Document:

Form of Exchange Agreement

 Exhibit 10.3 
 FORM OF 
 EXCHANGE AGREEMENT 

EXCHANGE AGREEMENT (this “Agreement”), dated as of
            , 2013, and effective upon the effectiveness of the Partnership Agreement (as defined herein), among Artisan Partners Asset Management Inc., a Delaware corporation
(“APAM”), and the LP Unitholders (as defined herein) from time to time party hereto. 
 WHEREAS, the parties
hereto desire to provide for the exchange of LP Units for shares of Class A Common Stock or Convertible Preferred Stock, as the case may be, on the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

SECTION 1.1 Definitions. 
 (a) The following definitions shall for all purposes, unless otherwise clearly indicated to the contrary, apply to the terms used in this Agreement. 

“Agreement” has the meaning set forth in the preamble hereto. 

“APAM” has the meaning set forth in the preamble hereto. 

“Capital Account Shortfall” means, with respect to any Holdings Common Unitholder, the extent, if any, to which the Holdings
Common Unitholder has a Revaluation Capital Account that, as a percentage of the aggregate Revaluation Capital Account balances of all partners of Holdings, is less than the Percentage Interest represented by such LP Unitholder’s LP Units.

 “Certificate of Incorporation” means the Restated Certificate of Incorporation of APAM, as the same may be may be
amended, restated, supplemented and/or otherwise modified from time to time. 
 “Class B Common Unit” has the meaning
given to such term in the Partnership Agreement. For the avoidance of doubt, “Class B Common Unit” includes each unvested Class B Common Unit. 
 “Conversion Rate” means, for each Preferred Unit, a number of shares of Class A Common Stock calculated at the close of business on the relevant Date of Exchange equal to the excess, if
any, of (i) one (1) over (ii) a fraction equal to (A) the Cumulative Excess Distributions Per Preferred Unit divided by (B) the Average Daily VWAP as of the Date of Exchange; provided that for purposes of
Section 2.1(b), the denominator of the fraction in the Conversion Rate will be the per share consideration to be received by holders of Class A Common Stock in such Change in Control. 

“Date of Exchange” means (i) with respect to an Exchange in connection with a Quarterly Exchange Date, the Quarterly
Exchange Date; (ii) with respect to an Exchange in connection with a Share Repurchase pursuant to Section 2.1(a), the date of the consummation of the Share Repurchase; (iii) with respect to any other Exchange pursuant to
Section 2.1(a), the date of receipt of the respective Exchange Notice by APAM, and (iv) with respect to an Exchange pursuant to Section 2.1(b), the date of the consummation of the Change in Control. 

 “Exchange” means an exchange of LP Units for shares of Class A Common Stock
or Convertible Preferred Stock pursuant to Section 2.1(a) or (b) and, when used as a verb, to make any such exchange. 

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

“Exchange Notice” means a written election of exchange substantially in the form of Exhibit A. 

“Holdings” means Artisan Partners Holdings LP, a limited partnership organized under the laws of the state of Delaware, and any
successor thereto. 
 “Holdings Common Unitholder” means each holder of one or more Common Units that may from time to
time be a party hereto. 
 “Holdings Preferred Unitholder” means each holder of one or more Preferred Units that may
from time to time be a party hereto, other than APAM. 
 “IPO” means the initial public offering and sale of
Class A Common Stock as contemplated by APAM’s Registration Statement on Form S-1 (File No. 333-184686). 

“IPO Date” means the date of the closing of the IPO. 
 “LP Unitholder” means a holder of one or more LP Units that may from time to time be a party hereto. 
 “Partnership Agreement” means the Fourth Amended and Restated Limited Partnership Agreement of Holdings, dated on or about the date hereof, as such agreement may be amended, restated,
supplemented and/or otherwise modified from time to time. 
 “Permitted Exchange Event” means any one of the following
events, which has or is occurring, or is otherwise satisfied, as of the applicable Date of Exchange: 
 (i) The Exchange is in
connection with, and the Class A Common Stock received in the Exchange (or upon conversion of Convertible Preferred Stock received in the Exchange) is offered in, the first Underwritten Public Offering conducted in any calendar year pursuant to
and as defined in the Registration Rights Agreement. 
 (ii) The Exchange is made on any Quarterly Exchange Date,
provided that the exchanging LP Unitholder shall have provided an Exchange Notice to APAM no later than the Quarterly Exchange Notice Date. Any such Exchange Notice shall be revocable by the LP Unitholder not less than 15 days prior to the
applicable Quarterly Exchange Date, provided further that upon any such revocation, such LP Unitholder shall be prohibited from Exchanging any LP Units until the next succeeding Quarterly Exchange Date following the Quarterly Exchange Date in
connection with which such revocation was made. 
 (iii) The Exchange is in connection with the death, disability or mental
incompetence of an LP Unitholder. 

  
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 (iv) The Exchange is part of one or more Exchanges by an LP Unitholder and any related
persons (within the meaning of Section 267(b) or 707(b)(1) of the Code, and treating H&F Brewer AIV, L.P. and H&F Capital Associates V, L.P. as related persons for this purpose) during any 30 calendar day period representing in the
aggregate more than 2% of all outstanding Partnership Units (excluding any Partnership Units held by APAM, so long as APAM is the general partner of Holdings and owns at least 10% of all outstanding Partnership Units at any point during the taxable
year during which such Exchange or Exchanges occurs or occur). 
 (v) The Exchange is of all of the LP Units held by
(i) H&F Brewer AIV, L.P. and H&F Capital Associates V, L.P. in a single transaction or (ii) Artisan Investment Corporation in a single transaction. 
 (vi) The Exchange is in connection with a Share Repurchase or Change in Control transaction; provided that any such Exchange pursuant to this clause (vi) shall be effective immediately prior
to the consummation of the Share Repurchase or Change in Control (and, for the avoidance of doubt, shall not be effective if such Share Repurchase or Change in Control is not consummated). 

(vii) The Exchange is permitted by APAM, in the sole discretion of the Board, in connection with circumstances not described in clauses
(i) through (vi) above, if APAM determines, after consultation with its outside legal counsel and tax advisor, that Holdings would not be treated as a “publicly traded partnership” under Section 7704 of the Code (or any
successor or similar provision) as a result of such Exchange. 
 “Permitted Transferee” has the meaning set forth in
Section 4.1. 
 “Pro-Rata Capital Account” means, in respect of each LP Unit, an amount that represents the same
percentage of the aggregate Revaluation Capital Account balances of all partners of Holdings as the Percentage Interest represented by such LP Unit. 
 “Quarterly Exchange Date” means, for each fiscal quarter, the first business day occurring on or after the 30th day after the applicable Quarterly Exchange Notice Date. 

“Quarterly Exchange Notice Date” means, for each fiscal quarter, the third business day after the day on which the Company
releases its earnings for the prior fiscal period, beginning with the first such date that falls on or after the first anniversary of the IPO Date. Notwithstanding anything herein to the contrary, the board of directors of APAM, by a vote of at
least two-thirds of the members then in office, may change the definition of Quarterly Exchange Notice Date with respect to any Quarterly Exchange Notice Date scheduled to occur in a calendar quarter subsequent to the then-current calendar quarter
if (x) the revised definition provides for a Quarterly Exchange Notice Date occurring at least once in each calendar quarter, (y) the first Quarterly Exchange Notice Date pursuant to the revised definition will occur no less than 15 days
from the date written notice of such change is sent to each LP Unitholder, and (z) the revised definition, together with the revised Quarterly Exchange Date resulting therefrom, do not materially adversely affect the ability of the LP
Unitholders to exchange LP Units pursuant to this Agreement. 
 “Registration Rights Agreement” means the Resale and
Registration Rights Agreement, dated on or about the date hereof, by and among APAM and the stockholders party thereto, as such agreement may be amended, restated, supplemented and/or otherwise modified from time to time. 

“Securities Act” means the Securities Act of 1933, as amended. 

  
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 “Stock” shall mean (i) in connection with the Exchange of a Common Unit for
Class A Common Stock, Class A Common Stock; (ii) in connection with the Exchange of a Preferred Unit for Convertible Preferred Stock, Convertible Preferred Stock and (iii) in connection with the Exchange of a Preferred Unit for
shares of Class A Common Stock, Class A Common Stock. 
 (b) Each of the following terms has the meaning given to it
in the Certificate of Incorporation: “Average Daily VWAP”; “Board”; “business day”; “Change in Control”; “Class A Common Stock”; “Class B Common Stock”; “Class C Common
Stock”; “Convertible Preferred Stock”; “Cumulative Excess Distributions Per Preferred Unit”; “Partial Capital Event”; “Person”; “Share Repurchase”; “Subsidiary” and “Trading
Day”. 
 (c) Each of the following terms has the meaning given to it in the Partnership Agreement: “Revaluation
Capital Account”; “Code”; “Common Unit”; “LP Unit”; “Partnership Units”; “Percentage Interest”; “Preference Termination Event” and “Preferred Unit”. 

(d) Each of the following terms has the meaning given to it in the Registration Rights Agreement: “Change in Tax Law
Determination” and “Exchange Registration”. 
 SECTION 1.2 Interpretation. 

In this Agreement and in the Exhibits hereto, except to the extent that the context otherwise requires: 

(a) the headings are for convenience of reference only and shall not affect the interpretation of this Agreement; 

(b) defined terms include the plural as well as the singular and vice versa; 

(c) words importing gender include all genders; 
 (d) a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been or may from time to time be amended, extended, re-enacted or consolidated and to all
statutory instruments or orders made under it; 
 (e) any reference to a “day” or a “business day” shall
mean the whole of such day, being the period of 24 hours running from midnight to midnight; 
 (f) references to Articles,
Sections, subsections, clauses, Annexes and Exhibits are references to Articles, Sections, subsections and clauses of, and Annexes and Exhibits to, this Agreement; 
 (g) the words “including” and “include” and other words of similar import shall be deemed to be followed by the phrase “without limitation”; and 

(h) unless otherwise specified, references to any party to this Agreement or any other document or agreement shall include its successors
and permitted assigns. 

  
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 ARTICLE II 
 SECTION 2.1 Exchange of LP Units. 
 (a) General Rule. Following the
first anniversary of the IPO Date, upon the terms and subject to the conditions of this Agreement, in connection with a Permitted Exchange Event: 
 (i) each Holdings Common Unitholder may surrender Common Units (including unvested Class B Common Units held by such Holdings Common Unitholder) to APAM (together with an equal number of shares of Class B
Common Stock or Class C Common Stock, as applicable, which shall be delivered to APAM for cancellation pursuant to the Certificate of Incorporation) in exchange for a number of shares of Class A Common Stock equal to the number of Common Units
surrendered; and 
 (ii) each Holdings Preferred Unitholder may surrender Preferred Units to APAM (together with an equal number
of shares of Class C Common Stock, which shall be delivered to APAM for cancellation pursuant to the Certificate of Incorporation) (A) until the Preference Termination Event, in exchange for a number of shares of Convertible Preferred Stock
equal to the number of Preferred Units surrendered or (B) in exchange for a number of shares of Class A Common Stock equal to the product of the number of Preferred Units surrendered multiplied by the Conversion Rate plus cash in lieu of
any fractional share of Class A Common Stock (after aggregating all shares of Class A Common Stock that would otherwise be received by such holder); 
 in each case by delivering to APAM an Exchange Notice in respect of the LP Units to be Exchanged, duly executed by such holder or such holder’s duly authorized attorney, in each case delivered during
normal business hours at the principal executive offices of APAM. 
 In the case of an Exchange in connection with a Share
Repurchase, not less than 20 days prior to the date on which APAM anticipates commencing the Share Repurchase (or, if later, promptly after APAM discovers that the Share Repurchase will occur) a written notice shall be sent by or on behalf of APAM
to the LP Unitholders as they appear in the records of APAM or given by electronic communication in compliance with the provisions of the General Corporation Law of the State of Delaware. Such notice shall state: (a) the date on which the Share
Repurchase is anticipated to be effected; (b) the amount of cash, securities and other consideration payable per share of Class A Common Stock and/or Convertible Preferred Stock; (c) the instructions a holder must follow to Exchange
LP Units in connection with such Share Repurchase; and (d) the date upon which the holders’ opportunity to elect to Exchange shall terminate, which shall be the close of business on the last full business day preceding the date fixed to
consummate the Share Repurchase, except in the case of a tender offer, in which case the date shall be the same date on which the tender offer expires. 
 APAM shall use its best efforts to cause the then-acting registrar and transfer agent of the Stock to deliver the number of shares of Stock deliverable upon such Exchange (as specified in the relevant
Exchange Notice), registered in the name of the relevant exchanging LP Unitholder (or in such other name as is requested in writing by the LP Unitholder, subject to the transfer restrictions set forth in the Registration Rights Agreement), in the
case of an Exchange in connection with (i) a Quarterly Exchange Date, on the Quarterly Exchange Date, (ii) a Share Repurchase, within one business day after the consummation of such Share Repurchase, (iii) any other Exchange pursuant
to Section 2.1(a), (x) on the business day following the receipt of a properly completed Exchange Notice if such notice is received by APAM by 10:00 a.m. (ET) on the date of receipt, or (y) on the second business day following the
receipt of a properly completed Exchange Notice if such notice is received by APAM after 10:00 a.m. (ET) on the date of receipt. To the extent the Stock is settled through the facilities of The Depository Trust

  
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Company, APAM will upon the written instruction of an exchanging LP Unitholder, use its reasonable best efforts to cause the then-acting registrar and transfer agent of the Stock to deliver the
shares of Stock deliverable to such exchanging LP Unitholder through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such exchanging LP Unitholder. 

In the case of an Exchange pursuant to this Section 2.1(a), LP Units will be deemed to have been exchanged immediately prior to the
close of business on the Date of Exchange and the LP Unitholder will be treated as a holder of record of Class A Common Stock or Convertible Preferred Stock, as the case may be, as of the close of business on such Date of Exchange. 

(b) Mandatory Exchanges. Upon the occurrence of a Change in Control, APAM may require each LP Unitholder to Exchange all LP Units
held by such LP Unitholder (together with an equal number of shares of Class B Common Stock or Class C Common Stock, as applicable, which shall be delivered to APAM for cancellation pursuant to the Certificate of Incorporation) for shares of
Convertible Preferred Stock or Class A Common Stock, as applicable; provided that any such Exchange pursuant to this Section 2.1(b) shall be effective immediately prior to the consummation of the Change in Control (and, for the
avoidance of doubt, shall not be effective if such Change of Control is not consummated). APAM shall use its reasonable best efforts to provide written notice of an expected Change in Control to all LP Unitholders not less than 30 days prior to the
expected date of the Change in Control. Such notice shall include a statement by APAM as to whether it intends to require all LP Unitholders to Exchange all LP Units for shares of Stock in connection with the Change in Control. 

(c) Exchange Conditions. Notwithstanding anything to the contrary herein, a Holdings Common Unitholder may Exchange LP Units only
to the extent such Holdings Common Unitholder’s Revaluation Capital Account at the time of the exchange represents at least the same percentage of the aggregate Revaluation Capital Account balances of all partners of Holdings as the Percentage
Interest represented by such Common Units to be Exchanged. To the extent a Holdings Common Unitholder has a Capital Account Shortfall, such Holdings Common Unitholder may only Exchange the portion of its Common Units that represent the same (or less
than the same) percentage of the aggregate LP Units as the percentage interest in the aggregate Revaluation Capital Account balances of all partners of Holdings represented by such Holdings Common Unitholder’s Revaluation Capital Account and
APAM will succeed to that amount of such Holdings Common Unitholder’s Revaluation Capital Account equal to the product of (a) the Pro-Rata Capital Account and (b) the number of Common Units exchanged. 

(d) Cancellation of Stock. Immediately before the close of business on the Date of Exchange of any LP Unit pursuant to
Section 2.1(a) or (b), APAM shall automatically cancel an equal number of outstanding shares of Class B Common Stock or Class C Common Stock, as applicable, surrendered by the exchanging LP Unitholder. Any such cancelled shares of Class B
Common Stock or Class C Common Stock shall be deemed no longer outstanding and all rights with respect to such shares shall automatically cease and terminate. By becoming a party to this Agreement, each LP Unitholder shall be deemed to have
consented to the cancellation of such LP Unitholder’s shares of Class B Common Stock or Class C Common Stock, as applicable, in accordance with this Section 2.1(d) and the Certificate of Incorporation. 

(e) Exchanges of Unvested Class B Common Units. Shares of Class A Common Stock delivered upon the Exchange of unvested
Class B Common Units shall be subject to the same vesting requirements applicable to the unvested Class B Common Units so exchanged. 

  
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 (f) Expenses. APAM and each exchanging LP Unitholder each shall bear its own expenses
in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that APAM shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason
of, any Exchange; provided, however, that if any shares of Stock are to be delivered in a name other than that of the LP Unitholder that requested the Exchange (in such case in accordance with the transfer restrictions set forth in the
Registration Rights Agreement), then such LP Unitholder and/or the Person in whose name such shares are to be delivered shall pay to APAM the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising
by reason of, such Exchange (to the extent the amount of any such taxes are in excess of what would be required to be paid by APAM in connection with, or arising by reason of such Exchange, if the shares of Stock were to be delivered in the name of
the LP Unitholder that requested the Exchange) or shall establish to the reasonable satisfaction of APAM that such tax has been paid or is not payable. For the avoidance of doubt, each exchanging LP Unitholder shall bear any and all income or gains
taxes imposed on gain realized by such exchanging LP Unitholder as a result of any such Exchange. 
 (g) Limited Power to
Impose Additional Restrictions. Notwithstanding anything herein to the contrary, if the Board, after consultation with its outside legal counsel and tax advisor, shall reasonably determine in good faith that interests in Holdings do not meet the
requirements of Treasury Regulation Section 1.7704-1(h), APAM may impose such restrictions on any Exchange (including, for the avoidance of doubt, restrictions in addition to those contained in this Agreement) as APAM may reasonably determine
to be necessary or advisable so that Holdings is not treated as a “publicly traded partnership” under Section 7704 of the Code (but, in the absence of a change of law, APAM may not impose restrictions in the circumstances described in
clauses (ii), (iv) or (v) of the definition of “Permitted Exchange Event” as defined herein). 
 (h)
Exchanges Subject to Other Agreements or Prohibitions. For the avoidance of doubt, and notwithstanding anything to the contrary herein, an Exchange shall not be permitted pursuant to this Agreement to the extent the Board, after consultation
with its outside legal counsel, reasonably determines in good faith that such Exchange (i) would be prohibited by law or regulation or (ii) would not be permitted under any other agreement with APAM or its Subsidiaries to which such LP
Unitholder is then subject (including, without limitation, the Partnership Agreement). For the avoidance of doubt, no Exchange shall be deemed to be prohibited by any law or regulation pertaining to the registration of securities if such securities
have been so registered or if any exemption from such registration requirements is reasonably available. 
 (i) Continued
Applicability of Corporation’s Policies and Securities Laws. In the event of an Exchange pursuant to this Agreement, (i) each LP Unitholder who is subject to APAM’s insider trading policy and any other similar policies will remain
subject to such insider trading and other policies, and (ii) each LP Unitholder will be subject to applicable securities laws and rules. For the avoidance of doubt, this Section 2.1(i) is not itself intended to place any restriction on the
ability of any LP Unitholder to Exchange LP Units pursuant to this Agreement. 
 SECTION 2.2 Stock to be Issued.

 (a) Subject to the rights of certain holders to registration under the Registration Rights Agreement, APAM shall not have any
obligation to deliver shares of Stock that have been registered under the Securities Act in connection with any Exchange. In connection with any such Exchange, APAM reserves the right to provide registered shares of Stock, unregistered shares of
Stock or any combination thereof, as it may determine in its sole discretion and subject to registration rights under the Registration Rights Agreement. Shares of Stock received by an LP Unitholder pursuant hereto shall not

  
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be transferred except in compliance with the Registration Rights Agreement. In connection with any Exchange, APAM reserves the right (i) to deliver certificated or uncertificated shares of
Stock and (ii) to cause the certificates evidencing such shares to be imprinted with legends or to cause the Company’s share registry to include analogous notations, as to restrictions on transfer that it may deem necessary or appropriate,
including legends or notations as to applicable federal or state securities laws or other legal or contractual restrictions. Shares of stock received pursuant to an Exchange Registration shall not include any legends or analogous notations in the
Company’s share registry indicating that such shares are “restricted securities” as defined in Rule 144 of the Securities Act. 
 (b) APAM shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock and Convertible Preferred Stock, solely for the purpose of issuance upon an Exchange,
such number of shares of Class A Common Stock and Convertible Preferred Stock as shall be deliverable upon any such Exchange; provided that nothing contained herein shall be construed to preclude APAM from satisfying its obligations in
respect of any such Exchange by delivery of purchased shares of Class A Common Stock or Convertible Preferred Stock (which may or may not be held in the treasury of APAM or any Subsidiary thereof). 

(c) Prior to the date of this Agreement, APAM has taken all such steps as may be required to cause to qualify for exemption under
Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of APAM (including derivative securities with respect
thereto) and any securities that may be deemed to be equity securities or derivative securities of APAM for such purposes that result from the transactions contemplated by this Agreement, by each director or officer of APAM who may reasonably be
expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to APAM upon the registration of any class of equity security of APAM pursuant to Section 12 of the Exchange Act (with the authorizing
resolutions specifying the name of each such officer or director whose acquisition or disposition of securities is to be exempted and the number of securities that may be acquired and disposed of by each such person pursuant to this Agreement as of
the date of this Agreement). 
 ARTICLE III 
 SECTION 3.1 Representations and Warranties of APAM. APAM represents and warrants to each of the several LP Unitholders party hereto that (i) it is a corporation duly incorporated and is
validly existing in active status under the laws of the State of Delaware, (ii) it has all requisite corporate power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and to issue the
Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement by APAM and the consummation by it of the transactions contemplated hereby (including without limitation, the issuance of the Stock) have been duly
authorized by all necessary corporate action on the part of APAM, (iv) this Agreement constitutes a legal, valid and binding obligation of APAM enforceable against APAM in accordance with its terms, except as enforcement may be limited by
equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by APAM and the
consummation by APAM of the transactions contemplated hereby will not (A) result in a violation of the Certificate of Incorporation of APAM or the Amended and Restated Bylaws of APAM or (B) conflict with, or constitute a default (or an
event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which APAM is a party, or
(C) result in a violation of any law, rule, regulation, order, judgment or 

  
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decree applicable to APAM or by which any property or asset of APAM is bound or affected, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations,
terminations, cancellations or violations, that would not reasonably be expected to have a material adverse effect on APAM or its business, financial condition or results of operations. 

SECTION 3.2 Representations and Warranties of the LP Unitholders. Each LP Unitholder, severally and not jointly, represents and
warrants to APAM that (i) if it is not a natural person, it is duly incorporated or formed and, to the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it has all
requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it and consummation of
the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such LP Unitholder, (iv) this Agreement constitutes a legal, valid and binding obligation of such LP Unitholder
enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and
(v) the execution, delivery and performance of this Agreement by such LP Unitholder and the consummation by such LP Unitholder of the transactions contemplated hereby will not (A) if it is not a natural person, result in a violation of the
certificate of incorporation and bylaws or other organizational documents of such LP Unitholder or (B) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such LP Unitholder is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree
applicable such LP Unitholder, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations, that would not in any material respect result in the unenforceability against
such LP Unitholder of this Agreement. 
 ARTICLE IV 
 SECTION 4.1 Additional LP Unitholders. To the extent an LP Unitholder validly transfers any or all of such holder’s LP Units to another Person in a transaction in accordance with, and not in
contravention of, the Partnership Agreement, then such transferee (each, a “Permitted Transferee”) shall execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B, whereupon such Permitted Transferee
shall become an LP Unitholder hereunder. Any Person to whom Holdings issues LP Units in the future and who executes and delivers a joinder to this Agreement, substantially in the form of Exhibit B, shall become an LP Unitholder hereunder.

 SECTION 4.2 Addresses and Notices. All notices, requests, consents and other communications hereunder shall be in
writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by certified or registered mail (postage prepaid, return
receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 4.2): 

(a) If to APAM, to: 
 Artisan Partners Asset Management Inc. 
 Attn: Chief Legal Counsel 

875 E. Wisconsin Avenue, Suite 800 
 Milwaukee, WI 53202 
 Fax: (414) 390-6139 

Electronic Mail: contractnotice@artisanpartners.com 

  
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 With a copy to: 
 Sullivan & Cromwell LLP 
 125 Broad Street New 

York, NY 10004 

Telephone: (212) 558-4000 
 Fax: (212) 291-9025 
 Attention: Catherine M. Clarkin 

Electronic Mail: clarkinc@sullcrom.com 
 (b) If to Hellman & Friedman LLC or any of its affiliates: 

Hellman & Friedman LLC 
 One Maritime Plaza 
 12th Floor 

San Francisco, CA 94111 
 Telephone: (415) 788-5111 
 Fax: (415) 788-0176 

Attention: Allen R. Thorpe 
          Arrie R. Park 
 Electronic
Mail: athorpe@hf.com 
           apark@hf.com 

With a copy to: 

Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza New York, NY 10006 
 Telephone: (212) 225-2000 

Fax: (212) 225-3999 
 Attention: Christopher E. Austin 
 Electronic Mail: caustin@cgsh.com

 (c) If to any other LP Unitholder, to the address and other contact information set forth in the records of Holdings from
time to time. 
 SECTION 4.3 Further Assurances. The parties shall execute, deliver, acknowledge and file such further
agreements and instruments and take such other actions as may be reasonably necessary to make effective this Agreement and the transactions contemplated herein. 
 SECTION 4.4 Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors,
administrators, heirs, legal representatives and assigns. 

  
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 SECTION 4.5 Severability. If any provision of this Agreement shall be invalid,
illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Any provision of this Agreement that is unenforceable in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 4.6
Amendment; Waivers. 
 (a) No provision of this Agreement may be waived except by an instrument in writing
executed by the party against whom the waiver is to be enforced, provided that, any waiver by APAM of any provision of this Agreement shall require approval of at least two-thirds of the directors of APAM then in office. 

(b) Any waiver granted by the Board that permits any Holdings Common Unitholder or any Holdings Preferred Unitholder to Exchange such
holder’s LP Units pursuant to Section 2.1(a) prior to the first anniversary of the IPO Date in connection with a Change in Tax Law Determination pursuant to the Registration Rights Agreement shall also be granted (on substantially similar
terms and conditions) to all other Holdings Common Unitholders and Holdings Preferred Unitholders who deliver a properly completed Exchange Notice within 10 days following the grant of the initial waiver. APAM shall promptly notify each LP
Unitholder in writing of any waiver granted prior to the first anniversary of the IPO Date in connection with a Change in Tax Law determination pursuant to the Registration Rights Agreement. 

(c) No provision of this Agreement may be amended or otherwise modified except by an instrument in writing executed by APAM and the
holders of at least two thirds of the then outstanding LP Units (excluding LP Units held by APAM), provided that, if any amendment or modification to this Agreement would, if adopted, materially and adversely affect the ability of a class of
LP Unitholders to Exchange their LP Units pursuant to this Agreement, the adoption of such amendment or modification shall require the written consent of holders of at least a majority of the LP Units in each materially and adversely affected class
of LP Units. 
 (d) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law. 
 SECTION 4.7 Consent to Jurisdiction. 

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

  
 -11-

 (b) Each party irrevocably and unconditionally waives, to the fullest extent permitted by
law, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 4.7(a). Each party irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 
 (c) Each party irrevocably consents to service of process in the manner provided for notices in Section 4.2. Nothing in this Agreement shall affect the right of any party to serve process in any
other manner permitted by law. 
 SECTION 4.8 Waiver of Jury Trial. Each of the parties hereto hereby
irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 
 SECTION 4.9 Tax Treatment. This Agreement shall be treated as part of the Partnership Agreement of Holdings as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and
1.761-1(c) of the Treasury Regulations promulgated thereunder. 
 SECTION 4.10 Specific Performance. Each party hereto
acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond or furnishing other security,
and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may
then be available. 
 SECTION 4.11 Independent Nature of LP Unitholders’ Rights and Obligations. The rights and
obligations of each LP Unitholder hereunder are several and not joint with the rights and obligations of any other LP Unitholder hereunder. No LP Unitholder shall be responsible in any way for the performance of the obligations of any other LP
Unitholder hereunder, nor shall any LP Unitholder have the right to enforce the rights or obligations of any other LP Unitholder hereunder. The obligations of each LP Unitholder hereunder are solely for the benefit of, and shall be enforceable
solely by, APAM. The decision of each LP Unitholder to enter into this Agreement has been made by such LP Unitholder independently of any other LP Unitholder. Nothing contained herein or in any other agreement or document delivered at any closing,
and no action taken by any LP Unitholder pursuant hereto or thereto, shall be deemed to constitute the LP Unitholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the LP Unitholders are
in any way acting in concert or as a group with respect to such rights or obligations or the transactions contemplated hereby, and APAM acknowledges that the LP Unitholders are not acting in concert or as a group and will not assert any such claim
with respect to such rights or obligations or the transactions contemplated hereby. 
 SECTION 4.12 Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed, interpreted and enforced in accordance with, the laws of the State of Delaware. 

SECTION 4.13 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail
delivery of a “.pdf” data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” data file or other electronic transmission service shall be considered original executed counterparts for
purposes of this Section 4.13. 
 [Next page is signature page.] 

  
 -12-

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

					
	ARTISAN PARTNERS ASSET MANAGEMENT INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 LP UNITHOLDERS

Each LP Unitholder set forth on Annex A hereto

		
	By:	 	ARTISAN PARTNERS ASSET MANAGEMENT
	INC., as attorney-in-fact
		
	By:	 	  

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

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

		 	Name:	 	
		 	Title:	 	

 [SIGNATURE PAGE TO EXCHANGE
AGREEMENT] 

 EXHIBIT A 
 FORM OF 
 EXCHANGE NOTICE 
 Artisan Partners Asset Management Inc. 
 875 E. Wisconsin Avenue, Suite 800 

Milwaukee, Wisconsin 53202 
 Attention: Chief
Legal Counsel 
 Reference is hereby made to the Exchange Agreement, dated as of
                , 2013 and effective upon the effectiveness of the Partnership Agreement (the “Exchange Agreement”), among Artisan Partners Asset
Management Inc., a Delaware corporation, and the LP Unitholders (as defined therein) from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 

The undersigned LP Unitholder hereby transfers to APAM (i) the number of Common Units (together with an equal number of shares of
Class B Common Stock or Class C Common Stock, as applicable) set forth below in Exchange for shares of Class A Common Stock to be issued in its name as set forth below in accordance with the Exchange Agreement and (ii) the number of
Preferred Units (together with an equal number of shares of Class C Common Stock) as set forth below in Exchange for shares of Convertible Preferred Stock and/or shares of Class A Common Stock, in each case to be issued in its name as set forth
below, in accordance with the Exchange Agreement. 
  

			
		
	Legal Name of LP Unitholder:	 	  

		
	 Social Security Number / Tax
 Identification Number:
	 	  

			
		
	 Mailing

Address:
	 	  

			
		
	Number of LP Units to be Exchanged:	 	  

		
	Class of LP Units being Exchanged:	 	  

		
	Class of Stock to be received upon Exchange:	 	  

		
	Broker Information	 	
		
	Broker’s Name:	 	  

		
	Broker’s Phone Number:	 	  

		
	Broker’s DTCC Participant Number:	 	  

		
		 	  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Exchange Notice and to perform the undersigned’s obligations hereunder; (ii) this Exchange Notice has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of the
undersigned enforceable against it in accordance with the terms thereof or 

  
 A-1

 
hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable remedies; (iii) the
undersigned has good and marketable title to its LP Units and shares of Class B Common Stock or Class C Common Stock, as applicable, that are subject to this Exchange Notice and such LP Units and shares of Class B Common Stock or Class C Common
Stock, as applicable, are being transferred to APAM free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent, approval, authorization, order, registration or qualification of any third party or
with any court or governmental agency or body having jurisdiction over the undersigned or the LP Units or shares of Class B Common Stock or Class C Common Stock, as applicable, subject to this Exchange Notice is required to be obtained by the
undersigned for the transfer of such LP Units and shares of Class B Common Stock or Class C Common Stock, as applicable, to APAM. 
 Unless otherwise agreed with APAM or Holdings, the undersigned hereby irrevocably constitutes and appoints any officer of APAM as the attorney of the undersigned, with full power of substitution and
resubstitution in the premises, solely to do any and all things and to take any and all actions necessary to transfer to APAM the LP Units and shares of Class B Common Stock or Class C Common Stock, as applicable, subject to this Exchange Notice and
to deliver to the undersigned the shares of Stock to be delivered in Exchange therefor. 
 IN WITNESS WHEREOF the undersigned,
by authority duly given, has caused this Exchange Notice to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

					
	  

	Name:	 	
	
	 By:

		 	Name:	 	
		 	Title:	 	
		
	Dated:	 	  

  
 A-2

 EXHIBIT B 
 FORM OF 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of
                , 2013 and effective upon the effectiveness of the Partnership Agreement (the “Exchange Agreement”), among Artisan Partners Asset
Management Inc., a Delaware corporation (the “Corporation”), and each of the LP Unitholders from time to time party thereto. Capitalized terms used but not defined in this Joinder Agreement shall have the meanings given to them in
the Exchange Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware. In the event of any conflict between this Joinder Agreement and the Exchange Agreement, the terms of this
Joinder Agreement shall control. 
 The undersigned hereby joins and enters into the Agreement having acquired LP Units [and
having been admitted as a limited partner of Holdings pursuant to the Partnership Agreement]. By signing and returning this Joinder Agreement to APAM, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and
conditions of and agreements of an LP Unitholder contained in the Exchange Agreement, with all attendant rights, duties and obligations of an LP Unitholder thereunder and (ii) makes, as of the date hereof, each of the representations and
warranties of an LP Unitholder set forth in Section 3.2 of the Exchange Agreement as fully as if such representations and warranties were set forth herein. The parties to the Exchange Agreement shall treat the execution and delivery hereof by
the undersigned as the execution and delivery of the Exchange Agreement by the undersigned and, upon receipt of this Joinder Agreement by APAM, the signature of the undersigned set forth below shall constitute a counterpart signature to the
signature page of the Exchange Agreement. 
  

					
	Name:	 	  
	 	

					
			
	Address for Notices:	 		 	With copies to:

							
			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

							
				
	Attention:	 	  
	 		 	  

 [Next page is signature page.] 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Joinder
Agreement to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

					
	  

	Name:	 	
	
	 By:

		 	Name:	 	
		 	Title:	 	
		
	Dated:	 	  

 Annex A 
 LP UnitholdersForm of Public Company Contingent Value Rights Agreement

 Exhibit 10.7 
 PUBLIC COMPANY CONTINGENT VALUE RIGHTS AGREEMENT 
 This
PUBLIC COMPANY CONTINGENT VALUE RIGHTS AGREEMENT (this “Agreement”), dated as of
            , 2013, and effective upon the effectiveness of the Partnership Agreement (as defined herein), is by and among Artisan Partners Asset Management Inc., a Delaware corporation
(the “Company”), and the Holders (as defined below) from time to time. 

WHEREAS, in connection with the issuance of the Company’s convertible preferred stock, par
value $0.01 per share (the “Convertible Preferred Stock”), and the initial public offering of the Company’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”), the Company desires
to issue contingent value rights (the “Public Company CVRs”) to the holders of such Convertible Preferred Stock pursuant to this Agreement; and 
 WHEREAS, Artisan Partners Holdings LP, a Delaware limited partnership (“Holdings”), is issuing contingent value rights (the “Partnership
CVRs”) to the holders of its preferred units (the “Preferred Units”) pursuant to a separate agreement of even date herewith (the “Partnership CVR Agreement”); 

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

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

  
 -1-

 
extraordinary distribution made on the Class A Common Stock during the applicable period shall be reduced by the value (as determined in good faith by the Board) of such distribution per
share of Class A Common Stock and (y) the VWAP for any Trading Day during the 60 Trading Day period prior to the date of a Stock Subdivision or Combination during the applicable period shall automatically be adjusted in inverse proportion
to such subdivision or combination. 
 “Board” means the Board of Directors of the Company.

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

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

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

(iii) less than a majority of the members of the Board shall be individuals who are either (x) members of the Board
on             , 2013 or (y) members of the Board whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of
the members of the Board then in office who are individuals described in clause (x) above or this clause (y), other than any individual whose nomination or appointment under this clause (y) occurred as a result of an actual or threatened
solicitation of proxies or consents for the election or removal of one or more directors on the Board (other than any such solicitation made by the Board). 
 “Conversion Rate” has the meaning set forth in the Certificate of Incorporation of the Company. 
 “Date of Conversion” has the meaning set forth in the Certificate of Incorporation of the Company. 
 “Distribution Value” means, with respect to any distribution of shares of Class A Common Stock to the partners of any H&F Holder, the average of the closing prices for a share of
Class A Common Stock for the ten Trading Days ending immediately prior to the date of such distribution, and the ten Trading Days immediately after the date of such distribution. 

  
 -2-

 “Equity Interest” means shares of capital stock,
partnership interests, membership interests in limited liability companies, beneficial interests in trusts or other equity ownership interests in any Person. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
 “Exchange Agreement” means the Exchange Agreement, dated on or about the date hereof, among the Company and the holders of limited partnership units of Holdings from time to time party
thereto. 
 “Fair Market Value” means the value reasonably determined by the General Partner
assuming a willing buyer and willing seller, both being apprised of all material information affecting said valuation. 
 “Follow-On Offering Closing Date” means the closing date of the follow-on offering the Company is obligated to conduct within fifteen (15) months of the IPO Closing Date pursuant to
the Resale and Registration Rights Agreement. 
 “General Partner” means the Company in its
capacity as general partner of Holdings. 
 “GP Unit” has the meaning assigned to it in the
Partnership Agreement. 
 “H&F Holder” means each of H&F Brewer AIV, L.P., H&F
Brewer AIV II, L.P. and Hellman & Friedman Capital Associates V, L.P and each of their respective successors or permitted assignees. 
 “IPO” means the initial public offering and sale of the Class A Common Stock, as contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-184686).

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

“Partial Capital Event” means (i) a sale, transfer, conveyance or disposition of assets of Holdings
and/or any Subsidiary of Holdings in which Holdings directly or indirectly realizes cash or other liquid consideration, other than a transaction (A) in the ordinary course of business, (B) that involves assets of Holdings or a Subsidiary
of Holdings having a Fair Market Value of less than or equal to 1% of the aggregate Fair Market Value of all assets of Holdings and its Subsidiaries on a consolidated basis, or (C) that is a part of, or would result in, a dissolution of
Holdings or (ii) the incurrence of indebtedness by Holdings and/or its Subsidiaries the principal purpose of which is distributing the proceeds thereof to the partners of Holdings or equity holders of the Subsidiary, as applicable. For the
avoidance of doubt, “Partial Capital Event” shall not include any payment from proceeds of the Company’s IPO or the incurrence of any indebtedness that is refinancing indebtedness of Holdings existing on or prior to the date hereof or
the proceeds of which are used to pay amounts due upon the settlement of the Partnership CVRs. 

  
 -3-

 “Partnership Agreement” means the Fourth Amended and
Restated Agreement of Limited Partnership of Holdings, dated as of             , 2013, as amended from time to time. 

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

“Resale and Registration Rights Agreement” means the Resale and Registration Rights Agreement, dated on
or about the date hereof, among the Company and certain of its shareholders party thereto. 
 “Settlement
Date” means the earlier of (a) July 11, 2016, and (b) the fifth Business Day following the effective date of a Change of Control. 
 “Stock Subdivision or Combination” means any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of the Class A Common Stock. 

“Subsidiary” means, as to any Person, a Person more than 50% of the outstanding voting equity of which is
owned, directly or indirectly, by the initial Person or by one or more other Subsidiaries of the initial Person. For the purposes of this definition, “voting equity” means equity that ordinarily has voting power for the election of
directors or of Persons performing similar functions (such s a general partner of a partnership or the manager of a limited liability company), whether at all times or only so long as no senior class of equity has such voting power by reason of any
contingency. 
 “Test Date” means the earlier of July 3, 2016 and the effective date of a
Change of Control. 
 “Total Number of CVRs” means, as of any date, the total number of
Partnership CVRs and Public Company CVRs (in each case taking into account any adjustments pursuant to Section 9) outstanding at the close of business on such date, provided that the Total Number of CVRs shall not include any Partnership CVRs
held by the Company at the close of business on such date. As of the date hereof, the Total Number of CVRs is             . The “Total Number of CVRs” may only be adjusted
pursuant to Section 9. 

  
 -4-

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

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

 

			
	 Associated Securities Value
	  	 Section 4(b)

	 Class A Common Stock
	  	 Recitals

	 Company
	  	 Preamble

	 Convertible Preferred Stock
	  	 Recitals

	 Holdings
	  	 Recitals

	 Holders
	  	 Section 2(b)

	 Holder’s Number of CVRs
	  	 Section 4(a)

	 Measured Value
	  	 Section 4(b)

	 Partial Capital Event Distributions
	  	 Section 4(b)

	 Partnership CVR
	  	 Recitals

	 Partnership CVR Agreement
	  	 Recitals

	 Preferred Units
	  	 Recitals

	 Public Company CVR
	  	 Recitals

	 Realized Proceeds
	  	 Section 4(b)

	 Register
	  	 Section 2(b)

	 Settlement Amount
	  	 Section 3(a)

	 Settlement Schedule
	  	 Section 5

  
 -5-

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

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

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

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

Section 2. Issuance; Register. 
 (a) Upon the issuance of the Convertible Preferred Stock, the Company shall issue to each initial holder of such Convertible Preferred Stock a number of Public Company CVRs equal to the number of shares
of Convertible Preferred Stock held by such holder. 
 (b) The Company shall employ a transfer agent to maintain a register (the
“Register”) showing the name and address of the registered holders of Public Company CVRs and the number of Public Company CVRs held by each such registered holder. The Company shall cause the transfer agent to update the Register
as exchanges are made pursuant to Section 7 and Transfers are made pursuant to Section 8. The Persons listed from time to time as holders in the Register shall be “Holders” for purposes of this Agreement and the Register shall be
binding absent manifest error. The Public Company CVRs shall not be evidenced by certificates. 
 Section 3. Early
Termination. This Agreement shall terminate prior to the Test Date and no Holder shall have any rights hereunder (to payment or otherwise) on the first Trading Day as of which the Average Daily VWAP shall have been at least equal to the quotient
of 

  
 -6-

 
$             divided by the product of (i) the Total Number of CVRs and (ii) the Conversion Rate on such Trading Day. The
Company shall promptly notify each Holder of the termination of this Agreement prior to the Test Date. 
 Section 4.
Settlement. 
 (a) Settlement Amount. The amount, if any, payable on the Settlement Date to a Holder by the
Company with respect to the Public Company CVRs held by such Holder on the Test Date (the “Settlement Amount”) shall equal: 
 (i) the number of Public Company CVRs held by such Holder at the close of business on the Test Date 
 multiplied by 
 (ii) the least of the following three alternative amounts:

  

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

 

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

 

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

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

(i) “Associated Securities Value” means, with respect to any Holder, the product of (x) the
Average Daily VWAP and (y) a fraction the numerator of which is the number of Associated Securities held by such Holder at the close of business on the Test Date and the denominator of which is such Holder’s Number of CVRs, treating
each share of Convertible Preferred Stock or Preferred Unit held by such Holder on the Test Date for this purpose as if it had been converted into Class A Common Stock on such date at the Conversion Rate (calculated as if the Date of Conversion
were the Test Date). 
 (ii) “Measured Value” shall mean the product of
(x) the Average Daily VWAP and (y) the Conversion Rate (calculated as if the Date of Conversion were the Test Date). 
 (iii) “Partial Capital Event Distributions” means, with respect to any Holder, the quotient of (x) any amounts distributed to such Holder on the Associated Securities held by
such Holder upon the occurrence of a Partial Capital Event, divided by (y) such 

  
 -7-

 
Holder’s Number of CVRs. In calculating the amount distributed under clause (x) above with respect to a share of Convertible Preferred Stock or Class A Common Stock, to the extent
distributions are received by holders of Convertible Preferred Stock or Class A Common Stock, the amount distributed shall be deemed to be the amount distributed on the Preferred Unit or GP Unit held by the Company corresponding with the share
of Preferred Stock or Class A Common Stock, as the case may be. 
 (iv) “Holder’s Number of
CVRs” means the number of Public Company CVRs and Partnership CVRs held by a Holder at the close of business on the Test Date. 
 (v) “Realized Proceeds” means, with respect to any Holder, the quotient of (x) the gross proceeds realized by the Holder from the sale of Associated Securities held by such
Holder, other than any such proceeds that such Holder applied to purchase other Associated Securities, divided by (y) such Holder’s Number of CVRs, provided that in the event of a distribution by an H&F Holder of
Class A Common Stock to partners, such H&F Holder shall be deemed to have sold each such share of Class A Common Stock on the date of such distribution for gross proceeds equal to the Distribution Value. 

(c) Method of Payment. Payment of the Settlement Amount shall be made, at the sole discretion of the Company,
by wire or Automated Clearing House transfer of immediately available funds to the bank account designated by the Holder in the Settlement Schedule provided pursuant to Section 5 on the later of the Settlement Date and the fourth Business Day
following receipt by the Company of such Holder’s Settlement Schedule that is properly completed in all material respects. Upon payment by the Company of the Settlement Amount to a Holder, this Agreement shall terminate with respect to such
Holder and the Company shall have no further obligations hereunder to such Holder.  
 Section 5.
Settlement Procedures. Each Holder shall deliver a schedule and certification in the form set forth in Exhibit A hereto (the “Settlement Schedule”) to the Company promptly after the Test Date. The Company may
require any Holder to supply account statements or confirmations from brokers establishing the number of securities of the Company held or Transferred by such Holder and the date(s) of and amount(s) of such Holder’s Realized Proceeds.

 Section 6. Termination. Subject to Section 3, this Agreement shall terminate and no Holder shall have
any rights hereunder (to payment or otherwise) upon the payment by the Company of the Settlement Amount, if any, due to each Holder pursuant to Section 4. 
 Section 7. Issuance of Public Company CVRs upon Exchange of Preferred Units. Upon the exchange of any Preferred Unit for a share of Convertible Preferred Stock or Class A Common
Stock, as applicable, pursuant to the Exchange Agreement and the transfer of each Partnership CVR held by the holder of such Preferred Unit to the Company pursuant to the Partnership CVR Agreement, the Company shall issue to such Holder a number of
Public Company CVRs equal to the number of Partnership CVRs so transferred. 
 Section 8. Transfer. The H&F
Holders may Transfer Public Company CVRs only in accordance with this Section 8 and any purported Transfer of a Public Company CVR other than in accordance with this Section 8 shall be void. Upon the Transfer on or prior to the Test Date
by an H&F Holder of shares of Convertible Preferred Stock to any Person in accordance with the 

  
 -8-

 
Resale and Registration Rights Agreement, an equal number of Public Company CVRs shall automatically be deemed transferred to the same Person and such Person shall be deemed to have become a
party to this Agreement and succeeded to the rights and obligations of such H&F Holder in respect of the Public Company CVRs so Transferred. For the avoidance of doubt, a holder of a share of Convertible Preferred Stock may retain the
corresponding Public Company CVR after the conversion of such share of Convertible Preferred Stock into Class A Common Stock and/or after the subsequent disposition of shares of Class A Common Stock. An H&F Holder may also Transfer
Public Company CVRs, and its rights and obligations under this Agreement in respect of such Public Company CVRs, to one or more of its affiliates who enters into an instrument satisfactory to the Company agreeing to be bound by this Agreement in
respect of such Public Company CVRs. 
 Section 9. Adjustment. Upon any Stock Subdivision
or Combination, the number of Public Company CVRs held by each Holder shall automatically be adjusted such that the Holder’s number of CVRs shall increase or decrease in proportion to the increase or decrease in the number of outstanding shares
of Class A Common Stock as a result of such Stock Subdivision of Combination. 
 Section 10. No Rights as
Shareholders. Neither this Agreement nor the Public Company CVRs entitle the Holders to any voting rights or other rights as a shareholder of the Company. 
 Section 11. Notices. All notices, requests, consents and other communications hereunder (including the delivery of the Settlement Schedule pursuant to Section 5) shall be in writing
and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by certified or registered mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 11): 

(a) if to the Company to: 
 Artisan Partners Asset Management Inc. 
 875 E. Wisconsin Avenue, Suite 800

 Milwaukee, WI 53202 
 Telephone: (414) 390-6100 
 Fax: (414) 390-6139 

Attention: Chief Legal Counsel 
 Electronic Mail: contractnotice@artisanpartners.com 
 with a copy to: 

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

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

Electronic Mail: clarkinc@sullcrom.com 

  
 -9-

 (b) if to the H&F Holders: 

Hellman & Friedman LLC 
 One Maritime Plaza 
 12th Floor 

San Francisco, CA 94111 
 Telephone: (415) 788-5111 
 Fax: (415) 788-0176 

Attention: Allen R. Thorpe 
           Arrie R. Park 

Electronic Mail: athorpe@hf.com 
           apark@hf.com 
 with a
copy to: 
 Cleary Gottlieb Steen & Hamilton LLP 

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

Fax: (212) 225-3999 
 Attention: Christopher E. Austin 
 Electronic Mail: caustin@cgsh.com 

(c) if to any other Holder, to the address and other contact information set forth in the Register. 

Section 12. Waiver; Amendments. 
 (a) No provision of this Agreement may be waived except by an instrument in writing executed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 (b) No provision of this Agreement
may be amended or otherwise modified except by an instrument in writing executed by the Company and the Holders of a majority of the Public Company CVRs; provided that no decrease in the amount payable upon settlement of any Public Company
CVR or change in the date on which such amount is payable shall be effective against the Holder of any Public Company CVR without the consent of such Holder. 
 (c) The Company agrees that it shall act on any proposed amendment or modification to the Partnership CVR Agreement pursuant to the instructions of the holders of the Public Company CVRs. 

Section 13. Governing Law. This Agreement shall be governed by and construed in accordance with, the laws of the State
of Delaware. 

  
 -10-

 Section 14. Consent to Jurisdiction.

(a) Each party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of
Chancery of the State of Delaware or, if such Court declines jurisdiction, the courts of the State of Delaware sitting in Wilmington, Delaware and of the United States District Court for the District of Delaware sitting in Wilmington, Delaware, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such Delaware State court or, to the fullest extent permitted by applicable law, in such United States District Court. Each party agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (b) Each party irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement in any court referred to in Section 14(a). Each party irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any such suit, action or
proceeding in any such court. 
 (c) Each party irrevocably consents to service of process in the manner provided for notices in
Section 11. Nothing in this Agreement shall affect the right of any party to serve process in any other manner permitted by law. 
 Section 15. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 16. Entire Agreement; No Third Party
Beneficiaries. This Agreement (i) constitutes the entire agreement and understanding among the parties hereto and supersedes all prior and contemporaneous agreements and understandings, both oral and written, among the parties hereto
with respect to the subject matter hereof and (ii) is not intended to confer upon any Person, other than the parties hereto, except as provided in Section 7 or Section 8, any rights or remedies hereunder. 

Section 17. Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. Subject to Section 7 and Section 8 hereof, the rights and obligations of each party hereto may not be assigned or transferred without, in the case of an assignment or
transfer by any Holder, the prior written consent of the Company, and in the case of an assignment or transfer by the Company, the prior written consent of Holders holding at least two-thirds of the Total Number of CVRs at such time. 

Section 18. Severability. In case any one or more of the provisions contained in this Agreement shall be invalid,
illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

  
 -11-

 Section 19. Further Assurances. The parties shall execute, deliver,
acknowledge and file such further agreements and instruments and take such other actions as may be reasonably necessary to make effective this Agreement and the transactions contemplated hereby. 

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

  
 -12-

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

 

			
	 ARTISAN PARTNERS ASSET
 MANAGEMENT INC.

		
	By:	 	  

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

		 	Name:
		 	Title:

  
 -13-

 Exhibit A 
 Settlement Schedule 
 Name of Holder: 

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

							
	 Date
	  	 Type of Associated Security Sold

or Distributed
	  	 Number Sold or

Distributed
	  	 Gross Proceeds

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

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

			
		 	  

		 	Name:
		 	Title:
		
	Date:

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