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TABLE OF CONTENTS
 PageARTICLE 1 DEFINITIONS
    
    
    11.1
    
    Definitions
    
    
    1ARTICLE 2 SALE AND PURCHASE OF STOCK
    
    
    102.1
    
    Sale and Purchase
    
    
    102.2
    
    Closing
    
    
    11ARTICLE 3 PAYMENT
    
    
    113.1
    
    Purchase Price
    
    
    113.2
    
    Closing Payment
    
    
    113.3
    
    Escrow
    
    
    11ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF SELLERS AND KARFUNKEL TO WT REGARDING AST
    
    
    124.1
    
    Organization
    
    
    124.2
    
    Authority
    
    
    124.3
    
    Governmental Filings; Non-Contravention; Client Consents
    
    
    134.4
    
    Capitalization
    
    
    134.5
    
    Subsidiaries and Other Relationships
    
    
    144.6
    
    Business
    
    
    144.7
    
    Assets
    
    
    144.8
    
    Clients and Services
    
    
    144.9
    
    Receivables
    
    
    154.10
    
    Contracts
    
    
    154.11
    
    Employment Arrangements
    
    
    164.12
    
    Financial Statements
    
    
    174.13
    
    Absence of Certain Changes
    
    
    184.14
    
    Ordinary Course of Business
    
    
    194.15
    
    Litigation and Compliance with Laws
    
    
    204.16
    
    Environmental Matters
    
    
    224.17
    
    No Broker Dealer; No Investment Adviser
    
    
    234.18
    
    Insurance Policies
    
    
    234.19
    
    Tax and ERISA Matters
    
    
    234.20
    
    Certain Transactions
    
    
    264.21
    
    Employee Benefit Plans
    
    
    264.22
    
    Intellectual Property
    
    
    284.23
    
    Certain Payments
    
    
    294.24
    
    Brokerage
    
    
    30




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Page4.25
    
    Privacy
    
    
    304.26
    
    No Known Regulatory Delays
    
    
    304.27
    
    Corporate Records
    
    
    304.28
    
    Offices
    
    
    304.29
    
    Safe Deposit Boxes and Bank Accounts
    
    
    304.30
    
    Power of Attorney
    
    
    304.31
    
    Indemnification
    
    
    304.32
    
    Disclosure
    
    
    31ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLERS AND KARFUNKEL TO WT
    
    
    315.1
    
    Authority
    
    
    315.2
    
    Stock
    
    
    315.3
    
    No Conflicts
    
    
    315.4
    
    Consents; Governmental Approvals
    
    
    325.5
    
    Brokerage
    
    
    32ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF WT TO SELLERS AND KARFUNKEL
    
    
    326.1
    
    Organization
    
    
    326.2
    
    Authority
    
    
    326.3
    
    Governmental Filings; Non-Contravention
    
    
    336.4
    
    Litigation
    
    
    336.5
    
    Investment Representations
    
    
    336.6
    
    No Known Regulatory Delays
    
    
    346.7
    
    Brokerage
    
    
    346.8
    
    Availability of Funds
    
    
    34ARTICLE 7 COVENANTS OF SELLERS AND AST
    
    
    347.1
    
    Conduct of Business
    
    
    347.2
    
    Preservation of Business and Assets
    
    
    367.3
    
    Standstill
    
    
    367.4
    
    Directors and Officers Insurance
    
    
    367.5
    
    Qualification in Maryland
    
    
    36ARTICLE 8 COVENANTS OF SELLERS, KARFUNKEL, AST, AND WT
    
    
    368.1
    
    Non-Solicitation
    
    
    368.2
    
    Notification
    
    
    378.3
    
    Access and Information
    
    
    388.4
    
    Further Actions
    
    
    388.5
    
    Further Assurances
    
    
    388.6
    
    Non-Competition
    
    
    398.7
    
    Specific Performance
    
    
    398.8
    
    Non-Disparagement
    
    
    40
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Page8.9
    
    Tax Returns
    
    
    408.10
    
    ERISA Plans
    
    
    40ARTICLE 9 COVENANTS OF WT
    
    
    419.1
    
    Benefit Plans
    
    
    41ARTICLE 10 COVENANTS OF THE PARTIES
    
    
    4210.1
    
    Regulatory Authorizations
    
    
    4210.2
    
    Confidentiality
    
    
    4310.3
    
    Press Releases
    
    
    4410.4
    
    338(h)(10) Election
    
    
    44ARTICLE 11 CONDITIONS PRECEDENT TO WTS OBLIGATIONS
    
    
    4511.1
    
    No Litigation; No Opposition
    
    
    4511.2
    
    Representations and Warranties Sellers and Karfunkel
    
    
    4511.3
    
    Annualized Revenue
    
    
    4611.4
    
    Other Approvals
    
    
    4611.5
    
    Hart-Scott-Rodino
    
    
    4611.6
    
    Capitalization
    
    
    4611.7
    
    Performance; Deliveries
    
    
    4611.8
    
    Employment Agreements
    
    
    4711.9
    
    No Material Adverse Effect
    
    
    4811.10
    
    No Liens
    
    
    4811.11
    
    Satisfaction of Loans; No Indebtedness
    
    
    4811.12
    
    Financial Statements
    
    
    4811.13
    
    Affidavits; Form 8023
    
    
    4811.14
    
    Releases
    
    
    4911.15
    
    Tail Insurance Coverage
    
    
    4911.16
    
    Indemnification Agreements
    
    
    4911.17
    
    Bonus Payment
    
    
    49ARTICLE 12 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLERS, KARFUNKEL, AST
    
    
    4912.1
    
    No Litigation; No Opposition
    
    
    4912.2
    
    Representations, Warranties, and Covenants
    
    
    4912.3
    
    Performance; Deliveries
    
    
    5012.4
    
    Other Approvals
    
    
    5012.5
    
    Hart-Scott-Rodino
    
    
    50ARTICLE 13 INDEMNIFICATION
    
    
    5113.1
    
    Indemnification by Sellers and Karfunkel
    
    
    5113.2
    
    Indemnification by WT
    
    
    5213.3
    
    Limitation of Liability
    
    
    52
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Page13.4
    
    Defense of Claims
    
    
    5413.5
    
    Prompt Payment
    
    
    5613.6
    
    Subrogation
    
    
    5613.7
    
    Purchase Price Adjustment
    
    
    5613.8
    
    Calculation of Indemnity Payments
    
    
    5613.9
    
    Exclusive Remedy
    
    
    57ARTICLE 14 TERMINATION
    
    
    5714.1
    
    Termination
    
    
    5714.2
    
    Effect of Termination
    
    
    58ARTICLE 15 MISCELLANEOUS
    
    
    5815.1
    
    Interpretation
    
    
    5815.2
    
    Waivers
    
    
    5915.3
    
    Modifications
    
    
    5915.4
    
    Governing Law; Consent to Jurisdiction
    
    
    5915.5
    
    Notices
    
    
    5915.6
    
    Assignability
    
    
    6215.7
    
    Captions and Sections; Schedule and Exhibit References
    
    
    6215.8
    
    Severability
    
    
    6215.9
    
    Counterparts
    
    
    6215.10
    
    No Third-Party Beneficiaries
    
    
    6215.11
    
    Integration
    
    
    6215.12
    
    Fees and Expenses
    
    
    62
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LIST OF EXHIBITS
 A
    
    Form of Employment AgreementB
    
    Form of Escrow AgreementC
    
    Form of ReleasesD-1
    
    Form of Section 1445(b)(2) Certification  TrustD-2
    
    Form of Section 1445(b)(2) Certification  IndividualsE
    
    Form of Legal Opinion of Morgan Lewis & Bockius LLPF
    
    Form of Legal Opinion for TrustG-1
    
    Modification to Employment Agreement/ArrangementG-2
    
    Modification to Employment Agreement/ArrangementG-3
    
    Modification to Employment Agreement/Arrangement
 LIST OF SCHEDULES
 Seller Disclosure ScheduleSchedule 1.1(d)
    
    Unrelated AffiliatesSchedule 1.1 (mmm)
    
    Certain EmployeesSchedule 6.3
    
    WT  Governmental Filings; Non-ContraventionSchedule 6.4
    
    WT  LitigationSchedule 7.1(b)
    
    Change to Organizational DocumentSchedule 7.1(h)
    
    EmployeesSchedule 11.4
    
    Other ApprovalsSchedule 11.7(f)(1)
    
    Qualification to Do Business as a Foreign CorporationSchedule 11.7(f)(2)
    
    Qualification or Registration in Order to Provide Trust or Fiduciary ServicesSchedule 11.8(a)
    
    Terminated Employment AgreementsSchedule 11.8(b)
    
    Amended Employment AgreementsSchedule 11.11(c)
    
    Capital LeasesSchedule 13.1(c)
    
    Predecessor CompanySchedule 13.1(c)(4)
    
    Existing LitigationSchedule 15.5
    
    Sellers Addresses
 v




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BACKGROUND
      ARTICLE 1
 DEFINITIONS




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2




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3




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4




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5




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6




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7




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8




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9




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ARTICLE 2
 SALE AND PURCHASE OF STOCK
 Sale and Purchase
 10




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Closing
 ARTICLE 3
 PAYMENT
 Purchase Price
 Closing Payment
    Escrow
   11




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ARTICLE 4
 REPRESENTATIONS AND WARRANTIES OF SELLERS AND KARFUNKEL TO WT REGARDING AST
  Organization
 Authority
 12




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Governmental Filings; Non-Contravention; Client Consents
    Capitalization
   13




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Subsidiaries and Other Relationships
 Business
 Assets
    Clients and Services
  14




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Receivables
 Contracts
        15




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Employment Arrangements
  16




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Financial Statements
    17




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Absence of Certain Changes
        18




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Ordinary Course of Business
  19




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Litigation and Compliance with Laws
      20




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21




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Environmental Matters
        22




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No Broker Dealer; No Investment Adviser
   Insurance Policies
    Tax and ERISA Matters
 23




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24




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25




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Certain Transactions
 Employee Benefit Plans
  26




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27




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Intellectual Property
   28




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Certain Payments
 29




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Brokerage
 Privacy
 No Known Regulatory Delays
 Corporate Records
 Offices
 Safe Deposit Boxes and Bank Accounts
 Power of Attorney
 Indemnification
 30




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Disclosure
 ARTICLE 5
 REPRESENTATIONS AND WARRANTIES OF SELLERS AND KARFUNKEL TO WT
  Authority
   Stock
 No Conflicts
   31




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Consents; Governmental Approvals
    Brokerage
 ARTICLE 6
 REPRESENTATIONS AND WARRANTIES OF WT TO SELLERS AND KARFUNKEL
  Organization
 Authority
 32




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Governmental Filings; Non-Contravention
 Litigation
 Investment Representations
    33




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No Known Regulatory Delays
 Brokerage
 Availability of Funds
 ARTICLE 7
 COVENANTS OF SELLERS AND AST
 Conduct of Business
        34




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35




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Preservation of Business and Assets
   Standstill
 Directors and Officers Insurance
 Qualification in Maryland
 ARTICLE 8
 COVENANTS OF SELLERS, KARFUNKEL, AST, AND WT
 Non-Solicitation
      36




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Notification
 37




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Access and Information
 Further Actions
        Further Assurances
 38




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Non-Competition
     Specific Performance
 39




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Non-Disparagement
 Tax Returns
 ERISA Plans
 40




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ARTICLE 9
 COVENANTS OF WT
 Benefit Plans
   41




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ARTICLE 10
 COVENANTS OF THE PARTIES
 Regulatory Authorizations
  42




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Confidentiality
   43




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Press Releases
 338(h)(10) Election
     44




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ARTICLE 11
 CONDITIONS PRECEDENT TO WTS OBLIGATIONS
  No Litigation; No Opposition
 Representations and Warranties Sellers and Karfunkel
    45




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Annualized Revenue
 Other Approvals
 Hart-Scott-Rodino
 Capitalization
 Performance; Deliveries
     46




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Employment Agreements
   47




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No Material Adverse Effect
 No Liens
 Satisfaction of Loans; No Indebtedness
     Financial Statements th
 Affidavits; Form 8023
 48




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Releases
 Tail Insurance Coverage
 Indemnification Agreements
 Bonus Payment
 ARTICLE 12
 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLERS, KARFUNKEL, AST
  No Litigation; No Opposition
 Representations, Warranties, and Covenants
 49




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Performance; Deliveries
         Other Approvals
 Hart-Scott-Rodino
 50




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ARTICLE 13
 INDEMNIFICATION
 Indemnification by Sellers and Karfunkel
         51




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Indemnification by WT
    Limitation of Liability
   52




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53




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Defense of Claims
 Existing Litigation
   54




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All Other Claims
 55




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Prompt Payment
 Subrogation
 Purchase Price Adjustment
 Calculation of Indemnity Payments
  56




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Exclusive Remedy
 ARTICLE 14
 TERMINATION
 Termination
   57




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Effect of Termination
 ARTICLE 15
 MISCELLANEOUS
 Interpretation
 58




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Waivers
 Modifications
 Governing Law; Consent to Jurisdiction
 Notices
 59




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(1)
    
    If to WT, to:
Wilmington Trust FSB
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attention: William J. Farrell II,
       
       
   
Executive Vice Presidentwith a copy to:
Wilmington Trust FSB
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attention: Gerard A. Chamberlain, Esquire
       
       
   
Secretary(2)
    
    If to the 2005 Michael Karfunkel Grantor
Retained Annuity Trust, to the address set forth for that trust on
Schedule 15.5with a copy to:
Jay Miller, Esq.
430 E 57th St, Ste 5D
New York, NY 10022(3)
    
    If to George Karfunkel, to the address set
forth for him on Schedule 15.5with a copy to:Jay Miller, Esq.
430 E 57th St, Ste 5D
New York, NY 10022(4)
    
    If to Renee Karfunkel, to the address set forth
for her on Schedule 15.5with a copy to:Jay Miller, Esq.
430 E 57th St, Ste 5D
New York, NY 10022
 60




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(5)
    
    If to Leah Karfunkel, to the address set forth
for her on Schedule 15.5
  
 (6)
    
    If to Karfunkel, to the address set forth for
him on Schedule 15.5
  
  
 (7)
    
    If to AST, to:
 
 
  
    61




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Assignability
 Captions and Sections; Schedule and Exhibit References
 Severability
 Counterparts
 No Third-Party Beneficiaries
 Integration
 Fees and Expenses
 62




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63




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/s/ Michael Karfunkel
    (SEAL)Michael Karfunkel, as Trustee of The 2005Michael Karfunkel Grantor Retained Annuity Trust/s/ Leah Karfunkel
    (SEAL)Leah Karfunkel, as Trustee of The 2005 MichaelKarfunkel Grantor Retained Annuity Trust/s/ George Karfunkel
    (SEAL)George Karfunkel/s/ Renee Karfunkel
    (SEAL)Renee Karfunkel/s/ Leah Karfunkel
    (SEAL)Leah Karfunkel/s/ Michael Karfunkel
    (SEAL)Michael KarfunkelAST CAPITAL TRUST COMPANY OF DELAWAREBy:
    /s/ Gregory TschiderName:
    Gregory TschiderTitle:
    PresidentWILMINGTON TRUST FSBBy:
    /s/ William J. Farrell IIName:
    William J. Farrell IITitle:
    Executive Vice President 64