Document:

Document

Exhibit 4.2
DESCRIPTION OF SECURITIES
The following is a brief description of (1) the Class A common stock, par value $0.01 per share (the “Class A common stock” or “Common Stock”), of Manning & Napier, Inc. (the “Company,” “we,” “our” or “us”), and (2) the Common Stock purchase rights, representing the right to purchase from us one share of Common Stock (the “Rights”), which are the securities of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. This description is not complete and is qualified by reference to our amended and restated certificate of incorporation (the “certificate of incorporation”), our amended and restated bylaws (the “bylaws”), and the Rights Agreement by and between us and American Stock Transfer & Trust Company, LLC (“Rights Agent”) with respect to the Rights (“Rights Agreement”).
Our certificate of incorporation authorizes us to issue 300,102,000 shares of capital stock, which consist of:
•300,000,000 shares of Class A common stock, par value $0.01 per share; 
•2,000 shares of Class B common stock, par value $0.01 per share (the “Class B common stock”); and  
•100,000 shares of preferred stock, par value $0.01 per share (“preferred stock”).
Description of Class A Common Stock
Holders of our Class A common stock are entitled to one vote per share on each matter submitted to a vote of our stockholders and do not have cumulative voting rights. All matters to be voted on by holders of common stock, other than the election of directors, must be approved by a majority of the votes entitled to be cast by all shares of Class A common stock and Class B common stock, voting together as a single class. No shares of our Class B common stock are currently outstanding. Our directors are elected by a plurality of the votes of the shares present in person or represented by proxy at the annual meeting of stockholders and entitled to vote in the election of directors. 
Holders of Class A common stock are entitled to receive dividends and other distributions ratably when, as and if declared by the board of directors out of legally available assets or funds. 
In the event of our liquidation, dissolution or winding up, the holders of our Class A common stock are entitled to receive the assets available for distribution to our stockholders ratably in proportion to the number of shares they own, determined as a single class of Class A common stock only.
Holders of Class A common stock have no preemptive, subscription, redemption, sinking fund, or conversion rights. All the outstanding shares of Class A common stock are validly issued, fully paid and non-assessable.
Impact of Exchange Agreement
We are party to an exchange agreement with M&N Group Holdings, LLC, Manning & Napier Capital Company, LLC (“MNCC”) and the other direct holders of units of Manning & 
9737077_2

Napier Group, LLC. This exchange agreement is filed as an exhibit to our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. Subject to restrictions set forth in the exchange agreement, certain of our employee-owners, and M&N Group Holdings and MNCC on behalf of William Manning and our other employee-members that are direct or indirect members of M&N Group Holdings and MNCC, are entitled to exchange units of Manning & Napier Group for shares of Class A common stock on a one-for-one basis. At our option, we may choose to pay an amount of cash equal to the number of units exchanged multiplied by the value of one share of Class A common stock, less a market discount and expected expense, in lieu of issuing additional shares of Class A common stock. To the extent exchanges of units for shares of Class A common stock occur, the beneficial ownership and voting power of current holders of Class A common stock will be reduced.
Potential Impact of Voting Rights of Class B Common Stock
Although no shares of Class B common stock are currently outstanding, any shares of Class B common stock that may be issued in the future would have certain rights and preferences superior to the Class A common stock. The Class B common stock has superior voting rights to the Class A common stock as set forth in the formula in our certificate of incorporation, which provides the holder of our Class B common stock control of a majority of the vote on all matters to be submitted to a vote of stockholders. This mechanism would allow for the Class B common stock to control the Company.
Potential Impact of Preferred Stock
Our certificate of incorporation permits our board of directors, without vote or further action by the stockholders, to issue up to 100,000 shares of preferred stock in one or more series and to fix or alter the terms of each series of preferred stock, within the limits of the certificate of incorporation and applicable provisions of Delaware corporate law. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of us without further action by our stockholders and may adversely affect the dividend, liquidation, voting and other rights of the holders of Class A common stock. The issuance of preferred stock with voting and conversion rights may dilute the voting power of the holders of Class A common stock and impact the market price of our Class A common stock.
Description of Rights
On April 13, 2020, the independent directors of our Board of Directors declared a dividend distribution of one Right for each outstanding share of Common Stock outstanding at the close of business on April 24, 2020 (the “Record Date”). Each Right represents the right to purchase from us one (subject to adjustment) share of Common Stock, at a price of $12.00 per share of Common Stock (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in the Rights Agreement. This summary description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, which is hereby incorporated herein by reference. The Rights Agreement is intended provide all stockholders with the opportunity to benefit from the long-term prospects and value of our Company and to ensure that all stockholders of the Company receive fair and equal treatment in the event of any proposed takeover of the Company.
2
9737077_2

Distribution
Until the Distribution Date (as defined below), the Rights will be evidenced by the Common Stock certificate, or, in the case of Common Stock held in uncertificated form, by the transaction statement or other record of ownership of such Common Stock, and not by separate Rights Certificates (as hereinafter defined). The term “Distribution Date” means the earlier of (a) the close of business on the 10th business day (any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close) following the first date of public announcement by the Company or a person or group of affiliated or associated persons or persons acting jointly or in concert with such person or group (with certain exceptions, an “Acquiring Person”) that an Acquiring Person has acquired 15% or more of our outstanding Common Stock (“Stock Acquisition Date”) or (b) the close of business on the 10th business day (or such later date as may be determined by the Board) following the commencement of, or announcement of an intention to make, a tender offer or exchange offer, the consummation of which would result in the beneficial ownership by a person or group of affiliated or associated persons or persons acting jointly or in concert with such persons of 15% or more of our outstanding Common Stock. Certain synthetic interests in securities created by derivative positions are treated as beneficial ownership of the notional or other number of shares of Common Stock that, pursuant to the documentation evidencing the derivative security, may be acquired upon the exercise or settlement of the applicable security or as the basis upon which the value or settlement amount of such security, or the opportunity of the holder of such derivative security to profit or share in any profit, is to be calculated, in whole or in part, and in any case (or if no such number of shares of Common Stock is specified in such documentation or otherwise) as determined by the Board in good faith to be the number of shares of Common Stock to which the derivative security relates.
Transfer of Rights and Certificates. 
The Rights Agreement provides that, until after the close of business on the Distribution Date, the Rights will be transferred with and only with the Common Stock. Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common Stock certificates issued after the Record Date upon transfer or new issuance of Common Stock will contain a notation incorporating the Rights Agreement by reference and, with respect to any uncertificated book entry shares issued after the Record Date, proper notice will be provided that incorporates the Rights Agreement by reference. Until the Distribution Date (or earlier redemption or expiration of the Rights), the surrender for transfer of any certificates for Common Stock (or book entry shares of Common Stock) outstanding as of the Record Date, even without such notation or a copy of a summary of rights being attached thereto (or such notice, in the case of book entry shares), will also constitute the transfer of the Rights associated with the Common Stock represented by such certificate or book entry shares, as the case may be. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights (the “Right Certificates”) will be mailed to (or credited to the account of) holders of record of the Common Stock as of the close of business on the Distribution Date, and such separate Right Certificates alone will evidence the Rights.
Exercise Period
The Rights are not exercisable until the Distribution Date. The Rights will expire on the Final Expiration Date, unless the Final Expiration Date is extended, or the Rights are earlier 
3
9737077_2

redeemed or exchanged by the Company or if one year from the date of the Rights Agreement if approval of the Rights Agreement by the Company’s stockholders has not been received prior to such time. The term “Final Expiration Date” is defined in the Rights Agreement and generally means April 14, 2023.
Adjustments
The Purchase Price payable, and the number of shares of Common Stock or other securities or property issuable, upon exercise of the Rights, and the number of Rights outstanding, are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Common Stock, (ii) upon the grant to holders of the Common Stock of certain rights or warrants to subscribe for or purchase Common Stock at a price, or securities convertible into Common Stock with a conversion price, less than the then current market price of the Common Stock or (iii) upon the distribution to holders of the Common Stock of evidences of indebtedness or assets (excluding regular periodic cash dividends paid out of earnings or retained earnings or dividends payable in Common Stock) or of subscription rights or warrants (other than those referred to above).
With certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional shares of Common Stock will be issued and in lieu thereof, an adjustment in cash will be made based on the market price of the Common Stock on the last trading day prior to the date of exercise
Exercise of Rights for Common Stock
In the event that any Person becomes an Acquiring Person, the Board may, at its option, provide that each holder of a Right, other than Rights beneficially owned by the Acquiring Person (which will thereafter be null and void), will thereafter have the right to receive upon exercise that number of shares of Common Stock having a market value of two times the purchase price of the Right. Alternatively, the Company may issue or pay cash, property, other securities, or any combination thereof (“Common Stock Equivalents”) having an aggregate value equal to the shares of Common Stock that would otherwise have been issuable on exercise of a Right. In the event that the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power is sold, proper provision will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise thereof at the then current purchase price of the Right, that number of shares of common stock of the acquiring corporation that at the time of such transaction will have a market value of two times the purchase price of the Right. In the event that there is not sufficient authorized but unissued shares of Common Stock or treasury shares to permit the exercise in full of the Rights, the Company is obligated to take all action as may be necessary to authorize additional Common Stock for issuance upon exercise of the Rights, or the Company may pay cash and/or other securities equal to the Purchase Price per Right.
Redemption of Rights
At any time prior to (i) the Distribution Date, (ii) the Final Expiration Date or (iii) one year from the date of the Rights Agreement if approval of the Rights Agreement has not been received from the Company’s stockholders prior to such time, the Board may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (the “Redemption Price”). Immediately 
4
9737077_2

upon any redemption of the Rights, the right to exercise the Rights will terminate, and the only right of the holders of Rights will be to receive the Redemption Price.
Amendments
At any time prior to the Distribution Date, the terms of the Rights may be amended by the Board without the consent of the holders of the Rights. From and after the Distribution Date, the Rights Agreement may be amended by the Board in any manner which would not adversely affect the interests of the any of the holders of the Right Certificates (other than an Acquiring Person or an affiliate, associate or Person acting jointly or in concert thereof) without the approval of any holders of Right Certificates.
Rights Prior to Exercise
Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends.
Anti-Takeover Effects of Provisions of our Certificate of Incorporation and Bylaws 
Advance Notice of Stockholder Proposals and Nominations
Our bylaws include an advance notice procedure for stockholders to bring matters before stockholder meetings, including to nominate candidates for election to our board of directors. The advance notice procedure specifies the information stockholders must include in their notice and the timeframe in which they must give us notice. For notice of nominations or other business to be brought before a meeting of stockholders to be timely, the notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the one-year anniversary of the immediately preceding year’s annual meeting or as otherwise provided in our bylaws. This notice proposing to nominate a person for election as a director or proposing other business must contain certain information specified in our bylaws. 
The stockholder notice procedure may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if the proper procedures are not followed, and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal, without regard to whether consideration of those nominees or proposals might be harmful or beneficial to us and our stockholders.
Restrictions on Call of Special Meetings and Action by Written Consent
Our bylaws provide that special meetings of stockholders may only be called by the board of directors, the chairman of our board of directors or our chief executive officer. In addition, the only business that may be conducted at a special meeting of stockholders is the business stated in the notice of the special meeting. Our bylaws provide that all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and that stockholders may not take any action by written consent or by electronic transmission.
Amendment of Bylaws
Our certificate of incorporation grants our board of directors the power to adopt, amend or repeal our bylaws in any manner not inconsistent with applicable law. 
5
9737077_2Document

Exhibit 10.10

MANNING & NAPIER, INC.
2011 EQUITY COMPENSATION PLAN

RESTRICTED STOCK AWARD AGREEMENT

AGREEMENT, dated as of  the date set forth in your Notice of Grant, between Manning & Napier, Inc., a Delaware corporation (the “Company”), Manning & Napier Group, LLC, a Delaware limited liability company (“MN Group”), and the individual (the “Participant”) identified in the notice of restricted stock unit award grant ( the “Notice of Grant”) delivered to Participant.
W I T N E S S E T H:
WHEREAS, the Company adopted the Manning & Napier, Inc. 2011 Equity Compensation Plan (the “Plan”), which Plan authorizes, among other things, the grant of Stock-Based Awards, including, but not limited to, restricted stock units (“RSUs”) or restricted stock shares (“RSSs” and together with the “RSUs”, the “Stock Grant”) pursuant to which Participants may receive shares of Class A common stock, $.01 par value (“Class A Stock”) upon the vesting of the RSUs; and
WHEREAS, the Company’s Compensation Committee, as administrator of the Plan, has determined that it would be in the best interests of the Company to make the Stock Grant documented herein and as managing member of MN Group caused MN Group to take the necessary steps to comply with terms and conditions herein. 
NOW, THEREFORE, the parties hereto hereby agree as follows:
•Definitions.  Capitalized terms not defined in this Award Agreement shall have the meaning ascribed to such terms in the Plan.
•Stock Grant. Subject to the terms and conditions of the Plan and as set forth herein, the Company hereby grants to the Participant, as of date hereof, the number of interests contained in the Stock Grant (the “Award”), as indicated in the Notice of Grant. MN Group will issue supporting units on a one-for-one basis to the Company for each Award hereunder, either at the time of vesting for RSUs or at the time of grant for RSSs. Upon termination of an Award, any such issued units to MNI shall be forfeited back to MN Group to the extent unvested. 
•Status of RSUs and Stock Grant.  Each RSU constitutes an unfunded and unsecured promise of the Company to deliver (or cause to be delivered) to the Participant, subject to the terms of this Award Agreement, one share of Class A Stock (the “Share” or “Shares” as the context requires) (or securities or other property equal to the Fair Market Value thereof) on the Scheduled Vesting Date as defined herein.  Each RSS shall consist of dividend paying, restricted Class A Stock, subject to the Scheduled Vesting Date as defined herein. Such Class A Stock will be restricted from transfer during the vesting period and will be held on behalf of the Participant at the Transfer Agent until the Scheduled Vesting Date.

•Vesting. Subject to such further limitations as are provided in the Plan and as set forth herein, the RSUs and RSSs covered by the Award shall vest as of the date(s) set forth in the Notice of Grant (the “Scheduled Vesting Date”) provided that the Participant continues to provide services or to be in a service relationship with the Company, or one of its Affiliates (“Service”), as of the Scheduled Vesting Date, provided further that upon the death of any Participant 100% vesting shall occur.1  
•Termination of Stock Grant.
    (a)    Except as otherwise provided in this Section 5 or the Notice of Grant, the Stock Grant, to the extent not previously vested, shall terminate and become null and void upon the Participant’s ceasing for any reason to provide Services.
    (b)    In the sole discretion of the Committee (a “Committee Election”) and without any further action by or on behalf of the Participant, upon a termination of Services, the Stock Grant, to the extent not previously vested, may become vested and the Company in such case shall deliver (or cause to be delivered) the Shares with respect thereto. 

    (c)    Clawback. If the Company’s Board of Directors or the Compensation Committee determines, in its sole discretion, that Participant engaged in fraud or misconduct as a result of which the Company is required to, or decided to, restate its financial statements, the Committee may, in its sole discretion, impose any or all of the following:  
	
	

(x)Immediate expiration of the Stock Grant, whether vested or not, if granted within the first 12 months after issuance or filing of any financial statement that is being restated (the “Recovery Measurement Period”); and

(y)    Payment or transfer to the Company of the Gain from the Stock Grant, where the “Gain” consists of the greatest of (i) the value of the Stock Grant on the applicable Grant Date pursuant to Section 2 above within the Recovery Measurement Period, (ii) the value of Stock Grant received during the Recovery Measurement Period, as determined on the date of the request by the Committee to pay or transfer, (iii) the gross (before tax) proceeds you received from any sale of the Shares during the Recovery Measurement Period, and (iv) if transferred without sale during the Recovery Measurement Period, the value of the Shares when so transferred. The amount paid or transferred to the Company shall be adjusted to reflect any adjustment to the number of Shares finally awarded after application of the “Adjustments” provisions above.

1 Vesting duration shall vary. Terms set forth in this Section 4 are for illustrative purposes only.  Actual terms of grants may vary.
2

This remedy is in addition to any other remedies that the Company may have available in law or equity.

Payment is due in cash or cash equivalents within 10 days after the Committee provides written notice to you that it is enforcing this provision. Payment will be calculated on a gross basis, without reduction for taxes or commissions. The Company may, but is not required to, accept retransfer of Shares in lieu of cash payments.

•Non−Transferability of Stock Grant. The RSUs, and any interest therein, shall not be assignable or transferable by the Participant.  The RSSs shall not be transferable by the Participant prior to the Scheduled Vesting Date, and thereafter transferability shall be subject to Section 10 below.  Unless otherwise noted in the Notice of Grant, the Stock Grant shall terminate and become null and void immediately upon (i) the bankruptcy of the Participant, (ii) the Participant’s termination of Services (other than in connection with a Committee Election upon a termination of Services by reason of the Participant’s death), or (iii) any attempted assignment or transfer except as herein provided, including without limitation, any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition, attachment, trustee process or similar process, whether legal or equitable, upon the RSUs.
•No Special Rights. Neither the granting of the Stock Grant nor its vesting shall be construed to confer upon the Participant any right with respect to the continuation of his or her service with the Company (or any Affiliate of the Company) or interfere in any way with the right of the Company (or any Affiliate of the Company), subject to the terms of any separate agreement to the contrary, at any time to terminate such service or to increase or decrease the compensation of the Participant from the rate in existence as of the date hereof.  
•Representation.  The Participant represents and warrants that he or she understands the Federal, state and local income tax consequences of the granting of the Stock Grant to him or her and the vesting thereof.  To the extent that the Company is required to withhold any such taxes, then, unless both the Participant and the Committee have otherwise agreed upon alternate arrangements, the Participant hereby agrees that the Company may deduct from any payments of any kind otherwise due to the Participant the aggregate amount of such Federal, state and local taxes required to be so withheld, or if such payments are inadequate to satisfy such Federal, state and local taxes, or if no such payments are due or to become due to the Participant, then, the Participant agrees to provide the Company with cash funds or make other arrangements satisfactory to the Committee regarding such payment.  It is understood that all matters with respect to the total amount of taxes to be withheld in respect of any such compensation income shall be determined by the Committee.
•Noncompete; Nonsolicitation.
    (a)    In consideration of the granting of the Award, the Participant agrees that, if the Participant has been granted Awards under the Plan and/or awards under the 2018 Long-Term Incentive Plan totaling more than $1,500,000 (valued at the time of grant) during the term of Participant’s employment, the Participant shall not, during the entire term of the applicable 
3

Noncompete Period (as defined below), directly or indirectly, engage in or become interested in, as owner, shareholder, partner, lender, investor, director, officer, employee, consultant, agent, representative or otherwise, any Person engaged in any business competitive with that of the Company, MN Group or their Affiliates.  Notwithstanding the foregoing, the Participant shall not be deemed to have breached this Section 9 by reason of purchasing stock in a corporation whose shares are listed on the New York Stock Exchange or quoted on NASDAQ, provided that the Participant’s beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of any class of equity securities in any such corporation is less than 5% of the aggregate number of outstanding shares of such class.
    (b)    In consideration of the granting of the Award, the Participant agrees that during the entire term of the applicable Noncompete Period, the Participant shall not, directly or indirectly, solicit any Person who is a Prospect of the Company, MN Group or their Affiliates to become an investment advisory, financial brokerage, insurance brokerage, health consulting, employer benefits, employee benefits or similar client of the Participant or any other Person.
    (c)    The Participant acknowledges and agrees that the covenants set forth in this Section 9 are reasonable and necessary for the protection of the Company and MN Group.  The Participant further agrees that irreparable injury will result to the Company and MN Group in the event of any breach of the terms of Section 9, and that in the event of any actual or threatened breach of any of the provisions contained in Section 9, the Company and MN Group will have no adequate remedy at law.  The Participant accordingly agrees that in the event of any actual or threatened breach by the Participant of any of the provisions contained in Section 9, the Company or MN Group shall be entitled to seek such injunctive and other equitable relief as may be deemed necessary or appropriate by a court of competent jurisdiction, without the necessity of showing actual monetary damages and without posting any bond or other security.  If any provision of this Section 9 is determined by a court of competent jurisdiction to be not enforceable in the manner set forth herein, the Participant agrees that it is the intention of the parties that such provision should be enforceable to the maximum extent permitted by law. 
    (d)    For purposes of this Section 9, the term “Noncompete Period” means: (i) for areas within New York State (excluding New York City), Ohio and Florida (the “Protected Areas”), the period from the date the Participant commenced Service with the Company, MN Group or their Affiliates through the date that is twelve (12) months after his or her termination of Service with the Company or its Affiliates, or (ii) for all U.S. States (including New York City) other than the Protected Areas in which the Company, MN Group or their Affiliates do business, the period from the date the Participant commenced Service with the Company, MN Group or their Affiliates through the date that is ninety (90) days after his or her termination of Service with the Company or its Affiliates.  For purposes of this Section 9, the term “Prospect” means any Person (i) who is on MN Group’s monthly marketing group meeting list of prospects issued during the twelve months prior to termination of Service; (ii) who is on the monthly, quarterly, or semiannual list of prospects submitted to MN Group’s products group manager (or Person fulfilling such function) issued in the twelve months prior to termination of Service, (iii) who is on MN Group’s internal list of prospects, or similar books and records, that each sales representative or client consultant (or their support staff) maintains in the twelve months prior to 
4

termination of Service; or (iv) who has met with sales or marketing personnel of the Company, MN Group or their Affiliates more than two times in the six months prior to termination of Service regarding the services provided by the Company, MN Group or their Affiliates.
    (e)    The Participant acknowledges and agrees that the provisions of this Section 9 shall survive and be enforceable by the Company, MN Group or their Affiliates after the Participant ceases to be an employee of the Company, MN Group or any of their Affiliates, unless the Participant is involuntarily terminated without cause by the Company, MN Group or any of their Affiliates (it being understood that “cause” shall be determined at the sole, reasonable discretion of the Company, MN Group or the applicable Affiliate).  
i.The provisions of this Section 9 shall supersede any non-compete language included in any Restricted Stock Award Agreement previously executed by the Participant, the Company and MN Group.  Nothing in this Section 9 shall otherwise affect Participant’s obligations under any noncompetition, nonsolicitation or similar restrictions pursuant to the terms of any employment agreement between the Company (or an Affiliate) and the Participant, or the Company’s rights under such employment agreement in the event of a violation of such restrictions.
•Stock Retention.  The Participant acknowledges and agrees that the Shares to be delivered upon vesting of the Stock Grant shall be subject to the Company’s stock retention requirements , which will be specified in the Notice of Grant.  In the event that the Participant fails to comply with the stock retention requirements of this Section 10 and the Notice of Grant, the Participant shall be subject to such disciplinary action as the Committee determines, in its sole discretion, to be appropriate under the circumstances, including, but not limited to, termination of employment.    
•RSUs Provide No Rights of Stockholder. The Participant shall not be deemed for any purpose to be a stockholder of the Company with respect to the RSUs except to the extent that the Shares have been delivered to the Participant on the Scheduled Vesting Date with respect thereto.
•Notices. Any communication or notice required or permitted to be given hereunder shall be in writing, and, if to the Company, to its principal place of business, Attention: Secretary, and, if to the Participant, to the address as appearing on the records of the Company.  Such communication or notice shall be deemed given if and when (a) properly addressed and posted by registered or certified mail, postage prepaid, or (b) delivered by hand.
•Incorporation of Plan by Reference. The Award is granted pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and the Award shall in all respects be interpreted in accordance with the Plan. In the event of any inconsistency between the Plan and this Award Agreement, the Plan shall govern. The Committee shall interpret and construe the Plan and this Award Agreement, and their interpretations and determinations shall be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder.
5

•Acknowledgement.  The Participant acknowledges receipt of the copy of the Plan attached hereto as Exhibit A.
•Counterparts.  This Award Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
•Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, but without regard to its principles of conflicts of law.  In the event any provision of this Award Agreement shall be held invalid, illegal or unenforceable, in whole or in part, for any reason, such determination shall not affect the validity, legality or enforceability of any remaining provision, portion of provision or this Award Agreement overall, which shall remain in full force and effect as if the Award Agreement had been absent the invalid, illegal or unenforceable provision or portion thereof.

[SIGNATURE PAGE TO FOLLOW]
6

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and by electronically accepting the Notice of Grant in accordance with the instructions in such notice, Participant will be deemed a party to, and legally bound by the terms of, this Agreement.
MANNING & NAPIER, INC.

By: ____________________________________
    Name: 
    Title:    

MANNING & NAPIER GROUP, LLC

By:______________________________________
    Name: 
    Title:    

PARTICIPANT

By:______________________________________
    Name: 
    
7

Exhibit A

2011 Equity Compensation Plan

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]