Document:

Exhibit 10.12

 

Execution
Copy

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (“Agreement”) by and between Nuveen
Investments, Inc., a Delaware corporation (the “Company”), and John L.
MacCarthy (the “Executive”) dated as of the 1st day of January, 2008 (the
“Effective Date”).

 

The
Company has determined that, because of the unique nature of the Executive’s
services to the Company, it is in its best interests and those of its
shareholders to assure that the Company will have the continued dedication of
the Executive, and to provide the Company with the continuity of management the
Company considers crucial to ensuring the Company’s continued success.
Therefore, in order to accomplish these objectives, the Company desires to
enter into this Agreement.

 

NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.                                       Employment
Period. The Company hereby agrees to employ the Executive, and the Executive
hereby agrees to be employed by the Company, subject to the terms and
conditions of this Agreement, for the period commencing on the Effective Date
and ending on December 31, 2012 (“Initial Term”); provided, on January 1, 2013
and each January 1 thereafter, the employment period shall be extended for
additional one-year periods until the Executive dies or becomes Disabled or the
Company or the Executive delivers a Notice of Non-Renewal at least 60 days
before such January 1 (the Initial Term, as so extended, is the “Employment
Period”). The Employment Period shall automatically terminate upon any
termination of Executive’s employment.

 

2.                                       Terms of
Employment.

 

(a)                                  Position and
Duties. During the Employment Period, (A) the Executive shall serve in the
positions set forth on Exhibit A with such authority, duties and
responsibilities as are commensurate with such positions and as may be
consistent with such positions, reporting to the person or persons set forth on
Exhibit A, (B) the Executive’s services shall be performed at the
location or locations set forth on Exhibit A and (C) excluding
periods of vacation or sick leave, the Executive shall devote substantially all
of his attention and time during normal business hours to the business and
affairs of the Company.

 

(b)                                 Compensation.

 

(i)                                     Base Salary.
During the Employment Period, the Executive shall receive an annual base salary
(“Annual Base Salary”) not less than the amount set forth on Exhibit A.

 

(ii)                                  Annual Bonus.
For each fiscal year of the Company completed during the Employment Period, the
Executive shall be entitled to participate in the Company’s annual incentive
cash bonus plan then in effect (the “Annual Bonus”). The Executive’s minimum
2007 Annual Bonus and his target 2008 Annual Bonus are set forth on
Exhibit A.

 

 

(iii)                               Other Benefits.
During the Employment Period, the Executive shall be entitled to participate in
all employee pension, welfare, perquisites, fringe benefit, vacation and other
benefit plans, practices, policies and programs generally applicable to the
senior executives of the Company, including, as may determined by the Company’s
Board of Directors, the possible future grant of additional Class B Units
or other direct or indirect equity interests in the Company or its
subsidiaries.

 

(iv)                              Expenses.
During the Employment Period, the Executive shall be entitled to receive prompt
reimbursement for all expenses incurred by the Executive in accordance with the
Company’s policies for its senior executives as in effect from time to time.

 

3.                                       Termination of
Employment.

 

(a)                                  Death or
Disability. The Executive’s employment shall terminate automatically upon the
Executive’s death or Disability during the Employment Period. “Disability”
means the Executive’s inability, due to illness, accident, injury, physical or
mental incapacity or other disability, to carry out effectively the Executive’s
duties and obligations to the Company or any of its subsidiaries and to
participate effectively and actively in the management of the Company or any of
its Subsidiaries for a period of at least 90 consecutive days or for shorter
periods aggregating at least 120 days (whether or not consecutive) during any
twelve month period. A Disability shall be determined in the reasonable
judgment of either (i) the Board or (ii) the Executive or his or her
personal representative or legal guardian, and shall be deemed to have occurred
on (x) the date that such party provides notice to the other party of the
satisfaction of each of the requirements to constitute a Disability set forth
above or (y) such other date as the parties shall mutually agree (such
date, the “Disability Effective Date”).

 

(b)                                 Cause. The
Company may terminate the Executive’s employment at any time for Cause. For
purposes of this Agreement, “Cause” shall mean (i) the willful and
continued failure of the Executive to perform substantially the Executive’s
duties with the Company or one of its subsidiaries (other than any such failure
resulting from incapacity due to physical or mental illness), after a written
demand for substantial performance is delivered to the Executive by the Board
of Directors of the Company (the “Board”) or its representatives, which
specifically identifies the manner in which the Board believes that the
Executive has not substantially performed the Executive’s duties, or
(ii) the willful engaging by the Executive in illegal conduct or gross
misconduct that is materially and demonstrably injurious to the Company or its
affiliates, or (iii) the conviction of a felony or entry of a guilty or
nolo contendere plea by the Executive with respect thereto, or (iv) a
material breach of Sections 5(a) or 5(b) of this Agreement. For
purposes of this provision, no act or failure to act on the part of the
Executive shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive’s act or omission was in the best interests of the Company. Any act,
or failure to act, based upon express authority given pursuant to a resolution
duly adopted by the Board with respect to such act or omission or based upon
the advice of counsel for the Company shall be

 

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conclusively
presumed to be done, or omitted to be done, by the Executive in good faith and
in the best interests of the Company. The cessation of employment of the
Executive shall not be deemed to be for Cause unless and until there shall have
been delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of not less than two-thirds of the entire membership of the
Board (not including the Executive) after reasonable notice is provided to the
Executive and the Executive is given an opportunity (together with separate
counsel if the Board requests its counsel to be present), to be heard before
the Board, finding that, in the good faith opinion of the Board, the Executive
has engaged in the conduct described in subparagraph (i), (ii), (iii) or
(iv) above, and specifying the particulars thereof in detail.

 

(c)                                  Good Reason.
The Executive’s employment may be terminated at any time by the Executive for
Good Reason by Notice of Termination provided to the Company in accordance with
Section 3(c) within 90 days after the Executive becomes aware of such
basis for Good Reason. For purposes of this Agreement, “Good Reason” shall mean
in the absence of a written consent of the Executive (i) any action by the
Company that results in a material diminution in the Executive’s position,
authority, duties or responsibilities as contemplated by
Section 2(a) of this Agreement, including for this purpose, without
limitation, actions that relate to the Executive’s status, offices, titles and
reporting relationships and excluding for this purpose any action not taken in
bad faith that is remedied by the Company promptly after receipt of notice
thereof given by the Executive; (ii) any failure by the Company to comply
with any of the provisions of Section 2(b) of this Agreement (other
than a failure not occurring in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive); (iii) any
reduction in the Executive’s Base Salary or Annual Bonus opportunity (provided,
however, that (a) a reduction in Annual Bonus opportunity shall not
trigger the application of this clause if (1) it similarly applies to all
senior executives of the Company and reflects the Board’s assessment of current
or projected reductions in the nature, scope or profitability of the Company as
compared to the prior fiscal year, or (2) such reduction is part of an
overall modification to the Company’s compensation programs that does not
reduce the Executive’s aggregate annual compensation opportunity by more than
15% as compared to the prior fiscal year and (b) the phrase “Annual Bonus
opportunity” shall mean the target bonus set for Executive with respect to a
fiscal year and shall not be considered to have been reduced merely because the
actual Annual Bonus paid to Executive with respect to such year was reduced
below such target as part of the Board’s evaluation of Executive’s performance
during such year and such evaluation has been conducted in good faith by the
Board); (iv) the Company requiring the Executive to be based at any office
or location more than 30 miles from that provided in
Section 2(a)(i)(B) hereof, provided that reasonable travel required
in connection with Executive’s reporting relationships and responsibilities to
the Board shall not be deemed a breach hereof; and (v) any failure by the
Company to comply with Section 6(b) below.

 

(d)                                 Notice of
Termination. Any termination by the Company for Cause, or by the Executive for
Good Reason, shall be communicated by Notice of Termination to the other party
hereto given in accordance with Section 7(b) of this Agreement. For
purposes of this Agreement, a “Notice of Termination” means a written

 

3

 

notice
which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) to the extent applicable, sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated and
(iii) if the Date of Termination (as defined below) is other than the date
of receipt of such notice, specifies the termination date (which date shall be
not more than ninety days after the giving of such notice). The failure by the
Executive or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Reason or Cause shall not
waive any right of the Executive or the Company, respectively, hereunder or
preclude the Executive or the Company, respectively, from asserting such fact
or circumstance in enforcing the Executive’s or the Company’s rights hereunder.
A Notice of Termination shall also be provided (without a need to reference
matters addressed in clauses (i) and (ii) above) in the event of any
termination by the Company other than for Cause or by the Executive without
Good Reason.

 

(e)                                  Date of
Termination. “Date of Termination” means (i) if the Executive’s employment
is terminated by the Company, or if the Executive resigns, the effective date
thereof stated in the Notice of Termination or Notice of Non-Renewal, and
(ii) if the Executive’s employment is terminated by reason of death or
Disability, the Date of Termination shall be the date of death of the Executive
or the Disability Effective Date, as the case may be.

 

(f)                                    Effect of
Termination. In the event of any termination of employment, except as otherwise
agreed by the Company, the Executive shall automatically be deemed to have
resigned and shall resign from all positions with the Company and its
affiliates as of the Date of Termination.

 

4.                                       Obligations of
the Company upon Termination.

 

(a)                                  Good Reason;
Other Than for Cause. If the Company shall terminate the Executive’s employment
other than for Cause (including by delivery of a Notice of Non-Renewal), or if
the Executive shall terminate employment for Good Reason and provided (in the
case of clauses (i)(B) and (ii) below) that Executive executes and
does not revoke a general release of claims in form reasonably satisfactory to
the Company:

 

(i)                                     the Company
shall pay to the Executive in a lump sum in cash within 30 days after the Date
of Termination the aggregate of the following amounts:

 

A. the sum of (1) the Executive’s Annual Base Salary through the
Date of Termination and the Executive’s Annual Bonus for the prior fiscal year
to the extent not theretofore paid, and (2) the product of (x) the
Executive’s Annual Bonus for the prior fiscal year (the “Prior Bonus”), and (y) a
fraction, the numerator of which is the number of days in the then-current
fiscal year that had elapses up to and including the Date of Termination, and
the denominator of which is 365 (the sum of such amounts, the “Accrued
Obligations”); and

 

4

 

B. in lieu of any other severance that may be payable under any other
Company benefit plan or policy, the Executive’s Enhanced Severance Amount shown
on Exhibit A;

 

(ii)                                  the Company
shall pay or provide any accrued benefits and shall continue, for one year
after the Executive’s Date of Termination, welfare benefits to the Executive
and/or the Executive’s family on terms and conditions substantially equivalent
to those provided to other senior executives of the Company and their families
at such time; and

 

(iii)                               any unvested
Deferred Units, Class B Units, stock options restricted stock and
restricted share units or other equity interests in the Company or is
subsidiaries held by Executive or a permitted transferee (whether granted under
this Agreement or otherwise) shall vest in accordance with the terms of the
Agreement or plan pursuant to which such interests were issued or granted.

 

(b)                                 Cause; Other
than for Good Reason. If the Executive’s employment shall be terminated for
Cause or the Executive terminates his employment without Good Reason at any
time (including by delivery of a Notice of Non-Renewal), this Agreement shall
terminate without further obligations to the Executive other than the
obligation to pay or provide to the Executive an amount equal to the amount set
forth in clause (1) of Section 4(a)(i)(A) and accrued benefits
pursuant to Section 4(a)(ii) above.

 

(c)                                  Death or
Disability. If the Executive’s employment is terminated by reason of the
Executive’s death or Disability, the Executive shall be entitled to the
benefits set forth in Section 4(a) above (except that
Section 4(a)(i)(B) shall not apply), and this Agreement shall
terminate without further obligations to the Executive’s legal representatives
under this Agreement.

 

(d)                                 Full Discharge.
The amounts payable to Executive following termination of the Employment Period
or upon or any actual or constructive termination of Executive’s employment
shall be in full and complete satisfaction of Executive’s rights under this
Agreement and any other claims Executive may have in respect of Executive’s
employment by the Company or any Affiliate, and Executive acknowledges that
such amounts are fair and reasonable, and Executive’s sole and exclusive
remedy, in lieu of all other remedies at law or in equity, with respect to the
termination of Executive’s employment hereunder.

 

5.                                       Covenants.

 

(a)                                  The Executive
shall hold in a fiduciary capacity for the benefit of the Company all secret or
confidential information, knowledge or data relating to the Company or any of
its subsidiaries, and their respective businesses, which shall not be or become
public knowledge (other than by acts by the Executive or representatives of the
Executive in violation of this Agreement). The Executive shall not, without the
prior written consent of the Company or as may otherwise be required by law or
legal process (provided the Company has been given notice of and opportunity to
challenge or limit the

 

5

 

scope
of disclosure purportedly so required), communicate or divulge any such
information, knowledge or data to anyone other than the Company and those
designated by it, except as reasonably necessary in connection with enforcement
of the Executive’s right under this Agreement or his defense of any civil or
criminal investigation or proceeding.

 

(b)                                 While employed
by the Company or any of its subsidiaries and for twelve months after the
Executive’s termination of employment (the “Restricted Period”), the Executive
will not, directly or indirectly, (i) solicit, hire or engage any
individual for employment by any person or entity other than the Company or its
subsidiaries or hire any person employed by the Company or its subsidiaries if
such person was employed by the Company or its subsidiaries within 12 months of
such hire or engagement (provided, however, that the employment of any such
person as a result of a response to a general solicitation or advertisement
shall not constitute a violation of this clause), or (ii) solicit any
client or customer of the Company or its subsidiaries as of the Executive’s
Date of Termination for any investment product or service competitive with the
products and services of the Company or its subsidiaries.

 

(c)                                  During the
Restricted Period, Executive agrees not to make any public statement that is
intended to or could reasonably be expected to disparage the Company or its
subsidiaries or any of their products, services, shareholders, directors,
officers or employees. During the Restricted Period, the Company agrees that it
shall not make a public statement that is intended to or could reasonably be
expected to disparage Executive.

 

(d)                                 The results and
proceeds of Executive’s services to the Company hereunder, including, without limitation,
any works of authorship related to the Company resulting from Executive’s
services during Executive’s employment with the Company and/or any of its
Affiliates and any works in progress, shall be works-made-for-hire and the
Company shall be deemed the sole owner throughout the universe of any and all
rights of whatsoever nature therein, whether or not now or hereafter known,
existing, contemplated, recognized or developed, with the right to use the same
in perpetuity in any manner the Company determines in its sole discretion
without any further payment to Executive whatsoever. If, for any reason, any of
such results and proceeds shall not legally be a work-for-hire and/or there are
any rights which do not accrue to the Company under the preceding sentence,
then Executive hereby irrevocably assigns and agrees to assign any and all of
Executive’s right, title and interest thereto, including, without limitation,
any and all copyrights, patents, trade secrets, trademarks and/or other rights
of whatsoever nature therein, whether or not now or hereafter known, existing,
contemplated, recognized or developed to the Company, and the Company shall
have the right to use the same in perpetuity throughout the universe in any
manner the Company determines without any further payment to Executive
whatsoever. Executive shall, from time to time, as may be requested by the
Company and at the Company’s sole expense, do any and all things which the
Company may deem useful or desirable to establish or document the Company’s
exclusive ownership of any an all rights in any such results and proceeds,
including, without limitation, the execution of appropriate copyright and/or
patent applications or assignments. To the extent Executive has any

 

6

 

rights
in the results and proceeds of Executive’s services to the Company that cannot
be assigned in the manner described above, Executive unconditionally and
irrevocably waives the enforcement of such rights. This
Section 5(d) is subject to, and shall not be deemed to limit,
restrict or constitute any waiver by the Company of any rights of ownership to
which the Company may be entitled by operation of law by virtue of the Company
or any of its Affiliates being Executive’s employer.

 

(e)                                  All documents,
records and files, in any media of whatever kind and description, relating to
the business, present or otherwise, of the Company or any of its Affiliates,
and any copies, in whole or in part, thereof (the “Documents”), whether or not
prepared by Executive will be the sole and exclusive property of the Company.
Executive agrees to safeguard all Documents and to surrender to the Company, at
the time Executive’s employment terminates or at such earlier time or times as
the Board or its designee may specify, all Documents then in Executive’s
possession or control.

 

(f)                                    Executive
acknowledges that each of these covenants has a unique, very substantial and
immeasurable value to the Company and its Affiliates, that Executive has
sufficient assets and skills to provide a livelihood while such covenants
remain in force and that, as a result of the foregoing, in the event that
Executive breaches such covenants, monetary damages would be an insufficient
remedy for the Company and equitable enforcement of the covenant would be
proper. Executive therefore agrees that the Company, in addition to any other
remedies available to it, will be entitled to preliminary and permanent
injunctive relief against any breach by Executive of any of those covenants,
without the necessity of showing actual monetary damages or the posting of a
bond or other security.

 

(g)                                 Executive
agrees to cooperate, in a reasonable and appropriate manner, with the Company
and its attorneys, both during and after the termination of Executive’s
employment, in connection with any litigation or other proceeding arising out
of or relating to matters in which Executive was involved prior to the
termination of Executive’s employment to the extent the Company pays all
Company-approved expenses Executive incurs in connection with such cooperation
and to the extent such cooperation does not unduly interfere (as determined by
Executive in good faith) with Executive’s personal or professional schedule.

 

(h)                                 The provisions
of this Section 5 shall remain in full force and effect until the
expiration of the period specified herein notwithstanding the earlier
termination of the Executive’s employment hereunder.

 

6.                                       Successors.

 

(a)                                  This Agreement
is personal to the Executive and without the prior written consent of the
Company shall not be assignable by the Executive otherwise than by will or the
laws of descent and distribution. This Agreement shall inure to the benefit of
and be enforceable by the Executive’s legal representatives. This

 

7

 

Agreement
shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

 

(b)                                 The Company
will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of its business and/or
assets to assume expressly and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. As used in this Agreement, “Company”
shall mean the Company as hereinbefore defined and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law, or otherwise.

 

7.                                       Miscellaneous.

 

(a)                                  This Agreement
shall be governed by and construed in accordance with the laws of the State of
Delaware, without reference to principles of conflict of laws. The parties
hereto irrevocably agree to submit to the jurisdiction and venue of the courts
of the State of Delaware, in any action or proceeding brought with respect to
or in connection with this Agreement. The captions of this Agreement are not
part of the provisions hereof and shall have no force or effect. This Agreement
may not be amended or modified otherwise than by a written agreement executed
by the parties hereto or their respective successors and legal representatives.

 

(b)                                 The term
“subsidiary” or “subsidiaries” as used in this Agreement shall refer to any and
all direct and/or indirect subsidiaries of the Company.

 

(c)                                  All notices and
other communications hereunder shall be in writing and shall be given by hand
delivery to the other party or by registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:

 

If
to the Executive:

 

At
the most recent address on file for the Executive at the Company.

 

If
to the Company:

 

Nuveen
Investments, Inc.

333 West Wacker Drive

Chicago, Illinois 60606

Attention: Chief Executive Officer

 

With
a copy to the Company’s General Counsel at the same address or to such other
address as either party shall have furnished to the other in writing in
accordance herewith. Notice and communications shall be effective when actually
received by the addressee.

 

8

 

(d)                                 AS SPECIFICALLY
BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY
HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING
RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS
CONTEMPLATED HEREBY.

 

(e)                                  The invalidity
or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.

 

(f)                                    The Company may
withhold from any amounts payable under this Agreement such Federal, state, or
local taxes as shall be required to be withheld pursuant to any applicable law
or regulation.

 

(g)                                 The Executive’s
or the Company’s failure to insist upon strict compliance with any provision of
this Agreement or the failure to assert any right the Executive or the Company
may have hereunder, shall not be deemed to be a waiver of such provision or
right or any other provision or right of this Agreement.

 

(h)                                 From and after
the Effective Date, this Agreement shall supersede any other employment,
severance or change of control agreement between the Executive and the Company
or any of its subsidiaries.

 

IN
WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and,
pursuant to the authorization from its Board of Directors, the Company has
caused these presents to be executed in its name and on its behalf, all as of
the day and year first above written.

 

	
   

  	
   

  	
  John
  L. MacCarthy

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  John L. MacCarthy

  
	
   

  	
   

  	
  Executive

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NUVEEN
  INVESTMENTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  John P. Amboian

  
	
   

  	
   

  	
  Title:
  Chief Executive Officer

  

 

9

 

Exhibit A

 

Executive:
John L. MacCarthy

 

Positions:
Senior Vice President, General Counsel and Secretary of the Company; member of
the Executive Committee

 

Reporting
relationship: To the Chief Executive Officer

 

Location:
333 West Wacker Drive, Chicago, Illinois

 

Annual
base salary: $450,000 (effective January 1,
2008)

 

Minimum
2007 Annual Bonus: $900,000

 

Target
2008 Annual Bonus: $1,000,000

 

Enhanced
Severance Amount: $1,000,000

 

10Exhibit 10.13

 

FORM OF WINDY CITY INVESTMENTS HOLDINGS, L.L.C.

 

DEFERRED UNIT GRANT AGREEMENT

 

This Deferred Unit Grant Agreement (this “Agreement”) is made as
of [            ],
between Nuveen Investments, Inc., a Delaware corporation (the “Company”),
and the undersigned below (“Executive”). Capitalized terms used but not
otherwise defined herein or in the LLC Agreement (as amended from time to time
and in accordance with the provisions thereof) shall have the meanings set
forth in Section 9 hereof.

 

WHEREAS, the Company desires to grant the Executive the right to
receive the number of deferred Class A Units indicated on the attached
Exhibit A as an incentive to remain with the Company (the “Deferred
Units”);

 

NOW THEREFORE, in consideration of the premises and the mutual promises
herein made, the Company and the Executive hereby agree as follows:

 

1.                                       Grant of
Deferred Units. Subject to the terms of this Agreement, the Company hereby
grants, effective as of the date hereof, to the Executive the number of Deferred
Units indicated in Exhibit A, each of which represents the right to
receive, subject to the terms of this Agreement, one Class A Unit with a
Liquidation Value and all other terms and conditions equivalent to all then
outstanding Class A Units.

 

2.                                       Accounts

 

(a)                                  Executive Accounts.
The Company will establish a separate notional account (the “Deferred Unit
Account”) for the Executive and will record in such account the aggregate
number of Deferred Units granted to the Executive under this Agreement, the
vesting of any Deferred Units, and any distributions made with respect to such
Deferred Units as provided in Section 4.

 

(b)                                 Corporate
Adjustments.

 

(i)                                     In the event that
any distribution (in the form of Class A Units, other securities or other
property), recapitalization, unit split, reverse unit split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase, conversion
of Holdings from a limited liability company to a corporation, change of
control or exchange of Class A Units or other securities of Holdings, or
other transaction or event involving Holdings or Class A Units (each a “Company
Event”) affects the Deferred Units such that the Board determines an
adjustment is necessary or appropriate in order to prevent dilution or enlargement
of benefits or potential benefits intended to be made available under this
Agreement, the Board shall equitably adjust any or all of the number of
Class A Units or other securities (or number and kind of other securities
or property) subject to the Deferred Units or take such other action as the
Board determines to be appropriate to preserve the value, rights and benefit of
any affected Deferred Units granted hereunder. Notwithstanding the foregoing,
nothing herein shall be deemed to provide the Executive with any rights to an
adjustment in respect of the Deferred Units in the event Holdings issues
additional Units (as defined in the LLC Agreement), warrants,

 

 

options or other rights to purchase or otherwise acquire Units in
exchange for equivalent value (in cash, in kind or in services) as determined
in the sole discretion of the Board.

 

(ii)                                  If Holdings enters
into or is involved in any Company Event, the Board may, prior to such Company
Event and effective upon such Company Event, take such action as it deems
appropriate, including, but not limited to, replacing Deferred Units with
substitute awards in respect of the Class A Units, other securities or
other property of the surviving entity or any affiliate of the surviving entity
on such terms and conditions, including without limitation, as to the number of
securities or amount of property, pricing and value of such securities or
property or otherwise, which shall substantially preserve the value, rights and
benefits of any affected Deferred Units granted hereunder as of the date of the
consummation of the Company Event.

 

(iii)                               Upon receipt by the
Executive of any such substitute awards (or payment) as a result of any such
Company Event, the Executive’s Deferred Units shall be thereupon cancelled
without the need for obtaining the consent of the Executive.

 

3.                                       Vesting.

 

(a)                                  General.
Each of the Deferred Units issued hereunder shall be subject to vesting as set
forth in this Section 3.  Deferred Units which have become
vested pursuant to this Section 3 are referred to herein as “Vested
Deferred Units,” and Deferred Units which have not become Vested Units are
referred to herein as “Unvested Deferred Units.” Subject to the last
sentence of this Section 3(a), the Deferred Units shall vest quarterly pro-rata
beginning on the Restatement Date and ending on the fifth anniversary of the
Restatement Date; provided that upon a Liquidity Event other than an IPO or a
Special Liquidity Event (as such term is defined in the Executive’s
Class B Unit Grant Agreement), all outstanding Deferred Units that are
then Unvested Deferred Units shall become Vested Deferred Units on the same
basis, at the same time and in the same proportion as the Executive’s Time
Vested Units (as such term is defined in the Executive’s Class B Unit
Grant Agreement) become vested under the Executive’s Class B Unit Grant
Agreement. The number of Deferred Units that are Vested Deferred Units shall
not increase after Executive ceases to be an employee of, or after termination
of Executive’s services to, the Company or any of its Subsidiaries; provided,
however, that in the event Executive ceases to be employed by, or to provide
services to, the Company or any of its Subsidiaries due to Executive’s death or
Disability, all of the Deferred Units which have not yet become Vested Deferred
Units shall immediately vest and become Vested Deferred Units. If and to the
extent that the Executive has satisfied his or her individual performance
criteria as determined by the Board (or an appropriate committee thereof),
previously established by the Company’s Chief Executive Officer and approved by
the Board (or an appropriate committee thereof), full vesting of all unvested
Deferred Units granted under this Agreement will be accelerated to the third
anniversary of the Restatement Date.

 

(b)                            Cancellation
of Deferred Units. If Executive’s employment with the Company and its
Subsidiaries and the services Executive provides to the Company and all of its
Subsidiaries terminate for any reason, all Unvested Deferred Units shall be
automatically cancelled on the date of termination without any consideration
paid therefor and without further action on the part of the Company or any
holder of any of the Unvested Deferred Units.

 

2

 

4.                                  Cash
Distribution Rights. The Executive shall be entitled to receive all cash
distributions paid with respect to the Class A Units credited to his or
her Deferred Unit Account, provided that any such distribution credited to the
Executive’s Deferred Unit Account by the Company on behalf of the Executive
shall be paid (by the Company or by Windy Holdings) only at the time the
underlying Deferred Unit is settled pursuant to Section 5 and only
if such Deferred Unit is a Vested Deferred Unit on the Settlement Date (as
defined below). Any such cash distributions shall be notionally invested in
accounts or other programs to be offered by the Board at its reasonable
discretion. For the sake of clarity, the Executive shall forfeit any
distributions related to Unvested Deferred Units upon any forfeiture of such
Unvested Deferred Unit.

 

5.                                  Settlement

 

(a)                             General.
Upon the earliest to occur (the “Settlement Date”) of (i) a
Liquidity Event other than an IPO which also constitutes a change in control
event within the meaning of Code § 409A(a)(2)(A)(v) and the regulations
promulgated thereunder, (ii) the date that is 30 days following
Executive’s Separation from Service with the Company (or, if Code
§ 409A(a)(2)(B)(i) applies to the Company and the Executive is a Key
Employee immediately prior to such termination, the date that is six months
following such termination) and (iii) February 15, 2013, the
Executive shall, subject to Section 2(b)(i), receive a distribution
of the amounts credited to the Executive’s Deferred Unit Account, including all
distributions credited to the Executive’s Deferred Unit Account pursuant to Section 4
with respect to such Deferred Units. On or before any Settlement Date, the
Executive shall become a party to the LLC Agreement, the Registration
Agreement, the Unitholders Agreement and a Class A Unit Purchase Agreement
(or equivalent agreement with respect to other securities or property, if
applicable) (the “Unit Purchase Agreements”) in form and substance
reasonably consistent with such agreements in effect on or about the date
hereof. Except as set forth herein, all distributions hereunder shall be made
in kind with respect to securities and other property credited to an
Executive’s Deferred Unit Account.

 

(b)                            Cash
in Lieu of Property. Notwithstanding any other provision of this Agreement,
if the Settlement Date is by reason of Section 5(a)(ii) (a
Separation from Service) then in lieu of delivering Class A Units or other
securities or property credited to the Executive’s Deferred Unit Account in
respect of all or a portion of the Deferred Units, the Company may deliver to
the Executive an amount of cash equal to the Liquidation Value of such
Class A Units or the Fair Market Value of such other securities or
property.

 

(c)                             Settlement
in Stock of Windy Holdings. Notwithstanding any other provision of this
Agreement, in lieu of delivering Class A Units or other securities or
property credited to the Executive’s Deferred Unit Account (other than cash
distributions pursuant to Section 4) in respect of all or a portion
of the Vested Deferred Units, the Company or Windy Holdings may deliver shares
of stock of Windy Holdings having a Fair Market Value equal to the Liquidation
Value of such Class A Units or the Fair Market value of such other securities
or property as of the date that such shares, securities or property would
otherwise be delivered. If a distribution is made in the form of stock of Windy
Holdings (or any replacement equity) and if Holdings exists at the time of such
distribution, the Company may, in its sole discretion, require the Participant
to agree to exchange such Windy Holdings stock (or replacement equity) after
the distribution

 

3

 

for Units or nonvoting equity interests of Holdings (or replacement
equity) in an amount of Class A Units (or replacement equity) with a
Liquidation Value equal to the Fair Market Value of Windy Holdings Stock (or
replacement equity) so exchanged.

 

(d)                                 Withholding. Except as provided in Section 5(e), Executive shall be required to remit
in cash to the Company all required withholding amounts associated with
settlement of the Deferred Units, as determined by the Company in its
reasonable discretion. Subject to applicable law, Executive agrees that the
Company may satisfy withholding obligations from any source of funds available
to the Company and otherwise payable to Executive, including salary or bonus
payments.

 

(e)                                  Notwithstanding
Section 5(d) and subject to the procedures
specified by the Company from time to time, the Executive may satisfy all or
part of the tax withholding obligations in connection with a Deferred Unit or
the settlement thereof by (a) having the Company withhold Class A
Units or other securities or property credited to the Executive’s Deferred Unit
Account otherwise deliverable pursuant to Section 5 with a Liquidation Value or Fair Market
Value, as the case may be, equal to the Company’s minimum statutory withholding
requirements, or (b) having the Executive deliver to the Company
already-owned Class A Units having a Liquidation Value equal to the amount
required to be withheld, provided such Class A Units shall have been held
by the Executive for at least six months; and provided further that this
Section 5(e) shall not apply to Executive if the Settlement Date is a
Separation from Service that occurs on account of either a resignation by the
Executive without Good Reason or a termination of Executive by the Company and
its Subsidiaries for Cause, and provided, further, that this
Section 5(e) shall not apply if, and to the extent that, the Board
determines that its application poses a material risk of jeopardizing the
Company’s or its Subsidiaries’ proper capitalization, liquidity, ability to
satisfy its then existing or anticipated capital requirements or compliance
with applicable covenants in its credit or finance agreements.

 

6.                                       Administration.

 

(a)                                  Authority of the Board. The Board shall have all powers and
discretion necessary or appropriate to administer this Agreement and to control
its operation, including, but not limited to, the power to (i) interpret
and construe this Agreement, (ii) adopt such rules as it deems
necessary or appropriate for the administration, interpretation and application
of this Agreement, (iii) interpret, amend or revoke any such procedures or
rules, (iv) correct any technical defect(s) or technical omission(s),
or reconcile any technical inconsistency(ies), in this Agreement, and
(v) make all other decisions and determinations that may be required pursuant
to this Agreement or as the Board deems necessary or advisable to administer
this Agreement provided that such actions will be taken in a manner reasonably
consistent with the terms of this Agreement.

 

(b)                                 Actions of the Board. The actions of the Board shall be
taken in accordance with the terms and conditions of the LLC Agreement. The
Board’s determinations need not be uniform with respect to all holders of
Deferred Units, and may be made selectively among holders of Deferred Units,
whether or not such holders of Deferred Units are similarly situated; provided
that such actions will be taken in a manner reasonably consistent with the
terms of this Agreement.

 

4

 

(c)                                  Delegation
by the Board. The Board in its sole discretion and on such terms and
conditions as it may provide in accordance with the LLC Agreement may delegate
all or any part of its authority and powers under this Agreement in accordance
with the terms and conditions of the LLC Agreement.

 

7.                                       Executive’s
Representations and Warranties. In connection with the purchase and sale of
the Deferred Units and the settlement of Deferred Units hereunder, Executive
hereby represents and warrants to the Company that:

 

(a)                                  Executive’s
Investment Representations. Executive is acquiring the Deferred Units to be
acquired by him, her or it hereunder for his, her or its own account with the
present intention of holding such securities for investment purposes and that
he, she or it has no intention of selling such securities in a public
distribution in violation of the federal securities laws or any applicable
state or foreign securities laws. Executive acknowledges that the Deferred
Units have not been registered under the Securities Act or applicable state or foreign
securities laws and that the Deferred Units will be issued to Executive in
reliance on exemptions from the registration requirements of the Securities Act
and applicable state and foreign statutes and in reliance on Executive’s
representations and agreements contained herein and in the LLC Agreement.

 

(b)                                 No
Conflict. The execution, delivery and performance by Executive of this
Agreement and the consummation of the transactions contemplated hereby, do not
and will not (with or without the giving of notice, the lapse of time, or both)
result in a violation or breach of, conflict with, cause increased liability or
fees, or require approval, consent or authorization under (i) any Legal
Requirements applicable to Executive or (ii) any contract to which Executive
is a party or by which Executive or any of its properties or assets may be
bound or affected.

 

(c)                                  Other
Representations and Warranties of Executive.

 

(i)                                     Executive is an
officer or employee of the Company or one of its Subsidiaries;

 

(ii)                                  Executive has had an
opportunity to ask questions and receive answers concerning the terms and
conditions of the Deferred Units to be acquired by him, her or it hereunder and
has had full access to such other information concerning the Company (including
access to the Company’s Certificate, the LLC Agreement, the Registration
Agreement, the Unitholders Agreement, and an offering summary (including
exhibits thereto)) as Executive may have requested in making his, her or its
decision to invest in the Deferred Units being issued hereunder;

 

(iii)                               Executive is an
“accredited investor” as defined in Rule 501(a) under the Securities
Act and/or has, by reason of his or her business and financial experience and
the business and financial experience of those retained by him or her such
knowledge, sophistication and experience in business and financial matters so
as to be capable of evaluating the merits and risks of holding the Deferred
Units such that Executive is sophisticated as contemplated by
Rule 506(b)(2)(ii) under the Securities Act;

 

(iv)                              Executive acknowledges
that the Class A Units that may be issued in settlement of the Deferred
Units will be subject to the restrictions contained in the LLC

 

5

 

Agreement, the Registration Agreement and the Unitholders Agreement,
and Executive has received and reviewed a copy of the LLC Agreement, the
Registration Agreement and the Unitholders Agreement;

 

(v)                                 Executive will not
sell or otherwise transfer the Class A Units that may be issued upon
settlement of any Deferred Units without registration under the Securities Act
(and any applicable federal, state and foreign securities laws) or an exemption
therefrom, and provided there exists such a registration or exemption, any
transfer of the Class A Units that may be issued upon settlement of any
Deferred Units by Executive or subsequent holders of the Class A Units
that may be issued upon settlement of any Deferred Units will be in compliance
with the provisions of this Agreement;

 

(vi)                              Executive acknowledges
that any certificate representing the Class A Units that may be issued in
settlement of the Deferred Units shall include such legend(s) as the
Company determine are necessary or advisable regarding any restrictions
contained in this Agreement, the LLC Agreement, the Registration Agreement, the
Unitholders Agreement, or any other agreement with respect to which Executive
is a party or is bound;

 

(vii)                           Executive has all requisite
legal capacity and authority and all material authorizations necessary to carry
out the transactions contemplated by this Agreement, the LLC Agreement, and the
Unitholders Agreement; and the execution, delivery and performance of this
Agreement, the LLC Agreement, the Unitholders Agreement and all other agreements
contemplated hereby and thereby to which Executive is a party have been duly
authorized by Executive;

 

(viii)                        Executive has relied on the
advice of, or has consulted with, only his, her or its own legal, financial and
tax advisors and the determination of Executive to acquire the Deferred Units
pursuant to this Agreement has been made by Executive independent of any
statements or opinions as to the advisability of such acquisition or as to the
properties, business, prospects or condition (financial or otherwise) of the
Company which may have been made or given by any other Person (including all
Persons acquiring Units on the date hereof) or by any agent or employee of such
Person and independent of the fact that any other Person has decided to become
a Unitholder of the Company; and

 

(ix)                                Executive is not
acquiring the Deferred Units as a result of or subsequent to any advertisement,
article, notice or other communication published in any newspaper, magazine,
internet publication or similar media or broadcast over television, radio or
the internet or presented at any public seminar or meeting, or any solicitation
of a subscription by a Person not previously known to Executive in connection
with investments in securities generally.

 

(d)                                 Additional Acknowledgements. As an inducement to the Company to
issue the Deferred Units to Executive and as a condition thereto, Executive
hereby acknowledges and agrees that:

 

6

 

(i)                                     Neither the
issuance of the Deferred Units to Executive nor any provision contained in this
Agreement, the LLC Agreement, the Registration Agreement, or the Unitholders
Agreement shall entitle Executive to remain in the employment of the Company
and/or any of its Subsidiaries or affect the right of the Company and/or any of
its Subsidiaries to terminate Executive’s employment at any time; and

 

(ii)                                  Except as expressly
set forth in the LLC Agreement, the Registration Agreement, the Unitholders
Agreement or as required by applicable law, the Company shall have no duty or
obligation to disclose to Executive, and Executive shall have no right to be
advised of, any material information regarding the Company and its
Subsidiaries.

 

8.                                       Compensatory
Arrangements; Rule 701 Exemption. The Company and Executive hereby
acknowledge and agree that this Agreement has been executed and delivered, and
the Deferred Units have been issued hereunder, in connection with and as a part
of the compensation and incentive arrangements between the Company and any of
its Subsidiaries and Executive. Each of the Deferred Units granted hereunder is
intended to qualify for an exemption from the registration requirements under
the Securities Act, pursuant to Rule 701 (the “Exemption”) and
under similar exemptions under applicable state securities laws. In the event
that any provision of this Agreement would cause the Deferred Units granted
hereunder to not qualify for the Exemption or any other applicable exemption
from registration under the Securities Act, Executive and the Company agree
that this Agreement shall be deemed automatically amended to the extent
necessary to cause the Deferred Units to qualify for the Exemption.

 

9.                                       Definitions.

 

(a)                                  For
the purposes of this Agreement, the following terms have the meanings set forth
below:

 

“Affiliate” has the meaning given such term in the LLC
Agreement.

 

“Board” means the Board of Managers of Holdings.

 

“Cause” has the meaning given such term in the Executive’s
Class B Unit Grant Agreement.

 

“Class A Units” has the meaning given such term in the LLC
Agreement.

 

“Class B Unit Grant Agreement” means Executive’s
Class B Unit Grant Agreement, dated December 14, 2007, by and between
the Executive and Holdings.

 

“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

“Company” has the meaning given such term in the preamble.

 

“Disability” has the meaning given such term in the Executive’s
Class B Unit Grant Agreement.

 

7

 

“Fair Market Value” has the meaning given such term in the LLC
Agreement.

 

“Good Reason” has the meaning given such term in the Executive’s
Class B Unit Grant Agreement.

 

“Holdings” means Windy City Investments Holdings, L.L.C., a
Delaware limited liability company.

 

“Key Employee” means a “key employee” as defined in Section 416(i) of
the Code, without regard to paragraph (5) thereof.

 

“Legal Requirement” means any law, treaty, statute, code,
ordinance, decree, administrative order, constitution, permit, directive,
policy, standard, rule, building, zoning, subdivision, health and safety and
other land use laws, regulation, or requirement of any government entity and
all judicial, quasi-judicial, administrative, quasi-administrative and arbitral
judgments, orders (including injunctions) decisions or awards of any government
entity, including general principles of common law, civil law and equity, in
each case having the force of law and binding on Executive, any property or his
assets.

 

“Liquidation Value” has the meaning given such term in the LLC
Agreement.

 

“Liquidity Event” has the meaning given such term in the LLC
Agreement.

 

“LLC Agreement” means Holding’s Amended and Restated Limited
Liability Company Agreement (as the same may be amended supplemented or
otherwise modified from time to time in accordance with its terms.)

 

“Person” means any individual, partnership, corporation,
association, joint stock company, trust, joint venture, limited liability
company, unincorporated organization, governmental entity or department, agency
or political subdivision thereof.

 

“Permitted Transferee” has the meaning given such term in the
LLC Agreement.

 

“Restatement Date” means November 13, 2007.

 

“Securities Act” means the Securities Act of 1933, as amended
from time to time, and any successor statute, and any rules or regulations
promulgated thereunder.

 

“Separation Date” means the date on which Executive ceases to be
employed by or otherwise provide services to the Company and its Subsidiaries
due to a Separation from Service.

 

“Separation from Service” means a “separation from service”
under Code § 409A(a)(2)(A)(i) and the regulations promulgated thereunder.

 

“Settlement Date” has the meaning given such term in Section 5.

 

“Subsidiary” has the meaning given such term in the LLC
Agreement.

 

8

 

“Transfer” has the meaning given such term in the LLC Agreement.

 

“Unitholders Agreement” means that certain Unitholders
Agreement, dated as of the date hereof, as amended from time to time, between
Holdings and certain of its unitholders.

 

“Windy Holdings” means Windy City Investments, Inc., a
Delaware corporation and a direct, wholly-owned Subsidiary of Holdings.

 

10.                                 Notices.
Any notice provided for in this Agreement must be in writing and must be
personally delivered, sent by telecopy with original to follow by overnight
courier service, by first class mail (postage prepaid and return receipt
requested) or reputable overnight courier service (charges prepaid) to the
recipient at the addresses indicated below:

 

	
  Notices to the Company:

  
	
   

  
	
  Nuveen Investments, Inc.

  
	
  333 West Wacker Drive

  
	
  33rd Floor

  
	
  Chicago, IL 60606

  
	
  Facsimile: (312) 917-7952

  
	
  Telephone: (312) 917-7955

  
	
  Electronic mail: jmaccarthy@nuveen.com

  
	
  Attention: 

  	
  General Counsel

  
	
   

  
	
  with copies to (which shall not constitute
  notice):

  
	
   

  
	
  Madison Dearborn Capital Partners

  
	
  Three First National Plaza

  
	
  38th Floor

  
	
  Chicago, Illinois 60602

  
	
  Facsimile: (312) 895-1056

  
	
  Telephone: (312) 895-1000

  
	
  Electronic mail: mtresnowski@MDCP.com

  
	
  Attention:

  	
  General Counsel

  
	
   

  
	
  and

  
	
   

  
	
  Kirkland & Ellis LLP

  
	
  200 East Randolph Drive

  
	
  Chicago, IL 60601

  
	
  Facsimile: (312) 861-2200

  
	
  Telephone: (312) 861-2000

  
	
  Electronic mail: rporter@kirkland.com

  
	
  Attention:

  	
  Richard W. Porter, P.C.

  
	
   

  	
  Scott D. Price

  

 

9

 

	
  Notices to Executive:

  
	
   

  
	
  At the Executive’s address provided on the signature
  page hereto.

  
	
   

  
	
  with copies to (which shall not constitute
  notice):

  
	
   

  
	
  McDermott Will & Emery LLP

  
	
  227 West Monroe Street, Suite 4400

  
	
  Chicago, IL 60606

  
	
  Facsimile: (312) 984-7700

  
	
  Telephone: (312) 984-2121

  
	
  Electronic mail: mharris@mwe.com

  
	
  Attention:

  	
  Mark A. Harris

  

 

or to such other address or to the attention of such other Person as
the recipient party has specified by prior written notice to the sending party.
Any notice under this Agreement shall be deemed to have been given when so
delivered or, if sent by telecopy the day of receipt, or if mailed, three days
after deposit in the U.S. mail (return receipt requested) and one day after
deposit with a reputable overnight courier service.

 

11.                               General Provisions

 

(a)                                  No
Rights as Unitholder.  Except to the
limited extent provided in Section 4, no Executive (nor any
beneficiary) shall have any of the rights or privileges of a unitholder or
member of Holdings with respect to any Deferred Units (or settlement thereof),
unless and until certificates representing Class A Units in settlement of
Deferred Units shall have been issued and recorded on the records of Holdings
or its transfer agents or registrars.

 

(b)                                 No
Corporate Action Restriction.  The
existence of this Agreement and/or the Deferred Units granted hereunder shall
not limit, affect or restrict in any way the right or power of the Board or the
unitholders or shareholders of Holdings or the Company to make or authorize (a) any
adjustment, recapitalization, reorganization or other change in Holdings’ or
the Company’s or any Subsidiary’s or Affiliate’s capital structure or business,
(b) any merger, consolidation or change in the ownership of the Holdings,
Company or any Subsidiary or Affiliate, (c) any issue of bonds,
debentures, capital, preferred or prior preference stocks ahead of or affecting
Holdings’, the Company’s or any Subsidiary’s or Affiliate’s capital stock or
the rights thereof, (d) any dissolution or liquidation of Holdings, the
Company or any Subsidiary or Affiliate, (e) any sale or transfer of all or
any part of Holdings’, the Company’s or any Subsidiary’s or Affiliate’s assets
or business, or (f) any other similar act or proceeding by Holdings, the
Company or any Subsidiary or Affiliate. No Executive, beneficiary or any other
person claiming through the Executive shall have any claim against the Board,
Holdings, the Company or any Subsidiary or Affiliate, or any employees,
officers, unitholders, shareholders or agents of Holdings, the Company or any
Subsidiary or Affiliate, solely as a result of any such action.

 

(c)                                  Restrictions
on Transfers; Transfers in Violation of Agreement.  The Deferred Units are not transferable, in
whole or in part, and they may not, directly or indirectly, be Transferred or
otherwise disposed of or encumbered (including, but not limited to, by gift or
otherwise) other than by will or by the laws of descent and distribution to the
estate of the

 

10

 

Investor upon the Investor’s death. Any Transfer or attempted Transfer
of any Deferred Units in violation of any provision of this Agreement shall be
void, and the Company shall not record such Transfer on its books or treat any
purported Transferee of such Deferred Units as the owner of such Deferred Units
for any purpose.

 

(d)                                 Irrevocability:
Binding Effect on Successors and Assigns. 
Executive hereby acknowledges and agrees that, except as provided under
applicable federal state, or foreign securities laws, that Executive is not
entitled to cancel, terminate or revoke this Agreement, the LLC Agreement, the
Unitholders Agreement or any agreements of Executive hereunder, and that this
Agreement, the LLC Agreement, the Unitholders Agreement and such other
agreements shall survive the death or disability of Executive and the merger,
consolidation or other reorganization of the Company and shall be binding upon
and inure to the benefit of the parties and their respective heirs, executors,
administrators, successors, legal representatives and assigns. If Executive is
more than one person, the obligations of Executive hereunder shall be joint and
several and the agreements, representations, warranties and acknowledgments
herein contained shall be deemed to be made by and be binding upon each such
person and his, her or its heirs, executors, administrators, successors, legal
representatives, and assigns (including subsequent holders of Deferred Units).
The agreements, representations, warranties and acknowledgments herein
contained shall be deemed to be made by and be binding upon the Company and its
successors and assigns (including the surviving corporation to any merger or
other reorganization of the Company).

 

(e)                                  Survival
of Covenants, Representations and Warranties.  All covenants, representations and warranties
contained herein or made in writing by any party in connection herewith shall
survive the execution and delivery of this Agreement, the LLC Agreement, and
the Unitholders Agreement and the consummation of the transactions contemplated
hereby and thereby.

 

(f)                                    Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or rule in
any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or any other jurisdiction, but this Agreement shall
be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

 

(g)                                 Complete
Agreement.  This Agreement, the LLC
Agreement, the Unitholders Agreement, the Registration Agreement and those
documents expressly referred to herein embody the complete agreement and
understanding among the parties with respect to the subject matter hereof and
supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject
matter hereof in any way.

 

(h)                                 Counterparts.  This Agreement may be executed in two or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the
same Agreement.

 

11

 

(i)                                     Descriptive
Headings.  The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a
part of this Agreement.

 

(J)                                   No
Strict Construction.  The language
used in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their collective mutual intent, and no rule of strict
construction shall be applied against any person. The term “including” as used
herein shall be by way of example, and shall not be deemed to constitute a
limitation of any term or provision contained herein. Each defined term used in
this Agreement has a comparable meaning when used in its plural or singular
form.

 

(K)                               Governing
Law.  All questions concerning the
construction, validity, enforcement and interpretation of this Agreement and
the exhibits hereto shall be governed by the internal law, and not the law of
conflicts, of the State of Delaware.

 

(L)                                 WAIVER
OF JURY TRIAL.  AS A SPECIFICALLY
BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO
EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING
RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS
CONTEMPLATED HEREBY.

 

(m)                               Remedies.  Each of the parties to this Agreement shall
be entitled to enforce its rights under this Agreement specifically, to recover
damages and costs (including reasonable attorney’s fees) caused by any breach
of any provision of this Agreement and to exercise all other rights existing in
its favor. The parties hereto agree and acknowledge that money damages would
not be an adequate remedy for any breach of the provisions of this Agreement
and that any party may in its sole discretion apply to any court of law or
equity of competent jurisdiction (without posting any bond or deposit) for
specific performance and/or other injunctive relief in order to enforce or
prevent any violations of the provisions of this Agreement.

 

(n)                                 Amendment
and Waiver.  Except as otherwise
provided herein, any provision of this Agreement may be amended or waived only
with the prior written consent of Executive and the Board (on behalf of the
Company and the Investor Members); provided that any provision of this
Agreement may be amended with the approval of the Executives holding a majority
of the outstanding Deferred Units to the extent that the such amendment does
not disproportionately and adversely affect the rights of an Executive (or
group of Executives) as compared to other Executives (or group of Executives).

 

(o)                            Community
Property. If, as of the date hereof, Executive is lawfully married and
Executive’s address or the permanent residence of Executive’s spouse is located
in a community property jurisdiction, Executive’s spouse shall execute and
deliver to the Company on the date hereof the Consent in the form of Exhibit B
attached hereto.

 

(p)                            Third-Party
Beneficiary. The Company and Executive acknowledge that each Investor
Member is a third-party beneficiary under this Agreement and that the Investor
Members can enforce the provisions of this Agreement intended for the Investor
Members’ benefit.

 

12

 

(q)                                 Consent
to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the State of Illinois for the purpose of any action, claim,
cause of action or suit (in contract, tort or otherwise), inquiry, proceeding
or investigation arising out of or based upon this Agreement or relating to the
subject matter hereof, (b) hereby waives to the extent not prohibited by
applicable law, and agrees not to assert, and agrees not to allow any of its
Permitted Transferees to assert, by way of motion, as a defense or otherwise,
in any such action, any claim that they are not subject personally to the
jurisdiction of the above named courts, that their property is exempt or immune
from attachment or execution, that any such proceeding brought in one of the
above named courts is improper, or that this Agreement or the subject matter
hereof or thereof may not be enforced in or by such court and (c) hereby
agrees not to commence or maintain any action, claim, cause of action or suit
(in contract, tort or otherwise), inquiry, proceeding or investigation arising
out of or based upon this Agreement or relating to the subject matter hereof or
thereof other than before one of the above named courts nor to make any motion
or take any other action seeking or intending to cause the transfer or removal
of any such action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation to any court other than one of
the above named courts whether on the grounds of inconvenient forum or
otherwise. Notwithstanding the foregoing, any party to this Agreement may
commence and maintain an action to enforce a judgment of any of the above named
courts in any court of competent jurisdiction.

 

*      *      *     
*      *

 

13

 

IN WITNESS WHEREOF, the parties hereto have executed this Deferred Unit
Grant Agreement on the date first written above.

 

 

	
   

  	
  NUVEEN INVESTMENTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: 

  
	
   

  	
  Its: 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Executive]

  

 

Signature Page to Deferred Unit Grant
Agreement

 

 

EXHIBIT A

 

Number of Deferred Units Granted

 

The number of Deferred Units hereby granted under
this Agreement is as follows:

 

	
  Grantee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number
  of Deferred Units:

  	
   

  	
   

  

 

1

 

EXHIBIT B

 

SPOUSAL CONSENT

 

The undersigned spouse of Executive hereby acknowledges that I have
read the foregoing Deferred Unit Grant Agreement executed by Executive as of
the date hereof and that I understand its contents. I am aware that the
foregoing Deferred Unit Grant Agreement imposes restrictions on such securities
(including, without limitation, restrictions on transfer). I agree that my
spouse’s interest in these securities is subject to these restrictions and any
interest that I may have in such securities shall be irrevocably bound by these
agreements and further, that my community property interest, if any, shall be
similarly bound by this Agreement.

 

 

	
   

  	
   

  	
  Date :                     
  

  
	
   

  	
   

  	
   

  
	
   

  	
  Spouse’s
  Name :

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date :                     
  

  
	
   

  	
   

  	
   

  
	
   

  	
  Witness’
  Name:

  	
   

  

 

2

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