Document:

exhibit10-1.htm

    Exhibit
      10.1

    
      

    

     

    
      Form
        of Change of Control Agreement

       

      
         

        Date
          ________________

        

        

         

      

      

      Dear
        _____________:

       

      Vineyard
        Bank (the "Bank") considers it essential to its best interests, the best
        interests of its sole shareholder, Vineyard National Bancorp (the “Company”),
        and the best interests of the Company’s shareholders, to foster the continuous
        employment of key management personnel. In this connection, the Bank recognizes
        that, as is the case with many businesses, the possibility of a change in
        control may exist and that such possibility and the uncertainty and questions
        which it may raise among management, may result in the departure or distraction
        of management personnel to the detriment of the Bank, the Company and their
        respective shareholders.

       

      The
        Board
        of Directors of the Bank has determined that appropriate steps should be
        taken
        to reinforce and encourage the continued attention and dedication of members
        of
        the Bank's executive management, including yourself, to their assigned duties
        without distraction in the face of potentially disturbing circumstances arising
        from the possibility of a change in control.

       

      In
        order
        to induce you to remain in the employ of the Bank, the Bank agrees that subject
        to the terms and conditions set forth in this letter agreement ("Agreement"),
        if
        a Change in Control (within the meaning of Section 2) occurs and you are
        employed by the Bank immediately prior thereto, the Bank will provide you
        with
        the Retention Benefit specified in Section 4.

       

      1.  Term
        of Agreement.
        This
        Agreement will begin on the date hereof and will continue in effect through
        _____________. Beginning on ___________, and each January 1 thereafter, the
        Agreement will automatically be extended for one additional year unless,
        not
        later than September 30 of the preceding year, the Bank gives you notice
        that it
        does not wish to extend this Agreement; provided, however, that any such
        notice
        that is given on or after a Change in Control will not be valid unless you
        consent thereto in writing.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.  Change
        in Control.
        For
        purposes of this Agreement, a “Change in Control” shall mean:

       

      (i)
        The
        consummation of a merger or consolidation of the Company with or into another
        entity or any other corporate reorganization if more than 50% of the combined
        voting power (which voting power shall be calculated by assuming the conversion
        of all equity securities convertible (immediately or at some future time)
        into
        shares entitled to vote, but not assuming the exercise of a warrant or right
        to
        subscribe to or purchase those shares) of the continuing or Surviving Entity’s
        securities outstanding immediately after such merger, consolidation or other
        reorganization is owned, directly or indirectly, by persons who were not
        shareholders of the Company immediately prior to such merger, consolidation
        or
        other reorganization; provided,
        however,
        that in
        making the determination of ownership by the shareholders of the Company,
        immediately after the reorganization, equity securities which persons own
        immediately before the reorganization as shareholders of another party to
        the
        transaction shall be disregarded; or 

       

      (ii)
        The
        sale, transfer or other disposition of all or substantially all of the Company’s
        assets. 

       

      (iii)
        A
        transaction will not constitute a Change in Control if its sole purpose is
        to
        change the state of the Company’s incorporation or to create a holding company
        that will be owned in substantially the same proportions by the persons who
        held
        the Company’s securities immediately before such transaction.

       

      3.  Timing
        of, and Conditions to, Retention Payment Following Change in
        Control.

       

      (i)  If
        you
        are employed by the Bank immediately prior to a Change in Control, unless
        you
        have been Unreasonably Uncooperative (as hereinafter defined) you will be
        entitled to receive the Retention Benefit on the earlier of (A) the
        90th
        day
        following the Change in Control; or (B) as soon as practicable (but not more
        than ten days) following the first occurrence on or after the Change in Control
        of any of the following: (1) the termination of your employment by the Bank
        (without regard to the reason of the termination of your employment), (2)
        your
        duties, title, responsibilities or compensation being meaningfully reduced
        by
        the Bank, or (3) your being required to perform your duties at a location
        that
        is more than 25 miles from their original location. In the event that you
        have
        been Unreasonably Uncooperative, you will forfeit your right to receive any
        benefit hereunder. For purposes hereof you will be deemed to have been
“Unreasonably Uncooperative” if and only if the Bank’s Chief Executive Officer
        immediately prior to the Change in Control, in his sole discretion, provides
        you
        and the Bank with written notice that he has made an affirmative determination
        that you have been unreasonably uncooperative with the Bank during the period
        immediately prior to and immediately following the Change in Control. In
        making
        such determination, the Bank’s Chief Executive Officer immediately prior to the
        Change in Control will take into account all factors that he, in his sole
        discretion, deems relevant, including, but not limited to, (i) your position,
        duties and title prior to the Change in Control and (ii) the potential desire
        of
        the new beneficial owners of the Bank to replace some or all of the Bank’s
        management team with other personnel and to have the old management team
        reasonably assist them in the transition. The determination of the Bank’s Chief
        Executive Officer immediately prior to the Change in Control with respect
        thereto shall be binding, even though such determination may be somewhat
        subjective.

       

      
        
          
          

        

        
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      4.  Retention
        Benefit.
        The
“Retention Benefit” payable hereunder is a lump sum payment, payable by check,
        in an amount equal to the sum of: (i) your base salary for a ____-month period;
        (ii) the average of the two most recent annual incentive bonuses paid to
        you
        prior to the Change in Control; and (iii) the amount you would have to pay
        for
        COBRA continuation coverage under the Bank’s group health plans for a ___-month
        period had your employment terminated immediately prior to the Change in
        Control
        and you elected COBRA continuation coverage at such time. For purposes of
        clause
        (i) of the preceding sentence, “base salary” means your base salary immediately
        prior to the Change in Control, but disregarding any reduction of your base
        salary that is made in anticipation of the Change in Control.

       

      5.  Accelerated
        Vesting of Restricted Shares and Stock Options.
        Upon a
        Change in Control, to the extent that it has not yet vested, any award to
        you
        under any of the Company’s Restricted Share Plans that has not previously
        terminated and any stock option granted to you under the Company’s 1997
        Incentive Stock Option Plan (or any other stock option plan adopted by the
        Company) that has not previously terminated, shall fully and immediately
        vest.

       

      6.  Parachute
        Tax.
        Notwithstanding anything in this Agreement to the contrary, the amount of
        any
        payment to be received by you pursuant to this Agreement (including the
        accelerated vesting provided for in Section 5) will be reduced (but not below
        zero) by the amount, if any, necessary to prevent any part of any payment
        or
        benefit received or to be received by the you in connection with a Change
        in
        Control, (whether payable or provided pursuant to this Agreement (but without
        regard to this Section 6) or any other agreement, contract, plan or arrangement
        with the Bank, any person whose action results in such Change in Control
        or any
        member of an “affiliated group” (as defined in Section 280G(d)(5) of the
        Internal Revenue Code of 1986, as amended (the “Code”)) which includes the Bank)
        (such foregoing payments or benefits referred to collectively as the “Total
        Payments”), from being treated as an “excess parachute payment” within the
        meaning of Section 280G(b)(I) of the Code, but only if and to the extent
        such
        reduction will also result in, after taking into account all applicable state
        and Federal taxes (computed at the highest applicable marginal rate) including
        any taxes payable pursuant to Section 4999 of the Code, a greater after-tax
        benefit to you than the after-tax benefit to you of the Total Payments computed
        without regard to any such reduction. For purposes of the foregoing, (i)
        no
        portion of the Total Payments will be taken into account which in the opinion
        of
        nationally-recognized tax counsel selected by you (“Tax Counsel”) does not
        constitute a “parachute payment” within the meaning of Section 280G(b)(2)
        of the Code; (ii) any reduction in payments pursuant to this Agreement will
        be
        computed by taking into account, in accordance with Section 280G(b)(4) of
        the
        Code, that portion of the Total Payments which is reasonable compensation,
        within the meaning of Section 280G(b)(4) of the Code, in the opinion of Tax
        Counsel; (iii) the value of any non-cash benefits or of any deferred or
        accelerated payments or benefits included in the Total Payments will be
        determined by Tax Counsel in accordance with the principles of Section
        280G(d)(3) and (4) of the Code and the Treasury Regulations thereunder; and
        (iv)
        in the event of any uncertainty as to whether a reduction in Total Payments
        to
        the Executive is required pursuant hereto, the Bank will initially make all
        payments otherwise required to be paid to you hereunder, and any amounts
        so paid
        which are ultimately determined not to have been payable hereunder either
        (x)
        upon our mutual agreement, or (y) upon Tax Counsel furnishing you with its
        written opinion setting forth the amount of such payments not to have been
        so
        payable under this Section 6, or (z) in the event a portion of the Total
        Payments shall be determined by a court or an Internal Revenue Service
        proceeding to have otherwise been an “excess parachute payment,” the amount so
        determined in (x), (y) or (z) shall be repaid by you to the Bank within ten
        (10)
        business days after the time of such mutual agreement, such opinion is so
        furnished to you, or of such determination, as applicable. All fees and expenses
        of any Tax Counsel or accounting firm selected under this Section 6 shall
        be
        borne solely by the Bank.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      7.  Withholding
        Taxes.
        The
        Bank may withhold from all payments due you hereunder all taxes that the
        Bank is
        required to withhold.

       

      8.  No
        Mitigation.
        You
        will not be required to mitigate the amount of any payment provided for herein
        by seeking other employment or otherwise, nor will the amount of any payment
        or
        benefit provided for herein be reduced by any compensation earned by you
        as the
        result of employment by another employer.

       

      9.  No
        Employment Contract.
        This
        Agreement does not constitute a contract of employment, it does not impose
        on
        the Bank any obligation to retain you as an employee, and it does not prevent
        you from terminating your employment. You understand and acknowledge that
        you
        are an employee at will and that either you or the Bank may terminate our
        employment relationship at any time, for any reason, or for no
        reason.

       

      10.  Assignment.
        Your
        obligations may not be delegated and, except with respect to the designation
        of
        beneficiaries in connection with benefits payable to you hereunder, you may
        not,
        without the Bank’s written consent thereto, assign, transfer, convey, pledge,
        encumber, hypothecate or otherwise dispose of this Agreement or any interest
        herein. Any such attempted delegation or disposition shall be null and void
        and
        without effect. This Agreement and all of the Bank’s rights and obligations
        hereunder may be assigned or transferred by the Bank to and shall be assumed
        by
        and be binding upon any successor to the Bank. The term “successor” means, with
        respect to the Bank or any of its subsidiaries, any corporation or other
        business entity which, by merger, consolidation, purchase of the assets or
        otherwise acquires all or a material part of the assets of the
        Bank.

       

      11.  Death.
        This
        Agreement will inure to the benefit of and be enforceable by your personal
        or
        legal representatives, executors, administrators, successors, heirs,
        distributees, devisees and legatees. Unless otherwise provided herein, if
        you
        should die while any amount would still be payable to you hereunder, all
        such
        amounts will be paid in accordance with the terms of this Agreement to your
        devisee, legatee or other designee or, if there is no such designee, to your
        estate.

       

      
        
          
          

        

        
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      12.  Notice.
        For the
        purpose of this Agreement, notices and all other communications provided
        for in
        the Agreement will be in writing and will be deemed to have been duly given
        when
        delivered or mailed by United States registered mail, return receipt requested,
        postage prepaid, addressed to the respective addresses set forth on the first
        page of this Agreement, provided that all notice to the Bank must be directed
        to
        the attention of the President, or to such other address as either party
        may
        have furnished to the other in writing in accordance herewith, except that
        notice of change of address will be effective only upon receipt.

       

      13.  Final
        Expression.
        This
        Agreement is intended to be a final expression of our agreement with respect
        to
        the subject matter hereof and is intended as a complete and exclusive statement
        of the terms and conditions thereof and supersedes and replaces all prior
        negotiations and agreements between us, whether written or oral, with respect
        to
        the subject matter hereof.

       

      14.  Validity.
        The
        invalidity or unenforceability of any provision of this Agreement will not
        affect the validity or enforceability of any other provision of this Agreement,
        which will remain in full force and effect.

       

      15.  Amendment
        and Waiver.
        No
        provision of this Agreement may be modified, waived or discharged unless
        such
        waiver, modification or discharge is agreed to in writing and signed by you
        and
        the President of the Bank. No waiver by either party hereto at any time of
        any
        breach by the other party hereto of, or compliance with, any condition or
        provision of this Agreement to be performed by such other party will be deemed
        a
        waiver of similar or dissimilar provisions or conditions at the same or at
        any
        prior or subsequent time.

       

      16.  Governing
        Law.
        This
        Agreement will be governed by and construed under the laws of the State of
        California, applicable to contracts to be wholly performed in such State,
        without regard to the conflict of laws principles thereof.

       

      17.  Arbitration.
        Any
        dispute or controversy arising under or in connection with this Agreement
        will
        be settled exclusively by arbitration in California, in accordance with the
        rules of the American Arbitration Association then in effect. Judgment may
        be
        entered on the arbitrator's award in any court having jurisdiction; provided,
        however, that you will be entitled to seek specific performance of your right
        to
        be paid during the pendency of any dispute or controversy arising under or
        in
        connection with this Agreement.

       

      18.  Counterparts.
        This
        Agreement may be executed in several counterparts, each of which will be
        deemed
        to be an original but all of which together will constitute one and the same
        instrument.

       

      If
        this
        letter sets forth our agreement on the subject matter hereof, kindly sign
        and
        return to the Bank the enclosed copy of this letter which will then constitute
        our agreement on this subject.

       

      
        
          
          

        

        
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      Sincerely,

       

      

       

      By: ____________________________

       

      Name:
        Norman Morales

       

      Title: President
        and Chief Executive Officer

       

      Section
        5
        Consented and Agreed to by 

       

      Vineyard
        National Bancorp

       

       

       

      By:_______________________

       

      Name:
        Norman Morales

       

      Title: President
        and Chief Executive Officer

       

      Agreed
        to
        this ____ day
        ______, 20__.

       

      

       

      

       

      ______________________    _____________________________

      EMPLOYEE
        NAME    Signature
        Date

       

       

      
        
          
          

        

        
          6Exhibit 10.5

                  FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT

      This  Agreement  is  made  as  of  _____________,   2007  by  and  between
Alternative  Asset  Management   Acquisition   Corp.,  a  Delaware   corporation
("Company") and Continental Stock Transfer & Trust Company ("Trustee").

      WHEREAS, the Company's  registration statement on Form S-1, No. 333-141593
("Registration  Statement"),  for its  initial  public  offering  of  securities
("IPO") has been declared  effective as of the date hereof ("Effective Date") by
the Securities and Exchange  Commission  (capitalized  terms used herein and not
otherwise  defined  shall  have  the  meanings  set  forth  in the  Registration
Statement); and

      WHEREAS,   Citigroup  Global  Markets  Inc.  ("Citi")  is  acting  as  the
representative of the underwriters in the IPO (the  "Underwriters")  pursuant to
an underwriting  agreement dated on or about the date hereof between the Company
and Citi (the "Underwriting Agreement"); and

      WHEREAS,  as described in the  Registration  Statement,  and in accordance
with the  Company's  Certificate  of  Incorporation,  $196,000,000  of the gross
proceeds of the IPO,  including  certain  deferred  underwriting  discounts  and
commissions   and  proceeds  from  the  sale  of  the  Sponsors'   Warrants  (or
$224,800,000 if the underwriters'  over-allotment option is exercised in full or
a pro rata portion thereof pursuant to the terms of the  Underwriting  Agreement
if the  Underwriters'  over-allotment  option is exercised  in part,  but not in
full, prior to the time of its expiration),  will be delivered to the Trustee to
be deposited  and held in a trust account for the benefit of the Company and the
holders of the Company's common stock, par value $.0001 per share, issued in the
IPO as  hereinafter  provided (the amount to be delivered to the Trustee will be
referred to herein as the  "Property",  the  stockholders  for whose benefit the
Trustee   shall  hold  the   Property   will  be  referred  to  as  the  "Public
Stockholders,"  and  the  Public  Stockholders,  Citi  and the  Company  will be
referred to together as the "Beneficiaries");

      WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property
equal to $6.0 million ($6.9 million, if the underwriters'  over-allotment option
is exercised in full or a pro rata portion thereof  pursuant to the terms of the
Underwriting  Agreement if the Underwriters'  over-allotment option is exercised
in part, but not in full,  prior to the time of its  expiration) is attributable
to deferred  underwriting  commissions that will become payable to Citi upon the
consummation of an Initial Business  Combination (as defined in the Registration
Statement) (the "Deferred Discount"); and

      WHEREAS,  the Company and the Trustee  desire to enter into this Agreement
to set forth the terms and  conditions  pursuant to which the Trustee shall hold
the Property;

      IT IS AGREED:

      1.  Agreements  and  Covenants of Trustee.  The Trustee  hereby agrees and
covenants to:

            (a) Hold the Property in trust for the  Beneficiaries  in accordance
with the terms of this Agreement in segregated trust accounts ("Trust  Account")
established by the Trustee at [ ] and at a brokerage institution selected by the
Trustee;

<PAGE>

            (b) Manage,  supervise and administer  the Trust Account  subject to
the terms and conditions set forth herein;

            (c) In a timely  manner,  upon the  instruction  of the Company,  to
invest and reinvest the Property in United States "government securities" within
the meaning of Section  2(a)(16) of the Investment  Company Act of 1940 having a
maturity  of 180  days or less,  and/or  in any open  ended  investment  company
registered  under the Investment  Company Act of 1940 that holds itself out as a
money market fund selected by the Company  meeting the  conditions of paragraphs
(c)(2),  (c)(3) and (c)(4) of Rule 2a-7 promulgated under the Investment Company
Act of 1940, as determined by the Company;

            (d) Collect and receive,  when due, all principal and income arising
from the Property,  which shall become part of the  "Property,"  as such term is
used herein;

            (e) Notify the  Company of all  communications  received  by it with
respect to any Property requiring action by the Company;

            (f)  Supply  any  necessary  information  or  documents  as  may  be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

            (g)  Participate  in  any  plan  or  proceeding  for  protecting  or
enforcing  any  right or  interest  arising  from the  Property  if, as and when
instructed by the Company and/or Citi to do so;

            (h) Render to the  Company,  and to such other person as the Company
may instruct, monthly written statements of the activities of and amounts in the
Trust Account  reflecting all receipts and  disbursements  of the Trust Account;
and

            (i)  Commence  liquidation  of the  Trust  Account  only  after  and
promptly  after receipt of, and only in accordance  with,  the terms of a letter
("Termination  Letter"), in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B hereto,  signed on behalf of the Company by its
Chief  Executive  Officer,  Chief  Financial  Officer,  Secretary  or  Assistant
Secretary  or  other  authorized  officer  of  the  Company,  and  complete  the
liquidation  of the Trust  Account  and  distribute  the  Property  in the Trust
Account  only as  directed  in the  Termination  Letter and the other  documents
referred to therein;  provided,  however,  that in the event that a  Termination
Letter has not been received by the Trustee by the 24-month  anniversary  of the
effective date of the Registration  Statement  ("Last Date"),  the Trust Account
shall  be  liquidated  in  accordance  with  the  procedures  set  forth  in the
Termination  Letter  attached  as  Exhibit  B  hereto  and  distributed  to  the
stockholders of record on the Last Date. The provisions of this Section 1(i) may
not be modified, amended or deleted under any circumstances.

      2. Limited Distributions of Income from Trust Account.

            (a) Upon written  request from the Company,  which may be given from
time to time in a form substantially  similar to that attached hereto as Exhibit
C, the Trustee  shall  distribute  to the Company  the amount  requested  by the
Company to cover any income tax

                                      -2-
<PAGE>

obligation owed by the Company as a result of interest or other income earned on
the funds  held in the Trust  Account or any  franchise  tax  obligation  of the
Company;

            (b) Upon written  request from the Company,  which may be given from
time  to  time  but  not  more  frequently  than  once  each  month,  in a  form
substantially  similar to that  attached  hereto as Exhibit D, the Trustee shall
distribute to the Company the amount  requested by the Company to cover expenses
related to  investigating  and  selecting a target  business  and other  working
capital requirements;  provided,  however, that the aggregate amount of all such
distributions  shall not exceed the lesser of (y) the aggregate amount of income
actually  received  on  amount  in the Trust  Account  less an  amount  equal to
estimated  taxes that are or will be due on such income at an assumened  rate of
40% and (z) $2,200,000.  It is understood that the Trustee's only responsibility
under this section is to follow the instructions of the Company; and

            (c) The limited distributions  referred to in Sections 2(a) and 2(b)
above  shall be made only  from  income  collected  on the  Property.  Except as
provided in Section 2(a) and 2(b) above, no other  distributions  from the Trust
Account shall be permitted except in accordance with Section 1(i) hereof.

      3. Agreements and Covenants of the Company.  The Company hereby agrees and
covenants to:

            (a) Give all  instructions  to the  Trustee  hereunder  in  writing,
signed by the Company's Chief  Executive  Officer,  Chief  Financial  Officer or
other authorized officer.  In addition,  except with respect to its duties under
paragraphs  1(i), 2(a) and 2(b) above, the Trustee shall be entitled to rely on,
and shall be  protected  in  relying  on,  any  verbal or  telephonic  advice or
instruction  which  it in good  faith  believes  to be  given  by any one of the
persons authorized above to give written instructions, provided that the Company
shall promptly confirm such instructions in writing;

            (b) Hold the Trustee  harmless  and  indemnify  the Trustee from and
against,   any  and  all  expenses,   including   reasonable  counsel  fees  and
disbursements,  or loss suffered by the Trustee in  connection  with any action,
suit or other proceeding  brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement,  the services of the Trustee  hereunder,  or the Property or any
income earned from  investment  of the Property,  except for expenses and losses
resulting from the Trustee's gross  negligence or willful  misconduct.  Promptly
after  the  receipt  by  the  Trustee  of  notice  of  demand  or  claim  or the
commencement  of any action,  suit or proceeding,  pursuant to which the Trustee
intends  to seek  indemnification  under  this  paragraph,  it shall  notify the
Company in writing of such claim  (hereinafter  referred to as the  "Indemnified
Claim").  The  Trustee  shall have the right to conduct  and manage the  defense
against such  Indemnified  Claim,  provided,  that the Trustee  shall obtain the
consent of the Company with respect to the  selection of counsel,  which consent
shall not be  unreasonably  withheld.  The  Trustee  may not agree to settle any
Indemnified Claim without the prior written consent of the Company (such consent
not to be unreasonably  withheld) unless such settlement includes a full release
of the  Company  with  respect  to  such  Indemnified  Claim.  The  Company  may
participate in such action with its own counsel;

            (c) Pay the Trustee an initial  acceptance  fee, an annual fee and a
transaction  processing fee for each  disbursement made pursuant to Section 2 as
set forth on Schedule A hereto,  which fees shall be subject to  modification by
the parties  from time to time.  It is

                                      -3-
<PAGE>

expressly understood that the Property shall not be used to pay such fees unless
and until it is  distributed  to the Company  pursuant to Section 2. The Company
shall pay the  Trustee the initial  acceptance  fee and first  year's fee at the
consummation of the IPO and thereafter on the anniversary of the Effective Date.
The  Trustee  shall  refund to the  Company the annual fee (on a pro rata basis)
with respect to any period after the  liquidation of the Trust Fund. The Company
shall not be responsible  for any other fees or charges of the Trustee except as
set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it
being  expressly  understood  that the  Property  shall  not be used to make any
payments to the Trustee under such Sections); and

            (d) In  connection  with  any  vote  of the  Company's  stockholders
regarding  a Business  Combination,  provide  to the  Trustee  an  affidavit  or
certificate  of a firm regularly  engaged in the business of soliciting  proxies
and/or tabulating  stockholder  votes (which firm may be the Trustee)  verifying
the vote of the Company's stockholders regarding such Business Combination.

      4. Limitations of Liability.  The Trustee shall have no  responsibility or
liability to:

            (a) Take any  action  with  respect to the  Property,  other than as
directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to
any party  except  for  liability  arising  out of its own gross  negligence  or
willful misconduct;

            (b) Institute any proceeding for the collection of any principal and
income  arising from, or  institute,  appear in or defend any  proceeding of any
kind with  respect  to,  any of the  Property  unless  and  until it shall  have
received instructions from the Company given as provided herein to do so and the
Company  shall have  advanced or  guaranteed  to it funds  sufficient to pay any
expenses incident thereto;

            (c) Change the investment of any Property,  other than in compliance
with paragraph 1(c);

            (d) Refund any depreciation in principal of any Property;

            (e)  Assume  that the  authority  of any  person  designated  by the
Company to give  instructions  hereunder shall not be continuing unless provided
otherwise  in such  designation,  or unless the Company  shall have  delivered a
written revocation of such authority to the Trustee;

            (f) The other parties  hereto or to anyone else for any action taken
or omitted by it, or any action  suffered by it to be taken or omitted,  in good
faith  and in the  exercise  of its own  best  judgment,  except  for its  gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected  in acting upon any order,  notice,  demand,  certificate,  opinion or
advice  of  counsel  (including  counsel  chosen  by  the  Trustee),  statement,
instrument,  report or other paper or document (not only as to its due execution
and the validity and  effectiveness of its provisions,  but also as to the truth
and acceptability of any information therein contained) which is believed by the
Trustee,  in good  faith,  to be genuine  and to be signed or  presented  by the
proper  person or  persons.  The  Trustee  shall  not be bound by any  notice or
demand, or any waiver, modification, termination or rescission of this Agreement
or any of the terms hereof,  unless evidenced by a written instrument  delivered
to the  Trustee  signed by the  proper  party or

                                      -4-
<PAGE>

parties  and,  if the duties or rights of the Trustee  are  affected,  unless it
shall give its prior written consent thereto;

            (g)  Verify  the  correctness  of the  information  set forth in the
Registration  Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated  by the  Registration
Statement; and

            (h)  Prepare,  execute  and file tax  reports,  income  or other tax
returns and pay any taxes with respect to income and activities  relating to the
Trust Account, regardless of whether such tax is payable by the Trust Account or
the  Company  (including  but not limited to income tax  obligations),  it being
expressly  understood  that as set forth in Section 2(a), if there is any income
or other tax  obligation  relating to the Trust  Account or the  Property in the
Trust Account,  as determined from time to time by the Company and regardless of
whether  such  tax is  payable  by the  Company  or the  Trust,  at the  written
instruction of the Company,  the Trustee shall make funds available in cash from
the Property in the Trust Account an amount specified by the Company as owing to
the  applicable  taxing  authority,  which amount shall be paid  directly to the
Company by electronic funds transfer,  account debit or other method of payment,
and the Company shall forward such payment to the taxing authority

            (i)  Verify  calculations,  qualify  or  otherwise  approve  Company
requests for  distributions  pursuant to Section  1(i),  2(a) or 2(b) above,  it
being understood that the foregoing shall not limit the Trustee's  obligation to
act upon such requests for distributions.

      5. Termination. This Agreement shall terminate as follows:

            (a) If the  Trustee  gives  written  notice to the  Company  that it
desires to resign under this  Agreement,  the Company  shall use its  reasonable
efforts to locate a successor  trustee.  At such time that the Company  notifies
the Trustee that a successor  trustee has been  appointed by the Company and has
agreed to become  subject  to the terms of this  Agreement,  the  Trustee  shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust  Account,  whereupon  this  Agreement  shall  terminate;  provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the  resignation  notice from the Trustee,  the
Trustee may submit an application to have the Property  deposited with any court
in the  State of New York or with  the  United  States  District  Court  for the
Southern District of New York and upon such deposit, the Trustee shall be immune
from any liability whatsoever; or

            (b) At such time that the Trustee has completed the  liquidation  of
the Trust Account in accordance  with the  provisions of paragraph  1(i) hereof,
and   distributed  the  Property  in  accordance  with  the  provisions  of  the
Termination  Letter,  this  Agreement  shall  terminate  except with  respect to
Paragraph 3(c).

      6. Miscellaneous.

            (a) The Company and the Trustee  each  acknowledge  that the Trustee
will  follow the  security  procedures  set forth  below  with  respect to funds
transferred from the Trust Account.  Upon receipt of written  instructions,  the
Trustee will confirm  such  instructions  with an  Authorized  Individual  at an
Authorized  Telephone  Number listed on the attached  Exhibit E. The

                                      -5-
<PAGE>

Company and the Trustee will each restrict  access to  confidential  information
relating to such  security  procedures to  authorized  persons.  Each party must
notify the other  party  immediately  if it has  reason to believe  unauthorized
persons may have obtained  access to such  information,  or of any change in its
authorized personnel.  In executing funds transfers,  the Trustee will rely upon
account  numbers or other  identifying  numbers of a beneficiary,  beneficiary's
bank or intermediary  bank,  rather than names.  The Trustee shall not be liable
for any loss, liability or expense resulting from any error in an account number
or other identifying number,  provided it has accurately transmitted the numbers
provided.

            (b) This  Agreement  shall be governed by and construed and enforced
in accordance  with the laws of the State of New York,  without giving effect to
conflicts  of  law  principles  that  would  result  in the  application  of the
substantive laws of another jurisdiction. It may be executed in several original
or facsimile  counterparts,  each one of which shall constitute an original, and
together shall constitute but one instrument.

            (c) This Agreement  contains the entire agreement and  understanding
of the parties  hereto with  respect to the subject  matter  hereof.  Except for
Section 1(i) (which may not be amended under any circumstances),  this Agreement
or any  provision  hereof may only be changed,  amended or modified by a writing
signed by each of the parties hereto;  provided,  however,  that no such change,
amendment or  modification  may be made without the prior written consent of the
Public Stockholders,  it being the specific intention of the parties hereto that
each  Public  Stockholder  is and  shall be a  third-party  beneficiary  of this
paragraph  6(c) with the same right and power to enforce this  paragraph 6(c) as
either of the parties hereto, and provided, further, that this Agreement may not
be changed,  waived, amended or modified in such a manner as to adversely affect
the right of the  Underwriters to receive the Deferred  Discount as contemplated
herein without the written consent of Citi. For purposes of this paragraph 6(c),
the "consent of the Public  Stockholders" shall mean receipt by the Trustee of a
certificate from an entity  certifying that (i) such entity regularly engages in
the business of serving as inspector of elections for companies whose securities
are  publicly  traded,  and (ii)  either (a) 70% of the Public  Stockholders  of
record as of a record date  established in accordance with Section 213(a) of the
Delaware General  Corporation Law, as amended (the "DGCL"),  have voted in favor
of such  amendment  or  modification  or (b) 70% of the Public  Stockholders  of
record as of a record date  established in accordance with Section 213(b) of the
DGCL have delivered to such entity a signed writing  approving such amendment or
modification.  As to any claim,  cross-claim or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

            (d) The parties hereto consent to the  jurisdiction and venue of any
state or federal  court  located in the City of New York,  Borough of Manhattan,
for purposes of resolving any disputes hereunder.

            (e) Any notice,  consent or request to be given in  connection  with
any of the terms or provisions of this  Agreement  shall be in writing and shall
be sent by express mail or similar  private courier  service,  by certified mail
(return receipt requested), by hand delivery or by facsimile transmission:

         if to the Trustee, to:   Continental Stock Transfer & Trust Company
                                  17 Battery Place

                                      -6-
<PAGE>

                                  New York, New York 10004
                                  Attn:    Steven G. Nelson
                                  Fax No.:  (212) 509-5150

         if to the Company, to:   Alternative Asset Management Acquisition Corp.
                                  590 Madison Avenue, 35th Floor
                                  New York, New York  10022
                                  Attn:    Chief Executive Officer

         in either case,
         with a copy to:          Citigroup Global Markets Inc.
                                  388 Greenwich Street
                                  New York, New York  10013
                                  Attn:    General Counsel
                                  Fax No.:  (212) 816-7912

                  and             Akin Gump Strauss Hauer & Feld LLP
                                  590 Madison Avenue
                                  New York, New York  10022
                                  Attn:    Bruce Mendelsohn, Esq.
                                  Fax No.:  (212) 872-1002

            (f) This  Agreement  may not be assigned by the Trustee  without the
prior consent of the Company and Citi.

            (g) Each of the Trustee and the Company  hereby  represents  that it
has the full  right and power and has been duly  authorized  to enter  into this
Agreement and to perform its respective  obligations as contemplated  hereunder.
The Trustee acknowledges and agrees that it shall not make any claims or proceed
against  the  Trust  Account,  including  by way of  set-off,  and  shall not be
entitled to any funds in the Trust Account under any circumstance.

            (h) Each of the Company and the Trustee hereby acknowledge that Citi
is a third party beneficiary of this Agreement.

                            [SIGNATURE PAGE FOLLOWS]

                                      -7-
<PAGE>

      IN  WITNESS  WHEREOF,  the  parties  have duly  executed  this  Investment
Management Trust Agreement as of the date first written above.

                                     CONTINENTAL STOCK TRANSFER
                                       & TRUST COMPANY, as Trustee

                                     By:
                                             -----------------------------------
                                     Name:
                                             -----------------------------------
                                     Title:
                                             -----------------------------------

                                     ALTERNATIVE ASSET MANAGEMENT
                                     ACQUISITION CORP.

                                     By:
                                             -----------------------------------
                                     Name:
                                             -----------------------------------
                                     Title:
                                             -----------------------------------

                                      S-1

<PAGE>

                                   SCHEDULE A

--------------------------------------------------------------------------------
Fee Item                          Time and method of payment           Amount
--------------------------------------------------------------------------------
Initial acceptance fee            Initial closing of IPO               $1,000
                                  by wire transfer
--------------------------------------------------------------------------------
Annual fee                        First year, initial closing          $3,000
                                  of IPO by wire transfer;
                                  thereafter on the anniversary
                                  of the effective date of the IPO
                                  by wire transfer or check
--------------------------------------------------------------------------------
Transaction processing            Deduction by Trustee                 $250
fee for disbursements to          from accumulated income
Company under Section 2           following disbursement made
                                  to Company under Section 2
--------------------------------------------------------------------------------

                                   Schedule A

<PAGE>

                                    EXHIBIT A

                             [Letterhead of Company]

                                  [Insert date]

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York  10004
Attn:    Steven Nelson

         Re:      Trust Account No. ________ Termination Letter

Gentlemen:

      Pursuant to paragraph 1(i) of the Investment  Management  Trust  Agreement
between   Alternative  Asset  Management   Acquisition  Corp.   ("Company")  and
Continental Stock Transfer & Trust Company ("Trustee"),  dated as of __________,
2007  ("Trust  Agreement"),  this is to advise you that the  Company has entered
into  an  agreement  ("Business  Agreement")  with  __________________  ("Target
Business") to consummate a business  combination with Target Business ("Business
Combination")  on or about [insert date].  The Company shall notify you at least
48 hours in advance  of the  actual  date of the  consummation  of the  Business
Combination ("Consummation Date").

      In accordance with the terms of the Trust  Agreement,  we hereby authorize
you to commence  liquidation  of the Trust  Account to the effect  that,  on the
Consummation  Date,  all of funds held in the Trust Account will be  immediately
available  for transfer to the account or accounts that the Company shall direct
on the Consummation Date.

      On the Consummation  Date (i) counsel for the Company shall deliver to you
written   notification  that  the  Business  Combination  has  been  consummated
("Counsel's  Letter"),  (ii) the Company shall deliver to you (a) [an affidavit]
[a certificate] of __________________,  which verifies the vote of the Company's
stockholders in connection  with the Business  Combination and (iii) the Company
and Citi shall  deliver to you joint  written  instructions  with respect to the
transfer  of the  funds,  including  the  Deferred  Discount,  held in the Trust
Account  ("Instruction  Letter").  You are hereby  directed  and  authorized  to
transfer the funds held in the Trust  Account  immediately  upon your receipt of
the Counsel's Letter and the Instruction  Letter, to (a) Public Stockholders who
exercised their conversion  rights in connection with the Business  Combination,
in an amount  equal to their pro rata share of the amounts in the Trust  Account
as of two business days prior to the  Consummation  Date (including the Deferred
Discount and any income actually  received on the Trust Account balance and held
in the Trust  Account,  but less an amount equal to estimated  taxes that are or
will be due on such  income  at an  assumed  rate of  [40]%);  (b) to Citi in an
amount  equal to the  Deferred  Discount  as so  directed  by them,  and (c) the
remainder,  in accordance with the terms of the Instruction Letter. In the event
that certain  deposits  held in the Trust  Account may not be  liquidated by the
Consummation  Date without

                                    Exhibit A
<PAGE>

penalty,  you will notify the Company of the same and the Company  shall  direct
you as to whether such funds should remain in the Trust Account and  distributed
after the  Consummation  Date to the Company.  Upon the  distribution of all the
funds in the Trust  Account  pursuant to the terms hereof,  the Trust  Agreement
shall be terminated and the Trust Account closed.

      In the event  that the  Business  Combination  is not  consummated  on the
Consummation  Date  described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust  Account  shall be  reinvested  as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                      Very truly yours,

                                      ALTERNATIVE ASSET MANAGEMENT
                                      ACQUISITION CORP.

                                      By:
                                             -----------------------------------
                                      Name:
                                             -----------------------------------
                                      Title:
                                             -----------------------------------

cc:   Citigroup Global Markets Inc.

                                    Exhibit A

<PAGE>

                                    EXHIBIT B

                             [Letterhead of Company]

                                  [Insert date]

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York  10004
Attn:    Steven Nelson

         Re:      Trust Account No. ________ Termination Letter

Gentlemen:

      Pursuant to paragraph 1(i) of the Investment  Management  Trust  Agreement
between   Alternative  Asset  Management   Acquisition  Corp.   ("Company")  and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of ___________,
2007 ("Trust Agreement"), this is to advise you that the Company has been unable
to effect a Business  Combination  with a Target  Company  within the time frame
specified in the Company's  Certificate  of  Incorporation,  as described in the
Company's prospectus relating to its IPO.

      In accordance with the terms of the Trust  Agreement,  we hereby authorize
you, to commence  liquidation of the Trust Account as promptly as practicable to
stockholders of record on the Last Date (as defined in the Trust Agreement). You
will  notify  the  Company  in  writing as to when all of the funds in the Trust
Account will be available for immediate transfer ("Transfer Date") in accordance
with the terms of the Trust  Agreement and the Certificate of  Incorporation  of
the Company.  You shall commence  distribution  of such funds in accordance with
the terms of the Trust  Agreement and the  Certificate of  Incorporation  of the
Company  and  you  shall  oversee  the  distribution  of  the  funds.  Upon  the
distribution of all the funds in the Trust Account,  your obligations  under the
Trust Agreement shall be terminated.

                                    Very truly yours,

                                    ALTERNATIVE ASSET MANAGEMENT
                                    ACQUISITION CORP.

                                    By:
                                            -----------------------------------
                                    Name:
                                            -----------------------------------
                                    Title:
                                            -----------------------------------

cc:      Citigroup Global Markets Inc.

                                    Exhibit B

<PAGE>

                                    EXHIBIT C

                             [Letterhead of Company]

                                  [Insert date]

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York  10004
Attn:    Steven Nelson

         Re:      Trust Account No. ________

Gentlemen:

      Pursuant to paragraph 2(a) of the Investment  Management  Trust  Agreement
between   Alternative  Asset  Management   Acquisition  Corp.   ("Company")  and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of ___________,
2007 ("Trust Agreement"), this is to advise you that the Company hereby requests
that you deliver to the Company  $_______ of the income  earned and collected on
the Property as of the date hereof.  The Company needs such funds to pay for the
tax  obligations  as set forth on the attached tax return or tax  statement.  In
accordance  with the terms of the Trust  Agreement,  you are hereby directed and
authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company's operating account at:

                         [WIRE INSTRUCTION INFORMATION]

                                    Very truly yours,

                                    ALTERNATIVE ASSET MANAGEMENT
                                    ACQUISITION CORP.

                                    By:
                                            -----------------------------------
                                    Name:
                                            -----------------------------------
                                    Title:
                                            -----------------------------------

                                    Exhibit C

<PAGE>

                                    EXHIBIT D

                             [Letterhead of Company]

                                  [Insert date]

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York  10004
Attn:    Steven Nelson

         Re:      Trust Account No. ________

Gentlemen:

      Pursuant to paragraph 2(b) of the Investment  Management  Trust  Agreement
between   Alternative  Asset  Management   Acquisition  Corp.   ("Company")  and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of ___________,
2007 ("Trust Agreement"), this is to advise you that the Company hereby requests
that you deliver to the Company  $_______ of the income  earned and collected on
the Property as of the date hereof, which does not exceed, in the aggregate with
all such prior  disbursements  pursuant to paragraph  2(b),  if any, the maximum
amount set forth in paragraph  2(b).  The Company  needs such funds to cover its
expenses  relating to  investigating  and selecting a target  business and other
working  capital  requirements.  In  accordance  with  the  terms  of the  Trust
Agreement,  you are  hereby  directed  and  authorized  to  transfer  (via  wire
transfer)  such funds promptly upon your receipt of this letter to the Company's
operating account at:

                         [WIRE INSTRUCTION INFORMATION]

                                    Very truly yours,

                                    ALTERNATIVE ASSET MANAGEMENT
                                    ACQUISITION CORP.

                                    By:
                                            -----------------------------------
                                    Name:
                                            -----------------------------------
                                    Title:
                                            -----------------------------------

cc:      Citigroup Global Markets Inc.

                                    Exhibit D

<PAGE>

                                    EXHIBIT E

--------------------------------------------------------------------------------
AUTHORIZED INDIVIDUAL(S) FOR TELEPHONE                AUTHORIZED TELEPHONE
CALL BACK                                             NUMBER(S)
--------------------------------------------------------------------------------
Company:                                              (212) 409-2434

Alternative Asset Management Acquisition Corp.
590 Madison Avenue, 35th Floor
New York, New York 10022
Attn: Chief Executive Officer
--------------------------------------------------------------------------------
Trustee:                                              (212) 845-3270

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York  10004
Attn:    Frank Di Paolo, CFO
--------------------------------------------------------------------------------

                                    Exhibit E

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