Document:

Unassociated Document

    EXHIBIT
      10.4

    

    April
      20,
      2006

    

    Highbury
      Financial Inc.

    535
      Madison Avenue, 19th
      Floor

    New
      York,
      New York 10022

    Attention:
      Richard Foote

    Fax:
      (212) 688-2343

     

    

    
      	 	
              Re:

            	
              Side
                Letter Agreement - Montag &
                Caldwell

            

    

    

    Dear
      Mr.
      Foote:

    

    Reference
      is made to that certain Asset Purchase Agreement (the “Purchase Agreement”),
      dated as of April 20, 2006 (the “Effective Date”), made by and among Highbury
      Financial Inc., a Delaware corporation, Aston Asset Management LLC, a Delaware
      limited liability company (collectively, the “Purchaser”), ABN AMRO Asset
      Management Holdings, Inc., a Delaware corporation , ABN AMRO Investment Fund
      Services, Inc., a Delaware corporation , ABN AMRO Asset Management, Inc., an
      Illinois corporation , Montag & Caldwell, Inc. (“Montag”), a Georgia
      corporation , Tamro Capital Partners LLC, a Delaware limited liability company
      ,
      Veredus Asset Management LLC, a Kentucky limited liability company , and River
      Road Asset Management, LLC, a Delaware limited liability company. Capitalized
      terms used but not otherwise defined herein shall have the meaning ascribed
      to
      such term in the Purchase Agreement. 

     

    In
      connection with Montag entering into the Purchaser Agreement, Purchaser and
      Montag hereby enter into this letter immediately after the effectiveness of
      the
      Purchase Agreement and hereby agree as follows: 

     

    1. Notwithstanding
      Section 5.4 of the Purchase Agreement to the contrary, Section 5.4 shall not
      restrict Montag from: (i) acting as sub-adviser to any multi-manager product
      or
      fund, or (ii) acting as the adviser or a sub-adviser to any Mutual Fund;
      provided, however, that prior to the fifth anniversary of the Closing Date,
      Montag may not (A) act as the sole adviser or as a sub-adviser to a mutual
      fund
      registered under the 1940 Act, other than the Target Funds, or (B) use or permit
      the use of the Retained Name & Marks with respect to any Mutual Fund, other
      than the Target Funds. Notwithstanding the foregoing, Montag may use the
      Retained Name and Marks prior to the fifth anniversary of the Closing Date
      in
      connection with any collective investment fund that is not registered under
      the
      1940 Act that Montag sponsors (a “Montag CIV”), provided that Montag pays the
      Purchaser ten (10) basis points per annum on the aggregate amount of the assets
      invested in such Montag CIV by any investor who, together with such investor’s
      Related Parties, initially invests less than $40 million in such Montag CIV.
      Montag shall pay such ten (10) basis points solely with respect to the first
      $40
      million that the investor invests in such Montag CIV and shall pay such amount
      until the earlier of the date on which the investor withdraws such assets from
      the Montag CIV or the fifth anniversary of the Closing Date. For purposes of
      this Paragraph 1, “Related Party” shall mean (1) with respect to any
      partnership, corporation, company, limited liability company, trust or other
      entity, any Affiliate of such entity, and (2) with respect to any natural
      person, any member of such person’s family or any partnership, trust or other
      entity, the beneficial interests in which are directly or indirectly owned
      solely by members of such person’s family.

    

    2. Notwithstanding
      Section 5.4 of the Purchase Agreement, in the event that the Purchaser
      terminates an Investment Subadvisory Agreement between the Purchaser and Montag
      before the fifth anniversary of the Closing Date without Cause, (i) Montag
      shall
      immediately have the right (a) to act as the sole adviser or sole sub-adviser
      with respect to any mutual fund registered under the 1940 Act which is managed
      in a similar style to that of the fund subject to such terminated Investment
      Subadvisory Agreement, and (b) to use the Retained Name & Marks with respect
      to any product, fund or other investment vehicle for which it acts as sponsor,
      adviser or sub-adviser and which is managed in a similar style to that of the
      fund subject to such terminated Investment Subadvisory Agreement, and (ii)
      if
      such terminated Investment Subadvisory Agreement was with respect to the ABN
      AMRO / Montag & Caldwell
      Growth Fund, then Montag’s obligation to pay the Purchaser ten (10) basis with
      respect to any Montag CIV shall immediately terminate. For purposes of this
      paragraph 2, the term “Cause” shall mean any (i) material breach by Montag of
      the Investment Subadvisory Agreement, (ii) any material regulatory compliance
      issue arising from or relating to any action or inaction of Montag, (iii) any
      loss of key Montag personnel or (iv) any other event or circumstance of similar
      import or impact.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Purchaser
      agrees that, notwithstanding the provisions of Section 5.4(a)(iii) of the
      Purchase Agreement, Montag shall be permitted to accept funds from clients
      of
      Target Funds for purposes of creating a separately managed account managed
      in
      the style of any Target Fund sub-advised by Montag, without regard to the amount
      of total investment dollars that such client and his, her or its Affiliates
      collectively provide Montag for investment in such account, provided that with
      respect to any such investment made during the Restricted Period (i) such
      investor provides Purchaser with a letter of intent with respect to such
      investment, which letter on intent includes a representation by such investor
      that Montag did not, directly or indirectly, solicit such investment and (ii)
      Montag shall pay the Purchaser ten (10) basis points per annum on the aggregate
      amount of the assets so invested until the earlier of (x) the fifth anniversary
      of the date of such initial investment or (y) the date on which such investor
      withdraws such assets from management by Montag.

    

    This
      letter agreement shall constitute the binding and enforceable obligation of
      Purchaser and Montag and is not superseded or replaced by the terms of the
      Purchase Agreement or any other agreement entered into in connection with the
      Purchase Agreement. The provisions in this letter agreement shall be effective
      upon the Effective Date and if the Closing does not occur for any reason, or
      the
      Purchase Agreement is terminated in accordance with its terms, this letter
      agreement shall also be automatically terminated contemporaneously therewith,
      and shall be null and void and of no legal effect, such that neither party
      shall
      have any obligations hereunder. This letter agreement shall be binding upon
      the
      parties to this letter agreement and their successors and assigns; provided,
      that this letter agreement shall automatically terminate in the event that
      (i)
      any other Seller or Affiliate of any other Seller becomes the successor to
      Montag (other than a direct or indirect wholly owned subsidiary of Montag)
      or
      (ii) in the event of any assignment hereof to any other Seller or Affiliate
      of
      any other Seller.

    

    This
      letter agreement shall be governed by the laws of the State of New York, without
      regard to its conflicts of law rules. 

    

    If
      the
      foregoing accurately reflects the agreement, please execute one copy of this
      letter agreement and return it to us, whereupon this letter agreement shall
      become a binding agreement between the parties.

     

    
      
        	 	 	 
	 	MONTAG
                & CALDWELL, INC.
	 
 	 
 	 
 
	 	By:  	/s/ William
                A. Vogel
	 	
                
Name:
                William A. Vogel
	 	Title:
                Chief Executive Officer

      

Acknowledged
      and Accepted:

    

    ASTON
      ASSET MANAGEMENT LLC

     

    
      	By:
              Highbury Financial Inc.	 	 	 
	Its: Managing Member	 	 	 
	By:
              /s/ Richard S. Foote	 	 	 
	
              Name:
                Richard S. Foote

              Title:
                President and Chief Executive Officer

            	 	 	
            
	 	 	 	 

    

     

    HIGHBURY
      FINANCIAL INC.

    
       

      
        	By:
                /s/ Richard S. Foote	 	 	 
	
                Name:
                  Richard S. Foote

                Title:
                  President and Chief President

              	 	 	
              
	 	 	 	 

      

    

    

    Side
      Letter - Montag / Non-CompeteUnassociated Document

    EXHIBIT
      10.5

    April
      20,
      2006

    

    

    Highbury
      Financial Inc.

    535
      Madison Avenue, 19th
      Floor

    New
      York,
      New York 10022

    Attention:
      Richard Foote

    Fax:
      (212) 688-2343

    
 

    
      	 	
              Re:

            	
              Side
                Letter Agreement - Target
                Click

            

    

    

    Dear
      Mr.
      Foote:

    

    Reference
      is made to that certain Asset Purchase Agreement (the “Purchase Agreement”),
      dated as of April 20, 2006 (the “Effective Date”), made by and among Highbury
      Financial Inc., a Delaware corporation, Aston Asset Management LLC, a Delaware
      limited liability company (collectively, the “Purchaser”), ABN AMRO Asset
      Management Holdings, Inc., a Delaware corporation (“AAAMHI”), ABN AMRO
      Investment Fund Services, Inc., a Delaware corporation (“AAIFS”), ABN AMRO Asset
      Management, Inc., an Illinois corporation (“AAAMI”), Montag & Caldwell,
      Inc., a Georgia corporation (“Montag”), Tamro Capital Partners LLC, a Delaware
      limited liability company (“TAMRO”), Veredus Asset Management LLC, a Kentucky
      limited liability company (“Veredus”), and River Road Asset Management, LLC, a
      Delaware limited liability company (“River Road” and together with AAAMHI,
      AAIFS, AAAMI, Montag, TAMRO and Veredus individually referred to as a “Seller”
and collectively as “Sellers”). Capitalized terms used but not otherwise defined
      herein shall have the meaning ascribed to such term in the Purchase Agreement.
      

     

    As
      a
      condition to AAAMHI entering into the Purchaser Agreement, AAAMHI and Purchaser
      hereby agree as follows: 

     

    1.    AAAMHI
      and its Affiliates intend to bring to market in the United States a family
      of
      funds which offer a target-date style balanced portfolio with the additional
      benefit that at the fund’s maturity date, the investor will receive the highest
      NAV ever achieved during the life of the fund (the “HiPoint Funds”). Similar to
      other target date funds, the allocation to fixed income and equities is
      gradually adjusted during the life of the fund, reflecting that investors take
      on more risk with longer investment horizons. ABN AMRO Asset Management
      currently intends to bring this capability to the market under the HiPoint
      Funds
      name.

     

    2.    AAAMHI
      agrees to negotiate, in good faith, with the Purchaser during the period prior
      to the Closing to reach a mutually satisfactory agreement under which the
      HiPoint Funds would become Target Funds under the Purchase Agreement, including
      those terms set forth in the term sheet attached hereto as Exhibit
      A.
      The
      parties hereto agree that the terms set forth on Exhibit
      A
      of this
      letter agreement do not represent a legally binding contact between us with
      respect to the proposed transaction, but instead is merely a statement of our
      mutual intent to work toward such transaction along the lines described in
      Exhibit
      A.
      Any
      binding legal obligation with respect to this Section 2 between the parties
      shall be only as set forth in duly negotiated and executed closing documents
      which shall be in form and content satisfactory to the parties
      hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.    AAAMHI
      agrees that from the Effective Date until the first to occur of (x) valid
      termination of the Purchase Agreement pursuant to Section 8.3 thereof, or (y)
      the Closing (the “Right of First Offer Period”) it will not assign, or otherwise
      negotiate with respect to or enter into an agreement regarding, the right to
      sponsor and/or act as investment adviser to the HiPoint Funds with any Person
      other than Purchaser and its Affiliates. 

     

    4.    Notwithstanding
      the foregoing, in the event that AAAMHI and Purchaser are unable to mutually
      agree during the Right of First Offer Period upon the terms by which Purchaser
      will sponsor and advise the HiPoint Funds, then nothing in the Purchase
      Agreement or any other document related thereto shall prohibit the ability
      of
      any of the Sellers or their Affiliates, after the Right of First Offer Period,
      to market or sub-advise (but not advise, sponsor or use, or permit the use
      of,
      the Retained Names & Marks with respect to) any of the HiPoint Funds.

    

    Except
      to
      the extent expressly provided in Section 2 above, this letter agreement shall
      constitute the binding and enforceable obligation of Purchaser and AAAMHI and
      is
      not superseded or replaced by the terms of the Purchase Agreement or any other
      agreement entered into in connection with the Purchase Agreement (including
      the
      Transition Services Agreement). The provisions in this letter agreement shall
      be
      effective upon the Effective Date. 

    

    If
      the
      foregoing accurately reflects the agreement, please execute one copy of this
      letter agreement and return it to us, whereupon this letter agreement shall
      become a binding agreement between the parties.

    

    
       

      ABN
        AMRO ASSET MANAGEMENT HOLDINGS, INC.

       

      By:
        /s/ Nancy J. Holland

      Name:
        Nancy J. Holland

      Title:
        President

    

     

    

    
      
        Acknowledged
          and Accepted:

         

        ASTON
          ASSET MANAGEMENT LLC

         

        By:
          Highbury Financial Inc.

        Its:
          Managing Member

        By:
          /s/ Richard S. Foote

        Name:
          Richard S. Foote

        Title:
          President and Chief Executive Officer

      

     

    HIGHBURY
      FINANCIAL INC.

     

    By:      /s/
      Richard S. Foote 
      
        

      

    

    Name: Richard
      S. Foote

    Title:   President
      and Chief Executive Officer

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    Term
      Sheet

    

     

    
      	
              1.
                

            	
              An
                Affiliate of AAAMHI will be responsible for maintaining the guarantee
                for
                each HiPoint Fund to the extent such Affiliate is capable of making
                such
                guarantee.

            

    

    

    
      	
              2.
                

            	
              Purchaser
                will be reimbursed by AAAMHI, or one of its Affiliates, for all out
                of
                pocket expenses actually incurred by Purchaser on account of sponsoring
                and advising the HiPoint Funds which exceed earned revenue of the
                Purchaser from the HighPoint Funds for the three year period commencing
                on
                the opening of the first HiPoint
                Fund.

            

    

    

    
      	
              3.
                

            	
              The
                net revenue split is 60%/40% in favor of AAAMHI and its Affiliates
                to
                reimburse AAAMHI and its Affiliates for the cost of the
                guarantee.

            

    

    

    
      	
              4.
                

            	
              It
                is the intent of the parties to have the funds available for investment
                by
                8/1/06.

            

    

    

    
      	
              5.
                

            	
              The
                funds will be branded “Aston ABN AMRO HiPoint Funds.
                

            

    

    

    
      	
              6.
                

            	
              Seed
                Capital of not less than $5 million will be provided by AAAMHI or
                its
                Affiliates, unless an equivalent amount has been raised from other
                parties
                prior to opening of the HiPoint
                Funds.

            

    

    

    
      	
              7.
                

            	
              Commitment
                to sub-advise until the fifth anniversary of the
                Closing.

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