Document:

2012 Equity Incentive Plan

 Exhibit 10.1 
 CYTODYN INC. 
 2012 EQUITY INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1
	  	ESTABLISHMENT AND PURPOSE	  	 	1	  
			
	 1.1
	  	Establishment	  	 	1	  
			
	 1.2
	  	Purpose	  	 	1	  
			
	 ARTICLE 2
	  	DEFINITIONS	  	 	1	  
			
	 2.1
	  	Defined Terms	  	 	1	  
			
	 2.2
	  	Gender and Number	  	 	5	  
			
	 ARTICLE 3
	  	ADMINISTRATION	  	 	5	  
			
	 3.1
	  	Administration by Board	  	 	5	  
			
	 3.2
	  	Delegation to Committee	  	 	5	  
			
	 3.3
	  	Authority of the Committee	  	 	5	  
			
	 3.4
	  	Action by the Committee	  	 	6	  
			
	 3.5
	  	Further Delegation	  	 	6	  
			
	 ARTICLE 4
	  	DURATION; SHARES SUBJECT TO THE PLAN; ELIGIBILITY	  	 	6	  
			
	 4.1
	  	Duration of the Plan	  	 	6	  
			
	 4.3
	  	Shares Subject to the Plan	  	 	6	  
			
	 4.5
	  	Eligibility	  	 	7	  
			
	 ARTICLE 5
	  	AWARDS	  	 	7	  
			
	 5.1
	  	Types of Awards	  	 	7	  
			
	 5.2
	  	General	  	 	7	  
			
	 5.3
	  	Nonuniform Determinations	  	 	7	  
			
	 5.4
	  	Award Agreements	  	 	7	  
			
	 5.5
	  	Provisions Governing All Awards	  	 	7	  
			
	 ARTICLE 6
	  	OPTIONS	  	 	11	  
			
	 6.1
	  	Types of Options	  	 	11	  
			
	 6.2
	  	General	  	 	11	  
			
	 6.3
	  	Option Price	  	 	11	  
			
	 6.4
	  	Option Term	  	 	11	  
			
	 6.5
	  	Time of Exercise	  	 	12	  
			
	 6.6
	  	Special Rules for Incentive Stock Options	  	 	12	  
			
	 6.7
	  	Restricted Shares	  	 	12	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 6.8
	  	Limitation on Number of Shares Subject to Options	  	 	12	  
			
	ARTICLE 7	  	STOCK APPRECIATION RIGHTS	  	 	12	  
			
	 7.1
	  	General	  	 	12	  
			
	 7.2
	  	Nature of Stock Appreciation Right	  	 	12	  
			
	 7.3
	  	Exercise	  	 	13	  
			
	 7.4
	  	Form of Payment	  	 	13	  
			
	 7.5
	  	Limitation on Number of Stock Appreciation Rights	  	 	13	  
			
	ARTICLE 8	  	RESTRICTED AWARDS	  	 	13	  
			
	 8.1
	  	Types of Restricted Awards	  	 	13	  
			
	 8.2
	  	General	  	 	14	  
			
	 8.3
	  	Restriction Period	  	 	14	  
			
	 8.4
	  	Forfeiture	  	 	14	  
			
	 8.5
	  	Settlement of Restricted Awards	  	 	14	  
			
	 8.6
	  	Rights as a Shareholder	  	 	15	  
			
	 8.7
	  	Limitation in Number of Restricted Awards	  	 	15	  
			
	ARTICLE 9	  	OTHER STOCK-BASED AND COMBINATION AWARDS	  	 	15	  
			
	 9.1
	  	Other Stock-Based Awards	  	 	15	  
			
	 9.2
	  	Combination Awards	  	 	15	  
			
	ARTICLE 11	  	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, ETC.	  	 	15	  
			
	 11.1
	  	Plan Does Not Restrict the Corporation	  	 	15	  
			
	 11.2
	  	Mandatory Adjustment	  	 	16	  
			
	 11.3
	  	Adjustments by the Committee	  	 	16	  
			
	ARTICLE 12	  	AMENDMENT AND TERMINATION	  	 	16	  
			
	ARTICLE 13	  	MISCELLANEOUS	  	 	16	  
			
	 13.1
	  	Tax Withholding	  	 	16	  
			
	 13.2
	  	Unfunded Plan	  	 	17	  
			
	 13.3
	  	Fractional Shares	  	 	17	  
			
	 13.4
	  	Annulment of Awards	  	 	17	  
			
	 13.5
	  	Engaging in Competition With the Corporation	  	 	17	  
			
	 13.6
	  	Other Corporation Benefit and Compensation Programs	  	 	17	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 13.7
	  	Securities Law Restrictions	  	 	18	  
			
	 13.8
	  	Continuing Restriction Agreement	  	 	18	  
			
	 13.9
	  	Governing Law	  	 	18	  

  
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 2012 EQUITY INCENTIVE PLAN 

ARTICLE 1 

ESTABLISHMENT AND PURPOSE 
 1.1 Establishment. CytoDyn Inc., a Colorado corporation (the “Corporation”), hereby establishes the CytoDyn Inc. 2012 Equity Incentive Plan (the “Plan”), effective as of
December 12, 2012 (the “Effective Date”). 
 1.2 Purpose. The purpose of the Plan is to promote and
advance the interests of the Corporation and its shareholders by enabling the Corporation to attract, retain, and reward employees, directors, and outside consultants of the Corporation and its subsidiaries. It is also intended to strengthen the
mutuality of interests between such employees, directors, and consultants and the Corporation’s shareholders. The Plan is designed to serve these purposes by offering stock options and other equity-based incentive awards, thereby providing a
proprietary interest in pursuing the long-term growth, profitability, and financial success of the Corporation. 
 ARTICLE 2 

 DEFINITIONS 
 2.1 Defined Terms. For purposes of the Plan, the following terms have the meanings set forth below: 
 “Affiliate” means any parent corporation or subsidiary corporation of the Corporation, whether now or hereafter existing, as those terms are defined in Sections 424(e) and (f),
respectively, of the Code. 
 “Award” means an award or grant made to a Participant of Options,
Stock Appreciation Rights, Restricted Awards, or Other Stock-Based Awards pursuant to the Plan. 
 “Award
Agreement” means an agreement as described in Section 5.4. 
 “Board” means the
Board of Directors of the Corporation. 
 “Change in Control” means: 

(i) Any one person or entity, or more than one person or entity acting as a group (as defined in Treasury Regulation
Section 1.409A-3), acquires ownership of stock of the Corporation that, together with stock previously held by the acquiror, constitutes more than fifty (50%) percent of the total fair market value or total voting power of the
Corporation’s stock. If any one person or entity, or more than one person or entity acting as a group, is considered to own more than fifty (50%) percent of the total fair market value or total voting power of the Corporation’s stock,
the acquisition of additional stock by the same person or entity or persons or entities acting as a group does not cause a Change in Control. An increase in the percentage of stock owned by any one person or entity, or persons or entities acting as
a group, as a result of a transaction in which the Corporation acquires its stock in exchange for property, is treated as an acquisition of stock; or 

  
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 (ii) A majority of the members of the Corporation’s board of directors
is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the board of directors prior to the date of appointment or election; or 

(iii) Any one person or entity, or more than one person or entity acting as a group, acquires (or has acquired during the
twelve (12) month period ending on the date of the most recent acquisition by that person or entity or persons or entities acting as a group) assets from the Corporation that have a total gross fair market value equal to at least forty
(40%) percent of the total gross fair market value of all the Corporation’s assets immediately prior to the acquisition or acquisitions. Gross fair market value means the value of the Corporation’s assets, or the value of the assets
being disposed of, without regard to any liabilities associated with these assets. 
 In determining whether a
Change in Control occurs, the attribution rules of Code Section 318 apply to determine stock ownership. The stock underlying a vested option is treated as owned by the individual who holds the vested option, and the stock underlying an unvested
option is not treated as owned by the individual who holds the unvested option. 
 “Change in Control
Date” means the date a Change in Control actually occurs. 
 “Code” means the Internal
Revenue Code of 1986, as amended and in effect from time to time, or any successor statute, together with rules, regulations, and interpretations promulgated thereunder. 

“Committee” means the committee appointed by the Board, if any, to administer the Plan as provided in
Article 3 of the Plan. If no separate committee has been appointed to administer the Plan, the term “Committee” will refer to the full Board as administrator of the Plan. 

“Common Stock” means the common stock of the Corporation. 

“Consultant” means any consultant or adviser to the Corporation or an Affiliate selected by the
Committee, who is not an employee of the Corporation or an Affiliate. 
 “Continuing
Restriction” means a Restriction contained in Sections 5.5(d), 5.5(g), 13.4, 13.5, 13.7 and 13.8 of the Plan and any other Restrictions expressly designated by the Committee in an Award Agreement as a Continuing Restriction.

 “Continuous Service” means that the Participant’s service with the Corporation, or an
Affiliate whether as an Employee, Non-Employee Director or Consultant, is not interrupted or terminated. The Committee may in its sole discretion determine whether Continuous Service shall be considered interrupted in the case of (i) any leave
of absence approved by the Corporation, including sick leave, maternity leave, military leave or any other personal leave, or (ii) a change in the capacity in which the Participant renders services to the Corporation or an Affiliate.

  
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 “Corporation” means CytoDyn Inc., a Colorado corporation,
or any successor corporation. 
 “Disability” means the condition of being “disabled”
within the meaning of Section 22(e)(3) of the Code. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended and in effect from time to time, or any successor statute, together with rules and interpretations promulgated thereunder. 
 “Fair Market Value” means, on any given day, the fair market value per share of the Common Stock determined as follows: 

(a) If the Common Stock is traded on an established securities exchange, including without limitation The Nasdaq Stock
Market or any successor market thereto, the closing sale price of Common Stock as reported for such day by the principal exchange on which the Common Stock is traded (as determined by the Committee) or, if Common Stock was not traded on such day, on
the next preceding day on which the Common Stock was traded; 
 (b) If trading activity in the Common Stock is
reported on an established over-the-counter market, including without limitation the OTC Markets or any successor market thereto, the closing sale price of Common Stock as reported for such day by the principal market on which the Common Stock is
traded (as determined by the Committee) or, if Common Stock was not traded on such day, on the next preceding day on which the Common Stock was traded; 
 (c) If there is no market for the Common Stock or if trading activities for the Common Stock are not reported in one of the manners described above, the Fair Market Value will be as determined by the
Committee, including valuation by an independent appraisal that satisfies the requirements of Code Section 401(a)(28)(C) as of a date that is no more than twelve (12) months before the date of the transaction for which the appraisal is
used (e.g., the date of grant of an Award) or such other reasonable valuation method acceptable under Treasury Regulation Section 1.409A-1(b)(5)(iv). 
 “Incentive Stock Option” or “ISO” means any Option intended to be an “incentive stock option” within the meaning of Section 422 of the Code. 

“Non-Employee Director” means a member of the Board who is not an employee of the Corporation or any
Affiliate. 
 “Nonqualified Option” or “NQO” means any Option granted pursuant
to the Plan that is not an Incentive Stock Option. 
 “Option” means an ISO or an NQO.

  
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 “Other Stock-Based Award” means an Award as defined in
Section 9.1. 
 “Participant” means an employee of the Corporation or an Affiliate, a
Consultant or a Non-Employee Board Director who is granted an Award under the Plan. 
 “Plan”
means this CytoDyn Inc. 2012 Equity Incentive Plan, as set forth herein and as it may be amended from time to time. 
 “Reporting Person” means a Participant who is subject to the reporting requirements of Section 16(a) of the Exchange Act. 

“Restricted Award” means a Restricted Share or a Restricted Unit granted pursuant to Article 8 of the
Plan. 
 “Restricted Share” means an Award described in Section 8.1(a) of the Plan.

 “Restricted Unit” means an Award of units representing Shares described in
Section 8.1(b) of the Plan. 
 “Restriction” means a provision in the Plan or in an Award
Agreement which limits the exercisability or transferability, or which governs the forfeiture or required sale, of an Award or Shares, cash, or other property payable pursuant to an Award. 

“Share” means a share of Common Stock. 

“Stock Appreciation Right” or “SAR” means an Award to benefit from the appreciation of
Common Stock granted pursuant to the provisions of Article 7 of the Plan. 
 “Vest,”
“Vesting,” or “Vested” means: 
 (a) In the case of an Award that requires
exercise, to be or to become immediately and fully exercisable and free of all Restrictions (other than Continuing Restrictions); 
 (b) In the case of an Award that is subject to forfeiture, to be or to become nonforfeitable, freely transferable, and free of all Restrictions (other than Continuing Restrictions); 

(c) In the case of an Award that is required to be earned by attaining specified performance goals, to be or to become
earned and nonforfeitable, freely transferable, and free of all Restrictions (other than Continuing Restrictions); or 
 (d) In the case of any other Award as to which payment is not dependent solely upon the exercise of a right, election, or option, to be or to become immediately payable and free of all Restrictions
(except Continuing Restrictions). 

  
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 2.2 Gender and Number. Except where otherwise indicated by the context, any masculine
or feminine terminology used in the Plan also includes the opposite gender; and the definition of any term in Section 2.1 in the singular also includes the plural, and vice versa. 

ARTICLE 3  

ADMINISTRATION 
 3.1 Administration by Board. The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as provided in Section 3.2. The body administering the plan
from time to time is referred to herein as the “Committee.” 
 3.2 Delegation to Committee. The Board may
delegate administration of the Plan to a Committee or Committees of one (1) or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. If administration is
delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to further delegate administrative powers, subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and re-vest in the Board the administration of the Plan. 

3.3 Authority of the Committee. The Committee has full power and authority (subject to such orders or resolutions as may be issued
or adopted from time to time by the Board in the event of delegation to a board committee) to administer the Plan in its sole discretion, including the authority to: 

(a) Construe and interpret the Plan and any Award Agreement; 

(b) Promulgate, amend, and rescind rules and procedures relating to the implementation of the Plan; 

(c) Select the employees, Non-Employee Directors, and Consultants who will be granted Awards; 

(d) Determine the number and types of Awards to be granted to each Participant; 

(e) Determine the number of Shares, or Share equivalents, to be subject to each Award; 

(f) Determine the Fair Market Value of Shares if no public market exists for such Shares; 

(g) Determine the option price, purchase price, base price, or similar feature for any Award 

(h) Accelerate Vesting of Awards and waive any Restrictions; and 

  
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 (i) Determine all the terms and conditions of all Award Agreements,
consistent with the requirements of the Plan. 
 Decisions of the Committee, or any delegate as permitted by the Plan, will be
final, conclusive, and binding on all Participants. 
 3.4 Action by the Committee. A majority of the members of the
Committee will constitute a quorum for the transaction of business. Action approved by a majority of the members present at any meeting at which a quorum is present, or action in writing by all of the members of the Committee, will be the valid acts
of the Committee. 
 3.5 Further Delegation. Notwithstanding the foregoing, the Committee may delegate to one or more
officers of the Corporation the authority to determine the recipients, types, amounts, and terms of Awards granted to Participants who are not Reporting Persons. 
 ARTICLE 4  
 DURATION; SHARES SUBJECT TO THE PLAN; ELIGIBILITY

 4.1 Duration of the Plan. The Plan is effective as of the Effective Date. The Plan will terminate ten years after the
Effective Date or, if earlier, when Awards have been granted covering all available Shares or the Plan is otherwise terminated by the Board. Termination of the Plan will not affect outstanding Awards. 

4.2 Prior Plans. The Plan is separate from the CytoDyn Inc. 2004 Stock Incentive Plan (the “Prior Plan”). The adoption
of the Plan neither affects nor is affected by the continued existence of the Prior Plan except that no further Awards will be granted under the Prior Plan after the Effective Date. 

4.3 Shares Subject to the Plan. The Shares which may be made subject to Awards under the Plan are Shares of Common Stock, which
may be either authorized and unissued Shares or reacquired Shares. Subject to adjustment pursuant to Article 11, the maximum number of Shares for which Awards may be granted under the Plan is 3,000,000, and the maximum aggregate number of Shares
that may be issued under the Plan through Incentive Stock Options is 2,500,000. If an Award under the Plan is canceled or expires for any reason prior to having been fully Vested or exercised by a Participant, is settled in cash in lieu of Shares or
is exchanged for other Awards, or is otherwise forfeited or terminated, all Shares covered by such Awards will be added back into the number of Shares available for future Awards under the Plan. In addition, if the exercise price of any Option
granted under the Plan is satisfied by tendering Shares to the Corporation, only the number of Shares issued net of Shares tendered to the Corporation shall be deemed delivered for purposes of determining the maximum number of Shares available under
the Plan. 
 4.4 Reservation of Shares. The Corporation, during the term of the Plan and outstanding Awards, will at all
times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 

  
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 4.5 Eligibility. Employees of the Corporation and any subsidiary (including employees
who may also be directors of the Corporation or a subsidiary), Consultants, and Non-Employee Directors are eligible to receive Awards under the Plan. 
 ARTICLE 5  
 AWARDS 

5.1 Types of Awards. The types of Awards that may be granted under the Plan are: 

(a) Options governed by Article 6 of the Plan; 

(b) Stock Appreciation Rights governed by Article 7 of the Plan; 

(c) Restricted Awards governed by Article 8 of the Plan; and 

(d) Other Stock-Based Awards or combination awards governed by Article 9 of the Plan. 

In the discretion of the Committee, any Award may be granted alone, in addition to, or in tandem with other Awards under the Plan. 

5.2 General. Subject to the limitations of the Plan, the Committee may cause the Corporation to grant Awards to such Participants,
at such times, of such types, in such amounts, for such periods, with such option prices, purchase prices, or base prices, and subject to such terms, conditions, limitations, and restrictions as the Committee, in its discretion, deems appropriate.
Awards may be granted as additional compensation to a Participant or in lieu of other compensation to such Participant. A Participant may receive more than one Award and more than one type of Award under the Plan. 

5.3 Nonuniform Determinations. The Committee’s determinations under the Plan or under one or more Award Agreements,
including, without limitation, (a) the selection of Participants to receive Awards, (b) the type, form, amount, and timing of Awards, (c) the terms of specific Award Agreements, and (d) elections and determinations made by the
Committee with respect to exercise or payments of Awards, need not be uniform and may be made by the Committee selectively among Participants and Awards, whether or not Participants are similarly situated. 

5.4 Award Agreements. Each Award will be evidenced by a written agreement (an “Award Agreement”) between the Corporation
and the Participant. Award Agreements may, subject to the provisions of the Plan, contain any provision approved by the Committee. 
 5.5 Provisions Governing All Awards. All Awards are subject to the following provisions: 
 (a) Alternative Awards. If any Awards are designated in their Award Agreements as alternative to each other, the exercise of all or part of one Award will automatically cause an immediate equal (or
pro rata) corresponding termination of the other alternative Award or Awards. 

  
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 (b) Rights as Shareholders. No Participant will have any rights of a
shareholder with respect to Shares subject to an Award until such Shares are issued in the name of the Participant. 
 (c) Employment Rights. Neither the adoption of the Plan nor the granting of any Award confers on any person the right to continued employment with the Corporation or any Affiliate or the right to
remain as a director of or a Consultant to the Corporation or any Affiliate, as the case may be, nor does it interfere in any way with the right of the Corporation or an Affiliate to terminate such person’s employment or to remove such person
as a Consultant or as a director at any time for any reason, with or without cause. 
 (d) Restriction on
Transfer. Unless otherwise expressly provided in an individual Award Agreement, each Award (other than Restricted Shares after they Vest) will not be transferable other than by will or the laws of descent and distribution and will be exercisable
(if exercise is required), during the lifetime of the Participant, only by the Participant or, in the event the Participant becomes legally incompetent, by the Participant’s guardian or legal representative. Notwithstanding the foregoing, any
Award may be surrendered to the Corporation pursuant to Section 5.5(h) in connection with the payment of the purchase or option price of another Award or the payment of the Participant’s federal, state, or local tax withholding obligation
with respect to the exercise or payment of another Award. 
 (e) Termination of Employment. The terms and
conditions under which an Award may be exercised, if at all, after a Participant’s termination of employment or service as a Non-Employee Board Director or Consultant will be determined by the Committee and specified in the applicable Award
Agreement. 
 (f) Change in Control. In connection with a Change in Control, the Committee, in its sole
discretion, may, unless otherwise provided in an Award Agreement: 
 (i) Provide that, upon the occurrence of a
Change in Control Date, each outstanding Award will become immediately Vested to the full extent not previously Vested. Any such acceleration of Award Vesting must comply with applicable regulatory requirements and any Participant will be entitled
to decline the accelerated Vesting of all or any portion of his or her Award, if he or she determines that such acceleration may result in adverse tax consequences to him or her; and 

  
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 (ii) In the event the Board approves a proposal that will result in a Change
in Control or a Change in Control Date occurs (each, a “Transaction”), the Committee may, in its sole discretion, and to the extent possible under the structure of the Transaction, select one of the following alternatives for treating
outstanding Awards under the Plan: 
 (A) The Committee may provide that outstanding Awards will be converted
into or replaced by Awards of a similar type in the stock of the surviving or acquiring corporation in the Transaction. The amount and type of securities subject to and the exercise price (if applicable) of the replacement or converted Awards will
be determined by the Committee based on the exchange ratio, if any, used in determining shares of the surviving corporation to be issued to holders of Shares of the Corporation. If there is no exchange ratio in the Transaction, the Committee will,
in making its determination, take into account the relative values of the companies involved in the Transaction and such other factors as the Committee deems relevant. Such replacement or converted Awards will continue to Vest over the period (and
at the same rate) as the Awards which the replacement or converted Awards replaced, unless determined otherwise by the Committee; or 
 (B) The Committee may provide a 10-day period prior to the consummation of the Transaction during which all outstanding Awards will tentatively become fully Vested, and upon consummation of such
Transaction, all outstanding and unexercised Awards will immediately terminate. If the Committee elects to provide such 10-day period for the exercise of Awards, the Committee must provide written notice (a “Proposal Notice”) to all
Participants at least 15 days prior to the commencement of such 10-day period and must so state its intention to terminate all unexercised Awards. Participants, by written notice to the Corporation, may exercise their Awards and, in so exercising
the Awards, may condition such exercise upon, and provide that such exercise will become effective immediately prior to, the consummation of the Transaction, in which event Participants need not make payment for any Common Stock to be purchased upon
exercise of an Award until five days after written notice by the Corporation to the Participants that the Transaction has been consummated. If the Transaction is consummated, each Award, to the extent not previously exercised prior to the
consummation of the Transaction, will terminate and cease being exercisable as of the effective date of such Transaction. If the Transaction is abandoned, (1) all outstanding Awards not exercised will continue to be Vested and exercisable, to
the extent such Awards were Vested and exercisable prior to the date of a Proposal Notice, and (2) to the extent that any Awards not exercised prior to such abandonment have become Vested and exercisable solely by operation of this
Section 5.5(f)(ii), such Vesting and exercisability will be deemed annulled, and the Vesting and exercisability provisions otherwise in effect will be reinstituted, as of the date of such abandonment; or 

  
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 (C) The Committee may provide that outstanding Awards that are not fully
Vested will become fully Vested subject to the Corporation’s right to pay each Participant a cash amount (determined by the Committee and based on the amount, if any, being received by the Corporation’s shareholders in the Transaction) in
exchange for cancellation of the applicable Award. 
 Unless the Committee specifically provides otherwise in a
Change in Control provision for a specific Award Agreement, Awards will become Vested as of a Change in Control Date only if, or to the extent, such acceleration in the Vesting of the Awards does not result in an “excess parachute payment”
within the meaning of Section 280G(b) of the Code. The Committee, in its discretion, may include specific Change in Control provisions in some Award Agreements and not in others, may include different Change in Control provisions in different
Award Agreements, and may include Change in Control provisions for some Awards or some Participants and not for others. 
 (g) Conditioning or Accelerated Benefits. The Committee, in its discretion, may include in any Award Agreement a provision conditioning or accelerating the Vesting of an Award or the receipt of
benefits pursuant to an Award, either automatically or in the discretion of the Committee, upon the occurrence of specified events, including without limitation, a Change in Control of the Corporation (subject to the foregoing), a sale of all or
substantially all of the property and assets of Corporation, or an event of the type described in Article 11 of this Plan. 
 (h) Payment of Purchase Price and Withholding. The Committee, in its discretion, may include in any Award Agreement a provision permitting the Participant to pay the purchase or option price, if
any, for Shares or other property issuable pursuant to the Award, in whole or in part by any one or more of the following methods; provided, however, that the availability of any one or more methods of payment may be suspended from time to time if
the Committee determines that the use of such payment method would result in adverse financial accounting treatment for the Corporation or a violation of laws or regulations applicable to the Corporation: 

(i) By delivering cash or a check; 

(ii) By delivering previously owned Shares (including Restricted Shares, whether or not Vested); 

(iii) By reducing the number of Shares or other property otherwise Vested and issuable pursuant to the Award; 

(iv) Unless specifically prohibited by any applicable statute or rule, including, without limitation, the provisions of
the Sarbanes-Oxley Act of 2002, by delivering to the Corporation a promissory note on such terms and over such period as the Committee may determine; 
 (v) In the event Shares are publicly traded, by delivery (in a form approved by the Committee) of an irrevocable direction to a securities broker acceptable to the Committee (subject to the provisions of
the Sarbanes-Oxley Act of 2002 and any other applicable statute or rule); or 

  
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 (vi) In any combination of the foregoing or in any other form approved by
the Committee. 
 If Restricted Shares are surrendered in full or partial payment of the purchase or option price
of Shares issuable under an Award, a corresponding number of the Shares issued upon exercise of the Award will be Restricted Shares subject to the same Restrictions as the surrendered Restricted Shares. Shares withheld or surrendered as described
above will be valued based on their Fair Market Value on the date of the transaction. Any Shares withheld or surrendered with respect to a Reporting Person will be subject to such additional conditions and limitations as the Committee may impose to
comply with the requirements of the Exchange Act. 
 (i) Service Periods. At the time of granting an
Award, the Committee may specify, by resolution or in the Award Agreement, the period or periods of service performed or to be performed by the Participant in connection with the grant of the Award. 

ARTICLE 6  

OPTIONS 

6.1 Types of Options. Options granted under the Plan may be in the form of Incentive Stock Options or Nonqualified Options. The
grant of each Option and the Award Agreement governing each Option will identify the Option as an ISO or an NQO. In the event the Code is amended to provide for tax-favored forms of stock options other than or in addition to Incentive Stock Options,
the Committee may grant Options under the Plan meeting the requirements of such forms of options. ISOs may not be awarded unless the Plan is approved by shareholders within 12 months of adoption of the Plan. 

6.2 General. All Options will be subject to the terms and conditions set forth in Article 5 and this Article 6 and Award
Agreements governing Options may contain such additional terms and conditions, not inconsistent with the express provisions of the Plan, as the Committee deems desirable. 
 6.3 Option Price. Each Award Agreement for Options will state the option exercise price per Share of Common Stock purchasable under the Option, which may not be less than 100 percent of the
Fair Market Value of a Share on the date of grant for all Options. 
 6.4 Option Term. The Award Agreement for each
Option will specify the term of each Option, which may be unlimited or may have a specified period during which the Option may be exercised, as determined by the Committee, provided, however, that no ISO may be exercisable after the expiration of 10
years from the date such ISO is granted. 

  
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 6.5 Time of Exercise. The Award Agreement for each Option will specify, as determined
by the Committee: 
 (a) The time or times when the Option becomes exercisable and whether the Option becomes
exercisable in full or in graduated amounts based on: (i) continuation of employment over a period specified in the Award Agreement, (ii) satisfaction of performance goals or criteria specified in the Award Agreement, or (iii) a
combination of continuation of employment and satisfaction of performance goals or criteria; and 
 (b) Such
other terms, conditions, and restrictions as to when the Option may be exercised as determined by the Committee. 

(c) The extent, if any, to which the Option will remain exercisable after the Participant ceases to be an employee,
Consultant, or director of Corporation or an Affiliate. 
 An Award Agreement for an Option may, in the discretion of the Committee, provide
whether, and to what extent, the time when an Option becomes exercisable may be accelerated or otherwise modified (i) in the event of the death, Disability, or retirement of the Participant or (ii) upon the occurrence of a Change in
Control. The Committee may, at any time in its discretion, accelerate the time when all or any portion of an outstanding Option becomes exercisable. 
 6.6 Special Rules for Incentive Stock Options. In the case of an Option designated as an Incentive Stock Option, the terms of the Option and the Award Agreement will conform with the statutory and
regulatory requirements specified pursuant to Section 422 of the Code, as in effect on the date such ISO is granted. ISOs may be granted only to employees of the Corporation or an Affiliate. ISOs may not be granted under the Plan after ten
years following the date specified in Section 1.1, unless the ten-year limitation of Section 422(b)(2) of the Code is removed or extended. 
 6.7 Restricted Shares. In the discretion of the Committee, the Shares issuable upon exercise of an Option may be Restricted Shares if so provided in the Award Agreement for the Option. 

6.8 Limitation on Number of Shares Subject to Options. In no event may Options for more than 1,000,000 Shares be granted to any
individual under the Plan during any calendar year. To the extent required by Section 162(m) of the Code, if any Option is canceled, the canceled Option shall continue to be counted against the maximum number of Shares for which Options may be
granted to an individual under the Plan. 
 ARTICLE 7  

STOCK APPRECIATION RIGHTS 
 7.1 General. Stock Appreciation Rights are subject to the terms and conditions set forth in Article 5 and this Article 7 and Award Agreements governing Stock Appreciation Rights may contain such
additional terms and conditions, not inconsistent with the express terms of the Plan, as the Committee deems desirable. 
 7.2
Nature of Stock Appreciation Right. A Stock Appreciation Right is an Award entitling a Participant to receive an amount equal to the excess (or, if the Committee 

  
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determines at the time of grant, a portion of the excess) of the Fair Market Value of a Share of Common Stock on the date of exercise of the SAR over the base price, as described below, on the
date of grant of the SAR, multiplied by the number of Shares with respect to which the SAR is being exercised. The base price will be designated by the Committee in the Award Agreement for the SAR and may be the Fair Market Value of a Share on the
grant date of the SAR or such other higher price as the Committee determines. The base price may not be less than the Fair Market Value of a Share on the grant date of the SAR. 

7.3 Exercise. A Stock Appreciation Right may be exercised by a Participant in accordance with procedures established by the
Committee. The Committee may also provide that a SAR will be automatically exercised on one or more specified dates or upon the satisfaction of one or more specified conditions. 

7.4 Form of Payment. Payment upon exercise of a Stock Appreciation Right may be made in cash, in Shares, in other property, or in
any combination of the foregoing, or in any other form as the Committee may determine. 
 7.5 Limitation on Number of Stock
Appreciation Rights. The maximum number of Shares with respect to which Stock Appreciation Rights may be granted to any individual under the Plan during any calendar year is 1,000,000. To the extent required by Section 162(m) of the Code,
if any SAR is canceled, the canceled SAR shall continue to be counted against the maximum number of Shares for which SARs may be granted to an individual under the Plan. 
 ARTICLE 8  
 RESTRICTED AWARDS 

8.1 Types of Restricted Awards. Restricted Awards granted under the Plan may be in the form of either Restricted Shares or
Restricted Units. 
 (a) Restricted Shares. A Restricted Share is an Award of Shares to a Participant
subject to such terms and conditions as the Committee deems appropriate, including, without limitation, a requirement that the Participant forfeit such Restricted Shares back to the Corporation upon termination of Participant’s employment (or
service as a Non-Employee Board Director or Consultant) for specified reasons within a specified period of time or upon other conditions, including failure to achieve performance goals, as set forth in the Award Agreement for such Restricted Shares.
Each Participant receiving a Restricted Share will be issued a stock certificate in respect of such Shares, registered in the name of such Participant, and will execute a stock power in blank with respect to the Shares evidenced by such certificate.
The certificate evidencing such Restricted Shares and the stock power will be held in custody by the Corporation until the Restrictions have lapsed. 
 (b) Restricted Units. A Restricted Unit is an Award of units (with each unit having a value equivalent to one Share) granted to a Participant subject to such terms and conditions as the Committee
deems appropriate, and may include a requirement that the Participant forfeit such Restricted Units upon termination of Participant’s employment (or 

  
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service as a Non-Employee Board Director or Consultant) for specified reasons within a specified period of time or upon other conditions, as set forth in the Award Agreement for such Restricted
Units. The Committee will set the terms and conditions of the Award Agreement so that the Restricted Unit Award will comply with or be exempt from Code Section 409A. 
 8.2 General. Restricted Awards are subject to the terms and conditions of Article 5 and this Article 8 and Award Agreements governing Restricted Awards may contain such additional terms and
conditions, not inconsistent with the express provisions of the Plan, as the Committee deems desirable. 
 8.3 Restriction
Period. Award Agreements for Restricted Awards will provide that Restricted Awards, and the Shares subject to Restricted Awards, may not be transferred, and may provide that, in order for a Participant to Vest in such Restricted Awards, the
Participant must remain in the employment (or remain as a Non-Employee Board Director or Consultant) of the Corporation or its Affiliates, subject to relief for reasons specified in the Award Agreement, for a period commencing on the grant date of
the Award and ending on such later date or dates as the Committee may designate at the time of the Award (the “Restriction Period”). During the Restriction Period, a Participant may not sell, assign, transfer, pledge, encumber, or
otherwise dispose of Shares received under or governed by a Restricted Award grant. The Committee, in its sole discretion, may provide for the lapse of restrictions in installments during the Restriction Period. In addition, the Committee, in its
discretion, may condition Vesting of Restricted Awards on continued employment (or service as a Non-Employee Board Director or Consultant) or attainment of performance goals, or both. 

8.4 Forfeiture. If a Participant ceases to be an employee (or Consultant or Non-Employee Director) of the Corporation or an
Affiliate during the Restriction Period for any reason other than reasons which may be specified in an Award Agreement, the Award Agreement may require that all non-Vested Restricted Awards previously granted to the Participant be forfeited and
returned to the Corporation. 
 8.5 Settlement of Restricted Awards. 

(a) Restricted Shares. Upon Vesting of a Restricted Share Award, the restrictive stock legend on certificates for
such Shares covering applicable Restrictions will be removed, the Participant’s stock power will be returned, and the Shares will no longer be Restricted Shares. 

(b) Restricted Units. Upon Vesting of a Restricted Unit Award, a Participant is entitled to receive payment for
Restricted Units in an amount equal to the aggregate Fair Market Value of the Shares covered by such Restricted Units at the expiration of the Applicable Restriction Period. Payment in settlement of a Restricted Unit will be made as soon as
practicable following the conclusion of the applicable Restriction Period in cash, in installments, in Restricted Shares or unrestricted Shares equal to the number of Restricted Units or in any other manner or combination as the Committee, in its
sole discretion, determines. 

  
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 8.6 Rights as a Shareholder. A Participant has, with respect to unforfeited Shares
received under a grant of Restricted Shares, all the rights of a shareholder of the Corporation, including the right to vote the shares and the right to receive any cash dividends. Stock dividends issued with respect to Restricted Shares will be
treated as additional Shares covered by the grant of Restricted Shares and will be subject to the same Restrictions. A Participant will have no rights as a shareholder with respect to a Restricted Unit Award until Shares are issued to the
Participant in settlement of the Award. 
 8.7 Limitation in Number of Restricted Awards. The aggregate number of Shares
subject to Restricted Share Awards and Restricted Unit Awards that may be granted under the Plan may not exceed 2,500,000 Shares. 
 ARTICLE 9  
 OTHER STOCK-BASED AND COMBINATION AWARDS 

9.1 Other Stock-Based Awards. The Committee may grant other Awards under the Plan pursuant to which Shares are or may in the
future be acquired, or Awards denominated in or measured by Share equivalent units, including Awards valued using measures other than the market value of Shares. Other Stock-Based Awards are not restricted to any specific form or structure and may
include, without limitation, Share purchase warrants, other rights to acquire Shares, and securities convertible into or redeemable for Shares. Such Other Stock-Based Awards may be granted either alone, in addition to, or in tandem with, any other
type of Award granted under the Plan. 
 9.2 Combination Awards. The Committee may also grant Awards under the Plan in
tandem or combination with other Awards or in exchange of Awards, or in tandem or combination with, or as alternatives to, grants or rights under any other employee plan of the Corporation, including the plan of any acquired entity. No action
authorized by this section will reduce the amount of any existing benefits or change the terms and conditions thereof without the Participant’s consent. 
 ARTICLE 10 
 DIVIDEND EQUIVALENTS 

Any Awards may, at the discretion of the Committee, earn dividend equivalents. In respect of any such Award which is outstanding on a
dividend record date for Common Stock, the Participant may be credited with an amount equal to the amount of cash or stock dividends that would have been paid on the Shares covered by such Award, had such covered Shares been issued and outstanding
on such dividend record date. The Committee will establish such rules and procedures governing the crediting of dividend equivalents, including the timing, form of payment, and payment contingencies of such dividend equivalents, as it deems
appropriate or necessary. 
 ARTICLE 11  
 ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, ETC. 
 11.1 Plan Does Not
Restrict the Corporation. The existence of the Plan and the Awards granted under the Plan will not affect or restrict in any way the right or power of the 

  
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Board or the shareholders of the Corporation to make or authorize any adjustment, recapitalization, reorganization, or other change in the Corporation’s capital structure or its business,
any merger or consolidation of the Corporation, any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Corporation’s capital stock or the rights thereof, the dissolution or liquidation of the Corporation
or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding. 
 11.2
Mandatory Adjustment. In the event of any stock dividend, stock split, reverse stock split, recapitalization, reclassification, or other distribution of the Corporation’s securities without the receipt of consideration by the
Corporation, of or on the Common Stock, the Committee shall make proportionate adjustments or substitution to the aggregate number and type of Shares for which Awards may be granted under the Plan, the maximum number and type of Shares which may be
sold or awarded to any Participant, the number and type of Shares covered by each outstanding Award, and the base price or purchase price per Share in respect of outstanding Awards. 

11.3 Adjustments by the Committee. In the event of any change in capitalization affecting the Common Stock of the Corporation not
described in Section 11.2 above, such proportionate adjustments, if any, as the Committee, in its sole discretion, may deem appropriate to reflect such change, will be made with respect to the aggregate number of Shares for which Awards in
respect thereof may be granted under the Plan, the maximum number of Shares which may be sold or awarded to any Participant, the number of Shares covered by each outstanding Award, and the base price or purchase price per Share in respect of
outstanding Awards. The Committee may also make such adjustments in the number of Shares covered by, and price or other value of, any outstanding Awards in the event of a spin-off or other distribution (other than normal cash dividends), of the
Corporation assets to shareholders. 
 ARTICLE 12  
 AMENDMENT AND TERMINATION 
 The Board may amend, suspend, or terminate the
Plan or any portion of the Plan at any time, provided that no amendment may be made without shareholder approval if such approval is required by applicable law or the requirements of an applicable stock exchange or registered securities association.

 ARTICLE 13  
 MISCELLANEOUS 
 13.1 Tax Withholding. The Corporation has the right
to deduct from any settlement of any Award under the Plan, including the delivery or Vesting of Shares or Awards, any federal, state, or local taxes of any kind required by law to be withheld with respect to such payments or to take such other
action as may be necessary in the opinion of the Corporation to satisfy all obligations for the payment of such taxes. The recipient of any payment or distribution under the Plan has the obligation to make arrangements satisfactory to the
Corporation for the satisfaction of any such tax withholding obligations. The Corporation will not be required to make any such payment or distribution under the Plan until such obligations are satisfied. 

  
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 13.2 Unfunded Plan. The Plan will be unfunded and the Corporation will not be
required to segregate any assets that may at any time be represented by Awards under the Plan. Any liability of the Corporation to any person with respect to any Award under the Plan will be based solely upon any contractual obligations that may be
effected pursuant to the Plan. No such obligation of the Corporation will be deemed to be secured by any pledge of, or other encumbrance on, any property of the Corporation. 
 13.3 Fractional Shares. No fractional Shares of Common Stock will be issued or delivered under the Plan or any Option, Options granted under the Plan will not be exercisable with respect to
fractional Shares. In lieu of such fractional Shares, the Corporation will pay an amount in cash equal to the same fraction using the current market value of a Share of Common Stock. 

13.4 Annulment of Awards. Any Award Agreement may provide that the grant of an Award payable in cash is revocable until cash is
paid in settlement thereof or that grant of an Award payable in Shares is revocable until the Participant becomes entitled to the certificate in settlement thereof. In the event Participant’s employment (or services as a Non-Employee Director
or Consultant) terminates for cause (as defined below), any Award which is revocable will be annulled as of the date of such termination for cause. For the purpose of this Section 13.4, the term “for cause” has the meaning set forth
in the Participant’s employment agreement, if any, or otherwise means any discharge (or removal) for material or flagrant violation of the policies and procedures of the Corporation or for other performance or conduct which is materially
detrimental to the best interests of the Corporation, as determined by the Committee. 
 13.5 Engaging in Competition With
the Corporation. Any Award Agreement may provide that, if a Participant terminates employment (or service as a Non-Employee Board Director or Consultant) with the Corporation or an Affiliate for any reason whatsoever, and within a period of time
(as specified in the Award Agreement) after the date thereof accepts employment with any competitor of (or otherwise engages in competition with) the Corporation, the Committee, in its sole discretion, may require such Participant to return to the
Corporation the economic value of any Award that is realized or obtained (measured at the date of exercise, Vesting, or payment) by such Participant at any time during the period beginning on the date that is one year prior to the date of such
Participant’s termination of employment (or service as a Non-Employee Board Director or Consultant) with the Corporation. 

13.6 Other Corporation Benefit and Compensation Programs. Payments and other benefits received by a Participant under an Award
made pursuant to the Plan are not to be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination indemnity or severance pay law of any state or country and will not be included in, or have any effect on,
the determination of benefits under any other employee benefit plan or similar arrangement provided by the Corporation or an Affiliate unless expressly so provided by such other plan or arrangements, or except where the Committee expressly
determines that an Award or portion of an Award should be included to accurately reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of cash compensation. Awards under the Plan may be made in
combination with or in tandem with, or as alternatives to, grants, awards, or payments under any other Corporation or Affiliate plans, arrangements, or programs. The Plan notwithstanding, the Corporation or any Affiliate may adopt such other

  
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compensation programs and additional compensation arrangements as it deems necessary to attract, retain, and reward employees and directors for their service with the Corporation and its
Affiliates. 
 13.7 Securities Law Restrictions. No Shares may be issued under the Plan unless counsel for the
Corporation is satisfied that such issuance will be in compliance with applicable federal and state securities laws. Certificates for Shares delivered under the Plan may be subject to such stop-transfer orders and other restrictions as the Committee
may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange or registered securities association upon which the Common Stock is then listed or quoted, and any applicable
federal or state securities laws. The Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 13.8 Continuing Restriction Agreement. Each Participant will, if requested by the Corporation and as a condition to issuance of Shares under the Plan upon an Award or exercise of an Award granted
under the Plan that results in the issuance of Shares, become a party to and be bound by a stock restriction or other agreement with the Corporation containing restrictions on transfer of Shares, including a right of first refusal for the benefit of
the Corporation, a market stand-off provision, and such other terms as the Corporation may reasonably require. 
 13.9
Governing Law. Except with respect to references to the Code or federal securities laws, the Plan and all actions taken thereunder will be governed by and construed in accordance with the laws of the state of Oregon, without regard to
principles of conflict of laws. 
 As approved by the shareholders of CytoDyn Inc. on December 12, 2012 

  
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 - 18 -Form of Stockholders Agreement

 Exhibit 10.6 

 
  

 
 FORM OF 

STOCKHOLDERS AGREEMENT 
 among 
 ARTISAN PARTNERS ASSET MANAGEMENT INC., 

ARTISAN INVESTMENT CORPORATION, 
 and 
 THE STOCKHOLDERS NAMED HEREIN 

Dated as of
                        , 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		  	ARTICLE I	  			
		  	DEFINITIONS AND OTHER MATTERS	  			
			
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Gender	  	 	4	  
			
		  	ARTICLE II	  			
		  	VOTING AGREEMENT	  			
			
	 Section 2.1
	  	Irrevocable Proxy and Power of Attorney	  	 	4	  
			
		  	ARTICLE III	  			
		  	STOCKHOLDERS' COMMITTEE	  			
			
	 Section 3.1
	  	Initial Membership and Composition	  	 	5	  
	 Section 3.2
	  	Membership Criterion	  	 	5	  
	 Section 3.3
	  	Replacement of Members	  	 	6	  
	 Section 3.4
	  	Determinations of and Actions by the Stockholders’ Committee	  	 	6	  
	 Section 3.5
	  	Vote Required for Actions	  	 	7	  
			
		  	ARTICLE IV	  			
		  	RIGHTS AND OBLIGATIONS OF AIC	  			
			
	 Section 4.1
	  	Rights and Obligations of AIC	  	 	7	  
			
		  	ARTICLE V	  			
		  	BOARD APPOINTMENT RIGHTS	  			
			
	 Section 5.1
	  	Certain Obligations of the Stockholders’ Committee	  	 	7	  
	 Section 5.2
	  	APAM’s Obligations	  	 	9	  
	 Section 5.3
	  	Board Observer	  	 	10	  
			
		  	ARTICLE VI	  			
		  	LIMITATIONS ON TRANSFER OF SHARES	  			
			
	 Section 6.1
	  	Restrictions on Transfer of Class B Common Stock; Issuance of Additional Common Stock	  	 	10	  
	 Section 6.2
	  	Transfer of Convertible Preferred Stock and Preferred Units	  	 	11	  

  
 i 

							
			
		  	ARTICLE VII	  			
		  	REPRESENTATIONS AND WARRANTIES and Covenants	  			
			
		  	ARTICLE VIII	  			
		  	OTHER AGREEMENTS OF THE PARTIES	  			
			
	 Section 8.1
	  	 Adjustment upon Changes in Capitalization; Adjustments upon Changes of Control; Representatives,

Successors and Assigns
	  	 	13	  
	 Section 8.2
	  	Further Assurances	  	 	13	  
	 Section 8.3
	  	Actions on Behalf of Holders of Convertible Preferred Stock	  	 	14	  
			
		  	ARTICLE IX	  			
		  	MISCELLANEOUS	  			
			
	 Section 9.1
	  	Term of the Agreement; Termination of Certain Provisions	  	 	14	  
	 Section 9.2
	  	Amendments and Waivers	  	 	14	  
	 Section 9.3
	  	Governing Law	  	 	15	  
	 Section 9.4
	  	Consent to Jurisdiction	  	 	15	  
	 Section 9.5
	  	Waiver of Jury Trial	  	 	15	  
	 Section 9.6
	  	Specific Enforcement	  	 	15	  
	 Section 9.7
	  	Relationship of Parties	  	 	16	  
	 Section 9.8
	  	Notices	  	 	16	  
	 Section 9.9
	  	Severability	  	 	17	  
	 Section 9.10
	  	Third-Party Rights	  	 	17	  
	 Section 9.11
	  	Binding Effect	  	 	17	  
	 Section 9.12
	  	Section Headings	  	 	17	  
	 Section 9.13
	  	Execution in Counterparts	  	 	17	  
			
	 EXHIBIT A
	  	Joinder A	  			
			
	 EXHIBIT B
	  	Joinder B	  			
			
	 SCHEDULE A
	  	List of Covered Persons	  			
			
	 SCHEDULE B
	  	List of Designating Stockholders	  			

  
 ii 

 STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT, dated as of
                , 2013 (this “Agreement”), is entered into among Artisan Partners Asset Management Inc., a Delaware corporation
(“APAM”), Artisan Investment Corporation, a Delaware corporation (“AIC”), each Person listed on Schedule A, as such Schedule A may be amended from time to time in accordance with the terms of this
Agreement (each such Person, together with AIC, a “Covered Person”), executing this Agreement or a joinder (“Joinder A”) substantially in the form attached as Exhibit A, and each Person listed on
Schedule B, as such Schedule B may be amended from time to time in accordance with the terms of this Agreement (each such Person, a “Designating Stockholder”), executing this Agreement or a joinder (“Joinder
B”, and together with Joinder A, the “Joinders”) substantially in the form attached as Exhibit B.  
 W I T N E S S E T H: 
 WHEREAS, the Covered Persons are initially AIC and
employee-partners of APAM’s Subsidiaries who beneficially own shares of Class B Common Stock; 
 WHEREAS, in
the future, employees (other than employee-partners) of APAM or APAM’s Subsidiaries to whom APAM has issued shares of its common stock will become Covered Persons; 
 WHEREAS, the Designating Stockholders are certain Persons who beneficially own Preferred Units and shares of Convertible Preferred Stock; and 

WHEREAS, in connection with the initial public offering (the “IPO”) of the Class A Common Stock of APAM, the
parties to this Agreement deem it in their best interests to agree to certain restrictions on the transfer of Common Stock, to form a Stockholders’ Committee having the powers set forth in this Agreement and to make certain agreements regarding
the voting of capital stock of APAM as described herein; 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement agree as follows: 
 ARTICLE I

 DEFINITIONS AND OTHER MATTERS 
 Section 1.1    Definitions. 
 (a) The following
words and phrases as used herein shall have the following meanings, except as otherwise expressly provided or unless the context otherwise requires: 
 This “Agreement” shall have the meaning ascribed to such term in the Preamble. 
 “AIC” shall have the meaning ascribed to such term in the Preamble. 

 “AIC Designee” shall mean a Person designated from time to time by AIC
pursuant to Section 4.1(a) to serve on the Stockholders’ Committee, which Person shall initially be Andrew A. Ziegler. 
 “APAM” shall have the meaning ascribed to such term in the Preamble. 
 A “beneficial owner” of a security includes any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares:
(i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, such security, but for purposes of this
Agreement a Person shall not be deemed a beneficial owner of (A) Common Stock solely by virtue of the application of Exchange Act Rule 13d-3(d) or Exchange Act Rule 13d-5, (B) Common Stock solely by virtue of the possession of
the legal right to vote securities under applicable state or other law (such as by proxy or power of attorney) or (C) Common Stock held of record by a “private foundation” subject to the requirements of Section 509 of the Code.
“Beneficially own” and “beneficial ownership” shall have correlative meanings. 

“Board” shall mean the board of directors of APAM. 

“Bylaws” shall mean the Bylaws of APAM, as amended, restated or otherwise modified from time to time. 

“Certificate of Incorporation” means the Certificate of Incorporation of APAM, as amended, restated or otherwise
modified from time to time. 
 “Code” shall mean the United States Internal Revenue Code of 1986, as amended
from time to time, and the applicable rulings and regulations thereunder. 
 “Common Stock” shall mean,
collectively, the Class A Common Stock, the Class B Common Stock and the Class C Common Stock of APAM. 
 “Covered
Common Stock” shall mean those shares of Common Stock that are beneficially owned at any particular time by a Covered Person and that were acquired by such Covered Person from APAM or a Subsidiary of APAM. For the avoidance of doubt,
Covered Common Stock does not include shares of Common Stock that a Covered Person acquires on the open market. 

“Covered Person” shall have the meaning ascribed to such term in the Preamble. 

“Designating Stockholders” shall have the meaning ascribed to such term in the Preamble. 

“Director Designee” shall mean a Person designated for election to the Board for whom the Stockholders’
Committee is required to vote pursuant to Section 5.1(a). 
 “Exchange Act” shall mean the United States
Securities Exchange Act of 1934, as amended from time to time. 

  
 2 

 “Exchange Act Rule” shall mean such rule or regulation of the SEC under the
Exchange Act, as in effect from time to time or as replaced by a successor rule thereto. 
 “First Year Lock-Up
Expiration Date” shall have the meaning ascribed to such term in the Resale and Registration Rights Agreement, dated on or about the date hereof, by and among APAM and the stockholders party thereto, as such agreement may be amended,
restated, supplemented and/or otherwise modified from time to time. 
 “Holdings” shall mean Artisan Partners
Holdings LP, a Delaware limited partnership, and any successor thereto. 
 “IPO” shall have the meaning
ascribed to such term in the Recitals. 
 “Joinders” refers to “Joinder A” together with
“Joinder B” and each shall have the meaning ascribed to the respective term in the Preamble. 
 “Limited
Partner” shall mean a Person who holds one or more Common Units or Preferred Units. 
 “Membership
Criterion” shall have the meaning ascribed to such term in Section 3.2. 
 “Partnership
Agreement” shall mean the Fourth Amended and Restated Limited Partnership Agreement of Holdings, dated on or about the date hereof, as amended, restated or otherwise modified from time to time. 

A “Person” shall include, as applicable, any individual, estate, trust, corporation, partnership, limited liability
company, unlimited liability company, foundation, association or other entity. 
 “Preferential Voting Rights”
shall refer to the entitlement of Class B Common Stock to more votes per share than the Class A Common Stock pursuant to the Certificate of Incorporation. 
 “Preferred Interest Majority” shall have the meaning ascribed to such term in Section 5.1(a)(i). 
 “SEC” shall mean the United States Securities and Exchange Commission. 
 “Stockholders’ Committee” shall mean the body constituted pursuant to Article III hereof to administer the terms and provisions of this Agreement pursuant to Article V
hereof. 
 “Sole Beneficial Owner” shall mean a person who is the beneficial owner of shares of Common Stock,
who does not share beneficial ownership of such shares of Common Stock with any other person (other than pursuant to this Agreement or applicable community property laws) and who is the only person (other than pursuant to applicable community
property laws) with a direct economic interest in such shares of Common Stock. The interest of a spouse or a domestic partner in a joint account, and an economic interest of APAM as pledgee, shall be disregarded for this purpose. 

  
 3 

 “Stock Subdivision or Combination” means any subdivision (by any stock
split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the Class A Common Stock. 

“Transfer” shall mean any direct or indirect sale, assignment, award, confirmation, distribution, bequest, donation,
trust, pledge, encumbrance, hypothecation, or other transfer or disposition, for consideration or otherwise, whether voluntarily, involuntarily, by operation of law or otherwise, by a Covered Person of a share of Covered Common Stock, or any legal
or beneficial ownership therein, including, without limitation, voting or economic interests therein and warrants, options or other rights to acquire a share of Covered Common Stock or a legal or beneficial ownership therein. 

“vote” shall include actions taken or proposed to be taken by written consent. 

(b) Each of the following terms shall have the meaning ascribed to such term in the Partnership Agreement: “Class A Common
Unit”; “Class B Common Unit”; “Class D Common Unit”; “Common Unit”; “Partnership Contingent Value Rights”; “Preferred Unit”; “Preferred Unit Holder”; “Public Company Contingent
Value Rights”; and “Public Company Contingent Value Rights Agreement”. 
 (c) Each of the following terms shall
have the meaning ascribed to such term in the Certificate of Incorporation: “Cause”; “Class A Common Stock”; “Class B Common Stock”; “Class C Common Stock”; “Convertible Preferred Stock”; and
“Trading Day”. 
 Section 1.2    Gender. For the purposes of this Agreement, the words
“he,” “his” or “himself” shall be interpreted to include the masculine, feminine and corporate, other entity or trust form. 
 ARTICLE II 
 VOTING AGREEMENT 

Section 2.1    Irrevocable Proxy and Power of Attorney. 

(a) By signing this Agreement or a Joinder A, each Covered Person irrevocably appoints and constitutes the members of the
Stockholders’ Committee, acting jointly or each and any of them acting in his or her capacity as a member of the Stockholders’ Committee in accordance with the other provisions hereof, with full power of substitution and resubstitution, as
its true and lawful proxy to vote, abstain from voting or otherwise act, for and in such Covered Person’s name, place and stead, with respect to all of the Covered Person’s Covered Common Stock as of the relevant record date or other date
used for purposes of determining holders of Common Stock entitled to vote or take any action, as fully, to the same extent and with the same effect as such Covered Person might or could do under any applicable laws or regulations governing the
rights and powers of stockholders of a Delaware corporation. The proxy granted the members of the Stockholders’ Committee pursuant to this Section 2.1(a) shall revoke all prior proxies granted by the Covered Person with respect to the
Covered Shares, 

  
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shall be irrevocable during the term set forth in the last sentence of this Section 2.1(a), shall survive the bankruptcy or dissolution of the Covered Person and shall be deemed to be
coupled with an interest sufficient at law to support an irrevocable power. For the avoidance of doubt, the members of the Stockholders’ Committee are authorized to vote Covered Common Stock in favor of the election of one or more members of
the Stockholders’ Committee in elections of directors of APAM. Each Covered Person agrees that this irrevocable proxy may be exercised by the members of the Stockholders’ Committee with respect to all Covered Common Stock of such Covered
Person for the period beginning on the effective date of this Agreement and ending on the earlier of (i) the date this Agreement shall have been terminated pursuant to Section 9.1(a) and (ii) the date of termination of this Agreement
as to such Covered Person pursuant to Section 9.1(b). 
 (b) By signing this Agreement or a Joinder A, each Covered Person
irrevocably appoints and constitutes the members of the Stockholders’ Committee, acting jointly or each and any of them acting in his or her capacity as a member of the Stockholders’ Committee in accordance with the other provisions
hereof, with full power of substitution and resubstitution, his or her true and lawful attorney-in-fact to direct the voting of any Covered Common Stock held of record by any other Person but beneficially owned by such Covered Person, granting to
such attorneys, and each of them, full power and authority to do and perform each and every act and thing whatsoever that such attorney or attorneys may deem necessary, advisable or appropriate to carry out fully the intent of this Section 2.1
as such Covered Person might or could do personally, hereby ratifying and confirming all acts and things that such attorney or attorneys may do or cause to be done by virtue of this power of attorney. It is understood and agreed by each Covered
Person that this appointment, empowerment and authorization may be exercised by the aforementioned Persons with respect to all Covered Common Stock of such Covered Person, and held of record by another Person, for the period beginning on the
effective date of this Agreement and ending on the earlier of (i) the date this Agreement shall have been terminated pursuant to Section 9.1(a) and (ii) the date of termination of this Agreement as to such Covered Person pursuant to
Section 9.1(b). The power of attorney granted by the Covered Person hereunder is a durable power of attorney and shall survive the dissolution or bankruptcy of the Covered Person and shall revoke any and all prior powers of attorney granted by
the Covered Person with respect to the shares of Covered Common Stock subject hereto. 
 ARTICLE III 

STOCKHOLDERS’ COMMITTEE 
 Section 3.1    Initial Membership and Composition. The Stockholders’ Committee shall at all times consist of three Persons. The initial members of the
Stockholders’ Committee shall be the AIC Designee, Eric R. Colson and James C. Kieffer. 

Section 3.2    Membership Criterion. The members of the Stockholders’ Committee, other than the AIC
Designee (who may be any Person designated by AIC and shall initially be Andrew A. Ziegler), shall be Covered Persons who are employees of, or other Persons whose full-time or part-time professional efforts are devoted to providing services to, APAM
or one or more of its Subsidiaries (the “Membership Criterion”). 

  
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 Section 3.3    Replacement of Members. If (i) any
member of the Stockholders’ Committee ceases to satisfy the Membership Criterion or resigns or (ii) AIC no longer has the right to designate a member of the Stockholders’ Committee, such member or the AIC Designee, as applicable,
shall immediately cease to be a member of the Stockholders’ Committee. The chief executive officer of APAM, if he is a Covered Person and not already a member of the Stockholders’ Committee, shall replace such member of the
Stockholders’ Committee, provided that if such member was the AIC Designee and AIC continues to have the right to designate one member of the Stockholders’ Committee, AIC shall select the replacement. If the chief executive officer
of APAM is not a Covered Person or is already a member of the Stockholders’ Committee, and there are two remaining members of the Stockholders’ Committee, such remaining members shall jointly select another Covered Person who satisfies the
Membership Criterion to replace such member. If such remaining members cannot agree on a third member or if there are fewer than two remaining members of the Stockholders’ Committee, then the member or members of the Stockholders’
Committee, as applicable, will be selected by the vote of Covered Persons holding a majority of the aggregate number of shares of Covered Common Stock from among candidates nominated by the five Covered Persons (other than AIC) who hold, at such
time, the largest number of shares of Covered Common Stock. 
 Section 3.4    Determinations of and
Actions by the Stockholders’ Committee. 
 (a) Except for the designation of Director Designees under
Section 5.1(a), all determinations necessary or advisable under this Agreement with respect to the Covered Persons (including determinations of beneficial ownership and status as a Covered Person) shall be made by the Stockholders’
Committee, the determinations of which, absent manifest error, shall be final and binding. 
 (b) Each Covered Person and each
Designating Stockholder recognizes and agrees that the members of the Stockholders’ Committee in acting hereunder shall at all times be acting in their capacities as members of the Stockholders’ Committee and not as directors or officers
of APAM and in so acting or failing to act shall not have any fiduciary duties to the Covered Persons or Designating Stockholders as a member of the Stockholders’ Committee by virtue of the fact that one or more of such members may also be
serving as a director or officer of APAM or otherwise. 
 (c) The Stockholders’ Committee may act at a meeting (in person
or telephonically) or by a written instrument signed by the number of members the consent or approval of which is otherwise required for action. Meetings of the Stockholders’ Committee may be held at any time or place, whenever called by any
member of the Stockholders’ Committee. Reasonable notice thereof will be given by the member or members calling the meeting. 
 (d) Any member of the Stockholders’ Committee may resign at any time upon written notice to APAM and the other members of the Stockholders’ Committee. Such resignation will take effect at the
time specified in the related notice, and unless otherwise specified in the notice no acceptance of the resignation will be necessary to make it effective. 

  
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 Section 3.5    Vote Required for Actions. At any time that
the AIC Designee has the sole right to determine how to vote all Covered Common Stock pursuant to Section 4.1(b), the AIC Designee’s vote or consent shall be the act of the Stockholders’ Committee. At any other time, the vote or
consent, as applicable, of at least two members of the Stockholders’ Committee present at a meeting of the Stockholders’ Committee or acting by written consent (or of the sole member of the Stockholders’ Committee, if there is only
one such member) shall be the act of the Stockholders’ Committee. 
 ARTICLE IV 

RIGHTS AND OBLIGATIONS OF AIC 
 Section 4.1    Rights and Obligations of AIC. 

(a) Right to Designate. AIC shall have the right to designate one member of the Stockholders’ Committee (the AIC Designee) at
all times until the earliest to occur of (i) Andrew A. Ziegler’s death or disability, (ii) the voluntary termination of Andrew A. Ziegler’s employment with APAM, and (iii) 180 days after the effective date of
Andrew A. Ziegler’s involuntary termination of employment with APAM. 
 (b) Rights of the AIC Designee.
As long as (i) AIC has the right to designate a member of the Stockholders’ Committee pursuant to Section 4.1(a) and (ii) the AIC Designee consults in good faith, or participates in the activities of the Stockholders’
Committee so as to be available to consult in good faith, with the other members of the Stockholders’ Committee, the AIC Designee shall have the sole right to determine how to vote all Covered Common Stock with respect to all matters submitted
to a vote of the holders of Common Stock, subject to Section 5.1. 
 ARTICLE V 

BOARD APPOINTMENT RIGHTS 
 Section 5.1    Certain Obligations of the Stockholders’ Committee. 
 (a) Obligation to Vote. On any proposal regarding the election of directors to the Board on which the holders of Common Stock are entitled to vote, the Stockholders’ Committee shall vote the
Covered Common Stock in support of the election of the Director Designees, who are, and shall be designated, as follows: 
 (i) subject to Section 5.1(e), Allen R. Thorpe or any Director Designee designated by the Designating Stockholders holding a majority of the aggregate number of outstanding Preferred Units and
Convertible Preferred Stock taken together (excluding any Preferred Units held by APAM) (such majority, the “Preferred Interest Majority”), provided that: 

(A) such Designating Stockholders are collectively, at the time of delivery of the written notice described in clause
(B) below, the beneficial owners of at least 5% of the aggregate number of outstanding shares of Common Stock and Convertible Preferred Stock taken together; and 

  
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 (B) such Designating Stockholders shall have provided the
Stockholders’ Committee and APAM with a written notice identifying their Director Designee that is duly authorized by the Preferred Interest Majority and satisfies the requirements of Section 1.13 (or any successor provision) of the
Bylaws. 
 (ii)(A) Matthew R. Barger or, (B) in the event a successor has been designated pursuant to
Section 5.1(d), the election of such successor; provided that, in the case of both clause (A) and clause (B), the holders of the Class A Common Units are collectively, at the time of delivery of the written notice described in
Section 5.1(d) or at the time such notice would have been required to be delivered had a successor nominee been nominated, the beneficial owners of at least 5% of the aggregate number of outstanding shares of Common Stock and Convertible
Preferred Stock taken together, and, in the case of clause (B) only, the written notice described in Section 5.1(d) has been provided if required by Section 5.1(d); 

(iii) Andrew A. Ziegler or any Director Designee designated by AIC; provided that (A) AIC is, at the time of
delivery of the written notice described in clause (B) below, the beneficial owner of at least 5% of the aggregate number of outstanding shares of Common Stock and Convertible Preferred Stock taken together and (B) AIC provides the
Stockholders’ Committee and APAM with a written notice identifying its Director Designee that is duly authorized and satisfies the requirements of Section 1.13 (or any successor provision) of the Bylaws; and 

(iv) Eric R. Colson or any Director Designee designated by the Stockholders’ Committee who meets the Membership
Criterion, is a Limited Partner at the time the votes for such Director Designee are cast and satisfies the requirements of Section 1.13 (or any successor provision) of the Bylaws. 

(b) Notwithstanding anything to the contrary herein, the Stockholders’ Committee shall have no obligation to vote the Covered Common
Stock in support of any Director Designee who is not one of the directors nominated for election. 
 (c) The Stockholders’
Committee shall not vote the Covered Common Stock in favor of the removal from the Board of any director designated pursuant to clause (i), (ii) or (iii) of Section 5.1(a) for any reason other than for Cause. If a director so
designated is removed from the Board (a “Removed Director”), then the Stockholders’ Committee shall (i) use its reasonable best efforts to cause a Director Designee designated in accordance with the same clause of
Section 5.1(a) pursuant to which such Removed Director was designated to be nominated to fill the vacancy on the Board and (ii) vote the Covered Common Stock in favor of the Director Designee designated pursuant to clause (i) of this
Section 5.1(c). 
 (d) Successor to Section 5.1(a)(ii) Nominee. Any director nominated pursuant to
Section 5.1(a)(ii) shall be entitled to designate his successor unless he is removed from the Board for Cause; provided that the designating director shall have provided the Stockholders’ Committee and APAM with a written notice
identifying such successor Director Designee that satisfies the requirements of Section 1.13 (or any successor provision) of the 

  
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Bylaws. If such director shall have been removed for Cause or failed to nominate his successor, the Stockholders’ Committee shall designate such successor that satisfies the requirements of
Section 2.17 (or any successor provision) of the Bylaws. The successor designated pursuant to this Section 5.1(d) must be a holder of Class A Common Units. 
 (e) Recusal of Director Who Was Designating Stockholders’ Nominee. For so long as the Public Company Contingent Value Rights or the Partnership Contingent Value Rights remain outstanding, if,
as of any Trading Day following the First Year Lock-Up Expiration Date, the combined interests in APAM and Holdings beneficially owned by the Designating Stockholders constitutes a net short position (as determined in good faith by the Board) and at
least two-thirds of the Board (excluding the director nominated pursuant to Section 5.1(a)(i)) votes in favor of a resolution requesting that the director nominated pursuant to Section 5.1(a)(i) no longer participate in (and recuse himself
or herself from) meetings of the Board, then the Designating Stockholders shall use their best efforts to cause such director to comply with such request as promptly as practicable and until the Board determines, by a vote of a majority of the Board
(excluding the director nominated pursuant to Section 5.1(a)(i)), that such net short position ceases to exist. For the avoidance of doubt, the director nominated pursuant to Section 5.1(a)(i) and the Designating Stockholders shall have
sole responsibility with respect to compliance with any laws or rules applicable to such director or such Designating Stockholders. 
 (f) Provide Notice of Director Nomination to APAM. Upon the designation of any Director Designee pursuant to this Section 5.1, the Stockholders’ Committee shall provide APAM with a notice
satisfying the requirements of Section 1.13 (or any successor provision) of the Bylaws identifying such Director Designee. 

(g) For so long as the Designating Stockholders have the right to designate a director pursuant to Section 5.1(a)(i), the
Designating Stockholders shall also have the right to have such director serve on the compensation committee of the Board, to the extent such director is not prohibited from serving on the compensation committee under SEC and New York Stock Exchange
rules applicable to the Company. 
 (h) For so long as the Designating Stockholders are collectively the beneficial owners of at
least 5% of the aggregate number of outstanding shares of Common Stock and Convertible Preferred Stock taken together or the director designated pursuant to Section 5.1(a)(i) serves on the Board, the Stockholders’ Committee shall not vote
the Covered Common Stock in favor of any amendment or modification to, repeal of or the adoption of any provision inconsistent with Article XIII of the Certificate of Incorporation. 

Section 5.2    APAM’s Obligations. APAM shall be required to (i) recommend to the holders of
its Common Stock the election of any Director Designee at each annual meeting of APAM, (ii) use its best efforts to have such Director Designees elected as directors, and (iii) solicit proxies for such Director Designees to the same extent
it does for any of its other director nominees, in each case, subject to the applicable fiduciary duties of the Board and satisfaction of all legal and governance requirements regarding such Director Designee’s service as a director of the
Company; provided that APAM shall have no duties pursuant to this Section 5.2 with respect to any Director Designee if (A) the Stockholders’ Committee fails to provide APAM with the notice contemplated by Section 5.1(f) or
(B) such notice is deficient and such 

  
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failure or deficiency is not cured within 10 days following the receipt of written notice of such failure or deficiency by the Stockholders’ Committee and the Stockholder(s) designating such
Director Designee (it being understood that either the Stockholders’ Committee or such Stockholder(s) may cure such failure or deficiency). 
 Section 5.3    Board Observer. 
 (a)
Appointment. By (i) providing written notice to the Stockholders’ Committee and APAM that is duly authorized by the Preferred Interest Majority and (ii) causing the Director Designee designated pursuant to
Section 5.1(a)(i) to resign from the Board if he or she has not already done so, the Designating Stockholders may permanently and irrevocably forfeit their right to designate a Director Designee pursuant to this Agreement effective upon the
later of the satisfaction of clauses (i) and (ii) of this sentence. If, and only if, the Designating Stockholders have forfeited their right to designate a Director Designee pursuant to the preceding sentence, the Designating Stockholders,
so long as they would otherwise have the right to designate a Director Designee pursuant to Section 5.1(a)(i), shall have the right to appoint one observer to the Board, who shall be chosen by the Preferred Interest Majority. 

(b) Board Observer Rights. Any Board observer appointed pursuant to Section 5.3(a) shall be entitled to attend meetings of
the Board (and, consistent with the Bylaws of the Company as they apply to directors, committees thereof) and to receive all information provided to the members of the Board and the committees thereof (including minutes of previous meetings of the
Board and the committees thereof); provided, that (i) the Board observer shall not be entitled to vote on any matter submitted to the Board or any of its committees nor to offer any motions or resolutions to the Board or such committees;
(ii) APAM may withhold information or materials from the Board observer and exclude such Board observer from any meeting or portion thereof if (as determined by a vote of at least two-thirds of the Board) access to such information or materials
or attendance at such meeting (A) would result in a conflict of interest, (B) would adversely affect the attorney-client or work product privilege between APAM and its counsel, or (C) is otherwise required to avoid any disclosure that
is restricted by any agreement with another person; and (iii) subject to Article XIII of the Certificate of Incorporation, the Board observer shall be subject to the same obligations as directors of the Board with respect to confidentiality,
conflicts of interest and misappropriation of corporate opportunities (and shall provide, prior to attending any meetings or receiving any information or materials, such agreements, undertakings or assurances to such effect as may be requested by
APAM). For the avoidance of doubt, any Board observer appointed pursuant to Section 5.3(a) and the Designating Stockholders shall have sole responsibility with respect to compliance with any laws or rules applicable to such board observer or
such Designating Stockholders. 
 ARTICLE VI 
 LIMITATIONS ON TRANSFER OF SHARES 

Section 6.1    Restrictions on Transfer of Class B Common Stock; Issuance of Additional Common Stock. No
Covered Person shall Transfer any shares of Class B Common Stock unless the transferee has executed and delivered a Joinder A substantially in the form of Exhibit A. If APAM issues additional shares of common stock to employees (including
employee-partners) of APAM or its Subsidiaries, the proposed recipient of any such shares shall 

  
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be required to execute and deliver a Joinder A substantially in the form of Exhibit A. APAM shall amend Schedule A as necessary from time to time to reflect any changes in the Covered Persons
pursuant to this Section 6.1. 
 Section 6.2    Transfer of Convertible Preferred Stock and
Preferred Units. Any Person (other than APAM) acquiring any shares of Convertible Preferred Stock or Preferred Units may become a Designating Stockholder hereunder by executing and delivering a Joinder B substantially in the form of Exhibit B.
Any Person who ceases to hold any shares of Convertible Preferred Stock or Preferred Units shall cease to be a Designating Stockholder hereunder. APAM shall amend Schedule B to reflect any changes in the Designating Stockholders pursuant to this
Section 6.2. 
 ARTICLE VII 
 REPRESENTATIONS AND WARRANTIES AND COVENANTS 
 Each Covered Person
severally represents and warrants or agrees, as applicable, for himself that: 
 (a) Such Covered Person has (and, with respect
to shares of Common Stock to be acquired, will have) good, valid and marketable title to the shares of Common Stock subject to the transfer restrictions in Section 6.1, if applicable, free and clear of any pledge, lien, security interest,
charge, claim, equity or encumbrance of any kind, other than pursuant to this Agreement, an agreement with APAM by which such Covered Person is bound and to which the shares of Common Stock are subject or as permitted by the policies of APAM in
effect from time to time; 
 (b) Such Covered Person has (and, with respect to shares of Common Stock to be acquired, will have)
the right to vote pursuant to Section 2.1 of this Agreement all shares of Common Stock of which the Covered Person is the Sole Beneficial Owner; and 
 (c) If the Covered Person is not a natural person: 
 (i) such
Covered Person is duly organized and validly existing in good standing under the laws of the jurisdiction of such Covered Person’s formation; 
 (ii) such Covered Person has full right, power and authority to enter into and perform this Agreement; 
 (iii) the execution and delivery of this Agreement and the performance of the transactions contemplated herein have been duly authorized, and no further proceedings on the part of such Covered Person are
necessary to authorize the execution, delivery and performance of this Agreement; and this Agreement has been duly executed by such Covered Person; 
 (iv) the Person signing this Agreement on behalf of such Covered Person has been duly authorized by such Covered Person to do so; 

  
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 (d) this Agreement constitutes the legal, valid and binding obligation of such Covered
Person, enforceable against such Covered Person in accordance with its terms (subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles); 
 (e) neither the execution and delivery of this Agreement by such Covered Person nor
the consummation of the transactions contemplated herein conflicts with or results in a breach of any of the terms, conditions or provisions of any agreement or instrument to which such Covered Person is a party or by which the assets of such
Covered Person are bound (including without limitation the organizational documents of such Covered Person, if such Covered Person is other than a natural person), or constitutes a default under any of the foregoing, or violates any law or
regulation; 
 (f) such Covered Person has obtained all authorizations, consents, approvals and clearances of all courts,
governmental agencies and authorities, and any other Person, if any (including the consent of the spouse of such Covered Person with respect to the interest of such spouse in the shares of Common Stock of such Covered Person if the consent of such
spouse is required; such consent in substantially the form of Exhibit C hereto), required to permit such Covered Person to enter into this Agreement and to consummate the transactions contemplated herein; 

(g) there are no actions, suits or proceedings pending, or, to the knowledge of such Covered Person, threatened against or affecting such
Covered Person or such Covered Person’s assets in any court or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality which, if adversely determined, would impair the
ability of such Covered Person to perform this Agreement; 
 (h) the performance of this Agreement will not violate any order,
writ, injunction, decree or demand of any court or federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality to which such Covered Person is subject; and 

(i) no statement, representation or warranty made by such Covered Person in this Agreement, nor any information provided by such Covered
Person for inclusion in a registration statement filed by APAM in connection with the IPO contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements,
representations or warranties contained herein or information provided therein not misleading. 
 (j) Each Covered Person
severally, and not jointly, agrees for himself that the foregoing provision of this Article VII shall be a continuing representation and covenant by him during the period that he shall be a Covered Person, and he shall take all actions as shall
from time to time be necessary to cure any breach or violation and to obtain any authorizations, consents, approvals and clearances in order that such representations shall be true and correct during that period. 

  
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 ARTICLE VIII 
 OTHER AGREEMENTS OF THE PARTIES 

Section 8.1    Adjustment upon Changes in Capitalization; Adjustments upon Changes of Control;
Representatives, Successors and Assigns. 
 (a) In the event of any change in the outstanding Common Stock by reason of
stock dividends, stock splits, reverse stock splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of shares and the like, the terms “Class A Common Stock”, “Class B Common Stock”,
“Class C Common Stock” and “Convertible Preferred Stock”, as applicable, shall refer to and include the securities received or resulting therefrom, but only to the extent such securities are received in exchange for
or in respect of Common Stock and Convertible Preferred Stock, as applicable. Upon the occurrence of any event described in the immediately preceding sentence, the Stockholders’ Committee shall make such adjustments to or interpretations of any
provisions of this Agreement as it shall deem necessary, advisable or appropriate to carry out the intent of such provisions, provided however, that in no event shall any such adjustments limit or adversely affect the right of the Designating
Stockholders to designate and have the Stockholders’ Committee support their Director Designee pursuant to Section 5.1(a)(i). If the Stockholders’ Committee deems it necessary, advisable or appropriate, any such adjustments may take
effect from the record date, the “when issued trading date”, the “ex dividend date” or another appropriate date. 
 (b) In the event of any business combination, restructuring, recapitalization or other extraordinary transaction involving APAM, its Subsidiaries or any of their respective securities or assets as a
result of which any of the parties hereto (other than APAM) holds voting securities of a Person other than APAM, such party agrees that this Agreement shall also continue in full force and effect with respect to such voting securities of such other
Person formerly representing or distributed in respect of Common Stock and Convertible Preferred Stock and the terms “Class A Common Stock”, “Class B Common Stock”, “Class C Common Stock”,
“Convertible Preferred Stock” and “APAM” shall refer to such voting securities formerly representing or distributed in respect of shares of Class A Common Stock, Class B Common Stock, Class C Common Stock,
Convertible Preferred Stock, and such other Person, respectively. Upon the occurrence of any event described in the immediately preceding sentence, the Stockholders’ Committee shall make such adjustments to or interpretations of any provisions
of this Agreement as it shall deem necessary, advisable or appropriate to carry out the intent of such provisions, provided however, that in no event shall any such adjustments limit or adversely affect the right of the Designating Stockholders to
designate and have the Stockholders’ Committee support their Director Designee pursuant to Section 5.1(a)(i). If the Stockholders’ Committee deems it necessary, advisable or appropriate, any such adjustments may take effect from the
record date or another appropriate date. 
 Section 8.2    Further Assurances. The parties to
this Agreement shall execute, deliver, acknowledge and file such further agreements and instruments and take such other actions as may be reasonably necessary to make effective this Agreement and the transactions contemplated hereby. 

  
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 Section 8.3    Actions on Behalf of Holders of Convertible
Preferred Stock. For so long as the Designating Stockholders hold Convertible Preferred Stock and Preferred Units remain outstanding, APAM, in its capacity as a Preferred Unit Holder, shall not waive or fail to enforce or take any action that
would constitute a waiver of any rights of a Preferred Unit Holder under the Partnership Agreement without the express written consent of the Designating Stockholders together holding a majority of the outstanding shares of Convertible Preferred
Stock and Preferred Units (other than Preferred Units held by APAM). 
 ARTICLE IX 

MISCELLANEOUS 
 Section 9.1    Term of the Agreement; Termination of Certain Provisions. 
 (a) This Agreement may be terminated in its entirety as follows: 

(i) at any time by written consent of all of the parties to this Agreement; or 

(ii) following the earlier of (i) the date on which shares of Class B Common Stock no longer have
Preferential Voting Rights and (ii) the fifth anniversary of the consummation of the IPO, in either case by written consent of Covered Persons holding at least two-thirds of the total number of outstanding shares of Covered Common Stock,
provided however, that this Agreement may be terminated pursuant to this clause (ii) only if the obligations of the Stockholders’ Committee to vote the Covered Common Stock in support of Director Designees designated pursuant to clauses
(i) and (ii) of Section 5.1(a) have terminated. 
 (b) Any Person whose employment with APAM or any of its
Subsidiaries has been terminated or whose fulltime or part-time professional efforts were, but are no longer, devoted to providing services to, APAM or one or more of its Subsidiaries shall cease to be a Covered Person and shall no longer be
bound by, or have any rights pursuant to, the provisions of this Agreement, and such Person’s name shall be removed from Schedule A to this Agreement. AIC may, by providing written notice to APAM, withdraw its Common Stock from this
Agreement upon Andrew A. Ziegler’s ceasing to be a member of the Stockholders’ Committee. Upon APAM’s receipt of such written notice, AIC shall no longer be a Covered Person and such Common Stock shall no longer be Covered Common
Stock subject to this Agreement. 
 (c) Section 3.4 shall survive the termination of this Agreement and shall continue to
apply to each Person who ceases to be a Covered Person. 
 Section 9.2    Amendments and
Waivers. Any provision of this Agreement may be amended or waived in writing by (i) APAM, (ii) the Stockholders’ Committee, and (iii) the holders of a majority of the aggregate number of shares of Covered Common Stock,
provided that (A) any amendment to or waiver of Section 4.1 or Section 5.1(a)(iii) shall require the consent of AIC, (B) any amendment to or waiver of Section 5.1(a)(i), Section 5.1(c) (with respect to the director
designated pursuant to Section 5.1(a)(i)), Section 5.1(e), Section 5.3, Section 6.2, Section 8.1, Section 8.3, Section 9.1(a)(ii) or this clause (B) of Section 9.2 shall 

  
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require the consent of Designating Stockholders together holding a majority of the Convertible Preferred Stock and Preferred Units (other than Preferred Units held by APAM), and (C) any
amendment to or waiver of Section 5.1(a)(ii) or Section 5.1(c) (with respect to the director designated pursuant to Section 5.1(a)(ii)) shall require the consent of Persons holding a majority of the Class A Common Units. No
failure or delay by any party to this Agreement in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall single or partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 9.3    Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed, interpreted and enforced
in accordance with, the laws of the State of Delaware. 
 Section 9.4    Consent to
Jurisdiction. 
 (a) Each party hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such Court declines jurisdiction, the courts of the State of Delaware sitting in Wilmington, Delaware and of the United States District Court for the District of
Delaware sitting in Wilmington, Delaware, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of any judgment, and each of the parties hereto
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Delaware State court or, to the fullest extent permitted by applicable law, in such United States District Court.
Each party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) Each party irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 9.4(a). Each party irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 
 (c) Each party irrevocably
consents to service of process in the manner provided for notices in Section 9.8. Nothing in this Agreement shall affect the right of any party to serve process in any other manner permitted by law. 

Section 9.5    Waiver of Jury Trial. Each of the parties hereto hereby irrevocably waives any and all
right to trial by jury in any legal proceeding arising out of or related to this agreement or the transactions contemplated hereby. 
 Section 9.6    Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would
be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond or furnishing other security, and in addition to all other remedies that may be available, shall be 

entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other
equitable remedy that may then be available. 

  
 15 

 Section 9.7    Relationship of Parties. The terms of this
Agreement are not intended to create a separate entity for United States federal income tax purposes, and nothing in this Agreement shall be read to create any partnership, joint venture or separate entity among the parties or to create any trust or
other fiduciary relationship between them. 
 Section 9.8    Notices. 

(a) Any communication, demand or notice to be given hereunder will be duly given (and shall be deemed to be received) when delivered in
writing by hand or first class mail or by telecopy or electronic transmission to a party at its address as indicated below: 

if to a Covered Person or the Stockholders’ Committee: 
 c/o Artisan Partners Asset Management Inc. 
 875 E. Wisconsin Avenue, Suite 800

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

Attention: General Counsel 
 and 
 if to Artisan Partners Asset Management Inc.: 

Artisan Partners Asset Management Inc. 
 875 E. Wisconsin Avenue, Suite 800 
 Milwaukee, WI 53202 

Telephone: (414) 390-6100 
 Fax: (414) 390-6139 
 Attention: General Counsel 

Electronic Mail: contractnotice@artisanpartners.com 
 And 
 if to a Designating Stockholder, to the address listed on Schedule B hereto.

 APAM shall be responsible for notifying each Covered Person, each Designating Stockholder and each member of the
Stockholders’ Committee, as applicable, of the receipt of a communication, demand or notice under this Agreement relevant to such Covered Person, Designating Stockholder or member at the address of such Covered Person, Designating Stockholder
or member then in the records of APAM (and each Covered Person, Designating Stockholder and member of the Stockholders’ Committee shall notify APAM of any change in his address for communications, demands and notices). 

  
 16 

 (b) Unless otherwise provided to the contrary herein, any notice may be given by telecopy or
electronic transmission. 
 Section 9.9    Severability. If any provision of this Agreement
shall be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Any provision of this Agreement that is
unenforceable in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 9.10    Third-Party Rights. Except as provided in clause (ii) of Section 5.1(a) and
Section 5.1(c), nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement and the Stockholders’ Committee any legal or equitable right, remedy, or claim under or with
respect to this Agreement or any provision of this Agreement. 
 Section 9.11    Binding Effect.
This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective heirs, successors, legal representatives and assigns. 

Section 9.12    Section Headings. The headings of sections in this Agreement are provided for convenience
only and will not affect its construction or interpretation. 
 Section 9.13    Execution in
Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” data file) in one or more counterparts, and by the different parties hereto in separate counterparts,
each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a
“.pdf” data file or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 9.13. 
 [SIGNATURE PAGES FOLLOW] 

  
 17 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 ARTISAN PARTNERS ASSET
 MANAGEMENT INC.

		
	By:	 	 
		 	 Name:

Title:

	
	ARTISAN INVESTMENT CORPORATION
		
	By:	 	 
		 	 Name:

Title:

	
	Each COVERED PERSON initially listed on Schedule A
	By	 	 Artisan Partners Asset Management Inc.,
 as Attorney-in-Fact

		
	By:	 	 
		 	 Name:

Title:

			
	 DESIGNATING STOCKHOLDERS initially listed on Schedule B 

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

		
	By:	 	 
		 	 Name:

Title:

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

By: Hellman & Friedman LLC

		
	By:	 	 
		 	 Name:

Title:

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

		
	By:	 	 
		 	 Name:

Title:

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