Document:

SEC Exhibit

Exhibit 10.8

APOLLO RESIDENTIAL MORTGAGE, INC.
2011 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS AGREEMENT is made by and between Apollo Residential Mortgage, Inc., a Maryland corporation (the “Company”), and _________ (the “Grantee”), dated as of the ___th day of ________, 20__ .

WHEREAS, the Company maintains the Apollo Residential Mortgage, Inc. 2011 Equity Incentive Plan (the “Plan”) (capitalized terms used but not defined herein shall have the respective meanings ascribed thereto by the Plan);

WHEREAS, in accordance with the Plan, the Company may from time to time issue awards of Restricted Stock Units (“RSUs”) (also generally known and referred to under the Plan as Phantom Shares) to individuals and persons who provide services to, among others, the Company and ARM Manager, LLC (the “Manager”);

WHEREAS, the Grantee, as an employee of the Manager, is an Eligible Person under the terms of the Plan; and

WHEREAS, in accordance with the Plan, the Committee has determined that it is in the best interests of the Company and its stockholders to grant RSUs to the Grantee subject to the terms and conditions set forth below.

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

		
	1.
	Grant of RSUs.

The Company hereby grants the Grantee (______) RSUs. The RSUs are subject to the terms and conditions of this Agreement, and are also subject to the provisions of the Plan. The Plan is hereby incorporated herein by reference as though set forth herein in its entirety. To the extent such terms or conditions in this Agreement conflict with any provision of the Plan, the terms and conditions set forth in the Plan shall govern.  Where the context permits, references to the Company shall include any successor to the Company. If this Agreement is not executed and returned to the Company by the Grantee by ____________, this award will be null and void ab initio and the Grantee will have no rights hereunder.

		
	2.
	Restrictions.

The RSUs awarded pursuant to this Agreement and the Plan shall be subject to the terms and conditions set forth in this Paragraph 2.

		
	(a)
	Subject to clause (b) below, the RSUs granted hereunder shall vest on the closing date of the Transaction (as defined in the Grantee’s separation letter agreement dated as of _________ __, 20__) (the “Vesting Date”), provided that (i) as of the Vesting Date, the Grantee was not terminated for Cause and did not resign from employment prior to or during the Transition Period (each as defined in the Grantee’s separation letter agreement dated as of ____________ __, 20__); (ii) the Grantee has complied with his or her obligation to execute (and not revoke) his/her separation letter agreement, dated as of _______________ __, 20__,and, to the  extent then due, any applicable release attached thereto; and (iii) the Transaction has been consummated.

		
	(b)
	Any RSUs that do not become vested due to failure to satisfy a requirement of Paragraph 2(a) shall thereupon, and with no further action, be forfeited by the Grantee, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs.

		
	(c)
	Termination of Service as an employee shall not be treated as a termination of employment for purposes of this Paragraph 2 if the Grantee continues without interruption to serve thereafter as an officer or director of the Company, or in such other capacity as determined by the Committee (or if no Committee is appointed, the Board), and the termination of such successor service shall be treated as the applicable termination.

		
	3.
	Voting and Other Rights.

The Grantee shall have no rights of a stockholder (including the right to distributions or dividends), and will not be treated as an owner of Shares for tax purposes, except with respect to Shares that have been issued. Notwithstanding the foregoing, a DER is hereby granted to the Grantee, consisting of the right to receive, with respect to each outstanding and non-forfeited RSU, cash in an amount equal to the cash dividend distributions paid in the ordinary course on a Share to the Company’s common stockholders, as set forth below. All DERs (if any) payable on an outstanding and non-forfeited RSU, whether or not then vested, shall be paid not later than 30 days after any ordinary cash dividend distributions on Shares are paid to the Company’s common stockholders. Under no circumstances shall the Grantee be entitled to receive both (i) a distribution and a DER with respect to a vested RSU (or its associated Share) or (ii) a distribution and a DER with respect to an unvested RSU.

		
	4.
	Settlement.

Except as otherwise provided in the merger agreement entered into in connection with the Transaction, one Share of Common Stock of the Company shall be issued to  the Grantee in settlement of each vested RSU not later than March 15th immediately following the year in which the applicable Vesting Date occurs (as set forth in Paragraph 2(a) above) (either by delivering one or more certificates for such Shares or by entering such Shares in book-entry form, as determined by the Company in its discretion).  Such issuance shall constitute payment of the RSUs.  References herein to issuances to the Grantee shall include issuances to any beneficial owner or other person to whom (or to which) the Shares are issued. The Company’s obligation to issue Shares or otherwise make any payment with respect to vested RSUs is subject to the condition precedent that the Grantee or other person entitled under the Plan to receive any Shares with respect to the vested RSUs deliver to the Company any representations  or  other  documents  or  assurances  required  pursuant  to  Paragraph 5(l) and the  Company  may  meet  any  obligation to issue Shares by having one or more of its Subsidiaries or affiliates issue the Shares. The Grantee shall have no further rights with respect to any RSUs, including with respect to any DERs granted in connection with the RSUs, that are paid or that terminate pursuant to Paragraph 2(b). For the avoidance of doubt, to the extent the terms of this Paragraph 4 conflict with any terms of the Plan relating to the settlement of RSUs or DERs, the terms of this Paragraph 4 shall govern.

		
	5.
	Miscellaneous.

		
	(a)
	The value of an RSU may decrease depending upon the Fair Market Value of a Share from time to time.  Neither the Company, the Committee, the Manager, nor any other party associated with the Plan, shall be held liable for any decrease in the value of the RSUs. If the value of such RSUs decrease, there will be a decrease in the underlying value of what is distributed to the Grantee under the Plan and this Agreement.

		
	(b)
	Participation in the Plan confers no rights or interests other than as herein provided. With respect to this Agreement, (i) the RSUs are bookkeeping entries, (ii) the obligations of the Company under the Plan are unsecured and constitute a commitment by the Company to make benefit payments in the future, (iii) to the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any general unsecured creditor of the Company, (iv) all payments under the Plan (including distributions of Shares) shall be paid from the general funds of the Company in the manner specified in Paragraph 5(f) and (v) no special or separate fund shall be established or other segregation of assets made to assure such payments (except that the Company may in its discretion establish a bookkeeping reserve to meet its obligations under the Plan). The RSUs shall be used solely as a device for the determination of the payment to eventually be made to the Grantee if the RSUs vest pursuant to Paragraph 2. The award of RSUs is intended to be an arrangement that is unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended.

		
	(c)
	Governing Law; Venue; Waiver of Jury Trial. This Agreement shall be governed by, interpreted under and construed and enforced in accordance with the laws of the State of Delaware (without regard to any conflicts of laws principles thereof that would give effect to the laws of another jurisdiction), and any dispute, controversy, suit, action or proceeding (“Proceeding”) arising out of or relating to this Award or any other Award, other than injunctive relief, will, notwithstanding anything to the contrary contained in the Plan, be settled exclusively by arbitration, conducted before a single arbitrator in New York County, New York (applying Delaware law) in 

accordance with, and pursuant to, the Employment Arbitration Rules and Procedures of JAMS (“JAMS”). The decision of the arbitrator will be final and binding upon the parties hereto. Any arbitral award may be entered as a judgment or order in any court of competent jurisdiction. Either party may commence litigation in court to obtain injunctive relief in aid of arbitration, to compel arbitration, or to confirm or vacate an award, to the extent authorized by the U.S. Federal Arbitration Act or the New York Arbitration Act. The Company and the Grantee will share the JAMS administrative fees, the arbitrator’s fee and expenses. Each party shall be responsible for such party’s attorneys’ fees. IF THIS AGREEMENT TO ARBITRATE IS HELD INVALID OR UNENFORCEABLE THEN, TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE GRANTEE AND THE COMPANY WAIVE AND COVENANT THAT THE GRANTEE AND THE COMPANY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH AN AWARD UNDER THE PLAN OR ANY MATTERS CONTEMPLATED THEREBY, WHETHER NOW OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREE THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR THE GRANTEE MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS AFFILIATES, ON THE ONE HAND, AND THE GRANTEE, ON THE OTHER HAND, IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN SUCH PARTIES ARISING OUT OF OR RELATING TO AN AWARD UNDER THE PLAN AND THAT ANY PROCEEDING PROPERLY HEARD BY A COURT UNDER AN AWARD AGREEMENT UNDER THE PLAN WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

		
	(d)
	The Committee may construe and interpret this Agreement and establish, amend and revoke such rules, regulations and procedures for the administration of this Agreement as it deems appropriate. In this connection, the Committee may correct any defect or supply any omission, or reconcile any inconsistency in this Agreement or in any related agreements, in the manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. All decisions and determinations by the Committee in the exercise of this power shall be final and binding upon the Company and the Grantee.

		
	(e)
	All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Grantee, shall be delivered personally, sent by facsimile transmission or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Paragraph 5(e).

		
	(f)
	The grant made hereby is made to an affiliate of the Manager in consideration of services rendered thereby, and is in turn made by such affiliate of the Manager in consideration of the services rendered by the Grantee (as further set forth in that certain letter agreement between the Company and the Manager dated July 27, 2011). For purposes of the provisions in Paragraphs 2(a) through 2(c) above relating to employment with the Company (and the termination thereof), and also for purposes of any references in the Plan to an employment agreement, “Company,” as the context so requires, shall include Manager and its affiliates to the extent that the Grantee is a provider of services to such entities.

		
	(g)
	The failure of the Grantee or the Company to insist upon strict compliance with any provision of this Agreement or the Plan, or to assert any right the Grantee or the Company, respectively, may have under this Agreement or the Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement or the Plan.

		
	(h)
	The Company or the Manager shall be entitled to withhold from any payments or deemed payments any amount of tax withholding it determines to be required by law.

		
	(i)
	Notwithstanding anything to the contrary contained in this Agreement, to the extent that the Board determines that the Plan or the RSU is subject to Section 409A of the Code and fails to comply with the requirements of Section 409A of the Code, the Board reserves the right (without any obligation to do so or to indemnify the Grantee for failure to do so),  without  the  consent  of  the  Grantee,  to  amend  or  terminate  the  Plan  and  this Agreement and/or amend, restructure, terminate or replace the RSU in order to cause the RSU to either not be subject to Section 409A of the Code or to comply with the applicable provisions of such section.

		
	(j)
	The terms of this Agreement shall be binding upon the Grantee and upon the Grantee’s heirs, executors, 

administrators, personal representatives, transferees, assignees and successors in interest and upon the Company and its successors and assignees, subject to the terms of the Plan.

		
	(k)
	Unless otherwise permitted in the sole discretion of the Committee, (i) neither this Agreement nor any rights granted herein shall be assignable by the Grantee, and (ii) no purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any RSUs or Shares by any holder thereof in violation of the provisions of this Agreement or the Plan will be valid, and the Company will not transfer any of said RSUs or Shares on its books nor will any Shares be entitled to vote, nor will any distributions be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

		
	(l)
	The Grantee hereby agrees to perform all acts, and to execute and deliver any documents, that may be reasonably necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents related to compliance with securities, tax and other applicable laws and regulations. If the Grantee is married, the Grantee shall return the Exhibit A, executed by the Grantee’s spouse, along with this Agreement.

		
	(m)
	The Grantee hereby represents and agrees that the Participant is not acquiring the RSUs or the Shares with a view to distribution thereof.

		
	(n)
	Nothing in this Agreement shall confer on the Grantee any right to continue in the employ or other service of the Company, its Subsidiaries or any other Participating Companies or interfere in any way with the right of any such entity and its stockholders to terminate the Grantee’s employment or other service at any time. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a forfeiture of RSUs as provided in this Agreement or under the Plan.

		
	(o)
	This Agreement and the Plan contain the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto.

		
	(p)
	This Agreement may be executed in any number of counterparts, including via facsimile, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

		
	(q)
	Except as otherwise provided in the Plan or clause (i) above, no amendment or modification hereof shall be valid unless it shall be in writing and signed by all parties hereto.

IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and year first above written.

APOLLO RESIDENTIAL MORTGAGE, INC.

By:       
Name:  
Title:    

The undersigned hereby accepts and agrees to all of the terms and provisions of this Agreement, including its Exhibit.

GranteeSEC Exhibit

FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of April 29, 2016 (this “First Amendment”), is made among MANNING & NAPIER GROUP, LLC, a Delaware limited liability company (“Group”), MANNING & NAPIER ADVISORS, LLC, a Delaware limited liability company (“Advisors,” and collectively with Group, the “Borrowers”), MANNING & NAPIER, INC., a Delaware corporation and managing member of Group (the “Managing Member”), the Lenders (as hereinafter defined), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders, and MANUFACTURERS AND TRADERS TRUST COMPANY, as Syndication Agent for the Lenders.

RECITALS
A.    Reference is hereby made to the Credit Agreement dated as of April 23, 2015 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement) among the Borrowers, the Managing Member, the lenders and other financial institutions from time to time party thereto (the “Lenders”), and the Administrative Agent.
B.    Group has entered into a Unit Purchase Agreement, dated as of December 17, 2015, whereby Group has agreed to purchase all of the Class A Units, Class C Units and Class E Units, and 44,928 of the Class B Units, of Rainier Investment Management, LLC, a Delaware limited liability company.
C.    The Borrowers have requested that the Required Lenders agree to amend certain provisions of the Credit Agreement; and the Required Lenders are willing to make such amendments to the Credit Agreement, subject to the terms and conditions set forth herein.
STATEMENT OF AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
AMENDMENTS TO CREDIT AGREEMENT

1.1    Amendments to Section 1.1.  The following new definitions are hereby added to Section 1.1 of the Credit Agreement in proper alphabetical order:

““Rainier” means Rainier Investment Management, LLC, a Delaware limited liability company.”

““Rainier Acquisition” means the acquisition by Group of all of the Class A Units, Class C Units and Class E Units, and 44,928 of the Class B Units, of Rainier on the terms and subject to the conditions set forth in the Rainier Acquisition Agreement.”
““Rainier Acquisition Agreement” means the Unit Purchase Agreement, dated as of December 17, 2015, among Group, Rainier, Rainier IM, Inc., a Washington corporation, and Rainier Investment Management, LP, a Delaware limited partnership.”
1.2    Amendment to Section 8.2.  
(a)    Section 8.2 of the Credit Agreement is hereby amended by replacing clause (vii) thereof in its entirety as follows, and by adding the following new clauses (viii) and (ix) to the end of such Section and making the appropriate punctuation and grammatical changes thereto:
“(vii)    unsecured Indebtedness of Group and its Subsidiaries not exceeding $10,000,000 in aggregate principal amount outstanding at any time; 
“(viii)    after the consummation of the Rainier Acquisition, Indebtedness consisting of Contingent Purchase Price Obligations reflected as a contingent liability on a balance sheet or comparable statement of the Consolidated Entities prepared in accordance with GAAP not exceeding in the aggregate $32,500,000; and
(ix)        after the consummation of the Rainier Acquisition, secured and unsecured Indebtedness of Rainier under the Lease Letter of Credit (as defined in the Rainier Acquisition Agreement) not to exceed $231,974.00 in aggregate principal amount, and any renewals, replacements, refinancings or extensions of any such Indebtedness which does not increase the principal amount thereof.”
(b)    Clause (iv) of Section 8.2 of the Credit Agreement is hereby amended by deleting the words “any Borrower” therein and substituting therefor the words “Group and its Subsidiaries”. 
1.3    Amendment to Section 8.4.  Section 8.4 of the Credit Agreement is hereby amended by adding the following new clauses (vi) and (vii) to the end of such Section and making the appropriate punctuation and grammatical changes thereto:
“(vi)    issuances of Capital Stock by the Managing Member or Group to fund any Contingent Purchase Price Obligation incurred under the Rainier Acquisition Agreement, provided that in no event shall more than 50% of any payment in respect of such Contingent Purchase Price Obligation consist of Capital Stock of the Managing Member and Group; and 
(vii)    after the consummation of the Rainier Acquisition and so long as no Default or Event of Default has occurred and is continuing, Rainier may issue any of its Capital Stock as provided for in the Third Amended and Restated Limited Liability 

Company Agreement of Rainier, dated as of the closing date of the Rainier Acquisition, as amended, supplemented or modified from time to time but without giving effect to any one or a series of amendments, supplements or modifications thereto that, singly or taken as a whole, is adverse to the Lenders in any material respect.”
1.4    Amendment to Section 8.6.  Section 8.6 of the Credit Agreement is hereby amended by adding the following new clauses (viii) and (ix) to the end of such Section and making the appropriate punctuation and grammatical changes thereto:
“(viii)    after the consummation of the Rainier Acquisition, Rainier may declare and make dividend payments and other distributions to its members in each case to the extent required, and calculated in the manner provided, in the Third Amended and Restated Limited Liability Company Agreement of Rainier, dated as of the closing date of the Rainier Acquisition, as amended, supplemented or modified from time to time but without giving effect to any one or a series of amendments, supplements or modifications thereto that, singly or taken as a whole, is adverse to the Lenders in any material respect; and
(ix)        after the consummation of the Rainier Acquisition and so long as no Default or Event of Default has occurred and is continuing, Rainer may repurchase any of its Capital Stock as provided for in the Third Amended and Restated Limited Liability Company Agreement of Rainier, dated as of the closing date of the Rainier Acquisition, as amended, supplemented or modified from time to time but without giving effect to any one or a series of amendments, supplements or modifications thereto that, singly or taken as a whole, is adverse to the Lenders in any material respect.”
1.5    Amendment to Section 8.14.  Section 8.14 of the Credit Agreement is hereby amended in its entirety as follows:
8.14    Limitation on Amendments. Each of the Managing Member and the Borrowers will not agree to or permit any amendment, modification, suspension or waiver of any provision of the Operating Agreement, the Tax Receivable Agreement or the Exchange Agreement, which, in any such case, is reasonably expected to adversely affect the Lenders in any material respect, provided, however, (i) any amendments to the Operating Agreement to reflect any issuance of Capital Stock of Group permitted under Section 8.4(vi) of this Agreement shall not be deemed adverse to the Lenders in any material respect and (ii) any other amendment, modification, suspension or waiver of any provision of the Operating Agreement, the Tax Receivable Agreement or the Exchange Agreement shall be deemed not to be adverse to the Lenders in any material respect if the Required Lenders have not, by written notice to the Administrative Agent, objected thereto within 10 Business Days after the date of the posting of such amendment, modification, suspension or waiver in substantially final form on the Platform for the Lenders.

ARTICLE II
CONDITIONS OF EFFECTIVENESS
This First Amendment shall become effective as of the date (such date being referred to as the “First Amendment Effective Date”) when, and only when, the Administrative Agent shall have received fully executed counterparts of this First Amendment from the Credit Parties and the Required Lenders.
ARTICLE III
REPRESENTATIONS AND WARRANTIES 
To induce the Administrative Agent, the Issuing Lenders and the Lenders to enter into this First Amendment, each Credit Party represents and warrants to the Administrative Agent, the Issuing Lender and the Lenders as follows:
3.1    Each of the representations and warranties set forth in the Credit Agreement and in the other Credit Documents is true and correct in all material respects (or if qualified by materiality or material adverse effect, in all respects) on and as of the First Amendment Effective Date, with the same effect as if made on and as of such date, both immediately before and after giving effect to this First Amendment (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct in all material respects (or if qualified by materiality or material adverse effect, in all respects) as of such date), provided that the representations and warranties contained in subsection (a) of Section 5.11 of the Credit Agreement shall be deemed to refer to the most recent financial statement furnished pursuant to Section 6.1 of the Credit Agreement.
3.2    No Default or Event of Default has occurred and is continuing on the First Amendment Effective Date, both immediately before and after giving effect to this First Amendment.
3.3    (i) It has taken all necessary action to authorize the execution, delivery and performance of this First Amendment, (ii) this First Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies, and (iii) no consent, approval, authorization or order of, or filing, registration or qualification with, any court or Governmental Authority or third party is required in connection with the execution, delivery or performance by such Credit Party of this First Amendment.

ARTICLE IV
ACKNOWLEDGEMENT AND CONFIRMATION OF THE CREDIT PARTIES
Each Credit Party hereby confirms and agrees that, after giving effect to this First Amendment, the Credit Agreement and the other Credit Documents remain in full force and effect and enforceable against such Credit Party party thereto in accordance with their respective terms and shall not be discharged, diminished, limited or otherwise affected in any respect, and the amendments contained herein shall not, in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the Obligations of the Managing Member and the Borrowers (and the Guaranteed Obligations of the Guarantors) evidenced by or arising under the Credit Agreement and the other Credit Documents, which shall not in any manner be impaired, limited, terminated, waived or released, but shall continue in full force and effect.  This acknowledgement and confirmation by each Credit Party is made and delivered to induce the Administrative Agent, the Issuing Lenders and the Lenders to enter into this First Amendment, and each Credit Party acknowledges that the Administrative Agent, the Issuing Lenders and the Lenders would not enter into this First Amendment in the absence of the acknowledgement and confirmation contained herein.
ARTICLE V
MISCELLANEOUS
5.1    Governing Law.  This First Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York.
5.2    Full Force and Effect.  Except as expressly amended hereby, the Credit Agreement shall continue in full force and effect in accordance with the provisions thereof on the date hereof.  As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this First Amendment.  Any reference to the Credit Agreement or any of the other Credit Documents herein or in any such documents shall refer to the Credit Agreement and Credit Documents as amended hereby.  This First Amendment is limited as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein.  This First Amendment shall constitute a Credit Document under the terms of the Credit Agreement.
5.3    Expenses.  The Borrower agrees (i) to pay all reasonable and documented fees and expenses of counsel to the Administrative Agent, and (ii) to reimburse the Administrative Agent for all reasonable and documented out-of-pocket expenses, in each case, in connection with the preparation, negotiation, execution and delivery of this First Amendment and the other Credit Documents delivered in connection herewith.
5.4    Severability.  To the extent any provision of this First Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting 

or invalidating such provision in any other jurisdiction or the remaining provisions of this First Amendment in any jurisdiction.
5.5    Successors and Assigns.  This First Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.
5.6    Construction.  The headings of the various sections and subsections of this First Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.
5.7    Counterparts.  This First Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this First Amendment by telecopy or by electronic mail in a .pdf or similar file shall be effective as delivery of a manually executed counterpart of this First Amendment.  
[Balance of Page Intentionally Left Blank].

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed by their respective authorized officers on the dates set forth opposite their signatures below to be effective as of the day and year first above written.
MANNING & NAPIER GROUP, LLC
		
	By:
	Manning & Napier, Inc., its managing member

April 29, 2016                By:      /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer
    

MANNING & NAPIER ADVISORS, LLC
		
	By:
	Manning & Napier Group, LLC, its sole member

		
	By:
	Manning & Napier, Inc., its managing member

April 29, 2016                By:   /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

        
MANNING & NAPIER, INC.
April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

GUARANTORS:

MANNING & NAPIER, INC.

April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer
 

MANNING & NAPIER ALTERNATIVE OPPORTUNITIES, LLC

By:    Manning & Napier Group, LLC, its sole 
member

		
	By:
	Manning & Napier, Inc., its managing member

April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

MANNING & NAPIER INFORMATION SERVICES, LLC

By:    Manning & Napier Group, LLC, its sole 
member

		
	By:
	Manning & Napier, Inc., its managing member

April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

PERSPECTIVE PARTNERS, LLC

By:    Manning & Napier Group, LLC, its sole 
member

		
	By:
	Manning & Napier, Inc., its managing member

April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

MANNING & NAPIER BENEFITS, LLC

By: Manning & Napier Information Services, LLC, its sole member
By: Manning & Napier Group, LLC, its sole member
By: Manning & Napier, Inc., its managing member

April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

M&N ALTERNATIVES MANAGEMENT, LLC

By: Manning & Napier Advisors, LLC, its sole member

By: Manning & Napier Group, LLC, its sole member
By: Manning & Napier, Inc., its managing member

April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

MN XENON PARTNERS HOLDINGS LLC

By: Manning & Napier Advisors, LLC, its sole member
By: Manning & Napier Group, LLC, its sole member
By: Manning & Napier, Inc., its managing member

April 29, 2016                By:  /s/    JAMES MIKOLAICHIK
James Mikolaichik
Chief Financial Officer

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender and as a Lender

By: /s/    JOCELYN BOLL
Name: Jocelyn Boll
Title:  Vice President             

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

Manufacturers and Traders Trust Company, as a Lender

By:  /s/    TIMOTHY JONES
Name: Timothy Jones
Title:  Admin. Vice President/Group      Manager

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

        
First Niagara Bank, N.A., as a Lender

By:  /s/    TIMOTHY G. DENNISTON
Name: Timothy G. Denniston
Title:  Vice President

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

The Bank of New York Mellon, as a Lender

By:  /s/    RICHARD G. SHAW
Name: Richard G. Shaw
Title:  Vice President

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

THE HUNTINGTON NATIONAL BANK, as a Lender

By:  /s/    BRIAN H. GALLAGHER
Name: Brian H. Gallagher
Title:  Senior Vice President

SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT

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