Document:

Form of Restricted Stock Agreement

 Exhibit 10.3 

 

							
	

 
	  	RESTRICTED STOCK AGREEMENT

  

							
	GRANTED TO	  	GRANT DATE	  	 NUMBER OF

SHARES OF RESTRICTED STOCK
	  	 SOCIAL SECURITY
 NUMBER

	 	 		 
	 [Name]
	  	 	  		  	 
	 	 		 
	 [Street]
	  	    /    /20    	  	[                    ]	  	[SSN]
	 	 		 
	
[City], [State] [Postal]

 
	  	 	  	 	  	 

  

	1.	This Grant. Apogee Enterprises, Inc., a Minnesota corporation (the “Company”), hereby grants to the individual named above (the
“Employee”), as of the above grant date and on the terms and conditions set forth in this restricted stock agreement (this “Agreement”) and in the Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended from
time to time (the “Plan”), the number of shares of restricted stock set forth above (the “Shares”). 

  

	2.	Restricted Period. The Shares are subject to restrictions contained in this Agreement and the Plan for a period (the “Restricted Period”)
commencing on the Grant Date and ending as to [1/3 of the Shares on each of the first three anniversaries of the Grant date] or, if earlier, upon (a) the Employee’s Retirement, involuntary termination without Cause, Disability or
death, as provided in paragraph 4 below, or (b) the Employee’s involuntary termination without Cause or voluntary termination for Good Reason upon or following a Change in Control (as defined in the Plan) of the Company, as provided in
paragraph 4 below. The terms “Retirement,” “Cause,” “Disability” and “Good Reason” are defined in the attached Exhibit A. 

 

	3.	Restrictions. The shares shall be subject to the following restrictions during the Restricted Period: 

 

	 	•	 	 The Shares shall be subject to forfeiture to the Company as provided in this Agreement and in the Plan. 

 

	 	•	 	 The Employee may not sell, transfer, pledge or otherwise encumber the Shares during the Restricted Period. Neither the right to receive the Shares nor
any interest under the Plan may be transferred by the Employee, and any attempted transfer shall be void. 

  

	 	•	 	 The Company will issue the Shares in the Employee’s name and may, at its option, issue the shares by book-entry registration or issuance of a
stock certificate or certificates, which certificate or certificates shall be held by the Company. The Shares shall be restricted from transfer and shall be subject to an appropriate stop-transfer order. If any certificate is issued, the certificate
shall bear an appropriate legend referring to the restrictions applicable to the Shares. If any certificate is issued, the Employee shall be required to execute and deliver to the Company a stock power relating to the Shares as a condition to the
receipt of this award. 

  

	 	•	 	 Any securities or property (other than cash) that may be issued with respect to the Shares as a result of any stock dividend, stock split, business
combination or other event shall be subject to the restrictions and other terms and conditions contained in this Agreement. 

  

	 	•	 	 The Employee shall not be entitled to receive any Shares prior to the completion of any registration or qualification of the Shares under any federal
or state law or governmental rule or regulation that the Company, in its sole discretion, determines to be necessary or advisable. 

  

	4.	Forfeiture; Lapse of Restrictions. In the event the Employee’s employment is terminated during the Restricted Period, the unvested Shares held by the
Employee at such time shall be immediately and irrevocably forfeited, unless the Employee’s employment is terminated under the circumstances described below. 

 Retirement or Involuntary Termination Without Cause. In the event the Employee’s employment is terminated prior to the end of the Restricted Period by reason of Retirement or involuntary
termination without Cause, the Committee (as defined in the Plan) reserves the right, exercisable by the Committee within 30 days following the date of the Employee’s Retirement or involuntary termination without Cause, to cause the remaining
unvested Shares to be accelerated, in whole or in part, as of the date of such Retirement or involuntary termination. 

  
 1 

 Disability or Death. In the event the Employee’s employment is terminated prior
to the end of the Restricted Period by reason of Disability or death, the restrictions with respect to all of the Shares held by the Employee at such time shall lapse and the Shares shall vest as of the date of such termination of employment.

 Change in Control. In the event of a Change in Control of the Company during the Restricted Period and the
Employee’s employment is simultaneously or subsequently terminated by the Company without Cause or by the Employee for Good Reason during the Restricted Period, the restrictions with respect to all of the Shares held by the Employee at the time
of termination shall lapse and the Shares shall immediately vest as of the date of such termination of employment. 
  

	5.	Rights as Shareholder. Upon issuance of the Shares, the Employee shall, subject to the restrictions of this Agreement and the Plan, have all of the rights of a
shareholder with respect to the Shares, including the right to vote the Shares and receive any cash dividends and any other distributions thereon, unless and until the Employee forfeits the Shares. 

 

	6.	Income Taxes. The Employee is liable for any federal, state and local income or other taxes applicable upon the receipt of the Shares, the lapse of restrictions
relating to the Shares or the subsequent disposition of any of the Shares, and the Employee acknowledges that he or she should consult with his or her own tax advisor regarding the applicable tax consequences. Upon vesting of the Shares, the
Employee shall promptly pay to the Company in cash, and/or the Company may withhold from the Employee’s compensation, all applicable taxes required by the Company to be withheld or collected upon such vesting. 

 

	7.	Acknowledgment. This grant of Shares shall not be effective until the Employee dates and signs the form of Acknowledgment below and returns a signed copy of this
Agreement to the Company. By signing the Acknowledgment, the Employee agrees to the terms and conditions of this Agreement and the Plan and acknowledges receipt of a copy of the prospectus related to the Plan. 

 

							
	 ACKNOWLEDGMENT:
	 		 	APOGEE ENTERPRISES, INC.
			
	  
	 		 	
	 EMPLOYEE’S SIGNATURE
	 		 		 	
				
	  
	 		 		 	
	 DATE
	 		 		 	
		 		 	By:	 	  

	  
	 		 		 	[Name]
	 SOCIAL SECURITY NUMBER
	 		 		 	[Title]

  
 2 

 EXHIBIT A 
 DEFINED TERMS USED IN THE 
 RESTRICTED STOCK AGREEMENT 

The following terms used in this Agreement have the following meanings: 
 “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended. 

“Cause” shall mean: 
 (i) the willful and continued failure by the Employee substantially to perform his or her duties and obligations (other than any such failure resulting from his or her incapacity due to physical or mental
illness or any such actual or anticipated failure resulting from the Employee’s termination for Good Reason), 
 (ii) the Employee’s conviction or plea bargain of any felony or gross misdemeanor involving moral turpitude, fraud or misappropriation of funds, or 

(iii) the willful engaging by the Employee in misconduct which causes substantial injury to the Company or its Affiliates,
its other employees or the employees of its Affiliates or its clients or the clients of its Affiliates, whether monetarily or otherwise. For purposes of this paragraph, no action or failure to act on the Employee’s part shall be considered
“willful” unless done, or omitted to be done, by the Employee in bad faith and without reasonable belief that his or her action or omission was in the best interests of the Company. 
 “Disability” shall mean any physical or mental condition which would qualify the Employee for a disability benefit under any long-term disability plan maintained by the Company or any
Affiliate then employing the Employee. 
 “Good Reason” shall mean the occurrence of any of the following events, in each case,
after the Employee has provided written notice to the Company within 30 days of the occurrence of such event and the Company has failed to cure, to the Employee’s reasonable satisfaction, the cause of such event within 30 days after the date of
such written notice (and the Employee terminates employment within 30 days of the expiration of such cure period), except for the occurrence of such an event in connection with the termination or reassignment of the Employee’s employment by the
Company (or any Affiliate then employing the Employee) for Cause, for Disability or for death: 
 (i) the
assignment to the Employee of employment duties or responsibilities which are not at least of materially comparable responsibility and status as the employment duties and responsibilities held by the Employee immediately prior to a Change in
Control, or any removal of the Employee from or any failure to reelect or reappoint the Employee to any positions held by the Employee immediately prior to a Change in Control, except in connection with the termination of his or her employment for
Disability, Retirement or Cause, or as a result of the Employee’s death, or by the Employee other than for Good Reason; 
 (ii) a material reduction by the Company (or any Affiliate then employing the Employee) in the Employee’s base salary as in effect immediately prior to a Change in Control or as the same may be
increased from time to time during the term of this Agreement; or 
 (iii) the Company’s (or any Affiliate
then employing the Employee) requiring the Employee to be based anywhere other than within 50 miles of the Employee’s office location immediately prior to a Change in Control, except for requirements of temporary travel on the Company’s
business to an extent substantially consistent with the Employee’s business travel obligations immediately prior to a Change in Control. 

“Retirement” shall mean the Employee’s termination of his or her employment relationship with the Company under such circumstances
determined to constitute retirement by the Committee in its sole discretion. 

  
 3Federated Investors, Inc. Stock Incentive Plan, as amended

 Exhibit 10.1 
 FEDERATED INVESTORS, INC. 
 STOCK INCENTIVE PLAN 

(Adopted as of February 20, 1998) 
 (Amended as of August 26,1998) 
 (Amended as of August 31, 1998)

 (Amended as of January 26, 1999) 
 (Amended as of May 17, 1999) 
 (Amended as of July 20, 1999) 

(Amended as of January 29, 2002) 
 (Approved by Shareholders April 24, 2002) 
 (Amended as of February 5,
2004) 
 (Amended as of April 19, 2004) 
 (Amended as of April 27, 2006) 
 (Amended as of April 22, 2010)

 (Amended as of April 28, 2011) 
  

	1.	Purpose 

 The
purpose of the Federated Investors, Inc. Stock Incentive Plan (the “Plan”) is to: 
  

	 	(a)	Facilitate the assumption by Federated Investors, Inc., as the surviving corporation of a merger with its parent corporation, Federated Investors, of certain stock
incentive awards previously made by Federated Investors to its employees; and 

  

	 	(b)	Continue to promote the long-term growth and performance of Federated Investors, Inc. and its affiliates and to attract and retain outstanding individuals by awarding
directors, executive officers and key employees stock options, stock appreciation rights, performance awards, restricted stock and/or other stock-based awards. 

 

	2.	Definitions 

 The
following definitions are applicable to the Plan: 
 “Award” means the grant of Options, SARs, Performance
Awards, Restricted Stock or other stock-based award under the Plan. 
 “Board” means the Board of Directors of
the Company. 
 “Board Committee” means the committee of the Board appointed in accordance with Section 4
to administer the Plan. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

 “Commission” means the Securities and Exchange Commission. 

“Common Stock” means the Class B Common Stock of the Company, no par value per share. 

“Company” means Federated Investors, Inc., a Pennsylvania corporation, and its successors and assigns. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, on any date, the closing sale price of one share of Common Stock, as reported on the New York
Stock Exchange or any national securities exchange on which the Common Stock is then listed or on The NASDAQ Stock Market’s National Market (“NNM”) if the Common Stock is then quoted thereon, as published in the Wall Street
Journal or another newspaper of general circulation, as of such date or, if there were no sales reported as of such date, as of the last date preceding such date as of which a sale was reported. In the event that the Common Stock is not listed for
trading on a national securities exchange or authorized for quotation on NNM, Fair Market Value shall be the closing bid price as reported by The NASDAQ Stock Market or The NASDAQ SmallCap Market (if applicable), or if no such prices shall have been
so reported for such date, on the next preceding date for which such prices were so reported. In the event that the Common Stock is not listed on the New York Stock Exchange, a national securities exchange or NNM, and is not listed for quotation on
The NASDAQ Stock Market or The NASDAQ SmallCap Market, Fair Market Value shall be determined in good faith by the Board Committee in its sole discretion, and for this purpose the Board Committee shall be entitled to rely on the opinion of a
qualified appraisal firm with respect to such Fair Market Value, but the Board Committee shall in no event be obligated to obtain such an opinion in order to determine Fair Market Value. 

“Grant Date” means the date on which the grant of an Option under Section 5.1 hereof or a SAR under
Section 6.1 hereof becomes effective pursuant to the terms of the Stock Option Agreement or Stock Appreciation Rights Agreement, as the case may be, relating thereto. 
 “Incentive Stock Option” means an option to purchase shares of Common Stock designated as an incentive stock option and which complies with Section 422 of the Code. 

“Non-Statutory Stock Option” means an option to purchase shares of Common Stock which is not an Incentive Stock Option.

 “Offering” means the initial public offering of Class B Common Stock by United States and international
underwriters. 
 “Option” means any option to purchase shares of Common Stock granted under Sections 5.1
hereof. 

  
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 “Option Price” means the purchase price of each share of Common Stock
under an Option. 
 “Outside Director” means a member of the Board who is not an employee of the Company or any
Subsidiary. 
 “Participant” means any Outside Director and any salaried employee of the Company and its
affiliates designated by the Board Committee to receive an Award under the Plan. 
 “Performance Award” means
an Award of shares of Common Stock granted under Section 7. 
 “Performance Period” means the period of
time established by the Board Committee for achievement of certain objectives under Section 7.1 hereof. 

“Restriction Period” means the period of time specified in a Performance Share Award Agreement or a Restricted Stock
Award Agreement, as the case may be, between the Participant and the Company during which the following conditions remain in effect: (i) certain restrictions on the sale or other disposition of shares of Common Stock awarded under the Plan, and
(ii) subject to the terms of the applicable agreement, a requirement of continued employment of the Participant in order to prevent forfeiture of the Award. 
 “Stock Appreciation Rights” or “SARs” means the right to receive a cash payment from the Company equal to the excess of the Fair Market Value of a stated number of shares
of Common Stock at the exercise date over a fixed price for such shares. 
 “Subsidiary” means any corporation,
business trust or partnership (other than the Company) in an unbroken chain of corporations, business trusts or partnerships beginning with the Company if each of the corporations, business trusts or partnerships (other than the last corporation,
business trust or partnership in the chain) owns stock, beneficial interests or partnership interests possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations, business trusts or partnerships
in the chain. 
 “Ten Percent Holder” means a person who owns (within the meaning of Section 424(d) of the
Code) more than ten percent of the voting power of all classes of stock of the Company or of its parent corporation or Subsidiary. 
  

	3.	Shares Subject to Plan 

 3.1 Shares Reserved under the Plan. Subject to adjustment as provided in Section 3.2, the number of shares of Common Stock cumulatively available under the Plan shall equal 27,050,000 shares.
All of such authorized shares of Common Stock shall be available for the grant of Incentive Stock Options under the Plan. No Participant shall receive Awards in respect of more than 900,000 shares of Common Stock in any fiscal year of the Company.
In addition, the aggregate Fair Market Value (determined on the Grant 

  
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Date) of Common Stock with respect to which Incentive Stock Options granted a Participant become exercisable for the first time in any single calendar year shall not exceed $100,000. Any Common
Stock issued by the Company through the assumption or substitution of outstanding grants from an acquired corporation or entity shall not reduce the shares available for grants under the Plan. Shares of Common Stock to be issued pursuant to the Plan
may be authorized and unissued shares, treasury shares, or any combination thereof. Subject to Section 6.2 hereof, if any shares of Common Stock subject to an Award hereunder are forfeited or any such Award otherwise terminates without the
issuance of such shares of Common Stock to a Participant, or if any shares of Common Stock are surrendered by a Participant in full or partial payment of the Option Price of an Option, such shares, to the extent of any such forfeiture, termination
or surrender, shall again be available for grant under the Plan. 
 3.2 Adjustments. The aggregate number of shares of
Common Stock which may be awarded under the Plan and the terms of outstanding Awards shall be adjusted by the Board Committee to reflect a change in the capitalization of the Company, including but not limited to, a stock dividend or split,
recapitalization, reorganization, merger, consolidation, combination, exchange of shares, spin-off, spin-out or other distribution of assets to shareholders. 
 3.3 Merger With Federated Investors. Notwithstanding the foregoing, the Company’s merger with Federated Investors and assumption of its outstanding stock incentive awards will not result in
any adjustment to the number of shares available under the Plan and will reduce the number of shares available under this Plan accordingly. For purposes of this Plan, after the merger all such stock incentive awards shall be treated as Awards under
this Plan, except that any Grant Date, Performance Period or Restricted Period shall relate back to the date on which the awards were made by Federated Investors. 
  

	4.	Administration of Plan 

4.1 Administration by the Board Committee. The Plan shall be administered as follows. 

 

	 	(a)	Prior to an Offering, the Plan shall be administered by either the full Board or by the Board Committee if one is established by the Board. Prior to an Offering, any
member of the Board may serve on the Board Committee. 

  

	 	(b)	 After an Offering, the Plan shall be administered by the Board Committee, which shall consist of no fewer than two members of the Board who are
(i) “Non-Employee Directors” for purposes of Rule 16b-3 of the Commission under the Exchange Act and (ii) to the extent required to ensure that awards under the Plan are exempt for purposes of Section 162(m) of the Code,
“outside directors” for purposes of Section 162(m); provided, however, that the Board Committee may delegate some or all of its authority and responsibility under the Plan with respect to Awards to Participants who are
not subject to Section 16 of the Exchange Act to the Chief Executive Officer of the Company. In the event 

  
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that, after an Offering, the Board does not have two members who qualify as “Non-Employee Directors” for purposes of Rule 16b-3, the Plan shall be administered by the full Board.

  

	 	(c)	The Board Committee shall have authority to interpret the Plan, to establish, amend, and rescind any rules and regulations relating to the Plan, to prescribe the form
of any agreement or instrument executed in connection herewith, and to make all other determinations necessary or advisable for the administration of the Plan. All such interpretations, rules, regulations and determinations shall be conclusive and
binding on all persons and for all purposes. In addition, the Board Committee shall have authority, without amending the Plan, to grant Awards hereunder to Participants who are foreign nationals or employed outside the United States or both, on
terms and conditions different from those specified herein as may, in the sole judgment and discretion of the Board Committee, be necessary or desirable to further the purpose of the Plan. 

 

	 	(d)	In the event that the Board does not establish a Board Committee for any reason, any reference in this Plan to the Board Committee shall be deemed to refer to the full
Board. 

 4.2 Designation of Participants. Participants shall be selected, from time to time, by the Board
Committee, from the Outside Directors and from those executive officers and key employees of the Company and its affiliates who, in the opinion of the Board Committee, have the capacity to contribute materially to the continued growth and successful
performance of the Company. 
  

	5.	Stock Options 

 5.1
Grants. Options may be granted, from time to time, to such Participants as may be selected by the Board Committee on such terms, not inconsistent with this Plan, as the Board Committee shall determine;
provided, however, that, unless permitted by the Code, Incentive Stock Options may not be granted to a Participant who is an Outside Director. The Option Price shall be determined by the Board Committee
effective on the Grant Date; provided, however, that (i) in the case of Incentive Stock Options granted to a Participant who on the Grant Date is not a Ten Percent Holder, such price shall not be less
than one hundred percent (100%) of the Fair Market Value of a share of Common Stock on the Grant Date, (ii) in the case of an Incentive Stock Option granted to a Participant who on the Grant Date is a Ten Percent Holder, such price shall
be not less than one hundred and ten percent (110%) of the Fair Market Value of a share of Common Stock on the Grant Date, and (iii) in the case of Non-Statutory Stock Options, such price shall be not less than eighty-five percent
(85%) of the Fair Market Value of a share of Common Stock on the Grant Date. The number of shares of Common Stock subject to each Option granted to each Participant, the terms of each Option, and any other terms and conditions of an Option
granted hereunder shall be determined by the Board Committee, in its sole discretion, effective on the Grant Date; provided, however, that no Incentive Stock Option shall be exercisable any later than ten (10) years from
the Grant Date. Each Option shall be evidenced by a Stock 

  
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Option Agreement between the Participant and the Company which shall specify the type of Option granted, the Option Price, the term of the Option, the number of shares of Common Stock to which
the Option pertains, the conditions upon which the Option becomes exercisable and such other terms and conditions as the Board Committee shall determine. 
 5.2 Payment of Option Price. No shares of Common Stock shall be issued upon exercise of an Option until full payment of the Option Price therefor by the Participant. Upon exercise, the Option Price
may be paid in cash, and, subject to approval by the Board Committee, in shares of Common Stock having a Fair Market Value equal to the Option Price, or in any combination thereof, or in any other manner approved by the Board Committee. 

5.3 Rights as Shareholders. Participants shall not have any of the rights of a shareholder with respect to any shares subject to
an Option until such shares have been issued upon the proper exercise of such Option. 
 5.4 Transferability of Options.
Options granted under the Plan may not be sold, transferred, pledged, assigned, hypothecated or otherwise disposed of except by will or by the laws of descent and distribution; provided, however, that, if
authorized in the applicable Award agreement, a Participant may make one or more gifts of Options granted hereunder to members of the Participant’s immediate family or trusts or partnerships for the benefit of such family members. All Options
granted to a Participant under the Plan shall be exercisable during the lifetime of such Participant only by such Participant, such Participant’s agent, guardian or attorney-in-fact; provided, however, that all Options transferred in a manner
consistent with the terms of an Award agreement may be exercised by the transferee. 
 5.5 Termination of
Employment/Directorship. If a Participant ceases to be an employee of either the Company or of any of its affiliates, any Options granted hereunder to such Participant as an employee shall be exercisable in accordance with the Stock Option
Agreement between the Participant and the Company. If a Participant ceases to be an Outside Director, any Options granted hereunder to such Participant as an Outside Director shall be exercisable in accordance with the Stock Option Agreement between
the Participant and the Company. 
 5.6 Designation of Incentive Stock Options. Except as otherwise expressly provided in
the Plan, the Board Committee may, at the time of the grant of an Option, designate such Option as an Incentive Stock Option under Section 422 of the Code. 
 5.7 Certain Incentive Stock Option Terms. In the case of any grant of an Incentive Stock Option, whenever possible, each provision in the Plan and in any related agreement shall be interpreted in
such a manner as to entitle the Option holder to the tax treatment afforded by Section 422 of the Code, and if any provision of this Plan or such agreement shall be held not to comply with requirements necessary to entitle such Option to such
tax treatment, then (i) such provision shall be deemed to have contained from the outset such language as shall be necessary to entitle the Option to the tax treatment afforded under Section 422 of the Code, and (ii) all other
provisions of this Plan and the 

  
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agreement relating to such Option shall remain in full force and effect. If any agreement covering an Option designated by the Board Committee to be an Incentive Stock Option under this Plan
shall not explicitly include any terms required to entitle such Incentive Stock Option to the tax treatment afforded by Section 422 of the Code, all such terms shall be deemed implicit in the designation of such Option and the Option shall be
deemed to have been granted subject to all such terms. 
  

	6.	Stock Appreciation Rights 

6.1 Grants. Stock Appreciation Rights may be granted, from time to time, to such Participants as may be selected by the Board
Committee. SARs may be granted at the discretion of the Board Committee either (i) in connection with an Option or (ii) independent of an Option. The price from which appreciation shall be computed shall be established by the Board
Committee at the Grant Date; provided, however, that such price shall not be less than one-hundred percent (100%) of the Fair Market Value of the number of shares of Common Stock subject of the grant on the Grant Date. In
the event the SAR is granted in connection with an Option, the fixed price from which appreciation shall be computed shall be the Option Price. Each grant of a SAR shall be evidenced by a Stock Appreciation Rights Agreement between the Participant
and the Company which shall specify the type of SAR granted, the number of SARs, the conditions upon which the SARs vest and such other terms and conditions as the Board Committee shall determine. 

6.2 Exercise of SARs. SARs may be exercised upon such terms and conditions as the Board Committee shall determine; provided,
however, that SARs granted in connection with Options may be exercised only to the extent the related Options are then exercisable. Notwithstanding Section 3.1 hereof, upon exercise of a SAR granted in connection with an Option
as to all or some of the shares subject of such Award, the related Option shall be automatically canceled to the extent of the number of shares subject of the exercise, and such shares shall no longer be available for grant hereunder. Conversely, if
the related Option is exercised as to some or all of the shares subject of such Award, the related SAR shall automatically be canceled to the extent of the number of shares of the exercise, and such shares shall no longer be available for grant
hereunder. 
 6.3 Payment of Exercise. Upon exercise of a SAR, the holder shall be paid in cash the excess of the Fair
Market Value of the number of shares subject of the exercise over the fixed price, which in the case of a SAR granted in connection with an Option shall be the Option Price for such, shares. 

6.4 Rights of Shareholders. Participants shall not have any of the rights of a shareholder with respect to any Options granted in
connection with a SAR until shares have been issued upon the proper exercise of an Option. 
 6.5 Transferability of
SARs. SARs granted under the Plan may not be sold, transferred, pledged, assigned, hypothecated or otherwise disposed of except by will or by the laws of descent and distribution. All SARs granted to a Participant under the Plan shall be
exercisable during the lifetime of such Participant only by such Participant, such Participant’s agent, guardian, or attorney-in-fact. 

  
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 6.6 Termination of Employment/Directorship. If a Participant ceases to be an
employee of either the Company or of any of its affiliates, any SARs granted hereunder to such Participant as an employee shall be exercisable in accordance with the Stock Appreciation Rights Agreement between the Participant and the Company. If a
Participant ceases to be an Outside Director, any SARs granted hereunder to such Participant as an Outside Director shall be exercisable in accordance with the Stock Appreciation Rights Agreement between the Participant and the Company. 

 

	7.	Performance Awards 

 7.1
Awards. Awards of shares of Common Stock may be made, from time to time, to such Participants as may be selected by the Board Committee. Such shares shall be delivered to the Participant only upon (i) achievement of such corporate,
sector, division, individual or any other objectives or criteria during the Performance Period as shall be established by the Board Committee and (ii) the expiration of the Restriction Period. Except as provided in the Performance Share Award
Agreement between the Participant and the Company, shares subject to such Awards under this Section 7.1 shall be released to the Participant only after the expiration of the relevant Restriction Period. Each Award under this Section 7.1
shall be evidenced by a Performance Share Award Agreement between the Participant and the Company which shall specify the applicable performance objectives, the Performance Period, the Restriction Period, any forfeiture conditions and such other
terms and conditions as the Board Committee shall determine. 
 7.2 Stock Certificates. Upon an Award of shares of Common
Stock under Section 7.1 of the Plan, the Company shall issue a certificate registered in the name of the Participant bearing the following legend and any other legend required by any federal or state securities laws or by the Pennsylvania
Business Corporation Law: 
 “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 Performance Share 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.” 
 Unless otherwise provided in
the Performance Share Award Agreement between the Participant and the Company, such certificates shall be retained by the Company until the expiration of the Restriction Period. Upon the expiration of the Restriction Period, the Company shall
(i) cause the removal of the legend from the certificates for such shares as to which a Participant is entitled in accordance with the Performance Share Award Agreement between the Participant and the Company and (ii) release such shares
to the custody of the Participant. 
 7.3 Rights as Shareholders. Subject to the provisions of the Performance Share
Award Agreement between the Participant and the Company, during the Performance 

  
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Period, dividends and other distributions paid with respect to all shares awarded thereto under Section 7.1 hereof shall, in the discretion of the Board Committee, either be paid to
Participants or held in escrow by the Company and paid to Participants only at such time and to such extent as the related Performance Award is earned. During the period between the completion of the Performance Period and the expiration of the
Restriction Period, Participants shall be entitled to receive dividends and other distributions only as to the number of shares determined in accordance with the Performance Share Award Agreement between the Participant and the Company. 

7.4 Transferability of Shares. Certificates evidencing the shares of Common Stock awarded under the Plan shall not be sold,
exchanged, assigned, transferred, pledged, hypothecated or otherwise disposed of until the expiration of the Restriction Period. 
 7.5 Termination of Employment/Directorship. If a Participant ceases to be an employee of either the Company or of any of its affiliates, the number of shares, if any, to which the Participant shall
be entitled pursuant to any Award granted to such Participant as an employee under this Section 7 shall be determined in accordance with the Performance Share Award Agreement between the Participant and the Company. If a Participant ceases to
be an Outside Director, the number of shares, if any, to which the Participant shall be entitled pursuant to any Award granted to such Participant as an Outside Director under this Section 7 shall be determined in accordance with the
Performance Share Award Agreement between the Participant and the Company. 
 7.6 Transfer of Employment. If a
Participant transfers employment from one business unit of the Company or any of its affiliates to another business unit during a Performance Period, such Participant shall be eligible to receive such number of shares of Common Stock as the Board
Committee may determine based upon such factors as the Board Committee in its sole discretion may deem appropriate. 
  

	8.	Restricted Stock Awards 

8.1 Awards. Awards of shares of Common Stock subject to such restrictions as to vesting and otherwise as the Board Committee shall
determine, may be made, from time to time, to Participants as may be selected by the Board Committee. The Board Committee may in its sole discretion at the time of the Award or at any time thereafter provide for the early vesting of such Award prior
to the expiration of the Restriction Period. Each Award under this Section 8.1 shall be evidenced by a Restricted Stock Award Agreement between the Participant and the Company which shall specify the vesting schedule, any rights of
acceleration, any forfeiture conditions, and such other terms and conditions as the Board Committee shall determine. 
 8.2
Stock Certificates. Upon an Award of shares of Common Stock under Section 8.1 of the Plan, the Company may issue a certificate registered in the name of the Participant bearing the following legend and any other legend required by any
federal or state securities laws or by the Pennsylvania Business Corporation Law. 

  
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 “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.” 
 Unless otherwise
provided in the Restricted Stock Award Agreement between the Participant and the Company, such certificates shall be retained in custody by the Company until the expiration of the Restriction Period. Upon the expiration of the Restriction Period,
the Company shall (i) cause the removal of the legend from the certificates for such shares as to which a Participant is entitled in accordance with the Restricted Stock Award Agreement between the Participant and the Company and
(ii) release such shares to the custody of the Participant. 
 8.3 Rights as Shareholders. During the Restriction
Period, Participants shall be entitled to receive dividends and other distributions paid with respect to all shares awarded thereto under Section 8.1 hereof. 
 8.4 Transferability of Shares. Certificates evidencing the shares of Common Stock awarded under the Plan shall not be sold, exchanged, assigned, transferred, pledged, hypothecated or otherwise
disposed of until the expiration of the Restriction Period. 
 8.5 Termination of Employment/Directorship. If a
Participant ceases to be an employee of either the Company or of any of its affiliates, the number of shares, if any, to which the Participant shall be entitled pursuant to any Award granted to such Participant as an employee under this
Section 8 shall be determined in accordance with the Restricted Stock Award Agreement between the Participant and the Company. If a Participant ceases to be an Outside Director, the number of shares, if any, to which the Participant shall be
entitled pursuant to any Award granted to such Participant as an Outside Director under this Section 8 shall be determined in accordance with the Restricted Stock Award Agreement between the Participant and the Company. All remaining shares as
to which restrictions apply at the date of termination of employment shall be forfeited subject to such exceptions, if any, authorized by the Board Committee. 
  

	9.	Other Stock-Based Awards 

Awards of shares of Common Stock and other awards that are valued in whole or in part by reference to, or are otherwise based on, Common
Stock, may be made, from time to time, to Participants as may be selected by the Board Committee. Such Awards may be made alone or in addition to or in connection with any other Award hereunder. The Board Committee may in its sole discretion
determine the terms and conditions, if any, of any such Award. Each such Award, other than an Award of shares of Common Stock without any terms or conditions such as an Award of immediately-vested shares of Common Stock, shall be evidenced by an
agreement between the Participant and the Company which shall specify 

  
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the number of shares of Common Stock subject of the Award, any consideration therefor, any vesting or performance requirements and such other terms and conditions as the Board Committee shall
determine. 
  

	10.	Reserved 

  

	11.	Amendment or Termination of Plan 

 The Board may amend, suspend or terminate the Plan or any part thereof from time to time, provided that no change may be made which would impair the rights of a Participant to whom shares of Common Stock
have theretofore been awarded without the consent of said Participant. 
  

	12.	Miscellaneous 

 12.1
Rights of Employees. Nothing in the Plan shall interfere with or limit in any way the right of the Company or any affiliate 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. 
 12.2 Tax Withholding. 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 cash hereunder, an amount sufficient to satisfy federal, state and a local tax withholding requirements associated with any Award. In addition, the
Company may, in its sole discretion, permit a Participant to satisfy any tax withholding requirements, in whole or in part, by (i) delivering to the Company shares of Common Stock held by such Participant having a Fair Market Value equal to the
amount of the tax; (ii) directing the Company to retain shares of Common stock otherwise issuable to the Participant under the Plan; or (iii) any other method approved by the Board Committee. 

12.3 Status of Awards. Awards hereunder shall not be deemed compensation for purposes of computing benefits under any retirement
plan of the Company or affiliate and shall not affect any benefits under any other benefit plan now or hereafter in effect under which the availability or amount of benefits is related to the level of compensation. 

12.4 Waiver of Restrictions. The Board Committee may, in its sole discretion, based on such factors as the Board Committee may
deem appropriate, waive in whole or in part, any remaining restrictions or vesting requirements in connection with any Award hereunder. 
 12.5 Adjustment of Awards. Subject to Section 11, the Board Committee shall be authorized to make adjustments in performance award criteria or in the terms and conditions of other Awards in
recognition of unusual or nonrecurring events affecting the Company or its financial statements or changes in applicable laws, regulations or accounting principles; provided however, that no such adjustment shall impair the rights of
any Participant without such Participant’s consent. The Board Committee may also make Awards hereunder in replacement of, or as alternatives to, Awards previously granted to Participants, including

  
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without limitation, previously granted Options having higher Option Prices and grants or rights under any other plan of the Company or of any acquired entity. The Board Committee may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry it into effect. In the event the Company shall assume outstanding employee benefit awards or the
right or obligation to make future such awards in connection with the acquisition of another corporation or business entity, the Board Committee may, in its discretion, make such adjustments in the terms of Awards under the Plan as it shall deem
appropriate. 
 12.6 Consideration for Awards. Except as otherwise required in any applicable agreement or by the terms
of the Plan, Participants under the Plan shall not be required to make any payment or provide consideration for an Award other than the rendering of services. 
 12.7 Special Forfeiture Rule. Notwithstanding any other provision of this Plan to the contrary, the Board Committee shall be authorized to impose additional forfeiture restrictions with respect to
Awards granted under the Plan, including, without limitation, provisions for forfeiture in the event the Participant shall engage in competition with the Company or in any other circumstance the Board Committee may determine. 

12.8 Effective Date and Term of Plan. The Plan shall be effective as of the date it is approved by the Board, subject to the
approval thereof by the shareholders of the Company. Unless terminated under the provisions of Section 11 hereof, the Plan shall continue in effect indefinitely; provided, however, that no Incentive Stock Options shall be granted
after the tenth anniversary of the effective date of the Plan. 
 12.9 Compliance with Section 162(m). It is the
Company’s intent that compensation payable pursuant to Awards (other than Awards of Restricted Stock which vest based solely on continued employment) to “covered employees” as such term is defined in Regulation 1.162-27(c)(2)
promulgated under Section 162(m) of the Code, or any successor provision (“Section 162(m)”), qualify as “performance-based compensation” as defined in Regulation 1.162-27(e) under Section 162(m). If any provision of
this Plan or an Award is later found to make compensation intended to be performance-based compensation ineligible for such treatment, the provision shall be deemed null and void, unless otherwise determined by a committee of the Board comprised
solely of “outside directors” as such term is defined under Regulation 1.162-27(e)(3) under Section 162(m). 

12.10 Transferability of Awards. Notwithstanding anything to the contrary contained in this Plan, any 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. 
 12.11 Compliance with
Laws. Notwithstanding anything to the contrary contained in this Plan or in any Award agreement, each Award shall be subject to the 

  
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requirement, if at any time the Board Committee shall determine, in its sole discretion, that such requirement shall apply, that the listing, registration or qualification of any Award under this
Plan, or of the Common Stock, or property or other forms of payment issuable pursuant to any Award under this Plan, on any stock exchange or other market quotation system or under any federal or state law, or the consent or approval of any
government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the exercise or settlement thereof, such Award shall not be granted, exercised or settled, in whole or in part, until such
listing, registration, qualification, consent or approval shall have been effected, obtained and maintained free of any conditions not acceptable to the Board Committee. Notwithstanding anything to the contrary contained in this Plan or in any Award
agreement, no shares of Common Stock or property or other forms of payment shall be issued under this Plan with respect to any Award unless the Board Committee shall be satisfied that such issuance will be in compliance with applicable laws and any
applicable rules of any stock exchange or other market quotation system on which such shares of Common Stock are listed. If the Board Committee determines that the exercise of any Option or Stock Appreciation Right would fail to comply with any
applicable law or any applicable rules of any stock exchange or other market quotation system on which the shares of Common Stock are listed, the Participant holding such Option or Stock Appreciation Right shall have no right to exercise such Option
or Stock Appreciation Right until such time as the Board Committee shall have determined that such exercise will not violate any applicable law or any such applicable rule, provided that such Option or Stock Appreciation Right shall not have expired
prior to such time. 
 12.12 Section 409A. Notwithstanding any provision of the Plan or an Award
agreement to the contrary, if any Award or benefit provided under this Plan is subject to the provisions of Section 409A of the Code, the provisions of the Plan and any applicable Award agreement shall be administered, interpreted and construed
in a manner necessary to comply with Section 409A of the Code or an exception thereto (or disregarded to the extent such provision cannot be so administered, interpreted or construed). In no event shall any member of the Board, the Board
Committee or the Company (or its employees, officers or directors) have any liability to any Participant (or any other person) due to the failure of an Award to satisfy the requirements of Section 409A of the Code. 

Share numbers adjusted for stock splits as of April 19, 2004. 

Shares reserved for issuance reflect April 2006 and April 2011 increase. 

  
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