Document:

Form of Amended &#38; Restated Ltd. Liability Co. Agmt. of M&#38;N Group Holdings, LLC

 Exhibit 10.2 

 
  
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT

 M&N GROUP HOLDINGS, LLC 
 (A Delaware Limited Liability Company) 
 Dated as of
                , 2011 
  

 
 THE MEMBERSHIP INTERESTS (AS DEFINED HEREIN)
GOVERNED BY THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH MEMBERSHIP INTERESTS MAY NOT BE SOLD,
ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	Article I	    	DEFINITIONS AND CONSTRUCTION	  	 	1	  
			
	1.01	    	Certain Definitions	  	 	1	  
	1.02	    	Construction	  	 	8	  
			
	Article II	    	GENERAL PROVISIONS	  	 	9	  
			
	2.01	    	Formation and Continuation	  	 	9	  
	2.02	    	Name	  	 	9	  
	2.03	    	Principal Place of Business	  	 	9	  
	2.04	    	Registered Office; Registered Agent	  	 	9	  
	2.05	    	Purposes and Powers	  	 	9	  
	2.06	    	Foreign Qualifications	  	 	9	  
	2.07	    	Term	  	 	10	  
	2.08	    	Tax Treatment as Partnership	  	 	10	  
			
	Article III	    	MEMBERS; UNITS	  	 	10	  
			
	3.01	    	Members	  	 	10	  
	3.02	    	Units; Class and Series	  	 	11	  
	3.03	    	Initial Unit Designations; Authorized Units	  	 	11	  
	3.04	    	Unit Certificates	  	 	12	  
	3.05	    	Issued and Outstanding Units; Unit Ledger	  	 	13	  
	3.06	    	Safe Harbor Election	  	 	13	  
	3.07	    	Voting Rights	  	 	13	  
			
	Article IV	    	CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	  	 	13	  
			
	4.01	    	Capital Contributions	  	 	13	  
	4.02	    	Additional Capital Contributions	  	 	13	  
	4.03	    	Return of Capital Contributions	  	 	13	  
	4.04	    	No Liability; No Deficit Restoration	  	 	13	  
	4.05	    	Capital Accounts	  	 	14	  
			
	Article V	    	ALLOCATIONS; DISTRIBUTIONS	  	 	15	  
			
	5.01	    	Allocation of Net Profits and Net Losses	  	 	15	  
	5.02	    	No Return of Distributions	  	 	15	  
	5.03	    	Deficit Capital Accounts	  	 	15	  
	5.04	    	Regulatory Allocations	  	 	15	  
	5.05	    	Curative Allocations	  	 	17	  
	5.06	    	Income Tax Allocations	  	 	17	  
	5.07	    	Other Allocation Rules	  	 	17	  
	5.08	    	Code Section 704(c) Allocations	  	 	18	  

  
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	5.09	    	Distributions	  	 	18	  
	5.10	    	Tax Distributions	  	 	19	  
	5.11	    	Restrictions on Distributions	  	 	19	  
	5.12	    	Withholding	  	 	19	  
	5.13	    	Indemnification and Reimbursement for Payments on Behalf of a Member	  	 	19	  
			
	Article VI	    	COSTS AND EXPENSES	  	 	20	  
			
	6.01	    	Operating Costs	  	 	20	  
			
	Article VII	    	GOVERNANCE	  	 	20	  
			
	7.01	    	Management of the Business	  	 	20	  
	7.02	    	Board of Directors	  	 	22	  
	7.03	    	Investment Company Act	  	 	24	  
	7.04	    	Meetings of the Members	  	 	24	  
	7.05	    	Provisions Applicable to All Meetings	  	 	25	  
	7.06	    	Officers	  	 	26	  
	7.07	    	Duties of the Managing Member, the Directors and the Members	  	 	26	  
	7.08	    	Liability of the Managing Member and the Directors	  	 	27	  
	7.09	    	No Right to Act	  	 	27	  
	7.10	    	Investment Representations of Members	  	 	27	  
			
	Article VIII	    	ADDITIONAL COVENANTS	  	 	28	  
			
	8.01	    	Confidentiality	  	 	28	  
	8.02	    	Company Property	  	 	29	  
	8.03	    	Transactions Between Members and the Company	  	 	29	  
			
	Article IX	    	RESTRICTIONS ON TRANSFERS	  	 	29	  
			
	9.01	    	General Restrictions	  	 	29	  
	9.02	    	Permitted Transfers	  	 	30	  
	9.03	    	Conditions to Transfers	  	 	30	  
	9.04	    	Expenses of Transfer; Indemnification	  	 	30	  
			
	Article X	    	DISSOLUTION, LIQUIDATION AND TERMINATION OF THE COMPANY	  	 	31	  
			
	10.01	    	Dissolution	  	 	31	  
	10.02	    	Liquidation and Termination	  	 	32	  
	10.03	    	Deficit Capital Accounts	  	 	33	  
	10.04	    	Certificate of Cancellation	  	 	33	  
			
	Article XI	    	ACCOUNTING	  	 	34	  
			
	11.01	    	Accounts of the Company	  	 	34	  

  
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	11.02	    	Annual Reports to Members	  	34
	11.03	    	Tax Returns and Tax Elections	  	34
	11.04	    	No Further Rights to Books and Records	  	35
			
	Article XII	    	EXCULPATION AND INDEMNIFICATION	  	35
			
	12.01	    	Exculpation	  	35
	12.02	    	Indemnification	  	35
	12.03	    	Expenses	  	36
	12.04	    	Non-Exclusivity	  	36
	12.05	    	Insurance	  	36
			
	Article XIII	    	MISCELLANEOUS	  	36
			
	13.01	    	Amendments	  	36
	13.02	    	Severability	  	37
	13.03	    	Notices	  	37
	13.04	    	No Waiver	  	37
	13.05	    	Governing Law; Venue	  	37
	13.06	    	Binding Effect	  	38
	13.07	    	Entire Agreement	  	38
	13.08	    	Other Activities	  	38
	13.09	    	Further Assurances	  	38
	13.10	    	Counterparts	  	38
	13.11	    	Waiver of Right to Partition	  	38

  
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 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 M&N GROUP HOLDINGS, LLC 

This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of M&N GROUP HOLDINGS, LLC, a Delaware limited
liability company (the “Company”), dated as of [—], 2011 (the “Effective Date”), is adopted, executed and agreed to by and among the signatories hereto and shall be
binding on all of the Members (as defined below). 
 WHEREAS, the Company was formed on June 30, 2011, pursuant to and in
accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.) (the “Act”) by the filing of its Certificate of Formation (the “Certificate”) with the Secretary of State of the State of
Delaware; 
 WHEREAS, the Company has been governed by a Limited Liability Company Agreement dated as of June 30, 2011 (the
“Original Agreement”); 
 WHEREAS, the signatories to this Agreement constitute the requisite Persons needed to
amend the Original Agreement, and such Persons desire to amend and restate the Original Agreement in its entirety on the terms herein provided; and 
 WHEREAS, the Members desire to participate in the Company for the purposes described herein. 
 NOW, THEREFORE, in consideration of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS AND CONSTRUCTION 
 1.01 Certain Definitions. For the
purposes of this Agreement, the following terms have the following meanings: 
 “Accounting Period” shall mean,
as the context may require: (a) the period commencing on the date of this Agreement and ending on December 31 of the same year, (b) any subsequent twelve (12) month period beginning on January 1 and ending on
December 31 and (c) any portion of the period described in clauses (a) or (b) for which the Company is required or elects to allocate items of Net Profits and Net Loss, or any other items of Company income, gain, loss or
deduction pursuant to this Agreement. 
 “Act” has the meaning set forth in the recitals hereto. 

“Adjusted Capital Account” means the Capital Account maintained for each Member, (a) increased by any amounts that
such Member is obligated to restore (or is treated as obligated to restore under Treasury Regulation Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i)(5)), and (b) decreased by any amounts described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) with respect to such Member. 

 “Affiliate(s)” shall mean, with respect to any Person, any other Person
that directly, or through one (1) or more intermediaries, controls or is controlling, controlled by, or under common control with, such Person. For the purposes of this definition, the term “control” and its corollaries shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person, whether through the ownership of voting securities, contract, as trustee or executor or otherwise. 

“Agreement” shall mean this Amended and Restated Limited Liability Company Agreement of M&N Group Holdings, LLC, as
amended, supplemented or restated from time to time, including the exhibits and schedules hereto. 
 “Board”
has the meaning set forth in Section 7.02 hereof. 
 “Board Triggering Event” shall mean the death
or disability of the Managing Member. 
 “Business Day” shall mean any day on which commercial banks located in
New York, New York are not required or authorized by Law to remain closed. 
 “Capital Account(s)” has the
meaning set forth in Section 4.05(a) hereof. 
 “Capital Contribution(s)” shall mean the
contribution made by a Member to the capital of the Company from time to time pursuant to Sections 4.01 or 4.02 hereof. 
 “Certificate” has the meaning set forth in the recitals hereto. 

“Class A Units” has the meaning set forth in Section 3.03(a) hereof. 

“Class B Units” has the meaning set forth in Section 3.03(b) hereof. 

“Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time (or any succeeding Law), and
the Treasury Regulations promulgated pursuant thereto. References to sections of the Code shall include amended or successor provisions thereto. 
 “Company” has the meaning set forth in the preamble hereto. 

“Confidential Information” shall mean any information which is currently held by the Company or is hereafter acquired,
developed or used by the Company or its subsidiaries relating to business opportunities or other operational, economic, financial, management or other aspects of the business, operations, properties or prospects of the Company, whether oral or in
written form. 
 “Curative Allocations” means the allocations pursuant to Section 5.05 of this
Agreement. 

  
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 “Depreciation” means, for each taxable year, an amount equal to the
depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for federal income tax purposes in respect of such taxable year, except that with respect to any other asset whose Gross Asset Value differs from its
adjusted basis for federal income tax purposes at the beginning of such taxable year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost
recovery deduction for such taxable year bears to such beginning adjusted tax basis; provided that if the adjusted basis for federal income tax purposes of an asset at the beginning of such taxable year is zero, Depreciation shall be determined with
reference to such beginning Gross Asset value using any reasonable method selected by the Managing Member or the Board, as applicable. 
 “Director” means a director serving on the Board of Directors of the Company, including the Manning Directors and the Employee-Owner Directors. 

“Dissolution Event” has the meaning set forth in Section 10.01(a) hereof. 

“Economic Risk of Loss” has the meaning set forth in Treasury Regulation Section 1.752-2(a). 

“Effective Date” has the meaning set forth in the preamble hereto. 

“Employee-Owner Directors” has the meaning set forth in Section 7.02(a)(ii) hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 “Exchange Agreement” shall mean the exchange agreement, by and among Manning & Napier, the Company,
Manning & Napier Capital Company, LLC and any other holders of units of Manning & Napier Group, to be entered into in connection with the Initial Public Offering, pursuant to which the parties thereto are permitted, upon the terms
and subject to the conditions to be provided therein, to exchange Units for cash or shares of Class A Common Stock, to be determined in Manning & Napier’s sole discretion. 

“Fiscal Year” shall mean the calendar year. 
 “GAAP” shall mean generally accepted accounting principles in the United States as in effect at the time any applicable financial statements were prepared. 

“Governmental or Regulatory Authority” shall mean any instrumentality, subdivision, court, administrative agency,
commission, official or other authority of the United States or any other country or any state, province, prefect, municipality, locality or other government or political subdivision thereof, or any quasi-governmental or private body exercising any
regulatory, taxing, importing or other governmental or quasi-governmental authority. 
 “Gross Asset Value”
shall mean, with respect to any asset of the Company, such asset’s adjusted basis for federal income tax purposes, except as follows: 
 (a) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset, as determined by the Managing Member or the Board, as applicable,
in its sole discretion; 

  
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 (b) the Gross Asset Values of all Company assets shall be adjusted to equal their respective
gross fair market values (taking Code Section 7701(g) into account), as determined by the Managing Member or the Board, as applicable, as of the following times: (A) the acquisition of a new or an additional interest in the Company by any
new or existing Member in exchange for more than a de minimis capital contribution or as consideration for services performed or to be performed by such Member for the Company; (B) the distribution by the Company to a Member of more than
a de minimis amount of Company property as consideration for an interest in the Company; (C) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); (D) the issuance, forfeiture
or redemption of more than a de minimis amount of Units after the date of this Agreement; (E) the effectuation of any Interim Capital Transaction; or (F) such other times as the Managing Member or the Board, as applicable, may, in
its sole discretion, determine; provided that an adjustment described in clauses (A), (B) or (D) of this paragraph shall be made only if the Managing Member or the Board, as applicable, in its sole discretion, determines that such
adjustment is necessary to reflect the relative economic interests of the Members in the Company; 
 (c) the Gross Asset Value
of any item of Company assets distributed to a Member shall be adjusted to equal the gross fair market value (taking Code Section 7701(g) into account) of such asset on the date of distribution as determined by the Managing Member or the Board,
as applicable; and 
 (d) the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments
to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(m) and clause (f) of the definition of “Net Profits” and “Net Losses;” provided that Gross Asset Values shall not be adjusted pursuant to this clause (d) to the extent that an
adjustment pursuant to clause (b) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d). 
 If the Gross Asset Value of an asset has been determined or adjusted pursuant to clause (b) or (d), such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with
respect to such asset, for purposes of computing Net Profits and Net Losses. 
 “Indemnitee” has the meaning
set forth in Section 12.02 hereof. 
 “Initial Public Offering” shall mean the initial public
offering of the Class A common stock, par value $0.01 per share, of Manning & Napier. 
 “Interim Capital
Transaction” shall mean (a) an exchange by the Company of the Class A Units or the Class B Units of Manning & Napier Group for cash or shares of Manning & Napier pursuant to the Exchange Agreement or (b) a
sale by the Company of shares of Manning & Napier received by it pursuant to the Exchange Agreement. 

  
 4 

 “Law” shall mean any statute, law, ordinance, rule or regulation of any
Governmental or Regulatory Authority or any other Person. 
 “Legal Representative(s)” shall mean any and all
executors, administrators, committees, guardians, conservators or trustees, in bankruptcy or otherwise, of a Member. 

“Lien” shall mean a mortgage, pledge, hypothecation, right of others, claim, security interest, encumbrance, easement,
right of way, restriction on the use of real property, title defect, title retention agreement, voting trust agreement, option, right of first refusal, lien, charge, license to third parties, lease to third parties, restriction on transfer or
assignment, or other restriction or limitation of any nature or irregularities in title. 
 “Losses” shall
mean, collectively, losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal,
administrative or investigative. 
 “Managing Member” shall mean William Manning. 

“Manning & Napier” shall mean Manning & Napier, Inc., a Delaware corporation. 

“Manning & Napier Group” shall mean Manning & Napier Group, LLC, a Delaware limited liability company.

 “Manning Directors” has the meaning set forth in Section 7.02(a)(i) hereof. 

“Member(s)” shall mean any Person, other than the Company, (a) executing this Agreement as of the Effective Date or
(b) who is hereafter admitted to the Company as a Member as provided in Section 3.01(b), but such term does not include any Person who has ceased to be a Member in the Company as provided in Section 3.01(c). 

“Member Nonrecourse Debt” has the meaning assigned to the term “partner nonrecourse debt” in Treasury
Regulation Section 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” has the meaning assigned to
the term “partner nonrecourse debt minimum gain” set forth in Treasury Regulation Section 1.704-2(i)(2). 

“Member Nonrecourse Deduction” has the meaning assigned to the term “partner nonrecourse deduction” in
Treasury Regulation Section 1.704-2(i)(1). 
 “Membership Interest” shall mean the interest of a Member,
in its capacity as such, in the Company, including the rights to distributions (liquidating or otherwise), allocations, information, all other rights, benefits and privileges enjoyed by that Member (under the Act, the Certificate of Formation, this
Agreement or otherwise) in its capacity as a Member and, with respect to the Managing Member, otherwise to participate in the management of the Company, and all obligations, duties and liabilities imposed on that Member (under the Act, the
Certificate of Formation, this Agreement or otherwise) in its capacity as a Member. 

  
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 “Minimum Gain” has the meaning assigned to that term in Treasury Regulation
Section 1.704-2(d). 
 “Net Proceeds” means all cash receipts of the Company and the fair market value of
any property received by the Company, during any period, from whatever source derived, less the amount of all of the Company’s expenses paid during such period, including, without limitation, debt service payments and such reserves as
the Managing Member or the Board, as applicable, in its sole discretion, may establish. 
 “Net Profits” or
“Net Losses” shall mean an amount equal to the Company’s taxable income or loss for any taxable year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss) with the following adjustments: 
 (a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of “Net Profits” and
“Net Losses” shall be added to such taxable income or loss; 
 (b) Any expenditures of the Company described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this
definition of “Net Profits” or “Net Losses” shall be subtracted from such taxable income or loss; 
 (c) In
the event the Gross Asset Value of any Company asset is adjusted pursuant to clauses (a) or (b) of the definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the
Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; 

(d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation of such taxable year, computed in accordance with the definition of “Depreciation;” 

  
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 (f) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to
Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than a complete liquidation of
a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the
asset and shall be taken into account for purposes of computing Net Profits or Net Losses; and 
 (g) Excluding any item
specifically allocated under Article V. 
 “Officers” has the meaning set forth in Section 7.05
hereof. 
 “Ordinary Net Profits” or “Ordinary Net Losses” shall mean Net Profits or Net
Losses other than those arising from, or attributable to, sale of the Company’s assets in connection with the liquidation of the Company. 
 “Original Agreement” has the meaning set forth in the recitals hereto. 
 “Permitted Transfer” shall mean (a) a Transfer resulting from the death of a Person or another involuntary Transfer by operation of law, (b) a Transfer to any trust, limited
liability company, limited partnership or other entity having as its sole beneficiaries or owners such Member, any spouse, parent, sibling, child or grandchild of such Member or any combination of the foregoing, so long as such trust, limited
liability company, limited partnership or other entity is controlled by such transferring Member and (c) solely with respect to the Managing Member, any Transfer to a charitable organization, including, without limitation, a private foundation.

 “Permitted Transferee” has the meaning set forth in Section 9.02 hereof. 

“Person(s)” shall mean any individual, partnership (whether general or limited), joint venture, corporation, limited
liability company, trust, an incorporated organization and a Governmental or Regulatory Authority or other entity. 

“Prime Rate” shall mean U.S. prime rate published in The Wall Street Journal on the Business Day immediately prior to
the date of determination. 
 “Regulatory Allocations” means the allocations pursuant to
Section 5.04 of this Agreement. 
 “Requesting Member” shall mean, in relation to an Interim
Capital Transaction, a Member that makes a request to the Company to effectuate the Interim Capital Transaction. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 “Sharing Percentage” shall mean, with respect to any Member, a percentage, expressed as a fraction the
numerator of which is the number of Units held by such Member and the denominator of which is the aggregate number of Units held by all Members. The Sharing 

  
 7 

 
Percentage shall be adjusted upon the Initial Public Offering and each Interim Capital Transaction, as applicable, so that only the Units with respect to which the Initial Public Offering or an
Interim Transactions has not been effectuated shall be taken into account for purposes of determining a Member’s Sharing Percentage. 
 “Tax Allowance Amount” shall mean, with respect to any Member for any fiscal quarter of the Company, an amount equal to the product of: (a) the highest combined federal, state and
local tax rate applicable to any Member (and in the case of any Member that is a “pass-through” entity for income tax purposes, including those applicable to the ultimate beneficial owners of any such Member that are taxable entities or
individuals) in respect of the taxable income and taxable loss of the Company in respect of such fiscal quarter, taking into account the deductibility of state and local taxes for federal income tax purposes, and (b) an amount equal to the
remainder of (i) such Member’s share of the estimated net taxable income, other than that arising from, or attributable to, the Initial Public Offering, an Interim Capital Transaction or a sale transaction in connection with the
liquidation of the Company, allocable to such Member arising from its ownership of an interest in the Company calculated through such fiscal quarter and (ii) any net losses (for income tax purposes) of the Company for prior Fiscal Years or net
losses (for income tax purposes) prior fiscal quarters of the then current Fiscal Year that are allocable to such Member that were not previously utilized in the calculation of the Tax Allowance Amounts in a prior Fiscal Year or any prior fiscal
quarter of the then current Fiscal Year. 
 “TRA” shall mean the tax receivable agreement, by and among
Manning & Napier, the Company and Manning & Napier Capital Company, LLC, to be entered into in connection with the Initial Public Offering. 
 “TRA Right” shall mean the Company’s right to payments from Manning & Napier pursuant to the TRA. 
 “Transfer” shall mean, as a noun, any voluntary or involuntary, whether direct or indirect, transfer, sale, assignment, pledge, hypothecation, creation of a security interest or other
disposition and, as a verb, voluntarily or involuntarily to transfer, sell, assign, pledge, hypothecate, grant a security interest in or otherwise dispose of. 
 “Units” has the meaning set forth in Section 3.02 hereof. 
 1.02 Construction. For the purposes of this Agreement (a) any reference in this Agreement to gender shall include all genders; (b) any words imparting the singular number only shall
include the plural and visa versa; (c) the terms “herein,” “hereinafter,” “hereof,” “hereby” and “hereunder” and words of similar import refer to this Agreement as a whole (including all of the
exhibits and schedules hereto) and not merely to a subdivision in which such words appear unless the context otherwise requires; (d) the word “including” or any variation thereof means “including, without limitation” and
shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it; (e) any reference in this Agreement to “dollars” or ($) shall mean United States dollars;
(f) the word “or” shall not be exclusive; (g) all references to any period of days shall be deemed to be to the relevant number of calendar days unless otherwise specified; (h) all references to an “employee” of
the Company 

  
 8 

 
shall include any natural person that provides personal services to any member of the Company, whether or not such natural person is treated as a “partner” (rather than as an employee)
for tax and tax withholding purposes; (i) any reference in this Agreement to “writing” or comparable expressions includes a reference to facsimile transmissions or comparable means of communication; and (j) references to any
statute or statutory provision shall include a reference to that statute or statutory provision as amended, consolidated or replaced from time to time (whether before or after the date of this Agreement) and include subordinate legislation made
under the relevant statute or statutory provision. 
 ARTICLE II 

GENERAL PROVISIONS 
 2.01 Formation and Continuation. The Company was organized as a limited liability company under the Act on June 30, 2011 by the execution and filing of the Certificate with the Secretary of
State of the State of Delaware. The Managing Member and the Board, as applicable, and the other Members hereby agree to continue the Company under and pursuant to the terms of the Act and agree further that the rights, duties and obligations of the
Members shall be as provided in the Act except as otherwise provided in this Agreement. 
 2.02 Name. The name of the
Company shall be “M&N Group Holdings, LLC,” provided that the Managing Member and the Board, as applicable, shall have the right to change the name of the Company, upon written notice to each of the Members. 

2.03 Principal Place of Business. The principal office of the Company shall be maintained at 290 Woodcliff Drive, Fairport, New
York 14450, or at such other location as the Managing Member or the Board, as applicable, may designate from time to time. The Company may establish or abandon from time to time such additional offices and places of business as the Managing Member
or the Board, as applicable, may deem appropriate in the conduct of the Company’s business. 
 2.04 Registered Office;
Registered Agent. The registered office of the Company required by the Act to be maintained in the State of Delaware shall be the office of the initial registered agent named in the Certificate or such other office (which need not be a place of
business of the Company) as the Managing Member or the Board, as applicable, may designate in the manner provided by Law. The registered agent of the Company in the State of Delaware shall be the initial registered agent named in the Certificate or
such other Person or Persons as the Managing Member or the Board, as applicable, may designate in the manner provided by Law. 

2.05 Purposes and Powers. The purpose of the Company shall be to carry on any lawful business or activity and to have and exercise
all of the powers, rights and privileges which a limited liability company organized pursuant to the Act may have and exercise. The Company shall not conduct any business which is forbidden by or contrary to Law. 

2.06 Foreign Qualifications. Prior to the Company’s conducting business in any jurisdiction other than Delaware, to the
extent that the nature of the business conducted requires the Company to qualify as a foreign limited liability company under the Law of that jurisdiction, 

  
 9 

 
the Company shall satisfy all requirements necessary to so qualify. At the request of the Company, each Member shall execute, acknowledge, swear to and deliver all certificates and other
instruments conforming with this Agreement that are necessary or appropriate to qualify, continue and terminate the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business. 

2.07 Term. The existence of the Company commenced upon the filing of the Certificate, and the Company shall have a perpetual
existence unless and until dissolved and terminated in accordance with the provisions of this Agreement and the Act. 
 2.08
Tax Treatment as Partnership. The Members do not intend for the Company to be a partnership (including a limited partnership) or joint venture, and no Member or officer shall be a partner or joint venturer of any other Member or officer by
reason of this Agreement for any purpose other than federal and, if applicable, state and local income tax purposes, and this Agreement shall not be interpreted to provide otherwise. The Members intend that the Company will be treated as a
partnership for federal and, if applicable, state and local income tax purposes, and each Member and the Company will file all tax returns and will otherwise take all tax and financial reporting positions in a manner consistent with such treatment.
The Company will not make any election to be treated as a corporation for federal and, if applicable, state and local income tax purposes, except with the approval of the Managing Member or the Board, as applicable. 

ARTICLE III 

MEMBERS; UNITS 
 3.01 Members. 
 (a) Existing Members. Each of the Persons listed on
Schedule A hereto is hereby admitted, or has previously been admitted, as a Member. 
 (b) Additional Members. In
addition to the Persons listed on Schedule A, the following Persons shall be deemed to be Members and shall be admitted as Members without any further action by the Company, the Managing Member or the Board, as applicable, or any Member:
(i) any Person to whom Units are Transferred by a Member so long as such Transfer is made in compliance with Article IX of this Agreement and (ii) any Person to whom the Company issues Units after the Effective Date in compliance
with this Agreement. 
 (c) Cessation of Members. Any Person admitted or deemed admitted as a Member pursuant to
Section 3.01(a) or Section 3.01(b) shall cease to have the rights of a Member under this Agreement at such time that such Person is no longer a record owner of any Units (except as provided under Section 12.02,
which rights shall not cease), but such Person shall remain bound by all of the provisions of this Agreement except those, if any, that expressly terminate upon cessation of being a Member. 

(d) Liability of Members. Except as otherwise provided by the Act or herein, the debts, obligations and liabilities of the
Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Members shall not be obligated personally for any such debt, obligation or liability of the Company solely by
reason of being a member of the Company. 

  
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 3.02 Units; Class and Series. Membership Interests in the Company shall be
represented by whole or fractional unit increments (each, a “Unit”). From time to time, the Company may, subject to the terms of this Agreement, issue such number of Units as the Managing Member or the Board, as applicable,
reasonably determines to be in the best interests of the Company. Units may be issued from time to time in one or more classes or series, with such designations, preferences and rights as are set forth in Section 3.03 or otherwise as
shall be fixed from time to time by the Managing Member or the Board, as applicable, by resolution thereof. All issuances of Units shall require the prior approval of the Managing Member or the Board, as applicable. In so fixing the designations,
rights and preferences of any class or series of Units, the Managing Member or the Board, as applicable, may designate such Units as “Preferred Units,” “Class A Units,” “Class B Units,” or any other designation and may
specify the voting rights of such Units and such Units to be senior, junior, or pari passu with any Units then outstanding or to be issued thereafter. The Managing Member or the Board, as applicable, may increase the number of authorized
Units in any then existing class or series. Upon due authorization of such issuances, the Managing Member or the Board, as applicable, is hereby authorized to take all actions that it deems reasonably necessary or appropriate in connection with the
authorization (including the increase in number of authorized Units of any class or series), designation, creation and issuance of Units and the fixing of the designations, preferences and rights applicable thereto, and designations, preferences and
rights of any new class or series of Units relative to the designations, preferences and rights governing any other series or classes of Units. 
 3.03 Initial Unit Designations; Authorized Units. 
 (a) A class of Units is
hereby designated as “Class A Units.” The Company is authorized to issue                      Class A Units, or such greater
number as the Managing Member or the Board, as applicable, approves from time to time, and any Class A Unit issued in accordance with this Agreement shall be deemed to have been duly authorized and validly issued. The number of Class A
Units that have been issued by the Company as of the Effective Date and the names and addresses of the Members holding record title to the Class A Units as of the Effective Date are set forth in Schedule A hereto. 

(b) A class of Units is hereby designated as “Class B Units.” The Company is authorized to issue
                     Class B Units, or such greater number as the Managing Member or the Board, as applicable, approves from time to time, and any
Class B Unit issued in accordance with this Agreement shall be deemed to have been duly authorized and validly issued. In addition, Class B Units issued pursuant to that certain Grant Letter, dated as of the date hereof, between the Company and
Richard Goldberg, are hereby deemed to have been duly authorized and validly issued. Class B Units may be issued by the Company to Persons from time to time for no consideration or de minimis consideration as such interests are intended to
constitute “profits interests” within the meaning of Revenue Procedures 93-27 and 2001-43. The number of Class B Units that have been issued by the Company as of the Effective Date and the names and addresses of the Members holding record
title to the Class B Units as of the Effective Date are set forth in Schedule A hereto. 

  
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 (c) The Class B Units issued to the Managing Member on the date hereof shall vest upon the
consummation of the Initial Public Offering. Notwithstanding anything herein to the contrary, the Managing Member shall have no rights as a Member under this Agreement until such Class B Units have vested, including, without limitation, rights with
respect to voting, allocations and distributions hereunder; provided, however, the foregoing shall not prohibit the Managing Member from acting in his capacity as Managing Member hereunder. 

3.04 Unit Certificates. Ownership of Units may, but need not, be evidenced by certificates similar to customary stock
certificates. As of the date hereof, Units are uncertificated, but the Managing Member or the Board, as applicable, may determine to certificate all or any Units at any time by resolution thereof. In such event, the Managing Member or the Board, as
applicable, shall prescribe the forms of certificates to be issued by the Company including the forms of legends to be affixed thereto. Any such certificate shall be delivered by the Company to the applicable record owner of the Units represented by
such certificate. Certificates evidencing Units shall provide that they are governed by Article 8 of the Uniform Commercial Code. Certificates need not bear a seal of the Company but shall be signed by the Chief Executive Officer, President, any
Vice President or any other Person authorized by the Managing Member or the Board, as applicable, to sign such certificates who shall certify the Units represented by such certificate. In the event any Officer who shall have signed, or whose
facsimile signature or signatures shall have been placed upon, any such certificate or certificates shall cease to be such Officer before such certificate is issued by the Company, such certificate may nevertheless be issued by the Company with the
same effect as if such person were such Officer at the date of issue. The Managing Member or the Board, as applicable, may determine the conditions upon which a new certificate may be issued in place of a certificate which is alleged to have been
lost, stolen or destroyed and may, in its discretion, require the owner of such certificate or its Legal Representative to give bond, with sufficient surety, to indemnify the Company against any and all losses or claims that may arise by reason of
the issuance of a new certificate in the place of the one so lost, stolen or destroyed. Each certificate shall bear a legend on the reverse side thereof substantially in the following form in addition to any other legend required by Law or by
agreement with the Company: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE OFFERED OR SOLD, UNLESS IT HAS BEEN REGISTERED UNDER THE SECURITIES ACT OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE (AND, IN SUCH CASE, AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY MAY BE REQUESTED BY THE COMPANY TO THE EFFECT THAT SUCH OFFER OR SALE IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES ACT). 
 THIS SECURITY MAY BE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY

  
 12 

 
AGREEMENT OF THE COMPANY, DATED AS OF             , 2011 (AS MAY BE AMENDED OR RESTATED FROM TIME TO TIME), A COPY OF WHICH MAY BE
OBTAINED FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES. 
 3.05 Issued and Outstanding Units; Unit Ledger. The
Company shall maintain a ledger listing all of the record holders of Units and the number, class or series of Units held thereby. The Company will update Schedule A as Units are issued, forfeited or transferred from time to time. Any
modification to Schedule A for the foregoing reasons shall not require consent or approval from any of the Members. 

3.06 Safe Harbor Election. Without any further action by the Managing Member, the Board or any other Member, the Company may make
an election to value any Class B Units at liquidation value (the “Safe Harbor Election”) as the same may be permitted pursuant to or in accordance with Treasury Regulations Section 1.83-3(1) and IRS Notice 2005-43. The Managing
Member or the Board, as applicable, shall cause the Company to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations under Treasury Regulations Section 1.704-1(b)(4)(xii)(c) and elections as
to allocation periods) necessary or appropriate to effectuate and maintain the Safe Harbor Election. 
 3.07 Voting
Rights. Each Unit shall entitle the holder thereof to one vote for each such Unit. 
 ARTICLE IV 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 
 4.01 Capital Contributions. As of the Effective Date, each Member has made, or is deemed to have made, Capital Contributions, in cash or other property, in the amount specified in the books and
records of the Company. 
 4.02 Additional Capital Contributions. No Member shall have any obligation to make any
additional Capital Contributions after the Effective Date. In addition, no Member shall be permitted to make additional Capital Contributions of cash or other property without the express permission of the Managing Member or the Board, as
applicable, which permission may be withheld for any or no reason. 
 4.03 Return of Capital Contributions. Except as
expressly provided in this Agreement, (a) no Member shall receive any return or distribution of its Capital Contributions, (b) no Member shall receive any interest or other return on or with respect to either its Capital Contributions or
its Capital Account and (c) no Member shall be entitled to withdraw any part of its Capital Contributions or its Capital Account. 
 4.04 No Liability; No Deficit Restoration. The Members shall not be bound by, nor be personally liable for, the expenses, liabilities, indebtedness or obligations of the Company (unless otherwise
agreed to by such Member in writing) or of any other Member. The Members intend and agree that no Member shall be obligated to pay any deficit in its Capital Account to or for the account of the Company or any creditor of the Company. 

  
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 4.05 Capital Accounts. 

(a) A separate capital account (a “Capital Account”) shall be maintained for each Member on the books of the Company.

 (b) Each Member’s Capital Account will be increased by: (i) the amount of money contributed by such Member to the
Company, (ii) the Gross Asset Value of any property contributed to such Member by the Company, (iii) the amount of any liabilities of the Company assumed by such Member or which are secured by any property distributed to such Member and
(iv) allocations to such Member of Net Profits and other items of income or gain in accordance with the allocation provisions of this Agreement. 
 (c) Each Member’s Capital Account will be decreased by: (i) the amount of money distributed to such Member by the Company, (ii) the Gross Asset Value of any property distributed to such
Member by the Company, (iii) the amount of an liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company and (iv) allocations to such Member of Net Losses and other
items of deduction and loss in accordance with the allocation provisions of this Agreement. 
 (d) Each Member’s Capital
Account will be appropriately adjusted to take into account any adjustments to the Gross Asset Value of Company assets in accordance with the definition of the term “Gross Asset Value”. 

(e) In the event of a permitted sale or exchange of a Membership Interest, the Capital Account of the transferor shall become the Capital
Account of the transferee to the extent it relates to the transferred Membership Interest in accordance with Section 1.704-1(b)(2)(iv)(l) of the Treasury Regulations. 
 (f) In determining the amount of any liability for purposes of this Section 4.05, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and
the Treasury Regulations. 
 (g) The manner in which Capital Accounts are to be maintained pursuant to this
Section 4.05 is intended to comply with the requirements of Code Section 704(b) and the Treasury Regulations promulgated thereunder. If the Managing Member or the Board, as applicable, determines that the manner in which Capital
Accounts are to be maintained pursuant to the preceding provisions of this Section 4.05 should be modified in order to comply with Code Section 704(b) and the Treasury Regulations, then notwithstanding anything to the contrary
contained in the preceding provisions of this Section 4.05, the method in which Capital Accounts are maintained shall be so modified; provided, however, that any change in the manner of maintaining Capital Accounts shall
not materially alter the economic agreement between or among the Members as set forth in this Agreement. 

  
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 ARTICLE V 
 ALLOCATIONS; DISTRIBUTIONS 
 5.01 Allocation of Net Profits and Net
Losses Other Than in Liquidation of the Company. 
 (a) Ordinary Net Profits and Ordinary Net Losses, except as otherwise
provided herein, including Sections 5.01(b), 5.04 and 5.05, or unless another allocation is required by Treasury Regulations promulgated under Section 704(b) of the Code for the allocations to have “economic
effect,” for purposes of maintaining the Capital Accounts of the Members, for each Accounting Period, shall be allocated to and among all Members, pro rata, based on their respective Sharing Percentages. 

(b) Subject to the provisions of Sections 5.04 and 5.05, during each Fiscal Year in which a Class B Unit issued to Richard
Goldberg and/or William Manning is outstanding, Net Profits from Interim Capital Transactions shall be allocated first to Richard Goldberg until such time as when the positive balance in his Capital Account for that Fiscal Year bears the same ratio
to the sum of the Capital Accounts of all Members for that Fiscal Year, as his Sharing Percentage at the end of such year (“Equalization”). Thereafter, the Net Profits from Interim Capital Transactions shall be allocated to William
Manning until such time as he reaches Equalization. 
 (c) Subject to the provisions of Sections 5.01(b), 5.04 and
5.05, Net Profits and Net Losses arising from, or attributable to, an Interim Capital Transaction (including, for the avoidance of doubt, any income or gain received or attributable to the TRA Right related to the Exchange) shall be allocated
to and among all Members, pro rata, based on their respective Sharing Percentages. 
 (d) Allocations provided in this
Section 5.01 shall take into account changes to the Sharing Percentages during the taxable year using the closing of books method or any other reasonable convention adopted by the Managing Member or the Board, as applicable, in its sole
discretion; in addition, with respect to an Accounting Period during which any Unit of the Company (that constitutes a “profits interest” for tax purposes) is issued to any Member in connection with performance of services, the
Net Profits or Net Losses shall be allocated to such Member only with respect to periods beginning after the receipt of such Unit. 
 5.02 No Return of Distributions. No Member shall have any obligation to refund to the Company any amount that shall have been distributed to such Member pursuant to this Agreement unless required
to do so by applicable law. 
 5.03 Deficit Capital Accounts. Except as otherwise provided herein or under the Act, no
Member shall be required at any time to contribute any amount to the Company solely because of a deficit or negative balance in the Capital Account of such Member, and any deficit or negative balance shall not be considered an asset of the Company
for any purpose. 
 5.04 Regulatory Allocations. The following allocations shall be made in the following order:

 (a) Nonrecourse Deductions shall be allocated to the Members in accordance with their respective Sharing Percentages.

  
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 (b) Member Nonrecourse Deductions attributable to Member Nonrecourse Debt shall be allocated
to the Members bearing the Economic Risk of Loss for such Member Nonrecourse Debt as determined under Treasury Regulation Section 1.704-2(b)(4). If more than one Member bears the Economic Risk of Loss for such Member Nonrecourse Debt, the
Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the Economic Risk of Loss. This Section 5.04(b) is intended to comply with the
provisions of Treasury Regulation Section 1.704-2(i) and shall be interpreted consistently therewith. 
 (c)
Notwithstanding any other provision hereof to the contrary, if there is a net decrease in Minimum Gain for a Fiscal Year (or if there was a net decrease in Minimum Gain for a prior Fiscal Year and the Company did not have sufficient amounts of
income and gain during prior years to allocate among the Members under this Section 5.04(c), items of income and gain shall be allocated to each Member in an amount equal to such Member’s share of the net decrease in such Minimum
Gain (as determined pursuant to Treasury Regulation Section 1.704-2(g)(2)). This Section 5.04(c) is intended to constitute a minimum gain chargeback under Treasury Regulation Section 1.704-2(f) and shall be interpreted
consistently therewith. 
 (d) Notwithstanding any provision hereof to the contrary except Section 5.04(c) (dealing
with Minimum Gain), if there is a net decrease in Member Nonrecourse Debt Minimum Gain for a Fiscal Year (or if there was a net decrease in Member Nonrecourse Debt Minimum Gain for a prior Fiscal Year and the Company did not have sufficient amounts
of income and gain during prior years to allocate among the Members under this Section 5.04(d), items of income and gain shall be allocated to each Member in an amount equal to such Member’s share of the net decrease in Member
Nonrecourse Debt Minimum Gain (as determined pursuant to Treasury Regulation Section 1.704-2(i)(4)). This Section 5.04(d) is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulation
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (e) Notwithstanding any provision hereof to the
contrary except Sections 5.04(c) and Section 5.04(d) (dealing with Minimum Gain and Member Nonrecourse Debt Minimum Gain), a Member who unexpectedly receives an adjustment, allocation or distribution described in Treasury
Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) shall be allocated items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year) in an amount and manner
sufficient to eliminate any deficit balance in such Member’s Adjusted Capital Account as quickly as possible. This Section 5.04(e) is intended to constitute a qualified income offset under Treasury Regulation
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (f) In the event that any Member has a
negative Adjusted Capital Account at the end of any Fiscal Year, such Member shall be allocated items of Company income and gain in the amount of such deficit as quickly as possible; provided that an allocation pursuant to this
Section 5.04(f) shall be made only if and to the extent that such Member would have a negative Adjusted Capital Account after all other allocations provided for in this Section 5.04 have been tentatively made as if this
Section 5.04(f) were not in this Agreement. 

  
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 (g) To the extent an adjustment to the adjusted tax basis of any Company properties pursuant
to Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as the result of a
distribution to any Member in complete liquidation of such Member’s Membership Interest, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis) and such gain or loss shall be allocated to the Members in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) if such Section applies, or to the Member to whom such distribution was made if
Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 5.05 Curative Allocations. The Regulatory
Allocations are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. The Regulatory Allocations may be inconsistent with the manner in which the Members intend to divide Company distributions.
Accordingly, the Managing Member or the Board, as applicable, is authorized to divide other allocations of Profits, Losses and other items among the Members, to the extent that they exist, so that the net amount of the Regulatory Allocations and the
Curative Allocations to each Member is zero. The Managing Member or the Board, as applicable, shall have discretion to accomplish this result in any reasonable manner that is consistent with Code Section 704 and the related Treasury
Regulations. 
 5.06 Income Tax Allocations. The income, gains, losses, deductions and credits of the Company shall be
allocated for federal, state and local income tax purposes among the Members in the same manner and amounts as allocations are made to the Members pursuant to Section 5.01 of this Agreement. If any Membership Interest is transferred, or
is increased or decreased by reason of the admission of a new Member or otherwise, during any Accounting Period, each item of income, gain, loss, deduction, or credit of the Company for such Accounting Period allocable may be allocated based on any
method consistent with Section 706(d) of the Code, in the sole discretion of the Managing Member or the Board, as applicable. 
 5.07 Other Allocation Rules. 
 (a) Except as otherwise provided herein, for
purposes of determining the Net Profits, Net Losses, or any other items allocable to any period, Net Profits, Net Losses, and any such other items shall be determined on a daily, monthly, or other basis, as determined by the Managing Member or the
Board, as applicable, using any permissible method under Code Section 706 and the Regulations thereunder. 
 (b) All items
of income, gain, loss, deduction and credit allocable to a Unit in the Company that is transferred in accordance with this Agreement shall be allocated between the transferor and the transferee based on the portion of the calendar year during which
each was recognized as the owner of such Unit, without regard to the results of Company operations during any particular portion of that calendar year and without regard to whether cash distributions were made to the transferor or the transferee
during that calendar year; provided, however, that this allocation must be made in accordance with a method permissible under Code Section 706 and the regulations thereunder. 

  
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 (c) The Members’ proportionate shares of the “excess nonrecourse liabilities”
of the Company, within the meaning of Treasury Regulation Section 1.752-3(a)(3), shall be in the same proportions as the relative number of Units held thereby. 
 5.08 Code Section 704(c) Allocations. 
 (a) In accordance with Code
Section 704(c) and the Treasury Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any
variation between the adjusted basis of such property to the Company for federal income tax purposes and its initial Gross Asset Value computed in accordance with the definition of “Gross Asset Value” using such method as the Managing
Member or the Board, as applicable, shall select. 
 (b) In the event the Gross Asset Value of any asset is adjusted pursuant to
clause (b) of the definition of “Gross Asset Value,” subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income
tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Treasury Regulations thereunder. 
 (c) Except otherwise provided herein, any elections or other decisions relating to such allocations shall be made by the Managing Member or the Board, as applicable, in any manner that reasonably reflects
the purpose and intention of this Agreement. Allocations pursuant to this Section 5.08 are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s
Capital Account or share of Net Profits, Net Losses or other items or distributions pursuant to any provision of this Agreement. 
 5.09 Distributions Other Than in Liquidation of the Company. Subject to applicable Law and any limitations contained elsewhere in this Agreement, distributions from the Company shall be made at
such times as the Managing Member or the Board, as applicable, shall determine from time to time as set forth below: 
 (a)
Distributions of Net Proceeds, other than from an Interim Capital Transaction, the Initial Public Offering or a sale transaction in connection with the liquidation of the Company, shall be made to the Members, pro rata, in proportion with their
respective Sharing Percentages. 
 (b) The distribution of Net Proceeds from the Initial Public Offering shall be made pro rata
to Manning & Napier Advisors, Inc., Manning & Napier Advisory Advantage Corporation and Manning & Napier Alternative Opportunities, Inc., in the same proportions as their respective Sharing Percentages bear to the
aggregate Sharing Percentage of those three Members. 

  
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 (c) Distributions of Net Proceeds from an Interim Capital Transaction shall be made to its
Requesting Member. 
 Distributions may take the form of cash, securities or other property, as determined by the Managing Member or the Board,
as applicable. 
 5.10 Tax Distributions. Notwithstanding any other provision of this Agreement to the contrary and to
the extent permitted by law, on or before the date that estimated income taxes are required to be paid with respect to each fiscal quarter, the Managing Member or the Board, as applicable, shall determine the Tax Allowance Amount for each Member in
respect of such quarter. Upon such determination, and to the extent that the Company has not made minimum distributions to each Member in an amount (in cash or property) at least equal to such Member’s respective Tax Allowance Amount for the
then current fiscal quarter, the Company shall distribute to each member an amount so that after such distribution is made each Member shall have received minimum aggregate distributions for such fiscal quarter equal to each such Member’s Tax
Allowance Amount. For the purposes of computing the Tax Allowance Amount, if any, the effect of any benefit to a Member under Section 734 or 743 of the Code, if any, will be ignored. A Tax Allowance Amount paid to a Member under this
Section 5.10 shall be treated as an advance against distributions to the same Member under this Agreement. 
 5.11
Restrictions on Distributions. Notwithstanding the provisions of Sections 5.09 and 5.10 hereof to the contrary, no distribution shall be made to the Members if such distribution would (a) violate any contract or agreement
to which the Company is then a party or any Law then applicable to the Company, (b) have the effect of rendering the Company insolvent or (c) result in the Company having net capital lower than that required by applicable Law. Without
limiting the generality of the foregoing, the Company shall not make a distribution to a Member to the extent that at the time of the distribution, after giving effect to the distribution, the aggregate of the liabilities of the Company and
liabilities for which the recourse of creditors is limited to specified property of the Company, exceed the fair value of the assets of the Company (including, without limitation, the fair value of the Company’s goodwill), except that the fair
value of property that is subject to a liability for which the recourse of creditors is limited shall be included in the assets of the Company only to the extent that the fair value of that property exceeds that liability. 

5.12 Withholding. Each Member hereby authorizes the Company to withhold and to pay to any appropriate Governmental or Regulatory
Authority any taxes payable by the Company as a result of such Member’s participation in the Company; if and to the extent that the Company shall be required to withhold and pay any such taxes, such Member shall be deemed for all purposes of
this Agreement to have received a payment from the Company in the amount of the sum withheld as of the time such withholding is required to be paid to any appropriate Governmental or Regulatory Authority, which payment shall be deemed to be a
distribution to such Member and an advance on any Tax Distributions to be made under this Agreement. 
 5.13 Indemnification
and Reimbursement for Payments on Behalf of a Member. If the Company is required by law to make any payment to a Governmental or Regulatory Authority that is specifically attributable to a Member or a Member’s status as such (including
federal withholding taxes, state or local personal property taxes and state or local unincorporated 

  
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business taxes), then such Member shall indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses). A Member’s obligation to indemnify the
Company under this Section 5.13 shall survive termination, dissolution, liquidation and winding up of the Company, and for purposes of this Section 5.13, the Company shall be treated as continuing in existence. The Company
may pursue and enforce all rights and remedies it may have against each Member under this Section 5.13, including instituting a lawsuit to collect such indemnification, with interest calculated at a rate equal to Prime Rate plus 2% (but
not in excess of the highest rate per annum permitted by law). 
 ARTICLE VI 

COSTS AND EXPENSES 
 6.01 Operating Costs. The Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of
attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the activities of the Company, and (b) in the sole discretion
of the Managing Member or the Board, as applicable, reimburse the Managing Member or the Board, as applicable, or any Company employee for any out-of-pocket costs, fees and expenses incurred by them in connection therewith. To the extent that the
Managing Member or the Board, as applicable, reasonably determines in good faith that its expenses are related to the business conducted by the Company and/or its subsidiaries (including any good faith allocation of a portion of expenses that so
relate to the business of the Company and/or its subsidiaries that also relate to the businesses or activities of the Managing Member or the Board, respectively), then the Managing Member or the Board, as applicable, may cause the Company to pay or
bear all such expenses of the Managing Member or the Board, respectively, including the litigation costs and damages arising from litigation, accounting and legal costs and franchise taxes (which are not based on, or measured by, income);
provided that the Company shall not pay or bear any income tax obligations of the Managing Member or any Director. Payments under this Section 6.01 are intended to constitute reasonable compensation for past or present services
and are not “distributions” within the meaning of Section 18-607 of the Act. 
 ARTICLE VII 

GOVERNANCE 

7.01 Management of the Business. Subject to Section 7.02, the business, property and affairs of the Company shall be
managed under the sole and exclusive direction of the Managing Member, which may from time to time delegate duties and authority in accordance with this Agreement to one or more other Persons to act on behalf of the Company. In addition to all
powers provided or permitted by the Act or any other applicable Law, the Managing Member is hereby authorized on behalf of the Company to: 
 (a) expend Company funds in furtherance of the business and purpose of the Company; 
 (b) incur obligations for and on behalf of the Company in connection with its business; 

  
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 (c) open, maintain and close, in the name of the Company, brokerage and bank accounts, and
to draw checks or other orders for the payment of money; 
 (d) borrow or raise moneys for and on behalf of the Company upon
such terms and conditions as may be necessary or advisable and without limit as to amount or manner and time of repayment; 

(e) issue, accept, endorse and execute promissory notes, drafts, bills of exchange, bonds, debentures and other negotiable or
non-negotiable instruments and evidences of indebtedness; 
 (f) hypothecate, mortgage or pledge the whole or any part of the
property or credit of the Company, whether at the time owned or thereafter acquired, provided, however, that the Company may not hypothecate, mortgage, pledge or otherwise Transfer its rights and obligations with respect to a TRA
Right; 
 (g) repay in whole or in part, refinance, modify or extend any security interest affecting property owned by the
Company and, in connection therewith, to execute for and on behalf of the Company any or all extensions, renewals, or modifications of such security interests; 
 (h) lend funds and other property of the Company either with or without security; 

(i) waive any default under any agreement to which the Company is a party; 

(j) apply for membership or participation in any exchanges, clearing agencies, trade associations or other organizations and to take any
actions and disclose any information necessary or appropriate in connection with such applications; 
 (k) determine, subject to
the provisions of this Agreement, the terms of any offering of Units and the manner of complying with applicable Law and to take any additional action as it shall deem necessary or desirable to effectuate the offering of Units; 

(l) prepare, execute, file and deliver any documents, instruments or agreements; 

(m) employ such agents, brokers, traders, consultants, advisers, employees, attorneys, accountants and other Persons as the Managing
Member deems appropriate and necessary to the conduct of the Company, at such rates and fees as it deems necessary or appropriate, whether or not they are associates or Affiliates of the Company or the Managing Member; 

(n) obtain insurance for the proper protection of the Company and the Members; 

(o) commence or defend any litigation or arbitration involving the Managing Member in its capacity as Managing Member, and to retain
legal counsel in connection therewith and to pay out of the assets of the Company any and all liabilities and expenses, including fees of legal counsel, incurred in connection therewith (except if the Managing Member is or becomes liable therefor
under Section 7.07 hereof); 

  
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 (p) take any other action contemplated to be taken by the Managing Member pursuant to this
Agreement; 
 (q) make such other decisions and enter into any other agreements or take such other action as it believes to be
necessary or desirable to carry out the business and purpose of the Company; and 
 (r) to do any and all acts and things
necessary or prudent to ensure that the Company is not classified as a “publicly traded partnership” taxable as a corporation under Section 7704 of the Code. 
 7.02 Board of Directors. Notwithstanding anything herein to the contrary, upon the occurrence of a Board Triggering Event, the Company shall be managed by “managers” (as such term is used
in the Act) according to the terms set forth herein. Such “managers” are referred to as “Directors” throughout this Agreement. Upon the occurrence of a Board Triggering Event, the business, property and affairs of the Company
shall be managed by a Board of Directors (the “Board”). 
 (a) Composition. The Board shall consist of
natural persons who need not be Members or residents of the State of Delaware. Upon the occurrence of a Board Triggering Event, the Board shall initially be composed of: 
 (i) two individuals appointed by (A) the estate of the Managing Member, if such Board Triggering Event is due to the death of the Managing Member, or (B) the Managing Member or a legal
representative thereof, if such Board Triggering Event is due to the disability of the Managing Member (such individuals, the “Manning Directors”); and 
 (ii) four individuals who at such time are employees of Manning & Napier Group (or any of its Subsidiaries) and hold the largest direct and indirect ownership interests in Manning &
Napier Group (the “Employee-Owner Directors”); provided, however, in the event the fourth largest direct and indirect ownership interest in Manning & Napier Group is held by more than one individual, then the
individual holding the most senior executive title shall be appointed as an Employee-Owner Director; provided, if such individuals hold identical or equal titles, then the individual with the highest total compensation shall be appointed as
an Employee-Owner Director; provided further, if such individuals hold identical or equal titles and earn identical total compensation, then a majority of the remaining Board shall determine which individual shall be appointed as an
Employee-Owner Director. 
 Each individual appointed to serve on the Board in accordance with this Section 7.02(a) shall serve
until his or her removal in accordance with Section 7.02(b), voluntary resignation, death or disability, as applicable. The chairperson of the Board, if any, shall be designated by the majority vote of the Directors. 

  
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 (b) Removal. A Director appointed to serve on the Board in accordance with
Section 7.02(a) may not be removed from the Board during his or her term except (i) if such Director has committed willful misconduct or gross negligence in a manner that materially impairs the Company’s financial condition or
prospects, (ii) if such Director has continually refused or intentionally failed to perform his or her duties and obligations in some material respect after reasonable written notice (and reasonable time to cure) of any such refusal or failure
to perform such duties or obligations, (iii) if such Director has been convicted of a felony or crime involving moral turpitude, (iv) if such Director has breached a material obligation under this Agreement, (v) if such Employee-Owner
Director is no longer an employee of the Company; or (vi) if such Employee-Owner Director does not hold one of the four largest direct and indirect ownership interests in Manning & Napier Group; provided, however, the
Persons who appointed the Manning Directors in accordance with Section 7.02(a) shall have the right to remove any such Director from serving on the Board and appoint replacements therefor. 

(c) Vacancies. Any vacancy created by the death, disability, retirement, resignation or removal of any Manning Director shall be
filled by an appointee designated by the Persons that designated the applicable former Manning Director under Section 7.02(a). Any vacancy created by the death, disability, retirement, resignation or lack of direct or indirect ownership
interest in Manning & Napier Group by an Employee-Owner Director shall be filled by an individual then employed by Manning & Napier Group and holding one of the four largest direct and indirect ownership interests in
Manning & Napier Group, as determined in accordance with the procedures set forth in Section 7.02(a). Actions taken at a duly convened Board meeting or by written consent when a vacancy exists shall not affect the validity of
such action. 
 (d) Quorum; Required Vote for Board Action. Each Director serving on the Board shall be entitled to cast
one vote in connection with each matter submitted for approval, adoption or consent of the Board (whether at a meeting or by written consent). A quorum for the transaction of business at a meeting of the Board shall exist when a majority of the
Directors is present in person, by proxy or by telephone. All decisions of the Board shall require the affirmative vote of a majority of the votes ascribed to all Directors present in person, by proxy or by telephone at any meeting of the Board at
which a quorum is present. 
 (e) Location; Order of Business. The Board may hold its meetings in such place or places,
within or without the State of Delaware, as the Board may from time to time determine by resolution. At all meetings of the Board, business shall be transacted in such order as shall from time to time be determined by resolution of the Board.

 (f) Meetings of the Board; Notices. The Board shall meet at least quarterly. Regular meetings of the Board shall be
held at such places as shall be designated from time to time by resolution of the Board. Special meetings of the Board may be called by any other Member or Members holding an aggregate of 15% of the Units then outstanding and eligible to vote on at
least 48 hours notice to each Director, with such notice containing a statement of the purposes for such special meeting. 
 (g)
Reimbursement; Compensation. All Directors shall be entitled to be reimbursed by the Company for their respective reasonable out-of-pocket costs and expenses incurred in the ordinary course of their services as such. Other than the
reimbursement for reasonable out-of-pocket costs, no Director shall be entitled to any other compensation. 

  
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 (h) Committees of the Board. The Board may, by resolution passed by a majority of all
of the Directors, designate one or more committees, including, without limitation, an audit, compensation, disclosure, governance, executive and nomination committee. Any committee designated in accordance with this Section 7.02(h) shall
choose its own chairman, shall keep regular minutes of its proceedings and report the same to the Board when requested, shall fix its own rules and procedures, and shall meet at such times and at such places as may be provided by such rules and
procedures, or by resolution of such committee or the Board. At every meeting of any such committee, the presence of a majority of all the members thereof shall constitute a quorum, and the affirmative vote of a majority of the members present at
any meeting at which a quorum is present shall be necessary for the adoption of any resolution. 
 7.03 Investment Company
Act. The Managing Member and the Board, as applicable, shall use its reasonable best efforts to assure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act of 1940, as amended.

 7.04 Meetings of the Members.  
 (a) Place of Meetings. All meetings of the Members shall be held at the principal office of the Company, or at such other place within or without the State of Delaware as shall be specified or
fixed in the notices (or waivers of notice) thereof. 
 (b) Quorum; Required Vote for Member Action; Adjournment of
Meetings. Except as expressly provided otherwise by this Agreement, the holders of a majority of the Units then outstanding shall constitute a quorum at any meeting of Members, and the affirmative vote of the holders of a majority of the Units
so present or represented at such meeting, voting together as a single class, shall constitute the act of the Members. The Members present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the
withdrawal of sufficient Members to destroy the quorum. 
 (c) Annual Meetings. An annual meeting of the Members
(i) for the appointment of Directors to succeed those Directors who are no longer serving on the Board due to his or her removal in accordance with Section 7.02(a), voluntarily resignation, death or disability, if and as applicable,
and (ii) for the transaction of such other business as may properly be considered at the meeting may be held at such place, within or without the State of Delaware, on such date, and at such time as the Managing Member or the Board, as
applicable, shall fix and set forth in the notice of the meeting; provided, if the business, property and affairs of the Company are being managed by the Board in accordance with Section 7.02, then until such time as a meeting of
Members shall be called in accordance with this Section 7.04, the Directors shall continue to serve until their resignation or removal in accordance with Section 7.02. In lieu of annual meetings, which are not a requirement
for any purpose, if the business, property and affairs of the Company are being managed by the Board in accordance with Section 7.02, then the Members may appoint Directors by written consent. 

  
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 (d) Record Date. 

(i) The Managing Member or the Board, as applicable, shall give at least 10 days’ notice of any meeting of the Members of the
Company. For the purpose of determining Members entitled to notice of or to vote at any meeting of Members, or any adjournment thereof, or entitled to consent to any matter, or entitled to exercise any rights in connection with any change,
conversion or exchange of Units, or for the purpose of any other lawful action, the Managing Member or the Board, as applicable, may fix a record date, which record date shall not precede the date upon which the resolution fixing such record date is
adopted by the Managing Member or the Board, as applicable, and which record date shall not be more than 60 nor less than 10 days prior to the date of such meeting. If no record date is fixed by the Managing Member or the Board, as applicable, the
record date for determining Members entitled to notice of or to vote at a meeting of Members shall be the close of business on the day next preceding the day on which notice of such meeting is given, or, if notice is waived in accordance with this
Agreement, the close of business on the day next preceding the day on which the meeting of Members is held. 
 (ii) If action
without a meeting is to be taken, the Managing Member or the Board, as applicable, may fix a record date for determining Members entitled to consent in writing to such action, which record date shall not precede the date upon which the resolution
fixing the record date is adopted by the Managing Member or the Board, as applicable, and which record date shall not be more than 10 days subsequent to the date upon which the resolution fixing the record date is adopted by the Managing Member or
the Board, as applicable. If no record date has been fixed by the Managing Member or the Board, as applicable, the record date for determining Members entitled to consent to action in writing without a meeting shall be the first date on which a
signed written consent setting forth the action taken or proposed to be taken is delivered to the Company by delivery to its registered office, its principal place of business, or to an Officer of the Company having custody of the book in which
proceedings of meetings of Members are recorded. 
 (iii) A determination of Members of record entitled to notice of or to vote
at a meeting of Members shall apply to any adjournment of the meeting; provided, however, that the Managing Member or the Board, as applicable, may fix a new record date for the adjourned meeting. 

7.05 Provisions Applicable to All Meetings. In connection with any meeting of the Members or any meeting of the Board, the
following provisions shall apply: 
 (a) Waiver of Notice Through Attendance. Attendance of a Person at such meeting
(including attendance by telephone pursuant to Section 7.05(d)) shall constitute a waiver of notice of such meeting, except where such Person attends the meeting for the express purpose of objecting to the transaction of any business on
the ground that the meeting is not lawfully called or convened. 
 (b) Proxies. A Director may vote at a Board meeting,
if any, by a written proxy executed by that Person and delivered to another Director. A Member entitled to vote at such a meeting may vote at such meeting by a written proxy executed by that Person and delivered to the Secretary. A proxy shall be
revocable unless it is stated to be irrevocable. 

  
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 (c) Action by Written Consent. Any action required or permitted to be taken at such a
meeting may be taken without a meeting and without a vote if a consent or consents in writing, setting forth the action or actions so taken, is signed by such Directors or the Members, as applicable, required to constitute a quorum and carry the
vote at any duly convened meeting thereof. Notwithstanding the foregoing, at least two Business Days prior to any such action by written consent, the Company shall furnish copies of all notices, form of consents in lieu of Board meetings, if any, or
meetings of the Members, as applicable, and other materials to any such Persons taking action by written consent. 
 (d)
Meetings by Telephone. Directors or the Members, as applicable, may participate in and hold any meeting by means of conference telephone, video conference or similar communications equipment by means of which all Persons participating in the
meeting can hear each other, and the votes of any Directors or the Members, as applicable, participating by conference telephone, video conference or similar communications equipment shall be given full effect. 

7.06 Officers. The Managing Member or the Board, as applicable, may appoint certain agents of the Company to be referred to as
“officers” of the Company (“Officers”) and designate such titles (such as Chief Executive Officer, President, Vice-President, Secretary and Treasurer) as are customary for corporations under Delaware Law, and such Officers
shall have the power, authority and duties described by resolution of the Managing Member or the Board, as applicable, or as is customary for each such position. In addition to or in lieu of Officers, the Managing Member or the Board, as applicable,
may authorize any Person to take any action or perform any duties on behalf of the Company (including any action or duty reserved to any particular Officer) and any such person may be referred to as an “authorized person.” An employee or
other agent of the Company shall not be an authorized person unless specifically appointed as such by the Managing Member or the Board, as applicable. Duly elected and designated Officers shall have primary responsibility for the day-to-day
operations of the Company, subject to oversight by the Managing Member or the Board, as applicable. 
 7.07 Duties of the
Managing Member, the Directors and the Members. 
 (a) Managing Member. To the fullest extent permitted by the Act and
during the continuance of the Company, the Managing Member shall devote such time and effort to the business of the Company as may be necessary to promote adequately the interests of the Company. Any action of the Managing Member or failure to act,
taken or omitted in good faith reliance on the foregoing provisions shall not, as between the Company and the other Members, on the one hand, and the Managing Member, on the other hand, constitute a breach of any duty (including any fiduciary or
other similar duty, to the extent such exists under the Act or any other applicable Law, rule or regulation) on the part of the Managing Member. 
 (b) Directors. To the fullest extent permitted by the Act and during the continuance of the Company, each Director shall devote such time and effort to the business of the Company as may be
necessary to promote adequately the interests of the Company. Any 

  
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action of a Director or failure to act, taken or omitted in good faith reliance on the foregoing provisions shall not, as between the Company and the other Members, on the one hand, and such
Director, on the other hand, constitute a breach of any duty (including any fiduciary or other similar duty, to the extent such exists under the Act or any other applicable Law, rule or regulation) on the part of such Director. 

(c) Members. Each Member hereby: 
 (i) agrees that (A) the terms of this Section 7.07, to the extent that they modify or limit a duty or other obligation, if any, that the Managing Member may have to the Company or any
another Member under the Act or other applicable Law, rule or regulation, are reasonable in form, scope and content; and (B) the terms of this Section 7.07 shall control to the fullest extent possible if it is in conflict with a
duty, if any, that the Managing Member may have to the Company or another Member, under the Act or any other applicable law, rule or regulation; and 
 (ii) waives to the fullest extent permitted by the Act, any duty or other obligation, if any, that a Member may have to the Company or another Member, pursuant to the Act or any other applicable Law, rule
or regulation, to the extent necessary to give effect to the terms of this Section 7.07. 
 (d) The Members
acknowledge, affirm and agree that (i) the Members would not be willing to make any investment in the Company in the absence of this Section 7.07 and (ii) they have reviewed and understand the provisions of
§§18-1101(b) and (c) of the Act. 
 7.08 Liability of the Managing Member and the Directors.
Notwithstanding anything to the contrary contained herein, neither the Managing Member nor any Director, as applicable, shall be liable, responsible or accountable in damage or otherwise to the Company or to any Member, successor, assignee or
transferee except by reason of acts or omissions due to fraud or intentional misconduct or that constitute a violation of the implied contractual duty of good faith and fair dealing. 

7.09 No Right to Act. No Member, as such, has the authority or power to act for or on behalf of the Company, to do any act that
would be binding on the Company, to manage the business or affairs of the Company, to direct that any action be taken by the Company or any of its Officers, officers, employees, or agents, or to make any expenditures on behalf of the Company, unless
such specific authority has been expressly granted to and not revoked from such Person by the Managing Member or the Board, as applicable. 
 7.10 Investment Representations of Members. Each Member hereby represents, warrants and acknowledges to the Company that: 
 (a) Such Member has all requisite power to execute, deliver and perform this Agreement, and the performance of its obligations hereunder will not result in a breach or a violation of, or a default under,
any material agreement or instrument by which such Member or any of such Member’s properties is bound or any statute, rule, regulation, order or other Law to which it is subject, nor require the obtaining of any consent, approval, permit or
license from or filing with, any governmental authority or other Person by such Person in connection with the execution, delivery and performance by such Member of this Agreement. 

  
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 (b) This Agreement constitutes (assuming its due authorization and execution by the other
Members) such Member’s legal, valid and binding obligation. 
 (c) Such Member is acquiring its Membership Interest for
investment solely for such Member’s own account and not for distribution, transfer or sale to others in connection with any distribution or public offering. 
 (d) Such Member (i) has received all information that such Member deems necessary to make an informed investment decision with respect to an investment in the Company and (ii) has had the
unrestricted opportunity to make such investigation as such Member desires pertaining to the Company and an investment therein and to verify any information furnished to such Member. 

(e) Such Member understands that such Member must bear the economic risk of an investment in the Company for an indefinite period of time
because (i) the Membership Interests have not been registered under the Securities Act and applicable state securities Laws and (ii) the Membership Interests may not be sold, transferred, pledged or otherwise disposed of except in
accordance with this Agreement and then only if they are subsequently registered in accordance with the provisions of the Securities Act and applicable state securities Laws or registration under the Securities Act or any applicable state securities
Laws is not required. 
 ARTICLE VIII 
 ADDITIONAL COVENANTS 
 8.01 Confidentiality. Each Member shall keep
confidential and shall not disclose, divulge or use, other than for Company business, any Confidential Information except for disclosures (a) compelled by Law or required or requested by subpoena or request from a court, regulator or a stock
exchange (but the Member shall (provided such notification is legally permitted) notify the Company or the Member affected by such disclosure, as applicable, promptly of any request for that information before disclosing it if practicable),
(b) to Legal Representatives of the Member (provided that each Legal Representative is informed of the confidential nature of such information, and that the disclosing Member remains liable for any breach of this provision by its Legal
Representatives, (c) to any Person to which such Member Transfers or offers to Transfer any of its Units in compliance with this Agreement so long as the transferring party first obtains a confidentiality agreement from the proposed transferee,
in form reasonably acceptable to the Company, (d) of information in connection with litigation against the Company or any Member to which the disclosing Member is a party (but the Member shall notify the Company or the Member affected by such
disclosure, as applicable, as promptly as practicable prior to making such disclosure, if practicable, and shall disclose only that portion of such information required to be disclosed) or (e) permitted by the Company or Member affected by such
disclosure, as applicable. The Members agree that breach of the provisions of this Section 8.01 may cause irreparable injury to the Company or the other Members for which monetary damages (or other remedy at law) are inadequate in view
of the complexities and uncertainties in measuring the actual damages that would be sustained by reason of the failure of a Member to comply with such provisions. Accordingly, the Members agree that the provisions of this Section 8.01
may be enforced by specific performance. 

  
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 8.02 Company Property. All confidential and proprietary information of the Company
shall be the exclusive property and proprietary rights of the Company, and to the extent any Member has participated in the development thereof, such Member shall assign all such rights to the Company and such Member’s work effort shall be
considered “works for hire” for the Company. 
 8.03 Transactions Between Members and the Company.
Except as otherwise provided by applicable Law, a Member may, but shall not be obligated to, lend money to the Company, act as a surety or guarantor for the Company, or transact other business with the Company, and has the same rights and
obligations when transacting business with the Company as a Person who is not a Member; provided such transactions shall be entered into on terms and conditions customary in arm’s length transactions between unrelated parties.

 ARTICLE IX 
 RESTRICTIONS ON TRANSFERS 
 9.01 General Restrictions. 

(a) No Member may Transfer all or any portion of its Units without the prior written consent of the Managing Member or the Board, as
applicable, which may be withheld in its sole discretion, and any attempted Transfer that is not in accordance with this Article IX shall be, and is hereby declared, null and void ab initio. 

(b) No Member or transferee thereof shall, without the prior written consent of the Managing Member or the Board, as applicable, which
may be withheld in its sole discretion, create, or suffer the creation of, a Lien on such Member’s Units. 
 (c) No Member
shall Transfer all or any of its Units (i) if such Transfer would subject the Company to the reporting requirements of the Exchange Act or (ii) if such Transfer would cause the Company to lose its status as a partnership for federal income
tax purposes or cause the Company to be classified as a “publicly traded partnership” within the meaning of Code Section 7704, and any attempted Transfer that is not in accordance with this Section 9.01(c) shall be, and is
hereby declared, null and void ab initio. 
 (d) The Members agree that a breach of the provisions of this Article IX may
cause irreparable injury to the Company and the Members for which monetary damages (or other remedy at Law) are inadequate in view of (i) the complexities and uncertainties in measuring the actual damages that would be sustained by reason of
the failure of a Person to comply with such provisions and (ii) the uniqueness of the Company’s business and the relationship among the Members. Accordingly, the Members agree that the provisions of this Article IX may be enforced
by specific performance. 

  
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 9.02 Permitted Transfers. Notwithstanding anything to the contrary contained herein:

 (a) subject to compliance with the provisions of Section 9.03, a Member may, at any time, (a) make a
Permitted Transfer of all or a portion of its Units and (b) Transfer all or a portion of its Units to its members or shareholders, as applicable (any such Transferee, a “Permitted Transferee”), and each such Transfer shall
thereupon be deemed effective in all respects; and 
 (b) a Requesting Member may, at any time, provide notice to the Company to
effectuate an Interim Capital Transaction. 
 9.03 Conditions to Transfers. If the Managing Member or the Board, as
applicable, has consented to a Transfer, or a Transfer is to a Permitted Transferee pursuant to Section 9.02(a), such Transfer may be made only if (a) the provisions of Section 9.01 do not otherwise prohibit the
Transfer, (b) a duly executed and acknowledged counterpart of the instrument effecting such Transfer, in form and substance satisfactory to the Managing Member or the Board, as applicable, shall have been delivered to the Managing Member or the
Board, respectively, and the transferring Member shall have indicated such intention of substitution in the instrument effecting such Transfer, (c) the assignee shall have expressly agreed to be bound by the provisions of this Agreement and to
assume all of the obligations imposed upon Members hereunder, (d) the transferring Member and the assignee shall have executed or delivered such other instruments as the Managing Member or the Board, as applicable, may deem necessary or
desirable to effectuate such admission, including, but not limited to, an opinion of counsel that the Transfer complies with the registration provisions of the Securities Act or an exemption therefrom, and (e) the transferring Member or
assignee shall have paid all reasonable expenses and legal fees relating to the Transfer and the assignee’s admission as a Member, including, but not limited to, the cost of any required counsel’s opinion. 

9.04 Expenses of Transfer; Indemnification. All reasonable costs and expenses incurred by the Managing Member or the Board, as
applicable, and the Company in connection with any Transfer of a Member’s Units, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the transferring Member. In
addition, the transferring Member hereby indemnifies the Managing Member, the Board and the Company against any losses, claims, damages or liabilities to which the Managing Member, the Board or the Company or any of their respective Affiliates may
become subject arising out of or based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 

9.05 Interim Capital Transactions. Notwithstanding anything herein to the contrary, in connection with any Requesting
Member’s valid notice to effectuate an Interim Capital Transaction, the Managing Member shall cause the Company to take any action as may be required to effectuate such Interim Capital Transaction on behalf of such Requesting Member, including,
without limitation, in accordance with the terms set forth in the Exchange Agreement. 
 9.06 Redemption. The Managing
Member shall have the sole discretion to approve any request for redemption of any Unit. Notwithstanding the foregoing, no redemption shall be permitted unless: 
 (a) the conditions to a Transfer in Section 9.03 are satisfied with respect to the redemption as if the redemption were a Transfer;

  
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 (b) the Requesting Member provides the Managing Member a written request for
redemption at least 60 calendar days in advance of the requested redemption date; 
 (c) the redemption price is
established not earlier than 60 calendar days after the Managing Member’s receipt of such written request; and 

(d) the redemption, if granted, together with “transfers” (within the meaning of Section 7704 of the Code) previously
effectuated during the Fiscal Year of the Company (other than transfers described in Treasury Regulation Section 1.7704-1(e)) does not exceed 10% of the total interests in the Company’s capital or profits. 

The Managing Member or the Board, as applicable, may elect to waive one or more of (a)-(d) if a written opinion is received by the
Company’s tax counsel, in a form reasonably satisfactory to the Managing Member or the Board, as applicable, that the proposed redemption will not adversely cause the Company to constitute a “publicly
traded partnership” within the meaning of Section 7704 of the Code. 
 ARTICLE X 

DISSOLUTION, LIQUIDATION AND TERMINATION OF THE COMPANY 
 10.01 Dissolution. 
 (a) The Company shall dissolve and its affairs shall be
wound up on the first to occur of the following events (each, a “Dissolution Event”), and no other event shall cause the Company’s dissolution: 
 (i) the determination by the Managing Member or the Board, as applicable, that the Company should dissolve; provided, however, that the Managing Member or the Board, as applicable, has
received the prior written consent of the holders of at least 66-2/3% of the issued and outstanding Class A Units at such time; or 
 (ii) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. 
 (b) Upon the dissolution of the Company, no further business shall be done in the Company name except the completion of any incomplete transactions and the taking of such action as shall be necessary for
the winding up of the affairs of the Company and the distribution of its assets. 
 (c) To the maximum extent permitted by the
Act, the death, retirement, resignation, expulsion, bankruptcy or dissolution of a Member shall not constitute a Dissolution Event and, notwithstanding the occurrence of any such event or circumstance, the business of the Company shall be continued
without dissolution. 

  
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 10.02 Liquidation and Termination. 

(a) On the occurrence of a Dissolution Event, the Managing Member or the Board, as applicable, or a Person selected by the Managing Member
or the Board, as applicable, to act as liquidating trustee shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The Managing Member, the Board or liquidating trustee, as
applicable, is authorized, subject to the Act, to sell, exchange or otherwise dispose of the assets of the Company, or to distribute Company assets in kind, as the Managing Member, the Board or liquidating trustee shall determine to be in the best
interests of the Members. The reasonable out-of-pocket expenses incurred by the Managing Member, the Board or liquidating trustee, as applicable, in connection with winding up the Company (including legal and accounting fees and expenses) shall be
borne by the Company. Except as otherwise required by Law and except in connection with any gross negligence or willful misconduct of the Managing Member, the Board or liquidating trustee, as applicable, the Managing Member, the Board or liquidating
trustee shall not be liable to any Member or the Company for any loss attributable to any act or omission of the Managing Member, the Board or liquidating trustee taken in good faith in connection with the winding up of the Company and the
distribution of Company assets. The Managing Member, the Board or liquidating trustee, as applicable, may consult with counsel and accountants with respect to winding up the Company and distributing its assets and shall be justified in acting or
omitting to act in accordance with the advice or opinion of such counsel or accountants, provided that the Managing Member, the Board or liquidating trustee, as applicable, shall have used reasonable care in selecting such counsel or accountants.

 (b) The Managing Member, the Board or the liquidating trustee, as applicable, shall take the following actions and make the
following distributions out of the property of the Company in the following manner and order: 
 (i) Accounting. As
promptly as possible after dissolution and again after final winding up, the Managing Member, the Board or the liquidating trustee, as applicable, shall cause a proper accounting to be made by an independent outside accounting firm of the
Company’s assets, liabilities, and operations through the last calendar day of the month in which the dissolution occurs or the final winding up is completed, as applicable. 

(ii) Satisfaction of Obligations. The Managing Member, the Board or the liquidating trustee, as applicable, shall pay, satisfy or
discharge from Company funds all of the debts, liabilities and obligations of the Company (including all expenses incurred in winding up); provided, however, that the Managing Member, the Board or the liquidating trustee, as
applicable, may establish one or more cash escrow funds (in such amounts and for such terms as the liquidator may reasonably determine) for the payment of contingent liabilities. 

(iii) Distribution of Assets. All remaining assets of the Company shall be distributed to the Members as follows: 

(A) the Managing Member, the Board or the liquidating trustee, as applicable, may sell any or all Company property,
including to the Members; 

  
 32 

 (B) Subject to the provision of Sections 5.04 and 5.05, taking into account
paragraph (C) hereof, Net Profits and Net Losses arising from, or attributable to, the sale transactions described in paragraph (A) hereof shall be allocated to the Members in a manner that will, as nearly as possible, cause the Capital
Account balance of each Member at the end of the last Accounting Period to be in the same proportion as their respective Sharing Percentages provided, however, if any Class B Unit issued to Richard Goldberg and/or William Manning is
outstanding during the final Accounting Period, Section 5.01(b) shall be applied first before the application of this paragraph 10.2(b)(iii)(B); 

(C) For purposes of paragraph (B) hereof, with respect to all Company property that has not been sold, the Gross
Asset Value of that property shall be determined and the Capital Accounts of Members shall be adjusted to reflect the manner in which the unrealized income, gain, loss, and deduction inherent in property that has not been reflected in the Capital
Accounts previously would be allocated among Members if there were a taxable disposition of that property for the Gross Asset Value of that property on the date of distribution under paragraphs (B) and (D) hereof; and 

(D) the property of the Company shall be distributed to the Members, pro rata, in accordance with their respective
positive Capital Account balances. 
 (c) All distributions in kind to the Members shall be made subject to the liability of
each distributee for costs, expenses, and liabilities theretofore incurred or for which the Company has committed prior to the date of termination, and those costs, expenses, and liabilities shall be allocated to the distributee pursuant to this
Section 10.02; provided, however, that no Member shall be liable for any such Company cost, expense or liability in excess of the Gross Asset Value of the property so distributed in kind to such Member. The distribution of
cash and/or property to a Member in accordance with the provisions of this Section 10.02 constitutes a complete return to the Member of its Capital Contributions and all the Company’s property and constitutes a compromise to which
all Members have consented within the meaning of Section 18-502(b) of the Act; provided, however, that no Member shall be deemed under this Section 10.02(c) to have agreed to be liable for any such Company cost,
expense or liability in excess of the Gross Asset Value of the property so distributed in kind to such Member. To the extent that a Member returns funds to the Company, it has no claim against any other Member for those funds. 

10.03 Deficit Capital Accounts. No Member will be required to pay to the Company, any other Member or any third party, any deficit
balance which may exist, from time to time, in the Member’s Capital Account. 
 10.04 Certificate of Cancellation.
On completion of the distribution of Company assets as provided herein, the Managing Member or the Board, as applicable (or any Person or Persons as the Act may require or permit), shall file a Certificate of Cancellation with the Secretary of State
of Delaware, cancel any other filings made pursuant to Section 2.06, and take such other actions as may be necessary to terminate the existence of the Company. Upon the effectiveness of the Certificate of Cancellation, the existence of
the Company shall cease, except as may be otherwise provided by the Act or other applicable Law. 

  
 33 

 ARTICLE XI 
 ACCOUNTING 
 11.01 Accounts of the Company. The books and records of
account of the Company shall be maintained in accordance with GAAP consistently applied and shall be reconciled to comply with the methods followed by the Company for United States federal income tax purposes, consistently applied. The books and
records shall be maintained at the Company’s principal office or at a location designated by the Managing Member or the Board, as applicable. 
 11.02 Annual Reports to Members. Within one hundred twenty (120) days after the end of each Fiscal Year, the Managing Member or the Board, as applicable, shall cause to be prepared and mailed
to each Member one (1) or more reports setting forth, as of the end of such Fiscal Year, (a) a statement of Net Profits and Net Losses and the amount of such Member’s Capital Account and, as soon as thereafter practicable, the amount
of such Member’s share of the Company’s taxable income or loss for such Fiscal Year, in sufficient detail to enable such Member to prepare its federal, state and other tax returns and (b) a balance sheet and statements of operations
and cash flows for the Company and its subsidiaries as of and for the Fiscal Year. The financial statements described in this Section 11.02 shall be prepared in accordance with GAAP applied on a consistent basis (except as may be noted
therein). 
 11.03 Tax Returns and Tax Elections. 

(a) The Company’s accountants shall prepare all federal, state and local tax returns of the Company for each year for which such
returns are required to be filed. The Managing Member or the Board, as applicable, in its sole discretion, shall determine the accounting methods and conventions under the tax laws of the United States, the several states and other relevant
jurisdictions as to the treatment of income, gain, loss, deduction and credit of the Company or any other method or procedure related to the preparation of such tax returns. The Managing Member or the Board, as applicable, in its sole discretion,
may cause the Company to make or refrain from making any and all elections permitted by such tax laws, provided that the Company shall (i) except as otherwise required by the Code, use the cash method of accounting for federal income
purposes, and (ii) elect out of the installment sale treatment under Code Section 453(d) and Treasury Regulation Section 15A.453-1(c)(1) with respect to the Initial Public Offering and the Interim Capital Transactions. 

(b) Each Member agrees that, in respect of any year in which it has or had any interest in the Company, it shall not (i) treat, on
its individual income tax returns, any item of income, gain, loss, deduction or credit relating to its interest in the Company in a manner inconsistent with the treatment of such item by the Company as reflected on the Form K-1 or other information
statement furnished by the Company to such Member for use in preparing its income tax returns or (ii) file any claim for refund relating to any such item based upon, or that would result in, such inconsistent treatment unless such Member has
been advised by counsel that treating such item in a manner consistent with the treatment of such item by the Company would subject such Member to penalties under the Code. 
 (c) The Managing Member or the Board, as applicable, or a Person designated by the Managing Member or the Board, as applicable, who is a Member, shall be the Company’s

  
 34 

 
“Tax Matters Partner” (as that term is defined in Section 6231(a)(7) of the Code) in the event of an income tax audit of any Company return. To the extent the Company is treated as
an entity for purposes of the audit, including administrative settlement and judicial review, the Tax Matters Partner shall be authorized to act for and represent the Company, and to enter into a settlement agreement within the meaning of
Section 6224(c)(1) of the Code (or comparable provisions under state or local Law) to which each Member agrees to be bound. All expenses incurred in connection with any such audit shall be expenses of the Company. The Tax Matters Partner shall
be authorized to carry out on behalf of the Company and at the Company’s expense all acts appropriate to such designation with respect to federal, state and local taxing authorities. 

11.04 No Further Rights to Books and Records. Except for the information required to be provided to the Members under this
Agreement, no Member shall have the right to demand from the Company, and the Company shall have no obligation to provide to any Member, any books or records of the Company. 
 ARTICLE XII 
 EXCULPATION AND INDEMNIFICATION 

12.01 Exculpation. To the fullest extent permitted by applicable Law, and except as otherwise expressly provided herein, no
Indemnitee shall be liable to the Company or any other Indemnitee for any Losses which at any time may be imposed on, incurred by, or asserted against, the Company or any other Indemnitee as a result of or arising out of the activities of the
Indemnitee in its capacity as an Officer of the Company or otherwise on behalf of the Company to the extent within the scope of the authority reasonably believed to be conferred on such Indemnitee, except to the extent such Losses arise out of
(a) the Indemnitee’s failure to act in good faith and in a manner such Indemnitee believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any
reasonable cause to believe such conduct was unlawful, or (b) the Indemnitee’s gross negligence or willful misconduct. 
 12.02 Indemnification. To the fullest extent permitted by applicable Law, each of (a) the Members, the Managing Member, the Board and their respective Affiliates, (b) the
stockholders, members, managers, directors, officers, partners, employees and agents of the Members, the Managing Member, the Board and their respective Affiliates, and (c) the Officers of the Company (each, an “Indemnitee”)
shall be indemnified and held harmless by the Company from and against any and all Losses which at any time may be imposed on, incurred by, or asserted against, the Indemnitee as a result of or arising out of this Agreement, the Company, its assets,
business or affairs or the activities of the Indemnitee in its capacity as an officer of the Company or otherwise on behalf of the Company to the extent within the scope of the authority reasonably believed to be conferred on such Indemnitee;
provided, however, that the Indemnitee shall not be entitled to indemnification for any Losses to the extent such Losses arise out of (a) the Indemnitee’s failure to act in good faith and in a manner such Indemnitee believed
to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, or (b) the Indemnitee’s gross
negligence or willful misconduct. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee

  
 35 

 
acted in a manner specified in clause (a) or (b) above. Any indemnification pursuant to this Article XII shall be made only out of the assets of the Company and no Member shall
have any personal liability on account thereof. 
 12.03 Expenses. Expenses (including reasonable legal fees and
expenses) incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding described in Section 12.02 shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action,
suit or proceeding, upon receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided in this Article XII.

 12.04 Non-Exclusivity. The indemnification and advancement of expenses set forth in this Article XII
shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any statute, the Act, this Agreement, any other agreement, a policy of insurance or otherwise. The indemnification and
advancement of expenses set forth in this Article XII shall continue as to an Indemnitee who has ceased to be a named Indemnitee and shall inure to the benefit of the heirs, executors, administrators, successors and permitted assigns of such
a Person. 
 12.05 Insurance. The Company may purchase and maintain insurance on behalf of the Indemnitees against
any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have the power to indemnify them against such liability under this Article XII.

 ARTICLE XIII 
 MISCELLANEOUS 
 13.01 Amendments. 

(a) The terms and provisions of this Agreement (including, for the avoidance of doubt, any exhibit or schedule hereto) may be modified or
amended at any time and from time to time with the written consent of the Managing Member or a majority of the Board, as applicable, and the Members holding at least 90% of the outstanding membership interests of the Company, voting together as a
single class; provided that the Managing Member or the Board, as applicable, may, without the consent of any of the other Members, amend this Agreement: 
 (i) to satisfy any requirements, conditions, guidelines or opinions contained in any opinion, directive, order, ruling or regulation of the Securities and Exchange Commission, the Internal Revenue Service
or any other U.S. federal or state or non-U.S. governmental agency, or in any U.S. federal or state or non-U.S. statute, compliance with which the Managing Member deems to be in the best interest of the Company; 

(ii)(A) to ensure that the Company will not be treated as (x) an association taxable as a corporation for U.S. federal income tax
purposes or (y) a “publicly traded partnership” for purposes of Section 7704 of the Code or (B) to comply with the then existing requirements of the Code, final or temporary Treasury Regulations and the rulings of the
Internal Revenue Service affecting the treatment of the Company as a partnership for federal income tax purposes; or 

  
 36 

 (iii) to change the name of the Company. 

(b) Notwithstanding the provisions of Section 13.01(a), no modification or amendment to this Agreement shall be made that,
based on the subject matter of the items affected by any such modification or amendment, would affect any Member in a manner that is disproportionate to the manner in which other Members holding the same series of class of Units is affected, without
the consent of the disproportionately affected Members holding a majority of the class or series of Units that would be disproportionately affected by such amendment or modification. 

13.02 Severability. If any term, provision, agreement, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, agreements, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated so long as the economic or legal substance of the transactions contemplated hereby is not effected in any manner materially adverse to any party. Upon such a determination, the parties hereof shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

13.03 Notices. All notices to the Company shall be addressed to its principal office. All notices addressed to a Member or its
Legal Representative or to the Members as a group shall be addressed to such Member or Legal Representative or Members at the address of such Member or Legal Representative for the Members set forth on Schedule A hereto. Any Member or the
Legal Representative of any Member may designate a new address by notice to such effect given to the Company. All notices and other communications to be given to a Member or its Legal Representative shall be sufficiently given for all purposes
hereunder (a) when received, if in writing and delivered by hand, (b) two (2) Business Days following deposit with a nationally recognized courier or overnight delivery service, (c) three (3) days after being mailed by
certified or registered mail, return receipt requested, with appropriate postage prepaid, or (d) when sent, if sent in the form of an e-mail message or facsimile if receipt thereof is confirmed by telephone. 

13.04 No Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other subsequent
breach or condition, whether of like or different nature. 
 13.05 Governing Law; Venue. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware. The Members covenant and agree that the state courts located in Delaware, or in a case involving diversity of citizenship or a federal question, the federal courts located in
Delaware shall have exclusive jurisdiction of any action or proceeding under this Agreement or related to the matters contemplated by this Agreement or any agreement entered into in connection therewith. 

  
 37 

 13.06 Binding Effect. Except as otherwise provided in this Agreement, every covenant,
term and provision of this Agreement shall be binding upon and inure to the benefit of the Members and their respective heirs, personal representatives, successors, permitted transferees and permitted assigns. 

13.07 Entire Agreement. This Agreement and any other agreements expressly mentioned herein constitute the entire agreement of the
Members, and their respective Affiliates relating to the matters covered hereby and supersede all prior contracts or agreements with respect to the Company, whether oral or written. 

13.08 Other Activities. Neither the Company nor any Member (or any Affiliate of any Member) shall have any right by virtue of this
Agreement either to participate in or to share in any other now existing or future ventures, activities or opportunities of any of the other Members or their Affiliates, or in the income or proceeds derived from such ventures, activities or
opportunities. 
 13.09 Further Assurances. In connection with this Agreement and the transactions contemplated hereby,
each Member shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions. 

13.10 Counterparts. This Agreement may be executed in any number of counterparts, including facsimile counterparts, with the same
effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. 
 13.11 Waiver of Right to Partition. Each of the Members irrevocably waives during the term of the Company any right that such Member may have to maintain any action for partition with respect to
the property and assets of the Company, and hereby agrees not to file a bill for a membership accounting or otherwise proceed adversely in any manner whatsoever against the other Members or the Company, except for bad faith, gross negligence, fraud,
intentional misconduct or violation of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective
Date. 
  

			
	MANAGING MEMBER:
	
	  

	William Manning
	
	MEMBERS:
	
	MANNING & NAPIER ADVISORS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MANNING & NAPIER ADVISORY ADVANTAGE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MANNING & NAPIER ALTERNATIVE OPPORTUNITIES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	  

	Richard S. Goldberg

  
 39 

 SCHEDULE A  
 MEMBERS, UNITS AND INFORMATION RELATED THERETO 
  

													
	 Members
	  	Number of
Class A Units	 	  	Number of
Class B Units	 	  	Sharing
Percentage	 
	 William Manning

[Address]
	  	 	N/A	  	  				  	 	            	% 
				
	 Richard S. Goldberg

[77 Kellogg Hill Road,

Weston, CT 06883]
	  	 	N/A	  	  				  	 	            	% 
				
	 Manning & Napier Advisors, Inc.

290 Woodcliff Drive Fairport,

New York 14450
	  				  	 	N/A	  	  	 	            	% 
				
	 Manning & Napier Advisory Advantage Corporation

290 Woodcliff Drive Fairport,

New York 14450
	  				  	 	N/A	  	  	 	            	% 
				
	 Manning & Napier Alternative Opportunities, Inc.

290 Woodcliff Drive Fairport,

New York 14450
	  				  	 	N/A	  	  	 	            	% 
				
	 Total:
	  				  				  	 	100	% 

  
 40Form of Exchange Agreement

 Exhibit 10.3 
 EXCHANGE AGREEMENT 
 This EXCHANGE AGREEMENT (this
“Agreement”) is made and entered as of the                     day of
            , 2011, by and among Manning & Napier, Inc., a Delaware corporation (the “Company”), M&N Group Holdings, LLC, a Delaware limited liability company
(“M&N Group Holdings”), Manning & Napier Capital Company, LLC (“MNCC”) and any other holder of Units (as defined below) of Manning & Napier Group, LLC, a Delaware limited liability company
(“Manning & Napier Group”), from time to time that are party hereto (together with M&N Group Holdings and MNCC, “Holders” and each, “Holder”). 

WHEREAS, pursuant to the terms and conditions set forth herein, the parties hereto desire to provide for the exchange of Units for either
the Cash Purchase Price (as defined below) or Class A Shares (as defined below), to be determined in the Company’s sole discretion; and 
 WHEREAS, the Company shall have no obligation to acquire from Holders any Units unless Holders exercise their exchange rights in accordance with the terms and conditions set forth herein with respect to
such Units. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and
intending to be legally bound hereby, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND CONSTRUCTION 
 SECTION 1.1 Definitions. As used in this Agreement the following terms shall have the following respective meanings: 
 “Affiliate” with respect to any Person, shall mean any other Person who, directly or indirectly, controls, is controlled by or is under common control with such first Person. 

“Agreement” shall have the meaning set forth in the preamble hereto. 

“Business Day” shall mean any day except a Saturday, Sunday or other day on which commercial banks in the State of New
York are authorized by law to close. 
 “Cash Purchase Price” shall mean, as of the date an Exchange Notice is
delivered to the Company by a Holder pursuant to Section 2.1, (a) the number of Units being exchanged by a Holder as set forth in an Exchange Notice and confirmed by the Company in the Exchange Response multiplied by
(b) the average closing price on the New York Stock Exchange of one Class A Share over the 15 trading day period immediately preceding such date. 
 “Class A Units” shall mean the Class A Units of Manning & Napier Group. 
 “Class B Interests” shall have the meaning set forth in Section 2.1(a). 

 “Class B Units” shall mean the Class B Units of Manning & Napier
Group. 
 “Class A Shares” shall mean shares of Class A common stock, par value $0.01 per share, of the
Company. 
 “Closing” shall have the meaning set forth in Section 2.4(a). 

“Closing Date” shall have the meaning set forth in Section 2.4(a). 

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

“Commission” shall mean the United States Securities and Exchange Commission, or any other United States federal agency
at the time administering the Securities Act or the Exchange Act, as applicable. 
 “Company” shall have the
meaning set forth in the preamble hereto. 
 “control” when used with respect to any Person, shall mean the
power to direct management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative
to the foregoing. 
 “Exchange” shall mean the exchange by a Holder of one or more Units for either the Cash
Purchase Price or an equal number of Class A Shares, subject to adjustment pursuant to Section 2.8, to be determined in the Company’s sole discretion, in each case pursuant to the terms and conditions set forth herein.

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar federal statute,
and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 

“Exchange Notice” shall have the meaning set forth in Section 2.1(a). 

“Exchange Response” shall have the meaning set forth in Section 2.1(d). 

“Fiscal Year” shall mean the fiscal year ending on December 31 of each calendar year. 

“Governmental or Regulatory Authority” shall mean any instrumentality, subdivision, court, administrative agency,
commission, official or other authority of the United States or any other country or any state, province, prefect, municipality, locality or other government or political subdivision thereof, or any quasi-governmental or private body exercising any
regulatory, taxing, importing or other governmental or quasi-governmental authority. 
 “Holder” shall have the
meaning set forth in the preamble hereto. 
 “IPO Effective Date” shall mean the effective date of the
registration statement on Form S-1 of the Company representing the initial public offering of the Class A Shares. 

  
 2 

 “Lien” shall mean a mortgage, pledge, hypothecation, right of others,
claim, security interest, encumbrance, easement, right of way, restriction on the use of real property, title defect, title retention agreement, voting trust agreement, option, right of first refusal, lien, charge, license to third parties, lease to
third parties, restriction on transfer or assignment, or other restriction or limitation of any nature or irregularities in title. 
 “M&N Group Entity Members” shall mean, collectively, Manning & Napier Advisors, Inc., Manning & Napier Advisory Advantage Corporation, Manning & Napier
Alternative Opportunities, Inc., Manning & Napier Associates, LLC and any other corporation, limited liability company, partnership or other entity admitted as a member of M&N Group Holdings from time to time after the date hereof.

 “Manning & Napier Group” shall have the meaning set forth in the preamble hereto. 

“Manning & Napier Group LLC Agreement” shall mean that certain Amended and Restated Limited Liability Company
Agreement of Manning & Napier Group, LLC, dated as of             , 2011, as may be amended, supplemented or modified from time to time. 

“Minority Interests” shall have the meaning set forth in Section 2.1(a). 

“MNCC” shall have the meaning set forth in the preamble hereto. 

“MNCC Minority Interests” shall have the meaning set forth in Section 2.1(a). 

“MNCC WM Interests” shall have the meaning set forth in Section 2.1(a). 

“Person” shall mean a corporation, association, partnership, organization, group (as such term is used in Rule 13d-5
under the Exchange Act), individual, governmental agency or other entity. 
 “Registration Rights Agreement”
shall mean that certain Registration Rights Agreement, dated as of             , 2011, by and among the Company and the other Persons party thereto, as may be amended, supplemented or
modified from time to time. 
 “Reorganization Transactions” shall mean the series of transactions to
reorganize the capital structure of the M&N Group Entity Members, Manning & Napier Capital Company, LLC, Manning & Napier Investor Services, Inc., Exeter Trust Company, Exeter Advisors, Inc., Manning & Napier
Information Services, LLC and Perspective Partners, LLC prior to the IPO Effective Date. 
 “Securities Act”
shall mean the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 

“Units” shall mean the Class A Units and the Class B Units. 

“WM Interests” shall have the meaning set forth in Section 2.1(a). 

  
 3 

 SECTION 1.2 Construction. For the purposes of this Agreement (a) any reference
in this Agreement to gender shall include all genders; (b) any words imparting the singular number only shall include the plural and visa versa; (c) the terms “herein,” “hereinafter,” “hereof,”
“hereby” and “hereunder” and words of similar import refer to this Agreement as a whole (including all of the exhibits and schedules hereto) and not merely to a subdivision in which such words appear unless the context otherwise
requires; (d) the word “including” or any variation thereof means “including, without limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters
immediately following it; (e) any reference in this Agreement to “dollars” or ($) shall mean United States dollars; (f) the word “or” shall not be exclusive; (g) all references to any period of days shall be
deemed to be to the relevant number of calendar days unless otherwise specified; (h) any reference in this Agreement to “writing” or comparable expressions includes a reference to facsimile transmissions or comparable means of
communication; and (i) references to any statute or statutory provision shall include a reference to that statute or statutory provision as amended, consolidated or replaced from time to time (whether before or after the date of this Agreement)
and include subordinate legislation made under the relevant statute or statutory provision. 
 ARTICLE II 

EXCHANGE 

SECTION 2.1 Exchange of Units. 
 (a) With respect to any Units held by a Holder prior to the IPO Effective Date, upon the terms and subject to the conditions set forth herein, following the first anniversary of the IPO Effective Date,
(i) M&N Group Holdings may elect to Exchange from time to time in one or more Exchanges: (A) Units attributable to the interests of William Manning in the M&N Group Entity Members (such interests, the “WM
Interests”), in such amounts and at such times as set forth on Schedule A-1 attached hereto; (B) Units attributable to the interests of holders other than William Manning in the M&N Group Entity Members (such interests, the
“Minority Interests”), in such amounts and at such times as set forth on Schedule A-2 attached hereto; and (C) Units attributable to the interests of the holders of Class B units of M&N Group Holdings (such
interests, the “Class B Interests”), in such amounts and at such times as set forth in the plan, agreement or other arrangement pursuant to which such Class B units of M&N Group Holdings were issued; and (ii) MNCC may elect
to Exchange from time to time in one or more Exchanges (A) Units attributable to the interests of William Manning, as a member of MNCC (such interests, the “MNCC WM Interests”), in such amounts and at such times as set forth on
Schedule A-3 attached hereto; and (B) Units attributable to the interests of the members other than William Manning of MNCC (such interests, the “MNCC Minority Interests”), in such amounts and at such times as set forth
on Schedule A-4 attached hereto. A Holder shall exercise such Exchange right by delivering a written notice (the “Exchange Notice”) to the Company no later than the March 15th following a Fiscal Year, setting forth the number of Class A
Units and/or Class B Units, as applicable, such Holder desires to exchange with respect to the immediately preceding Fiscal Year; provided, however, unless otherwise agreed by the parties hereto, in no event shall (x) M&N
Group Holdings deliver more than one Exchange Notice in any Fiscal Year with respect to the WM Interests, more than one Exchange Notice in any Fiscal Year with respect to the Minority Interests or more than one Exchange Notice in any Fiscal Year

  
 4 

 
with respect to the Class B Interests, nor shall (y) MNCC deliver more than one Exchange Notice in any Fiscal Year with respect to the MNCC WM Interests or more than one Exchange Notice in
any Fiscal Year with respect to the MNCC Minority Interests. The Exchange Notice shall also include reasonable supporting documentation that such Exchange is a valid Exchange permitted under this Section 2.1(a). The Company may, in its
sole discretion, provide such Holder with either the Cash Purchase Price or Class A Shares in exchange for such Units. Once Units are eligible to be exchanged in accordance with Schedule A-1 and Schedule A-2, respectively, a
Holder may elect to Exchange such Units at any time thereafter in accordance with the terms and conditions set forth in this Agreement. 
 (b) With respect to any Units issued to a Holder following the IPO Effective Date, upon the terms and subject to the conditions set forth herein, commencing on the second anniversary of the IPO Effective
Date, such Holder may elect to Exchange from time to time in one or more exchanges up to 25% of such Units on each anniversary of the IPO Effective Date by delivering an Exchange Notice to the Company no later than the March 15th following a Fiscal Year, setting forth the number of Class A
Units and/or Class B Units, as applicable, such Holder desires to exchange with respect to the immediately preceding Fiscal Year for either the Cash Purchase Price or Class A Shares, to be determined in the Company’s sole discretion;
provided, however, unless otherwise agreed by the parties hereto, in no event shall a Holder deliver more than one Exchange Notice in any Fiscal Year. The Exchange Notice shall also include reasonable supporting documentation that such
Exchange is a valid Exchange permitted under this Section 2.1(b). The Company may, in its sole discretion, provide such Holder with either the Cash Purchase Price or Class A Shares in exchange for such Units. 

(c) A Holder shall represent to the Company in any Exchange Notice that it owns such Class A Units and/or Class B Units, as
applicable, free and clear of all Liens, except as set forth therein, and, if there are any Liens identified in the Exchange Notice, such Holder shall covenant that it will deliver at the applicable Closing (as defined below) evidence reasonably
satisfactory to the Company that all such Liens have been released. An Exchange Notice is not revocable or modifiable, except with the written consent of the Company and such Holder. 

(d) The Company shall deliver a written notice (the “Exchange Response”) to a Holder no later than three Business Days
following receipt of an Exchange Notice (i) confirming the number of Units that such Holder is entitled to Exchange at such time and (ii) setting forth either (A) the Cash Purchase Price such Holder is entitled to receive pursuant to
the Exchange or (B) at the Company’s election, the number of Class A Shares such Holder is entitled to pursuant to the Exchange, in each case in accordance with the terms set forth herein. The decision whether to pay cash or issue
Class A Shares shall be made by the independent members of the Board of Directors of the Company. 
 SECTION 2.2
Restrictions on Class B Units. Notwithstanding anything herein to the contrary, no Holder may Exchange any Class B Units to the extent such Exchange is prohibited by the terms of any plan, agreement or other arrangement pursuant to which such
Class B Units were issued. 

  
 5 

 SECTION 2.3 Restrictions on Class A Shares. Each Holder hereby acknowledges and
agrees that the Company shall not have any obligation to deliver Class A Shares that have been registered under the Securities Act. The Company reserves the right to cause certificates evidencing the Class A Shares to be imprinted with
legends as to restrictions on transfer that it may deem necessary or appropriate, including legends as to applicable U.S. federal or state securities laws or other legal or contractual restrictions, and may require a Holder to agree in writing
(a) that such Class A Shares will not be transferred except in compliance with such restrictions and (b) to such other matters as the Company may deem necessary or appropriate in light of applicable law and existing agreements.

 SECTION 2.4 Closing; Closing Date. 
 (a) Subject to the terms and conditions set forth in this Agreement, the parties shall effect a closing of the transactions contemplated by Section 2.1 (a “Closing”) on the
later to occur of (i) the second Business Day after the date on which the Company makes its first public news release of its earnings following the delivery of a valid Exchange Notice to the Company under Section 2.1 or
(ii) the first Business Day following the delivery of a valid Exchange Notice to the Company under Section 2.1 that directors and executive officers of the Company or any of its Affiliates are permitted to dispose of equity
securities of the Company pursuant to the trading policies of the Company (as may be extended pursuant to this Section 2.4, the “Closing Date”). The Closing shall take place at the offices of the Company at 290 Woodcliff
Drive, Fairport, New York 14450, or at such other location and on such other date as may be mutually agreed by the Company and a Holder. 
 (b) Notwithstanding anything herein to the contrary, no Exchange shall be permitted (and, if attempted, shall be void ab initio), if, in the good faith determination of the Company, such Exchange
would pose a material risk that Manning & Napier Group would be a “publicly traded partnership” as defined in Section 7704 of the Code. 
 SECTION 2.5 Closing Conditions. 
 (a) The obligations of any of the parties
to consummate an Exchange pursuant to this Article II shall be subject to the conditions that there shall be no injunction, restraining order or decree of any nature of any Governmental or Regulatory Authority that is then in effect that
restrains or prohibits the Exchange of Class A Units or Class B Units, as applicable, for either the Cash Purchase Price or Class A Shares. 
 (b) The obligation of the Company to consummate an Exchange pursuant to this Article II shall be subject to the delivery by a Holder of the items specified in Section 2.6(a) and
(b). 
 SECTION 2.6 Closing Deliverables. At or prior to each Closing: 

(a) to the extent that a Holder’s Class A Units and/or Class B Units, as applicable, are certificated, such Holder shall deliver
to the Company one or more certificates representing the number of Class A Units and/or Class B Units, as applicable, specified in the applicable Exchange Notice (or an affidavit of loss certificate in lieu thereof in customary form reasonably
acceptable to the Company), accompanied by unit powers, in form reasonably satisfactory to the Company, duly executed in blank by such Holder, to be exchanged for the Cash Purchase Price or Class A Shares, as applicable; 

  
 6 

 (b) if applicable, Holder shall deliver evidence reasonably satisfactory to the Company that
all Liens on the Class A Units and Class B Units delivered pursuant to Section 2.6(a) have been released; 

(c) if the Company elects in the Exchange Response to pay the Cash Purchase Price pursuant to the Exchange, the Company shall deliver to
Holder an amount equal to the Cash Purchase Price by wire transfer of immediately available funds to an account specified in writing by Holder at least two (2) Business Days prior to the Closing Date; and 

(d) if the Company elects in the Exchange Response to issue Class A Shares to a Holder pursuant to the Exchange, the Company shall
deliver to such Holder a certificate issued in the name of such Holder representing an amount of Class A Shares equal to the number of Units that such Holder elected to Exchange, subject to adjustment pursuant to Section 2.8.

 SECTION 2.7 Termination of Membership Interest; Class A Shareholder. Upon the consummation of a Closing,
(a) all rights of a Holder as holder of Class A Units and/or Class B Units, as applicable, being exchanged shall terminate and (b) if the Company elects in the Exchange Response to issue Class A Shares to such Holder pursuant to
the Exchange, such Holder shall be treated for all purposes as the holder of Class A Shares delivered at the Closing. 

SECTION 2.8 Adjustments. 
 (a) For purposes of this Agreement, the number of Units held by a Holder shall be adjusted accordingly from time to time in accordance with the terms set forth in the Manning & Napier Group LLC
Agreement upon the occurrence of any subdivision (by any unit split, unit distribution, reclassification, recapitalization or otherwise) or combination (by reverse unit split, reclassification, recapitalization or otherwise) of the Class A
Shares. 
 (b) The number of Class A Shares for which a Unit is entitled to be exchanged pursuant to the terms hereof shall
be adjusted accordingly if there is: (i) any subdivision (by any unit split, unit distribution, reclassification, recapitalization or otherwise) or combination (by reverse unit split, reclassification, recapitalization or otherwise) of the
Units that is not accompanied by an identical subdivision or combination of the Class A Shares; or (ii) any subdivision (by any stock split, stock dividend or distribution, reclassification, recapitalization or otherwise) or combination
(by reverse stock split, reclassification, recapitalization or otherwise) of the Class A Shares that is not accompanied by an identical subdivision of combination of the Units. 

(c) If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Shares are
converted or changed into another security or other property, then upon any subsequent Exchange, a Holder shall be entitled to receive the amount of such security or other property that such Holder would have received if such Exchange had occurred
immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any 

  
 7 

 
subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or
otherwise) of such security or other property that occurs after the effective date of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization,
recapitalization or other similar transaction in which the Class A Shares are converted or changed into another security or other property, this Section 2.8(c) shall continue to be applicable, mutatis mutandis, with respect
to such security or other property. Except as may be required in this Section 2.8(c), no adjustments in respect of distributions shall be made upon an Exchange of any Units. 

SECTION 2.9 Reservation of Class A Shares; Registration. The Company shall at all times reserve and keep available out of its
authorized but unissued Class A Shares, solely for the purpose of issuance upon an Exchange, such number of Class A Shares as may be issuable upon any such Exchange; provided, that nothing contained herein shall be construed to
preclude the Company from satisfying its obligations in respect of any such Exchange by delivery of purchased Class A Shares (which may or may not be held in the treasury of the Company). The Company shall register the Class A Shares to be
delivered upon any such Exchange, if any, pursuant to the terms and conditions set forth in the Registration Rights Agreement. 

SECTION 2.10 Taxes. The delivery of Class A Shares upon an exchange of Units shall be made without charge to a Holder for any
stamp or other similar tax in respect of such issuance. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 SECTION 3.1 Representations and Warranties of the Company. The Company hereby represents and warrants to each Holder that: (a) it has all requisite corporate power and authority to execute and
deliver this Agreement and to consummate the transactions contemplated hereby; (b) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby by the Company have been duly authorized by the Board
of Directors of the Company, and no other corporate proceedings on the part of the Company are necessary to authorize this Agreement and the transactions contemplated hereby; and (c) this Agreement has been duly and validly executed and
delivered by the Company and, assuming the due execution hereof by each Holder, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

SECTION 3.2 Representations and Warranties of Holders. Each Holder hereby represents and warrants to the Company that: (a) it
has all requisite limited liability company power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; (b) the execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby by such Holder have been duly authorized by the managing member of such Holder, and no other limited liability company proceedings on the part of such Holder are necessary to authorize this Agreement and the
transactions contemplated hereby; and (c) this Agreement has been duly and validly executed and delivered by such Holder and, assuming the due execution hereof by each other party hereto, constitutes the legal, valid and binding obligation of
such Holder, enforceable against such Holder in accordance with its terms. 

  
 8 

 ARTICLE IV 
 MISCELLANEOUS 
 SECTION 4.1 Expenses. Each party hereto shall bear such
party’s own expenses in connection with the consummation of any of the transactions contemplated hereby, whether or not any such transaction is ultimately consummated. 
 SECTION 4.2 Tax Treatment. Except as otherwise required by applicable law, (a) the parties shall report an Exchange consummated hereunder as a taxable sale of Units by a Holder to the Company
and (b) no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 
 SECTION 4.3 Further Assurances. Each party hereto shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to
time by any other party hereto to give effect to and carry out the transactions contemplated herein. 
 SECTION 4.4
Transferees; Joinder. To the extent that (a) a Holder validly transfers after the date of this Agreement any or all of its Units to a permitted transferee or to any other Person in a transaction not in contravention of, and in accordance
with, the Manning & Napier Group LLC Agreement, and (b) Manning & Napier Group or the Company issues Units to Persons in accordance with the Manning & Napier Group LLC Agreement or the Manning & Napier, Inc.
Equity Compensation Plan, effective                     , 2011 (or any amendments or replacements thereto), respectively, then, in each case, such
Person shall have the right to execute and deliver a joinder to this Agreement, substantially in the form attached hereto as Exhibit A. With respect to any such transferred Units, upon execution of any such joinder, such transferee shall be
entitled to all of the rights and be bound by each of the obligations applicable to the relevant transferor hereunder; provided, that the transferor shall remain entitled to all of the rights and be bound by each of the obligations with
respect to Units that were not so transferred. 
 SECTION 4.5 Successors and Assigns. Except as otherwise expressly
provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties hereto. Except as expressly provided in this Agreement, nothing in this Agreement,
express or implied, is intended to confer upon any person other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement. 

SECTION 4.6 Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the
state of New York. Any claim, action, suit or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby may be heard and determined in any New
York state or federal court sitting in The City of New York, County of Manhattan, and each of the parties hereto hereby consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom in any such claim,
action, suit or proceeding) and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any such claim, action, suit or proceeding in any such court or that any such
claim, action, suit or proceeding that is brought in any such court has been brought in an inconvenient forum. 

  
 9 

 SECTION 4.7 Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 SECTION
4.8 Titles. The titles of the Sections of this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 SECTION 4.9 Notices. Any notice required or permitted under this Agreement shall be in writing and shall be delivered in person or mailed by certified or registered mail, return receipt requested,
directed to (a) the Company at the address set forth below its signature hereof or (b) to Holders at the address set forth below their respective signatures hereof, or at such other address or addresses as shall have been furnished in
writing by such party to the others. The giving of any notice required hereunder may be waived in writing by the parties hereto. Every notice or other communication hereunder shall be deemed to have been duly given or served on the date on which
personally delivered, or on the date actually received, if sent by mail or telex, with receipt acknowledged. 
 SECTION 4.10
Amendments and Waivers. No provision of this Agreement may be amended unless such amendment is approved in writing by all the parties hereto. No provision of this Agreement may be waived unless such waiver is in writing and signed by the
party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

SECTION 4.11 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such
provisions shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provisions were so excluded and shall be enforceable in accordance with its terms. 

SECTION 4.12 Entire Agreement. All prior agreements of the parties concerning the subject matter of this Agreement are expressly
superseded by this Agreement. This Agreement contains the entire Agreement of the parties concerning the subject matter hereof. Any oral representations or modifications of this Agreement shall be of no effect. 

[Remainder of Page Intentionally Left Blank] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Exchange Agreement as of the date
first above written. 
  

			
	MANNING & NAPIER, INC.
		
	By:	 	
 

			
	Name:	 	
	Title:	 	
		
	Address:	 	290 Woodcliff Drive
		 	Fairport, New York 14450

			
	
	M&N GROUP HOLDINGS, LLC
		
	By:	 	
 

			
	Name:	 	
	Title:	 	
		
	Address:	 	290 Woodcliff Drive
		 	Fairport, New York 14450

			
	
	 MANNING & NAPIER CAPITAL COMPANY,
 LLC

		
	By:	 	
 

			
	Name:	 	
	Title:	 	
		
	Address:	 	290 Woodcliff Drive
		 	Fairport, New York 14450

  
 [Signature
Page to Exchange Agreement] 

 EXHIBIT A 
 JOINDER AGREEMENT 
 This Joinder Agreement (“Joinder
Agreement”) is executed by the undersigned Holder pursuant to the terms of that certain Exchange Agreement, dated as of             , 2011, as amended as of the date hereof (the
“Agreement”), by and among Manning & Napier, Inc., M&N Group Holdings, LLC, Manning & Napier Capital Company, LLC and the other holders of units of Manning & Napier Group, LLC that are party thereto.
Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. 
 By
the execution of this Joinder Agreement, Holder agrees as follows: 
 1. Agreement. Holder agrees that it shall be bound
by and subject to the terms of the Agreement thereunder and shall be deemed to have made the representations in Section 3.2 of the Agreement as of the date hereof, and hereby adopts the Agreement with the same force and effect as if Holder was
originally a party thereto. 
 2. Notice. Any notice required or permitted by the Agreement shall be given to Holder at
the address listed beside Holder’s signature below. 
 EXECUTED AND DATED this
         day of             ,             . 

 

			
	Holder:
		
	By:	 	
 

			
	Name:	 	
	Title:	 	

			
		
	Address:	 	 
	
	 

			
		
	Fax:	 	 

			
	 Acknowledged and Agreed to
 as of the date first written above:

	
	MANNING & NAPIER, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	M&N GROUP HOLDINGS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MANNING & NAPIER CAPITAL COMPANY, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2 

 SCHEDULE A-1 
 WM INTERESTS IN M&N GROUP HOLDINGS 
 In accordance with the terms and conditions set
forth in the Agreement, with respect to any Units held by M&N Group Holdings prior to the IPO Effective Date and attributable to the WM Interests, M&N Group Holdings may elect to Exchange such Units in such amounts and at such times as set
forth below. 
  

			
	 Date
	  	 Percentage of Total Number of

Class A Units Eligible to be
 Exchanged*

	Until the first anniversary of the IPO Effective Date:	  	0 Units
	As of the first anniversary of the IPO Effective Date:	  	Up to 15% of such Units**
	As of the second anniversary of the IPO Effective Date:	  	Up to 15% of such Units
	As of the third anniversary of the IPO Effective Date:	  	Up to 15% of such Units
	As of the fourth anniversary of the IPO Effective Date:	  	Up to 15% of such Units
	As of the fifth anniversary of the IPO Effective Date:	  	Up to 15% of such Units
	As of the sixth anniversary of the IPO Effective Date:	  	The remainder of such Units

  

	*	Such percentage of Units as determined following the Reorganization Transactions and prior to the IPO Effective Date. 

	**	Such percentage of Units will be reduced by the number of Units attributable to the WM Interests that will be purchased by the Company from M&N Group Holdings with
proceeds from the initial public offering of the Class A Shares. 

 SCHEDULE A-2 
 MINORITY INTERESTS IN M&N GROUP HOLDINGS 
 In accordance with the terms and conditions
set forth in the Agreement, with respect to any Class A Units held by M&N Group Holdings prior to the IPO Effective Date and attributable to the Minority Interests, M&N Group Holdings may elect to Exchange such Units in such amounts and
at such times as set forth below. The number of Units eligible to be exchanged is with respect to each such Minority Interest. 
  

			
	 Date
	  	 Percentage or Number of Class A Units

Eligible to be Exchanged*

	 Until the first anniversary of the IPO Effective Date:
	  	0 Class A Units
	 As of the first anniversary of the IPO Effective Date:
	  	Up to 5% of such Class A Units**
	 As of the second anniversary of the IPO Effective Date:
	  	The remainder of such Class A Units

  

	*	Such percentage or number of Class A Units as determined prior to the Reorganization Transactions. 

	**	Or such greater amount as determined by the Board of Directors of Manning & Napier Advisors, Inc. in its sole discretion. 

 SCHEDULE A-3 
 MNCC WM INTERESTS 
 In accordance with the terms and conditions set forth in the Agreement,
with respect to any Units held by MNCC prior to the IPO Effective Date and attributable to William Manning, MNCC may elect to Exchange such Units in such amounts and at such times as set forth below. 

 

			
	 Date
	  	 Percentage of Total Number of

Class A Units Eligible to be
 Exchanged*

	 Until the second anniversary of the IPO Effective Date:
	  	0 Units
	 As of the second anniversary of the IPO Effective Date:
	  	Up to 15% of such Units
	 As of the third anniversary of the IPO Effective Date:
	  	Up to 15% of such Units
	 As of the fourth anniversary of the IPO Effective Date:
	  	Up to 15% of such Units
	 As of the fifth anniversary of the IPO Effective Date:
	  	Up to 15% of such Units
	 As of the sixth anniversary of the IPO Effective Date:
	  	The remainder of such Units

  

	*	Such percentage of Units as determined following the Reorganization Transactions and prior to the IPO Effective Date. 

 SCHEDULE A-4 
 MNCC MINORITY INTERESTS 
 In accordance with the terms and conditions set forth in the
Agreement, with respect to any Class A Units held by MNCC prior to the IPO Effective Date and attributable to the MNCC Minority Interests, MNCC may elect to Exchange such Units in such amounts and at such times as set forth below. The number of
Units eligible to be exchanged is with respect to each such Minority Interest. 
  

			
	 Date
	  	 Percentage or Number of Class A Units

Eligible to be Exchanged*

	 Until the second anniversary of the IPO Effective Date:
	  	0 Class A Units
	 As of the second anniversary of the IPO Effective Date:
	  	100% of such Class A Units

  

	*	Such percentage or number of Class A Units as determined prior to the Reorganization Transactions.

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