Document:

Exhibit 10.5

FIRST AMENDMENT

to the Strategic Alliance
Agreement

This
First Amendment to the Strategic Alliance Agreement (“the First Amendment”) is
made and entered into as of the 30th day of June, 2006, by and between SRS Labs, Inc., a Delaware corporation
(“SRS”) and Coming Home Studios, LLC, a
California corporation (“CHS”).

RECITALS:

SRS and CHS have
previously entered into a “Strategic Alliance Agreement” effective as of September 23,
2004 (the “Agreement”), and now desire to amend the Agreement to include the
terms of this First Amendment.

NOW THEREFORE, SRS and CHS hereby agree to modify the
Agreement as follows:

1.    The
term of the Agreement shall be extended to July 9, 2011.

2.    The Agreement will now
provide that SRS, on a non-exclusive basis, promote the sale, licensing or
distribution of any of the DVDs in the CHS library, including without
limitation the Concert DVDs, with SRS to be paid an 18% commission on any
revenues generated in respect of such DVDs by SRS marketing efforts.

3.    The Agreement will now
provide that SRS will retain a non-exclusive, no-fee license to use all or any
part of the content of any of the Concert DVDs in SRS’ promotional marketing
efforts for its technology or business.

4.    Except as provided in this
First Amendment the Agreement is hereby reaffirmed and remains in full force
and effect.

IN WITNESS WHEREOF, the
parties have executed this First Amendment as the day and year first above
written.

	
  SRS Labs, Inc.

  	
   

  	
  Coming Home Studios, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  Dated:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Address:

  	
  2909 Daimler Street

  Santa Ana, CA 92705

  	
   

  	
  Address:

  	
  6161 Santa Monica Boulevard

  Hollywood, CA  90038Exhibit 10.1

AGREEMENT

OF

TERMINATION AND RELEASE

AGREEMENT OF TERMINATION AND RELEASE,
made this 30th day of June 2006 (the “Agreement”), by and between Xenomics, Inc.
(“Xenomics, Inc.”),  Xenomics, a
California corporation (“Xenomics” and together with Xenomics, Inc., the “Company”),  L. David Tomei, Samuil Umansky, Hovsep
Melkonyan, Kathryn P. Wilkie and Anatoly V. Lichtenstein (collectively, the “Shareholders”).
The Company and the Shareholders collectively shall be referred to as the “Parties.”

WHEREAS, the
Parties hereto entered into a Technology Acquisition Agreement dated June 24,
2004 (the “Technology Acquisition Agreement”), which, among other things,
contains certain rights, obligations, and duties of the Parties; and

WHEREAS, the
Parties desire to mutually terminate the Technology Acquisition Agreement;

WHEREAS, each of
the Parties desires to release each of the other Parties from any and all
claims in connection with or relating to the Technology Acquisition Agreement;

NOW THEREFORE, in
consideration of the mutual covenants and other good and valuable
considerations hereinafter contained, the Parties agree as follows:

1.                                       Recitals.
The above recitals are incorporated into this Agreement.

2.                                      Mutual
Termination of the Technology Acquisition Agreement. The Technology
Acquisition Agreement is hereby terminated so as to be rendered null and void
and of no further force and effect, and the Parties (and their assignees) are
hereby relieved of all of their respective obligations thereunder.

3.                                       Mutual
Release. The Company (and its past, present and future officers, directors,
employees, servants, agents, representatives, successors, predecessors,
divisions, subsidiaries, parents, affiliates, business units, and assigns of
each of them) hereby release each of the other Parties (and their past, present
and future officers, directors, employees, servants, agents, representatives,
attorneys, successors, predecessors, divisions, subsidiaries, parents,
affiliates, business units, and assigns of each of them) from any and all
claims, demands, damages, actions, causes of action or suits at law or in
equity of whatever kind or nature, liabilities, verdicts, debts, judgments,
liens and injuries, whether based upon the Technology Acquisition Agreement or
any other legal or equitable theory of recovery, known or unknown, past,
present or future, suspected to exist or not suspected to exist, anticipated or
not anticipated, which have arisen or are now arising or hereafter may arise,
whether presently asserted or not, in connection with or relating to the
Technology Acquisition Agreement (including, but not limited to, the
performance rendered or not rendered thereunder).

 

 

4.                                       Mutual
Consent. The Parties hereto, and each of them, do hereby: (i) acknowledge
that they have reviewed or caused to be reviewed the Technology Acquisition
Agreement; (ii) acknowledge that they have reviewed or caused to be
reviewed this Agreement; (iii) unconditionally consent to the termination
of the Technology Acquisition Agreement (and the consummation of the
transactions contemplated thereby) by the Company; and (iv) unconditionally
consent to the release of any and all claims as described in Section 3.

5.                                       Merger.
All understandings and agreements heretofore had between the Parties, except as
set forth herein, are null and voice and of no force and effect.

6.                                       Duplicate
Originals; Counterparts. This Agreement may be executed in any number of
duplicate originals and each duplicate original shall be deemed to be an
original. This Agreement may be executed in several counterparts, each of which
counterparts shall be deemed an original instrument and all of which together
shall constitute a single agreement.

7.                                       Governing
Law. This Agreement shall be interpreted and the rights and liabilities of
the Parties determined in accordance with the laws of the State of New York,
excluding its conflict of laws rules.

 2
 

 

 

IN WITNESS WHEREOF, the
Parties hereto have executed this Agreement of Termination and Release as of
the day and year first written above.

	
  

  	
  XENOMICS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ L. David Tomei

  
	
   

  	
   

  	
  Name: L. David Tomei

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  XENOMICS

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Samuil Umansky

  
	
   

  	
   

  	
  Name: Samuil Umansky

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ L. David
  Tomei

  
	
   

  	
   

  	
  L. David Tomei

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Samuil
  Umansky

  
	
   

  	
   

  	
  Samuil Umansky

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Hovsep
  Melkonyan

  
	
   

  	
   

  	
  Hovsep S.
  Melkonyan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Anatoly
  Lichtenstein

  
	
   

  	
   

  	
  Anatoly V.
  Lichtenstein

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Kathryn
  Wilkie

  
	
   

  	
   

  	
  Kathryn P.
  Wilkie

  

 

 3Exhibit
10.1

 

AFFILIATED
MANAGERS GROUP, INC.

DEFERRED
COMPENSATION PLAN

EFFECTIVE
JULY 1, 2006

 

 

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
  ARTICLE 1

  	
   

  	
  Definitions

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
   

  	
  Selection,
  Enrollment, Eligibility

  	
   

  	
  4

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Selection
  by Administrator

  	
   

  	
  4

  	
   

  
	
  2.2

  	
   

  	
  Enrollment
  and Eligibility Requirements; Commencement of Participation

  	
   

  	
  4

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
   

  	
  Account
  Credits

  	
   

  	
  5

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Elective
  Deferrals; Minimum Requirements

  	
   

  	
  5

  	
   

  
	
  3.2

  	
   

  	
  Elective
  Deferrals; Maximum Requirements

  	
   

  	
  5

  	
   

  
	
  3.3

  	
   

  	
  Election
  to Defer; Effect of Election Form

  	
   

  	
  5

  	
   

  
	
  3.4

  	
   

  	
  Withholding
  and Crediting of Elective Deferrals

  	
   

  	
  6

  	
   

  
	
  3.5

  	
   

  	
  Company
  Credits

  	
   

  	
  6

  	
   

  
	
  3.6

  	
   

  	
  Vesting

  	
   

  	
  6

  	
   

  
	
  3.7

  	
   

  	
  Hypothetical
  Investment Returns

  	
   

  	
  6

  	
   

  
	
  3.8

  	
   

  	
  FICA
  and Other Taxes

  	
   

  	
  7

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
   

  	
  Scheduled
  Distribution of Deferral Account; Unforseeable Financial Emergencies

  	
   

  	
  8

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  Scheduled
  Distribution of Deferral Account

  	
   

  	
  8

  	
   

  
	
  4.2

  	
   

  	
  Postponing
  Scheduled Distributions

  	
   

  	
  8

  	
   

  
	
  4.3

  	
   

  	
  Other
  Benefits Take Precedence Over Scheduled Distributions

  	
   

  	
  8

  	
   

  
	
  4.4

  	
   

  	
  Withdrawal
  Payout/Suspensions for Unforeseeable Financial Emergencies

  	
   

  	
  8

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
   

  	
  Change
  in Control Benefit

  	
   

  	
  9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
   

  	
  Retirement
  Benefit

  	
   

  	
  9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
   

  	
  Separation
  from Service

  	
   

  	
  9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
   

  	
  Disability
  Benefit

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
   

  	
  Death
  Benefit

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10

  	
   

  	
  Beneficiary
  Designation

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.1

  	
   

  	
  Beneficiary

  	
   

  	
  10

  	
   

  
	
  10.2

  	
   

  	
  Beneficiary
  Designation; Change

  	
   

  	
  10

  	
   

  
	
  10.3

  	
   

  	
  Acknowledgement

  	
   

  	
  10

  	
   

  
	
  10.4

  	
   

  	
  No
  Beneficiary Designation

  	
   

  	
  10

  	
   

  
	
  10.5

  	
   

  	
  Doubt
  as to Beneficiary

  	
   

  	
  10

  	
   

  
	
  10.6

  	
   

  	
  Discharge
  of Obligations

  	
   

  	
  11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11

  	
   

  	
  Amendment
  and Termination

  	
   

  	
  11

  	
   

  
	
  11.1

  	
   

  	
  Termination
  of Plan

  	
   

  	
  11

  	
   

  
	
  11.2

  	
   

  	
  Amendment

  	
   

  	
  11

  	
   

  

 

 i
 

 

 

	
  11.3

  	
   

  	
  Plan
  Agreement

  	
   

  	
  11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12

  	
   

  	
  Administration

  	
   

  	
  11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.1

  	
   

  	
  In
  General

  	
   

  	
  11

  	
   

  
	
  12.2

  	
   

  	
  Agents

  	
   

  	
  12

  	
   

  
	
  12.3

  	
   

  	
  Binding
  Effect of Decisions

  	
   

  	
  12

  	
   

  
	
  12.4

  	
   

  	
  Indemnity
  of Administrator

  	
   

  	
  12

  	
   

  
	
  12.5

  	
   

  	
  Employer
  Information

  	
   

  	
  12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 13

  	
   

  	
  Other
  Benefits and Agreements

  	
   

  	
  12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 14

  	
   

  	
  Claims
  Procedures

  	
   

  	
  12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 15

  	
   

  	
  Trust

  	
   

  	
  12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.1

  	
   

  	
  Establishment
  of the Trust

  	
   

  	
  12

  	
   

  
	
  15.2

  	
   

  	
  Interrelationship
  of the Plan and the Trust

  	
   

  	
  12

  	
   

  
	
  15.3

  	
   

  	
  Distributions
  From the Trust

  	
   

  	
  13

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 16

  	
   

  	
  Miscellaneous

  	
   

  	
  13

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16.1

  	
   

  	
  Status
  of Participants and Beneficiaries as General Creditors

  	
   

  	
  13

  	
   

  
	
  16.2

  	
   

  	
  Non-assignability

  	
   

  	
  13

  	
   

  
	
  16.3

  	
   

  	
  Not a
  Contract of Employment

  	
   

  	
  13

  	
   

  
	
  16.4

  	
   

  	
  Captions

  	
   

  	
  13

  	
   

  
	
  16.5

  	
   

  	
  Governing
  Law

  	
   

  	
  13

  	
   

  
	
  16.6

  	
   

  	
  Notice

  	
   

  	
  13

  	
   

  
	
  16.7

  	
   

  	
  Furnishing
  Information

  	
   

  	
  14

  	
   

  
	
  16.8

  	
   

  	
  Terms

  	
   

  	
  14

  	
   

  
	
  16.9

  	
   

  	
  Captions

  	
   

  	
  14

  	
   

  
	
  16.10

  	
   

  	
  Successors

  	
   

  	
  14

  	
   

  
	
  16.11

  	
   

  	
  Validity

  	
   

  	
  14

  	
   

  
	
  16.12

  	
   

  	
  Incompetents

  	
   

  	
  14

  	
   

  
	
  16.13

  	
   

  	
  Distribution
  in the Event of Income Inclusion Under 409A

  	
   

  	
  14

  	
   

  
	
  16.14

  	
   

  	
  Deduction
  Limitation on Benefit Payments

  	
   

  	
  14

  	
   

  
	
  16.15

  	
   

  	
  Compliance
  With Section 409A Generally

  	
   

  	
  15

  	
   

  
	
  16.16

  	
   

  	
  Insurance

  	
   

  	
  15

  	
   

  

 

 ii

 

 

AFFILIATED
MANAGERS GROUP, INC.

DEFERRED
COMPENSATION PLAN

EFFECTIVE
JULY 1, 2006

Purpose

The purpose of the Plan is to provide specified
benefits to Directors and a select group of Employees who contribute materially
to the continued growth, development and business success of Affiliated
Managers Group, Inc.

The Plan is intended to constitute an unfunded “top
hat” plan described in Section 201(2), 301(a)(3) and 401(a)(1) of
Subtitle B of Title I of ERISA and shall be operated and construed accordingly.
The Plan is also intended to provide for the effective deferral of income for
tax purposes in accordance with its terms, consistent, among other things, with
the requirements of Code Section 409A, and shall be operated and construed
accordingly. Without limiting the generality of the Company’s authority under Article 11,
the Company may at any time and from time to time amend or modify the Plan,
including retroactively, to comply with the terms of Code Section 409A or
other applicable law.

ARTICLE
1

Definitions

For the purposes of this Plan, unless otherwise
clearly apparent from the context, the following phrases or terms shall have
the following indicated meanings:

1.1                                 “Account”
shall mean, with respect to a Participant, an entry on the records of the
Employer equal to the sum of the Participant’s accounts and sub-accounts
maintained by the Administrator under the Plan. The Account shall be a
bookkeeping entry only and shall be utilized solely to measure and determine
the amounts to be paid to a Participant, or his or her designated Beneficiary,
pursuant to this Plan.

1.2                                 “Account
Balance” shall mean the balance of the Account (or, when the term is used with
respect to any constituent account or sub-account, the balance of such account
or sub-account).

1.3                                 “Administrator”
shall have the meaning set forth in Article 12.

1.4                                 
“Annual Installment Method” shall mean an annual installment payment of the
Participant’s vested benefit over the number of years selected by the
Participant in accordance with
the Plan, commencing on the Participant’s Benefit Distribution Date and
thereafter payable on the anniversary of the Benefit Distribution Date. For any
year, the payment will be the balance to the credit of the Participant’s
Account divided by the number of remaining payments.

1.5                                 “Base
Salary” shall mean the annual cash compensation relating to services performed
during any calendar year, excluding distributions from nonqualified deferred
compensation plans, bonuses, overtime, fringe benefits, stock options,
relocation expenses, incentive payments, non-monetary awards, director fees and
other fees, and automobile and other allowances paid to a Participant for
employment services rendered (whether or not includible in the Employee’s gross
income). Base Salary shall be calculated before deferrals under qualified or
nonqualified plans, as determined by the Administrator.

1.6                                 “Beneficiary”
shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 10 to receive Plan benefits, if any, remaining
to be paid upon the death of a Participant.

 1
 

 

 

1.7                                 “Beneficiary
Designation Form” shall mean a form prescribed by or acceptable to the
Administrator for the designation of Beneficiaries.

1.8                                 “Benefit
Distribution Date” shall mean a date on which, or as soon as practicable
thereafter which, a Participant’s vested Account Balance or applicable portion
thereof will be distributed (if distributable as a lump sum) or commence to be
distributed (if distributed in installments) in accordance with Article 4,
5, 6 or 7, as the case may be.

1.9                                 “Board”
shall mean the board of directors of the Company.

1.10                           “Bonus”
shall mean any compensation, in addition to Base Salary, amounts earned by a
Participant under the Company’s annual bonus or cash incentive plan(s) and
such other amounts as the Administrator may specify from time to time. For
avoidance of doubt, a Bonus shall include, without limitation, amounts payable
under the Company’s Long-Term Executive Incentive Plan.

1.11                           “Change
in Control” shall mean any “change in control event” as defined in accordance
with Section 409A.

1.12                           
“Code” shall mean the Internal Revenue Code of 1986, as amended and in effect
from time to time.

1.13                           “Company”
shall mean Affiliated Managers Group, Inc., a Delaware corporation, and
any successor to all or substantially all of the Company’s assets or business
that assumes the Plan.

1.14                           “Company
Credit Account” shall mean that portion of a Participant’s Account that
reflects Company Credits plus or minus notional investment adjustments with
respect thereto, less all related distributions.

1.15                           “Company
Credits” shall mean the amount determined in accordance with Section 3.5.

1.16                           “Death
Benefit” shall mean the benefit set forth in Article 9.

1.17                           “Deferral
Account”:  the portion of a Participant’s
Account that reflects Elective Deferrals under the Plan plus or minus notional
investment adjustments with respect thereto, less all related distributions.

1.18                           “Director”
shall mean any member of the board of directors of the Company.

1.19                           “Director
Fees” shall mean the annual fees earned by a Director as compensation for
serving on the Board (as determined by the Administrator).

1.20                           “Disability”
or “Disabled” shall mean that a Participant is (i) unable to engage in any
substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or (ii) by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months, receiving income replacement benefits for a period
of not less than 3 months under an accident or health plan covering employees
of the Participant’s Employer. To the extent permitted by Section 409A, a
Participant shall be deemed Disabled if determined to be totally disabled by
the Social Security Administration, or if the Participant is determined to be
totally and permanently disabled in accordance with the Employer’s applicable
long—term disability insurance program.

1.21                           “Disability
Benefit” shall mean the benefit set forth in Article 8.

 2
 

 

 

1.22                           
“Election Form” shall mean the form, which may be in electronic format,
prescribed by or acceptable to the Administrator for the making of permitted
elections (other than Beneficiary designations) under the Plan.

1.23                           “Elective
Deferral” shall mean a deferral of Base Salary, Bonus and Director Fees made
under the Plan at the election of a Participant.

1.24                           “Employee”
shall mean an individual employed by an Employer.

1.25                           “Employer(s)”
shall mean the Company and its Affiliates who adopt the Plan with the consent
of the Company.

1.26                           “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended and
in effect from time to time.

1.27                           “First
Plan Year” shall mean the period beginning July 1, 2006 and ending December 31,
2006.

1.28                           “Measurement
Fund” shall mean the hypothetical investment funds selected by the
administrator in accordance with Section 3.7.

1.29                           “Participant”
shall mean any Employee or Director (i) who is selected by the
Administrator to participate in the Plan, (ii) whose executed Plan
Agreement, Election Form and Beneficiary Designation Form are
accepted by the Administrator, and (iii) whose Plan Agreement has not
terminated.

1.30                           “Plan”
shall mean the Affiliated Managers Group, Inc. Deferred Compensation Plan,
as from time to time amended and in effect.

1.31                           “Plan
Agreement” shall mean a written agreement, in form prescribed by or acceptable
to the Administrator, that evidences a Participant’s agreement to the terms of
the Plan and establishes the terms of Plan participation for such Participant. Except
as the Administrator may otherwise determine, the most recent Plan Agreement
with respect to a Participant shall supersede all prior Plan Agreements with
respect to such Participant. Plan Agreements may vary among Participants and
may provide additional benefits not set forth in the Plan or limit the benefits
otherwise provided under the Plan. A binding agreement between a Participant
and the Company (for example, but without limitation, an employment or
severance agreement) that purports to affect the amount, vesting, timing or any
other term of a deferral, credit or benefit under the Plan, but that is not
designated as a “Plan Agreement,” shall nevertheless, to that extent,
constitute a “Plan Agreement” under the Plan (and, to the extent of the
relevant provision, shall, except as the Administrator otherwise determines,
supersede any prior Plan Agreement governing such provision), but only if and
to the extent that so treating it would not jeopardize the qualification of the
Participant’s Plan deferral(s) under Section 409A.

1.32                           “Plan
Year” shall, except for the First
Plan Year, mean the calendar
year.

1.33                           “Retirement”,
“Retire(s)” or “Retired” shall mean, with respect to an Employee, separation
from service with all Employers, other than by reason other than death or
Disability, or on or after the earlier of the attainment of (a) age
sixty-five (65) or (b) age fifty (50) and ten (10) Years of Service;
and shall mean with respect to a Director who is not an Employee, separation
from service. If a Participant is both an Employee and a Director, Retirement
shall not occur until he or she Retires as both an Employee and a Director.

1.34                           “Retirement
Benefit” shall mean the benefit set forth in Article 6.

1.35                           “Scheduled
Distribution” shall mean the distribution set forth in Section 4.1.

 3
 

 

 

1.36                           “Scheduled
Distribution Date” shall have the meaning set forth in Section 4.1.

1.37                           “Section 409A”
shall mean Code Section 409A of the Code.

1.38                           “Separation
from Service” shall mean separation from service with all Employers,
voluntarily or involuntarily, other than by reason of death or Disability. Whether
a leave of absence or other change in work status constitutes a separate from
service shall be determined by the Administrator in a manner consistent with
the requirements of Section 409A.

1.39                           “Stock”
shall mean Affiliated Managers Group, Inc. common stock, $.01 par value,
or any other equity securities designated by the Administrator.

1.40                           “Stock
Unit” shall mean a unit that is equivalent to one share of Stock.

1.41                           “Stock
Unit Fund” shall mean the Measurement Fund notionally invested in Stock.

1.42                           “Termination
Benefit” shall mean the benefit set forth in Article 7.

1.43                           “Trust”
shall mean one or more trusts established by the Company in accordance with Article 15.

1.44                           “Unforeseeable
Financial Emergency” shall mean a severe financial hardship of the Participant
or his or her Beneficiary resulting from (i) an illness or accident of the
Participant, the Participant’s spouse, or the Participant’s dependent (as
defined in Code Section 152(a)), (ii) a loss of the Participant’s or
Beneficiary’s property due to casualty, or (iii) such other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant or the Participant’s Beneficiary, all as
determined in the sole discretion of the Administrator.

1.45                           “Years
of Service” shall mean the total number of full years in which a Participant
has been employed by one or more Employers. For purposes of this definition, a
year of employment shall be a 365 day period (or 366 day period in the case of
a leap year) that, for the first year of employment, commences on the Employee’s
date of hiring and that, for any subsequent year, commences on an anniversary
of that hiring date. The Administrator shall make a determination as to whether
any partial year of employment shall be counted as a Year of Service.

ARTICLE
2

Selection, Enrollment, Eligibility

2.1                                 Selection by Administrator. Eligibility
for the Plan shall be limited to those Employees or Directors who are selected by
the Administrator in its sole discretion.

2.2                                 Enrollment and Eligibility Requirements; Commencement
of Participation.

(a)                                  To
participate in the Plan, an Eligible Employee or Director must complete and
execute (to the satisfaction of the Administrator) and return to the
Administrator a Plan Agreement, Election Form and a Beneficiary
Designation Form. Except as herein provided or as otherwise permitted by the
Administrator consistent with the requirements of Section 409A, any
voluntary deferral under the Plan must be accomplished by the submission of the
necessary forms prior to the first day of the Plan Year in which the relevant
services are to be provided or by such earlier date as the Administrator may
establish.

(b)                                 An
Employee or Director who first becomes eligible to participate in this Plan
after the first day of a Plan Year and who wishes to participate in elective
deferrals for the remainder of such Plan Year must submit the necessary forms
within thirty (30) days after he or she first becomes eligible to participate
or by such earlier deadline as the

 4
 

 

 

Administrator may establish. A mid-year deferral
election accomplish pursuant to this subsection (b) shall be effective
only with respect to services performed after the election takes effect.

ARTICLE 3

Account Credits

3.1                                 Elective Deferrals; Minimum Requirements.
For any Plan Year, a Participant who wishes to participate in the Elective
Deferrals may do so subject to the following minimum deferral requirements.

	
  Deferral

  	
   

  	
  Minimum Amount

  	
   

  
	
  Base Salary and
  Bonus

  	
   

  	
  $

  	
  5,000 aggregate

  	
   

  
	
  Director Fees

  	
   

  	
  $

  	
  1,000 aggregate

  	
   

  

 

If the Administrator determines, in its sole discretion, prior to the beginning of a Plan Year that
a Participant has made an election for less than the stated minimum amounts, or
if no election is timely made, the amount deferred shall be zero. If a
Participant first becomes eligible to make Elective Deferrals during a Plan
Year, the minimum Elective Deferrals shall be an amount equal to the minimum
set forth above, multiplied by a fraction, the numerator of which is the number
of complete months remaining in the Plan Year and the denominator of which is
12 (except with respect to the First Plan Year, in which the denominator is 6).

3.2                                 Elective Deferrals; Maximum Requirements.
For any Plan Year, a Participant’s Elective Deferrals, if any, shall be subject
to the following percentage  maximum
percentage:

	
  Deferral

  	
   

  	
  Maximum Percentage

  	
   

  
	
  Base Salary

  	
   

  	
  80

  	
  %

  
	
  Bonus

  	
   

  	
  100

  	
  %

  
	
  Director Fees

  	
   

  	
  100

  	
  %

  

 

If a Participant first becomes eligible to make Elective Deferrals
during a Plan Year, the foregoing maximum percentages shall be applied to the
future compensation affected by the Participant’s mid-year election. For
compensation that is earned based upon a specified performance period, “Future
compensation” shall be deemed for this purpose not to exceed the total amount
of compensation for the performance period, multiplied by a fraction, the
numerator of which is the number of days remaining in the service period after
the Participant’s deferral election takes effect, and the denominator of which
is the total number of days in the performance period.

3.3                                 Election to Defer; Effect of Election Form.
Insofar as it relates to an Elective Deferral, an Election Form shall take
effect not later than (i) the first day of the Plan Year next following
the effective date of such form, or (ii) in the case of an Election Form relating
to initial mid-year eligibility, a date specified by the Administrator that is
not late than thirty (30) days following the date of such initial eligibility.
Once it takes effect, the Election Form shall apply as follows:  (A) to Base Salary or Directors Fees
earned with respect to services performed on or after the effective date, and (B) in
the case of “performance-based compensation” (as determined in accordance with Section 409A)
based on services performed over a period of at least twelve (12) months, to
any such compensation payable with respect to a performance period ending at least

 5
 

 

 

six (6) months after
the effective date. The Administrator shall prescribe such additional rules and
limitations as it determines to be appropriate so that elective deferrals under
the Plan comply with Section 409A.

3.4                                 Withholding and Crediting of Elective Deferrals.
Elective Deferrals shall be credited to a Participant’s Account on or as soon
as practicable after the relevant payroll date on which the compensation, but
for deferral, would have been paid.

3.5                                 Company Credits. The Administrator may
provide in a Plan Agreement, or on a discretionary basis outside of any Plan
Agreement, for additional, non-elective credits (each, a “Company Credit”) to
the Participant’s Account in accordance with this Section 3.5. Additional
credits pursuant to this Section 3.5 may include, but are not necessarily
limited to, credits intended to make up (in whole or in part) for matching
contributions that could not be made under a tax-qualified defined contribution
plan in which the Participant is a member; provided,
that any such additional credit made hereunder shall be consistent with the
requirements of Section 401(k)(4)(A) of the Code. Company Credits
shall be credited to the Participant’s Account at such times and in such
amounts as the Administrator determines (consistent with the Plan Agreement, in
the case of Company Credits provided for under a Plan Agreement). Company
Credits, if any, need not be made with respect to all Participants and may vary
as to amount and other terms from Participant to Participant.

3.6                                 Vesting.

(a)                                  A
Participant shall at all times be 100% vested in his or her Deferral Account.

(b)                                 A
Participant shall vest in each Company Credit Account, if any, in accordance
with the vesting schedule forth in his or her Plan Agreement(s).

(c)                                  Except
as otherwise expressly provided in the relevant Plan Agreement, in the event of
a Change in Control, or upon a Participant’s Retirement, death while employed
by an Employer, or Disability, any amounts that are not vested in accordance
with Sections 3.6(b) above, shall immediately become 100% vested, provided, that except as otherwise
provided in the Plan Agreement, if and to the extent that the Administrator
determines that such acceleration would cause the deductibility limitations of Section 280G
of the Code to apply, vesting shall be accelerated only to such extent, if any,
as will not result in the application of such deduction limitations. The
Administrator shall make all determinations necessary or appropriate to
implement the foregoing limitation but if so requested by an affected
Participant in writing shall, within ninety (90) days of receiving such
request, obtain an opinion from a nationally recognized accounting firm
selected by the Participant (the “Accounting Firm”) with supporting
computations, as to whether any limitation in the vested percentage hereunder
is necessary to avoid the limits of Section 280G of the Code.

3.7                                 Hypothetical Investment Returns. Each
Participant Account shall be periodically adjusted (in such manner as the
Administrator determines) to reflect hypothetical returns with respect to the
Account, as follows:

(a)                                  Measurement Funds. Subject to Section 3.7(b),
the Administrator shall select and may from time to time change (including as
to existing Accounts that are deemed invested in an affected fund) a menu of
investment funds (the “Measurement Funds”) to be used to determine hypothetical
investment experience under the Plan. The Participant may elect to have his or
her Account invested on a hypothetical basis in one or more of the

 6
 

 

 

Measurement Funds, for the purpose of crediting or
debiting additional amounts to his or her Account Balance, and may from time to
time elect to reallocate such hypothetical investments. Any such election by
the Participants shall be accomplished and given effect in accordance with such
rules as the Administrator may prescribe. If a Participant does not elect
a Measurement Fund, the Participant’s Account Balance shall be treated as
having been invested in such default Measurement Fund(s) as the Administrator
may specify.

(b)                                 Affiliated Managers Group, Inc. Stock Unit Fund.

(i)                                     Any
Bonus that the Participant has elected to defer in accordance with Article 3
and which would otherwise be payable in Stock will be automatically allocated
to the Stock Unit Fund and may not be allocated to any other Measurement Fund
except as determined by the Administrator. The Administrator may in its sole
discretion allocate all or any portion of the Company Credit Account to the
Stock Unit Fund. Amounts allocated to the Stock Unit Fund shall be
distributable only in the form of actual shares of Stock, except as otherwise
determined by the Administrator.

(ii)                                  Notional
earnings credited to the Stock Unit Fund, including dividends declared with
respect to Stock, shall remain allocated to such Stock Unit Fund and deemed to
be reinvested in additional Stock Units until such amounts are distributed to
the Participant, except as otherwise determined by the Administrator. In the
case of a stock dividend, the number of additional Stock Units credited to the
Stock Unit Fund shall be equal to the number of Stock Units multiplied the by
per share Stock dividend (including fractional shares) declared by the Company.
In the case of a cash dividend, the number of additional Stock Units credited
to the Stock Unit Fund shall be equal to the cash dividend times the number of
Stock Units allocated to the Participant’s Account, divided by the fair market
value of a share of Stock as determined by the Administrator in its sole
discretion.

(iii)                               The
number of Stock Units credited to the Participant’s Stock Unit Fund may be
adjusted by the Administrator, in its sole discretion, to prevent dilution or
enlargement of Participants’ rights with respect to the portion of his or her
Account Balance allocated to the Stock Unit Fund in the event of any reorganization, reclassification, stock
split, or other corporate transaction or event which, in the Administrator’s
determination, affects the value of the Stock.

(c)                                  No Actual Investment. The provisions of
this Section 3.7 shall not be construed to require the Administrator or
any Employer to segregate, set aside, or invest any assets for the payment of
benefits under the Plan. However, the Administrator in its discretion may
provide for a “rabbi trust” or similar vehicle to facilitate the payment of
benefits under the Plan so long as the existence, terms and funding of any such
trust or other vehicle do not cause the Plan to fail to be unfunded for tax or
ERISA purposes or to fail to satisfy the requirements of Section 409A.

3.8                                 FICA and Other Taxes. The Administrator
may require that a Participant’s cash or other compensation be reduced to
satisfy any FICA tax or other tax due with respect to the deferral or vesting
of any amount under the Plan or may require as part of a Plan Agreement or
otherwise that the Participant make other arrangements for the payment of such
taxes (which other arrangements may include, if the Administrator so
determines, but shall not be limited to, a reduction in the Participant’s Account
Balance). Any distribution under the Plan shall be reduced by any required tax
and other withholdings.

 7

 

ARTICLE
4

Scheduled
Distribution of Deferral Account; Unforeseeable Financial Emergencies 

4.1                                 Scheduled Distribution of Deferral Account.
Subject to such limitations (consistent with Section 409A) as the
Administrator may prescribe, a Participant may specify in connection with the
applicable annual or other deferral election pertaining to Elective Deferrals
to have the portion of his or her Account attributable to such Elective
Deferrals and related adjustments under Article 3 to be paid (a “Scheduled
Distribution”) in a lump sum during a sixty (60) day period commencing
immediately after the first day of any Plan Year designated by the Participant
(the “Scheduled Distribution Date”). The Scheduled Distribution Date designated
by the Participant must be at least one (1) Plan Year after the end of the
Plan Year to which the Participant’s deferral election relates. By way of
example, if a Scheduled Distribution is elected for Elective Deferral amounts
earned in the Plan Year commencing January 1, 2007, the earliest Scheduled
Distribution Date would be January 1, 2009, and the Scheduled Distribution
would be payable during the sixty (60) day period commencing January 2,
2009.

4.2                                 Postponing Scheduled Distributions. A
Participant may elect to postpone a Scheduled Distribution described in Section 4.1
above, and have such amount paid out during a sixty (60) day period commencing
immediately after an allowable alternative Scheduled Distribution Date  designated by the Participant in accordance
with this Section 4.2. In order to make this election, the Participant
must submit a new Scheduled Distribution Election Form to the
Administrator in accordance with the following:

(a)                                  The
new Scheduled Distribution Election Form must be submitted to and accepted
by the Administrator (which has complete discretion as to whether to accept any
new election) at least twelve (12) months prior to the Participant’s previously
designated Scheduled Distribution Date;

(b)                                 The
new Scheduled Distribution Date must be the first day of a Plan Year and must
be at least five years after the previously designated Scheduled Distribution
Date; and

(c)                                  The
new election shall not take effect until at least twelve (12) months after it
is accepted by the Administrator.

4.3                                 Other Benefits Take Precedence Over Scheduled
Distributions. Except as the Administrator otherwise determines
to be necessary to comply with the requirements of Section 409A, a
Deferral Account that become payable under Article 5, 6, 7, 8 or 9 as of a
date that precedes a Scheduled Distribution Date under this Article 4
shall be paid in accordance with Article 5, 6, 7, 8 or 9, as the case may
be, and not in accordance with this Article 4.

4.4                                 Withdrawal Payout/Suspensions for Unforeseeable
Financial Emergencies.

(a)                                  If
the Participant experiences an Unforeseeable Financial Emergency, the
Participant may petition the Administrator to receive a partial or full payout
from the Plan, subject to the provisions set forth below.

(b)                                 The
payout, if any, from the Plan shall not exceed the lesser of (i) the
Participant’s vested Account Balance, calculated as of the close of business on
or around the date on which the amount becomes payable, as determined by the
Administrator in its sole discretion, or (ii) the amount necessary to
satisfy the Unforeseeable Financial Emergency, plus amounts

 8
 

 

 

necessary to pay Federal, state, or local income taxes
or penalties reasonably anticipated as a result of the distribution. Notwithstanding
the foregoing, a Participant may not receive a payout from the Plan to the
extent that the Unforeseeable Financial Emergency is or may be relieved (A) through
reimbursement or compensation by insurance or otherwise, (B) by
liquidation of the Participant’s assets, to the extent the liquidation of such
assets would not itself cause severe financial hardship or (C) by
cessation of deferrals under this Plan. If the Administrator approves a
Participant’s petition for payout, the Participant shall receive a payout from
the Plan within sixty (60) days of the date of such approval, and the
Participant’s deferrals under the Plan shall be terminated as of the date of
such approval.

(c)                                  A
Participant’s deferral elections under this Plan shall also be terminated to
the extent the Administrator determines that termination is required pursuant
to applicable regulations to obtain a hardship distribution from an Employer’s
401(k) plan and is consistent with the requirements of Section 409A.

ARTICLE
5

Change
in Control Benefit 

If so elected by the Participant (any such election, except as the Administrator
may otherwise determine, to be made irrevocably at commencement of
participation in the Plan), the Participant’s vested Account Balance shall be
distributed in a lump sum payment within sixty (60) days following a Change in
Control. Absent such election, the Participant’s vested Account Balance shall
be paid in accordance with the otherwise applicable provisions of the Plan.

ARTICLE 6

Retirement Benefit

If the Participant’s separation is a Retirement, the applicable vested
Account Balance shall be distributed in accordance with the method elected by
the Participant. As the Administrator may prescribe, a Participant may, in
connection with each election relating to Elective Deferrals, specify that the
portion of his or her Account (including notional earnings thereon)
attributable to that Plan Year be paid in the form of either a single lump sum
or in installments under the Annual Installment Method, in each case commencing
on the date that is six months and one day after the date of separation. Any
election by the Participant to receive payment upon Retirement under the Annual
Installment Method must specify the number of annual installments (not to
exceed fifteen). A Participant who has elected or is deemed to have elected a
lump sum payment of his or her vested Account Balance upon Retirement may
subsequently elect installments instead, and a Participant who has elected
installments may subsequently elect a lump sum instead; provided, that the new election shall not
take effect for twelve (12) months and the new Benefit Distribution Date for
the applicable vested Account Balance shall be the fifth (5th) anniversary of the Benefit
Distribution Date that would otherwise have been applicable.

ARTICLE 7

Separation from Service

If the Participant has a Separation from Service other than on account
of Retirement, the applicable vested Account Balance shall be paid to such
Participant in the form of a single lump sum payment as soon as reasonably
practicable after the date that is six months and one day after such Separation
from Service.

 9
 

 

 

ARTICLE
8

Disability Benefit

In the event that the Participant becomes Disabled, the Participant
shall receive a Disability Benefit in an amount equal to the applicable vested
Account Balance, which shall be paid to such Participant in the form of a
single lump sum payment within sixty (60) days after the Administrator
determines that such Participant is Disabled.

ARTICLE 9

Death Benefit

The Beneficiary(ies) of a Participant who dies prior to the
distribution of his or her entire vested Account Balance shall receive the
remaining vested balance of the Account within (or, if payable in installments
under the Annual Installment Method, commencing within) the sixty-day period
immediately following the date on which the Administrator receives information
satisfactory to the Administrator that the Participant has died, or by such
earlier date as is required to comply with the requirements of Section 409A.
The death benefit so payable to any Beneficiary shall be paid in a single lump
sum.

ARTICLE 10

Beneficiary Designation

10.1                           Beneficiary. Each Participant shall
have the right, at any time, to designate his or her Beneficiary(ies) (both
primary as well as contingent) to receive any benefits payable under the Plan
to a beneficiary upon the death of a Participant. The Beneficiary designated
under this Plan may be the same as or different from the Beneficiary
designation under any other plan of an Employer in which the Participant
participates.

10.2                           Beneficiary Designation; Change. A
Participant shall designate his or her Beneficiary by completing and signing
the Beneficiary Designation Form, and returning it to the Administrator or its
designated agent. A Participant shall have the right to change a Beneficiary by
completing, signing and otherwise complying with the terms of the Beneficiary
Designation Form and the Administrator’s rules and procedures, as in
effect from time to time. Upon the acceptance by the Administrator of a new
Beneficiary Designation Form, all Beneficiary designations previously filed
shall be canceled. The Administrator shall be entitled to rely on the last
Beneficiary Designation Form filed by the Participant and accepted by the
Administrator prior to his or her death.

10.3                           Acknowledgment. No designation or change
in designation of a Beneficiary shall be effective until received and
acknowledged in writing by the Administrator or its designated agent.

10.4                           No Beneficiary Designation. If a
Participant fails to designate a Beneficiary as provided above or, if all
designated Beneficiaries predecease the Participant or die prior to complete
distribution of the Participant’s benefits, then the Participant’s designated
Beneficiary shall be deemed to be his or her surviving spouse. If the
Participant has no surviving spouse, the benefits remaining under the Plan to
be paid to a Beneficiary shall be payable to the executor or personal
representative of the Participant’s estate.

10.5                           Doubt as to Beneficiary. If the
Administrator has any doubt as to the proper Beneficiary to receive payments
pursuant to this Plan, the Administrator shall have the right, exercisable in
its discretion, to cause the Participant’s Employer to withhold such payments
until this matter is resolved to the Administrator’s satisfaction.

 10
 

 

 

10.6                           Discharge of Obligations. The payment
of benefits under the Plan to a Beneficiary shall fully and completely
discharge all Employers and the Administrator from all further obligations
under this Plan with respect to the Participant, and that Participant’s Plan Agreement
shall terminate upon such full payment of benefits.

ARTICLE 11

Amendment and Termination

11.1                           Termination of Plan. The Company has
established the Plan with the expectation that it will continue the Plan
indefinitely but reserves the right, exercisable in its absolute discretion, to
terminate or suspend the Plan at any time. In the event of Plan termination or
suspension, except as hereinafter provided, no additional amounts shall be
credited to any Account pursuant to Article 3 other than positive or
negative adjustments to reflect hypothetical investment performance under Section 3.7
and other than the crediting of such Elective Deferrals as to which a deferral
election was in effect, prior to termination, for the Plan Year of termination
and which the Administrator determines must continue to be given effect to
comply with Section 409A. If the Plan is amended or terminated in
accordance with the immediately preceding sentence, existing Accounts shall
continue to be administered and paid out as though the Plan had not been
terminated (and the Company shall have the continuing right to amend the Plan
provisions affecting such Account, subject to Section 11.2 below). Notwithstanding
the foregoing, if permitted by Section 409A and in accordance with such
special rules as the Administrator may establish to comply with Section 409A,
the Company may instead provide upon termination of the Plan that all Accounts
shall be paid out in connection with such termination.

11.2                           Amendment. The Company may, at any
time, amend or modify the Plan in whole or in part; provided, that no amendment or modification shall be
effective if it would cause a Participant’s Account Balance, determined
immediately after the amendment takes effect, to be lower than it was immediately
before the amendment took effect.

11.3                           Plan Agreement. Despite the provisions
of this Article 11, if a Participant’s Plan Agreement contains benefits or
limitations that are not in this Plan document, the Employer may only amend or
terminate such provisions with the written consent of the Participant.

ARTICLE
12

Administration

12.1                           In General. The term “Administrator” as
used in the Plan shall mean the person(s), board or committee principally
charged with administrative responsibility under the Plan, as described in Section 12.2,
and its or their delegates to the extent of the applicable delegation. The
initial Administrator of the Plan shall be the Compensation Committee of the
Board of Directors, and the administrative responsibility for the Plan shall be
delegated by the Compensation Committee to each, acting singly, of the
Executive Vice President and Chief Financial Officer and the Executive Vice
President and General Counsel of the Company. The Administrator shall have the
discretion and authority to (i) make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of this Plan, (ii) determine
all issues of eligibility for participation in or benefits under the Plan, and (iii) subject
to the terms of any procedures established pursuant to Article 12, decide
or resolve any and all questions including interpretations of this Plan that
may arise in connection with the Plan. No individual who has or to whom
administrative responsibility is delegated hereunder, or who is a member of a
board or committee that has or to which is delegated administrative
responsibility hereunder, shall vote or act on any matter relating solely to
himself or herself. When making a determination or calculation, the
Administrator shall be entitled to rely on information furnished by a
Participant or the Company.

 11
 

 

 

12.2                           Agents. In the administration of this
Plan, the Administrator may, from time to time, employ agents and delegate to
them such administrative duties as it sees fit (including acting through a duly
appointed representative) and may from time to time consult with counsel, who
may be counsel to any Employer.

12.3                           Binding Effect of Decisions. The
decision or action of the Administrator with respect to any question arising
out of or in connection with the administration, interpretation and application
of the Plan and the rules and regulations promulgated hereunder shall be
final and conclusive and binding upon all persons having any interest in the
Plan.

12.4                           Indemnity of Administrator. All
Employers shall indemnify and hold harmless the members of the Administrator
(including any Employee to whom the duties of the Administrator are delegated)
any and all claims, losses, damages, expenses or liabilities arising from any
action or failure to act with respect to this Plan, except in the case of gross
negligence or willful misconduct.

12.5                           Employer Information. To enable the
Administrator and/or Administrator to perform its functions, the Company and
each Employer shall supply full and timely information to the Administrator
and/or Administrator, as the case may be, on all matters relating to the Plan,
the Trust, the Participants and their Beneficiaries, the Account Balances of
the Participants, the compensation of its Participants, the date and
circumstances of the Retirement, Disability, death or Termination of Employment
of its Participants, and such other pertinent information as the Administrator
or Administrator may reasonably require.

ARTICLE 13

Other Benefits and Agreements

The benefits provided for a Participant and Participant’s Beneficiary
under the Plan are in addition to any other benefits available to such
Participant under any other plan or program for employees of the Participant’s
Employer. The Plan shall supplement and shall not supersede, modify or amend
any other such plan or program except as may otherwise be expressly provided.

ARTICLE 14

Claims Procedures

The
Administrator shall adopt and may from time to time amend procedures for the
administration of claims and for the appeal of denied claims under the Plan,
all in accordance with Section 503 of ERISA and the regulations
thereunder. 

ARTICLE 15

Trust

15.1                           Establishment of the Trust. In order to
provide assets from which to fulfill its obligations to the Participants and their
Beneficiaries under the Plan, the Company may establish a trust by a trust
agreement with a third party, the trustee, to which each Employer may, in its
discretion, contribute cash or other property, including securities issued by
the Company, to provide for the benefit payments under the Plan, (the “Trust”).

15.2                           Interrelationship of the Plan and the Trust.
The provisions of the Plan and the Plan Agreement shall govern the rights of a
Participant to receive distributions pursuant to the Plan. The provisions of
the Trust shall govern the rights of the Employers, Participants and the

 12
 

 

creditors of the Employers to the assets transferred
to the Trust. Each Employer shall at all times remain liable to carry out its
obligations under the Plan.

15.3                           Distributions From the Trust. Each
Employer’s obligations under the Plan may be satisfied with Trust assets
distributed pursuant to the terms of the Trust, and any such distribution shall
reduce the Employer’s obligations under this Plan.

ARTICLE 16

Miscellaneous

16.1                           Status of Participants and Beneficiaries as General
Creditors. This Plan is generally exempt from the provisions of
ERISA because it is intended to benefit a select group of management or highly
compensated employees. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interests or claims in any
property or assets of any Employer. Their rights to benefits, if any, under the
Plan shall be solely those of unsecured general creditors of the Employer and
shall be limited to those contractual rights expressly set forth in the Plan
and/or Plan Agreements applicable to them.

16.2                           Non-assignability. No Participant nor
any other person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate,
alienate or convey in advance of actual receipt, the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are
expressly declared to be, non-assignable and non-transferable. No part of the
amounts payable shall, prior to actual payment, be subject to seizure,
attachment, garnishment or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by a Participant or any other
person, be transferable by operation of law in the event of a Participant’s or
any other person’s bankruptcy or insolvency or be transferable to a spouse as a
result of a property settlement or otherwise.

16.3                           Not a Contract of Employment. The terms
and conditions of this Plan shall not be deemed to constitute a contract of
employment between any Employer and the Participant. Nothing in the Plan nor in
any Plan Agreement shall limit in any way the Employer’s rights to terminate
any Participant. The loss of benefits or potential benefits under the Plan by
reason of the termination of a Participant’s service with the Employer shall
not constitute an element of damages in any claim brought by the Participant or
his or her Beneficiary(ies) against the Employer.

16.4                           Captions. The captions of the articles,
sections and paragraphs of this Plan are for convenience only and shall not
control or affect the meaning or construction of any of its provisions.

16.5                           Governing Law. Except as preempted by
ERISA, the provisions of this Plan shall be construed and interpreted according
to the internal laws of the Commonwealth of Massachusetts  without regard to its conflicts of laws
principles.

16.6                           Notice. Any notice or filing required
or permitted to be given to the Administrator or the Committee under this Plan
shall be sufficient if in writing and hand-delivered, or sent by registered or
certified mail, to the address below: 

Affiliated Managers Group, Inc.

Attn: Executive Vice President

and General Counsel

600 Hale Street

Prides Crossing, MA 01965

 13
 

 

 

Such notice shall be deemed given as of the date of
delivery or, if delivery is made by mail, as of the date shown on the postmark
on the receipt for registration or certification.

Any notice or filing required or permitted to be given
to a Participant under this Plan shall be sufficient if in writing and
hand-delivered, or sent by mail, to the last known address of the Participant.

16.7                           Furnishing Information. A Participant
or his or her Beneficiary will cooperate with the Administrator by furnishing
any and all information requested by the Administrator and take such other
actions as may be requested in order to facilitate the administration of the
Plan and the payments of benefits hereunder, including but not limited to
taking such physical examinations as the Administrator may deem necessary.

16.8                           Terms. Whenever any words are used
herein in the masculine, they shall be construed as though they were in the
feminine in all cases where they would so apply (and vice versa); and whenever
any words are used herein in the singular or in the plural, they shall be
construed as though they were used in the plural or the singular, as the case
may be, in all cases where they would so apply.

16.9                           Captions. The captions of the articles,
sections and paragraphs of this Plan are for convenience only and shall not
control or affect the meaning or construction of any of its provisions.

16.10                     Successors. The provisions of this Plan
shall bind and inure to the benefit of the Participant’s Employer and its
successors and assigns and the Participant and the Participant’s designated
Beneficiaries. By executing and delivering a Plan Agreement, a Participant
agrees on his or her own behalf and on behalf of all Beneficiaries to be bound
by the terms of the Plan and the Plan Agreement.

16.11                     Validity. In case any provision of this
Plan shall be illegal or invalid for any reason, said illegality or invalidity
shall not affect the remaining parts hereof, but this Plan shall be construed
and enforced as if such illegal or invalid provision had never been inserted
herein.

16.12                     Incompetents. If the Administrator
determines in its discretion that a benefit under this Plan is to be paid to a
minor, a person declared incompetent or to a person incapable of handling the disposition
of that person’s property, the Administrator may direct payment of such benefit
to the guardian, legal representative or person having the care and custody of
such minor, incompetent or incapable person. The Administrator may require such
documents and other information as it deems necessary or appropriate to
administer the foregoing provisions. Any payment of a benefit shall be a
payment for the account of the Participant or the Participant’s Beneficiary, as
the case may be, and shall be a complete discharge of any liability under the
Plan for such payment.

16.13                     Distribution in the Event of Income Inclusion Under
409A If any portion of a Participant’s Account Balance under
this Plan is required to be included in income by the Participant prior to
receipt owing to a failure of this Plan to meet the requirements of Section 409A,
the Participant may petition the Administrator for a distribution of that
portion of his or her Account Balance that is required to be included in his or
her income. Upon the grant of such a petition, which grant shall not be
unreasonably withheld, the Participant’s Employer shall distribute to the
Participant immediately available funds in an amount equal to the lesser of (i) the
portion of his or her Account Balance required to be included in income as a
result of the failure of the Plan to meet the requirements of Section 409A,
or (ii) the unpaid vested Account Balance.

16.14                     Deduction Limitation on Benefit Payments.
If the Company reasonably anticipates that the Employer’s deduction with
respect to any distribution from this Plan would be limited or

 14
 

 

 

eliminated by application of Code Section 162(m),
then payment may, at the discretion of the Administrator, be delayed to the
extent deemed necessary by the Administrator to ensure that the entire amount
of any distribution from this Plan is deductible. The delayed amounts, adjusted
pursuant to Section 3.8, shall be distributed to the Participant (or his
or her Beneficiary in the event of the Participant’s death) at the earliest
date the Employer reasonably anticipates that the deduction of the payment of
the amount will not be limited or eliminated by application of Code Section 162(m) or,
if earlier, by the close of the calendar year in which the Participant
separates from service.

16.15                     Compliance With Section 409A Generally.
The Administrator may deviate from the express terms of the Plan or any Plan
Agreement if it determines such deviation to be necessary to comply with the
requirements of Section 409A. The Administrator may also, notwithstanding
the otherwise applicable restrictions on elections and payment under the Plan,
establish opportunities for Participants and Beneficiaries to make any special
elections permitted under the transition rules under Section 409A.

16.16                     Insurance. The Employers, on their own
behalf or on behalf of the trustee of the Trust, and, in their sole discretion,
may apply for and procure insurance on the life of the Participant, in such
amounts and in such forms as the Trust may choose. The Employers or the trustee
of the Trust, as the case may be, shall be the sole owner and beneficiary of
any such insurance. The Participant shall have no interest whatsoever in any
such policy or policies, and at the request of the Employers shall submit to
medical examinations and supply such information and execute such documents as
may be required by the insurance company or companies to whom the Employers
have applied for insurance.

IN
WITNESS WHEREOF, the Company has signed this Plan document as of  July 1,
2006.

	
  

  	
  Affiliated Managers Group, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John
  Kingston, III

  
	
   

  	
  Name:

  	
  John Kingston, III

  
	
   

  	
  Title:

  	
  Executive Vice President,

  General Counsel and Secretary

  

 

 15

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