Document:

EX-10.19

 Exhibit 10.19 
 Execution Version 
 PURCHASE AGREEMENT 

This PURCHASE AGREEMENT (this “Agreement”) is made this 23rd day of November, 2011, by and between Manning &
Napier, Inc., a Delaware corporation (the “Company”), and M&N Group Holdings, LLC, a Delaware limited liability company (“M&N Holdings”). 

W I T N E S S E T H: 

WHEREAS, on the date hereof, the Company has consummated the initial public offering of its Class A common stock, par value $0.01
per share (the “Initial Public Offering”); 
 WHEREAS, as of the date hereof, M&N Holdings owns
Class A units of Manning & Napier Group, LLC, a Delaware limited liability company (“Manning & Napier Group”); and 
 WHEREAS, pursuant to the terms and conditions set forth herein, the Company desires to purchase, and M&N Holdings desires to sell, 8,805,234 Class A Units of Manning & Napier Group held
by M&N Holdings (the “Holdings Class A Units”) with a portion of the net proceeds it received in the Initial Public Offering. 
 NOW, THEREFORE, in consideration of the foregoing premises, the respective covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, hereby agree as follows: 
 1.
Purchase of Class A Units. 
 (a) Subject to the terms and conditions set forth in this Agreement, M&N Holdings
shall sell to the Company, and the Company shall purchase from M&N Holdings, the Holdings Class A Units for an aggregate cash purchase price equal to $105,662,806 (the “Purchase Price”). The price per Class A Unit
shall be equal to the price per share of the Company’s Class A common stock in the Initial Public Offering. 
 (b) The
closing of such purchase and sale (the “Closing”) shall take place one business day following the date of this Agreement. At the Closing, (i) M&N Holdings shall deliver to the Company all instruments necessary to effect the
sale and transfer of the Holdings Class A Units and (ii) the Company shall deliver the Purchase Price to M&N Holdings by wire transfer of immediately available funds to an account designed by M&N Holdings in writing. 

 2. Representations and Warranties of the Company. The Company hereby represents and
warrants to M&N Holdings as follows: 
 (a) Corporate Organization. The Company is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization. 
 (b) Authorization and Validity of
Agreement. The Company has all requisite corporate power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the performance of the Company’s obligations
hereunder have been duly authorized by all necessary corporate action, and no other corporate proceedings on the part of the Company is necessary to authorize such execution, delivery and performance. This Agreement has been duly executed by the
Company and, assuming due execution by M&N Holdings, constitutes its valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or similar laws of
general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity. 
 (c) No Conflict or Violation. The execution, delivery and performance by the Company of this Agreement does not and will not (i) violate or conflict with any provision of the organizational
documents of the Company or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity. 
 (d) Accredited Investor; Investigation. The Company (i) is an “accredited investor” as such term is defined in Rule 501 promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), (ii) is acquiring the Holdings Class A Units for investment and for the Company’s own account and not with a view to, or for resale in connection with, any distribution, except pursuant to
registration under the Securities Act or an exemption from such registration available under the Securities Act, and in compliance with foreign securities laws, as applicable, (iii) understands that the Holdings Class A Units have not been
registered under the Securities Act or under any securities or blue sky laws and, as a result, are subject to substantial restrictions on transfer, (iv) has had the opportunity to ask questions of, and to receive answers from, appropriate
officers and employees of M&N Holdings with respect to the terms and conditions of the transactions contemplated hereby and with respect to M&N Holdings and the Holdings Class A Units and (v) has had access to such financial and
other information as requested in order for the undersigned to make an informed decision as to an investment in the Holdings Class A Units, and has had the opportunity to obtain any additional information required to verify any of such
information to which the undersigned has had access. 
 3. Representations and Warranties of M&N Holdings. M&N
Holdings hereby represents and warrants to the Company as follows: 
 (a) Organization. M&N Holdings is a limited
liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of formation. 

  
 2 

 (b) Authorization and Validity of Agreement. M&N Holdings has all requisite
limited liability company power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the performance of M&N Holdings’ obligations hereunder have been duly
authorized by all necessary limited liability company action, and no other limited liability company proceedings on the part of M&N Holdings is necessary to authorize such execution, delivery and performance. This Agreement has been duly
executed by M&N Holdings and, assuming due execution by the Company, constitutes its valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or
similar laws of general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity. 
 (c) No Conflict or Violation. The execution, delivery and performance by M&N Holdings of this Agreement does not and will not (i) violate or conflict with any provision of the
organizational documents of M&N Holdings or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity. 
 (d) Title. M&N Holdings has good and marketable title to the Holdings Class A Units that are being sold to the Company pursuant to Section 1 hereof. The Holdings Class A
Units are owned by M&N Holdings free and clear of all liens, claims and encumbrances of any kind, and will be transferred to the Purchaser free and clear of any liens, claims or encumbrances of any kind. 

4. Miscellaneous. 
 (a) Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents,
and take, or cause to be taken, such further actions, as any other party hereto may reasonably request as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement. 

(b) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with regard to the
subject matter hereof. 
 (c) Amendments; Waivers. This Agreement may be amended, modified or superseded, and any of the
terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against
whom enforcement is sought. The failure of any party at any time or times to require performance of any provisions hereof will in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of any
breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be 

  
 3 

 
deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term, covenant, representation or
warranty. 
 (d) Successors and Assigns. All of the terms, covenants, representations, warranties and conditions of this
Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns. 
 (e) Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law
provisions or rule that would cause the application of the laws of any jurisdiction other than the State of New York. 
 (f)
Severability. If any provision of this Agreement shall become illegal, invalid, unenforceable or against public policy for any reason, or shall be held by any court of competent jurisdiction to be illegal, invalid, unenforceable or against
public policy, then such provision shall be severed from this Agreement and the remaining provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. In lieu of each provision that becomes or is held to be
illegal, invalid, unenforceable or against public policy, there shall be automatically added to this Agreement a provision as similar in substance to the objectionable provision as may be possible and still be legal, valid, enforceable and in
compliance with public policy. 
 (g) Section and Paragraph Headings. The section and paragraph headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 (h) Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had executed the same document. All such counterparts shall be construed together and shall constitute one instrument. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
 4 

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

			
	MANNING & NAPIER, INC.
		
	 By:
	 	/s/ Richard B. Yates
		 	  

		 	Name: Richard B. Yates
		 	Title: Corporate Secretary

  

			
	M&N GROUP HOLDINGS, LLC
		
	 By:
	 	/s/ William Manning
		 	  

		 	Name: William Manning
		 	Title: Managing Member

 [Signature Page to Purchase Agreement of Manning & Napier, Inc. and M&N Group Holdings,
LLC]EX-10.20

 Exhibit 10.20 
 MANNING & NAPIER GROUP, LLC 
 290 Woodcliff Drive 

Fairport, New York 14450 
 October 31, 2011 
 Mr. James E. Mikolaichik 

15 Minuteman Road 
 Medfield, MA 02052

 Dear Mr. Mikolaichik: 
 In consideration of the services to be provided by you to Manning & Napier Group, LLC, a Delaware limited liability company (the “Company”), and its Affiliates, the Company hereby
grants to you a membership interest in the Company representing 0.033% of the Company’s membership interests (the “Grant”) subject to the terms and conditions of this letter (this “Agreement”). Unless otherwise defined
herein, capitalized terms shall have the meaning ascribed to such terms in the Company’s Limited Liability Company Operating Agreement, dated as of October 3, 2011 (as amended from time to time, the “Operating Agreement”).

 1. Operating Agreement. As a condition to receiving the Grant, you shall agree to be bound by the terms of the
Operating Agreement by executing and delivering to the Company a duly executed Joinder to the Operating Agreement annexed thereto as Exhibit A. The membership interest comprising the Grant is intended to constitute a “profits interests”
within the meaning of Revenue Procedures 93-27 and 2001-43. 
 2. Forfeiture and Vesting. 

(a) The membership interest subject to the Grant shall vest on January 1, 2015, provided that you have created and implemented a
well-functioning infrastructure for strategic planning and mergers and acquisitions for the Company and its subsidiaries, as determined by the Managing Member, and further provided that you are an employee of the Company in good standing as of
January 1, 2015. 
 (b) Any portion of the membership interest that does not vest in accordance with the terms of this
Section 2 shall be forfeited by you on January 1, 2015, without any consideration paid to you and shall be cancelled on the books and records of the Company. 
 3. Transferability. Notwithstanding any provision of the Operating Agreement to the contrary, the membership interest issued to you pursuant to this Agreement may not be transferred, sold or
otherwise disposed of for a period two (2) years from the date such membership interest vests in accordance with Section 2 hereof. 

  
 1 

 4. Voting and Economic Rights. Notwithstanding any provision of the Operating
Agreement to the contrary, with respect to the membership interest granted to you pursuant to this Agreement, you shall not have any voting or economic rights until such time that such membership interest vests. 

5. Anti-Dilution. From the date hereof until the date of a Corporate Transaction (as defined below), the membership interest
granted by this Agreement shall not be diluted as a result of the issuance of any membership interests or Units of the Company. For purposes of this Agreement, “Corporate Transaction” means any issuance of securities by the Company (other
than securities issued to M&N Group Holdings, Manning & Napier Capital Company, LLC and employees of the Company or its Affiliates), a merger of the Company, a sale of assets of the Company (other than in the ordinary course of
business), a restructuring or recapitalization of the Company or other similar transaction. 
 6. Noncompete Restriction.
The Company and you hereby agree that the duration of the Noncompete Period applicable to the noncompete restrictions under the Operating Agreement resulting from this Grant shall be determined as follows: 

(a) If your employment with the Company terminates for any reason prior to the date when the membership interest has vested under this
Agreement, the Noncompete Period applicable to the Grant shall be zero (0) and the noncompete restrictions of the Operating Agreement shall not apply. 
 (b) If, at any time on or after the membership interest has vested under this Agreement, your employment with the Company is terminated by the Company for “Cause” (as defined below) or as a
result of your voluntary resignation of employment from the Company, then the Noncompete Period applicable to the Grant shall be two (2) years, unless you are an “Opter” (as defined below) as of the date of your termination of
employment, in which case, the Noncompete Period shall be zero and the noncompete restrictions of the Operating Agreement shall not apply. For purposes of this Agreement, you shall be an Opter if your average annual “Compensation” (as
defined below) for the 24 months immediately preceding the date of your termination of employment is less than $300,000 (Three Hundred Thousand Dollars) (adjusted annually by the Gross Domestic Product Implicit Price Deflator (for such year) as
published by the Bureau of Economic Analysis (or, in the event such index is no longer published, such other cost-of-living index as the Company may select); provided, however, that you shall not qualify as an Opter if you receive more than
$1,000,000 (One Million Dollars) in exchange for your ownership interest in the Company. For purposes of this Agreement, the term “Compensation” shall mean the sum of (a) your wages (including any bonus or incentive payments of any
kind, as reflected on your Form W-2 or otherwise), (b) the taxable income realized by you as a result of being a Member of the Company (as reflected on the Form K-1 received by you with respect to the Company), and (c) any other income
received by you as a result of your ownership of the Company (as reflected on a Form 1099 or otherwise). For purposes of this Agreement, “Cause” shall mean conduct by you which involves fraud, moral turpitude, willful misconduct, bad faith
or commission of a crime that is classified as a felony under New York law and in the reasonable opinion of the Managing Member is injurious to the Company. 

  
 2 

 (c) If, at any time on or after the membership interest has vested under this Agreement,
your employment terminates for any reason other than a reason described in Section 5(b) above, then the Noncompete Period applicable to the Grant shall be: (i) six (6) months, if your employment is terminated more than one
(1) year after the membership interest has vested, and provided that at least $10,000,000 (Ten Million Dollars) has been distributed to all Members of the Company after the time when your membership interest has vested, (ii) one
(1) year, if your employment is terminated more than two (2) year after the membership interest has fully vested, and provided that at least $20,000,000 (Twenty Million Dollars) has been distributed to all Members of the Company after the
time when your membership interest has vested, (iii) eighteen (18) months, if your employment is terminated more than three (3) years after the membership interest has vested, and provided that at least $30,000,000 (Thirty Million
Dollars) has been distributed to all Members of the Company after the time when your membership interest has vested, or (iv) two (2) years, if your employment is terminated more than four (4) years after the membership interest has
vested, and provided that at least $40,000,000 (Forty Million Dollars) has been distributed to all Members of the Company after the time when your membership interest has vested. Notwithstanding the foregoing provisions of this Section 6(c), if
you are an Opter as of the date your termination of employment, the Noncompete Period applicable to the Grant shall be zero and the noncompete restrictions of the Operating Agreement shall not apply. 

7. Relationship. Neither the membership interest or this Agreement will confer upon you any right with respect to the continuance
of service with the Company nor interfere in any way with the right of the Company to terminate your at-will employment at any time. 
 8. Representations. You represent and warrant to the Company that (i) you are an accredited investor (as such term is defined in Regulation D promulgated under the Securities Act);
(ii) upon receipt of the Grant, you will be acquiring the membership interest for your own account for the purpose of investment and not with a view to or for sale in connection with any distribution thereof; and (iii) you understand that
(x) the membership interest have not been registered with the Securities and Exchange Commission; and (y) such membership interest shall be subject to the restrictions on transfer contained in the Operating Agreement and in this Agreement.
You further acknowledge that the terms of this Agreement relate solely to the membership interest granted to you hereunder. 

9. Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
but without regard to its principles of conflicts of law. In the event any provision hereof shall be held invalid, illegal or unenforceable, in whole or in part, for any reason, such determination shall not affect the validity, legality or
enforceability of any remaining provision, portion of provision or this Agreement overall, which shall remain in full force and effect as if this Agreement had been absent the invalid, illegal or unenforceable provision or portion thereof. The
Company and you covenant and agree that the state courts located in New York, or in a case involving diversity of citizenship or a federal question, the federal courts located in New York 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. 

  
 3 

 10. Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and permitted assigns. 
 11. Notices. All notices and
other communications required or permitted hereunder shall be in writing and deemed to have been received on the date of delivery if delivered by hand, overnight express, or e-mail (if receipt thereof is confirmed by telephone) or three
(3) days after the date of posting if mailed by registered or certified mail, postage prepaid, addressed to the Company, 290 Woodcliff Drive, Fairport, New York 14450, Attention: Chief Legal Officer, with a copy to Harold Levine, Esq., Herrick,
Feinstein LLP, 2 Park Avenue, New York, New York 10016, and to you at your address as set forth herein (or such other address to which either party hereto in the future shall notify the other party hereto of to send such notices and communications).
Such notices and other communications shall not be considered delivered until actually received or deemed received pursuant to this Section 11. 
 12. Entire Agreement. This Agreement constitutes the entire agreement between the Company and you with respect to the subject matter hereof, and supersedes and cancels all prior written or oral
agreements, if any, with respect to such subject matter. 
 Please acknowledge receipt of this Agreement by signing the enclosed
copy of this Agreement in the space provided below and returning it promptly to the Company. 
  

					
	 Sincerely,

	
	 MANNING & NAPIER GROUP, LLC

		
	By:	 	/s/ RICHARD B. YATES
		 	Name:	 	Richard B. Yates
		 	Title:	 	Corporate Secretary

 Accepted and agreed to 
 as of October 31, 2011: 
  

			
	    /s/ James E. Mikolaichik
	James E. Mikolaichik
	Address:	 	15 Minuteman Road
		 	Medfield, MA 02052

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]