<SEC-DOCUMENT>0001517302-21-000072.txt : 20211207
<SEC-HEADER>0001517302-21-000072.hdr.sgml : 20211207
<ACCEPTANCE-DATETIME>20211207163919
ACCESSION NUMBER:		0001517302-21-000072
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20211207
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211207
DATE AS OF CHANGE:		20211207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Artisan Partners Asset Management Inc.
		CENTRAL INDEX KEY:			0001517302
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				450969585
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35826
		FILM NUMBER:		211476467

	BUSINESS ADDRESS:	
		STREET 1:		875 E. WISCONSIN AVENUE
		STREET 2:		SUITE 800
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-390-6100

	MAIL ADDRESS:	
		STREET 1:		875 E. WISCONSIN AVENUE
		STREET 2:		SUITE 800
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>apam-20211207.htm
<DESCRIPTION>8-K
<TEXT>
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style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div style="margin-bottom:6pt;margin-top:11pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div 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</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">The Securities Exchange Act of 1934</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Date of Report (Date of earliest event reported): <ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGV4dHJlZ2lvbjowZDM3MWQ2Mjc3Njk0NjU0OGQxYzA3ZjQ4NGIyMTE3Ml8yMjY_5b128d59-78c3-457d-ba70-1f4cd7fa8a04">December 7, 2021</ix:nonNumeric></span></div><div 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Employer<br/>Identification No.)</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:EntityAddressAddressLine1" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGV4dHJlZ2lvbjowZDM3MWQ2Mjc3Njk0NjU0OGQxYzA3ZjQ4NGIyMTE3Ml8xNjgx_0bc9dd59-95b9-4474-ab79-fdd34d27bfd4">875 E. 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style="width:1.0%"></td><td style="width:26.299%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.201%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">(Address of principal executive offices and zip code)</span></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:108%">(<ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:CityAreaCode" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGV4dHJlZ2lvbjowZDM3MWQ2Mjc3Njk0NjU0OGQxYzA3ZjQ4NGIyMTE3Ml8xNjkw_d3b32b83-20da-4711-8198-3d843a052558">414</ix:nonNumeric>)&#160;<ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGV4dHJlZ2lvbjowZDM3MWQ2Mjc3Njk0NjU0OGQxYzA3ZjQ4NGIyMTE3Ml8xNjgz_4e2645e9-47b9-4b7b-9501-39872edbfb5c">390-6100</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:108%">(Registrant&#8217;s telephone number, including area code)</span></div><div style="margin-top:0.05pt"><span><br/></span></div><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" 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id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGV4dHJlZ2lvbjowZDM3MWQ2Mjc3Njk0NjU0OGQxYzA3ZjQ4NGIyMTE3Ml8xNjg1_f5f24c41-ae77-4cac-8110-8255a145ed84">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGV4dHJlZ2lvbjowZDM3MWQ2Mjc3Njk0NjU0OGQxYzA3ZjQ4NGIyMTE3Ml8xNjg2_ac5ac45b-f4f0-4f15-b953-1f09cadf60c0">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span><br/></span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act:</span></div><div style="margin-bottom:6pt;margin-top:11pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.861%"><tr><td style="width:1.0%"></td><td style="width:39.511%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.285%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.514%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trading Symbol</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGFibGU6OWU5NGNlN2JkNWE3NDg5NmFiMTM0MGMyN2JkN2Q1NmUvdGFibGVyYW5nZTo5ZTk0Y2U3YmQ1YTc0ODk2YWIxMzQwYzI3YmQ3ZDU2ZV8xLTAtMS0xLTUxNDkx_b5abf536-83e8-4d6d-99ba-f4852928e5d5">Class A common stock, par value $0.01 per share</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGFibGU6OWU5NGNlN2JkNWE3NDg5NmFiMTM0MGMyN2JkN2Q1NmUvdGFibGVyYW5nZTo5ZTk0Y2U3YmQ1YTc0ODk2YWIxMzQwYzI3YmQ3ZDU2ZV8xLTItMS0xLTUxNDkx_365cb801-8506-440c-90fa-fb50ca16d03c">APAM</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGFibGU6OWU5NGNlN2JkNWE3NDg5NmFiMTM0MGMyN2JkN2Q1NmUvdGFibGVyYW5nZTo5ZTk0Y2U3YmQ1YTc0ODk2YWIxMzQwYzI3YmQ3ZDU2ZV8xLTQtMS0xLTUxNDkx_5b0e8ad5-2367-4aae-bb39-ee0f7a7618e8">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div style="margin-bottom:6pt;margin-top:1pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">                              &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;                    Emerging growth company              </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i778046e892074bb19a26d07dab419d34_D20211207-20211207" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjUyYTdmOWMyMjgwMTQ0ZDhhMTRlNWFhODUwZjZlNjNhL3NlYzo1MmE3ZjljMjI4MDE0NGQ4YTE0ZTVhYTg1MGY2ZTYzYV8xL2ZyYWc6MGQzNzFkNjI3NzY5NDY1NDhkMWMwN2Y0ODRiMjExNzIvdGV4dHJlZ2lvbjowZDM3MWQ2Mjc3Njk0NjU0OGQxYzA3ZjQ4NGIyMTE3Ml8xNjg0_a89e3219-b89c-40af-9b17-dedce39b1a27">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.       </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">   </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:6pt;margin-top:11pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i52a7f9c2280144d8a14e5aa850f6e63a_7"></div><hr style="page-break-after:always"/><div style="min-height:36pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.01 Entry into a Material Definitive Agreement.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 7, 2021, Artisan Partners Holdings LP ("Holdings"), of which Artisan Partners Asset Management Inc. is the sole general partner, entered into a Note Purchase Agreement (the &#8220;Agreement&#8221;) with the note purchasers named therein, a number of which are also parties to Holdings&#8217; Note Purchase Agreement dated June 6, 2019. Pursuant to the Agreement, Holdings agreed to issue $90 million of Series F Senior Notes in a private placement transaction on August 16, 2022, subject to the satisfaction of certain customary closing conditions.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Series F Notes will bear interest at a rate of 3.10% per annum and will mature on August 16, 2032. In addition to other covenants, the Agreement contains the following financial covenants:</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Holdings will not permit its Leverage Ratio (as defined in the Agreement) on any date to exceed 3.00 to 1.00.</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Holdings will not permit its Interest Coverage Ratio (as defined in the Agreement) in respect of any period of four consecutive fiscal quarters to be less than 4.00 to 1.00.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Agreement includes customary events of default. Upon an event of default, the Series F Notes then outstanding generally will become due and payable. In addition, in the event of a Change in Control (as defined in the Agreement) or if Artisan&#8217;s average AUM for a fiscal quarter is below $45 billion, Holdings will generally be required to offer to pre-pay the notes. Artisan Partners Limited Partnership, a wholly-owned subsidiary of Holdings, will guarantee Holdings&#8217; obligations under the terms of the Agreement. This summary of the Agreement is qualified in its entirety by reference to the terms of the Agreement attached hereto as Exhibit 10.1, which is incorporated herein by reference.</span></div><div><span><br/></span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information included in Item 1.01 above is incorporated by reference into this Item 2.03.</span></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i52a7f9c2280144d8a14e5aa850f6e63a_10"></div><hr style="page-break-after:always"/><div style="min-height:36pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01 Financial Statements and Exhibits</span></div><div style="margin-bottom:6pt;margin-top:11pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.861%"><tr><td style="width:1.0%"></td><td style="width:9.052%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:88.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit Number</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Description of Exhibit </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10.1</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="notepurchaseagreement_arti.htm">Note Purchase Agreement, dated as of December 7, 2021, among Artisan Partners Holdings LP and the purchasers listed therein</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">104</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i52a7f9c2280144d8a14e5aa850f6e63a_13"></div><hr style="page-break-after:always"/><div style="min-height:36pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="text-align:right"><span><br/></span></div><div style="padding-left:315pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Artisan Partners Asset Management Inc.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date: December 7, 2021</span></div><div style="margin-top:5pt;padding-left:315pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:39.166%"><tr><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.573%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:81.525%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Charles J. Daley, Jr.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Charles J. Daley, Jr.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President, Chief Financial Officer and Treasurer</span></td></tr></table></div><div><span><br/></span></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>notepurchaseagreement_arti.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<title>Document</title></head><body><div id="ie07a1f0ba1784254b481f2be7c71a007_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:700;line-height:116%">Exhibit 10.1</font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:2.5pt double #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">EXECUTION VERSION</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Artisan Partners Holdings LP</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"><br><br></font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">$90,000,000 3.10% Senior Notes, Series&#160;F, due August&#160;16, 2032<br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">______________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Note Purchase Agreement</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">_____________</font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-top:24pt;text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Dated as of December 7, 2021</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:18pt"><td colspan="3" style="border-bottom:2.5pt double #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="ie07a1f0ba1784254b481f2be7c71a007_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Table of Contents</font></div><div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(Not a part of the Agreement)</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.771%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:67.008%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.921%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Heading</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Page</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Authorization of Notes.</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">1</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section 1.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">1</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;1.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Changes in Interest Rate</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">1</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Sale and Purchase of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">2</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;2.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Purchase and Sale of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">2</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;2.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Subsidiary Guaranties</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">2</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;2.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Limited Recourse</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">2</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Closing</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">3</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Conditions to Closing</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">3</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;4.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Representations and Warranties</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">3</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;4.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Performance&#59; No Default</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">3</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;4.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Compliance Certificates</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">4</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;4.4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Opinions of Counsel</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">4</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;4.5.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Purchase Permitted by Applicable Law, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">4</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;4.6.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font 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Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;4.13.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Related Transactions</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">5</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;5.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Representations and Warranties of the Company</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">6</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Existence and Standing</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">6</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Authorization, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">6</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Disclosure</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">6</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Organization and Ownership of Equity Interests of Subsidiaries&#59; <br>&#160;&#160;&#160;&#160;&#160;Affiliates</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">7</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.5.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Financial Statements&#59; Material Liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">7</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.6.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Compliance with Laws, Other Instruments, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">7</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.7.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Governmental Authorizations, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">8</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.8.</font></td><td colspan="3" 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Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Taxes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">8</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;5.10.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Property&#59; Leases</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">8</font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-i-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.771%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:67.008%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.921%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 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Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">15</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;7.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Officer&#8217;s Certificate</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">18</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;7.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Visitation</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">19</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;8.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Prepayment of the Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">19</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Maturity</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">19</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Optional Prepayments with Make-Whole Amount</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">19</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Change in Control</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">20</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Allocation of Partial Prepayments</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">21</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.5.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Maturity&#59; Surrender, Etc.</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">21</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.6.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Purchase of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">21</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.7.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Make-Whole Amount</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">22</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;8.8.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;AUM Put Rights</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">23</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;9.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Affirmative Covenants</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">24</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Compliance with Law</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">24</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Insurance</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">24</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Maintenance of Properties</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">24</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Payment of Taxes and Claims</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">25</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.5.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Legal Existence, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">25</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.6.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Notes to Rank Pari Passu</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">25</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.7.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Books and Records</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">25</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.8.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Guaranty by Subsidiaries</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">25</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.9.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Most Favored Lender Status</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">27</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;9.10.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Rating Confirmation</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">28</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;10.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Negative Covenants</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">28</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;10.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Financial Covenants</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">28</font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-ii-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.771%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:67.008%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.921%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 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1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Limitation on Restricted Payments</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">36</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;10.8.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Limitation on Amendments</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">38</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;10.9.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Certain Other Agreements</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">38</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;10.10.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Line of Business</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">38</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;10.11.</font></td><td colspan="3" style="padding:2px 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Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;12.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Acceleration</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">41</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;12.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Other Remedies</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">41</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;12.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Rescission</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">42</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;12.4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;No Waivers or Election of Remedies, Expenses, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">42</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;13.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Registration&#59; Exchange&#59; Substitution of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">42</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;13.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Registration of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">42</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;13.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Transfer and Exchange of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">43</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;13.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Replacement of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">43</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;14.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Payments on Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">43</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;14.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Place of Payment</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">43</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;14.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Home Office Payment</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">44</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;14.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;FATCA Information</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">44</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;15.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Expenses, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">44</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;15.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">45</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;15.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Survival</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">45</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;16.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Survival of Representations and Warranties&#59; Entire Agreement</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">45</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;17.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Amendment and Waiver</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">46</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;17.1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Requirements</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">46</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;17.2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Solicitation of Holders of Notes</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">46</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;17.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Binding Effect, Etc</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">47</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;17.4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Confidential Information</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">48</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;21.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Substitution of Purchaser</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">49</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Section&#160;22.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Miscellaneous</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">50</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Payments Due on Non-Business Days</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">50</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Section&#160;22.3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Accounting Terms</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Signature</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">54</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:116%">Schedule&#160;A&#160;&#160;&#160;&#160;&#8212;&#160;&#160;&#160;&#160;Information Relating to 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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-iv-</font></div></div></div><div id="ie07a1f0ba1784254b481f2be7c71a007_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Artisan Partners Holdings LP</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">875 E Wisconsin Ave, Suite 800</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Milwaukee, WI  53202<br></font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"><br></font></div><div style="text-align:center"><font 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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) as follows&#58;</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;1.&#160;&#160;&#160;&#160;Authorization of Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section 1.1.&#160;&#160;&#160;&#160;Notes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will authorize the issue and sale of $90,000,000 aggregate principal amount of its 3.10% Senior Notes, Series&#160;F, due August&#160;16, 2032 (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Notes&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> such term to include any such notes issued in substitution therefor pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;13</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">).  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(a)&#160;If at any time a Below Investment Grade Event occurs, then as of such date to and until the date such Below Investment Grade Event no longer exists, the Notes shall bear interest at the Adjusted Interest Rate&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that during the continuance of an Event of Default, Notes shall bear interest at the Default Rate as stated in the Note.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;Upon the occurrence of a Below Investment Grade Event, the Company shall promptly, and in any event within five (5) business days thereafter, notify the holders of the Notes in 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style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;The fees and expenses of any Rating Agency and all other costs incurred in connection with obtaining, affirming or appealing a rating of the Notes pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;1.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall be borne by the Company.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;As 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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">that following the receipt and delivery to the holders of the Notes of a rating pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.10 </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">the continuation or cessation of the Below Investment Grade Event and the Adjusted Interest Rate applicable thereafter shall be determined in accordance with such then current ratings or ratings&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided further,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that in the event that the Company has a rating on the Notes provided by more than one Rating 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style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;2.&#160;&#160;&#160;&#160;Sale and Purchase of Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;2.1.&#160;&#160;&#160;&#160;Purchase and Sale of Notes.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in </font><font 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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-2-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font 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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Closing.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">This Agreement shall be executed and delivered in advance of the Closing at the offices of Chapman and Cutler LLP, 111&#160;West Monroe Street, Chicago, Illinois 60603, on December 7, 2021.  </font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111&#160;West Monroe Street, Chicago, Illinois 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At the Closing, the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser&#8217;s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to the account specified in the written instructions delivered pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;4.10</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, or any of the conditions specified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall not have been fulfilled to such Purchaser&#8217;s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;4.&#160;&#160;&#160;&#160;Conditions to Closing.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Each Purchaser&#8217;s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser&#8217;s satisfaction, prior to or at the Closing, of the following conditions&#58;</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.1.&#160;&#160;&#160;&#160;Representations and Warranties</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;The representations and warranties of the Company in this Agreement shall be correct when made at the time of the Closing.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;The representations and warranties of each Initial Subsidiary Guarantor in the Subsidiary Guaranty shall be correct when made at the time of the Closing.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.2.&#160;&#160;&#160;&#160;Performance&#59; No Default</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing, and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;5.14</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), no Default or Event of Default shall have occurred and be continuing and no Change in Control shall have occurred.  Neither the Company nor any Subsidiary shall have entered into any transaction since November 5, 2021, that would have been prohibited by </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> had such Section&#160;applied since such date.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-3-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;Each Initial Subsidiary Guarantor shall have performed and complied with all agreements and conditions contained in the Subsidiary Guaranty required to be performed or complied with by it prior to or at the Closing.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.3.&#160;&#160;&#160;&#160;Compliance Certificates</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Company Officer&#8217;s Certificate</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company shall have delivered to such Purchaser an Officer&#8217;s Certificate, dated the date of the Closing, certifying that the conditions specified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Sections&#160;4.1(a), 4.2(a) </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">and </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">4.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> have been fulfilled.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;</font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Subsidiary Guarantor </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Officer&#8217;s Certificate</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Each Initial Subsidiary Guarantor shall have delivered to such Purchaser an Officer&#8217;s Certificate, dated the date of the Closing, certifying that the conditions specified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Sections&#160;4.1(b), 4.2(b) </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">and </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">4.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> have been fulfilled.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Company Secretary&#8217;s Certificate</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;</font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Subsidiary Guarantor </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Secretary&#8217;s Certificate</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Each Initial Subsidiary Guarantor shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Subsidiary Guaranty.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.4.&#160;&#160;&#160;&#160;Opinions of Counsel</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a)&#160;from Sullivan &#38; Cromwell LLP, counsel for the Company and the Initial Subsidiary Guarantors, and from Sarah&#160;A. Johnson, Esq., General Counsel to the Company, covering the matters set forth in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Exhibit&#160;4.4(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b)&#160;from Chapman and Cutler LLP, the Purchasers&#8217; special counsel in connection with such transactions, covering such matters incident to such transactions as such Purchaser may reasonably request.  </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.5.&#160;&#160;&#160;&#160;Purchase Permitted by Applicable Law, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  On the date of the Closing such Purchaser&#8217;s purchase of Notes shall (a)&#160;be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section&#160;1405(a)(8) of the New&#160;York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b)&#160;not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c)&#160;not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof.  If requested by such Purchaser, such Purchaser shall have received an Officer&#8217;s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-4-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.6.&#160;&#160;&#160;&#160;Sale of Notes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Contemporaneously with the Closing, the Company shall sell to each Purchaser, and each Purchaser shall purchase, the Notes to be purchased by it at the Closing as specified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;A</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.7.&#160;&#160;&#160;&#160;Payment of Special Counsel Fees</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Without limiting the provisions of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;15.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the Company shall have paid on or before the Closing the fees, charges and disbursements of the Purchasers&#8217; special counsel referred to in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;4.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.8.&#160;&#160;&#160;&#160;Private Placement Number</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  A Private Placement Number issued by Standard &#38; Poor&#8217;s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.9.&#160;&#160;&#160;&#160;Changes in Corporate Structure</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Neither the Company nor any Initial Subsidiary Guarantor shall have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.5</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;4.10.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Funding Instructions.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  At least five (5) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming (a)&#160;the name and address of the transferee bank, (b)&#160;such transferee bank&#8217;s ABA number and (c)&#160;the account name and number into which the purchase price for the Notes is to be deposited. &#160;Each Purchaser has the right, but not the obligation, upon written notice (which may be by email) to the Company, to elect to deliver a micro deposit (less than $50.00) to the account identified in the written instructions no later than two (2)&#160; Business Days prior to Closing.&#160; If a Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to Closing.&#160; The Company shall not be obligated to return the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser&#8217;s purchase price of the Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.11.&#160;&#160;&#160;&#160;Proceedings and Documents</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;4.12.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Subsidiary Guaranty.  </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Each Initial Subsidiary Guarantor shall have delivered the Subsidiary Guaranty.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;4.13.&#160;&#160;&#160;&#160;Related Transactions</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Contemporaneously with the Closing&#58; </font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;the Series&#160;C Notes will be repaid&#59; and</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-5-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;the Bank Credit Agreement shall be in form and substance satisfactory to the Purchasers and in full force and effect, and each Purchaser shall have received a true, correct and complete copy of the Bank Credit Agreement.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;5</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Representations and Warranties of the Company.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">The Company represents and warrants to each Purchaser that as of the date of this Agreement and the Closing&#58;</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;5.1.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Existence and Standing</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company is a limited partnership duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, has all requisite authority to conduct its respective business as now conducted and, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, is qualified to do business in each jurisdiction where such qualification is required. </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.2.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Authorization, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company has the partnership power and authority and legal right to execute and deliver this Agreement and the Notes and to perform its obligations thereunder.  This Agreement and the Notes have been duly authorized by proper partnership proceedings and constitute legal, valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or similar laws affecting the enforcement of creditors&#8217; rights generally.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.3.&#160;&#160;&#160;&#160;Disclosure</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company, through its agents, BofA Securities, Inc. and Citigroup Global Markets, Inc., has delivered to each Purchaser a copy of an Investor Presentation, dated November 5, 2021 (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Investor Presentation&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), relating to the transactions contemplated hereby.  The Disclosure Documents (as defined below) fairly describe, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries.  This Agreement, the Investor Presentation and the documents, certificates or other writings delivered or made available to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby, and the most recent reports and consolidated financial statements listed in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.5 </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(this Agreement (including, for the avoidance of doubt, all Schedules and Exhibits attached hereto), the Investor Presentation and such documents, certificates or other writings and such financial statements delivered or made available to each Purchaser being referred to, collectively, as the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Disclosure Documents&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that, with respect to projected and pro forma financial information contained in the Disclosure Documents, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time when prepared, it being understood that projected financial information is inherently uncertain and that the projected results may not be achieved.  Except as disclosed in the Disclosure Documents, since December&#160;31, 2020, there has been no change in the financial condition, operations, business, properties or prospects of the Company or any Subsidiary except changes that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">  </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-6-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.4.&#160;&#160;&#160;&#160;Organization and Ownership of Equity Interests of Subsidiaries&#59; Affiliates</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> contains (except as noted therein) complete and correct lists (i)&#160;of the Company&#8217;s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and its equity interests outstanding owned by the Company and each other Subsidiary, (ii)&#160;of the Company&#8217;s Affiliates, other than Subsidiaries, and (iii)&#160;of the directors and senior officers of the General Partner.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;All of the issued equity interests of each Subsidiary shown in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> as being owned by the Company and its Subsidiaries have been duly authorized and issued and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">).</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;Each Subsidiary identified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is a legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;No Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual or other restriction (other than this Agreement, the agreements listed on </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, customary limitations imposed by corporate law or similar statutes and applicable regulatory net capital rules to which a Subsidiary is subject) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;5.5.&#160;&#160;&#160;&#160;Financial Statements&#59; Material Liabilities</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company has delivered to each Purchaser copies of the most recent reports and consolidated financial statements of the Company and its Subsidiaries listed on </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.5</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such financial statements and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).  The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.6.&#160;&#160;&#160;&#160;Compliance with Laws, Other Instruments, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The execution, delivery and performance by the Company of this Agreement and the Notes will not (a)&#160;contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, (i)&#160;any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, (ii)&#160;corporate charter or by-laws, or (iii)&#160;any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-7-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Subsidiary or any of their respective properties may be bound or affected, (b)&#160;conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (c)&#160;violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary, except in each case of clauses (a)(i), (a)(iii), (b) or (c) above, where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.7.&#160;&#160;&#160;&#160;Governmental Authorizations, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.8.&#160;&#160;&#160;&#160;Litigation&#59; Observance of Agreements, Statutes and Orders.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  (a)&#160;There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect that has not been set forth on </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;Neither the Company nor any Subsidiary is aware or has knowledge of any default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.9.&#160;&#160;&#160;&#160;Taxes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company and its Subsidiaries have filed all tax returns that they are aware are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a)&#160;the amount of which is not individually or in the aggregate Material or (b)&#160;the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  The Company knows of no basis for any other tax or assessment that could reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of federal, state or other taxes for all fiscal periods are adequate.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.10.&#160;&#160;&#160;&#160;Property&#59; Leases</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Neither the Company nor its Subsidiaries owns, nor formerly owned, any real property.  All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.11.&#160;&#160;&#160;&#160;Licenses, Permits, Etc.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  (a)&#160;The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-8-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;To the best knowledge of the Company, no product of the Company or any of its Subsidiaries infringes in any Material respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;To the best knowledge of the Company, there is no Material violation by any Person of any right of the Company or any of its Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;5.12.&#160;&#160;&#160;&#160;Compliance with Employee Benefit Plans</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title&#160;I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section&#160;3 of ERISA), and no event, transaction or condition has occurred or exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title&#160;I or IV of ERISA or to section&#160;430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section&#160;4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan&#8217;s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan&#8217;s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities by an amount that individually or in the aggregate could be Material.  The present value of the accrued benefit liabilities (whether or not vested) under each Non-U.S. Plan that is funded, determined as of the end of the Company&#8217;s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by an amount that individually or in the aggregate could be Material.  The term </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">&#8220;benefit liabilities&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> has the meaning specified in section&#160;4001 of ERISA and the terms </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">&#8220;current value&#8221; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">and </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">&#8220;present value&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> have the meaning specified in section&#160;3 of ERISA.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;The Company and its ERISA Affiliates have not incurred (i)&#160;withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section&#160;4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (ii)&#160;any obligation in connection with the termination of or withdrawal from any Non-U.S.&#160;Plan that individually or in the aggregate are Material.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-9-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;The expected postretirement benefit obligation (determined as of the last day of the Company&#8217;s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic&#160;715-60, without regard to liabilities attributable to continuation coverage mandated by section&#160;4980B of the Code) of the Company and its Subsidiaries is not Material.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section&#160;406 of ERISA or in connection with which a tax could be imposed pursuant to section&#160;4975(c)(1)(A)-(D) of the Code.  The representation by the Company to each Purchaser in the first sentence of this Section&#160;5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser&#8217;s representation in Section&#160;6.2 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(f)&#160;&#160;&#160;&#160;All Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect.  All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Company and its Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably expected to have a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.13.&#160;&#160;&#160;&#160;Private Offering by the Company</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Neither the Company nor anyone acting on its behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than not more than five&#160;Institutional Investors (including the Purchasers), each of which has been offered the Notes at a private sale for investment.  Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section&#160;5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.14.&#160;&#160;&#160;&#160;Use of Proceeds&#59; Margin Regulations</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will apply the proceeds of the sale of the Notes to refinance the Series&#160;C Notes and in compliance with all laws referenced in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;5.16</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation&#160;U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation&#160;X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation&#160;T of said Board (12 CFR 220).  Margin stock does not constitute more than 2% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 2% of the value of such assets.  As used in this Section, the terms &#8220;margin stock&#8221; and &#8220;purpose of buying or carrying&#8221; shall have the meanings assigned to them in said Regulation&#160;U.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.15.&#160;&#160;&#160;&#160;Existing Indebtedness&#59; Future Liens</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of the date of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-10-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">the Closing</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any).  Neither the Company nor any Subsidiary is currently in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would currently permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;Except as disclosed in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, neither the Company nor any Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company or any Subsidiary, except as specifically indicated in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section 5.16.&#160;&#160;&#160;&#160;Foreign Assets Control Regulations, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company&#8217;s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;No part of the proceeds from the sale of the Notes hereunder&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:27pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(i)&#160;&#160;&#160;&#160;constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:27pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(ii)&#160;&#160;&#160;&#160;will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:27pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(iii)&#160;&#160;&#160;&#160;will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any governmental official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-11-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.17.&#160;&#160;&#160;&#160;Status under Certain Statutes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Neither the Company nor any Subsidiary is subject to regulation as an investment company under the Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.18.&#160;&#160;&#160;&#160;Notes Rank Pari Passu</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The obligations of the Company under this Agreement and the Notes rank at least </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">pari passu</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> in right of payment with all other unsecured Indebtedness (actual or contingent) of the Company, including, without limitation, all senior unsecured Indebtedness of the Company described in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> hereto.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;5.19.&#160;&#160;&#160;&#160;Environmental Matters</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;Neither the Company nor any Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its Subsidiaries or any of their respective real properties now or formerly leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;Neither the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly leased or operated by any of them or to other assets or their use, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;Neither the Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly leased or operated by any of them or has disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that could reasonably be expected to result in a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;All buildings on all real properties now leased or operated by the Company or any Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-12-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-top:0.16pt;padding-left:0.84pt;text-indent:-0.84pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:116%">Section&#160;6.&#160;&#160;&#160;&#160;Representations of the Purchasers.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;6.1.&#160;&#160;&#160;&#160;Purchase for Investment</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the disposition of such Purchaser&#8217;s or their property shall at all times be within such Purchaser&#8217;s or their control.  Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;6.2.&#160;&#160;&#160;&#160;Source of Funds</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Source&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;the Source is an &#8220;insurance company general account&#8221; (as the term is defined in the United States Department of Labor&#8217;s Prohibited Transaction Exemption (</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;PTE&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance Commissioners (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;NAIC Annual Statement&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed ten percent (10%) of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser&#8217;s state of domicile&#59; 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within the meaning of Part VI(h) of the QPAM Exemption and (i)&#160;the identity of such QPAM and (ii)&#160;the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part&#160;VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause&#160;(d)&#59;or </font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;the Source constitutes assets of a &#8220;plan(s)&#8221; (within the meaning of Section&#160;IV of PTE 96-23 (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;INHAM Exemption&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">)) managed by an &#8220;in-house asset manager&#8221; 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within the meaning of Rule&#160;501 of Regulation&#160;D promulgated by the SEC under the Securities Act and (b) a Qualified Institutional Buyer as defined in Rule 144A under the Securities Act.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-14-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;7.&#160;&#160;&#160;&#160;Information as to the Company.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;7.1.&#160;&#160;&#160;&#160;Financial and Business Information</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company shall deliver to each Purchaser and each holder of Notes that is an Institutional Investor&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Quarterly Statements</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; within 50&#160;days after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of&#58;</font></div><div style="margin-top:14pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and</font></div><div style="margin-top:14pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(ii)&#160;&#160;&#160;&#160;consolidated statements of operations and cash flows of the Company and its Subsidiaries for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,  </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">setting forth in each case in comparative form the figures for the corresponding period or periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments and containing, if applicable, a reconciliation necessary to show in reasonable detail the effects, if any, of the application of ASC 810 in respect of any Investment Vehicle&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that, the delivery within the time period specified above of copies of Artisan Partners Asset Management Inc.&#8217;s Quarterly Report on Form&#160;10-Q (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Form 10-Q&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) prepared in compliance with the requirements therefor and filed with the SEC shall, to the extent such Form 10-Q includes the information required to be delivered pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, be deemed to satisfy the requirements of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided, further,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the Company shall be deemed to have made such delivery of such Form&#160;10-Q if it shall have timely made such Form&#160;10-Q available on &#8220;EDGAR&#8221; and through its home page on the worldwide web (such availability and notice thereof being referred to as </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Electronic Delivery&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">)&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Annual Statements</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; within 100</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">days after the end of each fiscal year of the Company, duplicate copies of,</font></div><div style="margin-top:14pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;a consolidated balance sheet of the Company and its Subsidiaries, as at the end of such year, and</font></div><div style="margin-top:14pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(ii)&#160;&#160;&#160;&#160;consolidated statements of operations, changes in partners&#8217; equity and cash flows of the Company and its Subsidiaries, for such year, </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects (without a &#8220;going concern&#8221; or like qualification or exception and without any qualification or exception as to the scope of such audit), the financial position of the companies being reported upon and their results of operations and cash </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-15-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances and containing, if applicable, a reconciliation necessary to show in reasonable detail the effects, if any, of the application of ASC 810 in respect of any Investment Vehicle, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the delivery within the time period specified above of copies of Artisan Partners Asset Management Inc.&#8217;s Annual Report on Form 10-K (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Form 10-K&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) prepared in accordance with the requirements therefor and filed with the SEC shall, to the extent such Form&#160;10</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">-</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">K includes the information required to be delivered pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(b)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, be deemed to satisfy the requirements of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(b)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided, further,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the Company shall be deemed to have made such delivery of such Form&#160;10-K if it shall have timely made Electronic Delivery thereof&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">SEC and Other Reports</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; promptly upon their becoming available, one copy of (i)&#160;each financial statement, report, notice or proxy statement sent by the General Partner, the Company or any of its Subsidiaries to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability or to its public securities holders generally) and (ii)&#160;each regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed by the General Partner, the Company or any of its Subsidiaries with the SEC and of all press releases and other statements made available generally by the General Partner, the Company or any of its Subsidiaries to the public concerning developments that are Material&#59; 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promptly, and in any event within five days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto&#58;</font></div><div style="margin-top:14pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;with respect to any Plan, any reportable event, as defined in section&#160;4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof&#59; or</font></div><div style="margin-top:14pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(ii)&#160;&#160;&#160;&#160;the taking by the PBGC of steps to institute, or, to the knowledge of the Company, the threatening by the PBGC of the institution of, proceedings under </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-16-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">section&#160;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan&#59; 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promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Company or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(g)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Resignation or Replacement of Auditors</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; within 10 days following the date on which the Company&#8217;s auditors resign or the Company elects to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders may request&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> the delivery within the time period specified above of copies of Artisan Partners Asset Management Inc.&#8217;s Current Report on Form 8-K (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Form 8-K&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) prepared in accordance with the requirements therefor and filed with the SEC shall, to the extent such Form 8-K includes the information required to be delivered pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section 7.1(g)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, be deemed to satisfy the requirements of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(g)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided, further,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the Company shall be deemed to have made such delivery of such Form 8-K if it shall have timely made Electronic Delivery thereof&#59; and </font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(h)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Requested Information</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such Purchaser or holder of Notes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-17-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;7.2.&#160;&#160;&#160;&#160;Officer&#8217;s Certificate</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Each set of financial statements delivered to a Purchaser or holder of Notes pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(b)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of such financial statements, shall be by separate concurrent delivery of such certificate to each holder of Notes)&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Covenant Compliance</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; the information (including detailed calculations) required in order to establish whether the Company was in compliance with the requirements of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> and </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, inclusive, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence and the amount, if any, of Deferred Compensation Assets).  In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;22.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) as to the period covered by any such financial statement, such Senior Financial Officer&#8217;s certificate as to such period shall include a reconciliation from GAAP with respect to such election&#59; </font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Event of Default</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Subsidiary</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Guarantors</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8211; setting forth a list of all Subsidiaries that are Subsidiary Guarantors and certifying that each Subsidiary that is required to be a Subsidiary Guarantor pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.7</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is a Subsidiary Guarantor, in each case, as of the date of such certificate of Senior Financial Officer&#59; </font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">AUM </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#8212;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">the value of the amount of the &#8220;assets under management&#8221; by the Company as of the last day of such period, such value to be determined by the Company in accordance with the Company&#8217;s procedures for valuation of securities in effect on that date, together with, in comparative form, the value for the corresponding date in the previous fiscal year, all in reasonable detail&#59; and</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Consolidated EBITDA</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> &#8212; the amount and components of Consolidated EBITDA for such period, together with, in comparative form, Consolidated EBITDA for the corresponding period in the previous fiscal year, all in reasonable detail.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-18-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;7.3.&#160;&#160;&#160;&#160;Visitation</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  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The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount.  The Company will give each holder of Notes written notice of each optional prepayment under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> not less than 30 days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section&#160;17.  Each such notice shall specify such date (which shall be a Business Day and if such date shall not be specified in such notice, the date shall be the first Business Day after the 45th day after the date of such notice), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  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Change in Control</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Notice of Change in Control. </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> The Company will, within five Business Days after any Responsible Officer has knowledge of the occurrence of any Change in Control, give written notice of such Change in Control to each holder of Notes.  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(the percentage of such aggregate voting power attributable to the Equity Interests acquired or held by such Person or group being the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Relevant Percentage&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) and at such time the Permitted Owners do not own directly or through wholly owned entities, Equity Interests in Artisan Partners Asset Management Inc. collectively representing more than the Relevant Percentage of the aggregate voting power represented by all issued and outstanding Equity Interests in Artisan Partners Asset Management Inc.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;All calculations contemplated in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> involving the capital stock of any Person shall be made with the assumption that all convertible Securities of such Person then outstanding and all convertible Securities issuable upon the exercise of any warrants, options and other rights outstanding at such time were converted at such time and that all options, warrants and similar rights to acquire shares of capital stock of such Person were exercised at such time.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;8.4.&#160;&#160;&#160;&#160;Allocation of Partial Prepayments</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  In the case of each partial prepayment of the Notes pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes, without regard to series, at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.  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The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a)&#160;upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b)&#160;pursuant to an offer to purchase made by the Company or an </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-21-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions.  Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days.  If the holders of more than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to accept such offer.  The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;8.7.&#160;&#160;&#160;&#160;Make-Whole Amount</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The term </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Make-Whole Amount&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the Make-Whole Amount may in no event be less than zero.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">  </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">For the purposes of determining the Make-Whole Amount, the following terms have the following meanings&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Called Principal&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or has become or is declared to be immediately due and payable pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, as the context requires.</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Discounted Value&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Reinvestment Yield&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to the Called Principal of any Note, 0.50% (50 basis points) over the yield to maturity implied by (i)&#160;the yields reported as of 10&#58;00&#160;a.m. (New&#160;York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as &#8220;Page PX1&#8221; (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii)&#160;if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  In the case of each determination under clause&#160;(i) or clause&#160;(ii), as the case may be, of the preceding paragraph, such implied yield will be determined, if necessary, by (a)&#160;converting U.S.&#160;Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (b)&#160;interpolating linearly </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-22-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">between (1)&#160;the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2)&#160;the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Remaining Average Life&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (a)&#160;such Called Principal into (b)&#160;the sum of the products obtained by multiplying (i)&#160;the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (ii)&#160;the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%"> &#8220;Remaining Scheduled Payments&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">12.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  For the avoidance of doubt, the stated coupon rate, and not the Adjusted Interest Rate, shall be used in connection with the computation of the Remaining Scheduled Payments.</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Settlement Date&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> has become or is declared to be immediately due and payable pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, as the context requires.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;8.8.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">AUM Put Rights.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  </font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(a)&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">If at any time the value of the average amount of the &#8220;assets under management&#8221; by the Company for a quarterly fiscal period, determined as of the last day of such quarterly fiscal period, such value to be determined by the Company in accordance with the Company&#8217;s procedures for valuation of securities in effect on that date, is less than $45,000,000,000 the Company will, promptly, give written notice of such fact to each holder of Notes.  Such notice shall contain and constitute an offer to prepay Notes and shall be accompanied by the certificate described in subparagraph (d) of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8.  </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">The offer to prepay Notes contemplated by this subparagraph (a) of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall be an offer to prepay, in accordance with and subject to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, all, but not less than all, the Notes held by each holder (in this case only, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;holder&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Proposed Put Prepayment Date&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">).  Such date shall be not less than 30&#160;days and not more than 60&#160;days after the date of such offer (if the Proposed Put Prepayment Date shall not be specified in such offer, the Proposed Put Prepayment Date shall be the first Business Day after the 45th&#160;day after the date of such offer).</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-23-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(b)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Acceptance&#47;Rejection.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  A holder of Notes may accept the offer to prepay made pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> by causing a notice of such acceptance to be delivered to the Company not later than 15&#160;days after receipt by such holder of the most recent offer of prepayment.  A failure by a holder of Notes to respond to an offer to prepay made pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall be deemed to constitute a rejection of such offer by such holder.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(c)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Prepayment.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  Prepayment of the Notes to be prepaid pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8 </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">shall be at 101% of the principal amount of such Notes, together with interest on such Notes accrued and unpaid to the date of prepayment, but without Make-Whole Amount or other premium.  The prepayment shall be made on the Proposed Put Prepayment Date.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(d)</font><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Officer&#8217;s Certificate. </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> Each offer to prepay the Notes pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying&#58; (i)&#160;the Proposed Put Prepayment Date&#59; (ii)&#160;that such offer is made pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#59; (iii)&#160;the principal amount of each Note offered to be prepaid&#59; (iv)&#160;the interest that would be due on each Note offered to be prepaid, accrued and unpaid to the Proposed Put Prepayment Date&#59; and (v)&#160;that the conditions of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> have been fulfilled.  </font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;9.&#160;&#160;&#160;&#160;Affirmative Covenants.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that&#58;</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.1.&#160;&#160;&#160;&#160;Compliance with Law</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Without limiting </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.11</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA Patriot Act and the other laws and regulations that are referred to in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;5.16</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.2.&#160;&#160;&#160;&#160;Insurance</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.3.&#160;&#160;&#160;&#160;Maintenance of Properties</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that this </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-24-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.4.&#160;&#160;&#160;&#160;Payment of Taxes and Claims</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will, and will cause each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that neither the Company nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (a)&#160;the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (b)&#160;the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate could not reasonably be expected to have a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.5.&#160;&#160;&#160;&#160;Legal Existence, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Subject to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the Company will at all times preserve and keep in full force and effect its legal existence.  Subject to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Sections&#160;10.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> and </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">10.5</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the Company will at all times preserve and keep in full force and effect the legal existence of each of its Subsidiaries (unless merged into the Company or a Subsidiary Controlled by the Company)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">and all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such legal existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.6.&#160;&#160;&#160;&#160;Notes to Rank Pari Passu.  </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">The Notes and all other obligations under this Agreement of the Company are and at all times shall rank at least </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">pari passu</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> in right of payment with all other present and future unsecured Indebtedness (actual or contingent) of the Company which is not expressed to be subordinate or junior in rank to any other unsecured Indebtedness of the Company.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.7.&#160;&#160;&#160;&#160;Books and Records</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company, or such Subsidiary, as the case may be, in each case, in all Material respects.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.8.&#160;&#160;&#160;&#160;Guaranty by Subsidiaries</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;The Company will cause (1)&#160;each Subsidiary which delivers a Guaranty of, or becomes a borrower or obligor under, the Bank Credit Agreement or an Existing Note Purchase Agreement to concurrently enter into a Subsidiary Guaranty and (2)&#160;any Equity Participation Subsidiary to concurrently with the formation thereof enter into a </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-25-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Subsidiary Guaranty, and, in the case of both clause&#160;(1) and (2) deliver to each of the holders of the Notes the following 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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">and</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> 5.7</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, but with respect to such Subsidiary and such Subsidiary Guaranty, as applicable&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(iii)&#160;&#160;&#160;&#160;a certificate of a Responsible Officer of the Company certifying that at such time and after giving effect to the execution and delivery of such Subsidiary Guaranty or joinder agreement, no Default or Event of Default shall have occurred and be continuing&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(iv)&#160;&#160;&#160;&#160;such documents and evidence with respect to such Subsidiary as reasonably necessary to establish the existence and good standing of such Subsidiary and the authorization of the transactions contemplated by such Subsidiary Guaranty&#59; and</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(v)&#160;&#160;&#160;&#160;an opinion of counsel to the effect that such Subsidiary Guaranty has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of such Subsidiary enforceable in accordance with its terms, except as an enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors&#8217; rights generally and by general equitable principles.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;The Company may, from time to time at its discretion and upon written notice from the Company to the holders of the Notes referring to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.8(b)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> (which notice shall contain a certification by a Responsible Officer as to the matters specified in clauses&#160;(i), (ii), (iii)&#160;and (iv) below), terminate the Subsidiary Guaranty issued by a Subsidiary Guarantor in accordance with Section&#160;9.8(a)(1) with effect from the date of such notice so long as (i)&#160;no Default or Event of Default shall have occurred and then be continuing or shall result therefrom, (ii)&#160;no payment by such Subsidiary Guarantor is due under such Subsidiary Guarantor&#8217;s Subsidiary Guaranty, (iii)&#160;such Subsidiary Guarantor is not a guarantor of, or a borrower or obligor under, the Bank Credit Agreement or an Existing Note Purchase Agreement and (iv) such Subsidiary Guarantor shall not have received assets from the Company as permitted by </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.5(c)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> in contemplation of such release.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;The Company agrees that it will not, nor will it permit any Subsidiary or Affiliate to, directly or indirectly, pay or cause to be paid any consideration or remuneration, whether by way of supplemental or additional interest, fee or otherwise, to any creditor of the Company or of any Subsidiary Guarantor as consideration for or as an inducement to the entering into by any such creditor of any release or discharge of any Subsidiary Guarantor with respect to any liability of such Subsidiary Guarantor as guarantor of, or a borrower or obligor under, the Bank Credit Agreement or an Existing Note Purchase Agreement, unless such consideration or remuneration is concurrently paid, on the same terms, ratably to the holders of all of the Notes then outstanding.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-26-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;9.9.&#160;&#160;&#160;&#160;Most Favored Lender Status</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;If any Note Party (i)&#160;is as of the date of this Agreement a party to credit facilities, loan agreements or other like financial instruments, including, without limitation, the Bank Credit Agreement and the Existing Note Purchase Agreements but excluding this Agreement (each an </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Existing Credit Facility&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), under which such Note Party may incur Indebtedness in an aggregate amount equal to or greater than $50,000,000 (or the equivalent in the relevant currency), (ii)&#160;enters into any amendment or other modification of any of such Existing Credit Facilities (an </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Amended Credit Facility&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) or (iii) enters into any new credit facility (a </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;New Credit Facility&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) after the date of this Agreement under which such Note Party may, together with the Existing Credit Facilities, incur Indebtedness in an aggregate amount equal to or greater than $50,000,000 (or the equivalent in the relevant currency), that in any such case under clause&#160;(i), (ii) or (iii) above includes or results in one or more additional or more restrictive provisions (whether constituting a negative or financial covenant, a required prepayment or an event of default, though, for the avoidance of doubt, not including a &#8220;pricing term&#8221; or &#8220;applicable margin&#8221;) than those contained in this Agreement whether constituting a negative or financial covenant, required prepayment or an event of default (such additional or more restrictive negative or financial covenant, required prepayment or event of default, as the case may be, together with all definitions relating thereto, and including, for the avoidance of doubt, any negative covenants in an Existing Credit Facility as of the date of this Agreement which are more restrictive, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Additional Covenant(s)&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), then the terms of this Agreement, without any further action on the part of the Company, any Subsidiary Guarantor or any of the holders of the Notes, will unconditionally be deemed on the date of Closing or the execution of such Amended Credit Facility or New Credit Facility, as the case may be, to be automatically amended to include such Additional Covenant(s), as the case may be, and any event of default in respect of any such additional or more restrictive negative or financial covenant(s) or required prepayment so included herein shall be deemed to be an Event of Default under </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(d),</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> subject to all applicable terms and provisions of this Agreement, including, without limitation, all rights and remedies exercisable by the holders of the Notes hereunder.  </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;If after the date of Closing or execution of any Amended Credit Facility or a New Credit Facility, as the case may be, any one or more of the Additional Covenant(s) is excluded, terminated, loosened, tightened, amended or otherwise modified under the corresponding Existing Credit Facility, Amended Credit Facility or New Credit Facility, as applicable, then and in such event any such Additional Covenant(s) theretofore included in this Agreement pursuant to the requirements of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9 </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">shall then and thereupon be so excluded, terminated, loosened, tightened or otherwise amended or modified under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">that if a Default or Event of Default shall have occurred and be continuing at the time any such Additional Covenant(s) is or are to be so excluded, terminated, loosened, tightened, amended or modified under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the prior written consent thereto of the Required Holders shall be required as a condition to the exclusion, termination, loosening, tightening or other amendment or modification of any such Additional Covenant(s), as the case may be&#59; and </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">further,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that in any and all events, the negative or financial covenant(s) or required prepayment and related definitions or any event of default constituting any covenant and Events of Default contained in this Agreement as in effect on the date of this Agreement shall not in any event be deemed or construed to be loosened or relaxed by operation of the terms of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, and only any such Additional Covenant(s) shall be so excluded, terminated, loosened, tightened, amended or otherwise modified pursuant to the terms hereof.  </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-27-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;The Company shall from time to time promptly execute and deliver at its expense (including, without limitation, the fees and expenses of counsel for the holders of the Notes) an amendment to this Agreement evidencing that, pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, this Agreement then and thereafter includes, excludes, amends or otherwise modifies any Additional Covenant(s), as the case may be&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the execution and delivery of such amendment shall not be a precondition to the effectiveness of such amendment.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;The Company agrees that it will not, nor will it permit any Subsidiary or Affiliate to, directly or indirectly, pay or cause to be paid any consideration or remuneration, whether by way of supplemental or additional interest, fee or otherwise, to any creditor of a Note Party as consideration for or as an inducement to the entering into by any such creditor of any amendment, waiver or other modification to any Existing Credit Facility or New Credit Facility, as the case may be, the effect of which amendment, waiver or other modification is to exclude, terminate, loosen, tighten or otherwise amend or modify any Additional Covenant(s), unless such consideration or remuneration is concurrently paid, on the same terms, ratably to the holders of all of the Notes then outstanding.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;9.10.&#160;&#160;&#160;&#160;Rating Confirmation</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  No later than August&#160;16 of each year, the Company shall provide written evidence to each of the holders of the Notes, sent in the manner provided in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;18</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, of each then current rating of the Notes, which shall, in any event, include a rating from at least one Rating Agency.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;10.&#160;&#160;&#160;&#160;Negative Covenants.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that&#58;</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;10.1.&#160;&#160;&#160;&#160;Financial Covenants</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;The Company will not permit the Leverage Ratio on any date to exceed 3.00 to 1.00.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;The Company will not permit the Interest Coverage Ratio in respect of any period of four consecutive fiscal quarters of the Company to be less than 4.00 to 1.00.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;10.2.&#160;&#160;&#160;&#160;Priority Indebtedness</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will not permit Priority Indebtedness on any date to exceed the greater of (a)&#160;$50,000,000 and (b)&#160;5% of Consolidated Total Assets on such date.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;10.3.&#160;&#160;&#160;&#160;Liens</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will not, nor will it permit any Subsidiary to, create, incur, or suffer to exist any Lien in or on its property (now or hereafter acquired), or on any income or revenues or rights (including accounts receivable) in respect of any thereof, except&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;Permitted Encumbrances&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;any Lien existing on the date of the Closing and described in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that (i)&#160;such Lien shall not apply to any other property or asset of the Company or any Subsidiary and (ii)&#160;such Lien shall secure only those obligations that it secures on the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-28-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">date of the Closing and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof&#59; </font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;any Lien existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date of the Closing prior to the time such Person becomes a Subsidiary&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that (i)&#160;such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii)&#160;such Lien shall not apply to any other property or assets of the Company or any Subsidiary and (iii)&#160;such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that (i)&#160;such security interests secure Indebtedness of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Finance Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that (x) such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement and (y) the aggregate principal amount of Indebtedness secured by Liens permitted by this clause (d) shall not exceed $15,000,000 at any time outstanding, (ii)&#160;such security interests and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (iii)&#160;the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iv)&#160;such security interests shall not apply to any other property or assets (except accessions to, and proceeds of, such assets) of the Company or any Subsidiary&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;banker&#8217;s liens in the nature of set-off rights arising in the ordinary course of business in respect of deposit accounts or other funds maintained with a depositary institution&#59; 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and</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-29-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;other Liens incurred by the Company and the Subsidiaries in the ordinary course of their respective businesses, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that after giving effect to the creation or incurrence of such Lien, no Default or Event of Default, including, without limitation, under </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall have occurred and be continuing&#59; 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</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided further</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that if such Liens no longer secure Indebtedness under the Bank Credit Agreement or an Existing Note Purchase Agreement, as the case may be, the Liens required to be granted pursuant to this clause&#160;(j) shall automatically be released and terminated).</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;10.4.&#160;&#160;&#160;&#160;Mergers, Consolidations, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">. </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">The Company will not, and will not permit any Subsidiary to, consolidate with or merge with any other Person, or sell, lease or otherwise dispose of all or substantially all of its assets&#59; 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rights generally and by general equitable principles, (iii)&#160;each Subsidiary Guarantor shall have affirmed in writing its obligations under the Subsidiary Guaranty to which it is a party and (iv)&#160;at the time of such consolidation or merger and immediately after giving effect thereto, no Default or Event of Default would exist&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;notwithstanding </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.5</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the Company may sell or otherwise dispose of all or substantially all of its assets to any Person for consideration which represents the fair market value of such assets (as determined in good faith by a Senior Financial Officer of the Company) at the time of such sale or other disposition if (i)&#160;the acquiring Person (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Acquiring Person&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) is an entity organized under the laws of any state of the United States or the District of Columbia, (ii)&#160;the due and punctual payment of the principal of and premium, if any, and interest on all the Notes, according to their tenor, and the due and punctual performance and observance of all of the covenants in the Notes and in this Agreement to be performed or observed by the Company are expressly assumed in writing by the Acquiring Person and the Acquiring Person shall furnish to the holders of the Notes an opinion of counsel satisfactory to the Required Holders to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of such Acquiring Person enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors&#8217; rights generally and by general equitable principles, (iii)&#160;each Subsidiary Guarantor shall have affirmed in writing its obligations under the Subsidiary Guaranty to which it is a party and (iv)&#160;at the time of such sale or disposition and immediately after giving effect thereto, no Default or Event of Default would exist&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">any Investment Vehicle may be merged into or consolidated with the Company or any Subsidiary in a transaction in which the Company or such Subsidiary is the surviving entity so long as (i)&#160;at the time thereof and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, (ii)&#160;the organizational documents of the Company or such Subsidiary are not amended or modified in connection with such merger or consolidation and (iii)&#160;such Investment Vehicle is not subject to any agreement or instrument governing or evidencing Indebtedness that (A)&#160;would be binding on the Company or any Subsidiary as a result of such merger or consolidation and (B)&#160;would interfere or be inconsistent with the obligations of the Company or any Subsidiary Guarantor under this Agreement or the applicable Subsidiary Guaranty&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;the Company may sell or otherwise dispose of limited partnership interests in Artisan Partners LP to one or more Equity Participation Subsidiaries in accordance with the Equity Participation Subsidiary Transaction.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-31-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">No such conveyance, transfer or lease of substantially all of the assets of the Company shall have the effect of releasing the Company or any successor corporation or limited liability company that shall theretofore have become such in the manner prescribed in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> from its liability under this Agreement or the Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;10.5.&#160;&#160;&#160;&#160;Asset Sales</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  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</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#010000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">sales, transfers, dispositions and issuances (i)&#160;to a Note Party or (ii)&#160;among any Subsidiaries that are not Subsidiary Guarantors and for which the Company shall directly or indirectly have at least the same degree of Control for the Subsidiary receiving or acquiring such assets as it had with respect to the Subsidiary selling, transferring or otherwise disposing of such assets&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;issuance of Equity Interests of any Subsidiary (such entity, the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Issuer&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) (other than Equity Interests of such Issuer that entitle the holder thereof to exercise voting rights with respect to the election of directors of such Issuer or any comparable voting rights (other than voting rights conferred by law or required by applicable regulations)) to any employee, partner or other individual for the sole purpose of implementing ordinary course compensation arrangements (including incentive compensation arrangements) for such employee, partner or other individual, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that if such Issuer is a Subsidiary Guarantor, such Issuer continues to be a Subsidiary Guarantor on the same terms and conditions as any Wholly-Owned Subsidiary&#59; 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or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(p)&#160;&#160;&#160;&#160;any Equity Participation Subsidiary Transaction.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-35-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;10.7.&#160;&#160;&#160;&#160;Limitation on Restricted Payments.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  The Company will not declare or make, or permit any Subsidiary to declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment or incur any obligation (contingent or otherwise) to do so when a Default has occurred and is continuing (or would result therefrom), except&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;each Subsidiary may make Restricted Payments to the Company or any other Subsidiary and to any other Person that owns an Equity Interest in such Subsidiary ratably according to such Person&#8217;s holdings of the type of Equity Interests in respect of which a Restricted Payment is being made to the Company or any other Subsidiary&#59;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;for so long as the Company or any Subsidiary is a pass-through or disregarded entity for United States Federal income tax purposes, the Company or any Subsidiary may make Tax Distributions in respect of any taxable year of the Company or any Subsidiary equal to the product of (i)&#160;the amount of taxable income allocated to the partners of the Company or any Subsidiary for such taxable year times and (ii)&#160;the highest aggregate marginal U.S. Federal, state and local income tax rate applicable to any partner of the Company or Subsidiary for such year as a result of owning Equity Interests in the Company or any Subsidiary, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that no Tax Distribution shall be made to any partner in respect of any (x)&#160;amounts distributed to such partner and treated as a &#8220;guaranteed payment&#8221; 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The Company will not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement as described in the Investor Presentation.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section 10.11.&#160;&#160;&#160;&#160;Economic Sanctions, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  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and to refer specifically to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(d)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">)&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;any representation or warranty made in writing by or on behalf of a Note Party or by any officer of the General Partner of a Note Party in this Agreement or in a Subsidiary Guaranty, as the case may be, or in any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(f)&#160;&#160;&#160;&#160;(i)&#160;the Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness (other than the Notes) that is outstanding in an aggregate principal amount of at least $10,000,000 beyond any period of grace provided with respect thereto, or (ii)&#160;the Company or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $10,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that this clause&#160;(ii)&#160;shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness so long as such secured Indebtedness that becomes due is promptly, and in any event within five Business Days, repaid, or (iii)&#160;as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), (1)&#160;the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $10,000,000, or (2)&#160;one or more Persons have the right to require the Company or any Subsidiary so to purchase or repay such Indebtedness&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(g)&#160;&#160;&#160;&#160;the Company or any Subsidiary (i)&#160;is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii)&#160;files, or consents by answer or otherwise to the filing against it of a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii)&#160;makes an assignment for the benefit of its creditors, (iv)&#160;consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-39-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">substantial part of its property, (v)&#160;is adjudicated as insolvent or to be liquidated, or (vi)&#160;takes corporate action for the purpose of any of the foregoing&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(h)&#160;&#160;&#160;&#160;a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any of its Subsidiaries, or any such petition shall be filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60 days&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;a final judgment or judgments for the payment of money aggregating in excess of $25,000,000 (net of insurance proceeds payable in respect thereto&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the applicable insurance carriers have been notified of such judgment and are not disputing liability with respect to the net amount) are rendered against one or more of the Company and its Subsidiaries and which judgments are not, within 60&#160;days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60&#160;days after the expiration of such stay&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(j)&#160;&#160;&#160;&#160;if (i)&#160;any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section&#160;412 of the Code, (ii)&#160;a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section&#160;4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become the subject of any such proceedings, (iii)&#160;the aggregate &#8220;amount of unfunded benefit liabilities&#8221; (within the meaning of section&#160;4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed $25,000,000, (iv)&#160;the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S. Plans allocable to such liabilities, (v)&#160;the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any Material liability pursuant to Title&#160;I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (vi)&#160;the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii)&#160;the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder, (viii)&#160;the Company or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix)&#160;the Company or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans&#59; and any such event or events described in clauses&#160;(i) </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-40-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">through (ix) above, either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect&#59; or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(k)&#160;&#160;&#160;&#160;any Subsidiary Guaranty shall cease to be in full force and effect for any reason whatsoever, including, without limitation, a determination by any Governmental Authority that such Subsidiary Guaranty is invalid, void or unenforceable or any Subsidiary Guarantor which is a party to such Subsidiary Guaranty shall contest or deny in writing the validity or enforceability of any of its obligations under such Subsidiary Guaranty, but excluding any Subsidiary Guaranty which ceases to be in full force and effect in accordance with and by reason of the express provisions of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.8(b)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">As used in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(j)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the terms &#8220;employee benefit plan&#8221; and &#8220;employee welfare benefit plan&#8221; shall have the respective meanings assigned to such terms in section&#160;3 of ERISA.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;12.&#160;&#160;&#160;&#160;Remedies on Default, Etc.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;12.1.&#160;&#160;&#160;&#160;Acceleration</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  (a)&#160;If an Event of Default with respect to the Company described in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(g)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">(h)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> (other than an Event of Default described in clause&#160;(i) of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(g)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or described in clause&#160;(vi) of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(g)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> by virtue of the fact that such clause&#160;encompasses clause&#160;(i) of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(g)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;If any Event of Default described in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11(a)&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">or&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">(b) </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Upon any Notes becoming due and payable under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (i)&#160;all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (ii)&#160;the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.  The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for), and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;12.2.&#160;&#160;&#160;&#160;Other Remedies</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-41-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">due and payable under </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;12.3.&#160;&#160;&#160;&#160;Rescission</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  At any time after any Notes have been declared due and payable pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12.1(b) </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">or </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">(c)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a)&#160;the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b)&#160;neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c)&#160;all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;17</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, and (d)&#160;no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes.  No rescission and annulment under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;12.4.&#160;&#160;&#160;&#160;No Waivers or Election of Remedies, Expenses, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&#8217;s rights, powers or remedies.  No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the Company under </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, including, without limitation, reasonable attorneys&#8217; fees, expenses and disbursements.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;13.&#160;&#160;&#160;&#160;Registration&#59; Exchange&#59; Substitution of Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;13.1.&#160;&#160;&#160;&#160;Registration of Notes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes.  The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register.  If any holder of one or more Notes is a nominee, then (a)&#160;the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b)&#160;at any such beneficial owner&#8217;s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement.  Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary.  The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-42-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;13.2.&#160;&#160;&#160;&#160;Transfer and Exchange of Notes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;18(iii)) </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder&#8217;s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company&#8217;s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note.  Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Exhibit&#160;1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon.  The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes.  Notes shall not be transferred in denominations of less than $100,000&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $100,000.  Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;6.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;13.3.&#160;&#160;&#160;&#160;Replacement of Notes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;18(iii)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person&#8217;s own unsecured agreement of indemnity shall be deemed to be satisfactory), or</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;in the case of mutilation, upon surrender and cancellation thereof,</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;14.&#160;&#160;&#160;&#160;Payments on Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;14.1.&#160;&#160;&#160;&#160;Place of Payment</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Subject to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;14.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New&#160;York, New&#160;York at the principal office of Bank of America, N.A. in such jurisdiction.  The Company may at any time, by notice to each holder of a Note, change the place of payment of the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-43-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;14.2.&#160;&#160;&#160;&#160;Home Office Payment</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;14.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address specified for such purpose below such Purchaser&#8217;s name in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;A</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;14.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;13.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will afford the benefits of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;14.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;14.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">. </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;14.3.&#160;&#160;&#160;&#160;FATCA Information.  </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a)&#160;in the case of any such holder that is a United States Person, such holder&#8217;s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder&#8217;s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b)&#160;in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section&#160;1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder&#8217;s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder.  Nothing in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;14.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;15.&#160;&#160;&#160;&#160;Expenses, Etc.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;Section&#160;15.1.&#160;&#160;&#160;&#160;Transaction Expenses.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  Whether or not the transactions contemplated hereby are consummated, the Company will pay (i)&#160;all reasonable costs and expenses (including reasonable attorneys&#8217; fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty or the Notes (whether or not such amendment, waiver or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-44-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">consent becomes effective), including, without limitation&#58; (a)&#160;the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note, (b)&#160;the reasonable costs and expenses, including financial advisors&#8217; fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby, by any Subsidiary Guaranty and by the Notes and (c)&#160;the reasonable costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that such costs and expenses under this clause&#160;(c) shall not exceed $3,000 for each series of Notes.  The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any reasonable fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes), (ii)&#160;any and all reasonable wire transfer fees that any bank or other financial institution deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii)&#160;any judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys&#8217; fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">that the Company shall have no obligation under this clause&#160;(iii) to the extent such obligation has resulted from (A)&#160;the gross negligence or willful misconduct of a Purchaser or other holder or (B)&#160;the material breach of such Purchaser&#8217;s or other holder&#8217;s obligations hereunder.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;15.2.&#160;&#160;&#160;&#160;Certain Taxes.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where a Note Party has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Subsidiary Guaranty or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section&#160;15, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;15.3.&#160;&#160;&#160;&#160;Survival.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  The obligations of the Company under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;16.&#160;&#160;&#160;&#160;Survival of Representations and Warranties&#59; Entire Agreement.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note.  All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-45-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">representations and warranties of the Company under this Agreement.  Subject to the preceding sentence, this Agreement, any Subsidiary Guaranty and the Notes embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;17.&#160;&#160;&#160;&#160;Amendment and Waiver.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;17.1.&#160;&#160;&#160;&#160;Requirements</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a)&#160;no amendment or waiver of any of the provisions of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;1, 2, 3, 4, 5, 6</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">21</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b)&#160;no such amendment or waiver may, without the written consent of the holder of each Note at the time outstanding affected thereby, (i)&#160;subject to the provisions of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;12</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (ii)&#160;change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> upon the satisfaction of the conditions to Closing that appear in</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> Section&#160;4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, or (iii)&#160;amend any of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Sections&#160;8 (</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">except as set forth in the second sentence of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">, 11(a), 11(b), 12, 17</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  A Subsidiary Guaranty may be amended in accordance with the terms thereof.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;17.2.&#160;&#160;&#160;&#160;Solicitation of Holders of Notes</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Solicitation</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will provide each Purchaser and holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes.  The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;17</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> to each Purchaser and each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Payment</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of Notes as consideration for or as an inducement to the entering into by any Purchaser or holder of Notes of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser and holder of Notes then outstanding even if such Purchaser or holder did not consent to such waiver or amendment.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-46-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Consent in Contemplation of Transfer</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Any consent made pursuant to this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;17.2</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> by the holder of any Note that has transferred or has agreed to transfer such Note to the Company, any Subsidiary or any Affiliate of the Company and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such transferring holder.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;17.3.&#160;&#160;&#160;&#160;Binding Effect, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Any amendment or waiver consented to as provided in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;17</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and any Purchaser or holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any Purchaser or holder of such Note.  As used herein, the term &#8220;this Agreement&#8221; and references thereto shall mean this Agreement (including all schedules and exhibits hereto) as it may from time to time be amended or supplemented.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;17.4.&#160;&#160;&#160;&#160;Notes Held by Company, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;18.&#160;&#160;&#160;&#160;Notices.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">All notices and communications provided for hereunder shall be in writing and (a)&#160;sent by telefacsimile or electronic mail or posted to the Company&#8217;s electronic data room if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b)&#160;sent by registered or certified mail with return receipt requested (postage prepaid), or (c)&#160;sent by a recognized overnight delivery service (with charges prepaid).  Any such notice must be sent&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;A</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, or at such other address as such Purchaser or nominee shall have specified to the Company in writing,</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(ii)&#160;&#160;&#160;&#160;if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-47-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(iii)&#160;&#160;&#160;&#160;if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the General Partner, or at such other address as the Company shall have specified to the holder of each Note in writing.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Notices under this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;18</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> will be deemed given only when actually received.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;19.&#160;&#160;&#160;&#160;Reproduction of Documents.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">This Agreement and all documents relating thereto, including, without limitation, (a)&#160;consents, waivers and modifications that may hereafter be executed, (b)&#160;documents received by any Purchaser at the Closing (except the Notes themselves), and (c)&#160;financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital or other similar process and such Purchaser may destroy any original document so reproduced.  The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;19</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;20.&#160;&#160;&#160;&#160;Confidential Information.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">For the purposes of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Confidential Information&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means information delivered or made available to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that such term does not include information that (a)&#160;was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b)&#160;subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser&#8217;s behalf, (c)&#160;otherwise becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary or (d)&#160;constitutes financial statements delivered to such Purchaser under </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that are otherwise publicly available.  Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that such Purchaser may deliver or disclose Confidential Information to (i)&#160;its directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii)&#160;its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, (iii)&#160;any other holder of any Note, (iv)&#160;any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), (v)&#160;any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">), (vi)&#160;any federal or state regulatory authority having jurisdiction over such Purchaser, (vii)&#160;the NAIC or the SVO or, in each case, any similar organization, or any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-48-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">nationally recognized rating agency that requires access to information about such Purchaser&#8217;s investment portfolio or (viii)&#160;any other Person to which such delivery or disclosure may be necessary or appropriate</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(w)&#160;to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x)&#160;in response to any subpoena or other legal process, (y)&#160;in connection with any litigation to which such Purchaser is a party, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that such Purchaser will use reasonable efforts to give the Company prior notice of such disclosure and will not object to the Company&#8217;s efforts to obtain confidential treatment of the disclosed information in any such proceeding, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided, further,</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that any failure to give such notice shall not result in any liability to such Purchaser, or (z)&#160;if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser&#8217;s Notes and this Agreement. </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Notwithstanding the foregoing proviso, each Purchaser will maintain the confidentiality of all projected and pro forma financial information contained in the Disclosure Documents and, consistent with its ethical wall procedures adopted by such Purchaser, will not disclose such information to any officer, employee, agent or affiliate of Purchaser responsible for making equity investment decisions with respect to Artisan Partners Asset Management Inc. currently or in the future.  Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> as though it were a party to this Agreement.  On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall not be amended thereby and, as between such Purchaser or such holder and the Company, this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall supersede any such other confidentiality undertaking. </font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;21.&#160;&#160;&#160;&#160;Substitution of Purchaser.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate&#8217;s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;6</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;21</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) shall be deemed to refer to such Affiliate in lieu of such original Purchaser.  In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a &#8220;Purchaser&#8221; in this Agreement (other than in this </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;21</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-49-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Section&#160;22.&#160;&#160;&#160;&#160;Miscellaneous.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;22.1.&#160;&#160;&#160;&#160;Successors and Assigns</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;22.2.&#160;&#160;&#160;&#160;Payments Due on Non-Business Days</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> hereof, then and in such event, if the Company or Required Holders so request, the holders and the Company shall undertake in good faith to amend any affected provisions of this Agreement so as to preserve the original intent and purpose thereof and to accommodate such change in GAAP or its application and to enter into an amendment hereof to reflect the same, such amendment to be in form and substance satisfactory to the Company and the Required Holders.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-50-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font 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Default or Event of Default will be caused by such change in GAAP or its application and the Company and the holders of the Notes shall, notwithstanding anything in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;11</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> to the contrary, proceed in accordance with the following procedures&#58;</font></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:135%">&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;the Company shall, within 15&#160;days of the occurrence of the event which would otherwise be treated as a Default or an Event of Default due to a change in GAAP or its application, prepare and deliver to each holder of the Notes and to their special counsel a proposed form of 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Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;22.5.&#160;&#160;&#160;&#160;Construction, Etc</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-51-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;22.6.&#160;&#160;&#160;&#160;Counterparts&#59; Electronic Contracting</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.  The parties agree to electronic contracting and signatures with respect to this Agreement and the other documents (other than the Notes).&#160; Delivery of an electronic signature to, or a signed copy of, this Agreement and such other documents (other than the Notes) by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes.  The words &#8220;execution,&#8221; &#8220;execute&#8221;, &#8220;signed,&#8221; &#8220;signature,&#8221; and words of like import in or related to any document to be signed in connection with this Agreement and the other documents (other than the Notes) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Company, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  Notwithstanding the foregoing, if any Purchaser shall request manually signed counterpart signatures to any document, the Company hereby agrees to use its reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable (but in any event within 30 days of such request or such longer period as the requesting Purchaser and the Company may mutually agree).</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:117%">Section&#160;22.7.&#160;&#160;&#160;&#160;Governing Law</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New&#160;York</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:117%">, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Section&#160;22.8.&#160;&#160;&#160;&#160;Jurisdiction and Process&#59; Waiver of Jury Trial. </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> (a)&#160;The Company irrevocably submits to the non-exclusive jurisdiction of any New&#160;York State or federal court sitting in the Borough of Manhattan, The City of New&#160;York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes.  To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;The Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;22.8(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;brought in any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-52-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;The Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;22.8(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;18</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or at such other address of which such holder shall then have been notified pursuant to said Section.  The Company agrees that such service upon receipt (i)&#160;shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii)&#160;shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  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Leske  </font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Title&#58; Managing Director</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-2-</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;Note Purchase Agreement</font></td></tr></table></div></div><div style="padding-left:243pt;text-indent:-243pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The foregoing is hereby agreed to as of the date thereof.</font></div><div style="padding-left:257pt"><font><br></font></div><div><font><br></font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">THE VARIABLE ANNUITY LIFE INSURANCE COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font><br></font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">By&#58; AIG Asset Management (U.S.), LLC, as Investment Adviser</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font><br></font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">By </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%;text-decoration:underline">&#47;s&#47; Craig Moody                                           </font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Name&#58; Craig Moody</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Title&#58; Senior Vice President</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">-3-</font></div></div></div><div id="ie07a1f0ba1784254b481f2be7c71a007_13"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">The foregoing is hereby agreed to as of the date thereof.</font></div><div><font><br></font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">AMERICAN REPUBLIC INSURANCE COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">CATHOLIC FINANCIAL LIFE</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">LINCOLN HERITAGE LIFE INSURANCE COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">BETTERLIFE</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">MINNESOTA LIFE INSURANCE COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">CATHOLIC UNITED FINANCIAL</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">DEARBORN LIFE INSURANCE COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">GBU FINANCIAL LIFE</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">PROASSURANCE CASUALTY COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">SECURIAN LIFE INSURANCE COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:112%">TRUSTMARK INSURANCE COMPANY</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font><br></font></div><div style="text-indent:234pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">By&#58; Securian Asset Management, Inc.</font></div><div><font><br></font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">By </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%;text-decoration:underline">&#47;s&#47; Robin J. Lenarz                                        </font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Name&#58;  Robin J. Lenarz</font></div><div style="padding-left:245.5pt;text-indent:-11.5pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">Title&#58; Vice President</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><div id="ie07a1f0ba1784254b481f2be7c71a007_16"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Defined Terms</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">As used herein, the following terms have the respective meanings set forth below or set forth in the Section&#160;hereof following such term&#58;</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Acquiring Person&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.4(c)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Additional Covenants&#8221; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Adjusted Interest Rate&#8221; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section 1.2(e)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Affiliate&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person.  Unless the context otherwise clearly requires, any reference to an </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Affiliate&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is a reference to an Affiliate of the Company.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Agreement&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;1</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Amended Credit Facility&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Anti-Corruption Laws&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Anti-Money Laundering Laws&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Artisan GP Entity&#8221; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">means Artisan Investments GP LLC, a Delaware limited liability company and the General Partner of Artisan Partners LP.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Artisan Investment Corporation&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Artisan Investment Corporation or any successor entity thereto that is Controlled by Andrew A. Ziegler and Carlene M. Ziegler.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Artisan Partners LP&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Artisan Partners Limited Partnership, a Delaware limited partnership.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Artisan Partners Asset Management Inc.&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means a Delaware corporation and the General Partner of the Company or any successor entity that is an Affiliate and a public company regardless of the legal name of any such entity.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;ASC 810&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Accounting Standards Codification Topic 810, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Consolidation</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, as such standard relates to the consolidation of variable interest entities</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;ASC 842&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Accounting Standards Codification Topic 842, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">Leases.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Bank Credit Agreement&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means that certain Amended and Restated Five Year Revolving Credit Agreement dated as of August&#160;16, 2017 between the Company as borrower, the lenders named therein and Citibank, N.A. as administrative agent, as amended, modified, extended, renewed, replaced or refinanced from time to time.  </font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Below Investment Grade Event&#8221; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;1.2(f)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font 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style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Class A Limited Partners&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, at any time those Persons whose investment in the Company is designated as Class A common units, pursuant to the Partnership Agreement at such time.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Class B Limited Partners&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, at any time those Persons whose investment in the Company is designated as Class B common units, pursuant to the Partnership Agreement at such time.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Class D Limited Partners&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, at any time those Persons whose investment in the Company is designated as Class D common units, pursuant to the Partnership Agreement at such time.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Closing&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Code&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Company&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Artisan Partners Holdings LP, a Delaware limited partnership, or any successor that becomes such in the manner prescribed in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.4</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Confidential Information&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;20</font><font 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colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Consolidated EBITDA&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any period, Consolidated Net Income for such period, </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;plus</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;without duplication and to the extent deducted in calculating such Consolidated Net Income, the sum of (i)&#160;Consolidated Interest Expense for such period, (ii)&#160;provision for taxes based on income, profits or capital of the Company, including state, local, city or franchise and similar taxes (including payroll taxes paid by employers that are based on the income of the Company or the Subsidiaries), for such period, (iii)&#160;consolidated depreciation expense and amortization expense for such period, (iv)&#160;any extraordinary or nonrecurring charges for such period, (v)&#160;nonrecurring charges or expenses related to the Bank Credit Agreement or the issuance of the Notes, (vi)&#160;any non-cash compensation expense (including any mark-to-market losses) resulting from any grant of Equity Interests of the Company or its 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(x)&#160;any realized or unrealized losses on investments&#59; and </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;minus</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">(b)&#160;&#160;&#160;&#160;without duplication and to the extent included in determining such Consolidated Net Income, (i)&#160;any extraordinary gains for such period, (ii)&#160;any non-cash items of income for such period (other than accruals of revenue in the ordinary course of business), including any mark-to-market gains on Equity Interests of the Company or its subsidiaries granted pursuant to a Grant Agreement or resulting from the application of Financial Accounting Standards Board Accounting Standards Codification Topic 718 Compensation&#8212;Stock Compensation, (iii) mark-to-market gains on Deferred Compensation Obligations, to the extent such gains are offset by investment losses on Deferred Compensation Assets, and (iv)&#160;any realized or unrealized gain on investments.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Consolidated Interest Expense&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any period, (a) in the calculation of Consolidated EBITDA, the total interest expense of the Company and the Subsidiaries on a consolidated basis for such period, and (b) in the calculation of Interest Coverage Ratio, the total cash interest expense of the Company and the Subsidiaries on a consolidated basis for such period, in each case determined in accordance with GAAP&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that, to the extent otherwise included pursuant to clauses&#160;(a) and (b), there shall be excluded, for the avoidance of doubt, amounts attributable (x)&#160;to obligations of, or payments made by, Investment Vehicles and (y)&#160;interest associated with ASC&#160;842.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Consolidated Net Income&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any period, the net income of the Company and its subsidiaries on a consolidated basis for such period, determined in accordance with GAAP&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that there shall be excluded (a)&#160;the income or loss of any Person in which any other Person (other than the Company or any Wholly-owned Subsidiary or any director holding qualifying shares in compliance with applicable law) owns an Equity Interest or, for the avoidance of doubt, of any Investment Vehicle, except to the extent such income or loss is attributed to the interest therein of the Company, any of the Wholly-Owned Subsidiaries or non-controlling interests in any Equity Participation Subsidiaries during such period and (b)&#160;adjustments to net income attributable to the early extinguishment of debt, swaps or derivatives.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Consolidated Total Assets&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means as of the date of any determination thereof all assets of the Company and its Subsidiaries in the amount that would be reflected on a balance sheet of the Company and the Subsidiaries prepared on a consolidated basis as of such date in accordance with GAAP&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">that there shall be excluded, for the avoidance of doubt, (i)&#160;assets attributable to Investment Vehicles and (ii)&#160;Deferred Compensation Assets.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Consolidated Total Indebtedness&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, as of any date, the aggregate amount of all Indebtedness of the Company and the Subsidiaries outstanding as of such date, in the amount that would be reflected on a balance sheet of the Company and the Subsidiaries prepared on a consolidated basis as of such date in accordance with GAAP&#59; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">that, to the extent otherwise included, Consolidated Total Indebtedness shall exclude (i) all Investment Vehicle Indebtedness and (ii) Deferred Compensation Obligations to the extent Deferred Compensation Assets are held to pay such Deferred Compensation Obligations as they come due.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Control&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means the possession, directly or indirectly, of the power 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style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Controlled Entity&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means (a) any of the Subsidiaries of the Company and any of their or the Company&#8217;s respective Controlled Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;DBRS&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Dominion Bond Rating Service, Ltd. or its successors or assigns.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Default&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Default Rate&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any series of Notes, that rate of interest that is the greater of (i)&#160;2% per annum above the rate of interest then in effect on the Notes of such series or (ii)&#160;2% over the rate of interest publicly announced by 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LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Deferred Compensation Assets&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means assets included in a trust established by the Company or a subsidiary or assets otherwise so designated by a Senior Financial Officer, in each case, to pay Deferred Compensation Obligations as they come due.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Deferred Compensation Obligations&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means deferred compensation obligations of the Company or a subsidiary owed to a current of former employee or partner.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Disclosure Documents&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;5.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Electronic Delivery&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;7.1(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Environmental Laws&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Equity Interests&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means shares of capital stock, partnership interests, membership interests in limited liability companies, beneficial interests in trusts or other equity ownership interests in any Person.  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style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New 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Notwithstanding the foregoing, </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Indebtedness&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> shall not include amounts characterized under GAAP as capital contributions by the Company or a Subsidiary to a Subsidiary or an Affiliate, notwithstanding that such amounts may be subject to a clawback or other recoupment provision in any transfer pricing arrangement or agreement that governs the allocation of profits among them for purposes of income taxation in the countries in which they operate.  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Obligation.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Initial Subsidiary Guarantor&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;2.2</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Institutional Investor&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means (a)&#160;any Purchaser, (b)&#160;any holder of a Note holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c)&#160;any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d)&#160;any Related Fund of any holder of any Note.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Interest Coverage Ratio&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, for any period, the ratio 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(including, any option, warrant or any other right to acquire any of the foregoing), issued by such other Person, whether or not such acquisition is from such or any other Person, (c)&#160;without duplication, any direct or indirect payment by such Person on a Guaranty of any obligation of or for the account of such other Person or any direct or indirect issuance by such Person of such a Guaranty or (d)&#160;any other investment of cash or other property by such Person in or for the account of such other Person.  </font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Investment Grade&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means in respect of the Notes a rating of (a)&#160;&#8220;BBB-&#8221; or better by S&#38;P, (b)&#160;&#8220;Baa3&#8221; or better by 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entity, fund or strategy, or as general partner, sponsor, distributor, promoter, managing member or other similar role of such entity, fund or account.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Investment Vehicle Indebtedness&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means the Indebtedness of any Investment Vehicle that is limited in recourse solely to the assets of such Investment Vehicle.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Investor Presentation&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;5.3</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Kroll&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Kroll Bond Rating Agency, Inc. and its successors and assigns.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Leverage Ratio&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, on any date, the ratio of (a)&#160;Consolidated Total Indebtedness as of such date to (b)&#160;Consolidated EBITDA for the period of four consecutive fiscal quarters of the Company most recently ended on or prior to such date.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Lien&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any asset, (a)&#160;any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such asset and 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of this Agreement or the Notes.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Moody&#8217;s&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Moody&#8217;s Investors Service, Inc. or its successors or assigns.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Multiemployer Plan&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any Plan that is a &#8220;multiemployer plan&#8221; (as such term is defined in section&#160;4001(a)(3) of ERISA).</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;NAIC&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means the National Association of Insurance Commissioners or any successor thereto.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Net Proceeds&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any event, (a) the cash (which term, for purposes of this definition, shall include proceeds in substantially equivalent form) proceeds received in respect of such event net of (b)&#160;all fees and out-of-pocket expenses accrued and payable in connection with such event by the Company, its General Partner and the Subsidiaries to Persons that are not Affiliates of the Company, its General Partner or any Subsidiary. </font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;New Credit Facility&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;9.9</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Non-U.S. Plan&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any plan, fund or other similar program that (a)&#160;is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b)&#160;is not subject to ERISA or the Code.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Note Party&#8221; </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">means each of the Company and the Subsidiary Guarantors.</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%"> </font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Notes&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;1</font><font 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style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;OFAC Sanctions Program&#8221;</font><font 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and</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">&#160;&#160;&#160;&#160;(h)&#160;&#160;&#160;&#160;Liens in favor of customs and revenue authorities arising as a matter of law&#59;</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">provided</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> that the term &#8220;Permitted Encumbrances&#8221; shall not include any Lien securing Indebtedness.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Permitted General Partner&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any direct or indirect wholly owned subsidiary of Artisan Partners Asset Management Inc.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Permitted Owners&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means (i)&#160;Artisan Investment Corporation (or any successor entity thereto that is Controlled by Andrew A. Ziegler and Carlene M. Ziegler), (ii)&#160;employees of the Company and its Controlled Affiliates and (iii)&#160;those Persons who as of the date of the Closing are the Class A Limited Partners, the Class B Limited Partners, and the Class D Limited Partners (excluding in the case of this clause (iii), any investors (who are not otherwise Permitted Owners) in venture capital funds or private equity funds that held Class A Limited Partner interests or Class D Limited Partner interests on the date of the Closing).</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Person&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Plan&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means an &#8220;employee benefit plan&#8221; (as defined in section&#160;3(3) of ERISA) subject to Title&#160;I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Priority Indebtedness&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, without duplication, (a) all Indebtedness secured by Liens incurred pursuant to </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;10.3(i) </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">and (b)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">all Indebtedness of any Subsidiary (other than (i) Indebtedness of any Subsidiary owed to the Company or any other Wholly-owned Subsidiary, (ii)&#160;Indebtedness of any Subsidiary existing on the date of the Closing and described on </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Schedule&#160;5.15</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">, (iii) Indebtedness of any Subsidiary Guarantor and (iv) Deferred Compensation Obligations to the extent Deferred Compensation Assets are held to pay such Deferred Compensation Obligations as they come due).</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;property&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> or </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;properties&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Proposed Put Prepayment Date&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;8.8</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;PTE&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Section&#160;6.2(a)</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Public Offering&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> has the meaning assigned to such term in the definition of the term &#8220;Reorganization.&#8221;</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Purchaser&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> is defined in the first paragraph of this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Artisan Partners Holdings LP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Note Purchase Agreement</font></td></tr></table></div></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;QPAM Exemption&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means Prohibited Transaction Class Exemption 84-14 issued by the United States Department of Labor,  as further defined in Section&#160;6.2(d).</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Qualified Institutional Buyer&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any Person who is a &#8220;qualified institutional buyer&#8221; within the meaning of such term as set forth in Rule&#160;144A(a)(1) under the Securities Act.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Rating Agency&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means any of S&#38;P, Moody&#8217;s, Fitch, DBRS or Kroll.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Related Fund&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, with respect to any holder of any Note, any fund or entity that (i)&#160;invests in Securities or bank loans, and (ii)&#160;is advised or managed by such holder, the same investment adviser as such holder or by an affiliate of such holder or such investment adviser.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Reorganization&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means the series of transactions pursuant to which (a)&#160;Artisan Partners Asset Management Inc. replaced Artisan Investment Corporation as the general partner of the Company, (b)&#160;shares of common stock of Artisan Partners Asset Management Inc. were offered and issued to the public for cash (the </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Public Offering&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">) and (c)&#160;the Net Proceeds of such Public Offering were contributed to the Company and 100% of the general partnership units of the Company were issued to Artisan Partners Asset Management Inc. in exchange and (d)&#160;that (i)&#160;immediately following the Reorganization, the Persons described in clause&#160;(b) of the definition of </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Permitted Owners&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> owned, directly or through wholly owned entities, Equity Interests in Artisan Partners Asset Management Inc. representing at least a majority of the aggregate voting power represented by all issued and outstanding Equity Interests in Artisan Partners Asset Management Inc., (ii)&#160;the holders of the Notes issued under the 2012 Note Purchase Agreement received a certificate, dated the Reorganization Date and signed by a Responsible Officer of the Company, confirming that, at the time of and immediately after giving effect to such transactions on the Reorganization Date, (x)&#160;the representations and warranties set forth in </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%">Sections&#160;5.1, 5.2, 5.6 </font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%">and</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:700;line-height:117%"> 5.7</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> of the 2012 Note Purchase Agreement were true and correct in all material respects, except to the extent such representations and warranties expressly related to an earlier date and (y)&#160;no Default or Event of Default existed and (iii)&#160;the holders of the Notes issued under the 2012 Note Purchase Agreement received from the Company the final form of the amended and restated agreement of limited partnership of the Company, as amended and restated in connection with the Reorganization, which agreement was or was deemed to be reasonably satisfactory to the administrative agent for the lenders under the Bank Credit Agreement.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Reorganization Date&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means the date on which the Reorganization became effective. </font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:117%">&#8220;Required Holders&#8221;</font><font style="color:#000000;font-family:'Times',sans-serif;font-size:12pt;font-weight:400;line-height:117%"> means, at any time, (i)&#160;prior to the Closing, the Purchasers and (ii)&#160;on or after the Closing, the holders of 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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>apam-20211207_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with Wdesk from Workiva-->
<!--Copyright 2021 Workiva-->
<!--r:5782b382-cd0e-4e35-9cc7-0d27ef704509,g:c1995fb2-3d06-433d-a687-a0e14401062a-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
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    <link:label id="lab_dei_EntityFileNumber_bed2719a-c959-4ff1-83e6-b0b7a35a1c8c_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_WrittenCommunications_9c51a41a-1e63-4f56-a2ad-3d7d94873013_terseLabel_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Written Communications</link:label>
    <link:label id="lab_dei_WrittenCommunications_label_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Written Communications</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentInformationTable_b5fb5d95-ae62-48b0-b919-0a3072179c74_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Table]</link:label>
    <link:label id="lab_dei_DocumentInformationTable_label_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentInformationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_4d1aeda2-bd57-4841-9703-8c0dcb5ee5d9_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SolicitingMaterial_7948e724-150f-41a0-a2d3-19d965f83665_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_label_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_956f560e-fae9-45e8-8022-b2d086c137c5_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_6683d7bb-78ec-4011-a488-63f58e45ae49_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_7f9424a3-b33c-4d76-be84-fd833b1b5e5b_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_5eb818a0-09c8-4408-aba2-3ee0e6235bb2_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementTenderOffer_d0491057-9988-4169-9310-8d32e837d2ba_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_5c7a102d-3288-4951-a49c-6aebf785f9c9_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_88538266-757e-4252-82eb-196aedb14a44_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_TradingSymbol_5a84545a-3815-473c-b5b5-e35ff3f3621e_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_9481dd33-1ba7-465b-b8f1-bde378885706_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_38638669-28b7-447c-9bfa-edb424fdfb63_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_dc53afc4-e1d0-4d17-9f6d-10809848faa5_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_1814dba5-79fe-48b5-a5b7-19833e7c11b6_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_59e87f28-7f24-4439-825b-b50d857d77a2_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_a44b1b7d-f479-4799-b832-3223d566afbc_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentDomain_f7acc317-f0e0-4322-9381-4141d8d3385c_terseLabel_en-US" xlink:label="lab_dei_DocumentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document</link:label>
    <link:label id="lab_dei_DocumentDomain_label_en-US" xlink:label="lab_dei_DocumentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentDomain" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentDomain" xlink:to="lab_dei_DocumentDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityExchangeName_22c042e4-6843-4f25-85e7-3917d050da19_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName"/>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140156870804488">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEI Document<br></strong></div></th>
<th class="th"><div>Dec. 07, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec.  07,  2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Artisan Partners Asset Management Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-35826<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">45-0969585<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">875 E. Wisconsin Avenue, Suite 800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Milwaukee<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">WI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">53202<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">414<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">390-6100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A common stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">APAM<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001517302<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
