Document:

Exhibit 10.42

EATON VANCE EMPLOYEE LOAN PROGRAM

RESTATEMENT No. 3

(Effective October 29, 2014)

 

1.          Purpose.
The purpose of the Eaton Vance Employee Loan Program (formerly called the Eaton Vance Corp. 1998 Executive Loan Program)(the “Program”)
is to benefit Eaton Vance Corp. and its present or future subsidiaries (together, or separately, the “Company,” as
the context may require) by enhancing the Company’s ability to attract and retain those officers (other than executive officers)
and other key employees of the Company who are in a position to make substantial contributions to the ongoing success of the Company.
The Program is intended to complement the incentives now offered by the Company to its employees which allow them to acquire shares
of Eaton Vance Corp. Non-Voting Common Stock (“Eaton Vance Stock”). To accomplish this purpose, the Program provides
loans to finance exercises of incentive stock options and non-qualified stock options granted under various stock option plans
maintained by the Company, all as the Compensation Committee of the Board of Directors of Eaton Vance Corp. (the “Committee”)
determines.

 

2.          Participation.
Participation in the Program shall be limited to those officers (other than executive officers of Eaton Vance Corp.) and key employees
of the Company who are determined by the Committee as being eligible to so participate (the “Participants”). For purposes
of the Program, executive officers of Eaton Vance Corp. include the President and Chief Executive Officer, the Executive Vice President,
and the following Vice Presidents: the Chief Financial Officer, the Chief Legal Officer, the Chief Administrative Officer, the
Chief Accounting Officer, and the Chief Sales and Marketing Officer and any other officer who performs a policy making function
and who the Committee determines is ineligible for a Company loan under Section 402 of the Sarbanes-Oxley Act, any guidance issued
thereunder, or any other similar act.

 

3.          Administration.
The Committee shall administer the Program and have exclusive power to determine (a) which officers and key employees shall become
Participants, (b) the time or times at which such offer shall be made, and (c) the amount to be loaned to any Participant. The
interpretation and instruction by the Committee of any provision of the Program or of any agreement or other matter related to
the Program shall be final unless otherwise determined by the Committee or the Board of Directors of Eaton Vance Corp. The Committee
may delegate any of its powers and responsibilities under the Program to the Treasurer of Eaton Vance Corp.

 

4.          Amount
Available for Loans. The aggregate amount of loans under the Program and under the Company’s 1997, 1995, 1984 and 2006
Executive Loan Programs (“Prior Programs”) which may be outstanding at any one time shall not exceed $20,000,000. All
loans under the Program must be made on or before October 31, 2018.

 

5.          Terms
of Notes. Each loan made under the Program shall be evidenced by a promissory note executed and delivered by the Participant
to Eaton Vance Management (the “Note”). Each Note shall be subject to the following terms and conditions:

 

		(a)	The participant shall be personally liable on the Note.

 

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		(b)	The maximum term to maturity of the Note shall be seven years; provided, however, that the Note shall become immediately due
and payable as of the date a Participant ceases to be employed by the Company for any reason other than age, disability or death.

  

		(c)	Each Note shall provide for the payment of interest at such annual rate as may be set by the Committee, which rate shall not
be less than that necessary to avoid the loan being characterized as either (i) carrying “unstated interest” within
the meaning of §483 of the Internal Revenue Code of 1986, as amended (the “Code”) in the case of loans the proceeds
of which are used to acquire shares of Eaton Vance Stock from the Company or (ii) a “below-market loan” within the
meaning of §7872 of the Code in all other cases.

 

		(d)	The Committee, in its discretion, may require that amounts payable
with respect to the Note be secured by collateral of such nature and of such value as the Committee determines. Where the
purpose of the loan is to finance the purchase of Eaton Vance Stock, and where the Note is secured, all or in part, by “margin
securities” as defined in Regulation G promulgated by the Board of Governors of the Federal Reserve System, the Note shall
contain such further terms and conditions as are required by said Regulation G.

 

6.          Effective
Date. The effective date of the revised Program is October 29, 2014, the date on which it was approved by the Board. All loans
issued under the terms of the Prior Programs shall remain in effect in accordance with the terms of the original Note and the terms
of the Program in effect on the date the Note was executed.

 

    	181Exhibit 10.43

Parametric Portfolio Associates LLC,
Long-term Equity Incentive Plan

 

The General Partner and the Partnership
have established a long-term incentive plan (the “Plan”). The purpose of the Plan is to create a market competitive
long-term equity incentive program for key employees of PPA and its Affiliates. Grants under the Plan are intended to attract,
retain and motivate key professionals and provide an opportunity for these employees to become indirect owners of PPA, through
their interest in the Partnership, and participate in the future growth of PPA over time.

 

The key elements of the Plan, applicable
to all Operating Units and Liquidating Floor Units hereunder, are as follows:

 

1.      
    Operating Units and Liquidating Floor Units. The Plan will
consist of Operating Units and Liquidating Floor Units in the Partnership. Operating Units and Liquidating Floor Units will
participate in distributions in accordance with the Agreement. The number of Operating Units and Liquidating Floor Units made
available for issuance by the General Partner shall be set forth on Exhibit A to the Agreement. The General Partner
shall remain the owner of any Operating Units or Liquidating Floor Units made available for issuance under the Plan but not
yet issued, entitling the General Partner to all rights in respect thereof. The Operating Units and Liquidating Floor Units
granted under the Plan will be designated in accordance with the year of the Issuance Date of such Operating Units and
Liquidating Floor Units (e.g., Operating Units with an Issuance Date of November 2013 shall be designated
“2013 Operating Units”).

 

2.    
      Issuance Dates. Operating Units and Liquidating
Floor Units shall only be issued on the first day of a Fiscal Year, except as otherwise agreed in writing by the General
Partner. Operating Units and Liquidating Floor Units will be issued at the sole discretion of the General Partner. The date
an Operating Unit or Liquidating Floor Unit is issued is referred to herein as the “Issuance Date” of such
Operating Unit or Liquidating Floor Unit; provided that the Issuance Date of Operating Units and Liquidating Floor Units
issued from the conversion of profit units outstanding immediately before the effective date of the Agreement shall be the
issuance date of such profit units as determined under the Plan immediately before such effective date, as reflected
on Schedule A.

 

3.    
      Valuation.

 

(a)          The
General Partner shall in good faith determine the fair value of a Unit (the “Fair Value”), on the basis of its
Liquidation Value, by utilizing an annual appraisal, conducted by an independent third party within a reasonable period prior to
the first day of such Fiscal Year, of the units of PPA held by the Partnership. The annual appraisal will utilize two valuation
techniques: the fading growth model and the guideline company method. These two valuation methodologies will utilize appropriate
discount rates as well as relevant investment management industry market multiples. The General Partner shall review the results
of such annual

 

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appraisal and, in its discretion, make such
adjustments thereto in determining the Fair Value, with the Fair Value for a Full Liquidating Unit as of the first day of such
Fiscal Year to be set forth in an annual report to the Partners (the “Annual Valuation”). The Fair Value of
a Full Liquidating Unit, as set forth in each Annual Valuation, shall be used as the basis for determining (i) the Cap Amount and
Floor Amount of a Liquidating Cap Unit or Liquidating Floor Unit, respectively, issued after the effective date of the Agreement
and (ii) the price to be paid by the General Partner in connection with a repurchase of each Operating Unit and Liquidating Unit
in accordance with the terms hereof. For avoidance of doubt, it is understood that (i) the Liquidation Value of an Operating Unit,
and therefore its Fair Value, is always zero and (ii) the Fair Value of Liquidating Floor Unit is its Liquidation Value as determined
based on the assumption that the Liquidation Value of a Full Liquidating Unit is its Fair Value.

 

(b)          The
Annual Valuation shall be final and binding on the General Partner, the Partnership and any Grantee under a Grant Agreement, subject
to the dispute resolution procedure listed in this paragraph (b). If a Grantee disagrees with the Fair Value set forth in the Annual
Valuation, the Grantee may dispute such Fair Value by notifying the General Partner within 30 days of the distribution of such
Annual Valuation and providing at the Grantee’s expense an alternative appraisal of a Unit prepared by a nationally recognized
valuation firm within 120 days of the distribution of the Annual Valuation. The General Partner and the Grantee shall then jointly
select an arbitrator that is recognized as a valuation expert to determination of Fair Value of a Unit based on the appraisals
obtained by each and such other information that either deem relevant. The cost of the arbitrator will be shared equally between
the Partnership and the Grantee. The arbitrator’s determination shall be binding on the General Partner and Grantee but only
with respect to Units held by the Grantee. Notwithstanding Section 6.2.11 of the Agreement, this Section shall govern the resolution
of disputes about the Annual Valuation. 

 

4.    
      Plan Administration. The General Partner shall be
the administrator of the Plan; provided, however, the Grantees, and the number of Operating Units and Liquidating Floor Units
to be issued thereto, shall be determined by the General Partner based upon the joint recommendation of the Managers and
PPA’s Executive Committee (each as defined in the PPA Operating Agreement).

 

5.     
     Awards. All Operating Units and Liquidating Floor Units
awarded under the Plan shall be subject to the terms and conditions of a Grant Agreement to be executed and delivered by the
Grantee. The Operating Units and Liquidating Floor Units shall be subject to vesting, Puts, Calls, forfeiture and other terms
as set forth herein and in the Grant Agreement. The form of Grant Agreement shall be as attached hereto as Appendix
A.

 

6.        
  Vesting. The Operating Units and Liquidating Floor Units shall be subject to
vesting as provided herein. “Unvested Units” shall mean 100% of the Operating Units and Liquidating Floor
Units as of the Issuance Date of such Liquidating Floor Units, and “Vested Units” shall mean all Operating
Units and Liquidating Floor Units that are not Unvested
Units. On each of the dates listed below, the respective number of Operating Units and

 

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 Liquidating Floor Units indicated below
shall become Vested Units if the Grantee remains an employee of PPA or an Affiliate of PPA on such date. All vesting shall cease
upon a Termination Event; provided, however, all Unvested Units shall immediately vest and become Vested Units (i) upon
the death or Disability of the Grantee or (ii) if the General Partner, in its sole discretion, chooses to treat Unvested Units
as Vested Units (all such accelerated Operating Units and Liquidating Floor Units, the “Accelerated Units”).
Notwithstanding anything in this paragraph to the contrary, Liquidating Floor Units converted from profit units outstanding immediately
prior to the effective date of the Agreement shall be Vested Units if such profit units were previously vested under the Plan as
in effect immediately before such effective date.

  

	Anniversary of

Issuance Date of Operating Units

and Liquidating Floor Units	 	Percentage of Operating Units

and Liquidating Floor Units

Becoming Vested	 	Cumulative

Percentage Vested
	 	 	 	 	 
	First	 	10%	 	10%
	Second	 	15%	 	25%
	Third	 	20%	 	45%
	Fourth	 	25%	 	70%
	Fifth	 	30%	 	100%

 

7.    
      Put Rights. 

 

(a)          General.
Each Grantee shall have the right, subject to the terms and conditions set forth in this Section 7 and subject to the vesting provisions
in Section 6, to cause the General Partner to purchase a portion of the Vested Units held by such Grantee as set forth in this
Section 7 (each, a “Put”); provided, however, that in no event shall a Grantee cause a Put of, and the
General Partner shall not be obligated to purchase, any Operating Units or Liquidating Floor Units that are, as of the applicable
Exercise Date, Unvested Units; provided, further, that the Grantee must transfer an equal number of Operating Units and
Liquidating Floor Units with the same Issuance Date upon the exercise of a Put. Until the Put Closing Date, the Grantee shall receive
all distributions distributable on the Operating Units held.

 

(b)          Exercise.
A Grantee may exercise a Put with respect to the Grantee’s Vested Units by delivery of a put exercise notice (a “Put
Exercise Notice”) to the Partnership and General Partner, stating therein the number and designation of such Vested Units
(the “Put Units”) with respect to which such Put is being exercised by no later than September 30th of the Fiscal
Year immediately preceding the Fiscal Year in which the Exercise Date occurs (the “Put Exercise Period”). If
a Grantee submits a Put Exercise Notice on Vested Units that will not

 

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become Mature Units until after the Put Exercise
Period, the Exercise Date for purposes of determining the Put Closing Date will be the first Exercise Date following the date on
which such Vested Units become Mature Units. As of September 30th of the Fiscal Year immediately preceding the Fiscal Year in which
the Exercise Date occurs, the Put Exercise Notice shall constitute an irrevocable commitment on behalf of such Grantee to transfer
to the General Partner the number of Put Units set forth therein (subject to any reduction required hereunder).

 

(c)          Purchase
Price. The purchase price per Put Unit shall be equal to the Fair Value of the Liquidating Floor Units on the applicable Exercise
Date. For the avoidance of doubt, no value shall be assigned to the Operating Units transferred on the exercise of a Put.

 

(d)          Closing.
The closing of the purchase and sale of any Put Units pursuant to the exercise of a Put shall be at a time and place specified
by the parties involved in such transaction within thirty (30) days after (i) the delivery of the applicable Annual Valuation and
(ii) the applicable Exercise Date, whichever is later (such closing date, the “Put Closing Date”). At such closing,
the Grantee shall deliver such Put Units free and clear of all liens, and, if requested by the General Partner, the Grantee shall
execute an agreement reasonably acceptable to the General Partner stating therein that the Grantee has sole record and beneficial
title to the Put Units, free and clear of any liens as of such closing date (other than those imposed by the Agreement). The General
Partner shall pay the aggregate purchase price for the Put Units by check (net of withholding taxes, if any). At the closing, the
General Partner shall deliver a certificate confirming that the Put Units have been transferred to the General Partner and that
Exhibit A to the Agreement (and Schedule A to the Grantee’s Partner Admission) has been amended to reflect such purchase.
In connection with any closing, the General Partner shall be deemed to be purchasing a ratable share of the Grantee’s Capital
Account with respect to such Grantee’s Put Units as of the applicable Exercise Date.

 

(e)          Limitations
on Puts. Notwithstanding the foregoing, (i) a Grantee shall be entitled to exercise a Put in respect of such Grantee’s
Operating Units and Liquidating Floor Units on no more than two (2) occasions and only during the term of such Grantee’s
employment and (ii) the maximum number of Operating Units and Liquidating Floor Units that the General Partner shall be required
to purchase from any individual Grantee pursuant to an exercise by a Grantee of his or her Put rights hereunder shall be equal
to fifty percent (50%) of the Aggregate Issued Units.

 

8.      
    Call Rights.

 

(a)          General.
The General Partner shall have the right, but not the obligation, to purchase all or a portion of the Operating Units and Liquidating
Floor Units from each Grantee, and each Grantee shall be obligated to sell such Operating Units and Liquidating Floor Units to
the General Partner, upon and each year following the tenth anniversary of the Issuance Date of such Operating Unit or Liquidating
Floor Unit (the “Call”) pursuant to the terms of this Section 8. The General Partner may exercise the Call in
respect of any or all Grantees,

 

 

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and any number of Operating Units and Liquidating
Floor Units from any of such Grantees, in its sole discretion; provided, however, that the General Partner must purchase
an equal number of Operating Units and Liquidating Floor Units with the same Issuance Date upon the exercise of a Call. Until the
Call Closing Date, the Grantee shall receive all distributions distributable on the Operating Units held.

 

(b)          Exercise.
The General Partner may exercise a Call by delivering written notice (the “Call Notice”) to that effect to a
Grantee on or prior to September 30th immediately preceding the applicable Exercise Date (the “Call Exercise Period”),
specifying therein an equal number of Operating Units and Liquidating Floor Units to be purchased by the General Partner (the “Call
Units”) on the applicable Exercise Date. If the General Partner submits a Call Notice on Vested Units that will not become
Mature Units until after the Call Exercise Period, the Exercise Date for purposes of determining the Call Closing Date will be
the first Exercise Date following the date on which such Vested Units become Mature Units.

 

(c)          Purchase
Price. The purchase price per Call Unit shall be equal to the Fair Value of the Liquidating Floor Units on the Exercise Date.
For the avoidance of doubt, no value shall be assigned to the Operating Units transferred on the exercise of a Call.

 

(d)          Closing.
The closing of the purchase and sale of any Call Units pursuant to the exercise of a Call shall be at a time and place specified
by the parties involved in such transaction within thirty (30) days of the later to occur of (i) the delivery of the applicable
Annual Valuation and (ii) the applicable Exercise Date (such closing date, the “Call Closing Date”). At such
closing, a Grantee shall deliver such Call Units free and clear of all liens, and, if requested by the General Partner, such Grantee
shall execute an agreement reasonably acceptable to the General Partner stating therein that such Grantee has sole record and beneficial
title to the Call Units, free and clear of any liens as of such closing date (other than those imposed by the Agreement). The General
Partner shall pay the aggregate purchase price for the Call Units by check (net of withholding taxes, if any). At the closing,
the General Partner shall deliver a certificate confirming that the Call Units have been transferred to the General Partner and
that Exhibit A to the Agreement (and Schedule A to such Grantee’s Partner Admission) has been amended to reflect such purchase.
In connection with any closing, the General Partner shall be deemed to be purchasing a ratable share of the Grantee’s Capital
Account with respect to his or her Call Units.

 

9.   
       Repurchase upon Termination.

 

(a)          General.
Subject to Section 9(e), upon a Termination Event applicable to a Grantee, (i) the General Partner shall have the right, but not
the obligation, to purchase all or a portion of the Operating Units and Liquidating Floor Units (including Unvested Units) from
such Grantee, and such Grantee shall be obligated to sell such Operating Units and Liquidating Floor Units to the General Partner
(a “Termination Call”), and (ii) such Grantee shall separately have the right, but not the obligation, to sell
all or a portion of such Grantee’s Operating

 

 

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Units and Liquidating Floor Units to the General
Partner (a “Termination Put”), in each case pursuant to the terms and conditions of this Section 9; provided,
however, that upon a Termination Event, for any Vested Unit that is not a Mature Unit, the Termination Call and Termination
Put shall apply to such Vested Unit on the first Exercise Date following the date on which such Vested Unit becomes a Mature Unit;
provided, further, that the Grantee must transfer and the General Partner must purchase an equal number of Operating Units
and Liquidating Floor Units with the same Issuance Date upon the exercise of a Termination Call or a Termination Put. For the avoidance
of doubt, a Termination Call shall apply to Unvested Units immediately upon the Termination Event. Upon a Termination Event applicable
to a Grantee, all of the Grantee’s Unvested Units (excluding, for these purposes, any Accelerated Units) held by such Grantee
shall cease to vest. Until the Termination Closing Date, the Grantee shall receive all distributions distributable on the Operating
Units held.

 

(b)          Exercise.
The General Partner or the Grantee may elect to exercise a Termination Call or Termination Put, as applicable, by delivering written
notice (the “Termination Repurchase Notice”) to that effect to the other Party within the later of (a) the 90th
day following the effective date of the Termination Event and (b) the date on which the General Partner receives the Annual Valuation
for the Fiscal Year immediately following the year in which such Termination Event occurred, specifying in such Termination Repurchase
Notice the number of Operating Units and Liquidating Floor Units (including any Accelerated Units) to be purchased by the General
Partner (the “Repurchase Units”) on the applicable Repurchase Date. As of the later of (a) the 90th day following
the effective date of the Termination Event and (b) the date on which the General Partner receives the Annual Valuation for the
Fiscal Year immediately following the year in which such Termination Event occurred, a Termination Repurchase Notice delivered
by a Grantee shall constitute an irrevocable commitment on behalf of such Grantee to transfer to the General Partner the number
of Repurchase Units set forth therein (subject to any reduction required hereunder).

 

(c)          Purchase
Price. The purchase price per Repurchase Unit which is a Vested Unit (including any Accelerated Units) shall be equal to the
purchase price determined under the principles of Sections 7(c) and 8(c), above; provided, however, that in the event of
a Termination Repurchase in connection with the termination of a Grantee’s employment with PPA and its Affiliates for Cause,
the purchase price per Repurchase Unit that is a Vested Unit shall be equal to 10% of the value determined above as of the applicable
Repurchase Date. The aggregate purchase price for all Repurchase Units that are Unvested Units (after giving effect to any acceleration
as provided herein) shall be $1.00.

 

(d)          Closing.
The closing of the purchase and sale of any Repurchase Units (including any Unvested Units) pursuant to the exercise of a Termination
Repurchase shall be at a time and place specified by the parties involved in such transaction within thirty (30) days of the later
to occur of (i) the delivery of the applicable Annual Valuation and (ii) the delivery of the Repurchase Notice (such closing date,
the “Termination Closing

 

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Date”). At each such closing,
the Grantee shall deliver such Repurchase Units free and clear of all liens, and, if requested by the General Partner, the Grantee
shall execute an agreement reasonably acceptable to the General Partner stating therein that the Grantee has sole record and beneficial
title to the Repurchase Units, free and clear of any liens as of such closing date (other than those imposed by the Agreement).
The General Partner shall pay the aggregate purchase price for the Repurchase Units by check (net of withholding taxes, if any).
At such closing, the General Partner shall deliver a certificate confirming that the Repurchase Units have been transferred to
the General Partner and that Exhibit A to the Agreement (and Schedule A to such Grantee’s Partner Admission) has been
amended to reflect such purchase. In connection with any closing, the General Partner shall be deemed to be purchasing a ratable
share of the Grantee’s Capital Account with respect to the Repurchase Units.

 

(e)          Notwithstanding
anything to the contrary herein, upon the Retirement of a Grantee, PPA’s Executive Committee may recommend that the Retiree
provide agreed-upon services to PPA and, accordingly, for the General Partner to refrain from purchasing all or a portion of the
Operating Units and Liquidating Floor Units from such Grantee during the period of service (“Post-Retirement Period”).
If the General Partner approves, the General Partner will refrain from purchasing all or a portion of the Operating Units or Liquidating
Floor Units from such Grantee as agreed between the parties.

 

10.         Failure
to Execute. In the event that a Grantee is required to sell some or all of a Grantee’s Operating Units or Liquidating
Floor Units pursuant to the provisions of Sections 8 and 9 above, and in the further event that such Grantee refuses to, is unable
to, or for any reason fails to, execute and deliver the agreements required by said sections, the General Partner may deposit the
purchase price therefor in cash with any bank doing business within fifty (50) miles of the Partnership’s principal place
of business, or in escrow, for such Grantee, to be held by such bank or escrow agent for the benefit of and for delivery to such
Grantee. Upon such deposit by the General Partner and upon notice thereof given to such Grantee, such Grantee’s Call Units
or Repurchase Units, as applicable, shall be deemed to have been sold, transferred, conveyed and assigned to the General Partner,
such Grantee shall have no further rights with respect thereto (other than the right to withdraw the payment therefor, if any,
held by such bank or in escrow), and the General Partner shall record such transfer or repurchase on Exhibit A to the Agreement
(and Schedule A to such Grantee’s Partner Admission).

 

11.         Assignment.
The General Partner may assign its rights and obligations hereunder to one or more of its Affiliates; provided, however,
that nothing shall relieve the General Partner of its obligations hereunder.

 

12.         Effect
of Purchase. For the avoidance of doubt, upon the Closing of a Put or Call as set forth herein, the Grantee subject thereto
shall cease to own the repurchased Operating Units and Liquidating Floor Units, and shall have no further rights in respect of
such repurchased Operating Units and Liquidating Floor Units under

 

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the Agreement (including, without limitation,
any right to distributions under the Agreement), other than the right to payment set forth in Sections 7 through 9 of the Plan,
as applicable.

 

13.         Definitions.
Capitalized terms used in the Plan and not defined shall have the meanings given to them in the Agreement. The following terms
used in the Plan shall have the following meanings:

 

“Accelerated Units”
has the meaning set forth in Section 6.

 

“Aggregate Issued Units”
means, as of any date and with respect to any Grantee, the total number of Operating Units and Liquidating Floor Units that are
Vested Units and were transferred by the General Partner and the Partnership to such Grantee pursuant to one or more Grant Agreements
through such date, and for this purpose, any Profit Units that were issued to a Grantee and not converted pursuant to Section 1.4
of the Agreement shall be treated as Operating Units and Liquidating Floor Units transferred by the General Partner and the Partnership
to the Grantee.

 

“Annual Valuation”
has the meaning set forth in Section 3(a).

 

“Call” has the
meaning set forth in Section 8(a).

 

“Call Exercise Period”
has the meaning set forth in Section 8(b).

 

“Call Notice”
has the meaning set forth in Section 8(b).

 

“Call Units” has
the meaning set forth in Section 8(b).

 

“Cause” means,
with respect to each Grantee, (i) the willful and continued failure of the Grantee to perform substantially the Grantee’s
duties with PPA and its Affiliates (other than any such failure resulting from incapacity due to physical or mental illness, and
specifically excluding any failure by the Grantee, after reasonable efforts, to meet performance expectations), after a written
demand for substantial performance is delivered to the Grantee by the PPA Managers which specifically identifies the manner in
which the PPA Managers believe that the Grantee has not substantially performed the Grantee’s duties, or (ii) the willful
engaging by the Grantee in illegal conduct or gross misconduct which is materially and demonstrably injurious to PPA and its Affiliates.
For purposes of this provision, no act or failure to act, on the part of the Grantee, shall be considered “willful”
unless it is done, or omitted to be done, by the Grantee in bad faith or without reasonable belief that the Grantee’s action
or omission was in the best interests of PPA and its Affiliates. Any act, or failure to act, based upon authority given pursuant
to a resolution duly adopted by the PPA Managers or based upon the advice of counsel for PPA shall be conclusively presumed to
be done, or omitted to be done, by the Grantee in good faith and in the best interests of PPA. The cessation of employment of the
Grantee shall not be deemed to be for Cause unless and until there shall have been

 

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delivered to the Grantee a copy of a resolution
duly adopted by the affirmative vote of not less than a majority of the PPA Managers at a meeting of the PPA Managers called and
held for such purpose (after reasonable notice is provided to the Grantee and the Grantee is given an opportunity, together with
counsel, to be heard before the PPA Managers), finding that, in the good faith opinion of the PPA Managers, the Grantee is guilty
of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail.

 

“Disability” or
“Disabled” means the inability of a Grantee, as determined by the PPA Managers, to perform the essential
functions of his or her regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable
physical or mental illness which has lasted (or can reasonably be expected to last) for a period of six (6) consecutive months.
At the request of the Grantee or his personal representative, the PPA Managers’ determination that the Disability of the
Grantee has occurred shall be certified by two physicians mutually agreed upon by such Grantee, or his or her personal representative,
and PPA and failing such independent certification (if so requested by the Grantee), the Grantee’s termination shall be deemed
a termination by PPA without Cause and not a termination by reason of his Disability.

 

“Exercise Date”
shall mean November 1 of each year or, solely with respect to Operating Units and Liquidating Floor Units having an Issuance Date
that is later than November 1 of the Fiscal Year in which such Operating Units and Liquidating Floor Units are designated, such
later date of each year subsequent to the Issuance Date (i.e., if the Issuance Date of an Operating Unit or Liquidating Floor Unit
is November 3rd, then the Exercise Date for such Operating Unit or Liquidating Floor Unit shall be November 3rd of each subsequent
year).

 

“Issuance Date”
has the meaning set forth in Section 2.

 

“Mature Units”
means Units that have been held by a Grantee for longer than six (6) months after becoming vested.

 

“Post-Retirement Period”
has the meaning set forth in Section 9(e).

 

“PPA Managers”
means the Managers of PPA as defined in the PPA Operating Agreement.

 

“Put” means, with
respect to any Operating Unit or Liquidating Floor Unit, a Put and/or a Termination Put.

 

“Put Exercise Notice”
has the meaning set forth in Section 7(b).

 

“Put Exercise Period”
has the meaning set forth in Section 7(b).

 

“Put Units” has
the meaning set forth in Section 7(b).

  

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“Repurchase Date”
means, with respect to a Termination Event of a Grantee, the first day of the Fiscal Year following the year in which such Termination
Event occurs; provided, however, with respect to the repurchase of any Operating Units or Liquidating Floor Units in respect
of the Death of such Grantee, the “Repurchase Date” may be such earlier date as determined by the General Partner.

 

“Repurchase Units”
has the meaning set forth in Section 9(b).

 

“Retirement” means,
with respect to a Grantee, either (i) such Grantee’s voluntary termination of his or her employment with PPA and its Affiliates
following the attainment of such Grantee of age 65, (ii) such Grantee’s voluntary termination of his or her employment with
PPA and its Affiliates following the attainment of such Grantee of age 55 and such Grantee has a combined age plus years
of service to PPA and its Affiliates (including any predecessors) of 75 years, or (iii) or following the agreement of PPA’s
Executive Committee and the EVA Managers to treat such voluntary termination as a retirement.

 

“Termination Call”
has the meaning set forth in Section 9(a).

 

“Termination Put”
has the meaning set forth in Section 9(a).

 

“Termination Event”
means, with respect to a Grantee, an event of termination of such Grantee’s employment with PPA and its Affiliates for any
reason (including, without limitation, the resignation, Retirement, death, Disability or termination by PPA with or without Cause).

 

“Termination Repurchase”
means either a Termination Put or a Termination Call.

 

“Termination Repurchase Notice”
has the meaning set forth in Section 9(b).

 

“Unvested Units”
has the meaning set forth in Section 6.

 

“Vested Units”
has the meaning set forth in Section 6.

 

    	191

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