should the value of the securities fall following the acquisition, it is possible that Income Tax/NIC that would have arisen because of any future chargeable event (in the absence of an election) would have been less than the Income Tax/NIC due by reason of this election.  Should this be the case, there is no Income Tax/NIC relief available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.

-13-
2018 RSA E/NONS (UK Sub-Plan)

		
	3.
	Application

This joint election is made not later than 14 days after the date of acquisition of the securities by the employee and applies to:

Number of securities                    Federated Investors, Inc.
Description of securities                Class B Common Stock
Name of issuer of securities                [insert name of issuer]

To be acquired by the Employee after 16th day of November, 2018 under the terms of UK Sub-Plan to the Federated Investors, Inc. Stock Incentive Plan

		
	4.
	Extent of Application

This election disapplies all restrictions attaching to the securities, pursuant to section 431(1) ITEPA.

		
	5.
	Declaration

This election will become irrevocable upon the later of its signing or the acquisition of employment-related securities to which this election applies.

In signing this joint election, we agree to be bound by its terms as stated above.

...............................................               ..../..../..........
Signature   (Employee)                                               Date

..............................................                ..../...../......... 
Signature (for and on behalf of the Company)            Date

.................................................
Position in company

-14-
2018 RSA E/NONS (UK Sub-Plan)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]