Document:

EX-4.1

 Exhibit 4.1 

SAVARA INC. 
 2021
INDUCEMENT EQUITY INCENTIVE PLAN 
 (Adopted May 10, 2021) 

1.    Purposes of the Plan. The purpose of this Plan is to attract and retain the best available personnel for
positions of substantial responsibility by providing an inducement material to individuals’ entering into employment with the Company or any Parent or Subsidiary of the Company. The Plan permits the grant of Nonstatutory Stock Options,
Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units or Performance Shares as the Administrator may determine. Each Award under the Plan is intended to qualify as an employment inducement grant under the Listing
Rule 5635(c)(4). 
 2.    Definitions. As used herein, the following definitions will apply: 

(a)    “Administrator” means the Board or any of its Committees as will be administering the Plan, in
accordance with Section 4 of the Plan. 
 (b)    “Applicable Laws” means the legal and regulatory
requirements relating to the administration of equity-based awards, including without limitation the related issuance of shares of Common Stock, including without limitation under U.S. state corporate laws, U.S. federal and state securities laws,
the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any non-U.S. country or jurisdiction where Awards are, or will be, granted under the
Plan. 
 (c)    “Award” means, individually or collectively, a grant under the Plan of Options, Stock
Appreciation Rights, Restricted Stock or Restricted Stock Units, Performance Units or Performance Shares. 

(d)    “Award Agreement” means the written or electronic agreement between the Company and Participant
setting forth the terms and provisions applicable to an Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 

(e)    “Board” means the Board of Directors of the Company. 

(f)    “Change in Control” For purposes of this Plan, unless otherwise provided in an Award Agreement,
Change in Control means the occurrence of any one of the following events after the date of approval of this Plan by the Board: 

(i)    Over a period of 36 consecutive months or less, there is a change in the composition of the Board such that a
majority of the Board members (rounded up to the next whole number, if a fraction) ceases, by reason of one or more proxy contests for the election of Board members, to be composed of individuals who either (i) have been Board members
continuously since the beginning of that period, or (ii) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described in the preceding clause (i) who were still in
office at the time that election or nomination was approved by the Board; provided, however, that no individual initially elected or nominated as a 

 
director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf
of any person other than the Board shall be deemed to satisfy the criteria described in the preceding clause (ii); 

(ii)    Any person or group of persons (within the meaning of Section 13(d)(3) of the Exchange Act) directly or
indirectly acquires beneficial ownership (determined pursuant to Rule 13d-3 promulgated under the Exchange Act) of securities possessing more than 50% of the total combined voting power of the
Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s stockholders that the Board does not recommend such stockholders accept, other than (i) the Company or any corporation,
partnership, limited liability company, business trust, or other entity controlling, controlled by or under common control with the Company (each, for purposes of this Section 2(f)(ii), an “affiliate”), (ii) an employee benefit plan
of the Company or an affiliate, (iii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or an affiliate, or (iv) an underwriter temporarily holding securities pursuant to an offering of such
securities; 
 (iii)    The consummation of a merger or consolidation of the Company with or into another person or the
sale, transfer, or other disposition of all or substantially all of the Company’s assets to one or more other persons in a single transaction or series of related transactions that requires the approval of the Company’s stockholders,
whether for such transaction or the issuance of securities in such transaction (a “Business Combination”), unless in connection with such Business Combination securities possessing more than 50% of the total combined voting power of the
survivor’s or acquiror’s outstanding securities (or the securities of any parent thereof) are held by a person or persons who held securities possessing more than 50% of the total combined voting power of the Company’s outstanding
securities (“Company Voting Securities”) immediately prior to such Business Combination and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the
holders thereof immediately prior to such Business Combination; 
 (iv)    The stockholders of the Company approve a
plan of complete liquidation or dissolution of the Company or the consummation of a sale of all or substantially all of the Company’s assets. 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of
more than 50% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided, that if after such acquisition by
the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control shall then occur. 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Section 409A. 

 (g)    “Code” means the Internal Revenue Code of 1986,
as amended. Any reference to a section of the Code or regulation thereunder will include such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable provision of any future
legislation or regulation amending, supplementing, or superseding such section or regulation. 

(h)    “Committee” means a committee of Directors or of other individuals satisfying Applicable Laws
appointed by the Board, or a duly authorized committee of the Board, in accordance with Section 4 hereof. 

(i)    “Common Stock” means the common stock of the Company. 

(j)    “Company” means Savara Inc., a Delaware corporation, or any successor thereto. 

(k)    “Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or
Subsidiary of the Company to render bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly promote or maintain a
market for the Company’s securities, in each case, within the meaning of Form S-8 promulgated under the Securities Act, and provided, further, that a Consultant will include only those persons to whom the
issuance of Shares may be registered under Form S-8 promulgated under the Securities Act. 

(l)    “Director” means a member of the Board. 

(m)    “Disability” means total and permanent disability as defined in Section 22(e)(3) of the
Code, provided that the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator
from time to time. 
 (n)    “Employee” means any person, including Officers and Directors, employed by
the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. However, for the avoidance of doubt, a
person who already is serving as a Director prior to becoming an Employee will not be eligible to be granted an Award under the Plan unless permitted under the Listing Rule 5635(c)(4). The Company will determine in good faith and in the exercise of
its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual’s employment or termination of employment, as the case may be. For purposes of an individual’s rights, if any, under
the Plan as of the time of the Company’s determination, all such determinations by the Company shall be final, binding and conclusive, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary
determination. 
 (o)    “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(p)    “Exchange Program” means a program under which (i) outstanding Awards are surrendered or
cancelled in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants 

 
would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an
outstanding Award is reduced. 
 (q)    “Fair Market Value” means, as of any date, the value of Common
Stock determined as follows: 
 (i)    If the Common Stock is listed on any established stock exchange or a national
market system, including without limitation the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, the Fair Market Value will be the closing sales price for
such stock (or, if no closing sales price was reported on that date, as applicable, on the last Trading Day such closing sales price was reported) as quoted on such exchange or system on the day of determination, as reported in The Wall
Street Journal or such other source as the Administrator deems reliable; 
 (ii)    If the Common Stock is
regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and
asks were reported on that date, as applicable, on the last Trading Day such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(iii)    In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good
faith by the Administrator. 
 (r)    “Fiscal Year” means the fiscal year of the Company. 

(s)    “Incentive Stock Option” means an Option intended to qualify, and actually qualifies, as an
incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 

(t)    “Listing Rule” means the Listing Rules of The Nasdaq Stock Market LLC. Reference to any Listing
Rule will include the terms and conditions of the Listing Rule and any applicable Interpretive Material and other guidance issued under the Listing Rule. 

(u)    “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended
to qualify as an Incentive Stock Option. 
 (v)    “Officer” means a person who is an officer of the
Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

(w)    “Option” means a stock option granted pursuant to the Plan. All Options granted under the Plan
shall constitute Nonstatutory Stock Options. 
 (x)    “Parent” means a “parent corporation,”
whether now or hereafter existing, as defined in Code Section 424(e). 
 (y)    “Participant”
means the holder of an outstanding Award. 

 (z)    “Performance Share” means an Award denominated
in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10. 

(aa)    “Performance Unit” means an Award which may be earned in whole or in part upon attainment of
performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10. 

(bb)    “Period of Restriction” means the period (if any) during which the transfer of Shares of
Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of
other events as determined by the Administrator. 
 (cc)    “Plan” means this Savara Inc.
2021 Inducement Equity Incentive Plan. 
 (dd)    “Restricted Stock” means Shares issued pursuant
to a Restricted Stock award under Section 7 of the Plan, or issued pursuant to the early exercise of an Option. 

(ee)    “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market
Value of one Share, granted pursuant to Section 8. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 

(ff)    “Rule 16b-3” means Rule
16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 

(gg)    “Section 16(b)” means Section 16(b) of the Exchange Act. 

(hh)    “Section 409A” means Section 409A of the Code, as it has been and may be
amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time, or any state law equivalent. 

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

(jj)    “Service Provider” means an Employee, Director or Consultant. 

(kk)    “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 of the
Plan. 
 (ll)    “Stock Appreciation Right” means an Award, granted alone or in connection with an
Option, that pursuant to Section 9 is designated as a Stock Appreciation Right. 

(mm)    “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as
defined in Code Section 424(f). 

 (nn)    “Trading Day” means a day that the primary
stock exchange, national market system, or other trading platform, as applicable, upon which the Common Stock is listed, is open for trading. 

3.    Stock Subject to the Plan. 

(a)    Stock Subject to the Plan.
Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be issued under the Plan is equal to 700,000 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock. 

(b)    Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is
surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares, is forfeited to or repurchased by the Company due to failure to vest, then the unpurchased Shares (or
for Awards other than Options or Stock Appreciation Rights, the forfeited or repurchased Shares), which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock
Appreciation Rights that are settled in Shares, the gross number of Shares covered by the portion of the Award so exercised will cease to be available under the Plan. Shares that actually have been issued under the Plan under any Award will not be
returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are
repurchased by the Company or are forfeited to the Company due to failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations
related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, the cash payment will not result in reducing the number of Shares available for issuance
under the Plan. 
 (c)    Share Reserve. The Company, at all times during the term of this Plan, will reserve and
keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan. 

4.    Administration of the Plan. 

(a)    Procedure. 

(i)    Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers
may administer the Plan. 
 (ii)    Rule 16b-3. To the extent desirable
to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule
16b-3. 
 (iii)    Other Administration. Other than as provided above,
the Plan will be administered by (A) the Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws. 

 (iv)    Approval. Awards granted under the Plan must be approved
by a majority of the Company’s “Independent Directors,” as defined in the Listing Rules, or the independent Compensation Committee of the Board, in each case acting as the Administrator. 

(b)    Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, the
specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: 

(i)    to determine the Fair Market Value; 

(ii)    to select the individuals to whom Awards may be granted hereunder, subject to Section 5; 

(iii)    to determine the number of Shares to be covered by each Award granted hereunder; 

(iv)    to approve forms of Award Agreement for use under the Plan; 

(v)    to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted
hereunder. The terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and
any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine; 

(vi)    to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations
relating to sub-plans established for the purpose of satisfying applicable non-U.S. laws or for qualifying for favorable tax treatment under applicable non-U.S. laws; 
 (vii)    to construe and interpret the terms of the Plan and Awards
granted under the Plan; 
 (viii)    to modify or amend each Award (subject to Section 18(c) of the Plan),
including without limitation the discretionary authority to extend the post-termination exercisability period of Awards; provided, however, that in no event will the term of an Option or Stock Appreciation Right be extended beyond its original
maximum term; 
 (ix)    to allow Participants to satisfy tax withholding obligations in a manner prescribed in
Section 14 of the Plan; 
 (x)    to authorize any person to execute on behalf of the Company any instrument
required to effect the grant of an Award previously granted by the Administrator; 
 (xi)    to temporarily suspend the
exercisability of an Award if the Administrator deems such suspension to be necessary or appropriate for administrative purposes; 

 (xii)    to allow a Participant to defer the receipt of the payment of
cash or the delivery of Shares that otherwise would be due to the Participant under an Award; and 
 (xiii)    to make
all other determinations deemed necessary or advisable for administering the Plan. 
 (c)    No Exchange Program or
Repricing. Notwithstanding the powers of the Administrator set forth herein, the Administrator will not be permitted to implement an Exchange Program. 

(d)    Effect of Administrator’s Decision. The Administrator’s decisions,
determinations and interpretations will be final and binding on all Participants and any other holders of Awards and will be given the maximum deference permitted by Applicable Laws. 

5.    Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units,
Performance Shares and Performance Units may be granted to Employees so long as the following requirements are met: 

(a)    The Employee was not previously an Employee or Director, or the Employee became employed by the Company or any of
its Parent or Subsidiaries following a bona-fide period of non-employment or non-service; and 

(b)    The grant of the Award or Awards to the Employee was an inducement material to the Employee’s entering into
employment with the Company (or any of its Parent or Subsidiaries, as applicable) in accordance with the Listing Rule. 
 Notwithstanding
the foregoing, an Employee may be granted an Award in connection with a merger or acquisition to the extent permitted by Listing Rule 5635(c). 

6.    Stock Options. 

(a)    Grant of Options. Subject to the terms and provisions of the Plan, including without limitation the
eligibility requirements of Section 5, the Administrator, at any time and from time to time, may grant Options to Employees in such amounts as the Administrator, in its sole discretion, will determine. 

(b)    Stock Option Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify
the exercise price, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(c)    Term of Option. The term of each Option will be stated in the Award Agreement, provided that in the absence
of a specified term in the Award Agreement, the term of such Option will be ten (10) years from the date of grant. 

 (d)    Option Exercise Price and Consideration. 

(i)    Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option
will be determined by the Administrator, subject to the following: 
 (1)    The per Share exercise price will be no
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 

(2)    Notwithstanding the foregoing, Options may be granted with a per Share exercise price of less than one hundred
percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code. 

(ii)    Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period
within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. 

(iii)    Form of Consideration. The Administrator will determine the acceptable form of consideration for
exercising an Option, including the method of payment. Unless otherwise provided in an Award Agreement, full payment of such purchase price shall be made at the time of exercise and shall be made (i) in cash or cash equivalents (including
certified check or bank check or wire transfer of immediately available funds), (ii) by tendering previously acquired Shares (either actually or by attestation, valued at their then Fair Market Value), (iii) with the consent of the Administrator, by
delivery of other consideration having a Fair Market Value on the exercise date equal to the total purchase price, (iv) with the consent of the Administrator, by withholding Shares otherwise issuable in connection with the exercise of the
Option, including a net exercise procedure, (v) through same-day sales through a broker, unless the Administrator provides otherwise in an Award Agreement, (vi) through any other method specified in
an Award Agreement, or (vii) through any combination of any of the foregoing. The notice of exercise, accompanied by such payment, shall be delivered to the Company at its principal business office or such other office as the Administrator may
from time to time direct, and shall be in such form, containing such further provisions consistent with the provisions of this Plan, as the Administrator may from time to time prescribe. 

(e)    Exercise of Option. 

(i)    Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according
to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. 

An Option will be deemed exercised when the Company receives: (i) notice of exercise (in accordance with the procedures that the
Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with any applicable tax withholdings). Full payment
may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option 

 
will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. The Company will issue (or cause to be issued) such Shares
promptly after the Option is exercised. 
 Exercising an Option in any manner will decrease the number of Shares thereafter available, both
for purposes of the Plan and for exercise under the Option, by the number of Shares as to which the Option is exercised. 

(ii)    Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other
than upon the cessation of the Participant’s Service Provider status as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement
to the extent that the Option is vested on the date of cessation of the Participant’s Service Provider status (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a
specified time in the Award Agreement, the Option will remain exercisable for three (3) months following cessation of the Participant’s Service Provider status. Unless otherwise provided by the Administrator, if on the date of cessation of
the Participant’s Service Provider status the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If, after cessation of the Participant’s Service
Provider status, the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(iii)    Disability of Participant. If a Participant ceases to be a Service Provider as a result of the
Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of cessation of the Participant’s Service Provider
status (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for six (6) months following
cessation of the Participant’s Service Provider status. Unless otherwise provided by the Administrator, if on the date of cessation of the Participant’s Service Provider status the Participant is not vested as to his or her entire Option,
the Shares covered by the unvested portion of the Option will revert to the Plan. If, after cessation of the Participant’s Service Provider status, the Participant does not exercise his or her Option within the time specified herein, the Option
will terminate, and the Shares covered by such Option will revert to the Plan. 
 (iv)    Death of Participant.
If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in
no event may the Option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the
Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the
person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for
twelve (12) months following Participant’s death. Unless otherwise 

 
provided by the Administrator, if at the time of death, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately
revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(v)    Tolling Expiration. A Participant’s Award Agreement also may provide that: 

(1)    if the exercise of the Option following the cessation of Participant’s status as a Service Provider (other
than upon the Participant’s death or Disability) would result in liability under Section 16(b), then the Option will terminate on the earlier of (A) the expiration of the term of the Option set forth in the Award Agreement, or
(B) the tenth (10th) day after the last date on which such exercise would result in liability under Section 16(b); or 

(2)    if the exercise of the Option following the cessation of the Participant’s status as a Service Provider
(other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the Securities Act, then the Option will terminate on the earlier of
(A) the expiration of the term of the Option or (B) the expiration of a period of thirty (30) days after the cessation of the Participant’s status as a Service Provider during which the exercise of the Option would not be in
violation of such registration requirements. 
 7.    Restricted Stock. 

(a)    Grant of Restricted Stock. Subject to the terms and provisions of the Plan, including without limitation the
eligibility requirements of Section 5, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Employees in such amounts as the Administrator, in its sole discretion, will determine. 

(b)    Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will
specify any Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold
Shares of Restricted Stock until the restrictions on such Shares have lapsed. 
 (c)    Transferability. Except
as provided in this Section 7 or the Award Agreement, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of any applicable Period of Restriction. 

(d)    Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares
of Restricted Stock as it may deem advisable or appropriate. 
 (e)    Removal of Restrictions. Except as
otherwise provided in this Section 7, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of any applicable Period of Restriction or at
such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 

 (f)    Voting Rights. During any applicable Period of
Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 

(g)    Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock
for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. 

8.    Restricted Stock Units. 

(a)    Grant. Subject to the terms and provisions of the Plan, including without limitation the eligibility
requirements of Section 5, Restricted Stock Units may be granted to Employees at any time and from time to time as determined by the Administrator. After the Administrator determines that it will grant Restricted Stock Units under the Plan, it
will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units. 

(b)    Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which,
depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional,
business unit, or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined by the Administrator in its discretion. 

(c)    Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be
entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be
met to receive a payout. 
 (d)    Form and Timing of Payment. Payment of earned Restricted Stock Units will be
made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock Units only in cash, Shares, or a combination of both.

 (e)    Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be
forfeited to the Company. 
 9.    Stock Appreciation Rights. 

(a)    Grant of Stock Appreciation Rights. Subject to the terms and provisions of the Plan, including without
limitation the eligibility requirements of Section 5, a Stock Appreciation Right may be granted to Employees at any time and from time to time as will be determined by the Administrator, in its sole discretion. 

 (b)    Number of Shares. The Administrator, subject to the
provisions of the Plan, will have complete discretion to determine the number of Stock Appreciation Rights granted to any Employee. 

(c)    Exercise Price and Other Terms. The per share exercise price for the Shares to be issued pursuant to
exercise of a Stock Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions
of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan. 

(d)    Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award
Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(e)    Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon
the date as determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(c) relating to the maximum term and Section 6(e) relating to
exercise also will apply to Stock Appreciation Rights. 
 (f)    Payment of Stock Appreciation Right Amount. Upon
exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined as the product of: 

(i)    The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; and 

(ii)    The number of Shares with respect to which the Stock Appreciation Right is exercised. 

At the discretion of the Administrator, the payment upon exercise of a Stock Appreciation Right may be in cash, in Shares of equivalent value,
or in some combination of both. 
 10.    Performance Units and Performance Shares. 

(a)    Grant of Performance Units/Shares. Subject to the terms and provisions of the Plan, including without
limitation the eligibility requirements of Section 5, Performance Units and Performance Shares may be granted to Employees at any time and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator
will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant. 

(b)    Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by
the Administrator on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. 

 (c)    Performance Objectives and Other Terms. The Administrator
will set performance objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of
Performance Units/Shares that will be paid out to the Participants under the Performance Units/Shares. The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.”
Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The Administrator may set
performance objectives based upon the achievement of Company-wide, divisional, business unit or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws, or any other basis
determined by the Administrator in its discretion. 
 (d)    Earning of Performance Units/Shares. After the
applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of
the extent to which the corresponding performance objectives or other vesting provisions have been achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or
other vesting provisions for such Performance Unit/Share. 
 (e)    Form and Timing of Payment of Performance
Units/Shares. Payment of earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the
form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 

(f)    Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or
unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. 

11.    Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards
granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or
between the Company, its Parent, or any of its Subsidiaries. 
 12.    Transferability of Awards. Unless
determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime
of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate. 

 13.    Adjustments; Dissolution or Liquidation; Merger or Change in
Control. 
 (a)    Adjustments. In the event that any dividend or other distribution (whether in the form of
cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, reclassification, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs (other than any ordinary dividends or other ordinary
distributions), the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of shares of stock that may be delivered under the
Plan and/or the number, class, and price of shares of stock covered by each outstanding Award, and the numerical Share limit in Section 3 of the Plan. 

(b)    Change in Control. 

(i)    Award Agreements may provide that in the event of a Change in Control, Options and Stock Appreciation Rights
outstanding as of the date of the Change in Control shall be cancelled and terminated without payment if the Fair Market Value of one Share as of the date of the Change in Control is less than the per Share Option exercise price or Stock
Appreciation Right grant price. 
 (ii)    Unless otherwise provided in an Award Agreement, in the event of a Change in
Control in which the successor company (or a subsidiary or parent thereof) assumes or substitutes for an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Unit or Performance Share, if a
Participant’s employment with such successor company (or a subsidiary or parent thereof) terminates within 24 months following such Change in Control (or such other period set forth in the Award Agreement, including prior thereto if applicable)
and under the circumstances specified in the Award Agreement: (A) Options and Stock Appreciation Rights outstanding as of the date of such termination of employment will immediately vest, become fully exercisable, and may thereafter be
exercised for 24 months (or the period of time set forth in the Award Agreement), (B) restrictions, limitations and other conditions applicable to Restricted Stock and Restricted Stock Units shall lapse, and such Restricted Stock and Restricted
Stock Units shall become free of all restrictions and limitations and become fully vested, and (C) the restrictions, limitations and other conditions applicable to any Performance Units or Performance Units shall lapse, and such Awards shall
become free of all restrictions and limitations or conditions and become fully vested and transferable to the full extent of the original grant. For the purposes of this Section 13(c)(ii), an Option, Stock Appreciation Right, Restricted Stock
Award, Restricted Stock Unit Award, Performance Unit or Performance Share shall be considered assumed or substituted for if following the Change in Control the Award (or its substitute) confers the right to purchase or receive, for each Share
subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Unit or Performance Share Award immediately prior to the Change in Control, the consideration (whether stock, cash or other securities
or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by
the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company 

 
(or a subsidiary or parent thereof), the Board may, with the consent of the successor company (or a subsidiary or parent thereof), provide that the consideration to be received upon the exercise
or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Unit or Performance Share Award, for each Share subject thereto, will be solely common stock of the successor company (or a
subsidiary or parent thereof) substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of
consideration shall be made by the Board in its sole discretion and its determination shall be conclusive and binding. 

(iii)    Unless otherwise provided in an Award Agreement, in the event of a Change in Control to the extent the successor
company (or a subsidiary or parent thereof) does not assume or substitute for an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Unit or Performance Share Award: (i) those Options and Stock
Appreciation Rights outstanding as of the date of the Change in Control that are not assumed or substituted for shall immediately vest and become fully exercisable, (ii) restrictions and other limitations on Restricted Stock and Restricted
Stock Units that are not assumed or substituted for shall lapse and the Restricted Stock and Restricted Stock Units shall become free of all restrictions and limitations and become fully vested, (iii) all Performance Unit or Performance Share
Awards not assumed or substituted for shall be considered earned and payable in full, and any deferral or other restriction shall lapse and such Awards shall be settled or distributed immediately, and (v) all Awards not assumed or substituted
for shall terminate immediately after the Change in Control. 
 (iv)    The Board, in its discretion, may determine
that, upon the occurrence of a Change in Control, each Option and Stock Appreciation Right outstanding shall terminate within a specified number of days after notice to the Participant, and/or that each Participant shall receive, with respect to
each Share subject to such Option or Stock Appreciation Right, an amount equal to the excess of the Fair Market Value of such Share immediately prior to the occurrence of such Change in Control over the exercise price per share of such Option and/or
Stock Appreciation Right; such amount to be payable in cash, in one or more kinds of stock or property (including the stock or property, if any, payable in the transaction) or in a combination thereof, as the Board, in its discretion, shall
determine. 
 14.    Tax. 

(a)    Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise
thereof) or such earlier time as any tax withholding obligations are due, the Company (or any of its Subsidiaries, Parents or affiliates employing or retaining the services of a Participant, as applicable) will have the power and the right to
deduct or withhold, or require a Participant to remit to the Company (or any of its Subsidiaries, Parents or affiliates, as applicable), an amount sufficient to satisfy U.S. federal, state, and local,
non-U.S., and other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof). 

(b)    Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it
may specify from time to time, may permit a Participant to satisfy 

 
such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, check or other cash equivalents, (ii) electing to have the Company withhold otherwise
deliverable cash or Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the
Administrator determines in its sole discretion, (iii) delivering to the Company already-owned Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may
determine, in each case, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, (iv) selling a sufficient number of Shares otherwise deliverable to
the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld, or (v) any combination of the foregoing methods of payment. The
amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal
income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined or such greater amount as the Administrator may determine if such amount would not have adverse accounting
consequences, as the Administrator determines in its sole discretion. The fair market value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld. 

(c)    Compliance With Section 409A. Awards will be designed and operated in such a manner that
they are either exempt from the application of, or comply with, the requirements of Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A,
except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Section 409A and will be construed and interpreted in accordance with such
intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A the Award will be granted, paid, settled or deferred
in a manner that will meet the requirements of Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A. In no event will the Company or any of
its Subsidiaries or Parents have any obligation or liability under the terms of this Plan to reimburse, indemnify, or hold harmless any Participant or any other person in respect of Awards, for any taxes, interest or penalties imposed, or other
costs incurred, as a result of Section 409A. 
 15.    No Effect on Employment or Service. Neither the Plan
nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider, nor interfere in any way with the Participant’s right or the right of the Company and its Subsidiaries
or Parents, as applicable, to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws. 

16.    Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator
makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant. 

 17.    Term of Plan. The Plan will become effective upon its
adoption by the Board (or its designated committee). It will continue in effect for a term of ten (10) years from the date of such adoption, unless terminated earlier under Section 18 of the Plan. 

18.    Amendment and Termination of the Plan. 

(a)    Amendment and Termination. The Administrator, at any time, may amend, alter, suspend or terminate the Plan.

 (b)    Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent
necessary and desirable to comply with Applicable Laws. 
 (c)    Effect of Amendment or Termination. No
amendment, alteration, suspension or termination of the Plan will materially impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the
Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

19.    Conditions Upon Issuance of Shares. 

(a)    Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such
Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. 

(b)    Investment Representations. As a condition to the exercise of an Award, the Company may require the person
exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the
Company, such a representation is required. 
 20.    Inability to Obtain Authority. The inability of the Company
to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any U.S. state or federal law or
non-U.S. law or under the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body,
which authority, registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the
failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been obtained. 

21.    Deferral; Dividend Equivalents. The Board shall be authorized to establish procedures pursuant to which the
payment of any Award may be deferred. Subject to the provisions of this Plan and any Award Agreement, the recipient of an Award other than an Option or Stock Appreciation Right may, if so determined by the Board, be entitled to receive, currently or
on a deferred basis, cash, stock or other property dividends, or cash payments in amounts 

 
equivalent to cash, stock or other property dividends on Shares (“Dividend Equivalents”) with respect to the number of Shares covered by the Award, as determined by the Board, in its
sole discretion. The Board may provide that such amounts and Dividend Equivalents (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested and may provide that such amounts and Dividend Equivalents are subject to
the same vesting or performance conditions as the underlying Award. Notwithstanding the foregoing, Dividend Equivalents credited in connection with an Award that vests based on the achievement of performance goals shall be subject to restrictions
and risk of forfeiture to the same extent as the Award with respect to which such Dividend Equivalents have been credited. 

22.    Forfeiture Events. If the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, any Participant who knowingly or through gross negligence engaged in the misconduct, or who knowingly or through gross
negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, shall reimburse the Company for (i) the amount of any
payment in settlement of an Award received by such Participant during the 12 month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document
embodying such financial reporting requirement, and (ii) any profits realized by such Participant from the sale of securities of the Company during such 12 month period. In addition, to the extent claw-back or similar provisions applicable to
Awards are required by applicable law, listing standards and/or policies adopted by the Company, Awards granted under the Plan shall be subject to such provisions. 

23.    No Dividend Payments on Unvested Awards. No dividends or Dividend Equivalents may be paid to a Participant
with respect to an Award unless and until the date the Participant vests in such Award. If provided in the Award Agreement, dividends or dividend equivalents relating to unvested Awards may accrue and be paid to Participants at the time of vesting
of the underlying Award and shall be forfeited to the extent the underlying Award is forfeited. Nothing in this Section 23 shall require the payment or accrual of dividends on any Awards. Notwithstanding the foregoing, Awards may be adjusted
for dividends to the extent permitted in Section 13(a). 
 *        
*         *EX-10.1

 Exhibit 10.1 

SHARE REDEMPTION AND EXCHANGE AGREEMENT 

THIS SHARE REDEMPTION AND EXCHANGE AGREEMENT (“Agreement”) is made and entered into as of this 30th day of June, 2021, by and
among Manning & Napier, Inc., a Delaware corporation (the “Company”), Manning & Napier Group, LLC, a Delaware limited liability company (“Manning & Napier Group”) and M&N
Group Holdings, LLC, a Delaware limited liability company (“Group Holdings” or the “Holder”). 
 W
I T N E S S E T H: 
 WHEREAS, in connection with a series of transactions
involving a group of privately-held, affiliated companies including MNA Advisors, Inc. (f/k/a Manning & Napier Advisors, Inc.), a New York corporation (“MNA”) and Manning & Napier Capital Company, LLC, a New York
limited liability company (“MNCC”) (collectively, the “Affiliated Companies”) and pursuant to the terms of that certain Exchange Agreement between the Company, Group Holdings, MNCC and the holders of Units that are
party thereto (the “Exchange Agreement”), certain ownership interests of Manning & Napier Group beneficially held by the shareholders of the Affiliated Companies are eligible to be exchanged. 

WHEREAS, pursuant to the terms of the Exchange Agreement, shareholders of the Affiliated Companies delivered to the Company Exchange Notices
(as defined in the Exchange Agreement) on or before March 15, 2021 indicating that they would tender their beneficial interests in the Units. 

WHEREAS, pursuant to the terms of the Exchange Agreement, the independent directors of the Board of Directors of the Company decided that the
Company would issue one Class A Share in exchange for each beneficial interest in a Unit tendered. 
 WHEREAS, subject to the terms and
conditions set forth in that certain Share Redemption and Exchange Agreement (the “Redemption and Exchange Agreement”) entered into concurrently with this Agreement between Group Holdings and MNA, MNA is exchanging, in a redemption,
units of Group Holdings, which represent beneficial interests in the Units, to Group Holdings in exchange for Class A Shares. 

WHEREAS, concurrently with this Agreement, MNA is allocating Class A Shares among its shareholders (the “Shareholders”)
who shall, in exchange, provide to MNA shares of MNA, which represent beneficial interests in the Units. 
 WHEREAS, subject to the terms
and conditions set forth herein, Group Holdings desires to exchange 1,562,959.0000 Units, which amount corresponds to the ownership percentage of Manning & Napier Group that is being exchanged by the Shareholders, for 1,562,959.0000
Class A Shares, such that Group Holdings may deliver the Class A Shares to MNA, such that MNA may subsequently allocate such Class A Shares to the Shareholders (the “Exchange”). 

WHEREAS, the Parties are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the
provisions of Section 4(a)(2) of the 1933 Act and Regulation D promulgated under the 1933 Act. 

  
 1 

 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: 

ARTICLE I 
 DEFINITIONS.

 In this Agreement, the following expressions shall bear the meanings set forth alongside them: 

SECTION 1.01 “Affiliated Companies” – shall have the meaning as set forth in the preamble of this Agreement. 

SECTION 1.02 “Agreement” – shall have the meaning as set forth in the preamble of this Agreement. 

SECTION 1.03 “Business Day” – shall mean a day, other than a Saturday or Sunday, on which banks in New York City
are open for the general transaction of business. 
 SECTION 1.04 “Claim” – shall have the meaning as set forth
in Section 8.01 below. 
 SECTION 1.05 “Class A Shares” shall mean shares of Class A
common stock, par value $0.01 per share, of the Company. 
 SECTION 1.06 “Closing” – shall have the meaning as
set forth in Article III below. 
 SECTION 1.07 “Closing Date” – shall have the meaning as set forth in Article
III below. 
 SECTION 1.08 “Company” – shall have the meaning as set forth in the preamble of this Agreement.

 SECTION 1.09 “Covered Person” – means, with respect to the Company and the Holder, as applicable, as an
“issuer” for purposes of Rule 506 promulgated under the 1933 Act, any Person listed in the first paragraph of Rule 506(d)(1). 

SECTION 1.10 “Disqualification Event” – shall have the meaning as set forth in Section 4.06 below. 

SECTION 1.11 “Encumbrances” – shall have the meaning as set forth in Section 5.04 below. 

SECTION 1.12 “Exchange” – shall have the meaning as set forth in the preamble of this Agreement. 

  
 2 

 SECTION 1.13 “Exchange Agreement” – shall have the meaning as set
forth in the preamble of this Agreement. 
 SECTION 1.14 “Exchange Notice” – shall have the meaning as set forth
in the preamble of this Agreement. 
 SECTION 1.15 “Group Holdings” – shall have the meaning as set forth
in the preamble of this Agreement. 
 SECTION 1.16 “Holder” – shall have the meaning as set forth in the preamble
of this Agreement. 
 SECTION 1.17 “Investor Questionnaire” – shall have the meaning as set forth in
Section 5.08 below. 
 SECTION 1.18 “Knowledge” – shall mean the actual knowledge of the executive officers
(as defined in Rule 405 under the 1933 Act) of the Company or the Holder, as applicable. 
 SECTION 1.19
“Manning & Napier Group” – shall have the meaning as set forth in the preamble of this Agreement. 

SECTION 1.20 “MNA” – shall have the meaning as set forth in the preamble of this Agreement. 

SECTION 1.21 “MNCC” – shall have the meaning as set forth in the preamble of this Agreement. 

SECTION 1.22 “Redemption and Exchange Agreement” – shall have the meaning as set forth in the preamble of
this Agreement. 
 SECTION 1.23 “Released Claims” – shall mean each and every claim that the Holder may have had
in the past or may now have against the Company, Manning & Napier Group, and/or Group Holdings and that has arisen or arises directly or indirectly out of, or relates directly or indirectly to, any circumstance, agreement, activity, action,
omission, event or matter occurring or existing on or prior to the Closing Date or, following the Closing, relating to this Agreement, or the transactions described herein; provided, however, that Released Claims shall not include any direct or
indirect rights or claims of Holder and/or the Shareholders, either in existence as of immediately prior to the Closing or created as a result of the transactions contemplated hereby, that relate to or arise under that certain Tax Receivable
Agreement, dated as of November 23, 2011, among the Company, Manning & Napier Group, and certain other parties (the “Tax Receivable Agreement”). 

SECTION 1.24 “SEC Filing” – shall mean all reports, schedules, forms, statements and other documents
required to be filed by the Company under the 1933 Act and the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the one-year period preceding the date hereof (or such shorter period as
the Company was required by law or regulation to file such material). 

  
 3 

 SECTION 1.25 “Shareholders” – shall have the meaning as
set forth in the preamble of this Agreement. 
 SECTION 1.26 “Shares” – shall have the meaning as set forth in
Section 2.01(a) below. 
 SECTION 1.27 “Units” – shall mean the Class A Units of Manning &
Napier Group. 
 SECTION 1.28 “1933 Act” – shall mean the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations promulgated thereunder. 
 SECTION 1.29 “1934 Act” – shall mean the
Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
 ARTICLE II

 EXCHANGE. 

SECTION 2.01 Exchange of Securities. 

(a) Subject to the terms and conditions hereof, on the Closing Date, the Company shall issue, sell and deliver to the Holder 1,562,959.0000
Class A Shares (the “Shares”). The Holder shall, concurrently with this Agreement, sell, transfer and deliver the Shares to MNA pursuant to the Redemption and Exchange Agreement. MNA shall, concurrently with this Agreement,
allocate the Shares among the Shareholders. The Shares shall have the rights, preferences and privileges as set forth in the Company’s Amended and Restated Certificate of Incorporation. 

(b) In consideration for the Shares, the Holder shall sell, transfer and deliver to the Company 1,562,959.0000 Units. 

SECTION 2.02 Release of Claims. The Holder hereby generally, irrevocably, unconditionally and completely releases
and forever discharges the Company, Manning & Napier Group, and their respective officers, directors, partners, members, employees, agents, attorneys and representatives and assigns from the Released Claims.  

ARTICLE III 
 CLOSING.

 Upon satisfaction of the conditions set forth in Article VII, the completion of the Exchange whereby the Company shall issue, sell
and deliver to the Holder Class A Shares and the Holder shall transfer to the Company Units corresponding to the ownership percentage of Manning & Napier Group being exchanged by the Shareholders (the “Closing”) shall
occur in accordance with Article II. The Closing shall occur at the offices of the Company, or at such other location as may be mutually agreed to by the Parties hereto, at a time to be agreed to by the Parties (the “Closing Date”).

  
 4 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

The Company represents and warrants to the Holder as follows: 

SECTION 4.01 Organization, Good Standing and Qualification. The Company has been duly incorporated, is validly existing as a
corporation in good standing under the laws of the State of Delaware, has the corporate power and authority to own its property and to conduct its business as now conducted, and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to be material to
the Company. 
 SECTION 4.02 Authorization. The Company has the requisite corporate power and authority and has taken all
requisite corporate action necessary for, and no further action on the part of the Company, its officers, directors and stockholders is necessary for, (i) the authorization, execution and delivery of the Agreement, (ii) the authorization
of the performance of all obligations of the Company hereunder, and (iii) the authorization, issuance (or reservation for issuance), sale and delivery of the Shares. 

SECTION 4.03 Capitalization. The Company is authorized under its Amended and Restated Certificate of Incorporation to issue
300,000,000 Class A Shares. The Shares have been duly authorized and, when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and
the issuance of such Shares will not be subject to any preemptive or similar rights that have not been validly waived. 
 SECTION 4.04
No Directed Selling Efforts or General Solicitation. Neither the Company nor any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D promulgated under the
1933 Act) in connection with the offer or sale of any of the Shares. 
 SECTION 4.05 Private Placement. Assuming the accuracy of
the representations and warranties of the Holder set forth in Article V, the offer and sale of the Shares to the Holder as contemplated hereby is exempt from the registration requirements of the 1933 Act. The issuance and sale of the Shares does not
contravene the rules and regulations of the New York Stock Exchange. 
 SECTION 4.06 No Bad Actors. No “bad
actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the 1933 Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s Knowledge, any Covered Person, except for a Disqualification
Event as to which Rule 506(d)(2)(ii–iv) or (d)(3) is applicable. 

  
 5 

 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company and Manning & Napier Group as follows: 

SECTION 5.01 Organization and Existence. The Holder has been duly formed, is validly existing as a limited liability company in
good standing under the laws of the State of Delaware, has all requisite limited liability company power and authority to own its property and to conduct its business as now conducted, and is duly qualified to transact business and is in good
standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected
to be material to the Holder. 
 SECTION 5.02 Authorization. The Holder has the requisite limited liability company power and
authority and has taken all requisite limited liability company action necessary for, and no further action on the part of the Holder, its officers, directors and members is necessary for, (i) the authorization, execution and delivery of the
Agreement, (ii) the authorization of the performance of all obligations of the Holder hereunder, and (iii) the Exchange, including acquiring of the Shares and the sale, transfer and delivery of the Units. 

SECTION 5.03 Purchased Entirely for Own Account. The Shares to be received by the Holder hereunder will be acquired for the
Holder’s own account, not as nominee or agent, for the purpose of investment and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and the Holder has no present intention of selling, granting any
participation in, or otherwise distributing the same in violation of the 1933 Act without prejudice, however, to the Holder’s right at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable
federal and state securities laws. The Shares are being purchased by the Holder in the ordinary course of its business. Nothing contained herein shall be deemed a representation or warranty by the Holder to hold the Shares for any period of time.
The Holder is not a broker-dealer registered with the Securities and Exchange Commission under the 1934 Act or an entity engaged in a business that would require it to be so registered. 

SECTION 5.04 Ownership of Units. The Holder is the lawful owner of record and beneficially owns, and has good and
marketable title to, the Units, free and clear of any security interest, pledge, mortgage, lien, call, option, charge, encumbrance, adverse claim, preferential arrangement or restriction of any kind, including, without limitation, any restriction on
the use, voting, transfer, receipt of income or other exercise of any attributes of ownership (collectively, “Encumbrances”). Upon the consummation of the Exchange contemplated by this Agreement, the Company will own the Units free
and clear of any Encumbrance. 
 SECTION 5.05 Disclosure of Information. The Holder has had an opportunity to receive,
review and understand all information related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Shares, and has
conducted and completed its own independent due diligence. The Holder acknowledges that copies of the Company’s SEC Filings are available on the EDGAR system. 

SECTION 5.06 Restricted Securities. The Holder understands that the Shares are characterized as “restricted securities”
under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under
the 1933 Act only in certain limited circumstances. 

  
 6 

 SECTION 5.07 Legends. It is understood that, except as provided below,
certificates or book-entry records evidencing the Shares may bear the following or any similar legend: 
 (a) “The securities
represented hereby have not been registered with the Securities and Exchange Commission or the securities commission of any state in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, may not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act, (ii) such securities may be sold pursuant to Rule 144 under the Securities Act, or
(iii) the Company has received an opinion of counsel reasonably satisfactory to it that such transfer may lawfully be made without registration under the Securities Act.” 

(b) If required by the authorities of any state in connection with the issuance of sale of the Shares, the legend required by such state
authority. 
 SECTION 5.08 Accredited Investor. The Holder is an “accredited investor” within the meaning of
Rule 501(a) of Regulation D promulgated under the 1933 Act. The Holder has executed and delivered to the Company a questionnaire in substantially the form attached hereto as Exhibit A (the “Investor Questionnaire”), which the
Holder represents and warrants is true, correct and complete. The Holder is a sophisticated institutional investor with sufficient knowledge and experience to properly evaluate the risks and merits of its purchase of the Shares. The Holder has
determined based on its own independent review and such professional advice as it deems appropriate that its purchase of the Shares and participation in the transactions contemplated by the Agreement (i) are fully consistent with its financial
needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to the Holder, and (iii) are a fit, proper and suitable investment for the Holder,
notwithstanding the substantial risks inherent in investing in or holding the Shares. 
 SECTION 5.09 No General Solicitation.
The Holder did not learn of the investment in the Shares as a result of any general or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (a) any advertisement, article, notice or
other communication published in any newspaper, magazine, website, or similar media, or broadcast over television or radio, or (b) any seminar or meeting to which the Holder was invited by any of the foregoing means of communications. 

SECTION 5.10 Brokers and Finders. No Person will have, as a result of the transactions contemplated by the Agreement, any valid
right, interest or claim against or upon the Company or Holder for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Holder. 

SECTION 5.11 No Bad Actors. No Disqualification Event is applicable to the Holder or, to the Holder’s Knowledge, any Covered
Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3) is applicable. 

  
 7 

 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF MANNING & NAPIER GROUP. 

Manning & Napier Group represents and warrants to the Company and the Holder as follows: 

SECTION 6.01 Organization, Good Standing and Qualification. Manning & Napier Group has been duly formed, is validly
existing as a limited liability company in good standing under the laws of the State of Delaware, has all requisite limited liability company power and authority to own its property and to conduct its business as now conducted, and is duly qualified
to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good
standing would not reasonably be expected to be material to Manning & Napier Group. 
 SECTION 6.02 Authorization.
Manning & Napier Group has the requisite limited liability company power and authority and has taken all requisite limited liability action necessary for, and no further action on the part of Manning & Napier Group, its officers,
directors and stockholders is necessary for, (i) the authorization, execution and delivery of the Agreement, (ii) the authorization of the performance of all obligations of Manning & Napier Group hereunder, and (iii) the
Exchange. 
 ARTICLE VII 

CONDITIONS TO CLOSING. 

SECTION 7.01 Conditions of the Holder to Closing. The obligations of the Holder at the Closing are subject to the
fulfilment of each of the following conditions, any or all of which may be waived, in whole or in part, by the Holder, which waiver shall be at the sole discretion of the Holder: 

(a) Representations and Warranties Correct. The representations and warranties made by the Company in Article IV hereof and
Manning & Napier Group in Article VI hereof shall be true and correct in all material respects on the Closing Date, with the same force and effect as if they had been made immediately prior to the Closing, and as of such time except for
such changes which result from the obligations of the Parties to this Agreement. 
 (b) Performance. All covenants, agreements and
conditions contained in this Agreement to be performed or complied with by the Company and Manning & Napier Group on or prior to Closing shall have been performed or complied with in all material respects. 

(c) Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated herein and all
documents and instruments incident to such transactions shall have been completed. 

  
 8 

 (d) Qualifications. All authorizations, approvals, or permits, if any, of any
governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 

SECTION 7.02 Conditions of the Company to Closing. The obligations of the Company at the Closing are subject to the fulfilment of
each of the following conditions, any or all of which may be waived, in whole or in part, by the Company, which waiver shall be at the sole discretion of the Company: 

(a) Representations and Warranties Correct. The representations and warranties made by the Holder in Article V hereof shall be true and
correct in all material respects when made and on the Closing, with the same force and effect as if they had been made on that date. 
 (b)
Performance. All covenants, agreements and conditions contained in this Agreement to be performed or complied with by the Holder on or prior to Closing shall have been performed or complied with in all respects. 

(c) Authorization by the Subsidiary. All corporate actions on the part of Manning & Napier Group, and its directors and
shareholders, required for the execution, delivery and performance by Manning & Napier Group of its obligations pursuant to this Agreement and the consummation of the transactions contemplated hereby shall have been taken prior to Closing.

 ARTICLE VIII 

ARTICLE IV INDEMNIFICATION 

SECTION 8.01 Holder Indemnity. The Holder covenants and agrees to indemnify and hold the Company, Manning & Napier
Group and their officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) (a
“Claim”) incurred by Company or Manning & Napier Group, or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in
this Agreement or in any instrument or document executed by the Holder and delivered to the Company or Manning & Napier Group pursuant to the terms hereof or (b) any failure by the Holder to perform any obligation or covenant required
to be performed by it under any provision of this Agreement. 
 SECTION 8.02 Company and Manning &
Napier Group Indemnity. The Company and Manning & Napier Group covenant and agree to indemnify and hold the Holder and its officers, directors and members harmless from and against, and to reimburse such indemnitees for, any Claim,
including reasonable counsel fees and expenses, incurred by the Holder, or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this
Agreement or in any instrument or document executed by the Company or Manning & Napier Group and delivered to the Holder pursuant to the terms hereof or, (b) any failure by the Company or Manning & Napier Group to perform any
obligation or covenant required to be performed by it under any provision of this Agreement. 

  
 9 

 ARTICLE IX 

MISCELLANEOUS. 

SECTION 9.01 Governing Law. This Agreement, and any claim, dispute or controversy of whatever nature arising out of or relating to
this Agreement, shall be governed by and interpreted in accordance with the laws of the New York, without giving effect to any choice of law principles that would require the application of the laws of a different state. 

SECTION 9.02 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors, assignees, heirs, executors and administrators of the Parties hereto. No assignment of any rights or obligations pursuant to this Agreement may be made by the Holder except with a transfer of the
Shares. 
 SECTION 9.03 Entire Agreement; Amendments. This Agreement and any other documents delivered pursuant hereto
constitute the full and entire understanding and agreement between the Parties with regard to the subject matters hereof and thereof and shall supersede all prior agreements and understandings relating thereto. Neither this Agreement nor any term
hereof may be amended, waived, discharged or terminated except by an instrument in writing signed by the Parties hereto. 

SECTION 9.04 Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing
and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) if given by e-mail, then such notice
shall be deemed given upon receipt of confirmation of receipt of an e-mail transmission, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice
by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one Business Day after
delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such party may designate by ten days’ advance written notice to the other party: 

If to the Company: 

Manning & Napier, Inc. 

290 Woodcliff Drive 
 Fairport,
New York 14450 
 Attention: Corporate Secretary 

  
 10 

 With a copy (which shall not constitute notice) to: 

Wilmer Cutler Pickering Hale and Dorr LLP 

7 World Trade Center 
 250
Greenwich Street 
 New York, New York 10007 

Attention: Knute Salhus 
 Email:
knute.salhus@wilmerhale.com 
 If to Manning & Napier Group: 

Manning & Napier Group, LLC 

290 Woodcliff Drive 
 Fairport,
New York 14450 
 Attention: Corporate Secretary 

If to the Holder: 
 M&N
Group Holdings, LLC 
 c/o Manning Ventures, Inc. 

PO Box 1676 
 Fairport, New York
14450 
 SECTION 9.05 Delays or Omissions. No delay or omission to exercise any right, power or remedy, upon any breach or
default under this Agreement, shall impair any such right, power or remedy of such holder nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring.

 SECTION 9.06 Waiver of Default. No waiver with respect to any breach or default in the performance of any obligation under
the terms of this Agreement shall be deemed to be a waiver with respect to any subsequent breach or default, whether of similar or different nature. Any waiver, permit, consent or approval of any kind or character on the part of any holder of any
breach or default under this Agreement, or any waiver on the part of any holder of any provisions or conditions of this Agreement shall be effective only if made in writing and only to the extent specifically set forth in such writing. All remedies,
either under this Agreement or by virtue of law or otherwise afforded to any holder, shall be cumulative and not alternative. 

SECTION 9.07 Further Instruments and Actions. The Parties shall execute and deliver all such further instruments and documents and
take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfilment of the agreements herein contained. 

SECTION 9.08 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement. 

  
 11 

 SECTION 9.09 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signatures complying with
the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

SECTION 9.10 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by
applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the Parties hereby waive any provision
of law which renders any provision hereof prohibited or unenforceable in any respect. 
 THIS SPACE INTENTIONALLY LEFT BLANK 

 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
in the first paragraph hereof. 
  

			
	MANNING & NAPIER, INC.
		
	By:	 	 /s/ Sarah Turner

		 	Name: Sarah Turner
		 	Title: Corporate Secretary
	
	MANNING & NAPIER GROUP, LLC
		
	By:	 	 /s/ Sarah Turner

		 	Name: Sarah Turner
		 	Title: Corporate Secretary
	
	M&N GROUP HOLDINGS, LLC
		
	By:	 	 /s/ Sarah Turner

		 	Name: Sarah Turner
		 	Title: Authorized Signatory

 [SIGNATURE PAGE TO SHARE REDEMPTION AND EXCHANGE AGREEMENT] 

 EXHIBIT A 

Investor Questionnaire 

 Manning & Napier, Inc. 

INVESTOR QUESTIONNAIRE 
 FOR NON-INDIVIDUAL INVESTORS 
 (ALL INFORMATION FURNISHED IN THIS 

QUESTIONNAIRE WILL BE TREATED CONFIDENTIALLY) 

Responses to this Questionnaire will be used by Manning & Napier, Inc. (the “Company”) to qualify prospective
investors for purposes of federal and state securities laws. 
 We understand that you wish to acquire Class A common stock, par value
$0.01 per share, of the Company in connection with the proposed exchange of equity. Please complete and return one copy of this Questionnaire as soon as possible to: Sarah Turner, Corporate Secretary, at sturner@manning-napier.com. 

If the answer to any question below is “none” or “not applicable”, please so indicate. 

 

	1.	 IDENTIFICATION 

 

			
	Name	 	     

			
		
	 Address of Principal Place of Business
	 	     

			
		
	 Year and Jurisdiction of Formation or Incorporation
	 	     

			
		
	 Type of Entity (corporation, partnership, etc.)
	 	     

 Was entity formed for the specific purpose of this investment? 

Yes        
                No          

If answer is yes, each equity owner (shareholder, partner, etc.) of the entity must complete an Investor Questionnaire for Individual Investors. 

 

	2.	 PROPOSED INVESTMENT 

Please indicate the amount of the entity’s proposed investment in the Company.
$                 
  

	3.	 BUSINESS 

Please indicate which, if any, of the following accurately describes the entity: 

 

					
	(a)	  	[          ]	  	a bank as defined in section 3(a)(2) of the Securities Act of 1933 (the “Securities Act”) or a savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act, acting in either an
individual or fiduciary capacity;
			
	(b)	  	[          ]	  	a broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934;
			
	(c)	  	[          ]	  	an investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state;
			
	(d)	  	[          ]	  	an investment adviser relying on the exemption from registering with the Securities and Exchange Commission under section 203(l) or (m) of the Investment Advisers Act of 1940;
			
	(e)	  	[          ]	  	an insurance company as defined in section 2(13) of the Securities Act;
			
	(f)	  	[          ]	  	an investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act;
			
	(g)	  	 [          ]
	  	a Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958;
			
	(h)	  	[          ]	  	a Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act;
			
	(i)	  	[          ]	  	a plan established and maintained by a state, its political subdivisions, or an agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, which plan has total assets in excess of
$5,000,000;
			
	(j)	  	[          ]	  	an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, which satisfies one of the following criteria: (i) the investment decision for such plan is made by a plan fiduciary, as
defined in section 3(21) of such Act, which is either a bank, a savings and loan association, an insurance company, or a registered investment adviser; (ii) such plan has total assets in excess of $5,000,000; or (iii) such plan is a self-directed plan and its investment decisions are made solely by persons who are “accredited investors” within the meaning of Rule 501(a) under the Securities Act;
			
	(k)	  	[          ]	  	a private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

  
 - 2 - 

					
			
	(l)	  	[          ]	  	an organization described in section 501(c)(3) of the Internal Revenue Code, a corporation, a Massachusetts or similar business trust, a partnership, or limited liability company, which was not formed for the specific purpose of
investing in the Company, and which has total assets in excess of $5,000,000;
			
	(m)	  	[          ]	  	a trust with total assets in excess of $5,000,000, which was not formed for the specific purpose of investing in the Company and whose investment in the Company is directed by a person with such knowledge and experience in financial
and business matters that he or she is capable of evaluating the merits and risks of an investment in the Company;
			
	(n)	  	[          ]	  	a family office as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1): (i) with assets under
management in excess of $5,000,000; (ii) that is not formed for the specific purpose of acquiring the securities offered; and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and
business matters that such family office is capable of evaluating the merits and risks of the prospective investment;
			
	(o)	  	[          ]	  	a family client as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1)), of a family office meeting
the requirements in Section 3(k) and whose prospective investment in the issuer is directed by such family office;
			
	(p)	  	[          ]	  	any entity in which all of the equity owners are “accredited investors” within the meaning of Rule 501(a) under the Securities Act; and
			
	(q)	  	[          ]	  	any entity, of a type not listed in Sections (3)(a), (k), (l), (m), or (p), not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000.

 If paragraph (p) is checked, each equity owner (shareholder, partner, etc.) of the entity must complete an
Investor Questionnaire for Individual Investors. 
  

	4.	 AFFILIATION 

If the entity has any pre-existing personal or business relationship with the Company or any of its
officers, directors or controlling persons, please describe the nature and duration of such relationship. 

  
 - 3 - 

 
	
	  

	
	  

  

	5.	 INVESTMENT EXPERIENCE 

Please provide information detailing the business, financial and investment experience of the entity and/or the investment manager of such
entity which gives such entity or investment manager the capacity to evaluate the merits and risks of the proposed investment. 
  

	
	  

	
	  

	
	  

  
 - 4 - 

 The above information is true and correct in all material respects. The undersigned
recognizes that the Company is relying on the truth and accuracy of such information so that it may rely on certain exemptions from registration contained in the Securities Act of 1933, as amended, and the securities laws of certain states. The
undersigned agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to the investment. 
  

							
	 Date:___________
	 		 	  

		 		 		 	
			
		 		 	Name of Entity
				
		 		 	By:	 	              

		 		 		 	Signature of Authorized Representative
				
		 		 		 	  
 Printed Name of Authorized
Representative

				
		 		 		 	  
 Printed Title of Authorized
Representative

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