Document:

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Exhibit 10.6

FIRST AMENDMENT 

TO THE

CHANGE IN CONTROL AND SEVERANCE AGREEMENT

BETWEEN

RUDDICK CORPORATION and FREDERICK J. MORGANTHALL, II

This First Amendment to the Change in Control and Severance Agreement is made and entered into effective the 9th day of February, 2012, by and between Frederick
J. Morganthall, II (“Executive”) and Ruddick Corporation, a North Carolina corporation in Charlotte, North Carolina (“Company”).  As used herein, the term “Company” shall include the Company and any and all of its subsidiaries,
unless the context otherwise requires.

RECITALS

WHEREAS, the Executive and the Company entered into a Change in Control and Severance Agreement (“Agreement”) on September 19, 2007; 

WHEREAS, the Agreement provides that the Executive will receive a bonus pursuant to the Addendum to the Company’s 2002 Comprehensive Stock Option and Award Plan
(the “2002 Plan”) based upon the Company’s actual performance through the date of the Executive’s termination by the Company other than for “Cause” or “Good Reason” termination (as such terms are defined by the Agreement); 

WHEREAS, due to the Company’s adoption of the Ruddick Corporation 2011 Incentive Compensation Plan (the “2011 Plan”), the Board of Directors of the
Company (“Board”) wishes to amend the Agreement to preserve the benefit described above and to provide for similar treatment of any other awards intended to qualify as “performance-based compensation” as described in Section 162(m) of the
Internal Revenue Code of 1986, as amended and the regulations and other guidance promulgated thereunder (“Code Section 162(m)”); 

WHEREAS, the Board also wishes to amend the Agreement to provide for 100% vesting of all (i) outstanding and unvested shares of “Restricted Stock” (as
defined in the 2011 Plan or any subsequent equity plan), and (ii) any other award not intended to qualify as performance-based compensation under Code Section 162(m), upon the Executive’s termination of employment by the Company without Cause or upon
the Executive’s resignation for Good Reason.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.

Section 6 of the Agreement is hereby amended and restated in its entirety as follows:

“6.

Equity Awards.  In the event that the Company terminates the Executive’s employment without Cause or the Executive
resigns for Good Reason (either before or after a Change in Control), the Executive shall become:

(a)

vested in a number of Performance Shares or other performance-based awards granted under the Company’s 2011 Incentive
Compensation Plan, or any successor or replacement plan (collectively, 

“Performance Awards”) (i) based on the Company’s actual performance up to the date on which the Executive’s employment is terminated by the Company without Cause
or the Executive resigns for Good Reason if such termination or resignation occurs during the Company’s 2012 fiscal year, and (ii) if such termination or resignation occurs following the Company’s 2012 fiscal year, in accordance with the terms
of any outstanding Performance Award agreement; and

(b)

100% vested in (i) all outstanding and unvested shares of Restricted Stock, whether awarded to the Executive pursuant to a
stand-alone Restricted Stock agreement or paid to Executive pursuant to a Performance Share award, and such underlying shares shall become immediately nonforfeitable and transferable, and (ii) such other awards under the Company’s 2011 Incentive
Compensation Plan, or any successor or replacement plan (the “2011 Plan”) that are not Performance Awards.

For purposes of this Agreement, the terms “Performance Share” and “Restricted Stock” shall have the meanings given to them
in the 2011 Plan.”

2.

In all other respects not amended, the Agreement is hereby ratified and confirmed.

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

FREDERICK J. MORGANTHALL, II

/s/FREDERICK J. MORGANTHALL, II                                                      

RUDDICK CORPORATION

By: /s/THOMAS W. DICKSON                                                                     

Name: Thomas W. Dickson                                                                            

Title: Chairman of the Board, President and Chief Executive Officer       

2_

Exhibit 10.7

FIRST AMENDMENT 

TO THE

CHANGE IN CONTROL AND SEVERANCE AGREEMENT

BETWEEN

RUDDICK CORPORATION and RODNEY C. ANTOLOCK

This First Amendment to the Change in Control and Severance Agreement is made and entered into effective the 9th day of February, 2012, by and between Rodney C.
Antolock (“Executive”) and Ruddick Corporation, a North Carolina corporation in Charlotte, North Carolina (“Company”).  As used herein, the term “Company” shall include the Company and any and all of its subsidiaries, unless
the context otherwise requires.

RECITALS

WHEREAS, the Executive and the Company entered into a Change in Control and Severance Agreement (“Agreement”) on September 19, 2007; 

WHEREAS, the Agreement provides that the Executive will receive a bonus pursuant to the Addendum to the Company’s 2002 Comprehensive Stock Option and Award
Plan (the “2002 Plan”) based upon the Company’s actual performance through the date of the Executive’s termination by the Company other than for “Cause” or “Good Reason” termination (as such terms are defined by the
Agreement); 

WHEREAS, due to the Company’s adoption of the Ruddick Corporation 2011 Incentive Compensation Plan (the “2011 Plan”), the Board of Directors of the
Company (“Board”) wishes to amend the Agreement to preserve the benefit described above and to provide for similar treatment of any other awards intended to qualify as “performance-based compensation” as described in Section 162(m) of the
Internal Revenue Code of 1986, as amended and the regulations and other guidance promulgated thereunder (“Code Section 162(m)”); 

WHEREAS, the Board also wishes to amend the Agreement to provide for 100% vesting of all (i) outstanding and unvested shares of “Restricted Stock” (as
defined in the 2011 Plan or any subsequent equity plan), and (ii) any other award not intended to qualify as performance-based compensation under Code Section 162(m), upon the Executive’s termination of employment by the Company without Cause or upon
the Executive’s resignation for Good Reason.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.

Section 6 of the Agreement is hereby amended and restated in its entirety as follows:

“6.

Equity Awards.  In the event that the Company terminates the Executive’s employment without Cause or the
Executive resigns for Good Reason (either before or after a Change in Control), the Executive shall become:

(a)

vested in a number of Performance Shares or other performance-based awards granted under the Company’s 2011 Incentive

Compensation Plan, or any successor or replacement plan (collectively, “Performance Awards”)
(i) based on the Company’s actual performance up to the date on which the Executive’s employment is terminated by the Company without Cause
or the Executive resigns for Good Reason if such termination or resignation occurs during the Company’s 2012 fiscal year, and (ii) if such termination or resignation occurs following the Company’s 2012 fiscal year, in accordance with the terms
of any outstanding Performance Award agreement; and

(b)

100% vested in (i) all outstanding and unvested shares of Restricted Stock, whether awarded to the Executive pursuant to a
stand-alone Restricted Stock agreement or paid to Executive pursuant to a Performance Share award, and such underlying shares shall become immediately nonforfeitable and transferable, and (ii) such other awards under the Company’s 2011 Incentive
Compensation Plan, or any successor or replacement plan (the “2011 Plan”) that are not Performance Awards.

For purposes of this Agreement, the terms “Performance Share” and “Restricted Stock” shall have the meanings given to
them in the 2011 Plan.”

2.

In all other respects not amended, the Agreement is hereby ratified and confirmed.

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

RODNEY C. ANTOLOCK

/s/RODNEY C. ANTOLOCK                                                                          

RUDDICK CORPORATION

By: /s/THOMAS W. DICKSON                                                                    

Name: Thomas W. Dickson                                                                       

Title: Chairman of the Board, President and Chief Executive Officer       

2Exhibit No. 10.1
    

    
      EMPLOYMENT AGREEMENT
    

    
                THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into as
      of February 7, 2012 (the "Effective Date"), by and among Westwood
      Holdings Group, Inc., a Delaware corporation (the "Company"), and Mark
      Freeman ("Employee").
    

    
      RECITALS
    

    
                WHEREAS, the Employee currently serves as Executive
      Vice-President, Co-Chief Investment Officer of Westwood Holdings Group,
      Inc.;
    

    
                WHEREAS, the Company desires to enter into an Employment
      Agreement with the Employee;
    

    
                NOW THEREFORE, the parties agree as follows:
    

    
      1.  Term. Subject to earlier termination as provided
      herein, the Company hereby agrees to continue Employee in its employ,
      and Employee hereby agrees to remain in the employ of the Company,
      commencing on the Effective Date and ending on January 1, 2017.
      The term of Employee's employment as provided in this Section 1 shall be
      hereinafter referred to as the "Term."
    

    
      2.  Duties.
    

    
         (a)  Employee's Position and Title.
      Employee's position and title shall be Executive Vice President, Chief
      Investment Officer.
    

    
         (b)  Employee's Duties. The duties
      and responsibilities of Employee are and shall continue to be of a
      nature as shall be required by the Company in the conduct of its
      business and shall include the performance of such lawful and reasonable
      duties and responsibilities as the Chief Executive Officer and/or the
      Westwood Holdings Group, Inc. Board Compensation Committee
      (“Compensation Committee”) may from time to time assign to Employee
      consistent with Employee's position(s) and shall include the duties set
      forth in attached Exhibit A, which may be amended and restated from time
      to time. Employee recognizes, that during the period of Employee's
      employment hereunder, Employee owes undivided loyalty to the Company,
      and Employee will use his good faith efforts to promote and develop the
      business of the Company. Recognizing and acknowledging that it is
      essential for the protection and enhancement of the name and business of
      the Company and the goodwill pertaining thereto, Employee shall perform
      his duties under this Agreement professionally, in accordance with
      applicable laws, rules and regulations and such standards, policies and
      procedures established by Employer and the industry from time to time.
      Employee may engage in charitable, civic or community activities,
      provided that such duties or activities do not materially interfere with
      the proper performance of Employee's duties under this Agreement so long
      as they are reported and/or preapproved as required by Company policies
      and procedures.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      3.  Compensation and Benefits.
    

    
         (a)  Base Salary. During the Term,
      Employee shall receive a base salary ("Base Salary"), paid in accordance
      with the normal payroll practices of the Company, at an annual rate of
      $500,000.00. The Base Salary shall be reviewed from time to time in
      accordance with the Company's policies and practices, but no less
      frequently than once annually, and may be increased, but not decreased
      (unless agreed to in writing by Employee), at any time and from time to
      time by action of the Board or the Compensation Committee. The term
      "Base Salary" shall include any such increases to the Base Salary from
      time to time.
    

    
         (b)  Annual Incentive Plan and
      Discretionary Bonus Awards. In addition to the Base Salary, and in
      consideration of Employee’s covenants herein and specifically those
      covenants in Section 10 herein, Employee shall be eligible throughout
      the Term to receive performance based and discretionary bonuses as a
      participant in the Company’s Annual Incentive Plan and Discretionary
      Bonus Plan.  The minimum bonus awarded for each year shall be at least
      1.5% of the Company’s Adjusted pre-tax income.  “Adjusted pre-tax
      income” will be determined based on the Company’s audited financial
      statements and comprises the Company’s income before income tax,
      increased by 1) the expense incurred for the year for incentive
      compensation for all of the Company’s employees, and 2) any special,
      one-time charges related to a team lift-out.  Employee, as a condition
      of receiving payment of his award, shall be required to remain employed
      by the Company on the payment date, except Employee need not remain
      employed after the end of the Term to receive payment of his award based
      on the final year of the Term.
    

    
         (c)  Mutual Fund Bonus Award. In
      addition to the Base Salary and participation in the Annual Incentive
      Plan, Employee shall be eligible throughout the Term to receive mutual
      fund share bonus awards as may be granted from time to time by the Board
      of Directors or the Compensation Committee and subject to meeting
      Company performance goals, as established by the Compensation Committee
      of the Board during the first quarter of each year, and in accordance
      with terms of the Company’s Stock Incentive Plan (as amended and
      restated from time to time).  On the Effective Date, Employee and the
      Company shall enter into a Mutual Fund Share Incentive Agreement
      granting Employee the opportunity to earn a mutual fund share bonus
      award based on the performance of the WHG Income Opportunity Fund during
      calendar year 2012 in the form of Attachment B hereto (“2012 MFSI
      Agreement”). Except as otherwise mutually agreed, each year Employee
      shall be given an agreement similar to the 2012 MFSI Agreement that
      provides 1) a target bonus amount that is no less than the amount of
      Employee’s then current Base Salary, and 2) “Morningstar Ratings” and
      “Applicable Percentages” that provide Employee an equal or better
      opportunity to receive a Performance Bonus as under the 2012 MFSI
      Agreement.  
    

    
         (d)  Long-Term Incentive Award. In
      addition to the compensation set forth above, and in consideration of
      Employee’s covenants herein and specifically those covenants in Section
      10 herein, Employee shall receive and be granted an award of 100,000
      shares of restricted stock of Westwood Holdings Group, Inc., which shall
      vest according to the vesting schedule set forth below and subject to
      performance vesting goals as established by the Compensation Committee
      during the first quarter of each year and in accordance with the
      Company’s Stock Incentive Plan(as amended and restated from time to
      time):
    

    
      
        

        

      

      
        
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          (i)
        	
          20,000 shares to vest on February 22, 2013;
        
	
          (ii)
        	
          20,000 shares to vest on February 21, 2014;
        
	
          (iii)
        	
          20,000 shares to vest on February 23, 2015;
        
	
          (iv)
        	
          20,000 shares to vest on February 23, 2016; and
        
	
          (v)
        	
          20,000 shares to vest on February 23, 2017.
        

    

    
      Employee need not remain employed by the Company after the end of the
      Term to receive vesting of his restricted stock award on February 23,
      2017.
    

    
         (e)  Holding Guidelines.  During the
      Term, Employee shall maintain ownership of at least 60% of the total
      number of vested shares of Company stock and 50% of any mutual fund
      shares awarded pursuant to the Agreement (calculated after Employee’s
      sale of that number of shares of Company Stock and/or mutual fund shares
      needed to cover any income tax liability associated with such awards).
    

    
         (f)  Expenses. During the Term,
      Employee shall be entitled to receive prompt reimbursement for all
      reasonable expenses incurred by him in accordance with the policies and
      practices of the Company as in effect from time to time.
    

    
         (g)  Vacation. During the Term,
      Employee shall be entitled to paid vacation in accordance with the
      policies and practices of the Company as in effect from time to time
      with respect to senior executives employed by the Company, but in no
      event shall such vacation time be less than four (4) weeks per calendar
      year.
    

    
         (h)  Change in Control. In the event
      of a “Change In Control” of the Company, all unexercised stock options
      and all unvested restricted shares, all unvested mutual fund share bonus
      awards and all other unvested equity-incentive compensation awards
      theretofore granted to Employee shall be vested and exercisable in
      accordance with the terms of the applicable agreement and the Company's
      Stock Incentive Plan (as amended and restated from time to time).  A
      "Change of Control" shall mean (i) a merger or consolidation of the
      Company with or into another corporation (other than a merger undertaken
      solely in order to reincorporate in another state) immediately following
      which the beneficial holders of the voting stock of the Company
      immediately prior to such transaction or series of transactions do not
      continue to hold 50% or more of the voting stock (based upon voting
      power) of the Company or (A) any entity that owns, directly or
      indirectly, the stock of the Company, (B) any entity with which the
      Company has merged, or (C) any entity that owns an entity with which the
      Company has merged; (ii) a dissolution of the Company, (iii) a transfer
      of all or substantially all of the assets of the Company in one or more
      related transactions to one or more other persons or entities, (iv) a
      transaction or series of transactions that results in any entity,
      "Person" or "Group" (as defined below), becoming the beneficial owner,
      directly or indirectly, of securities of the Company representing more
      than 50% of the combined voting power of the Company's then outstanding
      securities, or (v) during any period of two (2) consecutive years
      commencing on or after January 1, 2012, individuals who, at the
      beginning of the period constituted the Company's Board of Directors,
      cease for any reason to constitute at least a majority, unless the
      election of each director who was not a director at the beginning of the
      period has been approved in advance by directors representing at least
      two-thirds (2/3) of the directors then in office who were directors at
      the beginning of the period; provided, however, that a "Change in
      Control" shall not be deemed to have occurred if the ownership of 50% or
      more of the combined voting power of the surviving corporation, asset
      transferee or Company (as the case may be), after giving effect to the
      transaction or series of transactions, is directly or indirectly held by
      (A) a trustee or other fiduciary under an employee benefit plan
      maintained by the Company, (B) one or more of the "executive officers"
      of the Company that held such positions prior to the transaction or
      series of transactions, or any entity, Person or Group under their
      control. As used in this Section 3(h), "Person" and "Group" shall have
      the meanings set forth in Sections 13(d)(3) and/or 14(d)(2) of the
      Securities Exchange Act of 1934, as amended, and "executive officer"
      shall have the meaning set forth in Rule 3b-7 promulgated under such Act.
    

    
      
        

        

      

      
        
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      4.  Termination.
    

    
         (a)  Disability. Either Employee or
      the Company may terminate Employee's employment, after having
      established Employee's Disability, by giving notice of his or its
      intention to terminate Employee's employment. Employee shall be deemed
      to have a "Disability" for purposes of this Agreement if Employee has
      any medically-determinable physical or mental impairment that has lasted
      for a period of not less than six (6) months in any twelve (12) month
      period and that renders Employee unable to perform the essential
      functions required under the Agreement. Such determination shall be made
      by written certification ("Certificate") of Employee's Disability by a
      physician jointly selected by the Company and the Employee; provided
      that, if the Company and Employee cannot reach agreement on appointing
      the physician, the Certification shall be determined by a panel of
      physicians consisting of one physician selected by the Company, one
      physician selected by the Employee and a third physician jointly
      selected by those two physicians.
    

    
         (b)  Cause.
    

    
             (i)  The Company may terminate Employee's employment at any time
      for Cause.
    

    
            (ii)  For purposes of this Agreement, "Cause" means, with respect
      to Employee, the occurrence of any of the following events:
    

    
                 (A)  Employee's conviction for any felony or other serious
      crimes;
    

    
                 (B)  Employee's material breach of any of the terms of the
      Agreement or any other written agreement or material Company policy to
      which Employee and the Company are parties or are bound, or personal
      misconduct that is materially detrimental to the best interest of the
      Company, if such breach or personal misconduct shall be willful and
      shall continue beyond a period of twenty (20) days immediately after
      written notice thereof by the Company to Employee;
    

    
                 (C)  Wrongful misappropriation by Employee of any money,
      assets, or other property of the Company or a client of the Company;
    

    
      
        

        

      

      
        
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                 (D)  Willful actions or failures to act by the Employee which
      subject the Employee or the Company to censure by the Securities and
      Exchange Commission as described in and pursuant to Section 203(e) or
      203(f) of the Investment Advisers Act of 1940 or Section 9(b) of the
      Investment Company Act of 1940 or to censure by a state securities
      administrator pursuant to applicable state securities laws or
      regulations;
    

    
                 (E)  Employee's commission of fraud or gross moral turpitude;
      or
    

    
                 (F)  Employee's continued willful failure to substantially
      perform Employee's duties under this Agreement after receipt of written
      notice thereof and an opportunity to so perform.
    

    
           (iii)  Cause shall be determined by the affirmative vote of at
      least seventy-five percent (75%) of the members of the Board (excluding
      the Employee, if a Board member, and excluding any member of the Board
      involved in events leading to the Board’s consideration of terminating
      Employee For Cause).  Employee shall be given twenty (20) days’ written
      notice of the Board meeting at which Cause shall be decided (which
      notice shall be deemed to be notice of the existence of Cause if Cause
      is then found to exist by the Board) and shall be given an opportunity,
      prior to the vote on Cause, to appear before the Board, with or without
      counsel at Employee’s election, to present arguments on his behalf.  The
      notice to Employee of the Board meeting shall include a description of
      the specific reasons for such consideration of Cause.  During the notice
      period described herein, the Company shall not be prevented or delayed
      in its ability to enforce the Restrictive Covenants contained herein.
    

    
            (iv)  For purposes of this Section 4(b), no act or failure to act,
      on the part of Employee, shall be considered willful if it is done, or
      omitted to be done, by him in good faith and with a reasonable belief
      that his action or omission was in the best interests of the Company.
    

    
         (c)  Good Reason.
    

    
             (i)  Employee may terminate Employee's employment at any time for
      Good Reason, if:
    

    
                 (A)  (I) An event or condition occurs which constitutes any
      of (B) (1) through (B) (5) below; (2) Employee provides the Company with
      written notice that he intends to resign for Good Reason and such
      written notice includes (1) a designation of at least one of (B) (1)
      through (B) (5) below (the "Designated Section") and (II) specifically
      describes the events or conditions Employee is relying upon to satisfy
      the requirements of the Designated Section(s); (3) as of the twentieth
      day following the date notice is given by Employee to the Company, such
      events or conditions have not been corrected in all material respects;
      and (4) Employee's resignation is effective within ninety (90) days of
      the date Employee first has actual knowledge of the occurrence of the
      first event or condition upon which Employee relies to satisfy any of
      the Designated Section(s).
    

    
      
        

        

      

      
        
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                 (B)  "Good Reason" shall mean the occurrence of any of the
      following without the express written consent of Employee:
    

    
                      1.  any material breach by the Company of the Agreement
      (including any reduction in Employee's Base Salary);
    

    
                      2.  any material adverse change in the status, position
      or responsibilities of Employee;
    

    
                      3.  assignment of duties to Employee that are materially
      inconsistent with his position and responsibilities described in this
      Agreement and as set forth in Exhibit A;
    

    
                      4.  the failure of the Company to assign this Agreement
      to a successor to the Company or failure of any such successor to the
      Company to explicitly assume and agree to be bound by this Agreement; or
    

    
                      5.  requiring Employee to be principally based at any
      office or location more than twenty-five (25) miles from the current
      offices of the Company in Dallas, Texas.
    

    
            (ii)  In addition, Employee shall be deemed to have terminated his
      employment for "Good Reason" if he voluntarily terminates his employment
      after the 90th day, but before the 121st day, immediately
      following a Change of Control (as defined in Section 3(h) above).
    

    
      (d)       Termination by Employee
      Without Good Reason. Employee may, at any time without Good Reason,
      with at least thirty (30) days' prior notice, terminate his employment.
    

    
      (e)       Termination by the
      Company without Cause. The Company may terminate Employee's
      employment at any time without Cause.
    

    
      (f)       Notice of Termination.
      Any termination of Employee's employment by the Company for Disability
      or for or without Cause, or by Employee for Disability or for or without
      Good Reason shall be communicated by a Notice of Termination to the
      other party hereto. For purposes of this Agreement, a "Notice of
      Termination" means a written notice which (i) indicates the specific
      termination provision in this Agreement relied upon; (ii) sets forth in
      reasonable detail the facts and circumstances claimed to provide a basis
      for termination of Employee's employment under the provision so
      indicated; and specifies the Date of Termination (defined below);
      provided such Notice of Termination may be conditional if coupled with a
      notice of the Company’s consideration of “Cause” or Employee’s intention
      to resign for “Good Reason,” as the case may be, as provided above.
    

    
      
        

        

      

      
        
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      (g)       Date of Termination.
      "Date of Termination" means the date Notice of Termination is given or
      any later date specified therein; provided, (i) any Notice of
      Termination pursuant to Section 4(a) shall be effective ninety (90) days
      after the date given, (ii) any Notice of Termination pursuant to Section
      4(b) or Section 4(c) shall be effective not less than twenty (20) days
      after the date given, (iii) any Notice of Termination pursuant to
      Section 4(d) shall be effective not less than thirty (30) days after the
      date given, and (iv) in every other case any Notice of Termination shall
      be effective not more than fifteen (15) days after the date given.
      Employee's Date of Termination shall be the date of his death, if
      applicable.
    

    
      5.  Obligations of the Company upon Termination.
      Employee's entitlements upon termination of employment are set forth
      below. Except to the extent otherwise provided in this Agreement
      (including without limitation Sections 3(b), 3(c), 3(d) above and
      Sections 5(a)(iv), 5(c)(iii), 5(c)(iv) and 5(d)(iii) below), all
      benefits, including stock option grants, restricted shares and mutual
      fund share bonus awards, shall be subject to the terms and conditions of
      the plan or arrangement under which such benefits accrue, are granted or
      are awarded.  For purposes of this Section 5, the term "Accrued
      Obligations" shall mean, as of the Date of Termination, (i) Employee's
      full Base Salary through the Date of Termination, at the rate in effect
      at the time Notice of Termination is given (disregarding any reduction
      constituting Good Reason), to the extent not theretofore paid, (ii) the
      amount of any bonus, cash or incentive compensation earned (and so
      determined by the Compensation Committee, if applicable), and not
      forfeited hereunder, by Employee as of the Date of Termination to the
      extent not theretofore paid, and (iii) any vacation pay, expense
      reimbursements and other cash entitlements accrued by Employee as of the
      Date of Termination to the extent not theretofore paid.  For purposes of
      determining an Accrued Obligation under this Section 5, no discretionary
      compensation shall be deemed earned or accrued until it is specifically
      approved by the Board or the Compensation Committee in accordance with
      the applicable plan, program, policy or the terms of this Agreement.
      Employee shall not be eligible under any severance plan or agreement of
      the Company except as set forth herein.
    

    
         (a)  Death. If Employee's employment
      is terminated by reason of his death, then this Agreement shall
      terminate without further obligations by the Company to Employee's legal
      representatives under this Agreement, except as set forth in this
      Section 5(a) or as contained in an applicable Company plan or program
      which takes effect at the date of his death, but in no event shall the
      Company's obligations be less than those provided by this Agreement:
    

    
           (i)  Employee's Accrued Obligations not theretofore paid;
    

    
           (ii)  from and after the Date of Termination, Employee's surviving
      spouse, other named beneficiaries or other legal representatives, as the
      case may be, shall be entitled to receive those benefits payable to them
      under the provisions of any plan, program or agreement described in
      Section 3 above;
    

    
           (iii)  Employee's eligible dependents shall receive continuation of
      medical benefits upon the same terms as exist immediately prior to the
      termination of employment (or, if such benefits are not available, the
      value thereof in cash) for the twelve (l2)-month period immediately
      following the Date of Termination, and at the end of such period, a
      COBRA qualifying event shall be deemed to occur; and
    

    
      
        

        

      

      
        
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            (iv)  all unexercised stock options and all unvested restricted
      shares, all unvested mutual fund share bonus awards and all other
      equity-incentive compensation awards theretofore granted to Employee
      shall become 100% vested and exercisable.
    

    
         (b)  Disability. If Employee's
      employment is terminated by reason of Employee's Disability, then
      Employee shall be entitled to receive as of the Date of Termination:
    

    
           (i)  Employee's Accrued Obligations not theretofore paid;
    

    
           (ii)  disability benefits, if any, at least equal to those then
      provided by the Company to disabled employees and their families;
    

    
           (iii)  Employee and Employee's eligible dependents shall be
      entitled to receive those benefits payable to them under the provisions
      of any applicable plan or program described in Section 3 and above and
      shall receive continuation of medical benefits upon the same terms as
      exist immediately prior to the termination of employment (or, if such
      benefits are not available, the value thereof in cash) for the twelve
      (12) month period immediately following the Date of Termination, and at
      the end of such period, a COBRA qualifying event shall be deemed to
      occur; and
    

    
            (iv)  all unexercised stock options and all unvested restricted
      shares, all unvested mutual fund share bonus awards and all other
      equity-incentive compensation awards theretofore granted to Employee
      shall be vested and exercisable in accordance with the terms of the
      applicable agreement and the Company’s Stock Incentive Plan (as amended
      and restated from time to time).
    

    
         (c)  With Cause/Without Good Reason.
      If Employee's employment is terminated with Cause by the Company or if
      Employee terminates Employee's employment without Good Reason, then the
      Company shall pay Employee all Accrued Obligations. Any vested stock
      options shall be exercisable in accordance with the provisions of the
      applicable agreement or award. In addition:
    

    
             (i)  if the Company makes the election described in Section
      10(f), then the Company shall pay to Employee an amount equal to the
      Employee's annual Base Salary at the rate in effect at the time the
      Notice of Termination is given, payable in monthly installments for a
      period of up to three (3) months commencing with the month following the
      Date of Termination,
    

    
            (ii)  if the Company makes the election described in Section
      10(f), then Employee and Employee's eligible dependents shall receive
      continuation of medical benefits upon the same terms as exist
      immediately prior to the termination of employment (or, if such benefits
      are not available, the value thereof in cash) for the three (3) month
      period immediately following the Date of Termination, and at the end of
      such period, a COBRA qualifying event shall be deemed to occur; provided
      that, the amount of any monthly payments pursuant to Section 5(c)(i)
      above shall be reduced by the employee's portion of the cost of such
      benefits, which Employee would be required to pay if he were actually
      employed during such period.
    

    
      
        

        

      

      
        
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           (iii)  if Employee's employment is terminated by the Company with
      Cause all unvested stock options, all unvested restricted shares, and
      all unvested mutual fund share bonus awards shall be forfeited.
    

    
            (iv)   if Employee’s employment is terminated by Employee without
      Good Reason, (A) all unvested stock options and all unvested restricted
      shares shall be forfeited, and (B) unless a final determination is made
      under Section 8 that before the first anniversary, Employee, directly or
      indirectly, sold or provided products that are the same or similar to
      any product that the Company is providing as of, and about which
      Employee had Confidential Information (as defined in Section 10(b)
      below) during the 12 months prior to, the Date of Termination, all
      unvested mutual fund share bonus awards shall vest sixty (60) days after
      the first anniversary of the Date of Termination; provided however that
      if any such mutual fund share bonus awards is subject to
      performance-based vesting conditions that are intended to qualify for
      the performance-based compensation exemption under Section 162(m) of the
      Code, then Employee will become vested in such award only if, when and
      to the extent such award would have become vested in accordance with its
      terms if Employee’s employment had continued; and provided further that,
      if such award is subject to periodic vesting based upon performance
      conditions established for each vesting period, then the annual
      performance conditions applicable to any such award following the
      termination of Employee’s employment shall be the same as the last
      periodic performance goal established with respect to such award prior
      to the termination of Employee’s employment or, if more favorable to
      Employee, the periodic performance conditions established for mutual
      fund share bonus awards granted to other senior executives who are then
      still employed by the Company.
    

    
         (d)  Without Cause/For Good Reason.  If
      Employee’s employment is terminated by the Company without cause or if
      Employee terminates his employment for Good Reason, thenthe Company
      shall pay or provide to Employee the following:
    

    
           (i)  Employee's Accrued Obligations not theretofore paid;
    

    
           (ii)  if the Company makes the election described in Section 10(f),
      then the Company shall pay to Employee an amount equal to the Employee's
      annual Base Salary at the rate in effect at the time the Notice of
      Termination is given, payable in monthly installments for a period of up
      to three (3) months commencing with the month following the Date of
      Termination;
    

    
           (iii)  if the Company makes the election described in Section
      10(f), then Employee and Employee’s eligible dependents shall receive
      continuation of medical benefits upon the same terms as exist
      immediately prior to the termination of employment (or, if such benefits
      are not available, the value thereof in cash) for the three (3) month
      period immediately following the Date of Termination, and at the end of
      such period, a COBRA qualifying event shall be deemed to occur; provided
      that the amount of any monthly payments pursuant to Section 5(d)(ii)
      above shall be reduced by the employee's portion of the cost of such
      benefits, which Employee would be required to pay if he were actually
      employed during such period; and
    

    
      
        

        

      

      
        
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            (iv)  all unvested stock options, all unvested restricted shares
      and all unvested mutual fund share bonus awards theretofore granted to
      Employee shall become 100% vested and exercisable; provided however,
      that  if any such unvested equity or equity-based award is subject to
      performance-based vesting conditions that are intended to qualify for
      the performance-based compensation exemption under Section 162(m) of the
      Code, then Employee will become vested in such award only if, when and
      to the extent such award would have become vested in accordance with its
      terms if Employee’s employment had continued; and provided further that,
      if such award is subject to periodic vesting based upon performance
      conditions established for each vesting period, then the annual
      performance conditions applicable to any such award following the
      termination of Employee’s employment shall be the same as the last
      periodic performance goal established with respect to such award prior
      to the termination of Employee’s employment or, if more favorable to
      Employee, the periodic performance conditions established for
      performance-based vesting of equity or equity-based awards granted to
      other senior executives who are then still employed by the Company.
    

    
         (e)  Section 409A Protective Provision.
      Employee and the Company agree that if Employee is determined to be a
      "specified employee" as such term is defined in Section 409A of the Code
      upon termination of his employment; certain payments to Employee under
      this Section 5 may be required to be postponed to comply with Section
      409A. Employee and the Company agree that, in such event, any such
      postponed payments will be paid to Employee on the first day of the
      calendar month following the end of the required postponement period.
    

    
      6.  Non-exclusivity of Rights. Except as provided
      in  Sections 3(b), 3(c), 3(d) above and Sections 5(a)(iv), 5(c)(iii),
      5(c)(iv) and 5(d)(iv) above, nothing in this Agreement  shall prevent or
      limit Employee's continuing or future participation in or entitlement to
      any benefit, bonus, incentive or other plan or program provided by the
      Company and for which Employee may qualify, nor shall anything herein
      limit or otherwise affect such rights as Employee may have under any
      stock option, restricted shares or other agreement with the Company or
      any of its affiliated companies. Except as otherwise provided herein
      (including without limitation Sections 3(b), 3(c), 3(d) above and
      Sections 5(a)(iv), 5(c)(iii), 5(c)(iv) and 5(d)(iii) above), amounts and
      benefits which are vested benefits or which Employee is otherwise
      entitled to receive under any plan, program, agreement or arrangement of
      the Company at or subsequent to the Date of Termination shall be payable
      in accordance with such plan or program.
    

    
      
        

        

      

      
        
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      7.  No Set-Off; No Mitigation. Except as provided
      herein, the Company's obligation to make the payments provided for in
      this Agreement and otherwise to perform its obligations hereunder shall
      not be affected by any circumstances, including any set-off,
      counterclaim, recoupment, defense or other right which the Company may
      have against Employee or others. In no event shall Employee be obligated
      to seek other employment or take any other action by way of mitigation
      of the amounts payable to Employee under any of the provisions of this
      Agreement, and such amounts shall not be reduced whether or not Employee
      obtains other employment.
    

    
      8.  Arbitration of Disputes. Except as otherwise set
      forth herein, any controversy, claim or dispute arising out of or
      related to (A) this Agreement, (B) the breach thereof or (C) Employee's
      employment with the Company or the termination of such employment shall
      be settled by binding arbitration in Dallas, Texas before a single
      arbitrator administered by the American Arbitration Association ("AAA")
      under the arbitration rules in effect at the time the claim is filed.
      This agreement is subject to the Federal Arbitration Act and any award
      of the arbitrator(s) may be entered as a judgment in any court of
      competent jurisdiction. Notwithstanding the foregoing, Rule R-34 of the
      AAA's Commercial Arbitration Rules amended and restated as of July 1,
      2003 (instead of Rule 32 of the Employment Rules) shall apply to interim
      measures. References herein to any arbitration rule(s) shall be
      construed as referring to such rule(s) as amended or renumbered from
      time to time to any successor rules. References to the AAA include any
      successor organization. Notwithstanding the foregoing, nothing herein
      precludes the Company from seeking and obtaining preliminary injunctive
      relief in a court of competent jurisdiction in relation to the
      enforcement of the covenants contained in Paragraph 10 of this Agreement.
    

    
      9.  Entire Agreement. Employee acknowledges and agrees
      that this Agreement is the entire agreement and understanding between
      the parties and supersedes any prior agreements, written or oral, with
      respect to the subject matter hereof, including the termination of
      Employee's employment during the Term and all amounts to which Employee
      shall be entitled whether during the Term or thereafter and all
      restrictive covenants to which Employee may be subject.
    

    
      10.  Employee’s Covenants.
    

    
         (a)  Employee’s Acknowledgement. Subject
      to Section 6 of this Agreement, Employee agrees and acknowledges
      that in order to assure the Company that it will retain its value and
      that of its business as a going concern, it is necessary that Employee
      comply with the covenants described below.  Employee further
      acknowledges that:
    

    
             (i)       Company will provide Employee with proprietary and
      confidential information developed and/or owned by Company, including
      for example, and without limitation, unique investment approaches, sales
      and marketing programs and materials, marketing and business strategies,
      client lists and profile data, investment advisory contracts and fee
      schedules, trademarks, technical information, computer software programs
      and electronic information, financial and other information concerning
      its operations (collectively, “Trade Secrets”).  Employee recognizes
      that (A) his or her business role with Company requires access to Trade
      Secrets and other proprietary and confidential information; (B) such
      information is of special value to the Company; and (C) if such
      information became known to any person competing with the Company,
      irreparable damage could result to the Company.
    

    
      
        

        

      

      
        
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             (ii)      Company has and owns certain goodwill that provides
      Company with a competitive advantage, including Company’s strong brand
      and reputation (the “Goodwill”).  Employee further acknowledges that (A)
      the Goodwill, and successful execution of Company’s day-to-day
      functions, depend on formation of relationships of trust and confidence
      between individual employees and Company clients; (B) Company’s
      continued growth and viability depend on nurturing the relationships
      between its own employees and its clients and on maintaining its own
      relationship with employees whom it has placed in a position to form
      client relationships and necessarily supported while those relationships
      formed and grew; and (C) the Goodwill, and Company’s positive reputation
      or position in the eyes of its clients or potential clients, often
      manifests itself through repeat business with existing clients and
      through referrals to potential clients.  Company will provide Employee
      with the institutional training, support and synergy that will enable
      Employee to provide services of the quality that clients of Company
      value highly and that form, at least in part, the basis for the Goodwill
      owned by Company.  Employee recognizes that he or she will or may have
      close association with Company’s clients, which will or may cause those
      clients to associate Employee with the products or services of the
      Company, without paying due regard to the role of the Company as a
      whole, including its entire team of professionals, in the creation and
      delivery of those products and services.  
    

    
             (iii)     The Company must protect its business, including the
      Trade Secrets, Confidential Information (as defined below) and
      Goodwill.  In exchange for access to the Trade Secrets, Confidential
      Information (as defined below) and the institutional training, support
      and synergy referenced above, as well as bonus eligibility as described
      in Section 3(b) herein and the shares of restricted stock as set forth
      in Section 3(d) herein, Employee agrees to the covenants set forth in
      this Section 10.  Employee further agrees that the covenants in this
      Section 10 are reasonable, consistent with Employee’s and Company’s best
      interests, to protect the Company and its affiliates.
    

    
         (b)  Confidential Information. For
      purposes of this Agreement, “Confidential Information”
      shall mean the Trade Secrets and other proprietary information
      concerning the products, processes or services of the Company or any of
      its affiliates, which information
    

    
             (i)  has not been made generally available to the public, and is
      useful or of value to Company’s current or anticipated business
      activities or of those of any affiliate or client of Company; or (ii)
      has been identified to Employee as confidential, either orally or in
      writing, including, but not limited to: computer programs; research and
      other statistical data and analyses; marketing, organizational or other
      research and development, or business plans; personnel information,
      including the identity of other Employees of the Company, their
      responsibilities, competence, abilities, and compensation; financial,
      accounting and similar records of Company, its affiliates and/or any
      Fund or account managed by the Company or its affiliates (such Funds or
      accounts referred to herein as "Company Funds"); current and prospective
      client lists and information on clients and their Employees; client
      investment objectives, the nature of their investment portfolios and
      contractual agreements with the Company or its affiliates; information
      concerning planned or pending investment products, acquisitions or
      divestitures; and information concerning the marketing and/or sale or
      distribution of equity interests in the Funds. Confidential Information
      shall not include information which: (A) is in or hereafter enters the
      public domain through no fault of Employee; (B) is obtained by Employee
      from a third party having the legal right to use and disclose the same;
      or (C) is in the possession of Employee prior to receipt from the
      Company (as evidenced by Employee's written records pre-dating the date
      of employment). All notes, reports, trade or transactional records,
      plans, published memoranda, marketing materials or other documents
      created, developed, generated or held by Employee during employment,
      concerning or related to the Company’s or its affiliates’ business, and
      whether containing or relating to Confidential Information or not, and
      all tangible personal property of the Company or its affiliates
      entrusted to Employee or in Employee's direct or indirect possession or
      control, are the property of the Company, and will be promptly delivered
      to the Company and not thereafter used by Employee upon termination of
      Employee’s employment for any reason whatsoever.
    

    
      
        

        

      

      
        
          12
        

        
          

        

      

      
        

        

      

    

    
         (c)  Non-Disclosure. Employee agrees
      that during employment with the Company (including any employment
      following the Term) and at all times thereafter, Employee shall not
      reveal to any competitor or other person or entity (other than current
      employees of the Company) any Trade Secret or Confidential Information
      that Employee obtains while performing services for the Company, except
      as may be required in Employee’s reasonable judgment to fulfill his
      duties hereunder.
    

    
         (d)  Non-Compete and Related Covenants.
    

    
             (i)  During employment, Employee (a) will provide any investment
      advisory services or investment management services exclusively to and
      through the Company; and (b) will not solicit or encourage any person or
      entity (i) to withdraw, or to cause the withdrawal, of any funds from
      the Company, or (ii) to not engage the Company for investment management
      services, except where authorized by the Company.  
    

    
            (ii)  Employee agrees that for a period of twelve (12) months
      after the date his employment with the Company ends for any reason (such
      period hereinafter referred to as the “Non-Compete Period”), Employee
      shall not, directly or indirectly, on his behalf or on another's behalf:
    

    
                 (A)  solicit or encourage any Client (i) to withdraw, or to
      cause the withdrawal, of any funds from the Company, or (ii) to not
      engage Company for investment management services.  For purposes of this
      Agreement, “Client” shall mean a person or entity that at such time (A)
      is a current client of the Company; (B) had been a client within the
      preceding 12 months; or (C) had been, within the preceding 12 months, in
      active discussions directly with the Company about investing funds with
      the Company or using the Company’s investment management services; provided
      however that in each above instance, Employee provided investment
      advisory services or investment management services to such person or
      entity or had direct personal contact with such person or entity within
      the 12 months prior to the date Employee’s employment with the Company
      ended;
    

    
      
        

        

      

      
        
          13
        

        
          

        

      

      
        

        

      

    

    
      (B)  solicit or encourage any consultant retained by a Client to
      encourage or advise such Client (i) to withdraw, or to cause the
      withdrawal, of any funds from the Company, or (ii) to not engage Company
      for investment management services;
    

    
      (C)  solicit, induce or encourage any then current employee of Company
      to terminate his or her employment with Company and/or to enter into
      competition with Company;
    

    
      (D)  provide investment advisory services or investment management
      services to any Client; or
    

    
      (E) intentionally, recklessly or with willful disregard, materially
      violate any then applicable SEC rule or regulation or Global Investment
      Performance Standards (GIPS) relating to the use of the investment
      performance of any Company fund or account managed by the Company in any
      materials that are distributed in newspapers, magazines, or in other
      public media, or in brochures, letters, or any other written or
      electronic material addressed to more than one prospective client.    
    

    
         (e)  Non-Exclusive Remedy for Restrictive
      Covenants. Company and Employee acknowledge that the covenants
      contained in this Section 10 (collectively, the "Restrictive Covenants")
      are reasonable in light of the consideration provided by Company to
      Employee, including without limitation access to Trade Secrets,
      Confidential Information, and Goodwill owned by Company, and necessary
      for the protection of the Company's business interests, that irreparable
      injury will result to the Company if Employee breaches any of the terms
      of the Restrictive Covenants, and that in the event of Employee's actual
      or threatened breach of any such Restrictive Covenants, the Company may
      have no adequate remedy at law. Employee accordingly agrees that, in the
      event of any actual or threatened breach by him of any of the
      Restrictive Covenants, the Company shall be entitled to immediate
      temporary injunctive and other equitable relief, without the necessity
      of showing actual monetary damages or the posting of a bond. Nothing
      contained herein shall be construed as prohibiting the Company from
      pursuing any other remedies available to it for such breach or
      threatened breach, including the recovery of damages.  If the Company
      pursues legal action against Employee under this Section 10 and the
      court determines that that Employee did not breach the Agreement,
      Company shall pay all costs and fees that Employee incurred in such
      proceeding.  If the Employee pursues legal action against Company under
      this Section 10 and the court determines that that Company did not
      breach the Agreement, Employee shall pay all costs and fees that
      Employee incurred in such proceeding. However, Company and Employee
      agree that if a court should decline to enforce the provisions of
      Section 10(f) as written, that such provisions shall be reformed to
      restrict Employee’s competition with Company or its affiliates, and his
      or her solicitation of clients and employees, to the maximum extent as
      to time, geography and business scope which the court shall find
      enforceable; provided that the provisions of Section 10(f) shall not be
      modified to be more restrictive to Employee than those contained herein.
      The duration of a Restrictive Covenant shall be extended by such time
      during which such breach or threatened breach continues without cure by
      Employee.
    

    
      
        

        

      

      
        
          14
        

        
          

        

      

      
        

        

      

    

    
      (f)       Additional Non-Compete
      Covenant.  Employee agrees that, at Company’s election, for up to
      the first three (3) months following termination of his employment at
      Company, whether by him or by Company and whether with or without cause
      (the “Restricted Term”), he will not (a) in any capacity provide
      investment advisory services or investment management services to any
      person or entity in competition with the Company’s investment services;
      or (b) establish, join, participate in, acquire or maintain ownership
      in, or provide investment advisory services to, any United States based
      entity that offers services and/or products that compete with the
      Company’s investment services and/or products; provided, however, that
      this restriction shall not be construed to prevent Employee from owning
      or acquiring for investment purposes less than five (5) percent of the
      stock of any publicly traded company.  In the event Company elects to
      invoke the restrictions set forth in this paragraph as to Employee, the
      Restricted Term and Non-Compete Period shall run concurrently and
      Company shall continue Employee’s Base Salary during the Restricted Term
      at the same level being paid immediately before termination.  If, during
      the Restricted Term, Employee materially violates any term of this
      Agreement, such continuation of Base Salary shall cease, and all prior
      payments made for continuation of Base Salary during the Restricted Term
      shall be immediately repaid by Employee to Company.
    

    
      11.  Indemnification and Insurance.
    

    
      (a)  The Company agrees that Employee shall be indemnified to the extent
      otherwise provided in agreements between the Company and Employee and
      pursuant to the Company’s Certificate of Incorporation and Bylaws.
    

    
      (b)       During the Term and thereafter for the duration of any statute
      of limitations or other period during which a claim might be
      successfully brought against Employee, Employee shall be covered to the
      same extent as directors by any director’s and officers’ liability
      insurance policy maintained by the Company from time to time.
    

    
      12.  Successors.
    

    
      (a)  This Agreement is personal to Employee and, without the prior
      written consent of the Company, shall not be assignable by Employee
      otherwise than by will or the laws of descent and distribution. This
      Agreement shall inure to the benefit of and be enforceable by Employee's
      legal representatives.
    

    
      (b)  This Agreement shall inure to the benefit of and be binding upon
      the Company and its successors. It shall not be assignable by the
      Company or its successors except in connection with a Change in Control
      or otherwise upon the sale or other disposition of all or substantially
      all the assets or business of the Company. The Company agrees to use its
      best efforts to ensure that the transferee or surviving company is bound
      by the provisions of this Agreement.
    

    
      
        

        

      

      
        
          15
        

        
          

        

      

      
        

        

      

    

    
      13.  Amendment; Waiver. This Agreement may be amended,
      modified or changed only by a written instrument executed by Employee
      and the Company. No provision of this Agreement may be waived except by
      a writing executed and delivered by the party sought to be charged. Any
      such written waiver will be effective only with respect to the event or
      circumstance described therein and not with respect to any other event
      or circumstance, unless such waiver expressly provides to the contrary.
    

    
      14.  Miscellaneous.
    

    
         (a)  THIS AGREEMENT SHALL BE SUBJECT TO AND GOVERNED BY THE LAWS OF
      THE STATE OF TEXAS EXCEPT FOR CONFLICT OF LAWS. PRINCIPLES, WITHOUT
      REGARD TO THE PLACE OF EXECUTION OR THE PLACE OF PERFORMANCE THEREOF.
    

    
         (b)  Failure to insist upon strict compliance with any provision in
      this Agreement shall not be deemed a waiver of such provision or any
      other provision in this Agreement.
    

    
         (c)  The invalidity or unenforceability of any provision hereof shall
      not affect the validity of enforceability of any other provision.  If,
      moreover, any one or more of the provisions contained in this Agreement
      shall, for any reason, be held to be excessively broad as to time,
      duration, geographical scope, activity, or subject, it shall be
      construed by limiting and reducing it so as to be enforceable to the
      extent compatible with the applicable law.
    

    
         (d)  The provisions of Section 5 (Obligations of the Company upon
      Termination), Section 7 (No Set-Off; No Mitigation), Section 8
      (Arbitration of Disputes), Section 10 (Employee's Covenants), Section 11
      (Successors), Section 12 (Amendment; Waiver) and this Section 13 shall
      survive the termination of Employee's employment with the Company for
      any reason, or the expiration of the Term of the Agreement pursuant to
      Section 1, and shall thereafter remain in full force and effect.
    

    
         (e)  In the event of any inconsistency between this Agreement and any
      other agreement, plan, program, policy or practice of the Company, the
      terms of this Agreement shall control.
    

    
         (f)  All notices, demands or other communications to be given or
      delivered under or by reason of the provisions of this Agreement shall
      be in writing and shall be deemed to have been duly given (i) the
      following business day after deposit from within the United States with
      a reputable express courier service (charges prepaid), (ii) three (3)
      days after mailing by certified or registered mail, return receipt
      requested and postage prepaid, or (iii) upon receipt in all other cases.
      Such notices, demands and other communications shall be sent to the
      addresses indicated below:
    

    
      
        

        

      

      
        
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      If to the Company:
    

    
      Westwood Holdings Group, Inc.
200 Crescent Court, Suite 1200
Dallas,
      TX 75201
Attention: Chairman of the Board of Directors
    

    
      If to Employee:
    

    
      Address per the Company records
    

    
      or to such other address or to the attention of such other person as the
      recipient party shall have specified by prior written notice to the
      sending party.
    

    
         (g)  All compensation payable to Employee from the Company shall be
      subject to all applicable withholding taxes, normal payroll withholding
      and any other amounts required by law to be withheld.
    

    
         (h)  This Agreement may be executed in multiple counterparts, each of
      which shall be deemed an original, but all of which taken together shall
      constitute one and the same Agreement.
    

    
         (i)  The descriptive headings in this Agreement are inserted for
      convenience of reference only and are not intended to be part of or to
      affect the meaning or interpretation of this Agreement. The use of the
      word "including" in this Agreement shall be by way of example rather
      than by limitation.
    

    
         (j)  The language used in this Agreement will be deemed to be the
      language chosen by the parties hereto to express their mutual intent,
      and no rule of strict construction will be applied against any party
      hereto. Neither Employee nor the Company shall be entitled to any
      presumption in connection with any determination made hereunder in
      connection with any arbitration, judicial or administrative proceeding
      relating to or arising under this Agreement.
    

    
      [SIGNATURE PAGE FOLLOWS]
    

    
      
        

        

      

      
        
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                IN WITNESS WHEREOF, each of the parties hereto has duly
      executed this Employee Employment Agreement as of the date and year
      first set forth above.
    

    	
          WESTWOOD HOLDINGS GROUP, INC.
        	

        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
           
        
	
          
            By:
          

        	
           
        	
          
            /s/ Brian O. Casey
          

        	

        
	

        	

        	
          Brian O. Casey
        	

        
	

        	

        	
          President and Chief Executive Officer
        	

        
	

        	

        	
           
        
	
          EMPLOYEE:
        	

        	

        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
           
        
	
          By:
        	
           
        	
          /s/ Mark Freeman
        	

        
	

        	

        	
          Mark Freeman
        	

        
	

        	

        	
          Executive Vice-President, Co-Chief Investment Officer
        	

        

    

    

    

    
      
        

        

      

      
        
          18
        

        
          

        

      

      
        

        

      

    

    
      Exhibit A
    

    
      Description of Duties
    

    	
           
        
	
           
        
	
          Overall responsibility for investment department
        
	
          Macro and investment outlook
        
	
          Direct the preparation of the annual investments operating budget
        
	
          The external “face and voice” of the investment division
        
	
          
            Absolute risk and consistency of quality across firm-wide products
            by reviewing and monitoring all portfolios
          

        
	
          Represent the investment department to clients, prospects,
          consultants and stockholders
        
	
          Client support
        
	
          
            ●
            offsite meetings
          

        
	
          
            ●
            onsite meetings
          

        
	
          
            ●
            CSI support team
          

        
	
          Communication
        
	
          
            ● with
            those representing the product – CSI; train two members of every
            product team
          

        
	
          
            ●
            with Board of Directors (Overall Department)
          

        
	
          
            ●
            with CEO
          

        
	
          Trading Desk
        
	
          
            ●
            Personnel/Structure
          

        
	
          Trade errors
        
	
          Sell Side
        
	
          
            ●
            Commissions
          

        
	
          Talent evaluation
        
	
          ● Hiring
        
	
          
            ●
            Reviews
          

        
	
          Research tools/budget
        
	
          Internal travel/conferences
        
	
          Expense reports
        
	
          Participate in new client development
        
	
          Responsible for establishing and maintaining overall investment
          policy; led by CIO; includes asset allocation model.
        
	
          Review and monitor investment policies and procedures
        
	
          Develop and maintain appropriate investment management industry
          knowledge in order to provide effective leadership and best practices
        
	
          
            Develop and implement training and professional development plans
            for investment staff
          

        
	
          Serve as a mentor and coach to junior staff members
        
	
          Develop and maintain positive working relationships with direct
          reports and all related division employees
        
	
          Production and consistency of investment research
        
	
          Product Head and Senior Portfolio Manager for Income Opportunity
        
	
          Work cooperatively to integrate any strategic acquisitions that
          expand business lines/new teams
        
	
          Ensure Executive Management is provided with substantive reports on
          investment portfolio performance, external manager performance, and
          information related to Board agenda items
        
	
          Draft and provide investment articles for the division, including
          corporate website, investment newsletters, press releases and other
          outreach efforts
        

    

    
      19

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