Document:

EX-10.1

 Exhibit 10.1 

MASTER CONFIRMATION 
  

			
	DATE:	  	March 27, 2019
		
	TO:	  	 Affiliated Managers Group, Inc.
 777 South
Flagler Drive
 West Palm Beach, FL 33401

		
	ATTENTION:	  	Chief Financial Officer
		
	FROM:	  	 [                ]

[                ]

[                ]

	TELEPHONE:	  	[                ]
	FACSIMILE:	  	[                ]
		
	SUBJECT:	  	Registered Forward Transactions

 The purpose of this letter agreement (this “Master Confirmation”) is to set forth the terms and
conditions of one or more transactions (each, a “Transaction”) to be entered into between [                ] (“Dealer”) and Affiliated
Managers Group, Inc. (“Counterparty”). Each such Transaction entered into between Dealer and Counterparty that is subject to this Master Confirmation shall be evidenced by (i) one or more instructions (each, an
“Instruction”) pursuant to Section 2(b) of the Distribution Agreement (as defined below) (an “Agency Forward”) or a terms agreement (the “Terms Agreement”) pursuant to Section 2(l) of the
Distribution Agreement (a “Block Forward”) and (ii) with respect to an Agency Forward, a pricing supplement substantially in the form of Annex A hereto (a “Pricing Supplement”), each with such modifications as
to which Dealer and Counterparty mutually agree. This Master Confirmation, an Instruction or a Terms Agreement and a Pricing Supplement, if any, together shall constitute a “Confirmation” for the purposes of the Agreement specified below.
This Master Confirmation, each Instruction, Terms Agreement, Pricing Supplement and the Agreement constitute the entire agreement and understanding of the parties with respect to the subject matter and terms of the Transactions and supersede all
prior or contemporaneous written and oral communications with respect thereto. 
 The definitions and provisions contained in the 2002 ISDA Equity
Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc., are incorporated into each Confirmation, including this Master Confirmation. For purposes of the Equity
Definitions, each Transaction will be deemed to be a Share Forward Transaction. 
 Each party is hereby advised, and each such party acknowledges, that the
other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transactions to which this Master Confirmation, each Instruction or
Terms Agreement and the Pricing Supplement, if any, relate on the terms and conditions set forth below. 

  
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 This Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, evidence a
complete and binding agreement between Dealer and Counterparty as to the terms of each Transaction to which this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, relate. This Master Confirmation, each
Instruction or Terms Agreement and the Pricing Supplement, if any, together with all other Confirmations of Equity Contracts (as defined in “Netting and Set-off” below), shall supplement, form a part
of, and be subject to an agreement in the form of the ISDA 2002 Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such form (without any Schedule except for the election of United States
dollars (“USD”) as the Termination Currency and such other elections set forth in this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any). 

If, in relation to any Transaction to which this Master Confirmation, an Instruction or a Terms Agreement, as applicable, and the Pricing Supplement, if any,
relate, there is any inconsistency between the Agreement, this Master Confirmation, such Instruction or Terms Agreement and any such Pricing Supplement and the Equity Definitions, the following will prevail for purposes of such Transaction in the
order of precedence indicated: (i) any such Pricing Supplement; (ii) such Instruction or Terms Agreement; (iii) this Master Confirmation; (iv) the Equity Definitions; and (v) the Agreement. The parties hereby agree that,
other than the Transactions to which this Master Confirmation, all Instructions or Terms Agreements and Pricing Supplements, if any, relate and any other Equity Contract, no other Transaction shall be governed by the Agreement. The parties also
acknowledge that the Transactions to which this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, relate are not governed by, and shall not be treated as Transactions under, any other ISDA Master Agreement
entered into between Dealer and Counterparty from time to time. 
 The terms of each Transaction to which this Master Confirmation, each Instruction or
Terms Agreement and the Pricing Supplement, if any, relate are as follows: 
  

			
	 General Terms:
	 	
		
	Trade Date:	 	For each: (i) Agency Forward, the date on which Counterparty provides the first Instruction for such Transaction, and (ii) Block Forward, the date of the Terms Agreement for such Transaction.
		
	Effective Date:	 	The first day occurring on or after the applicable Trade Date on which Shares are sold through [    ] acting as forward seller (when acting in such capacity, the “Distribution Agent”) pursuant
to a “Forward Sale” under the Equity Distribution Agreement dated as of March 27, 2019 between Counterparty, Dealer and the Distribution Agent (the “Distribution Agreement”).
		
	Seller:	 	Counterparty
		
	Buyer:	 	Dealer
		
	Shares:	 	The common stock of Counterparty, par value USD 0.01 per share (Ticker Symbol: “AMG”)

  
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	Number of Shares:	 	For each: (i) Agency Forward, the aggregate number of Shares sold through the Distribution Agent pursuant to a “Forward Sale” under the Distribution Agreement in relation to all Instructions for such Transaction,
and (ii) Block Forward, as set forth in the Terms Agreement for such Transaction; provided that, in each case above, on each Settlement Date, the Number of Shares for such Transaction shall be reduced by the number of Settlement Shares
settled on such date.
		
	Hedge Completion Date:	 	 For each Agency Forward, the earliest of (i) the date specified in writing as the Hedge Completion Date for such Transaction by
Counterparty, (ii) any Settlement Date for such Transaction and (iii) the last Scheduled Trading Day of the calendar quarter in which the Trade Date for such Transaction occurs; provided that Counterparty shall be obligated to
specify as the Hedge Completion Date (1) the second Scheduled Trading Day immediately preceding the first date on which the Registration Statement (as defined in the Distribution Agreement) would no longer be available for use, (2) the
first date after the Effective Date on which Counterparty has any Material Non-Public Information (as defined below) and (3) the first date after the Effective Date on which Shares are sold pursuant to
any other sales agency agreements or other similar arrangements with any agent or any other representative in respect of at the market offerings of the Shares in accordance with Rule 415(a)(4) of the Securities Act of 1933, as amended (the
“Securities Act”), and the rules and regulations thereunder. Promptly after the Hedge Completion Date, Dealer will furnish Counterparty with a Pricing Supplement specifying for the relevant Transaction the Number of Shares as of the
Hedge Completion Date (the “Initial Number of Shares”), the Initial Forward Price and the Final Date, all determined in accordance with the terms hereof.
  

For each Block Forward, the Effective Date for such Transaction.

  
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	Initial Forward Price:	 	 For each:
  

(a)   Agency Forward, the product of: (i) the volume weighted average price at which the Shares
are sold through the Distribution Agent pursuant to a “Forward Sale” under the Distribution Agreement in relation to all Instructions in relation to such Transaction and (ii) 1 minus the Discount, adjusted by the Calculation Agent
to (x) reflect on each day during such period the sum of 1 and the Daily Rate for such day multiplied by the then-Initial Forward Price as of such day and (y) reduce the then-Initial Forward Price by the relevant Forward
Price Reduction Amount on each Forward Price Reduction Date occurring on or before the Hedge Completion Date; and
  

(b)   Block Forward, as set forth in the Terms Agreement for such Transaction.

		
	Forward Price:	 	 For each Transaction:
  

(a)   on the Hedge Completion Date, the Initial Forward Price; and

 
 (b)   on each calendar day
thereafter, (i) the Forward Price as of the immediately preceding calendar day multiplied by (ii) the sum of 1 and the Daily Rate for such day;
  

provided that the Forward Price for such Transaction on each Forward Price Reduction Date for such Transaction shall be the Forward Price for such
Transaction otherwise in effect on such date minus the Forward Price Reduction Amount for such Forward Price Reduction Date; provided, further, that if in respect of an Agency Forward, the first Forward Price Reduction Date occurs
prior to the Hedge Completion Date, only the Forward Price with respect to the number of Shares equal to the Number of Shares as of such first Forward Price Reduction Date shall be reduced by the Forward Price Reduction Amount for such first Forward
Price Reduction Date and the Forward Price with respect to the number of Shares equal to the Number of Shares minus such number of Shares reduced by the first Forward Price Reduction Amount shall not be so reduced.

		
	Discount:	 	For each Agency Forward, as set forth in the first Instruction for such Transaction.

  
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	Daily Rate:	 	For any day, (i) (a) USD-Federal Funds Rate (or, if the USD-Federal Funds Rate is no longer published, a successor rate mutually agreed in good
faith by Dealer and Counterparty; provided that, if Dealer and Counterparty do not mutually agree on the successor rate within one Scheduled Trading Day following the date the USD-Federal Funds Rate
ceases to be published, the successor rate shall be determined by the Calculation Agent acting in good faith and in a commercially reasonable manner and, following any such determination, the Calculation Agent will provide to Counterparty the basis
for its determination) for such day minus (b) the Spread divided by (ii) 365.
		
	USD-Federal Funds Rate:	 	For any day, the rate set forth for such day opposite the caption “Federal funds”, as such rate is displayed on the Bloomberg Screen “FEDL01 Index <GO>”, or any successor page (which displayed rate is,
for the avoidance of doubt, a percentage); provided that if no rate appears for a particular day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day.
		
	Spread:	 	90 basis points
		
	Forward Price Reduction Dates:	 	For each Transaction, as set forth in the latest Instruction or the Terms Agreement for such Transaction.
		
	Forward Price Reduction Amount:	 	For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date in the latest Instruction or Terms Agreement for such Transaction.
		
	Prepayment:	 	Not Applicable
		
	Variable Obligation:	 	Not Applicable
		
	Exchange:	 	The New York Stock Exchange
		
	Related Exchange(s):	 	All Exchanges
		
	Clearance System:	 	The Depository Trust Company
		
	Market Disruption Event:	 	Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time,
Knock-in Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.
		
	Early Closure:	 	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line
thereof.

  
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	 Settlement:
	 	
		
	Settlement Currency:	 	USD (all amounts shall be converted to the Settlement Currency in good faith and in a commercially reasonable manner by the Calculation Agent).
		
	Settlement Date:	 	 Any Scheduled Trading Day following the Effective Date and up to and including the applicable Final Date that is either:

 
 (a)   designated by
Counterparty as a “Settlement Date” by a written notice (a “Settlement Notice”) delivered to Dealer no less than (i) one Scheduled Trading Day prior to such Settlement Date and five Scheduled Trading Days prior
to such Final Date, if Physical Settlement applies, and (ii) five Scheduled Trading Days prior to such Settlement Date, which may be such Final Date, if Cash Settlement or Net Stock Settlement applies; provided that if Cash Settlement or
Net Stock Settlement applies, any Settlement Date, including a Settlement Date on the scheduled Final Date, shall be deferred until the date on which Dealer (or its affiliate) is able to completely unwind Dealer’s hedge with respect to the
portion of the Number of Shares to be settled if Dealer (or its affiliate) is unable to completely unwind Dealer’s hedge with respect to the portion of the Number of Shares to be settled during the Unwind Period due to the restrictions of Rule 10b-18 (“Rule 10b-18”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) agreed to
hereunder, the existence of any Suspension Day or Disrupted Day or the lack of sufficient liquidity in the Shares during the Unwind Period (as determined by the Calculation Agent); provided, further, that if Dealer (or its affiliate) shall
fully unwind Dealer’s hedge with respect to the portion of the Number of Shares to be settled during an Unwind Period by a date that is more than two Scheduled Trading Days prior to a Settlement Date specified above, Dealer may, by written
notice to Counterparty, specify any Scheduled Trading Day prior to such original Settlement Date as the Settlement Date; or
  

(b)   designated by Dealer as a Settlement Date pursuant to the “Acceleration Events”
provisions below;
  
 provided that in each case the applicable Final Date will
be a Settlement Date if on such date the applicable Number of Shares for which a Settlement Date has not already been designated is greater than zero; provided, further, that if any

  
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		  	Settlement Date specified above is not an Exchange Business Day, the Settlement Date shall instead be the next Exchange Business Day; and provided, further, that, following the occurrence of at least three consecutive
Suspension Days during an Unwind Period and while such Suspension Days are continuing, Dealer may designate any subsequent Exchange Business Day as the Settlement Date with respect to the portion of the Settlement Shares, if any, for which Dealer
(or its affiliate) has determined an Unwind Purchase Price during such Unwind Period (such Settlement Date, a “Partial Settlement Date”), it being understood that (x) other than in the case of a
Rule 10b-18 Unavailability Period (as defined below), the Unwind Period with respect to the remainder of such Settlement Shares shall recommence on the next succeeding Exchange Business Day that is not a
Suspension Day and (y) in the case of a Rule 10b-18 Unavailability Period, the remainder of such Settlement Shares shall be treated as if Counterparty had not designated a Settlement Date with
respect thereto and Counterparty shall be entitled to designate another Settlement Date in accordance with the terms hereof (or, if the Final Date has passed, Counterparty shall be deemed to have designated in a Settlement Notice a Settlement Date
of the Scheduled Trading Day immediately following the related Partial Settlement Date with respect to such remainder of such Settlement Shares, and Physical Settlement shall apply to such Settlement Date).
		
	Final Date:	  	For each: (i) Agency Forward, the first anniversary of the Hedge Completion Date (or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day), and (ii) Block Forward, the first anniversary of
the Trade Date (or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day).
		
	Settlement Shares:	  	 (a)   With respect to any Settlement Date other than the Final Date, the number
of Shares designated or deemed designated as such by Counterparty in the relevant Settlement Notice or designated pursuant to the “Acceleration Events” provisions below, as applicable; provided that the Settlement Shares so
designated shall (i) not exceed the applicable Number of Shares at that time and (ii) be at least equal to the lesser of 100,000 and such Number of Shares at that time; and

  
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		  	 (b)   with respect to the Settlement Date on the Final Date, a number of Shares
equal to the applicable Number of Shares at that time;
  
 in each case with the
applicable Number of Shares determined taking into account pending Settlement Shares for the relevant Transaction.

		
	Settlement Method Election:	  	Physical Settlement, Cash Settlement, or Net Stock Settlement, at the election of Counterparty, in its sole discretion, as set forth in a Settlement Notice; provided that if Counterparty elects Cash Settlement or Net Stock
Settlement, it shall be deemed to have repeated the representations contained under “Securities Laws Representations and Agreements” below; provided, further, that if no election is made by Counterparty, Physical Settlement shall
apply. The parties hereto acknowledge that Counterparty cannot be obligated to settle any Transaction by cash payment unless Counterparty elects Cash Settlement.
		
	Physical Settlement:	  	If Physical Settlement is applicable, then Counterparty shall deliver to Dealer through the Clearance System a number of Shares equal to the Settlement Shares for such Settlement Date, and Dealer shall pay to Counterparty, by wire
transfer of immediately available funds to an account designated by Counterparty, an amount equal to the Physical Settlement Amount for such Settlement Date.
		
	Physical Settlement Amount:	  	For any Settlement Date for which Physical Settlement is applicable, an amount in cash equal to the product of (a) the applicable Forward Price in effect on the relevant Settlement Date and (b) the Settlement Shares for
such Settlement Date.
		
	Cash Settlement:	  	On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount is a positive number, Dealer will pay the Cash Settlement Amount to Counterparty. If the Cash Settlement Amount is a negative number,
Counterparty will pay the absolute value of the Cash Settlement Amount to Dealer. Such amounts shall be paid on such Settlement Date.
		
	Cash Settlement Amount:	  	An amount determined by the Calculation Agent equal to: (i)(A) the weighted average (weighted on the same basis as clause (B)) of the Forward Prices on each day during the applicable Unwind Period minus (B) the weighted
average price (the “Unwind Purchase Price”) at which Dealer (or its affiliate) purchases Shares during the Unwind Period to 

  
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		  	unwind Dealer’s hedge (or, if Net Stock Settlement applies, to unwind all or a portion of Dealer’s hedge, including any purchases of Shares for delivery to Counterparty, in each case as determined by Dealer) with respect
to the portion of the applicable Number of Shares to be settled during the Unwind Period (including, for the avoidance of doubt, purchases on any Suspension Day or Disrupted Day in part), taking into account the restrictions of Rule 10b-18 under the Exchange Act agreed to hereunder, plus USD 0.02, multiplied by (ii) the Settlement Shares.
		
	Net Stock Settlement:	  	On any Settlement Date in respect of which Net Stock Settlement applies, if the Cash Settlement Amount is a (i) positive number, Dealer shall deliver through the Clearance System a number of Shares to Counterparty equal to the
Net Stock Settlement Shares, or (ii) negative number, Counterparty shall deliver through the Clearance System a number of Shares to Dealer equal to the Net Stock Settlement Shares; provided that if Dealer determines in its good faith
judgment that it would be required to deliver Net Stock Settlement Shares to Counterparty, Dealer may elect to deliver a portion of such Net Stock Settlement Shares on one or more dates prior to the applicable Settlement Date.
		
	Net Stock Settlement Shares:	  	With respect to a Settlement Date, the absolute value of the Cash Settlement Amount divided by the applicable Unwind Purchase Price, with the number of Shares rounded up in the event such calculation results in a fractional
number.
		
	Unwind Period:	  	For each Transaction, the period from and including the first Exchange Business Day following the date Counterparty elects Cash Settlement or Net Stock Settlement in respect of a Settlement Date for such Transaction through the
second Scheduled Trading Day preceding such Settlement Date (as such date may be changed by Dealer as described in the first proviso in clause (a) of the definition of Settlement Date above and provided that Dealer may truncate any
Unwind Period pending (and reduce the Settlement Shares for such Unwind Period to the portion thereof, if any, for which Dealer (or its affiliate) has determined an Unwind Purchase Price) at the time Dealer designates a Settlement Date pursuant to
the “Acceleration Events” provisions below, effective upon such designation).
		
	Failure to Deliver:	  	Applicable

  
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	Suspension Day:	  	Any day on which Dealer determines, based on the advice of outside counsel of national standing, that Cash Settlement or Net Stock Settlement may violate applicable securities laws or cause Dealer (or its affiliates) to not be in
compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer (or its affiliates) or that the safe harbor provided by
Rule 10b-18 would be unavailable by virtue of the exclusions from the definition of “Rule 10b-18 purchase” under clauses (i) or (iv) thereof
(the period of unavailability, a “Rule 10b-18 Unavailability Period”). Dealer shall promptly notify Counterparty if it receives such advice from its counsel.
		
	Share Cap:	  	Except as provided under “Private Placement and Registration Procedures” below, in no event will Counterparty be required to deliver to Dealer (or its affiliate) on any Settlement Date, whether pursuant to Physical
Settlement, Net Stock Settlement, any Private Placement Settlement or any Registration Settlement, a number of Shares in excess of (i) the applicable Initial Number of Shares, subject to adjustment from time to time in accordance with the
provisions of this Master Confirmation or the Equity Definitions, minus (ii) the aggregate number of Shares delivered by Counterparty to Dealer (or its affiliate) under the applicable Transaction prior to such Settlement Date.
		
	Adjustments:	  	
		
	Method of Adjustment:	  	Calculation Agent Adjustment
		
	Extraordinary Events:	  	
		
	New Shares:	  	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in (i) shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of the New York Stock
Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors)”.
		
	Consequences of Merger Events:	  	
		
	
(a)   Share-for-Share:

	  	Cancellation and Payment
		
	
(b)   Share-for-Other:

	  	Cancellation and Payment
		
	
(c)   Share-for-Combined:

	  	Cancellation and Payment

  
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	Tender Offer:	  	Applicable
		
	Consequences of Tender Offers:	  	
		
	
(a)   Share-for-Share:

	  	Cancellation and Payment
		
	
(b)   Share-for-Other:

	  	Cancellation and Payment
		
	
(c)   Share-for-Combined:

	  	Cancellation and Payment
		
	Composition of Combined Consideration:	  	Not Applicable
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment
		
		  	In addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market
(or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or
quotation system, such exchange or quotation system shall be deemed to be the Exchange.
		
	Determining Party:	  	For all applicable Extraordinary Events, Dealer; provided that all calculations, adjustments, specifications, choices and determinations by the Determining Party shall be made in good faith and in a commercially reasonable
manner. The parties agree that they will work reasonably to resolve any disputes.
		
	Additional Disruption Events:	  	
		
	Change in Law:	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “or public
announcement of the formal or informal interpretation” and (ii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade
Date”. For the avoidance of doubt, “a materially increased cost in performing its obligations under such Transaction” includes any materially increased cost to acquire, establish, re-establish,
substitute, maintain, unwind or dispose of any Hedge Positions.

  
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	Increased Cost of Stock Borrow:	  	Applicable; provided that Section 12.9(b)(v) of the Equity Definitions is hereby amended by (A) adding the word “or” immediately before subsection “(B)” and deleting the comma at the end of
subsection (A); and (B)(1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately preceding subsection (C), (3) replacing in the penultimate sentence the words “either party” with “the
Hedging Party” and (4) deleting clause (X) in the final sentence.
		
	Initial Stock Loan Rate:	  	45 basis points per annum
		
	Hedging Party:	  	Dealer or any affiliate of Dealer involved in hedging a Transaction.
		
	Insolvency Filing:	  	Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions, upon any Insolvency Filing or other proceeding under the U.S. Bankruptcy Code in respect of the Issuer, each Transaction shall
automatically terminate on the date thereof without further liability of either party to this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, to the other party (except for any liability in respect of any
breach of representation or covenant by a party under this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, prior to the date of such Insolvency Filing or other proceeding), it being understood that each
Transaction is a contract for the issuance of Shares by the Issuer.
		
	Determining Party:	  	For all applicable Additional Disruption Events, Dealer; provided that all calculations, adjustments, specifications, choices and determinations by the Determining Party shall be made in good faith and in a commercially
reasonable manner. The parties agree that they will work reasonably to resolve any disputes.
		
	Acknowledgments:	  	
		
	Non-Reliance:	  	Applicable
		
	Agreements and Acknowledgments Regarding Hedging Activities:	  	Applicable

  
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	Additional Acknowledgments:	  	Applicable
		
	Transfer:	  	Notwithstanding anything to the contrary herein or in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer under each Transaction, in whole or in part, to
an affiliate of Dealer, or any entity sponsored or organized by, or on behalf of or for the benefit of, Dealer without the consent of Counterparty; provided that either (A) the long-term, unsecured and unsubordinated credit rating
(“Credit Rating”) of the transferee or assignee (or any guarantor of its obligations under the transferred Transactions) is equal to or greater than the Credit Rating of Dealer, as specified by either S&P Global Ratings or
Moody’s Investors Service, Inc. (or their respective successors), at the time of such assignment, transfer or set over, or (B) such transferee’s or assignee’s obligations hereunder will be guaranteed by Dealer or Dealer’s
ultimate parent entity pursuant to the terms of a customary guarantee in a form used by such guarantor generally for similar transactions. No later than promptly following any such assignment, transfer or set over, Dealer shall notify Counterparty
as to whether the transfer, assignment or set over is pursuant to subclause (A) or subclause (B) above. In the event of any transfer or assignment of any rights, title and interest, powers, privileges and remedies of Dealer under any
Transaction, the transferee or assignee shall assume and enter into all of the transferor’s covenants and representations under Sections 3(e), 3(f), 4(a)(i) and 4(a)(iii) of the Agreement or enter into new covenants and representations that are
agreed by the other party under the Agreement, and the identity of the transferee or assignee shall be entered on the books and records maintained by each party or its respective agents.
		
	Calculation Agent:	  	Dealer. All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. The parties agree that they will work reasonably to resolve any disputes.

  
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	Account Details:	  	
		
	 (a)   Account for delivery of Shares to Dealer:
	  	To be furnished
		
	 (b)   Account for payments to Counterparty:
	  	To be furnished
		
	 (c)   Account for payments to Dealer:
	  	To be furnished

 Offices: 
 The Office of
Counterparty for each Transaction is: Inapplicable, Counterparty is not a Multibranch Party. 
 The Office of Dealer for each Transaction is:
[         ] 
 Notices: 

For purposes of this Master Confirmation: 
  

	 	(a)	 Address for notices or communications to Counterparty: 

Affiliated Managers Group, Inc. 

777 South Flagler Drive 
 West
Palm Beach, FL 33401 
 Telephone: (800) 345-1100 

Attention: Chief Financial Officer 
  

	 	(b)	 Address for notices or communications to Dealer: 

[         ] 

Attention:        [         ] 

Telephone:      [         ] 

Facsimile:       [         ] 

Email:             [         ] 

Effectiveness; Distribution Agreement; Interpretive Letter: 

Conditions to Effectiveness. Each Transaction shall be effective if and only if Shares are sold on or after the applicable Trade Date
and on or prior to the applicable Hedge Completion Date through the Distribution Agent pursuant to a “Forward Sale” under the Distribution Agreement. If the Distribution Agreement is terminated prior to any such sale of Shares thereunder,
the parties shall have no further obligations in connection with the relevant Transaction, other than in respect of breaches of representations or covenants on or prior to such date. 

Distribution Agreement Representations, Warranties and Covenants. On each Trade Date and on each date on which Dealer or its affiliates
deliver a prospectus in connection with a sale to hedge a Transaction, Counterparty repeats and reaffirms as of such date all of the representations and warranties contained in the Distribution Agreement. Counterparty hereby agrees to comply with
its covenants contained in the Distribution Agreement as if such covenants were made in favor of Dealer. 

  
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 Interpretive Letter. Counterparty agrees and acknowledges that each Transaction is
being entered into in accordance with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs & Co. (the “Interpretive Letter”) and agrees to take all actions,
and to omit to take any actions, reasonably requested by Dealer for each Transaction to comply with the Interpretive Letter. Without limiting the foregoing, Counterparty agrees that neither it nor any “affiliated purchaser” (as defined in
Regulation M (“Regulation M”) promulgated under the Exchange Act) will, directly or indirectly, bid for, purchase or attempt to induce any person to bid for or purchase, the Shares or securities that are convertible into, or
exchangeable or exercisable for, Shares during any “restricted period” as such term is defined in Regulation M. In addition, Counterparty represents that it is eligible to conduct a primary offering of Shares on Form S-3, the offering contemplated by the Distribution Agreement complies with Rule 415 under the Securities Act, and the Shares are “actively traded” as defined in Rule 101(c)(1) of
Regulation M. 
 Agreements and Acknowledgments Regarding Shares: 
  

	 	(i)	 Counterparty agrees and acknowledges that, in respect of any Shares delivered to Dealer (or its affiliates)
hereunder, such Shares shall be newly issued (unless mutually agreed otherwise by the parties) and upon such delivery, duly and validly authorized, issued and outstanding, fully paid and nonassessable, free of any lien, charge, claim or other
encumbrance and not subject to any preemptive or similar rights and shall, upon such issuance, be accepted for listing or quotation on the Exchange. 

  

	 	(ii)	 Counterparty agrees and acknowledges that Dealer (or its affiliates) will hedge its exposure to each
Transaction by selling Shares borrowed from third-party securities lenders or other Shares pursuant to a registration statement, and that, pursuant to the terms of the Interpretive Letter, the Shares (up to the Initial Number of Shares) delivered,
pledged or loaned by Counterparty to Dealer (or its affiliates) in connection with each Transaction may be used by Dealer (or its affiliates) to return to securities lenders without further registration under the Securities Act. Accordingly,
Counterparty agrees that the Shares that it delivers, pledges or loans to Dealer (or its affiliates) on or prior to the final Settlement Date will not bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof
shall be effected through the facilities of, the Clearance System. 

  

	 	(iii)	 Counterparty has reserved and will keep available at all times, free from preemptive or similar rights and free
from any lien, charge, claim or other encumbrance, authorized but unissued Shares at least equal to the Number of Shares for all Transactions, solely for the purpose of settlement under the Transactions. 

  
 15 

	 	(iv)	 Unless the provisions set forth below under “Private Placement and Registration Procedures” are
applicable, Dealer agrees to use or cause its affiliates to use any Shares delivered by Counterparty hereunder on any Settlement Date to return to securities lenders to close out open securities loans with respect to the Shares.

  

	 	(v)	 In connection with bids and purchases of Shares in connection with any Cash Settlement or Net Stock Settlement
of a Transaction, Dealer shall use its good faith efforts to comply, or cause compliance, with the provisions of Rule 10b-18 under the Exchange Act, taking into account any purchases under other Forward
Contracts (as defined herein), as if such provisions were applicable to such purchases. “Forward Contract” shall mean any Transaction relating to Shares sold through the Distribution Agent pursuant to a “Forward Sale”
under the Distribution Agreement and any similar transaction relating to Shares sold by an affiliate of Dealer pursuant to an underwriting agreement (or equivalent agreement). 

Securities Laws Representations and Agreements: 
  

	 	(i)	 Counterparty represents to Dealer on each Trade Date and on any date that Counterparty notifies Dealer that
Cash Settlement, Net Stock Settlement or Alternative Settlement under “Accounting Standards Codification 815-40; Alternative Settlement” below applies to a Transaction, that (a) each of its
filings under the Securities Act, the Exchange Act or other applicable securities laws that are required to be filed have been filed and that, as of the respective dates thereof and as of the date of this representation, there is no misstatement of
material fact contained therein or omission of a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading and (b) it has not and
will not directly or indirectly violate any applicable law (including, without limitation, the Securities Act and the Exchange Act) in connection with a Transaction. In addition to any other requirement set forth herein, Counterparty agrees not to
designate any Settlement Date or elect Alternative Settlement under “Accounting Standards Codification 815-40; Alternative Settlement” below if settlement in respect of such date would result in a
violation of any applicable federal or state law or regulation, including the U.S. federal securities laws. 

  

	 	(ii)	 It is the intent of Dealer and Counterparty that following any election of Cash Settlement or Net Stock
Settlement by Counterparty for a Transaction, the purchase of Shares by Dealer (or its affiliates) during the related Unwind Period complies with the requirements of Rule 10b5-l(c)(l)(i)(B) of the Exchange Act
and that this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, shall be interpreted to comply with the requirements of Rule 10b5-l(c). 

  
 16 

 Counterparty acknowledges that (a) during any Unwind Period, Counterparty shall not
have, and shall not attempt to exercise, any influence over how, when or whether to effect purchases of Shares by Dealer (or its agent or affiliate) in connection with this Master Confirmation, each Instruction or Terms Agreement and the Pricing
Supplement, if any, and (b) Counterparty is entering into the Agreement and this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, in good faith and not as part of a plan or scheme to evade compliance
with federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act. 

Counterparty hereby agrees with Dealer that during any Unwind Period Counterparty shall not communicate, directly or indirectly, any Material Non-Public Information (as defined herein) to any Equity Derivatives Group Personnel (as defined below). For purposes of each Transaction, “Material Non-Public
Information” means information relating to Counterparty or the Shares that (x) has not been widely disseminated by wire service, in one or more newspapers of general circulation, by communication from Counterparty to its shareholders
or in a press release, or contained in a public filing made by Counterparty with the Securities and Exchange Commission and (y) a reasonable investor might consider to be of importance in making an investment decision to buy, sell or hold
Shares. For the avoidance of doubt and solely by way of illustration, information should be presumed “material” if it relates to such matters as dividend increases or decreases, earnings estimates, changes in previously released earnings
estimates, significant expansion or curtailment of operations, a significant increase or decline of orders, significant merger or acquisition proposals or agreements, significant new products or discoveries, extraordinary borrowing, major
litigation, liquidity problems, extraordinary management developments, purchase or sale of substantial assets, or other similar information. For purposes of each Transaction, “Equity Derivatives Group Personnel” means any employee
of Dealer or its affiliates who effects purchases or sales of Shares in connection with this Master Confirmation. 
  

	 	(iii)	 Counterparty shall, at least one day prior to the first day of any Unwind Period, notify Dealer of the total
number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4) by or for Counterparty or any of its affiliated purchasers during each of the four calendar weeks preceding the first day of the Unwind Period and during the calendar week in which the first day of the
Unwind Period occurs (“Rule 10b-18 purchase”, “blocks” and “affiliated purchaser” each being used as defined in Rule 10b-18).

  

	 	(iv)	 During any Unwind Period, Counterparty shall (a) notify Dealer prior to the opening of trading in the
Shares on any day on which Counterparty makes, or expects to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition, or similar transaction involving

  
 17 

	 	
a recapitalization relating to Counterparty (other than any such transaction in which the consideration consists solely of cash and there is no valuation period), (b) promptly notify Dealer
following any such announcement that such announcement has been made, and (c) promptly deliver to Dealer following the making of any such announcement information indicating (1) Counterparty’s average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during the three full calendar months preceding the date of the announcement of such transaction and
(2) Counterparty’s block purchases (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar
months preceding the date of the announcement of such transaction. In addition, Counterparty shall promptly notify Dealer of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders.

  

	 	(v)	 Neither Counterparty nor any of its affiliates shall take or refrain from taking any action (including, without
limitation, any direct purchases by Counterparty or any of its affiliates, or any purchases by a party to a derivative transaction with Counterparty or any of its affiliates), either under this Master Confirmation, each Instruction or Terms
Agreement and the Pricing Supplement, if any, under an agreement with another party or otherwise, that might cause any purchases of Shares by Dealer or any of its affiliates in connection with any Cash Settlement or Net Stock Settlement of a
Transaction not to meet the requirements of the safe harbor provided by Rule 10b-18 determined as if all such foregoing purchases were made by Counterparty. Without limiting the foregoing, Counterparty may not
elect Cash Settlement or Net Stock Settlement during a Rule 10b-18 Unavailability Period. 

  

	 	(vi)	 Counterparty will not engage in any “distribution” (as defined in Regulation M) that would cause a
“restricted period” (as defined in Regulation M) to occur during any Unwind Period. 

 Miscellaneous: 

Acceleration Events. 
  

	 	(i)	 Stock Borrow Event. If in Dealer’s reasonable judgment, (a) Dealer (or its affiliate) is not
able to hedge Dealer’s exposure under a Transaction because insufficient Shares are made available for borrowing by securities lenders or (b) Dealer (or its affiliate) would incur a cost to borrow (or to maintain a borrow of) sufficient
Shares to hedge Dealer’s exposure under a Transaction that is equal to or greater than 300 basis points per annum per any Share (each of (a) and (b), a “Stock Borrow Event”), then Dealer shall be entitled to designate any
Scheduled Trading Day prior to the date the applicable Number of Shares is first reduced to zero to be a Settlement Date for such Transaction, by providing Counterparty at least two Scheduled Trading Days’ notice prior to the relevant
Settlement Date, and to designate the number of Settlement Shares for the relevant Settlement Date, which shall not exceed the number of Shares as to which the relevant Stock Borrow Event relates. 

  
 18 

	 	(ii)	 Dividends. If on any day after a Trade Date, Counterparty declares a distribution, issue or dividend to
existing holders of the Shares of (a) any cash dividends: (x) with an ex-dividend date occurring prior to the ex-dividend date for such calendar quarter
provided for in the applicable Instruction for such Transaction, or (y) the amount or value of which per Share (as determined by the Calculation Agent), when aggregated with the amount or value (as determined by the Calculation Agent) of any
and all previous dividends with ex-dividend dates occurring in the same calendar quarter, exceeds the amount for such quarter provided in the latest Instruction for such Transaction or (b) share capital
or other securities of another issuer acquired or owned (directly or indirectly) by Counterparty as a result of a spin-off or similar transaction or (c) any other type of securities (other than Shares),
rights or warrants or other assets, in any case for payment (cash or other consideration) at less than the prevailing market price, as determined by Dealer, then for each affected Transaction Dealer shall be entitled to designate any Scheduled
Trading Day prior to the date the applicable Number of Shares is first reduced to zero to be a Settlement Date for such Transaction, by providing Counterparty at least three Scheduled Trading Days’ notice prior to the relevant Settlement Date,
and to designate the number of Settlement Shares for the relevant Settlement Date. For the avoidance of doubt, any amount calculated pursuant to this Acceleration Event shall not be adjusted by the value associated with such distribution, issue or
dividend. Counterparty agrees that it will publicly announce any such distribution, issue or dividend at least five Scheduled Trading Days before the record date therefor. 

 

	 	(iii)	 Stock Price Event. If at any time after a Trade Date the traded price per Share on the Exchange is less
than or equal to 35% of the applicable Initial Forward Price, then for each affected Transaction Dealer shall be entitled at any time thereafter to designate one or more Scheduled Trading Days prior to the date the applicable Number of Shares is
first reduced to zero to be a Settlement Date for such Transaction, by providing Counterparty at least ten Scheduled Trading Days’ notice prior to the relevant Settlement Date, and to designate the number of Settlement Shares for the relevant
Settlement Date. 

  

	 	(iv)	 Announcement of Merger Event. If on any day after a Trade Date, Counterparty announces any event that,
if consummated, would constitute a Merger Event, then Counterparty shall notify Dealer of such occurrence within one Scheduled Trading Day after such occurrence and for each affected Transaction Dealer shall be entitled to designate any Scheduled
Trading Day prior to the date the applicable Number of Shares is first reduced to zero to be a Settlement Date for such Transaction, by providing Counterparty at least one Scheduled Trading Day’s notice prior to the relevant Settlement Date,
and to designate the number of Settlement Shares for the relevant Settlement Date. 

  
 19 

	 	(v)	 ISDA Termination. In lieu of (a) designating an Early Termination Date as the result of an Event of
Default or Termination Event, (b) terminating a Transaction and determining a Cancellation Amount as the result of an Additional Disruption Event, or (c) terminating a Transaction and determining an amount payable in connection with an
Extraordinary Event to which Cancellation and Payment would otherwise be applicable, Dealer shall be entitled to designate for each affected Transaction any Scheduled Trading Day prior to the date the applicable Number of Shares is first reduced to
zero to be a Settlement Date for such Transaction with respect to the applicable Number of Shares as the Settlement Shares. 

  

	 	(vi)	 Termination Settlement. Notwithstanding anything to the contrary herein, in the Agreement or in the
Equity Definitions, if a Settlement Date is designated by Dealer as the result of one of the foregoing sub-paragraphs (i) through (v), Physical Settlement shall apply to the relevant Settlement Shares.

 Private Placement and Registration Procedures. If Counterparty notifies Dealer that it is unable to comply with
the provisions of sub-paragraph (ii) of “Agreements and Acknowledgments Regarding Shares” above because of a change in law or a change in the policy of the Securities and Exchange Commission or
its staff, or Dealer notifies Counterparty that in its reasonable opinion any Shares to be delivered to Dealer (or its affiliate) by Counterparty may not be freely returned by Dealer (or its affiliate) to securities lenders as described under such sub-paragraph (ii), or otherwise constitute “restricted securities” as defined in Rule 144 under the Securities Act (the date such notification is effective being the “Determination
Date”), then Counterparty may elect to effect the delivery of any such Shares (the “Restricted Shares”) pursuant to either clause (i) or (ii) below, unless waived by Dealer, on the later of (A)(1) if Private Placement
Settlement is applicable, the tenth Scheduled Trading Day following the Determination Date or (2) if Registration Settlement is applicable, the thirtieth calendar day following the Determination Date (or if such day is not a Clearance System
Business Day, the next Clearance System Business Day), (B) the date such delivery would otherwise be due pursuant to the terms of this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, and (C) the
Clearance System Business Day following notice by Dealer to Counterparty of the number of Shares to be delivered pursuant to these “Private Placement and Registration Procedures”; provided that if Counterparty does not so elect
within three Scheduled Trading Days of the Determination Date, Counterparty shall be deemed to have elected clause (i) below. 
  

	 	(i)	 If Counterparty is obligated to settle any Transaction with Restricted Shares (a “Private Placement
Settlement”), then delivery of Restricted Shares by Counterparty shall be effected in customary private placement procedures with respect to such Restricted Shares reasonably acceptable to Dealer; provided that Counterparty may not
elect a Private Placement Settlement if, on the date of its election, it has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(a)(2) of the Securities Act for the sale by
Counterparty to Dealer (or any affiliate designated by 

  
 20 

	 	
Dealer) of the Restricted Shares or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales of the Restricted Shares by Dealer (or any such
affiliate of Dealer). The Private Placement Settlement of such Restricted Shares shall include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer and its affiliates, due
diligence rights (for Dealer, any affiliate designated by Dealer or any buyer of the Restricted Shares designated by Dealer or its affiliate), opinions and certificates, and such other documentation as is customary for private placement agreements,
all reasonably acceptable to Dealer. In the case of a Private Placement Settlement, Dealer shall, in its good faith discretion, adjust the amount of Restricted Shares to be delivered to Dealer (or its affiliate) hereunder in a commercially
reasonable manner to reflect the fact that (A) such Restricted Shares may not be freely returned to securities lenders by Dealer (or its affiliate) and may only be saleable by Dealer (or its affiliates) at a discount to reflect the lack of
liquidity in Restricted Shares and (B) Dealer (or its affiliate) will incur carrying costs and other costs in connection with the unwind of Dealer’s hedge as it relates to such Private Placement Settlement; provided that for any
Transaction in no event will Counterparty be required to deliver to Dealer (or its affiliate) a number of Restricted Shares in excess of (i) the applicable Initial Number of Shares multiplied by two, minus (ii) the aggregate
number of Shares delivered by Counterparty to Dealer (or its affiliate) under such Transaction prior to the date of such delivery (the “Maximum Delivery Amount”). If Dealer adjusts the amount of Restricted Shares, it shall provide
Counterparty with a statement indicating in reasonable detail how such share adjustment was determined. 

 If Counterparty
delivers any Restricted Shares in respect of a Transaction, Counterparty agrees that (A) such Shares may be transferred by and among Dealer and its affiliates and (B) after the “holding period” specified in Rule 144(d) under
the Securities Act has elapsed, Counterparty shall promptly remove, or cause the transfer agent for the Shares to remove, any legends referring to any transfer restrictions from such Shares upon delivery by Dealer (or such affiliate of Dealer) to
Counterparty or such transfer agent of any seller’s and broker’s representation letters customarily delivered by Dealer or its affiliates in connection with resales of restricted securities pursuant to Rule 144 under the Securities
Act, each without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by Dealer (or such
affiliate of Dealer). 
  

	 	(ii)	 If Counterparty elects to settle a Transaction pursuant to this clause (ii) (a “Registration
Settlement”), then Counterparty shall promptly (but in any event no later than the Scheduled Trading Day immediately prior to the date delivery of the Shares is due pursuant to the terms of these “Private Placement and Registration
Procedures”) file and use its reasonable efforts to make effective under the Securities Act a registration statement or supplement or amend an outstanding registration statement in form and substance reasonably

  
 21 

	 	
satisfactory to Dealer, to cover the resale of Restricted Shares (the “Registered Shares”) in accordance with customary resale registration procedures, including covenants,
conditions, representations, underwriting discounts, commissions, indemnities, due diligence rights, opinions and certificates, and such other documentation as is customary for equity resale underwriting agreements, all reasonably acceptable to
Dealer. If Dealer, in its reasonable discretion, is not satisfied with such procedures and documentation or if a Settlement Date is designated by Dealer pursuant to the “Acceleration Events” provisions above, Private Placement Settlement
shall apply and Counterparty shall effect delivery of Restricted Shares by the tenth Scheduled Trading Day following notification from Dealer. In the case of a Registration Settlement, Dealer shall, in its good faith discretion, adjust the amount of
Registered Shares to be delivered to Dealer (or its affiliate) under the relevant Transaction in a commercially reasonable manner to reflect the fact that Dealer (or its affiliate) will incur carrying costs and other costs in connection with the
unwind of Dealer’s hedge as it relates to such Registered Settlement; provided that for any Transaction in no event will Counterparty be required to deliver to Dealer (or its affiliate) a number of Registered Shares in excess of the
Maximum Delivery Amount for such Transaction. If Dealer adjusts the amount of Registered Shares, it shall provide Counterparty with a statement indicating in reasonable detail how such share adjustment was determined. 

Indemnity. Counterparty agrees to indemnify Dealer and its affiliates and their respective directors, officers, employees, agents and
controlling persons (Dealer and each such affiliate or person being an “Indemnified Party”) from and against any and all losses, claims, damages and liabilities, joint and several, incurred by or asserted against such Indemnified
Party arising out of, in connection with, or relating to, the execution or delivery of this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, the performance by the parties hereto of their respective
obligations under any Transaction, any breach of any covenant or representation made by Counterparty in this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, or the Agreement or the consummation of the
transactions contemplated hereby and will reimburse any Indemnified Party for all reasonable expenses (including reasonable legal fees and expenses) as they are incurred in connection with the investigation of, preparation for, or defense of any
pending or threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto, except to the extent resulting from Dealer’s gross negligence or willful misconduct. 

Waiver of Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY TRANSACTION OR THE ACTIONS OF DEALER OR ITS
AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

  
 22 

 Governing Law/Jurisdiction. This Master Confirmation, each Instruction or Terms
Agreement and the Pricing Supplement, if any, shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of
the State of New York and the United States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these
courts. 
 Designation by Dealer. Notwithstanding any other provision in this Master Confirmation, each Instruction or Terms Agreement
and the Pricing Supplement, if any, to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or
deliver such Shares or other securities and otherwise to perform Dealer obligations in respect of any Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty only to the extent of
any such performance. 
 Accounting Standards Codification 815-40; Alternative Settlement. The
parties hereby agree that all documentation with respect to a Transaction is intended to qualify such Transaction as an equity instrument for purposes of Accounting Standards Codification 815-40. If, subject
to “Netting and Set-off” below, Counterparty owes Dealer any amount in connection with a Transaction pursuant to Section 12.7 or 12.9 of the Equity Definitions (except in the case of an
Extraordinary Event in which the consideration or proceeds to be paid to holders of Shares as a result of such event consists solely of cash) or pursuant to Section 6(d)(ii) of the Agreement (except in the case of an Event of Default in which
Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, other than (x) an Event of Default of the type described in Section 5(a)(iii), (v), (vi) or (vii) of the Agreement or (y) a
Termination Event of the type described in Section 5(b)(i), (ii), (iii), (iv), or (v) of the Agreement that in the case of either (x) or (y) resulted from an event or events outside Counterparty’s control) (a “Payment
Obligation”), Counterparty shall have the right, in its sole discretion, to satisfy any such Payment Obligation by delivery of Termination Delivery Units (as defined below) by giving irrevocable telephonic notice to Dealer, confirmed in
writing within one Scheduled Trading Day, between the hours of 9:00 a.m. and 4:00 p.m. New York time on the Closing Date, Early Termination Date or other date of termination or cancellation, as applicable (“Notice of Termination
Delivery”). Upon Notice of Termination Delivery, Counterparty shall deliver to Dealer a number of Termination Delivery Units having a cash value equal to the amount of such Payment Obligation (such number of Termination Delivery Units to be
delivered to be determined by the Calculation Agent acting in a commercially reasonable manner, taking into account whether the Termination Delivery Units so delivered are freely tradable). Settlement relating to any delivery of Termination Delivery
Units pursuant to this provision shall occur within two Scheduled Trading Days. “Termination Delivery Unit” means (A) in the case of a Termination Event, an Event of Default or an Extraordinary Event (other than an Insolvency,
Nationalization, Merger Event or Tender Offer), one Share or (B) in the case of an Insolvency, Nationalization, Merger Event or Tender Offer, a unit consisting of the number or 

  
 23 

 
amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in
such Insolvency, Nationalization, Merger Event or Tender Offer; provided that if such Insolvency, Nationalization, Merger Event or Tender Offer involves a choice of consideration to be received by holders, such holder shall be deemed to have
elected to receive the maximum possible amount of cash. 
 Disclosure. Effective from the date of commencement of discussions
concerning a Transaction, each of Dealer and Counterparty and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of such Transaction and
all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure. 
 Right to
Extend. Dealer may postpone any Settlement Date or any other date of valuation or delivery, with respect to some or all of the relevant Settlement Shares, if Dealer determines, in its discretion, that such extension is reasonably necessary or
appropriate to enable Dealer (or its affiliate) to effect purchases of Shares in connection with Dealer’s hedging activity hereunder or under any other Forward Contract in a manner that would, if Dealer (or its affiliate) were Counterparty or
an affiliated purchaser of Counterparty, be in compliance with applicable legal and regulatory requirements, as determined by Dealer based upon the advice of outside counsel of national standing. 

Counterparty Share Repurchases. Counterparty agrees not to repurchase any Shares if, immediately following such purchase, the Number of
Shares for all Transactions under this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, and all other Forward Contracts would be equal to or greater than 8.0% of the number of then-outstanding Shares or
such lower number of Shares as Dealer notifies Counterparty would, in the reasonable judgment of outside counsel of national standing for Dealer, present legal or regulatory issues for Dealer or its affiliates. 

Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, neither Dealer nor its affiliates shall be entitled to
receive Shares hereunder (whether in connection with the purchase of Shares on any Settlement Date or otherwise) to the extent (but only to the extent) that such receipt would result in Dealer and its affiliates or any “group” of which
Dealer (or its affiliates) is a part (i) directly or indirectly beneficially owning (as such term is defined for purposes of Section 13(d) of the Exchange Act or, if it would result in a higher percentage of beneficial ownership, the
equivalent calculation for purposes of determining a ten percent beneficial owner under Section 16 of the Exchange Act) at any time in excess of 4.9% of the outstanding Shares or (ii) having direct or indirect ownership or control (for
purposes of the Bank Holding Company Act of 1956, as amended) at any time in excess of 4.9% of the outstanding Shares. Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that such delivery would
result in Dealer and its affiliates or such a group directly or indirectly so beneficially owning or so owning or 

  
 24 

 
controlling in excess of 4.9% of the outstanding Shares. If any delivery owed to Dealer (or its affiliates) hereunder is not made, in whole or in part, as a result of this provision,
Counterparty’s obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Dealer gives notice to
Counterparty that such delivery would not result in Dealer and its affiliates or such a group directly or indirectly so beneficially owning or so owning or controlling in excess of 4.9% of the outstanding Shares. 

Commodity Exchange Act. Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant” as
defined in the U.S. Commodity Exchange Act, as amended (the “CEA”), and the Agreement and each Transaction are subject to individual negotiation by the parties and have not been executed or traded on a “trading facility”
as defined in the CEA. 
 Securities Act. Each of Dealer and Counterparty agrees and represents that it is a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act, or an “accredited investor” as defined under the Securities Act. 

ERISA. Each of Dealer and Counterparty agrees and represents that the assets used in each Transaction (a) are not assets of any
“plan” (as such term is defined in Section 4975 of the Code) subject to Section 4975 of the Code or any “employee benefit plan” (as such term is defined in Section 3(3) of the U.S. Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) subject to Title I of ERISA, and (b) do not constitute “plan assets” (as such term is defined in Section 3(42) of ERISA). 

Bankruptcy Status. Dealer acknowledges and agrees that this Master Confirmation, each Instruction or Terms Agreement and the Pricing
Supplement, if any, is not intended to convey to Dealer rights with respect to the transactions contemplated hereby that are senior to the claims of Counterparty’s common stockholders in any U.S. bankruptcy proceedings of Counterparty;
provided that nothing herein shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to this Master Confirmation, each Instruction or Terms
Agreement and the Pricing Supplement, if any, and the Agreement; and provided, further, that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transaction other than the Transactions. 

No Collateral. The parties acknowledge that none of the Transactions are secured by any collateral that would otherwise secure the
obligations of Counterparty herein under or pursuant to the Agreement. Without limiting the generality of the foregoing, none of the Transactions will be considered to create obligations covered by any collateral credit support annex to the
Agreement and will be disregarded for the purposes of calculating any exposures pursuant to any such annex. 

  
 25 

 Netting and Set-off. Dealer agrees not to set-off or net amounts due from Counterparty with respect to any Transaction against amounts due from Dealer to Counterparty under obligations other than Equity Contracts. Section 2(c) of the Agreement as it
applies to payments due with respect to any Transaction shall remain in effect and is not subject to the first sentence of this provision. The parties agree that Section 6(f) of the Agreement is amended and restated to read as follows: 

“(f) Upon the occurrence of an Event of Default or Termination Event with respect to Counterparty as the Defaulting Party or the Affected
Party (“X”), Dealer (“Y”) will have the right (but not be obliged) without prior notice to X or any other person to set-off or apply any obligation of X under an Equity Contract owed to Y
(or any Affiliate of Y) (whether or not matured or contingent and whether or not arising under this Agreement, and regardless of the currency, place of payment or booking office of the obligation) against any obligation of Y (or any Affiliate of Y)
under an Equity Contract owed to X (whether or not matured or contingent and whether or not arising under this Agreement, and regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of
any set-off effected under this Section 6(f). 
 “Equity Contract” shall mean, for
purposes of this Section 6(f), any Transaction relating to Shares sold through the Distribution Agent pursuant to a “Forward Sale” under the Distribution Agreement. 

If any obligation is unascertained, Y may in good faith estimate that obligation and set-off in respect
of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 
 Nothing in this
Section 6(f) shall be effective to create a charge or other security interest. This Section 6(f) shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or
other right to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise).” 
 Wall
Street Transparency and Accountability Act of 2010. The parties hereby agree that none of (a) Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), (b) any similar legal certainty
provision in any legislation enacted, or rule or regulation promulgated, on or after any Trade Date, (c) the enactment of WSTAA or any regulation under the WSTAA, (d) any requirement under WSTAA nor (e) an amendment made by WSTAA,
shall limit or otherwise impair either party’s rights to terminate, renegotiate, modify, amend or supplement this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, or the Agreement, as applicable,
arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Master Confirmation, each Instruction or Terms Agreement and the Pricing Supplement, if any, the Equity Definitions
incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Increased Cost of Stock Borrow or Illegality (as defined in the Agreement)). 

  
 26 

 Tax Representations. 

 

	 	(i)	 For the purpose of Section 3(e) of the Agreement, each party makes the following representation:

  

	 	    	 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the Agreement or any other payments of interest or penalty charges for late
payment) to be made by it to the other party under the Agreement. 

 In making this representation, a party may rely on:

 (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of the Agreement, 

(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement, and the accuracy and
effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement, and 

(iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement; 

provided that it shall not be a breach of this representation where reliance is placed on clause (ii) above and the other party
does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 
  

	 	(ii)	 For the purpose of Section 3(f) of the Agreement: 

 

	 	(A)	 Dealer makes the following representation(s): 

[                ] 

 

	 	(B)	 Counterparty represents that it is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for United States federal income tax purposes and an exempt recipient under section 1.6049-4(c)(1)(ii) of the
United States Treasury Regulations. 

 Withholding Tax Imposed on Payments to
Non-US Counterparties under the United States Foreign Account Tax Compliance Act. “Tax” as used in the preceding paragraph (i) of this Section (Tax Representations) and “Indemnifiable
Tax” as defined in Section 14 of the Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”), any current or future regulations or official interpretations thereof, or any agreement entered into pursuant 

  
 27 

 
to Section 1471(b) of the Code (“FATCA”), or any fiscal or regulatory legislation or rules adopted pursuant to any intergovernmental agreement entered into in connection
with the implementation of FATCA (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law. 

Incorporation of ISDA 2015 Section 871(m) Protocol. To the extent that either party to the Agreement is not an
adhering party to the ISDA 2015 Section 871(m) Protocol published by the International Swaps and Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org, as may be amended, supplemented, replaced or
superseded from time to time (the “871(m) Protocol”), Dealer and Counterparty hereby agree that the provisions and amendments set out in the 871(m) Protocol shall apply to the Agreement and this Master Confirmation. The parties
further agree that for the purpose of the 871(m) Protocol, (i) solely for purposes of applying such provisions and amendments to this Master Confirmation, the Agreement shall be deemed to be a Covered Master Agreement and (ii) the
Implementation Date shall be deemed to be the date of this Master Confirmation. 
 Document Delivery. 

For the purpose of Sections 4(a)(i) and 4(a)(ii) of the Agreement: 
  

	 	(i)	 Dealer agrees to complete, accurately and in a manner reasonably satisfactory to Counterparty, to execute and
to deliver to Counterparty a valid and duly executed U.S. Internal Revenue Service Form W-9 or W-8ECI, as applicable (or any successor form) and any required attachments
thereto (i) upon execution of this Master Confirmation and thereafter prior to the date on which such form becomes invalid, (ii) promptly upon reasonable demand by Counterparty and (iii) promptly upon learning that any Form W-9 or W-8ECI, as applicable (or any successor thereto) previously provided by Dealer has become obsolete, invalid or incorrect. 

 

	 	(ii)	 Counterparty agrees to complete, accurately and in a manner reasonably satisfactory to Dealer, to execute and
to deliver to Dealer a valid and duly executed U.S. Internal Revenue Service Form W-9 (or any successor form) and any required attachments thereto (i) upon execution of this Master Confirmation and
thereafter prior to the date on which such form becomes invalid, (ii) promptly upon reasonable demand by Dealer and (iii) promptly upon learning that any Form W-9 (or any successor thereto)
previously provided by Counterparty has become obsolete, invalid or incorrect. 

  

	 	(iii)	 Counterparty and Dealer agree to deliver any other form or document, accurately completed and in a manner
reasonably satisfactory to the other party, that may be required or reasonably requested in order to allow the other party to make a payment under this Master Confirmation, without any deduction or withholding for or on account of any Tax or with
such deduction at a reduced rate promptly upon the reasonable demand of such other party. 

  
 28 

 Change of Account. [Section 2(b) of the Agreement is hereby amended by the
addition after the word “delivery” in the first line thereof of the phrase “to another account in the same legal and tax jurisdiction”.][ Section 2(b) of the Agreement is hereby amended by the addition of the following after
the word “change” in the fourth line thereof: “; provided that if any new account of one party is not in the same tax jurisdiction as the original account, the other party shall not be obliged to pay, for tax reasons, any greater
amount and shall not be obliged to accept any lesser amount as a result of such change than would have been the case if such change had not taken place.”] 

Tax Documents. Section 4(a)(iii) of the Agreement is hereby amended by adding prior to the existing text: “upon the earlier of
learning that such form or documents is required or”. 
 Investment Risk. Counterparty (i) is capable of evaluating
investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer or
its associated persons, unless it has otherwise notified the broker-dealer in writing, and (iii) has total assets of at least USD50 million as of the date hereof. 

U.S. Stay Regulations. To the extent that the QFC Stay Rules are applicable hereto, then the parties agree that (i) to the extent
that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form a part of this Confirmation, and for such purposes
this Confirmation shall be deemed a Protocol Covered Agreement and each party shall be deemed to have the same status as “Regulated Entity” and/or “Adhering Party” as applicable to it under the Protocol; (ii) to the extent
that prior to the date hereof the parties have executed a separate agreement the effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules (the “Bilateral
Agreement”), the terms of the Bilateral Agreement are incorporated into and form a part of this Confirmation and each party shall be deemed to have the status of “Covered Entity” or “Counterparty Entity” (or other
similar term) as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related defined terms (together, the “Bilateral
Terms”) of the form of bilateral template entitled [“Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2, 2018 (currently available
on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available upon request),] the effect of which is to amend the qualified financial contracts between the parties thereto to conform with the requirements of
the QFC Stay Rules, are hereby incorporated into and form a part of this Master Confirmation, and for such purposes this Master Confirmation shall be deemed a “Covered Agreement,” Dealer shall be deemed a “Covered Entity” and
Counterparty shall be deemed a “Counterparty Entity.” In the event that, after the date of this Master Confirmation, both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this
paragraph. In the event of any inconsistencies between this Master Confirmation and 

  
 29 

 
the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this
paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to “this Master Confirmation” include any related credit enhancements entered into between the
parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Dealer replaced by references to the
covered affiliate support provider. 
 “QFC Stay Rules” mean the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12
C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and
Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit Enhancements. 

  
 30 

 Please confirm your agreement to be bound by the terms stated herein by executing the copy of this Master
Confirmation enclosed for that purpose and returning it to Dealer. 
  

			
	Very truly yours,
	
	[            ]
		
	By:	 	  

		 	 Name:
 Title:

 Counterparty hereby agrees to, accepts and confirms the terms of the foregoing as of the date first written above. 

 

			
	AFFILIATED MANAGERS GROUP, INC.
		
	By:	 	  

		 	 Name: 
 Title: 

 Signature page to Registered Forward Transaction (ATM) Master Confirmation 

 ANNEX A 

FORM OF PRICING SUPPLEMENT 
  

			
	DATE:	  	[                ], 2019
		
	TO:	  	 Affiliated Managers Group, Inc.
 777 South
Flagler Drive
 West Palm Beach, FL 33401

		
	ATTENTION:	  	Chief Financial Officer
		
	FROM:	  	 [                ]

[                ]

[                ]

	TELEPHONE:	  	[                ]
	FACSIMILE:	  	[                ]
		
	SUBJECT:	  	Registered Forward Transactions
		
	 REFERENCE NUMBER(S):
	  	[                ]

 Ladies and Gentlemen: 
 The
purpose of this Pricing Supplement is to notify you of certain terms of the above-referenced Transaction entered into between [                ]
(“Dealer”) and Affiliated Managers Group, Inc. (“Counterparty”) on the Trade Date specified below. 
 This Pricing
Supplement supplements, forms part of, and is subject to (i) the Instruction between Dealer and Counterparty with the same Trade Date and Reference Number as set forth herein (the “Instruction”) and (ii) the Master
Confirmation, dated March 27, 2019, between Dealer and Counterparty (as amended, modified or supplemented from time to time, the “Master Confirmation”). All provisions contained in the Agreement (as modified and as defined in the
Master Confirmation or the Instruction) shall govern this Pricing Supplement, except as expressly modified below, and capitalized terms used but not defined herein shall have the meanings specified in the Master Confirmation. 

The particular Transaction to which this Pricing Supplement relates shall have the following terms: 

 

	(a)	 the Trade Date is
[                ]; 

  

	(b)	 the Hedge Completion Date is
[                ]; 

  

	(c)	 the Number of Shares shall be
[                ], subject to further adjustment in accordance with the terms of the Master Confirmation; 

 

	(d)	 the Initial Forward Price shall be USD
[                ]; and 

  

	(e)	 the Final Date is
[                ]. 

 
			
	Very truly yours,
	
	[                ]
		
	By:	 	 
		 	Name:
		 	Title:

 Confirmed as of the date first above written: 
  

			
	AFFILIATED MANAGERS GROUP, INC.
		
	By:	 	 
		 	Name: 
		 	Title:Exhibit 10.2

 

 

STR Holdings, Inc.

2009 Equity Incentive Plan

(Amended and Restated dated as of February 20, 2018)

 

Article 1.              
Establishment & Purpose

 

1.1  Establishment.  STR Holdings, Inc., a
Delaware corporation (hereinafter referred to as the “Company”), establishes the 2009 Equity Incentive Plan
(hereinafter referred to as the “Plan”) as set forth in this document.

 

1.2  Purpose of the Plan.  The purpose of this Plan
is to attract, retain and motivate officers and employees of, consultants to, and non-employee directors providing services to
the Company and its Subsidiaries and Affiliates, and to promote the success of the Company’s business by providing them with
appropriate incentives and rewards either through a proprietary interest in the long-term success of the Company or compensation
based on fulfilling their performance goals.

 

Article 2.              
Definitions

 

Whenever capitalized in the Plan, the following terms shall have the
meanings set forth below.

 

2.1          “Affiliate”
means any entity that the Company, either directly or indirectly, is in common control with, is controlled by or controls or any
entity in which the Company has a substantial direct or indirect equity interest, as determined by the Board.

 

2.2          “Award”
means any Option, Stock Appreciation Right, Restricted Stock, Dividend Equivalent or Other Stock-Based Award that is granted under
the Plan.

 

2.3          “Award
Agreement” means either (a) a written agreement entered into by the Company and a Participant setting forth
the terms and provisions applicable to an Award granted under this Plan, or (b) a written statement issued by the Company
to a Participant describing the terms and provisions of the actual grant of such Award.

 

2.4          “Beneficial
Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3
of the General Rules and Regulations under the Exchange Act.

 

2.5          “Board”
means the Board of Directors of the Company.

 

2.6          “Change
of Control” means the occurrence of any of the following events with respect to the Company, (i) any consolidation
or merger with or into any other corporation, partnership, limited liability company or other entity in which the holders of capital
stock of the Company immediately prior to such merger or consolidation no longer beneficially own, directly or indirectly, a majority
of the outstanding capital stock or equity interest of the surviving corporation, partnership, limited liability company or other
entity immediately after such merger or consolidation, (ii) the sale or transfer of the capital stock of the Company in which
the holders of capital stock of the Company immediately prior to such sale or transfer no longer beneficially own, directly or
indirectly, a majority of the outstanding capital stock or equity interest of the Company immediately after such sale or transfer,
(iii) a sale or transfer of all or substantially all of the assets of the Company, or (iv) the license of all or substantially
all of the assets of the Company where such license is substantially equivalent to a sale or transfer of all or substantially all
of the assets of the Company.

  

2.7          “Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

2.8          “Committee”
means the Board, or any committee designated by the Board to administer this Plan.

 

2.9          “Company”
means STR Holdings, Inc., a Delaware corporation, and any successor thereto.

 

     

     

    

 

2.10        “Consultant”
means any person (other than an Employee or a Director) who is engaged by the Company, a Subsidiary or an Affiliate to render consulting
or advisory services to the Company or such Subsidiary or Affiliate.

 

2.11        “Director”
means a member of the Board who is not an Employee.

 

2.12        “Dividend
Equivalent” means any right to a dividend equivalent granted from time to time under Article 6 of the Plan.

 

2.13        “Effective
Date” means the date set forth in Section 14.14.

 

2.14        “Employee”
means an officer or other employee of the Company, its Subsidiaries or an Affiliate, including a member of the Board who is such
an employee.

 

2.15        “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

2.16        “Fair
Market Value” means, as of any date of determination (i)  if the Shares are listed on any established stock
exchange or a national market system, its fair market value shall be the closing sales price for a share of such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day prior to the time
of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; (ii)  if
the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, its fair market value shall
be the mean between the high bid and low asked prices for a Share on the last market trading day prior to the day of determination;
or (iii) in the absence of an established market for the Shares, the fair market value thereof shall be determined in good
faith by the Board through a reasonable application of a reasonable valuation method.

 

2.17        “Incentive
Stock Option” means an Option intended to meet the requirements of an incentive stock option as defined in Section 422
of the Code and designated as an Incentive Stock Option.

 

2.18        “Nonqualified
Stock Option” means an Option that is not an Incentive Stock Option.

 

2.19        “Other
Stock-Based Award” means any right granted under Article 10 of the Plan.

 

2.20        “Option”
means any stock option granted form time to time under Article 6 of the Plan.

 

2.21        “Option
Price” means the purchase price per Share subject to an Option, as determined pursuant to Section 6.2 of the
Plan.

 

2.22        “Participant”
means any eligible person as set forth in Section 4.1 to whom an Award is granted.

 

2.23        “Plan”
means the STR Holdings, Inc. Equity Incentive Plan.

 

2.24        “Restricted
Stock” means any Award granted under Article 8.

 

2.25        “Restriction
Period” means the period during which Restricted Stock awarded under Article 8 of the Plan is subject to forfeiture.

 

2.26        “Service”
means service as an Employee, Director or Consultant.

 

2.27        “Share”
means a share of common stock of the Company, par value $0.01 per share, or such other class or kind of shares or other securities
resulting from the application of Section 12.1 hereof.

 

2.28        “Stock
Appreciation Right” means any right granted under Article 7.

 

2.29        “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company (or any parent of
the Company) if each of the corporations, other than the last corporation in each unbroken chain owns stock possessing 50% or more
of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

     

     

    

 

2.30        “Ten Percent
Stockholder” means a person who on any given date owns, either directly or indirectly (taking into account the attribution
rules contained in Section 424(d) of the Code), stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or a Subsidiary or Affiliate.

 

Article 3.              
Administration

 

3.1          Authority
of the Committee.  The Plan shall be administered by the Committee, which shall have full power to interpret and administer
the Plan and full authority to select the Directors, Employees and Consultants to whom Awards will be granted and determine the
type and amount of Awards to be granted to each such Director, Employee or Consultant, the terms and conditions of Awards granted
under the Plan and the terms of Award Agreements to be entered into with Participants.  Without limiting the generality of
the foregoing, the Committee may, in its sole discretion, clarify, construe or resolve any ambiguity in, or interpret any provision
of, any provision of the Plan or any Award Agreement, accelerate or waive vesting of Awards and exercisability of Awards, extend
the term or period of exercisability of any Awards, modify the purchase price under any Award, or waive any terms or conditions
applicable to any Award; provided that no action taken by the Committee shall adversely affect in any material respect the rights
granted to any Participant under any outstanding Awards without the Participant’s written consent (other than pursuant to
Article 11 or Article 12 hereof).  Awards may, in the discretion of the Committee, be made under the Plan in assumption
of, or in substitution for, outstanding awards previously granted by the Company or its affiliates or a company acquired by the
Company or with which the Company combines.  The Committee shall have full and exclusive discretionary power to adopt rules,
forms, instruments, and guidelines for administering the Plan as the Committee deems necessary or proper.  All actions taken
and all interpretations and determinations made by the Committee or by the Board (or any other committee or sub-committee thereof),
as applicable, shall be final and binding upon the Participants, the Company, and all other interested individuals.

 

3.2          Delegation. 
The Committee may delegate to one or more of its members, one or more officers of the Company or any of its Subsidiaries, and one
or more agents or advisors such administrative duties or powers as it may deem advisable.

 

Article 4.              
Eligibility and Participation

 

4.1          Eligibility. 
Participants will consist of such Employees, Consultants, and Directors as the Committee in its sole discretion determines and
whom the Committee may designate from time to time to receive awards under the Plan.  Designation of a Participant in any
year shall not require the Committee to designate such person to receive an award in any other year or, once designated, to receive
the same type or amount of award as granted to the Participant in any other year.

 

4.2          Types
of Award.  Awards under the Plan may be granted in any one or a combination of:  (a) Options, (b) Stock
Appreciation Rights, (c) Restricted Stock, (d) Dividend Equivalents and (e) Other Stock-Based Awards.  Awards
granted under the Plan shall be evidenced by Award Agreements (which need not be identical) that provide additional terms and conditions
associated with such Awards, as determined by the Committee in its sole discretion; provided, however, that in the
event of any conflict between the provisions of the Plan and any such Award Agreement, the provisions of the Plan shall prevail.

 

Article 5.              
Shares Subject to the Plan and Maximum Awards

 

5.1          Number
of Shares Available for Awards.

 

(a)          
General.  Subject to adjustment as provided in Section 5.1(b) and Article 12, the maximum number of
Shares available for issuance to Participants pursuant to Awards under the Plan shall be 4,133,333 Shares.  The Shares available
for issuance under the Plan may consist, in whole or in part, of authorized and unissued Shares or treasury Shares. The number
of Shares available for granting Incentive Stock Options under the Plan shall not exceed 4,133,333 Shares, subject to adjustments
provided in Article 12 hereof and subject to the provisions of Sections 422 or 424 of the Code or any successor provisions. 
Any Shares delivered to the Company as part or full payment for the purchase price of an Award granted under this Plan or, to the
extent the Committee determines that the availability of Incentive Stock Options under the Plan will not be compromised, to satisfy
the Company’s withholding obligation with respect to an Award granted under this Plan, shall again be available for Awards
under the Plan.  The maximum number of Shares that can be granted to any one Participant, in any calendar year, shall not
exceed 1,333,333 Shares.

 

     

     

    

 

(b)          
Additional Shares.  In the event that any outstanding Award expires, is forfeited, cancelled or otherwise terminated
without consideration (i.e., Shares or cash) therefor, the Shares subject to such Award, to the extent of any such forfeiture,
cancellation, expiration, termination or settlement for cash, shall again be available for Awards under the Plan. If the Committee
authorizes the assumption under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization,
of awards granted under another plan, such assumption shall not reduce the maximum number of Shares available for issuance under
this Plan.

 

Article 6.              
Stock Options

 

6.1          Grant
of Options.  The Committee is hereby authorized to grant Options to Participants.  Each Option shall permit a Participant
to purchase from the Company a stated number of Shares at an Option Price established by the Committee, subject to the terms and
conditions described in this Article 6 and to such additional terms and conditions, as established by the Committee, in its
sole discretion, that are consistent with the provisions of the Plan.  Options shall be designated as either Incentive Stock
Options or Nonqualified Stock Options, provided that Options granted to Directors and Consultants shall be Nonqualified Stock Options. 
An Option granted as an Incentive Stock Option shall, to the extent it fails to qualify as an Incentive Stock Option, be treated
as a Nonqualified Stock Option.  Neither the Committee nor the Company or any of its Affiliates shall be liable to any Participant
or to any other person if it is determined that an Option intended to be an Incentive Stock Option does not qualify as an Incentive
Stock Option.  Options shall be evidenced by Award Agreements which shall state the number of Shares covered by such Option. 
Such agreements shall conform to the requirements of the Plan, and may contain such other provisions, as the Committee shall deem
advisable.

 

6.2          Terms
of Option Grant.  The Option Price shall be determined by the Committee at the time of grant, but shall not be less than
100% of the Fair Market Value of a Share on the date of grant.  In the case of any Incentive Stock Option granted to a Ten
Percent Stockholder, the Option Price shall not be less than 110% of the Fair Market Value of a Share on the date of grant.

 

6.3          Option
Term.  The term of each Option shall be determined by the Committee at the time of grant and shall be stated in the Award
Agreement, but in no event shall such term be greater than ten years (or, in the case on an Incentive Stock Option granted to a
Ten Percent Stockholder, five years).

 

6.4          Time
of Exercise.  Options granted under this Article 6 shall be exercisable at such times and be subject to such restrictions
and conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant
or for each Participant.

 

6.5          Method
of Exercise.  Except as otherwise provided in the Plan or in an Award Agreement, an Option may be exercised for all, or
from time to time any part, of the Shares for which it is then exercisable.  For purposes of this Article 6, the exercise
date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the date payment
is received by the Company pursuant to clauses (i), (ii), (iii), (iv), or (v) in the following sentence. The aggregate Option
Price for the Shares as to which an Option is exercised shall be paid to the Company in full at the time of exercise at the election
of the Participant (i) in cash or its equivalent (e.g., by cashier’s check), (ii) to the extent permitted by the
Committee, in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying
such other requirements as may be imposed by the Committee, (iii) partly in cash and, to the extent permitted by the Committee,
partly in such Shares, (iv) by reducing the number of Shares otherwise deliverable upon the exercise of the Option by the
number of Shares having a Fair Market Value equal to the Option Price, or (v) if there is a public market for the Shares at
such time, subject to such requirements as may be imposed by the Committee, through the delivery of irrevocable instructions to
a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds
of such sale equal to the aggregate Option Price for the Shares being purchased.  The Committee may prescribe any other method
of payment that it determines to be consistent with applicable law and the purpose of the Plan.

 

     

     

    

 

6.6          Limitations
on Incentive Stock Options.  Incentive Stock Options may be granted only to employees of the Company or of a “parent
corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) at the date
of grant.  The aggregate Fair Market Value (generally determined as of the time the Option is granted) of the Shares with
respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all
plans of the Company and of any parent corporation or subsidiary corporation) shall not exceed one hundred thousand dollars ($100,000). 
For purposes of the preceding sentence, Incentive Stock Options will be taken into account generally in the order in which they
are granted.  No Incentive Stock Option may be exercised later than ten (10) years after the date it is granted. 
Each provision of the Plan and each Award Agreement relating to an Incentive Stock Option shall be construed so that each Incentive
Stock Option shall be an incentive stock option as defined in Section 422 of the Code, and any provisions of the Award Agreement
thereof that cannot be so construed shall be disregarded.

 

Article 7.              
Stock Appreciation Rights

 

7.1          Grant
of Stock Appreciation Rights.  The Committee is hereby authorized to grant Stock Appreciation Rights to Participants,
including a grant of Stock Appreciation Rights in tandem with any Option at the same time such Option is granted (a “Tandem
SAR”).  Stock Appreciation Rights shall be evidenced by Award Agreements that shall conform to the requirements
of the Plan and may contain such other provisions, as the Committee shall deem advisable.  Subject to the terms of the Plan
and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right
to receive, upon exercise thereof, the excess of (a) the Fair Market Value of a specified number of Shares on the date of
exercise over (b) the grant price of the right as specified by the Committee on the date of the grant.  Such payment
may be in the form of cash, Shares, other property or any combination thereof, as the Committee shall determine in its sole discretion.

 

7.2          Terms
of Stock Appreciation Right.  Subject to the terms of the Plan and any applicable Award Agreement, the grant price (which
shall not be less than 100% of the Fair Market Value of a Share on the date of grant), term, methods of exercise, methods of settlement,
and any other terms and conditions of any Stock Appreciation Right shall be as determined by the Committee.  The Committee
may impose such other conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate. 
Unless otherwise provided in the Award Agreement, no Stock Appreciation Right shall have a term of more than 10 years from the
date of grant.

 

7.3          Tandem
Stock Appreciation Rights and Options.  A Tandem SAR shall be exercisable only to the extent that the related Option is
exercisable and shall expire no later than the expiration of the related Option.  Upon the exercise of all or a portion of
a Tandem SAR, a Participant shall be required to forfeit the right to purchase an equivalent portion of the related Option (and,
when a Share is purchased under the related Option, the Participant shall be required to forfeit an equivalent portion of the Stock
Appreciation Right).

 

Article 8.              
Restricted Stock

 

8.1          Grant
of Restricted Stock.  An Award of Restricted Stock is a grant by the Company of a specified number of Shares to the Participant,
which Shares may be subject to forfeiture upon the occurrence of specified events.  Participants shall be awarded Restricted
Stock in exchange for consideration not less than the minimum consideration required by applicable law.  Restricted Stock
shall be evidenced by an Award Agreement, which shall conform to the requirements of the Plan and may contain such other provisions,
as the Committee shall deem advisable.

 

     

     

    

 

8.2          Terms
of Restricted Stock Awards.  Each Award Agreement evidencing a Restricted Stock grant shall specify the period(s) of
restriction, the number of Shares of Restricted Stock subject to the Award, the purchase price of such Shares of Restricted Stock,
the performance, employment or other conditions (including the termination of a Participant’s Service whether due to death,
disability or other cause) under which the Restricted Stock may become vested or may be forfeited to the Company and such other
provisions as the Committee shall determine.  Upon determination of the number of Shares of Restricted Stock to be granted
to the Participant and payment of any purchase price, the Committee shall direct that a certificate or certificates representing
the number of Shares be issued to the Participant with the Participant designated as the registered owner. The certificate(s) representing
such shares shall be legended as to sale, transfer, assignment, pledge or other encumbrances during the Restriction Period and
deposited by the Participant, together with a stock power endorsed in blank, with the Company, to be held in escrow during the
Restriction Period.  At the end of the Restriction Period, the restrictions imposed hereunder shall lapse with respect to
the number of shares of Restricted Stock as determined by the Committee, and the legend shall be removed and such number of Shares
delivered to the Participant (or, where appropriate, the Participant’s legal representative).

 

8.3          Voting
and Dividend Rights.  Unless otherwise determined by the Committee and set forth in a Participant’s Award Agreement,
Participants holding Restricted Stock granted hereunder shall have the right to exercise voting rights with respect to the Restricted
Stock and shall have the right to receive dividends on such Restricted Stock.

 

8.4          Performance
Goals.  The Committee may condition the grant of Restricted Stock or the expiration of the Restriction Period upon the
Participant’s achievement of one or more performance goal(s) specified in the Award Agreement. If the Participant fails
to achieve the specified performance goal(s), the Committee shall not grant the Restricted Stock to such Participant or the Participant
shall forfeit the Award of Restricted Stock to the Company, as applicable, unless otherwise provided in the Participant’s
Award Agreement or the applicable stockholders agreement.

 

8.5          Section 83(b) Election. 
If a Participant makes an election pursuant to Section 83(b) of the Code concerning Restricted Stock, the Participant
shall be required to promptly file a copy of such election with the Company.

 

Article 9.              
Dividend Equivalents

 

The Committee may grant Dividend Equivalents to Participants based
on the dividends declared on Shares that are subject to any Award.  The grant of Dividend Equivalents shall be treated as
a separate Award.  Dividend Equivalents shall be credited to a notional account maintained by the Company, as of dividend
payment dates during the period between the date the Award is granted and the date the Award is exercised, vested, expired, credited
or paid.  Such Dividend Equivalents shall be converted to cash or Shares by such formula and at such time and subject to such
limitations as may be determined by the Committee.  As determined by the Committee, Dividend Equivalents granted with respect
to any Option or Stock Appreciation Right may be payable regardless of whether such Option or Stock Appreciation Right is subsequently
exercised.

 

Article 10.           
Other Stock-Based Awards

 

The Committee, in its sole discretion, may grant Awards of Shares and
Awards that are valued, in whole or in part, by reference to, or are otherwise based on the Fair Market Value of, Shares (the “Other
Stock-Based Awards”).  Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as
the Committee shall determine, including, without limitation, the right to receive one or more Shares (or the equivalent cash value
of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance
objectives.  Other Stock-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. 
Subject to the provisions of the Plan, the Committee shall determine to whom and when Other Stock-Based Awards will be made, the
number of Shares to be awarded under (or otherwise related to) such Other Stock-Based Awards; whether such Other Stock-Based Awards
shall be settled in cash, Shares or a combination of cash and Shares; and all other terms and conditions of such Awards (including,
without limitation, the vesting provisions thereof and provisions ensuring that all Shares so awarded and issued shall be fully
paid and non-assessable).

 

     

     

    

 

Article 11.           
Compliance with Section 409A of the Code

 

11.1        General. 
To the extent that the Plan and/or Awards are subject to Section 409A of the Code, the Committee may, in its sole discretion
and without a Participant’s prior consent, amend the Plan and/or Awards, adopt policies and procedures, or take any other
actions (including amendments, policies, procedures and actions with retroactive effect) as are necessary or appropriate to (a) exempt
the Plan and/or any Award from the application of Section 409A of the Code, (b) preserve the intended tax treatment of
any such Award, or (c) comply with the requirements of Section 409A of the Code, Department of Treasury regulations and
other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be
issued after the date of the grant (“Section 409A Guidance”).  This Plan shall be interpreted at all times
in such a manner that the terms and provisions of the Plan and Awards are exempt from or comply with Section 409A Guidance.

 

11.2        Timing of Payment. 
All Awards that would otherwise be subject to Section 409A of the Code shall be paid or otherwise settled on or as soon as
practicable after the applicable vesting date and not later than the 15th day of the third month from the end of (i) the Participant’s
tax year that includes the applicable payment or settlement date, or (ii) the Company’s tax year that includes the applicable
payment or settlement date, whichever is later; provided, however, that the Committee reserves the right to delay
payment or specify a compliant payment date with respect to any such Award under the circumstances set forth in Section 409A
Guidance; provided, further, that notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) that
are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A of the
Code) as a result of his or her separation from service (other than a payment that is not subject to Section 409A of the Code)
shall be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of
the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) on the payment date that immediately
follows the end of such six-month period or as soon as administratively practicable thereafter.

 

Article 12.           
Adjustments

 

12.1        Adjustments in
Capitalization.  In the event of any corporate event or transaction (including, but not limited to, a change in the Shares
of the Company or the capitalization of the Company) such as a merger, consolidation, reorganization, recapitalization, separation,
stock dividend, stock split, reverse stock split, split up, spin-off, combination of Shares, exchange of Shares, dividend in kind,
extraordinary cash dividend, or other like change in capital structure (other than normal cash dividends) to stockholders of the
Company, or any similar corporate event or transaction, the Committee, to prevent dilution or enlargement of Participants’
rights under the Plan, shall substitute or adjust, in its sole discretion, (a) the number and kind of Shares or other securities
that may be issued under the Plan, the number and kind of Shares or other securities subject to outstanding Awards, and/or where
applicable, the exercise price, base value or purchase price applicable to such Awards; (b) grant a right to receive one or
more payments of securities, cash and/or property (which right may be evidenced as an additional Award under this Plan) in respect
of any outstanding Award, or (c) provide for the settlement of any outstanding Award (other than a Stock Option or Stock Appreciation
Right) in such securities, cash and/or other property as would have been received had the Award been settled in full immediately
prior to such corporate event or transaction; provided, however, that in the case of an adjustment made in accordance
with (b) or (c) above, the right to any securities, cash and/or property may be issued subject to the same vesting schedule
as the outstanding Award being adjusted; and provided, further, that any adjustment pursuant to this Section 12.1 shall comply
with Section 409A of the Code, to the extent applicable.  Should the vesting of any Award be conditioned upon the Company’s
attainment of performance conditions, the Board may make such adjustments to the terms and conditions of such Awards and the criteria
therein to recognize unusual and nonrecurring events affecting the Company or in response to changes in applicable laws, regulations
or accounting principles.

 

12.2        Change of Control.
 Upon the occurrence of a Change of Control after the Effective Date, unless otherwise specifically prohibited under applicable
laws or by the applicable rules and regulations of any governing governmental agencies or national securities exchanges, or
unless the Committee shall determine otherwise in the Award Agreement, the Committee is authorized (but not obligated) to make
adjustments in the terms and conditions of outstanding Awards, including without limitation the following (or any combination thereof):
(i) continuation or assumption of such outstanding Awards under the Plan by the Company (if it is the surviving company or
corporation) or by the surviving company or corporation or its parent; (ii) substitution by the surviving company or corporation
or its parent of awards with substantially the same terms for such outstanding Awards; (iii) accelerated exercisability, vesting
and/or lapse of restrictions under all then outstanding Awards immediately prior to the occurrence of such event; (iv) upon
written notice, provided that any outstanding Awards must be exercised, to the extent then exercisable, within fifteen days immediately
prior to the scheduled consummation of the event, or such other period as determined by the Committee (in either case contingent
upon the consummation of the event), and at the end of such period, such Awards shall terminate to the extent not so exercised
within the relevant period; and (v) cancellation of all or any portion of outstanding Awards for fair value (as determined
in the sole discretion of the Committee) which, in the case of Options and Stock Appreciation Rights, may equal the excess, if
any, of the value of the consideration to be paid in the Change of Control transaction to holders of the same number of Shares
subject to such Options or Stock Appreciation Rights (or, if no such consideration is paid, Fair Market Value of the Shares subject
to such outstanding Awards or portion thereof being canceled) over the aggregate Option Price or grant price, as applicable, with
respect to such Awards or portion thereof being canceled.

 

     

     

    

 

Article 13.           
Duration, Amendment, Modification, Suspension, and Termination

 

13.1        Duration of the
Plan.  Unless sooner terminated as provided in Section 13.2, the Plan shall terminate on the tenth (10th) anniversary
of the Effective Date.

 

13.2        Amendment, Modification,
Suspension, and Termination of Plan.  The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof or any Award (or Award Agreement) thereunder at any time; provided that, subject to Article 11, no such amendment,
alteration, suspension, discontinuation or termination shall be made (i) without stockholder approval if such approval is
necessary to comply with any tax or regulatory requirement applicable to the Plan and (ii) without the consent of the Participant,
if such action would materially diminish any of the rights of any Participant under any Award theretofore granted to such Participant
under the Plan; provided, however, the Committee may amend the Plan, any Award or any Award Agreement in such manner
as it deems necessary to comply with applicable laws.

 

Article 14.           
General Provisions

 

14.1        No Right to Service.
The granting of an Award under the Plan shall impose no obligation on the Company, any Subsidiary or any Affiliate to continue
the Service of a Participant and shall not lessen or affect any right that the Company, any Subsidiary or any Affiliate may have
to terminate the Service of such Participant. No Participant or other person shall have any claim to be granted any Award, and
there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions
of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to
each Participant (whether or not such Participants are similarly situated).

  

14.2        Settlement of Awards;
No Fractional Shares.  Each Award Agreement shall establish the form in which the Award shall be settled.  No fractional
Shares shall be issued or delivered pursuant to the Plan or any Award.  The Committee shall determine whether cash, Awards,
other securities or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any
rights thereto shall be rounded, forfeited or otherwise eliminated.

 

14.3        Tax Withholding. 
The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, the
minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld
with respect to any taxable event arising as a result of the Plan.  With respect to required withholding, Participants may
elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company
withhold Shares or by delivering Shares to the Company, having a Fair Market Value on the date the tax is to be determined equal
to the minimum statutory total tax that could be imposed on the transaction.

 

14.4        No Guarantees Regarding
Tax Treatment.  Participants (or their beneficiaries) shall be responsible for all taxes with respect to any Awards under
the Plan.  The Committee and the Company make no guarantees to any person regarding the tax treatment of Awards or payments
made under the Plan.  Neither the Committee nor the Company has any obligation to take any action to prevent the assessment
of any excise tax on any person with respect to any Award under Section 409A of the Code or otherwise and none of the Company,
any of its Subsidiaries or Affiliates, or any of their employees or representatives shall have any liability to a Participant with
respect thereto.

 

     

     

    

 

14.5        Non-Transferability
of Awards.  Except as provided by the terms of any applicable stockholders agreement or unless otherwise determined by
the Committee, an Award shall not be transferable or assignable by the Participant except in the event of his death (subject to
the applicable laws of descent and distribution) and any such purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance shall be void and unenforceable against the Company or any Affiliate.  An award exercisable after the death
of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. Any permitted transfer
of the Awards to heirs or legatees of the Participant shall not be effective to bind the Company unless the Committee shall have
been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity
of the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof.

 

14.6        Conditions and
Restrictions on Shares.  The Committee may impose such other conditions or restrictions on any Shares received in connection
with an Award as it may deem advisable or desirable.  These restrictions may include, but shall not be limited to, a requirement
that the Participant hold the Shares received for a specified period of time or a requirement that a Participant represent and
warrant in writing that the Participant is acquiring the Shares for investment and without any present intention to sell or distribute
such Shares.  The certificates for Shares may include any legend which the Committee deems appropriate to reflect any conditions
and restrictions applicable to such Shares.

 

14.7        Shares Not Registered. 
Shares and Awards shall not be issued under the Plan unless the issuance and delivery of such Shares and any Awards comply with
(or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended,
the rules and regulations promulgated thereunder, State securities laws and regulations, and the regulations of any stock
exchange or other securities market on which the Company’s securities may then be traded.  Except as set forth in an
Award Agreement, the Company shall not be obligated to file any registration statement under any applicable securities laws to
permit the purchase or issuance of any Shares or any Awards under the Plan, and accordingly any certificates for Shares or documents
granting Awards may have an appropriate legend or statement of applicable restrictions endorsed thereon.  If the Company deems
it necessary to ensure that the issuance of securities under the Plan is not required to be registered under any applicable securities
laws, each Participant to whom such security would be purchased or issued shall deliver to the Company an agreement or certificate
containing such representations, warranties and covenants as the Company which satisfies such requirements.

 

14.8        Rights as a Stockholder. 
Except as otherwise provided herein or in the applicable Award Agreement, a Participant shall have none of the rights of a
stockholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares.

 

14.9        Severability. 
If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction,
or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be
stricken as to such jurisdiction, person, or Award, and the remainder of the Plan and any such Award shall remain in full force
and effect.

 

14.10      Unfunded Plan.  Participants
shall have no right, title, or interest whatsoever in or to any investments that the Company or any of its Subsidiaries may make
to aid it in meeting its obligations under the Plan.  Nothing contained in the Plan, and no action taken pursuant to its provisions,
shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant,
beneficiary, legal representative, or any other person.  To the extent that any person acquires a right to receive payments
from the Company or any of its Subsidiaries under the Plan, such right shall be no greater than the right of an unsecured general
creditor of the Company or a Subsidiary, as the case may be.  All payments to be made hereunder shall be paid from the general
funds of the Company or a Subsidiary, as the case may be, and no special or separate fund shall be established and no segregation
of assets shall be made to assure payment of such amounts.  The Plan is not subject to the U.S. Employee Retirement Income
Security Act of 1974, as amended from time to time.

 

     

     

    

 

14.11      No Constraint on Corporate
Action.  Nothing in the Plan shall be construed to (a) limit, impair, or otherwise affect the Company’s or
its Subsidiary’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business
structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets, or
(b) limit the right or power of the Company or its Subsidiary to take any action which such entity deems to be necessary or
appropriate.

 

14.12      Successors.  All
obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of
all or substantially all of the business or assets of the Company.

 

14.13      Governing Law.  The
Plan and each Award Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law
rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another
jurisdiction.

 

14.14      Effective Date. The Plan
shall be effective as of November 16, 2009 (the “Effective Date”), provided that the Plan is approved by the
stockholders of the Company at an annual meeting or any special meeting of stockholders of the Company within 12 months of the
Effective Date, and such approval of stockholders shall be a condition to the right of each Participant to receive any Award hereunder.
Any Award granted under the Plan prior to such approval of stockholders shall be effective as of the date of grant, but no such
Award may be exercised or settled and no restrictions relating to any Award may lapse prior to such stockholder approval, and if
stockholders fail to approve the Plan as specified hereunder, any such Award shall be cancelled.

 

*                             
*                             
*

 

This Plan was duly adopted and approved by the Board of Directors
of the Company at a meeting of the Board of Directors duly called and held on the 20th day of February, 2018.

 

STR HOLDINGS, INC.

 

 

	/s/ Robert S. Yorgensen	 
	Name:	Robert S. Yorgensen	 
	Title:	President and Chief Executive Officer

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