Document:

Form of Partnership Contingent Value Rights Agreement

 Exhibit 10.8 
 PARTNERSHIP CONTINGENT VALUE RIGHTS AGREEMENT 
 This
PARTNERSHIP CONTINGENT VALUE RIGHTS AGREEMENT (this “Agreement”), dated as of
            , 2013, and effective upon the effectiveness of the Partnership Agreement (as defined herein), is by and among Artisan Partners Holdings LP, a Delaware limited partnership
(“Holdings”), Artisan Partners Asset Management, Inc., a Delaware corporation (“APAM”), and the Holders (as defined below) from time to time. 

WHEREAS, in connection with the initial public offering of the Class A common stock, par value $0.01 per share
(the “Class A Common Stock”), of APAM, APAM will become the general partner of Holdings; and 

WHEREAS, in connection with the issuance of APAM’s convertible preferred stock, par value $0.01
per share (the “Convertible Preferred Stock”), APAM will issue contingent value rights (the “Public Company CVRs”) to the holders of such Convertible Preferred Stock pursuant to a separate agreement of even date
herewith (the “Public Company CVR Agreement”); and 
 WHEREAS, pursuant to
this Agreement, Holdings desires to issue contingent value rights (the “Partnership CVRs”) to the holders of its preferred units (the “Preferred Units”); 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained
herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1. Definitions; Interpretation. 
 (a) Unless the
context otherwise requires, when used herein the following terms shall have the meanings indicated. 

“Associated Securities” means, with respect to any Holder and without duplication, (i) each share of
Convertible Preferred Stock with respect to which a Public Company CVR held by such Holder was issued or each share of Class A Common Stock into which any such share of Convertible Preferred Stock has been converted, and (ii) each
Preferred Unit with respect to which a Partnership CVR held by such Holder was issued or each share of Convertible Preferred Stock or Class A Common Stock for which any such Preferred Unit was exchanged or each share of Class A Common
Stock into which any such share of Convertible Preferred Stock has been converted, and (iii) any other shares of Class A Common Stock or Convertible Preferred Stock of APAM purchased by such Holder with the proceeds of the sale of the
securities listed in clauses (i) or (ii). 
 “Average Daily VWAP” means the average of the
daily VWAPs of a share of Class A Common Stock over (i) in the case of a Trading Day referred to in Section 3, the 60 Trading Days immediately prior to and including such Trading Day, with the first day of such 60 Trading Days being
no earlier than the 90th day after (A) the Follow-On Offering Closing Date but in no event prior to the 15-month anniversary of the IPO Closing Date or (B) if the Follow-On Offering Closing Date has not occurred by the 15-month anniversary
of the IPO Closing Date, the 15-month anniversary of the IPO Closing Date, and (ii) in the case of Section 4(b)(i) and 4(b)(ii), the 60 Trading Days immediately 

  
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prior to and including the Test Date; provided that in calculating such average (x) the VWAP for any Trading Day during the 60 Trading Day period prior to the ex-date of any
extraordinary distribution made on the Class A Common Stock during the applicable period shall be reduced by the value (as determined in good faith by the Board) of such distribution per share of Class A Common Stock and (y) the VWAP
for any Trading Day during the 60 Trading Day period prior to the date of a Stock Subdivision or Combination during the applicable period shall automatically be adjusted in inverse proportion to such subdivision or combination. 

“Board” means the Board of Directors of APAM. 

“Business Day” means any day (other than a day which is a Saturday, Sunday or legal holiday in the State
of New York) on which banks are open for business in New York City and in the State of Wisconsin. 

“Change of Control” means the occurrence of any of the following events: 

(i) APAM, or any direct or indirect wholly owned subsidiary of APAM, shall cease to be the general partner of Holdings,

 (ii) any Person or group (within the meaning of the Exchange Act and the rules of the Securities and Exchange
Commission thereunder), other than the Permitted Owners or a group consisting solely of Permitted Owners, shall acquire or hold, directly or indirectly, beneficially or of record, Equity Interests in APAM representing more than 35% of either the
aggregate voting power or the aggregate economic value represented by all issued and outstanding Equity Interests in APAM at any time the Permitted Owners do not own directly or through wholly owned entities, Equity Interests in APAM collectively
representing at least a majority of the aggregate voting power or the aggregate economic value represented by all issued and outstanding Equity Interests in APAM, or 

(iii) less than a majority of the members of the Board shall be individuals who are either (x) members of the Board
on             , 2013 or (y) members of the Board whose election, or nomination for election by the stockholders of APAM, was approved by a vote of at least a majority of the
members of the Board then in office who are individuals described in clause (x) above or this clause (y), other than any individual whose nomination or appointment under this clause (y) occurred as a result of an actual or threatened
solicitation of proxies or consents for the election or removal of one or more directors on the Board (other than any such solicitation made by the Board). 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. Reference to any specific section of the Code shall include such section, any regulations promulgated
thereunder and any comparable provision of any future legislation amending, supplementing or superseding such section. 
 “Conversion Rate” has the meaning set forth in the Certificate of Incorporation of APAM. 

  
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 “Date of Conversion” has the meaning set forth in the
Certificate of Incorporation of APAM. 
 “Distribution Value” means, with respect to any
distribution of shares of Class A Common Stock to the partners of any H&F Holder, the average of the closing prices for a share of Class A Common Stock for the ten Trading Days ending immediately prior to the date of such distribution,
and the ten Trading Days immediately after the date of such distribution. 
 “Equity Interest”
means shares of capital stock, partnership interests, membership interests in limited liability companies, beneficial interests in trusts or other equity ownership interests in any Person. 

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

“Exchange Agreement” means the Exchange Agreement, dated on or about the date hereof, among APAM and the
holders of limited partnership units of Holdings from time to time party thereto. 
 “Fair Market
Value” means the value reasonably determined by the General Partner assuming a willing buyer and willing seller, both being apprised of all material information affecting said valuation. 

“Follow-On Offering Closing Date” means the closing date of the follow-on offering APAM is obligated to
conduct within fifteen (15) months of the IPO Closing Date pursuant to the Resale and Registration Rights Agreement. 
 “General Partner” means APAM in its capacity as general partner of Holdings. 
 “GP Unit” has the meaning assigned to it in the Partnership Agreement. 
 “H&F Holder” means each of H&F Brewer AIV, L.P., H&F Brewer AIV II, L.P. and Hellman & Friedman Capital Associates V, L.P and each of their respective successors or
permitted assignees. 
 “IPO” means the initial public offering and sale of the Class A
Common Stock, as contemplated by APAM’s Registration Statement on Form S-1 (File No. 333-184686). 

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

“Partial Capital Event” means (i) a sale, transfer, conveyance or disposition of assets of Holdings
and/or any Subsidiary of Holdings in which Holdings directly or indirectly realizes cash or other liquid consideration, other than a transaction (A) in the ordinary course of business, (B) that involves assets of Holdings or a Subsidiary
of Holdings having a Fair Market Value of less than or equal to 1% of the aggregate Fair Market Value of all assets of Holdings and its Subsidiaries on a consolidated basis, or (C) that is a part of, or would result in, a dissolution of
Holdings or (ii) the incurrence of indebtedness by Holdings and/or its Subsidiaries the principal purpose of which is 

  
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distributing the proceeds thereof to the partners of Holdings or equity holders of the Subsidiary, as applicable. For the avoidance of doubt, “Partial Capital Event” shall not include
any payment from proceeds of APAM’s IPO or the incurrence of any indebtedness that is refinancing indebtedness of Holdings existing on or prior to the date hereof or the proceeds of which are used to pay amounts due upon the settlement of the
Partnership CVRs. 
 “Partnership Agreement” means the Fourth Amended and Restated Agreement of
Limited Partnership of Holdings, dated as of             , 2013, as amended from time to time. 

“Permitted Owners” means (i) Artisan Investment Corporation (or any successor entity thereto that is
controlled by Andrew A. Ziegler and Carlene M. Ziegler), (ii) the Persons holding Class B units of Holdings from time to time, (iii) the Persons holding Class A units, Class B units or preferred units of Holdings as of
            , 2013 and (iv) any Persons to whom the foregoing Persons are permitted to transfer their limited partnership units pursuant to Article XIV (or any successor provision
thereto) of the Partnership Agreement. 
 “Person” means any natural person, corporation, trust,
joint venture, association, company, partnership, limited liability company or government, or any agency or political subdivision thereof, or any other entity. 
 “Resale and Registration Rights Agreement” means the Resale and Registration Rights Agreement, dated on or about the date hereof, among APAM and certain of its shareholders party thereto.

 “Settlement Amount” means, with respect to APAM, the APAM Settlement Amount, and with respect
to any other Holder, the Non-APAM Settlement Amount. 
 “Settlement Date” means the earlier of
(a) July 11, 2016, and (b) the fifth Business Day following the effective date of a Change of Control. 
 “Stock Subdivision or Combination” means any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of the Class A Common Stock. 

“Subsidiary” means, as to any Person, a Person more than 50% of the outstanding voting equity of which is
owned, directly or indirectly, by the initial Person or by one or more other Subsidiaries of the initial Person. For the purposes of this definition, “voting equity” means equity that ordinarily has voting power for the election of
directors or of Persons performing similar functions (such s a general partner of a partnership or the manager of a limited liability company), whether at all times or only so long as no senior class of equity has such voting power by reason of any
contingency. 
 “Test Date” means the earlier of July 3, 2016 and the effective date of a
Change of Control. 

  
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 “Total Number of CVRs” means, as of any date, the total
number of Partnership CVRs and Public Company CVRs (in each case taking into account any adjustments pursuant to Section 9) outstanding at the close of business on such date, provided that the Total Number of CVRs shall not include any
Partnership CVRs held by APAM at the close of business on such date. As of the date hereof, the Total Number of CVRs is             . The “Total Number of CVRs” may only be
adjusted pursuant to Section 9. 
 “Trading Day” means a Business Day on which (i) the
Class A Common Stock at the close of regular session trading (not including extended or after hours trading) is not suspended from trading on any national or regional securities exchange or association or over-the-counter market that is
the primary market for trading the Class A Common Stock at the close of business, (ii) the Class A Common Stock has traded at least once regular way on the national securities exchange or association or over-the-counter market that is
the primary market for the trading of the Class A Common Stock, and (iii) there has been no “market disruption event.” For these purposes, “market disruption event” means the occurrence or existence for more than one
half-hour period in the aggregate on any scheduled Trading Day for the Class A Common Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in
the Class A Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time. 
 “Transfer” means (i) when used as a verb, to sell, assign, transfer or otherwise dispose of, directly or indirectly, and (ii) when used as a noun, a sale, assignment, transfer
or other disposition, whether direct or indirect. 
 “VWAP” means the daily per share
volume-weighted average price of the Class A Common Stock as displayed under the heading Bloomberg VWAP on Bloomberg page
“[                <equity> AQR]” (or its equivalent successor if such page is not available) in respect of the period from the open of
trading on such day until the close of trading on such day (or if such volume-weighted average price is unavailable, the market price of one share of such common stock on such day, determined by a nationally recognized independent investment banking
firm retained for this purpose by APAM). VWAP will be determined without regard to afterhours trading or any other trading outside the regular trading session or trading hours. 

(b) Each of the following terms is defined in the Section of this Agreement set forth below. 

 

			
	APAM	  	Preamble
	APAM Settlement Amount	  	Section 4(c)
	Associated Securities Value	  	Section 4(b)
	Class A Common Stock	  	Recitals
	Convertible Preferred Stock	  	Recitals
	Holdings	  	Recitals
	Holders	  	Section 2(b)
	Holder’s Number of CVRs	  	Section 4(a)

  
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	Measured Value	  	Section 4(b)
	Non-APAM Settlement Amount	  	Section 4(a)
	Partial Capital Event Distributions	  	Section 4(b)
	Partnership CVR	  	Recitals
	Preferred Units	  	Recitals
	Public Company CVR	  	Recitals
	Public Company CVR Agreement	  	Recitals
	Realized Proceeds	  	Section 4(b)
	Register	  	Section 2(b)
	Settlement Schedule	  	Section 5

 (c) In this Agreement and in the Exhibit hereto, except to the extent that the context otherwise
requires: 
 (i) the headings are for convenience of reference only and shall not affect the interpretation of
this Agreement; 
 (ii) defined terms include the plural as well as the singular and vice versa; 

(iii) words importing gender include all genders; 

(iv) a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been
or may from time to time be amended, extended, re-enacted or consolidated and to all statutory instruments or orders made under it; 
 (v) any reference to a “day” or a “Business Day” shall mean the whole of such day, being the period of 24 hours running from midnight to midnight; 

(vi) whenever a provision of this Agreement provides for the occurrence of a transaction or event on a day that is not a
Business Day, such transaction or event shall instead occur on the immediately preceding Business Day; 
 (vii)
references to Articles, Sections, subsections and Exhibits are references to Articles, Sections and subsections of, and Exhibits to, this Agreement, except where context otherwise dictates; 

(viii) the words “including” and “include” and other words of similar import shall be deemed to be
followed by the phrase “without limitation”; and 
 (ix) unless otherwise specified, references to any
party to this Agreement or any other document or agreement shall include its successors and permitted assigns. 

Section 2. Issuance; Register. 
 (a) Upon the effectiveness of the Partnership Agreement, Holdings shall issue to each holder of Preferred Units a number of Partnership CVRs equal to the number of Preferred Units held by such holder.

 (b) Holdings shall maintain a register (the “Register”) showing the name and address of the registered
holders of Partnership CVRs and the number of Partnership CVRs held by each such registered holder. Holdings shall update the Register as exchanges are made as contemplated by Section 7 and Transfers are made pursuant to Section 8. The
Persons listed from time to time as holders in the Register shall be “Holders” for purposes of this Agreement and the Register shall be binding absent manifest error. The Partnership CVRs shall not be evidenced by certificates. 

  
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 Section 3. Early Termination. This Agreement shall terminate prior to the Test
Date and no Holder shall have any rights hereunder (to payment or otherwise) on the first Trading Day as of which the Average Daily VWAP shall have been at least equal to the quotient of
$             divided by the product of (i) the Total Number of CVRs and (ii) the Conversion Rate on such Trading Day. Holdings shall promptly notify each Holder of the
termination of this Agreement prior to the Test Date. 
 Section 4. Settlement. 

(a) Settlement Amount. The amount, if any, payable on the Settlement Date to a Holder (other than APAM) by Holdings with respect
to the Partnership CVRs held by such Holder on the Test Date (the “Non-APAM Settlement Amount”) shall equal: 

(i) the number of Partnership CVRs held by such Holder at the close of business on the Test Date 

multiplied by 
 (ii) the least of the following three alternative amounts: 
  

	 	(x)	the quotient of $             divided by the Total Number of CVRs; 

 

	 	(y)	the amount, which shall not be less than zero, equal to (A) the quotient of $             divided by
the Total Number of CVRs minus (B) the sum of the Measured Value and Partial Capital Event Distributions with respect to such Holder; and 

 

	 	(z)	the amount, which shall not be less than zero, equal to (A) the quotient of $             divided by
the Total Number of CVRs minus (B) the sum of Partial Capital Event Distributions, the Associated Securities Value and Realized Proceeds, each with respect to such Holder. 

(b) Terms. For purposes of Section 4(a) the following terms shall have the meanings indicated: 

(i) “Associated Securities Value” means, with respect to any Holder, the product of (x) the
Average Daily VWAP and (y) a fraction the numerator of which is the number of Associated Securities held by such Holder at the close of business on the Test Date and the denominator of which is such Holder’s Number of CVRs, treating
each 

  
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share of Convertible Preferred Stock or Preferred Unit held by such Holder on the Test Date for this purpose as if it had been converted into Class A Common Stock on such date at the
Conversion Rate (calculated as if the Date of Conversion were the Test Date). 
 (ii) “Measured
Value” shall mean the product of (x) the Average Daily VWAP and (y) the Conversion Rate (calculated as if the Date of Conversion were the Test Date). 

(iii) “Partial Capital Event Distributions” means, with respect to any Holder, the quotient of
(x) any amounts distributed to such Holder on the Associated Securities held by such Holder upon the occurrence of a Partial Capital Event, divided by (y) such Holder’s Number of CVRs. In calculating the amount distributed
under clause (x) above with respect to a share of Convertible Preferred Stock or Class A Common Stock, to the extent distributions are received by holders of Convertible Preferred Stock or Class A Common Stock, the amount distributed
shall be deemed to be the amount distributed on the Preferred Unit or GP Unit held by APAM corresponding with the share of Preferred Stock or Class A Common Stock, as the case may be. 

(iv) “Holder’s Number of CVRs” means the number of Public Company CVRs and Partnership CVRs held by
a Holder at the close of business on the Test Date. 
 (v) “Realized Proceeds” means, with respect to any
Holder, the quotient of (x) the gross proceeds realized by the Holder from the sale of Associated Securities held by such Holder, other than any such proceeds that such Holder applied to purchase other Associated Securities, divided
by (y) such Holder’s Number of CVRs, provided that in the event of a distribution by an H&F Holder of Class A Common Stock to partners, such H&F Holder shall be deemed to have sold each such share of Class A
Common Stock on the date of such distribution for gross proceeds equal to the Distribution Value. 
 (c) Settlement Amount
with respect to APAM. The amount, if any, payable on the Settlement Date to APAM by Holdings with respect to the Partnership CVRs held by APAM on the Test Date (the “APAM Settlement Amount”) shall equal the aggregate amount
payable by APAM with respect to the settlement of the Public Company CVRs pursuant to the Public Company CVR Agreement. 
 (d)
Method of Payment. Payment of the Non-APAM Settlement Amount shall be made, at the sole discretion of Holdings, by wire or Automated Clearing House transfer of immediately available funds to the bank account designated by the Holder in the
Settlement Schedule provided pursuant to Section 5 on the later of the Settlement Date and the fourth Business Day following receipt by Holdings of such Holder’s Settlement Schedule that is properly completed in all material respects.
Payment of the APAM Settlement Amount shall be made, at the sole discretion of Holdings, by wire or Automated Clearing House transfer of immediately available funds to the bank account designated by APAM. Upon payment by Holdings of the Settlement
Amount to a Holder, this Agreement shall terminate with respect to such Holder and Holdings shall have no further obligations hereunder to such Holder. 
 Section 5. Settlement Procedures. Each Holder (other than the APAM) shall deliver a schedule and certification in the form set forth in Exhibit A hereto (the “Settlement
Schedule”) to Holdings promptly after the Test Date. Holdings may require any Holder to supply account 

  
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statements or confirmations from brokers establishing the number of securities (other than Partnership CVRs or Public Company CVRs) of APAM held or Transferred by such Holder and the date(s) of
and amount(s) of such Holder’s Realized Proceeds. 
 Section 6. Termination. Subject to Section 3, this
Agreement shall terminate and no Holder shall have any rights hereunder (to payment or otherwise) upon the payment by Holdings of the Settlement Amount, if any, due to each Holder pursuant to Section 4. 

Section 7. Transfer of Partnership CVRs upon Exchange of Preferred Units. Upon the exchange of a Preferred Unit for a
share of Convertible Preferred Stock or Class A Common Stock, as applicable, pursuant to the Exchange Agreement, the holder of the Preferred Unit shall transfer a corresponding Partnership CVR held by the holder to APAM and APAM shall thereupon
issue a Public Company CVR to the holder for each Partnership CVR so transferred pursuant to the Public Company CVR Agreement. 
 Section 8. Transfer. The H&F Holders may Transfer Partnership CVRs only in accordance with this Section 8 and any purported Transfer of a Partnership CVR other than in accordance with
this Section 8 shall be void. Upon the Transfer on or prior to the Test Date by an H&F Holder of Preferred Units to any Person in accordance with the Partnership Agreement, an equal number of Partnership CVRs shall automatically be deemed
transferred to the same Person and such Person shall be deemed to have become a party to this Agreement and succeeded to the rights and obligations of such H&F Holder in respect of the Partnership CVRs so Transferred. For the avoidance of doubt,
the Partnership Agreement permits the Original H&F Holders (as defined therein) to Transfer Preferred Units to their Affiliates (as defined therein). Upon any such Transfer of Preferred Units by an Original H&F Holder to an Affiliate an
equal number of Partnership CVRs shall automatically be deemed Transferred to the Affiliate and such Affiliate shall be deemed to have become a party to this Agreement and succeeded to the rights and obligations of such Original H&F Holder in
respect of the Partnership CVRs so Transferred.

 Section 9. Adjustment. Upon any Stock Subdivision or Combination, the number of Partnership CVRs held by
each Holder shall automatically be adjusted such that the Holder’s Number of CVRs shall increase or decrease in proportion to the increase or decrease in the number of outstanding shares of Class A Common Stock as a result of such Stock
Subdivision or Combination. 
 Section 10. No Rights as Partners; Limitation of Liability. Neither this
Agreement nor the Partnership CVRs entitle the Holders to any voting rights or other rights as partners of Holdings. The obligations of Holdings under this Agreement shall be payable solely out of the assets of Holdings and no present, future or
former limited partner of Holdings and no estate of a deceased, present, future or former limited partner of Holdings shall have any liability under or arising out of this Agreement with respect to the obligations of Holdings hereunder. 

  
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 Section 11. Notices. All notices, requests, consents and other
communications hereunder (including the delivery of the Settlement Schedule pursuant to Section 5) shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by
fax, by electronic mail (delivery receipt requested) or by certified or registered mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified
in a notice given in accordance with this Section 11): 
 (a) if to Holdings to: 

Artisan Partners Holdings LP 
 875 E. Wisconsin Avenue, Suite 800 
 Milwaukee, WI 53202

 Telephone: (414) 390-6100 

Fax: (414) 390-6139 
 Attention: Chief Legal Counsel 
 Electronic Mail:
contractnotice@artisanpartners.com 
 with a copy to: 

Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, New York 10004 

Telephone: (212) 558-4000 
 Fax: (212) 558-3588 
 Attention: Catherine M. Clarkin

 Electronic Mail: clarkinc@sullcrom.com 

(b) if to the H&F Holders: 
 Hellman & Friedman LLC 
 One Maritime Plaza 

12th Floor 
 San Francisco, CA 94111 
 Telephone: (415) 788-5111

 Fax: (415) 788-0176 

			
	Attention:	 	Allen R. Thorpe
		 	Arrie R. Park

			
	Electronic Mail:	 	athorpe@hf.com
		 	apark@hf.com

 with a copy to: 

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York, NY 10006 
 Telephone: (212) 225-2000 

Fax: (212) 225-3999 
 Attention: Christopher E. Austin 
 Electronic Mail:
caustin@cgsh.com 
 (c) if to any other Holder, to the address and other contact information set forth in the Register.

  
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 Section 12. Waiver; Amendments. 

(a) No provision of this Agreement may be waived except by an instrument in writing executed by the party against whom the waiver is to
be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 (b) No provision of this Agreement may be amended or otherwise modified except by an instrument in writing executed by Holdings and the Holders of a majority of the Partnership CVRs; provided that
no decrease in the amount payable upon settlement of any Partnership CVR or change in the date on which such amount is payable shall be effective against the Holder of any Partnership CVR without the consent of such Holder. No consent given by APAM
with respect to the Partnership CVRs it holds shall be valid unless given in accordance with the terms of Section 12(c) of the Public Company CVR Agreement. 
 Tax Treatment. This Agreement is intended to be treated, together with the Partnership Agreement, as a single “partnership agreement” under Section 761 (c) of the Code, and the
Partnership CVRs are intended to be treated as part of the related Preferred Units for United States federal income tax purposes. The Holders agree to treat the Partnership CVRs accordingly for United States federal income tax purposes. 

Section 14. Governing Law. This Agreement shall be governed by and construed in accordance with, the laws of the State
of Delaware. 
 Section 15. Consent to Jurisdiction.

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

  
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 (b) Each party irrevocably and unconditionally waives, to the fullest extent permitted by
law, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 14(a). Each party irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 
 (c) Each party irrevocably consents to service of process in the manner provided for notices in Section 11. Nothing in this Agreement shall affect the right of any party to serve process in any other
manner permitted by law. 
 Section 16. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 17. Entire Agreement; No Third Party Beneficiaries. This Agreement (i) constitutes the entire agreement and understanding among the parties hereto and supersedes all prior
and contemporaneous agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter hereof and (ii) is not intended to confer upon any Person, other than the parties hereto, except as provided
in Section 7, Section 8 or Section 12(b), any rights or remedies hereunder. 
 Section 18.
Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Subject to Section 7 and Section 8 hereof, the
rights and obligations of each party hereto may not be assigned or transferred without, in the case of an assignment or transfer by any Holder, the prior written consent of Holdings, and in the case of an assignment or transfer by Holdings, the
prior written consent of Holders holding at least two-thirds of the Total Number of CVRs at such time. 
 Section 19.
Severability. In case any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby. 
 Section 20. Further Assurances. The parties
shall execute, deliver, acknowledge and file such further agreements and instruments and take such other actions as may be reasonably necessary to make effective this Agreement and the transactions contemplated hereby. 

Section 21. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail
delivery of a “.pdf” data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” data file or other electronic transmission service shall be considered original executed counterparts for
purposes of this Section 20. 
 [Next page is signature page.] 

  
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 IN WITNESS WHEREOF, Artisan Partners
Holdings LP has duly executed this Agreement or has caused this Agreement to be duly executed by an authorized officer as of the day and year first above written. 

 

			
	ARTISAN PARTNERS HOLDINGS LP
	By: Artisan Partners Asset Management Inc., its general partner
		
	By:	 	  

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

		 	Name:
		 	Title:
	
	PARTNERSHIP CVR HOLDERS
	
	ARTISAN PARTNERS ASSET MANAGEMENT INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
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	H&F BREWER AIV II, L.P.
	By:	 	Hellman & Friedman Investors, V, L.P.
	By:	 	Hellman & Friedman LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	HELLMAN & FRIEDMAN CAPITAL ASSOCIATES V, L.P.
	By:	 	Hellman & Friedman Investors, V, L.P.
	By:	 	Hellman & Friedman LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
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 Exhibit A 
 Settlement Schedule 
 Name of Holder: 

Wire Transfer Instructions: 
 Please
provide below the date and amount of gross proceeds of each sale of Associated Securities. 
  

							
	 Date
	 	 Type of Associated Security Sold

or Distributed
	 	 Number Sold or

Distributed
	  	 Gross Proceeds

		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	

 Certification 
 The undersigned hereby certifies that the information above is true and correct and that if, after the date hereof, he or she learns that the information above is incorrect, he or she will inform Holdings
of such fact. 
  

			
		 	  

		 	Name:
		 	Title:
		
	Date:Artisan Partners Asset Management Inc. 2013 Non-Employee Director Plan

 Exhibit 10.10 
 FORM OF 
 ARTISAN PARTNERS ASSET MANAGEMENT INC. 

2013 NON-EMPLOYEE DIRECTOR PLAN 

 Table of Contents 

 

									
	 	  	 	  	 	  	Page	 
	 ARTICLE I GENERAL
	  	 	1	  
		  	1.1	  	Purpose	  	 	1	  
		  	1.2	  	Definitions of Certain Terms	  	 	1	  
		  	1.3	  	Administration	  	 	5	  
		  	1.4	  	Persons Eligible for Awards	  	 	7	  
		  	1.5	  	Types of Awards Under Plan	  	 	7	  
		  	1.6	  	Shares of Common Stock Available for Awards	  	 	8	  
		
	ARTICLE II AWARDS UNDER THE PLAN	  	 	9	  
		  	2.1	  	Agreements Evidencing Awards	  	 	9	  
		  	2.2	  	No Rights as a Stockholder	  	 	9	  
		  	2.3	  	Options	  	 	9	  
		  	2.4	  	Stock Appreciation Rights	  	 	10	  
		  	2.5	  	Restricted Shares	  	 	11	  
		  	2.6	  	Restricted Stock Units	  	 	11	  
		  	2.7	  	Dividend Equivalent Rights	  	 	12	  
		  	2.8	  	Other Stock-Based or Cash-Based Awards	  	 	12	  
		  	2.9	  	Repayment If Conditions Not Met	  	 	12	  
		
	ARTICLE III MISCELLANEOUS	  	 	13	  
		  	3.1	  	Amendment of the Plan	  	 	13	  
		  	3.2	  	Tax Withholding	  	 	13	  
		  	3.3	  	Required Consents and Legends	  	 	14	  
		  	3.4	  	Right of Offset	  	 	15	  
		  	3.5	  	Nonassignability; No Hedging	  	 	15	  
		  	3.6	  	Change in Control	  	 	15	  
		  	3.7	  	Right of Discharge Reserved	  	 	16	  
		  	3.8	  	Nature of Payments	  	 	16	  
		  	3.9	  	Non-Uniform Determinations	  	 	17	  
		  	3.10	  	Other Payments or Awards	  	 	17	  
		  	3.11	  	Plan Headings	  	 	17	  
		  	3.12	  	Termination of Plan	  	 	17	  
		  	3.13	  	Clawback/Recapture Policy	  	 	17	  
		  	3.14	  	Section 409A	  	 	17	  
		  	3.15	  	Governing Law	  	 	19	  
		  	3.16	  	Severability; Entire Agreement	  	 	19	  
		  	3.17	  	Waiver of Claims	  	 	19	  
		  	3.18	  	No Liability With Respect to Tax Qualification or Adverse Tax Treatment	  	 	19	  
		  	3.19	  	No Third-party Beneficiaries	  	 	20	  
		  	3.20	  	Successors and Assigns of Artisan	  	 	20	  
		  	3.21	  	Waiver of Jury Trial	  	 	20	  
		  	3.22	  	Date of Adoption and Approval of Stockholders	  	 	20	  

  
 i 

 FORM OF 
 ARTISAN PARTNERS ASSET MANAGEMENT INC. 
 2013 NON-EMPLOYEE DIRECTOR PLAN

 ARTICLE I 
 GENERAL 
 1.1 Purpose 
 The Artisan Partners Asset Management Inc. 2013 Non-Employee Director Plan (as amended from time to time, the “Plan”) is designed to help the Company (as hereinafter defined):
(1) attract, retain and motivate non-employee directors of the Board of Directors of Artisan Partners Asset Management Inc., a Delaware corporation (“Artisan”) (each such director, a “Non-Employee
Director”); (2) align the interests of such directors with the Company’s shareholders; and (3) promote ownership of the Company’s equity. 
 1.2 Definitions of Certain Terms 
 For purposes of this Plan, the following terms have the
meanings set forth below: 
 1.2.1 “Artisan Voting Securities” has the meaning provided in the definition
of Change in Control. 
 1.2.2 “Award” means an award made pursuant to the Plan. 

1.2.3 “Award Agreement” means the written document by which each Award is evidenced, and which may, but need not
be (as determined by the Committee), executed or acknowledged by a Grantee as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to Awards granted under the Plan to such
Grantee. Any reference herein to an agreement in writing will be deemed to include an electronic writing to the extent permitted by applicable law. 
 1.2.4 “Board” means the Board of Directors of Artisan. 

1.2.5 “Business Combination” has the meaning provided in the definition of Change in Control. 

1.2.6 “Certificate” means a stock certificate (or other appropriate document or evidence of ownership)
representing shares of Common Stock. 
 1.2.7 “Change in Control” means, except in connection with any
initial public offering of the Common Stock, the occurrence of any of the following events: 
 (a) individuals who, immediately
after the date on which the Shares become traded on the New York Stock Exchange, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any
person becoming a director subsequent to the beginning of such period, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the

 
Board (either by a specific vote or by approval of the proxy statement of Artisan in which such person is named as a nominee for director, without written objection to such nomination) shall be
an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of Artisan as a result of an actual or threatened election contest with respect to directors or as a result of any other actual
or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 
 (b) any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), is or becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Artisan representing 30% or more of the combined voting power of Artisan’s then-outstanding securities eligible to vote for the
election of the Board (“Artisan Voting Securities”); provided, however, that the event described in this paragraph (b) shall not be deemed to be a Change in Control by virtue of an acquisition of Artisan
Voting Securities: (A) by Artisan or any Subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by Artisan or any Subsidiary, (C) by any underwriter temporarily holding securities pursuant to an
offering of such securities, (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (c) of this definition) or (E) pursuant to a transaction (other than one described in paragraph (c) of this definition) in which
Artisan Voting Securities are acquired by the Permitted Owners or a group consisting in whole or in part of Permitted Owners, if a majority of the Incumbent Directors approves a resolution providing expressly that the acquisition pursuant to this
clause (E) does not constitute a Change in Control under this paragraph (b); 
 (c) the consummation of a merger,
consolidation, statutory share exchange or similar form of corporate transaction involving Artisan that requires the approval of Artisan’s stockholders, whether for such transaction or the issuance of securities in the transaction (a
“Business Combination”), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving
Entity”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the voting power is represented by Artisan Voting Securities that were outstanding immediately
prior to such Business Combination (or, if applicable, is represented by shares into which such Artisan Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of such Artisan Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the
Surviving Entity or the parent), is or becomes the beneficial owner, directly or indirectly, of 30% or more of the total voting power of the outstanding voting securities eligible to elect directors of the parent (or, if there is no parent, the
Surviving Entity) and (C) at least a majority of the members of the board of directors of the parent (or, if there is no parent, the Surviving Entity) following the consummation of the Business Combination were Incumbent Directors at the time
of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) of this paragraph (c) shall be
deemed to be a “Non-Qualifying Transaction”); or 

  
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 (d) the stockholders of Artisan approve a plan of complete liquidation or dissolution of
Artisan or the consummation of a sale of all or substantially all of Artisan’s assets. 
 Notwithstanding the foregoing, a
Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of more than 30% of the Artisan Voting Securities as a result of the acquisition of Artisan Voting Securities by Artisan which reduces the number
of Artisan Voting Securities outstanding; provided, that if after such acquisition by Artisan such person becomes the beneficial owner of additional Artisan Voting Securities that increases the percentage of outstanding Artisan Voting
Securities beneficially owned by such person, a Change in Control shall then occur. 
 1.2.8 “Class B
Awards” has the meaning set forth in Section 2.8. 
 1.2.9 “Code” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the applicable rulings and regulations thereunder. 
 1.2.10 “Committee” has the meaning set forth in Section 1.3.1. 
 1.2.11 “Common Stock” means the Class A common stock of Artisan, par value $0.01 per share, and any other securities or property issued in exchange therefor or in lieu thereof
pursuant to Section 1.6.3. 
 1.2.12 “Company” means Artisan and any Subsidiary. 

1.2.13 “Consent” has the meaning set forth in Section 3.3.2. 

1.2.14 “Covered Person” has the meaning set forth in Section 1.3.4. 

1.2.15 “Effective Date” has the meaning set forth in Section 3.22. 

1.2.16 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor
thereto, and the applicable rules and regulations thereunder. 
 1.2.17 “Fair Market Value” means, with
respect to a share of Common Stock, the closing price for the Common Stock on the applicable date as reported on the New York Stock Exchange or, if not so reported, as determined in accordance with a valuation methodology approved by the Committee,
unless determined as otherwise specified herein. For purposes of the grant of any Award, the applicable date will be the trading day on which the Award is granted or, if the date the Award is granted is not a trading day, the trading day immediately
prior to the date the Award is granted. For purposes of the exercise of any Award, the applicable date is the date a notice of exercise is received by the Company or, if such date is not a trading day, the trading day immediately following the date
a notice of exercise is received by the Company. 
 1.2.18 “Grantee” means a Non-Employee Director who
receives an Award. 
 1.2.19 “Incumbent Directors” has the meaning provided in the definition of Change
in Control. 

  
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 1.2.20 “Non-Qualifying Transaction” has the meaning provided in the
definition of Change in Control. 
 1.2.21 “Permitted Owners” means 

(a) Artisan Investment Corporation (or any successor entity thereto that is controlled by Andrew A. Ziegler and Carlene M. Ziegler);

 (b) Those persons holding Class B common units of Artisan Partners Holdings, LP; 

(c) Those persons who immediately prior to the Reorganization, are the limited partners of Artisan Partners Holdings LP; and 

(d) Any persons to whom the foregoing persons are permitted to transfer their limited partnership units pursuant to the limited
partnership agreement of Artisan Partners Holdings LP, as amended from time to time. 
 1.2.22 “Plan
Action” will have the meaning set forth in Section 3.3.1 
 1.2.23 “Reorganization”
means the series of transactions entered into by Artisan and Artisan Partners Holdings LP in connection with the initial public offering of the Common Stock. 
 1.2.24 “Section 409A” means Section 409A of the Code, including any amendments or successor provisions to that section, and any regulations and other administrative guidance
thereunder, in each case as they may be from time to time amended or interpreted through further administrative guidance. 

1.2.25 “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor thereto,
and the applicable rules and regulations thereunder. 
 1.2.26 “Shares” means shares of Common Stock.

 1.2.27 “Subsidiary” means Artisan Partners Holdings LP and any entity in which Artisan has a direct
or indirect ownership interest of 50% or more of the total combined voting power of the then-outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors or managing partners or in
which Artisan has the right to receive 50% or more of the distribution of profits or 50% of the assets on liquidation or dissolution. 
 1.2.28 “Surviving Entity” has the meaning provided in the definition of Change in Control. 
 1.2.29 “Treasury Regulations” means the regulations promulgated under the Code by the United States Treasury Department, as amended. 

  
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 1.3 Administration 
 1.3.1 The Compensation Committee of the Board (as constituted from time to time, and including any successor committee, the “Committee”) will administer the Plan. In particular,
the Committee will have the authority in its sole discretion to: 
 (a) exercise all of the powers granted to it under the Plan;

 (b) construe, interpret and implement the Plan and all Award Agreements; 

(c) prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing the Committee’s own
operations; 
 (d) make all determinations necessary or advisable in administering the Plan; 

(e) correct any defect, supply any omission and reconcile any inconsistency in the Plan; 

(f) amend the Plan to reflect changes in applicable law; 
 (g) grant Awards and determine who will receive Awards, when such Awards will be granted and the terms of such Awards, including setting forth provisions with regard to the effect of a termination of
directorship on such Awards; 
 (h) amend any outstanding Award Agreement in any respect, including, without limitation, to

 (1) accelerate the time or times at which the Award becomes vested, unrestricted or may be exercised (and, in connection with
such acceleration, the Committee may provide that any shares of Common Stock acquired pursuant to such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the Grantee’s
underlying Award), 
 (2) accelerate the time or times at which shares of Common Stock are delivered under the Award (and,
without limitation on the Committee’s rights, in connection with such acceleration, the Committee may provide that any shares of Common Stock delivered pursuant to such Award will be restricted shares, which are subject to vesting, transfer,
forfeiture or repayment provisions similar to those in the Grantee’s underlying Award), 
 (3) waive or amend any goals,
restrictions, vesting provisions or conditions set forth in such Award Agreement, or impose new goals, restrictions, vesting provisions and conditions or 
 (4) reflect a change in the Grantee’s circumstances (e.g., a change in position, duties or responsibilities); and 

  
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 (i) determine at any time whether, to what extent and under what circumstances and method or
methods, subject to Section 3.14, 
 (1) Awards may be 

(A) settled in cash, shares of Common Stock, other securities, other Awards or other property (in which event, the Committee may specify
what other effects such settlement will have on the Grantee’s Award, including the effect on any repayment provisions under the Plan or Award Agreement), 
 (B) exercised or 
 (C) canceled, forfeited or suspended, 

(2) shares of Common Stock, other securities, other Awards or other property and other amounts payable with respect to an Award may be
deferred either automatically or at the election of the Grantee thereof or of the Committee, 
 (3) to the extent permitted under
applicable law, loans (whether or not secured by Common Stock) may be extended by the Company with respect to any Awards, 
 (4)
Awards may be settled by Artisan, any of its Subsidiaries or affiliates or any of their designees and 
 (5) the exercise price
for any stock option or stock appreciation right may be reset. 
 1.3.2 Actions of the Committee may be taken by the vote of a
majority of its members present at a meeting (which may be held telephonically). Any action may be taken by a written instrument signed by a majority of the Committee members, and action so taken will be fully as effective as if it had been taken by
a vote at a meeting. The determination of the Committee on all matters relating to the Plan or any Award Agreement will be final, binding and conclusive. The Committee may allocate among its members and delegate to any person who is not a member of
the Committee, or to any administrative group within the Company, any of its powers, responsibilities or duties. In delegating its authority, the Committee will consider the extent to which any delegation may cause Awards to fail to meet the
requirements of Rule 16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act. Except as specifically provided to the contrary, references to the Committee include any administrative group, individual or individuals to whom the Committee has
delegated its duties and powers. 
 1.3.3 Notwithstanding anything to the contrary contained herein, the Board may, in its sole
discretion, at any time and from time to time, grant Awards or administer the Plan. In any such case, the Board will have all of the authority and responsibility granted to the Committee herein. 

  
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 1.3.4 No member of the Board or regular, active employee and/or a prospective employee of
Artisan or any Subsidiary, including any individual designated as a “partner” providing services to Artisan, Artisan Partners Holdings LP or any of their Subsidiaries (each such person, a “Covered Person”) will have
any liability to any person (including any Grantee) for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award, except as expressly provided by statute. Each Covered Person will be indemnified and
held harmless by Artisan against and from: 
 (a) any loss, cost, liability or expense (including attorneys’ fees) that may
be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or
omitted to be taken under the Plan or any Award Agreement, in each case, in good faith and 
 (b) any and all amounts paid by
such Covered Person, with Artisan’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that Artisan will have the
right, at its own expense, to assume and defend any such action, suit or proceeding and, once Artisan gives notice of its intent to assume the defense, Artisan will have sole control over such defense with counsel of Artisan’s choice.

 The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a
final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith,
fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under Artisan’s Amended Articles of Incorporation or By-laws, pursuant to
any individual indemnification agreements between such Covered Person and the Company, as a matter of law, or otherwise, or any other power that Artisan may have to indemnify such persons or hold them harmless. 

1.4 Persons Eligible for Awards 
 Awards under the Plan may be made to Non-Employee Directors. 
 1.5 Types of Awards Under Plan

 Awards may be made under the Plan in the form of cash-based or stock-based Awards. Stock-based Awards may be in the form
of any of the following, in each case in respect of Common Stock: 
 (a) stock options, 

(b) stock appreciation rights, 
 (c) restricted shares, 
 (d) restricted stock units, 

(e) dividend equivalent rights and 

  
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 (f) other equity-based or equity-related Awards (as further described in
Section 2.8), that the Committee determines to be consistent with the purposes of the Plan and the interests of the Company. 

1.6 Shares of Common Stock Available for Awards 
 1.6.1 Common Stock Subject to the Plan. Subject to the other provisions of this Section 1.6, the total number of Shares that may be granted under the Plan shall be
                            ; provided, however, that the maximum number of Shares that
may be granted under the Plan to any one individual in any calendar year may not exceed
                             Shares. Class B Awards will reduce the number of Shares that may be granted
under the Plan on a one-for-one basis. 
 1.6.2 Replacement of Shares. Shares subject to an Award
that is forfeited (including any restricted shares repurchased by the Company at the same price paid by the Grantee so that such Shares are returned to the Company), expires or is settled for cash (in whole or in part), to the extent of such
forfeiture, expiration or cash settlement shall be available for future grants of Awards under the Plan and shall be added back in the same number of Shares as were deducted in respect of the grant of such Award. The payment of dividend equivalent
rights in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan. Shares tendered by a Grantee or withheld by the Company in payment of the exercise price of a stock option or to
satisfy any tax withholding obligation with respect to an Award will not again be available for Awards. 
 1.6.3
Adjustments. The Committee will: 
 (a) adjust the number of shares of Common Stock authorized
pursuant to Section 1.6.1, 
 (b) adjust the individual Grantee limitations set forth in Sections 2.3.1 and
2.4.1 and 
 (c) adjust the terms of any outstanding Awards (including, without limitation, the number of shares of
Common Stock covered by each outstanding Award, the type of property to which the Award relates and the exercise or strike price of any Award), 

in such manner as it deems appropriate (including, without limitation, by payment of cash) to prevent the enlargement or dilution of rights, as a result
of any increase or decrease in the number of issued shares of Common Stock (or issuance of shares of stock other than shares of Common Stock) resulting from a recapitalization, stock split, reverse stock split, stock dividend, spinoff, splitup,
combination, reclassification or exchange of Shares, merger, consolidation, rights offering, separation, reorganization or liquidation, or any other change in the corporate structure or Shares, including any extraordinary dividend or extraordinary
distribution; provided that no such adjustment shall be made if or to the extent that it would cause an outstanding Award to cease to be exempt from, or to fail to comply with, Section 409A of the Code. 

  
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 ARTICLE II 
 AWARDS UNDER THE PLAN 
 2.1 Agreements Evidencing Awards 

Each Award granted under the Plan will be evidenced by an Award Agreement that will contain such provisions and conditions as the Committee deems
appropriate. Unless otherwise provided herein, the Committee may grant Awards in tandem with or, subject to Section 3.13, in substitution for or satisfaction of any other Award or Awards granted under the Plan or any award granted under
any other plan of Artisan. By accepting an Award pursuant to the Plan, a Grantee thereby agrees that the Award will be subject to all of the terms and provisions of the Plan and the applicable Award Agreement. 

2.2 No Rights as a Stockholder 
 No
Grantee (or other person having rights pursuant to an Award) will have any of the rights of a stockholder of Artisan with respect to shares of Common Stock subject to an Award until the delivery of such shares. Except as otherwise provided in
Section 1.6.3, no adjustments will be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, Common Stock, other securities or other property) for which the record date is before the
date the Certificates for the Shares are delivered, or in the event the Committee elects to use another system, such as book entries by the transfer agent, before the date in which such system evidences the Grantee’s ownership of such Shares.

 2.3 Options 

2.3.1 Grant. Stock options may be granted to eligible recipients in such number and at such times during the term of the
Plan as the Committee may determine. 
 2.3.2 Exercise Price. The exercise price per share with
respect to each stock option will be determined by the Committee but, except as otherwise permitted by Section 1.6.3, may never be less than the Fair Market Value of a share of Common Stock. Unless otherwise noted in the Award Agreement,
the Fair Market Value of the Common Stock will be its closing price on the New York Stock Exchange on the date of grant of the Award of stock options. 
 2.3.3 Term of Stock Option. In no event will any stock option be exercisable after the expiration of 10 years from the date on which the stock option is granted. 

2.3.4 Vesting and Exercise of Stock Option and Payment for Shares. A stock option may vest and be exercised
at such time or times and subject to such terms and conditions as will be determined by the Committee at the time the stock option is granted and set forth in the Award Agreement. Subject to any limitations in the applicable Award Agreement, any
Shares not acquired pursuant to the exercise of a stock option on the applicable vesting date may be acquired thereafter at any time before the final expiration of the stock option. 

  
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 To exercise a stock option, the Grantee must give written notice to Artisan specifying the
number of Shares to be acquired and accompanied by payment of the full purchase price therefor in cash or by certified or official bank check or in another form as determined by the Company, which may include: 

(a) personal check, 
 (b) shares of Common Stock, based on the Fair Market Value as of the exercise date, of the same class as those to be granted by exercise of the stock option, 

(c) any other form of consideration approved by the Company and permitted by applicable law and 

(d) any combination of the foregoing. 
 The Committee may also make arrangements for the cashless exercise of a stock option. Any person exercising a stock option will make such representations and agreements and furnish such information as the
Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by Artisan on terms acceptable to Artisan with the provisions of the Securities Act, the Exchange Act and any other applicable legal requirements. The
Committee may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and
registrars. If a Grantee so requests, Shares acquired pursuant to the exercise of a stock option may be issued in the name of the Grantee and another jointly with the right of survivorship. 
 2.4 Stock Appreciation Rights 
 2.4.1 Grant.
Stock appreciation rights may be granted to eligible recipients in such number and at such times during the term of the Plan as the Committee may determine. 
 2.4.2 Exercise Price. The exercise price per share with respect to each stock appreciation right will be determined by the Committee but, except as otherwise permitted by
Section 1.6.3, may never be less than the Fair Market Value of the Common Stock. Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will be its closing price on the New York Stock Exchange on the
date of grant of the Award of stock appreciation rights. 
 2.4.3 Term of Stock Appreciation Right.
In no event will any stock appreciation right be exercisable after the expiration of 10 years from the date on which the stock appreciation right is granted. 
 2.4.4 Vesting and Exercise of Stock Appreciation Right and Delivery of Shares. Each stock appreciation right may vest and be exercised in such installments as may be determined
in the Award Agreement at the time the stock appreciation right is granted. Subject to any limitations in the applicable Award Agreement, any stock appreciation rights not exercised on the applicable vesting date may be exercised thereafter at any
time before the final expiration of the stock appreciation right. 

  
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 To exercise a stock appreciation right, the Grantee must give written notice to Artisan specifying the
number of stock appreciation rights to be exercised. Upon exercise of stock appreciation rights, shares of Common Stock, cash or other securities or property, or a combination thereof, as specified by the Committee, equal in value to: 

(a) the excess of: 
 (1) the Fair Market Value of the Common Stock on the date of exercise over  

(2) the exercise price of such stock appreciation right multiplied by  

(b) the number of stock appreciation rights exercised 
 will be delivered to the Grantee. 
 Any person exercising a stock appreciation right will make
such representations and agreements and furnish such information as the Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by Artisan on terms acceptable to Artisan with the provisions of the Securities
Act, the Exchange Act and any other applicable legal requirements. If a Grantee so requests, Shares purchased may be issued in the name of the Grantee and another jointly with the right of survivorship. 

2.5 Restricted Shares 

2.5.1 Grants. The Committee may grant or offer for sale restricted shares in such amounts and subject to such
terms and conditions as the Committee may determine. Upon the delivery of such shares, the Grantee will have the rights of a stockholder with respect to the restricted shares, subject to any other restrictions and conditions as the Committee may
include in the applicable Award Agreement. Each Grantee of an Award of restricted shares will be issued a Certificate in respect of such shares, unless the Committee elects to use another system, such as book entries by the transfer agent, as
evidencing ownership of such shares. In the event that a Certificate is issued in respect of restricted shares, such Certificate may be registered in the name of the Grantee, and shall, in addition to such legends required by applicable securities
laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, but will be held by Artisan or its designated agent until the time the restrictions lapse. 

2.5.2 Right to Vote and Receive Dividends on Restricted Shares. Each Grantee of an Award of restricted shares
will, during the period of restriction, be the beneficial and record owner of such restricted shares and will have full voting rights with respect thereto. Unless the Committee determines otherwise in an Award Agreement, during the period of
restriction, all dividends (whether ordinary or extraordinary and whether paid in cash, additional shares or other property) or other distributions paid upon any restricted share will be paid to the relevant Grantee. 

2.6 Restricted Stock Units 
 The
Committee may grant Awards of restricted stock units in such amounts and subject to such terms and conditions as the Committee may determine. A Grantee of a restricted stock unit will 

  
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have only the rights of a general unsecured creditor of Artisan, until delivery of shares of Common Stock, cash or other securities or property is made as specified in the applicable Award
Agreement. On the delivery date specified in the Award Agreement, the Grantee of each restricted stock unit not previously forfeited or terminated will receive one share of Common Stock, cash or other securities or property equal in value to a share
of Common Stock or a combination thereof, as specified by the Committee. Unless otherwise specified in an Award Agreement, in the event that a Grantee is removed or terminated as a director, or otherwise ceases to be a director of the Company, then,
subject to and in accordance with the terms of this Plan, each vested restricted stock unit then held by the Grantee as of the date of such cessation of services shall be settled as of such date. 

2.7 Dividend Equivalent Rights 
 The
Committee may include in the Award Agreement with respect to any Award a dividend equivalent right entitling the Grantee to receive amounts equal to all or any portion of the regular cash dividends that would be paid on the shares of Common Stock
covered by such Award if such shares had been delivered pursuant to such Award. The grantee of a dividend equivalent right will have only the rights of a general unsecured creditor of Artisan until payment of such amounts is made as specified in the
applicable Award Agreement. In the event such a provision is included in an Award Agreement, the Committee will determine whether such payments will be made in cash, in shares of Common Stock or in another form, whether they will be conditioned upon
the exercise of the Award to which they relate (subject to compliance with Section 409A of the Code), the time or times at which they will be made, and such other terms and conditions as the Committee will deem appropriate. 

2.8 Other Stock-Based or Cash-Based Awards 
 The Committee may grant other types of equity-based, equity-related or cash-based Awards (including the grant or offer for sale of unrestricted shares of Common Stock, performance share awards,
performance units settled in cash and Awards valued in whole or in part by reference to, or are otherwise calculated by reference to or based on, Class B common units of Artisan Partners Holdings LP (“Class B Awards”) in such
amounts and subject to such terms and conditions as the Committee may determine. Such Awards may entail the transfer of actual shares of Common Stock to Award recipients and may include Awards designed to comply with or take advantage of the
applicable local laws of jurisdictions other than the United States. Class B Awards may be in the same form as awards that are permitted to be granted under the Plan with respect to Common Stock. Class B Awards may also be in the form of a
“profits interest” within the meaning of Revenue Procedure 93-27. 
 2.9 Repayment If Conditions Not Met 

If the Committee determines that all terms and conditions of the Plan and a Grantee’s Award Agreement were not satisfied, and that the failure to
satisfy such terms and conditions is material, then the Grantee will be obligated to pay the Company immediately upon demand therefor, (a) with respect to a stock option and a stock appreciation right, an amount equal to the excess of the Fair
Market Value (determined at the time of exercise) of the shares of Common Stock that were delivered in respect of such exercised stock option or stock appreciation right, as 

  
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applicable, over the exercise price paid therefor, (b) with respect to restricted shares, an amount equal to the Fair Market Value (determined at the time such shares became vested) of such
restricted shares and (c) with respect to restricted stock units, an amount equal to the Fair Market Value (determined at the time of delivery) of the shares of Common Stock delivered with respect to the applicable delivery date, in each case
with respect to clauses (a), (b) and (c) of this Section 2.9, without reduction for any amount applied to satisfy withholding tax or other obligations in respect of such Award. 

ARTICLE III 

MISCELLANEOUS 
 3.1
Amendment of the Plan 
 3.1.1 Unless otherwise provided in the Plan or in an Award Agreement, the Board may from time to
time suspend, discontinue, revise or amend the Plan in any respect whatsoever but, subject to Sections 1.3, 1.6.3 and 3.6, no such amendment shall materially adversely impair the rights of the Grantee of any Award without the
Grantee’s consent. Subject to Sections 1.3, 1.6.3 and 3.6, an Award Agreement may not be amended to materially adversely impair the rights of a Grantee without the Grantee’s consent. 

3.1.2 Unless otherwise determined by the Board, stockholder approval of any suspension, discontinuance, revision or amendment will be
obtained only to the extent necessary to comply with any applicable laws, regulations or rules of a securities exchange or self-regulatory agency. 
 3.2 Tax Withholding 
 Grantees shall be solely responsible for any applicable taxes
(including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that they incur in connection with the receipt, vesting or exercise of any Award. As a condition to the delivery of any shares of Common
Stock, cash or other securities or property pursuant to any Award or the lifting or lapse of restrictions on any Award, or in connection with any other event that gives rise to a federal or other governmental tax withholding obligation on the part
of the Company relating to an Award (including, without limitation, the Federal Insurance Contributions Act (FICA) tax), 
 (a)
the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a Grantee whether or not pursuant to the Plan (including shares of Common Stock otherwise deliverable), 

(b) the Committee will be entitled to require that the Grantee remit cash to the Company (through payroll deduction or otherwise) or

 (c) the Company may enter into any other suitable arrangements to withhold, in each case in an amount not to exceed in the
opinion of the Company the minimum amounts of such taxes required by law to be withheld. 

  
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 3.3 Required Consents and Legends 

3.3.1 If the Committee at any time determines that any Consent (as hereinafter defined) is necessary or desirable as a condition of, or in
connection with, the granting of any Award, the delivery of shares of Common Stock or the delivery of any cash, securities or other property under the Plan, or the taking of any other action thereunder (each such action a “Plan
Action”), then, subject to Section 3.14, such Plan Action will not be taken, in whole or in part, unless and until such Consent will have been effected or obtained to the full satisfaction of the Committee. The Committee may
direct that any Certificate evidencing Shares delivered pursuant to the Plan will bear a legend setting forth such restrictions on transferability as the Committee may determine to be necessary or desirable, and may advise the transfer agent to
place a stop transfer order against any legended shares. 
 3.3.2 The term “Consent” as used in this
Article III with respect to any Plan Action includes: 
 (a) any and all listings, registrations or qualifications in
respect thereof upon any securities exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction outside the United States, 
 (b) any and all written agreements and representations by the Grantee with respect to the disposition of Shares, or with respect to any other matter, which the Committee may deem necessary or desirable to
comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made, 

(c) any and all other consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory body or any
stock exchange or self-regulatory agency, 
 (d) any and all consents by the Grantee to: 

(1) the Company’s supplying to any third-party recordkeeper of the Plan such personal information as the Committee deems advisable to
administer the Plan, 
 (2) the Company’s deducting amounts from the Grantee’s wages, or another arrangement
satisfactory to the Committee, to reimburse the Company for advances made on the Grantee’s behalf to satisfy certain withholding and other tax obligations in connection with an Award and 

(3) the Company’s imposing sales and transfer procedures and restrictions and hedging restrictions on shares of Common Stock
delivered under the Plan and 
 (e) any and all consents or authorizations required to comply with, or required to be obtained
under, applicable local law or otherwise required by the Committee. Nothing herein will require the Company to list, register or qualify the shares of Common Stock on any securities exchange. 

  
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 3.4 Right of Offset 
 The Company will have the right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including,
without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile or other programs) that the Grantee then
owes to the Company and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award provides for the deferral of compensation within the meaning of
Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Grantee to the
additional tax imposed under Section 409A of the Code in respect of an outstanding Award. 
 3.5 Nonassignability; No Hedging

 Unless otherwise provided in an Award Agreement, no Award (or any rights and obligations thereunder) granted to any person under the Plan
may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law
or otherwise, other than by will or by the laws of descent and distribution, and all such Awards (and any rights thereunder) will be exercisable during the life of the Grantee only by the Grantee or the Grantee’s legal representative.
Notwithstanding the foregoing, the Committee may permit, under such terms and conditions that it deems appropriate in its sole discretion, a Grantee to transfer any Award to any person or entity that the Committee so determines. Any sale, exchange,
transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 3.5 will be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and
conditions of the Plan and the Award Agreements will be binding upon any permitted successors and assigns. 
 3.6 Change in Control

 3.6.1 Unless the Committee determines otherwise, upon a Change in Control, each Award shall become fully vested (including
the lapsing of all restrictions and conditions) and, as applicable, exercisable and any Shares deliverable pursuant to restricted stock units shall be delivered promptly (but no later than 15 days) following such Change in Control. 

3.6.2 In the event of a Change in Control, a Grantee’s Award shall be treated, to the extent determined by the Committee to be
permitted under Section 409A, in accordance with one of the following methods as determined by the Committee in its sole discretion: (i) settle such Awards for an amount (as determined in the sole discretion of the Committee) of cash or
securities, where in the case of stock options and stock appreciation rights, the value of such 

  
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amount, if any, will be equal to the in-the-money spread value (if any) of such awards; (ii) provide for the assumption of or the issuance of substitute awards that will substantially
preserve the otherwise applicable terms of any affected Awards previously granted under the Plan, as determined by the Committee in its sole discretion; or (iii) provide that for a period of at least 20 days prior to the Change in Control, any
stock options or stock appreciation rights that would not otherwise become exercisable prior to the Change in Control will be exercisable as to all shares of Common Stock subject thereto (but any such exercise will be contingent upon and subject to
the occurrence of the Change in Control and if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the exercise will be null and void) and that any stock options or stock
appreciation rights not exercised prior to the consummation of the Change in Control will terminate and be of no further force and effect as of the consummation of the Change in Control. For the avoidance of doubt, in the event of a Change in
Control where all stock options and stock appreciation rights are settled for an amount (as determined in the sole discretion of the Committee) of cash or securities, the Committee may, in its sole discretion, terminate any stock option or stock
appreciation right for which the exercise price is equal to or exceeds the per share value of the consideration to be paid in the Change in Control transaction without payment of consideration therefor. Similar actions to those specified in this
Section 3.6.2 may be taken in the event of a merger or other corporate reorganization that does not constitute a Change in Control. 

3.7 Right of Discharge Reserved 
 Neither
the grant of an Award nor any provision in the Plan or in any Award Agreement will confer upon any Grantee the right to continue to serve as a member of the Board or affect any right which Artisan or any Subsidiary may have to terminate or alter the
terms and conditions of such service. 
 3.8 Nature of Payments 
 3.8.1 Any and all grants of Awards and deliveries of Common Stock, cash, securities or other property under the Plan will be in consideration of services performed or to be performed for Artisan or any
Subsidiary by the Grantee. Awards under the Plan may, in the discretion of the Committee, be made in substitution in whole or in part for cash or other compensation otherwise payable to a Grantee. Only whole shares of Common Stock will be delivered
under the Plan. Awards will, to the extent reasonably practicable, be aggregated in order to eliminate any fractional shares. Fractional shares may, in the discretion of the Committee, be forfeited or be settled in cash or otherwise as the Committee
may determine. 
 3.8.2 All such grants and deliveries of shares of Common Stock, cash, securities or other property under the
Plan will constitute a special discretionary incentive payment to the Grantee and will not be required to be taken into account in computing the amount of salary or compensation of the Grantee for the purpose of determining any contributions to or
any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Company or under any agreement with the Grantee, unless the Company specifically provides otherwise. 

  
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 3.9 Non-Uniform Determinations 
 The Committee’s determinations under the Plan and Award Agreements need not be uniform and any such determinations may be made by it selectively among persons who receive, or are eligible to receive,
Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations under Award
Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive Awards, (b) the terms and provisions of Awards and (c) whether a Grantee’s directorship has been terminated for purposes
of the Plan. 
 3.10 Other Payments or Awards 
 Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other plan, arrangement or understanding, whether now
existing or hereafter in effect. 
 3.11 Plan Headings 
 The headings in the Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof. 

3.12 Termination of Plan 
 The Board
reserves the right to terminate the Plan at any time; provided, however, that in any case, the Plan will terminate on the day before the tenth anniversary of the Effective Date, and provided, further, that all
Awards made under the Plan before its termination will remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements. 

3.13 Clawback/Recapture Policy 
 Awards
under the Plan shall be subject to the clawback or recapture policy, if any, that the Company may adopt from time to time to the extent provided in such policy and, in accordance with such policy, may be subject to the requirement that the Awards be
repaid to the Company after they have been distributed to the Grantee. 
 3.14 Section 409A 

3.14.1 All Awards made under the Plan that are intended to be “deferred compensation” subject to Section 409A shall be
interpreted, administered and construed to comply with Section 409A, and all Awards made under the Plan that are intended to be exempt from Section 409A shall be interpreted, administered and construed to comply with and preserve such
exemption. The Board and the Committee shall have full authority to give effect to the intent of the foregoing sentence. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the Plan
and a provision of any Award or Award Agreement with respect to an Award, the Plan shall govern. 

  
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 3.14.2 Without limiting the generality of Section 3.14.1, with respect to any
Award made under the Plan that is intended to be “deferred compensation” subject to Section 409A: 
 (a) any
payment due upon a Grantee’s ceasing to provide services to the Company shall be paid only upon such Grantee’s separation from service from the Company within the meaning of Section 409A; 

(b) any payment to be made with respect to such Award in connection with the Grantee’s separation from service from the Company
within the meaning of Section 409A (and any other payment that would be subject to the limitations in Section 409A(a)(2)(b) of the Code) shall be delayed until six months after the Grantee’s separation from service (or earlier death)
in accordance with the requirements of Section 409A; 
 (c) if any payment to be made with respect to such Award would
occur at a time when the tax deduction with respect to such payment would be limited or eliminated by Section 162(m) of the Code, such payment may be deferred by the Company under the circumstances described in Section 409A until the
earliest date that the Company reasonably anticipates that the deduction or payment will not be limited or eliminated; 
 (d) to
the extent necessary to comply with Section 409A, any other securities, other Awards or other property that the Company may deliver in lieu of shares of Common Stock in respect of an Award shall not have the effect of deferring delivery or
payment beyond the date on which such delivery or payment would occur with respect to the shares of Common Stock that would otherwise have been deliverable (unless the Committee elects a later date for this purpose in accordance with the
requirements of Section 409A); 
 (e) with respect to any required Consent described in Section 3.3 or the
applicable Award Agreement, if such Consent has not been effected or obtained as of the latest date provided by such Award Agreement for payment in respect of such Award and further delay of payment is not permitted in accordance with the
requirements of Section 409A, such Award or portion thereof, as applicable, will be forfeited and terminate notwithstanding any prior earning or vesting; 
 (f) if the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Grantee’s right to the series of
installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment; 
 (g)
if the Award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the Grantee’s right to the dividend equivalents shall be treated separately from the right to other amounts
under the Award; and 
 (h) for purposes of determining whether the Grantee has experienced a separation from service from the
Company within the meaning of Section 409A, “subsidiary” shall mean a corporation or other entity in a chain of corporations or other entities in which each corporation or other entity, starting with Artisan, has a controlling
interest in another corporation or other entity in the chain, ending with such corporation or other entity. For purposes of the preceding sentence, the term “controlling interest” has the same meaning as provided in Section

  
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1.414(c)-2(b)(2)(i) of the Treasury Regulations, provided that the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in
Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations. 
 3.15 Governing Law 

THE PLAN WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

 3.16 Severability; Entire Agreement 
 If any of the provisions of the Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but
only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided that if any of such provisions is finally held to be invalid, illegal, or unenforceable because it
exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable
hereunder. The Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties
between them, whether written or oral with respect to the subject matter thereof. 
 3.17 Waiver of Claims 

Each Grantee of an Award recognizes and agrees that before being selected by the Committee to receive an Award he or she has no right to any benefits
under the Plan. Accordingly, in consideration of the Grantee’s receipt of any Award hereunder, he or she expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any determination, action or omission
hereunder or under any Award Agreement by the Committee, the Company or the Board, or any amendment to the Plan or any Award Agreement (other than an amendment to the Plan or an Award Agreement to which his or her consent is expressly required by
the express terms of an Award Agreement). Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between the Company and any Grantee. The
Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA). 
 3.18 No Liability With
Respect to Tax Qualification or Adverse Tax Treatment 
 Notwithstanding anything to the contrary contained herein, in no event shall the
Company be liable to a Grantee on account of an Award’s failure to (a) qualify for favorable United States or foreign tax treatment or (ii) avoid adverse tax treatment under United States or foreign law, including, without limitation,
Section 409A. If a Grantee is categorized as a partner for tax purposes, any Award granted hereunder shall be with respect to such Grantee’s services as a partner and, notwithstanding anything to the contrary herein, such Grantee shall
continue to be classified as a partner for tax purposes. 

  
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 3.19 No Third-party Beneficiaries 
 Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement will confer on any person other than the Company and the Grantee of any Award any rights or remedies
thereunder. The exculpation and indemnification provisions of Section 1.3.4 will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees. 
 3.20 Successors and Assigns of Artisan 
 The terms of the Plan will be binding upon and
inure to the benefit of Artisan and any successor entity contemplated by Section 3.6. 
 3.21 Waiver of Jury Trial

 EACH GRANTEE WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION
WITH THE PLAN. 
 3.22 Date of Adoption and Approval of Stockholders 
 The Plan was adopted on                  by the Board (the “Effective Date”) and approved by
Artisan’s stockholders on                 . 

  
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