Document:

Unassociated Document

    EXHIBIT
      10.2

    

    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 - Veredus / Non-Compete
                Amendment

            

    

    

    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., a Georgia corporation ,
      Tamro Capital Partners LLC, a Delaware limited liability company , Veredus
      Asset
      Management LLC, a Kentucky limited liability company (“Veredus”), 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. 

     

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

     

    1.    Notwithstanding
      Section 5.4 of the Purchase Agreement to the contrary, Veredus shall not be
      restricted by such Section 5.4 from engaging in any and all activities,
      business, investment or otherwise, provided that Veredus shall not, directly
      or
      indirectly,: (i) advise, sub-advise, sponsor, or own a Mutual Fund managed
      in a
      similar style to the Veredus Aggressive Growth Fund; or (ii) use or permit
      the
      use of any Retained Names & Marks with respect to any Mutual Fund (other
      than in connection with the Target Funds) until the earlier of (x) the fifth
      anniversary of the Closing Date and (y) the date on which Veredus ceases to
      sub-advise all Target Funds which it had previously advised as the result of
      its
      termination as a subadvisor by the Purchaser or the board of trustees of such
      Target Fund without reasonable cause. 

    

    2.    Notwithstanding
      Section 5.5 of the Purchase Agreement, Purchaser agrees not to solicit or hire
      any employees of Veredus during the period commencing on the date hereof and
      ending on the earlier of the fifth anniversary of the Closing Date or the
      termination of the Purchase Agreement in accordance with its terms.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3.    Veredus
      shall not be subject to the obligations of Section 4.13 of the Purchase
      Agreement.

    

    4.    Notwithstanding
      Sections 4.10 and 5.6(a), Veredus, its Affiliates, owners, directors and
      officers shall be permitted to purchase or sell an interest in Veredus (a
“Veredus Transaction”), regardless of whether such sale or purchase results, or
      is deemed to result, in a “change of control” of Veredus and whether structured
      as a sale or transfer of membership interests, a merger or otherwise; provided
      that (x) the consummation of a Veredus Transaction does not (i) result in the
      transfer (other than a deemed transfer) of any of the Acquired Assets, (ii)
      result in the termination of any Investment Subadvisory Agreement to which
      Veredus is a party or otherwise result in an inability of Veredus to serve
      as an
      adviser of the Target Funds which it advises, at any time prior the first to
      occur of the Closing and termination of the Purchase Agreement or a sub-adviser
      of any such Target Funds following the Closing or (iii) otherwise result in
      the
      inability of Veredus (or, to the extent applicable, the acquiring party) to
      complete the transactions contemplated by, and comply with the provisions of
      the
      Purchase Agreement and the Investment Subadvisory Agreement between Purchaser
      and Veredus and (y) the acquiring party in the Veredus Transaction agrees in
      writing with Purchaser that Veredus (and to the extent applicable, such
      acquiring party) shall continue to be bound by the Purchase Agreement.
      Furthermore, notwithstanding the provisions of Section 5.6(a), except as
      otherwise required by law, the consummation of a Veredus Transaction which
      complies with the provisos set forth in the preceding sentence shall not
      constitute a basis for termination of the Investment Subadvisory Agreement
      to
      which it will be a party or a breach thereunder.

     

    This
      letter agreement shall constitute the binding and enforceable obligation of
      Purchaser and Veredus 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
      Veredus (other than a direct or indirect wholly owned subsidiary of Veredus),
      (ii) any other Seller or any Affiliate of any other Seller becomes the owner
      of
      in excess of 50% of the outstanding equity interests in Veredus or (iii) 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.

     

    
      VEREDUS
        ASSET MANAGEMENT LLC

       

      By:
        /s/ James R. Jenkins

      Name:
        James R. Jenkins

      Title:
        Vice President and Chief Operating 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 Executive Officer

     

    Side
      Letter - Veredus / Non-CompeteUnassociated Document

    EXHIBIT
      10.3

    

    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 - River Road / Non-Compete Amendment and Assets
                Under
                Management

            

    

    

    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., 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 (“River Road”), 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. 

     

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

     

    1.    Notwithstanding
      Section 5.4 of the Purchase Agreement to the contrary, River Road shall not
      be
      restricted by such Section 5.4 from engaging in any and all activities,
      business, investment or otherwise, including advisory or sub-advisory of mutual
      funds, provided that, for a period of five years following the Closing Date,
      or
      such earlier date that a given River Road Target Fund is no longer generally
      available to investors or such earlier date that River Road is terminated as
      sub-advisor to a given River Road Target Fund, River Road shall not, directly
      or
      indirectly: (i) sponsor or own a Mutual Fund managed in a similar style to
      the
      River Road Small Cap Value or the River Road Dynamic Equity Income strategies;
      or (ii) use or permit the use of any Retained Names & Marks with respect to
      any single manager Mutual Fund managed in a similar style to the River Road
      Small Cap Value or the River Road Dynamic Equity Income strategies (other than
      in connection with the Target Funds).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2.    Notwithstanding
      Section 5.5 of the Purchase Agreement, Purchaser agrees not to solicit or hire
      any employees of River Road during the period commencing on the date hereof
      and
      ending on the earlier of the fifth anniversary of the Closing Date or the
      termination of the Purchase Agreement in accordance with its terms.

    

    3.    River
      Road shall not be subject to the obligations of Section 4.13 of the Purchase
      Agreement.

    

    4.    Notwithstanding
      Sections 4.10 and 5.6(a), River Road, its Affiliates, owners, directors and
      officers shall be permitted to purchase or sell an interest in River Road (a
      “River Road Transaction”), regardless of whether such sale or purchase results,
      or is deemed to result, in a “change of control” of River Road and whether
      structured as a sale or transfer of membership interests, a merger or otherwise;
      provided that (x) the consummation of a River Road Transaction does not (i)
      result in the transfer (other than a deemed transfer) of any of the Acquired
      Assets, (ii) result in the termination of any Subadvisory Agreement to which
      River Road is a party or otherwise result in an inability of River Road to
      serve
      as an adviser of the Target Funds which it advises, at any time prior the first
      to occur of the Closing and termination of the Purchase Agreement or a
      sub-adviser of any such Target Funds following the Closing or (iii) otherwise
      result in the inability of River Road (or to the extent applicable, such
      acquiring party) to complete the transactions contemplated by, and comply with
      the provisions of the Purchase Agreement and the Investment Subadvisory
      Agreement between Purchaser and River Road and (y) the acquiring party in the
      River Road Transaction agrees in writing with Purchaser that River Road (and
      to
      the extent applicable, such acquiring party) shall continue to be bound by
      the
      Purchase Agreement. Furthermore, notwithstanding the provisions of Section
      5.6(a), except as otherwise required by law, the consummation of a River Road
      Transaction which complies with the provisos set forth in the preceding sentence
      shall not constitute a basis for termination of the Investment Subadvisory
      Agreement to which it will be a party or a breach thereunder.

     

    This
      letter agreement shall constitute the binding and enforceable obligation of
      Purchaser and River Road 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
      River
      Road (other than a direct or indirect wholly owned subsidiary of River Road),
      (ii) any other Seller or any Affiliate of any other Seller becomes the owner
      of
      in excess of 55% of the outstanding equity interests in River Road or (iii)
      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.

    

    
      
         

        RIVER
          ROAD ASSET MANAGEMENT, LLC

         

        By:
          /s/ R. Andrew Beck

        Name:
          R.
          Andrew Beck

        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

     

    Side
      Letter Agreement - River Road - Non-Compete

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