Document:

EMPLOYMENT
      AGREEMENT

    

     

      This
        EMPLOYMENT AGREEMENT (this “Agreement”), is dated as of April 19, 2006 by and
        between Song Hong, residing in Shenzhen, China (“Executive”), and Diguang
        International Development Co., Ltd. (the "Company"), a Nevada corporation
        and
        shall be effective as of the closing of the Share Exchange, as described
        in the
        recitals below.

     

    WHEREAS,
      pursuant to the Amended
      and Restated Share
      Exchange Agreement (the "SEA”) proposed to be entered into among Online
      Processing, Inc., a Nevada corporation, to be renamed Diguang International
      Development Co., Ltd., Diguang International Holdings Limited, a British Virgin
      Islands corporation ("Diguang"), the owners of record of all of the issued
      and
      outstanding stock of Diguang (the “Shareholders”) and Terri Wonderly, the
      Shareholders will transfer to the Company 100% of the common stock of Diguang
      in
      exchange for 18,250,000 common shares of the Company (the “Share Exchange”);
      and

     

    WHEREAS,
      as a result of the Share Exchange, Diguang will become a wholly owned subsidiary
      of the Company; and

     

    WHEREAS,
      the Company believes that Executive provides unique management services for
      the
      Company and its subsidiaries and wishes to retain the services of Executive
      following the Share Exchange in the capacity of Chief Operating Officer of
      the
      Company and its subsidiaries; and

     

    WHEREAS,
      the Company and Executive have reached an understanding with respect to
      Executive’s employment with the Company for a three year period commencing as of
      the Closing (as defined in the SEA); and

     

    WHEREAS,
      the Company and Executive desire to evidence their agreement in writing and
      to
      provide for the employment of Executive by the Company on the terms set forth
      herein.

     

    NOW,
      THEREFORE, IN CONSIDERATION of the foregoing facts, the mutual covenants and
      agreements contained herein and other good and valuable consideration, the
      parties hereby agree as follows:

     

    1. Duties
      and Scope of Employment.

     

    1.1 The
      Company hereby agrees to the employment of Executive in the capacity of Chief
      Operating Officer of the Company and its subsidiaries and Executive hereby
      accepts such employment on the terms and conditions contained in the Agreement,
      for an initial period (the “Initial Term”) beginning upon the Closing and
      continuing for a period of three years
      thereafter unless earlier terminated in accordance with Section 3 of this
      Agreement. Following the Initial Term, the employment relationship commenced
      pursuant to this Agreement may, by express or implied agreement, continue,
      in
      which case such employment relationship shall continue for an unspecified term,
      terminable by either party for any reason at any time.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    1.2 Executive
      shall be employed on a full time basis, shall devote his full business efforts
      and time to the Company and its subsidiaries, and shall have such reasonable,
      usual and customary duties of such office and title as may be delegated to
      Executive from time to time by the Company’s Board of Directors. 

     

    1.3 Executive
      agrees to the best of his ability and experience that he will at all times
      faithfully perform all of the duties and obligations required of and from
      Executive, consistent and commensurate with Executive’s position, pursuant to
      the terms hereof. During the term of Executive’s employment relationship with
      Company, Executive will not, except as otherwise that maybe provided in a
      Purchase Option Agreement regarding North Diamond International Co., Ltd.,
      a
      British Virgins Islands corporation, proposed to be entered into between and
      among Sino Olympics Industrial Limited, Shenzhen Diguang Electronics Co., Ltd.,
      the Company, the Executive, and Song Yi, directly or indirectly engage or
      participate in any business that is competitive in any manner with the business
      of Company or its subsidiaries. Nothing in this Agreement will prevent Executive
      from (i) making personal investments in, and sitting on the board of directors
      or board of advisors of, businesses that are not competitive with the business
      of Company or its subsidiaries, (ii) accepting speaking or presentation
      engagements in exchange for honoraria or from serving on boards of charitable
      organizations, or (iii) from owning no more than 1% of the outstanding equity
      securities of a corporation whose stock is listed on a national stock exchange
      or the Nasdaq National Market, provided that such activities listed in (i)
      through (iii) do not materially interfere with Executive’s obligations to the
      Company and its subsidiaries as described above. Executive will comply with
      and
      be bound by Company’s operating policies, procedures and practices as provided
      in writing to Executive from time to time and in effect during the term of
      Executive’s employment. 

     

    1.4 Executive
      represents and warrants to the Company that he is under no obligations or
      commitments, whether contractual or otherwise, that are inconsistent with his
      obligations under this Agreement. Executive represents and warrants that he
      will
      not use or disclose, in connection with his employment by the Company, any
      trade
      secrets or other proprietary information or intellectual property in which
      Executive or any other person has any right, title or interest and that his
      employment by the Company as contemplated by this Agreement will not infringe
      or
      violate the rights of any other person or entity. Executive represents and
      warrants to the Company that he has returned all property and confidential
      information belonging to any prior employers. 

     

    1.5 Executive
      acknowledges that the nature of his responsibilities may require domestic and
      international travel away from time to time.

     

    2. Compensation
      and Benefits.

     

    2.1 Executive
      shall receive a monthly base salary of the RMB equivalent of US$16,666.67,
      which
      is equivalent to the RMB equivalent of US$200,000 on an annualized basis.
      Executive’s monthly base salary will be payable pursuant to the Company’s normal
      payroll practices, will be reviewed on an annual basis by the Compensation
      Committee of the Company’s Board of Directors (the “Compensation Committee”) and
      may be increased during the Initial Term on each anniversary of the effective
      date of this Agreement, at the discretion of the Compensation Committee.
      Notwithstanding the foregoing, Executive's monthly salary may be allocated
      among
      and payable by
      the
      Company or its subsidiaries in such amounts as are determined by the Company's
      Board of Directors. 

     

    
      
        
        

      

      
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      2.2 The
        Company shall pay to Executive such bonuses as may be determined from time
        to
        time by the Compensation Committee. The amount of annual bonus payable to
        Executive may vary at the discretion of the Compensation Committee. In
        determining the annual bonus to be paid to Executive, the Compensation Committee
        may, consider all factors they deem to be relevant and
        appropriate.

     

    2.3 Intentionally
      blank.

     

    2.4 During
      his employment, Executive shall be entitled to such insurance and other benefits
      including, among others, medical and disability coverage and life insurance
      as
      are afforded to other senior executives of the Company, subject to applicable
      waiting periods and other conditions and to applicable law. 

     

    2.5 During
      his employment, Executive will be eligible for four weeks vacation each year,
      which vacation shall accrue ratably over each calendar year and pro-rata during
      any partial year of employment, subject to a maximum accrual at any time of
      eight weeks vacation.

     

    2.6 During
      his employment, the Executive shall be eligible to participate in any employee
      benefit plans maintained by the Company for other executive officers, subject
      in
      each case to the generally applicable terms and conditions of the plan in
      question, the determinations of any person or committee administering such
      plan,
      and any applicable law. 

     

    2.7 During
      his employment, the Executive shall be authorized to incur necessary and
      reasonable travel, entertainment and other business expenses in connection
      with
      his duties hereunder. The Company shall reimburse the Executive for such
      expenses upon presentation of an itemized account and appropriate supporting
      documentation, all in accordance with the Company’s generally applicable
      policies.

     

    3. Termination
      of Employment.

     

    3.1 If
      Executive’s employment terminates for any reason, Executive shall not be
      entitled to any payments, benefits, damages award or compensation other than
      as
      provided in this Agreement.

     

    3.2 During
      the Initial Term, the employment relationship may be terminated as follows:
      (i)
      by Executive for any reason or for Good Reason (as defined in Section 3.6
      below), upon at least thirty (30) days’ written notice to the Company, effective
      as of the date set forth in such notice or such earlier date determined by
      the
      Company following such notice, and subject to Section 3.4 below; (ii) by the
      Company without Cause (as defined in Section 3.5 below), upon at least thirty
      (30) days’ written notice to Executive, effective as of the date set forth in
      such notice or such earlier date determined by Executive following such notice,
      and subject to Section 3.4 below; and (iii) by the Company for Cause with
      immediate effect; and (iv) upon Executive’s death or Disability (as defined in
      Section 3.7 below) with immediate effect. Following the Initial Term, the
      employment relationship may be terminated by Executive or the Company in
      accordance with the notice policies of the Company in existence at the time
      of
      termination. 

     

    
      
        
        

      

      
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    3.3 If
      Executive’s employment terminates for any reason at any time, including but not
      limited to Executive’s voluntary election to terminate his employment with or
      without Good Reason, termination by the Company with or without Cause, or upon
      Executive’s death or Disability, Executive (or Executive’s estate in the case of
      death) will receive payment(s) for all salary and unpaid vacation accrued as
      of
      the date of Executive’s termination of employment, and shall be entitled to all
      accrued benefits and to any additional benefits pursuant to the Company plans
      or
      policies in effect at the time of termination or as required by law. Executive
      shall be entitled to separation benefits in the event of termination of his
      employment only as provided in Section 3.4 below.

     

    3.4 If
      during
      the Initial Term the Company terminates Executive’s employment without Cause
      other than in circumstances of Executive’s death or Disability, or if during the
      Initial Term Executive terminates his employment for Good Reason, provided
      Executive signs a general release of all claims against Company and related
      parties within sixty (60) days of such termination, Executive will be entitled
      to receive the following separation benefits: continuation of Executive’s then
      current monthly base salary, less applicable withholding taxes, if any, for
      a
      period of twelve (12) months, or, at Company’s option, a lump sum payment of an
      amount equal to twelve (12) months of Executive’s then current annual base
      salary, less applicable withholding taxes, if any, effective as of the effective
      date of Executive’s execution of the general release of claims. All separation
      benefits provided under this Section 3.4 will commence (or be payable if payable
      in a lump sum) on or before ten (10) business days after the effective date
      of
      Executive’s general release of all claims.

     

    3.5 
      For
      purposes of this Agreement, “Cause” for Executive’s termination will exist at
      any time after the happening of one or more of the following events:

     

    (A) Executive’s
      continued failure to substantially perform Executive’s duties, including
      Executive’s refusal to comply in any material respect with the legal directives
      of the Board of Directors so long as such directives are not inconsistent with
      the Executive’s position and duties, and such refusal to comply is not remedied
      within ten (10) working days after written notice from the Board of Directors,
      which written notice shall state that failure to remedy such conduct may result
      in termination for Cause; or

     

    (B) Executive’s
      dishonest or fraudulent conduct, or deliberate attempt to do an injury to the
      Company or any of its subsidiaries, or conduct that materially discredits the
      Company or any of its subsidiaries or is materially detrimental to the
      reputation of the Company or any of its subsidiaries, including conviction
      of a
      felony; or 

     

    (C) Executive’s
      breach of any element of the Confidentiality Agreement (as defined in Section
      4
      below), including without limitation, Executive’s theft or other
      misappropriation of proprietary information of the Company or any of its
      subsidiaries. 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

       

    

    3.6 For
      purposes of this Agreement, “Good Reason” for Executive to terminate his
      employment shall exist if Executive voluntarily resigns within thirty (30)
      days
      of any of the following circumstances: 

     

    (A) a
      material reduction in Executive’s job position or responsibilities to a position
      or to responsibilities substantially lower than the position and
      responsibilities assigned to Executive upon commencement of the employment
      relationship pursuant to this Agreement; 

     

    (B) a
      failure
      by the Company to comply with any provision of Section 2 of this Agreement
      which
      has not been cured within fifteen (15) business days after notice of such
      noncompliance has been given by Executive to the Company or if such failure
      is
      not capable of being cured in such time, a cure shall not have been diligently
      initiated by Company within such fifteen (15) business day period; and

     

    (C) during
      the twelve (12) months commencing with the effective date of this Agreement,
      a
      relocation of Executive’s place of employment to a location outside of the
      Shenzhen metropolitan area.

     

    3.7 “Disability”
      as used herein means Executive’s inability to discharge a material portion of
      his responsibilities as set forth in Section 1 on account of a physical or
      mental disability for either four (4) consecutive months or six (6)
      non-consecutive months during a 12-month period. A termination of Executive’s
      employment due to Disability will exist upon Executive’s Disability and the
      Company’s election to terminate Executive’s employment.

     

    4. Protection
      of Confidential Information; Non-Competition.

     

    4.1 Executive
      shall sign, or has signed, a Confidential Information and Invention Assignment
      Agreement (the “Confidentiality
      Agreement”).
      Executive hereby represents and warrants to Company that he has complied with
      all obligations under the Confidentiality Agreement and agrees to continue
      to
      abide by the terms of the Confidentiality Agreement and further agrees that
      the
      provisions of the Confidentiality Agreement shall survive any termination of
      this Agreement or of Executive’s employment relationship with Company.

     

    4.2 Executive
      hereby agrees that he shall not, during his employment pursuant to this
      Agreement and for a period of twenty-four (24) months thereafter, do any of
      the
      following without the prior written consent of the Board of Directors:

     

    (a) carry
      on
      any business or activity (whether directly or indirectly, as a partner,
      shareholder, principal, agent, director, affiliate, employee or consultant)
      which is competitive with the business conducted by the Company or any of its
      subsidiaries (as conducted now or as those businesses come to be conducted
      during the term of Executive’s employment), nor engage in any other activities
      that conflict with Executive’s obligations to the Company and its
      subsidiaries.

     

    (b) solicit
      or influence or attempt to influence any client, customer or other person either
      directly or indirectly, to direct his or its purchase of the products and/or
      services of the Company or any of its subsidiaries to any person, firm,
      corporation, institution or other entity in competition with the business of
      the
      Company or any of its subsidiaries.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

       

    

    (c) solicit
      or influence or attempt to influence any person employed by or a consultant
      to
      the Company or any of its subsidiaries to terminate or otherwise cease his
      employment or consulting relationship with the Company or any of its
      subsidiaries or become an employee of any competitor of the Company or its
      subsidiaries. 

     

    (d) Executive
      agrees that breach of this Section 4.2 will cause substantial injury to the
      Company for which money damages will not provide an adequate remedy, and
      Executive agrees that the Company shall have the right to obtain injunctive
      relief, including the right to have this Section 4.2 specifically enforced
      by
      any court having equity jurisdiction, in addition to, and not in limitation
      of,
      any other remedies available to the Company under applicable law.

     

    5. Successors.
      

     

    5.1 This
      Agreement shall be binding upon any successor (whether direct of indirect and
      whether by purchase, lease, merger, consolidation, liquidation or otherwise)
      to
      all or substantially all of the Company’s business and/or assets. For all
      purposes under this Agreement, the term “Company” shall include any successor to
      the Company’s business and/or assets, which becomes bound by this Agreement.

     

    5.2 This
      Agreement and all rights of the Executive hereunder shall inure to the benefit
      of, and be enforceable by, the Executive’s personal or legal representatives,
      executors, administrators, successors, heirs, distributees, devisees and
      legatees. 

     

    6. Indemnification. 
      The
      Company will indemnify and defend Executive to the maximum extent permitted
      by
      law, provided the Executive enters into the Company’s standard form of
      Indemnification Agreement giving him such protection. Pursuant to the
      Indemnification Agreement, the Company will agree to advance any expenses for
      which indemnification is available to the extent allowed by applicable
      law.

     

    7. Miscellaneous
      Provisions.

     

    7.1 All
      notices provided for in this Agreement shall be in writing, and shall be deemed
      to have been duly given when delivered personally to the party to receive the
      same, when transmitted by electronic means, or when mailed first class postage
      prepared, by certified mail, return receipt requested, addressed to the party
      to
      receive the same at his or its address set forth below, or such other address
      as
      the party to receive the same shall have specified by written notice given
      in
      the manner provided for in this Section 7.1. All notices shall be deemed to
      have
      been given as of the date of personal delivery, transmittal or mailing
      thereof.

     

    If
      to
      Executive:       Mr.
      Song
      Hong

    Suite
      A,
      12/F, Ritz Plaza

    122
      Austin Road

    Tsimshatsui,
      Kowloon

    Hong
      Kong
      SAR 

    

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

       

    

      If
        to the
        Company:     8th
        Floor, Building 64,

      Jinlong
        Industry District Majialong

      Nanshan
        District, Shenzhen, PRC

      Post
        Code: 518052

    

    7.2 No
      provision of this Agreement shall be modified, waived or discharged unless
      the
      modification, waiver or discharge is agreed to in writing and signed by the
      Executive and by an authorized officer of the Company (other than the
      Executive). No waiver by either party of any breach of, or of compliance with,
      any condition or provision of this Agreement by the other party shall be
      considered a waiver of any other condition or provision or of the same condition
      or provision at another time.

     

    7.3 No
      other
      agreements, representations or understandings (whether oral or written) which
      are not expressly set forth in this Agreement have been made or entered into
      by
      either party with respect to the subject matter of this Agreement. This
      Agreement and the Confidentiality Agreement contain the entire understanding
      of
      the parties with respect to the subject matter hereof.

     

    7.4 All
      Payments made under this Agreement shall be subject to reduction to reflect
      taxes of other charges required to be withheld by law.

     

    7.5 The
      validity, interpretation, construction and performance of this Agreement shall
      be governed by the laws of Hong Kong (except
      provisions governing the choice of law).

     

    7.6 The
      invalidity or unenforceability of any provision or provisions of this Agreement
      shall not affect the validity or enforceability of any other provision hereof,
      which shall remain in full force and effect.

     

    7.7 This
      Agreement and all rights and obligations of the Executive hereunder are personal
      to the Executive and may not be transferred or assigned by the Executive at
      any
      time. The Company may assign its rights under this Agreement to any entity
      that
      assumes the Company’s obligations hereunder in connection with any sale or
      transfer of all or a substantial portion of the Company’s assets to such
      entity.

     

    7.8 Any
      dispute or claim arising out of or in connection with this Agreement will be
      finally settled by binding arbitration in Hong Kong in accordance with the
      rules
      of the Hong Kong International Arbitration Centre by one arbitrator appointed
      in
      accordance with said rules. The Executive and the Company shall split the cost
      of the arbitration filing and hearing fees and the cost of the arbitrator.
      The
      arbitrator will award attorneys fees to the prevailing party. The arbitrator
      shall apply Hong Kong law, without reference to rules of conflicts of law or
      rules of statutory arbitration, to the resolution of any dispute. Judgement
      on
      the award rendered by the arbitrator may be entered in any court having
      jurisdiction thereof. Notwithstanding the foregoing, the parties may apply
      to
      any court of competent jurisdiction for preliminary or interim equitable relief,
      or to compel arbitration in accordance with this paragraph, without breach
      of
      this arbitration provision. This Section 7.8 shall not apply to any dispute
      or
      claim relating to the Confidentiality Agreement.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

       

    

    7.9 The
      headings of the paragraphs contained in this Agreement are for reference
      purposes only and shall not in any way affect the meaning or interpretation
      of
      any provision of this Agreement.

     

    7.10 This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    

     

    SIGNATURE
      PAGE FOLLOWS

     

    
      
        
        

      

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

     

      
        	
                “COMPANY”

              	
                “EXECUTIVE”

              
	 	 
	
                DIGUANG
                  INTERNATIONAL DEVELOPMENT CO., LTD.

              	
                SONG
                  HONG

              
	 	 
	
                By: 
                  /s/ SONG YI

              	
                By: 
                  /s/ SONG HONG

              
	
                
                  

                

                Title 
                  CHIEF EXECUTIVE OFFICER

              	
                
                  
 

              
	
                
                  
 

              	 

      

     

    
      
        
        

      

      
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    EXHIBIT
      A

    CONFIDENTIALITY
      AGREEMENT

    

    DIGUANG
      INTERNATIONAL DEVELOPMENT CO., LTD.

     

    CONFIDENTIAL
      INFORMATION AND

    INVENTION
      ASSIGNMENT AGREEMENT

     

    

    As
      a
      condition of my becoming employed (or my employment being continued) by Diguang
      International Development Co. Ltd. (the "Company"), a Nevada corporation (the
      “Company”),
      and
      in consideration of my employment or consulting relationship with the Company
      and my receipt of the compensation now and hereafter paid to me by the Company,
      I agree to the following:

     

    1. Employment
      or Consulting Relationship.
      I
      understand and acknowledge that this Agreement does not alter, amend or expand
      upon any rights I may have to continue in the employ of, or in the duration
      of
      my employment with, the Company under any existing agreements between the
      Company and me or under applicable law. Any employment relationship between
      the
      Company and me, whether commenced prior to or upon the date of this Agreement,
      shall be referred to herein as the “Relationship.”

     

    2. Duties.
      I will
      perform for the Company and its subsidiaries such duties as may be designated
      by
      the Company from time to time. During the Relationship, I will devote my best
      efforts to the interests of the Company and its subsidiaries and will not engage
      in other employment or in any activities detrimental to the best interests
      of
      the Company and its subsidiaries without the prior written consent of the
      Company.

     

    3. At-Will
      Relationship.
      I
      understand and acknowledge that except as otherwise provided in the Employment
      Agreement dated March 17, 2006 between the Company and me, my Relationship
      with
      the Company is at-will, as defined under applicable law, meaning that either
      I
      or the Company may terminate the Relationship at any time for any reason or
      no
      reason, without further obligation or liability.

     

    4. Confidential
      Information.

     

    (a) Company
      Information.
      I agree
      at all times during the term of my Relationship with the Company and thereafter,
      to hold in strictest confidence, and not to use, except for the benefit of
      the
      Company to the extent necessary to perform my obligations to the Company under
      the Relationship, or to disclose to any person, firm, corporation or other
      entity without written authorization of the Board of Directors of the Company,
      any Confidential Information of the Company and its subsidiaries which I obtain
      or create. I further agree not to make copies of such Confidential Information
      except as authorized by the Company. I understand that “Confidential
      Information”
means
      any Company proprietary information, technical data, trade secrets or know-how,
      including, but not limited to, research, product plans, products, services,
      suppliers, customer lists and customers (including, but not limited to,
      customers of the Company and its subsidiaries on whom I called or with whom
      I
      became acquainted during the Relationship), prices and costs, markets, software,
      developments, inventions, laboratory notebooks, processes, formulas, technology,
      designs, drawings, engineering, hardware configuration information, marketing,
      licenses, finances, budgets or other business information disclosed to me by
      the
      Company and its subsidiaries either directly or indirectly in writing, orally
      or
      by drawings or observation of parts or equipment or created by me during the
      period of the Relationship, whether or not during working hours. I understand
      that Confidential Information includes, but is not limited to, information
      pertaining to any aspect of the Company’s and its subsidiaries' business which
      is either information not known by actual or potential competitors of the
      Company and its subsidiaries or other third parties not under confidentiality
      obligations to the Company and its subsidiaries, or is otherwise proprietary
      information of the Company and its subsidiaries or its customers or suppliers,
      whether of a technical nature or otherwise. I further understand that
      Confidential Information does not include any of the foregoing items, which
      has
      become publicly and widely known and made generally available through no
      wrongful act of mine or of others who were under confidentiality obligations
      as
      to the item or items involved.

     

    
      
        
        

      

      
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    (b) Prior
      Obligations.
      I
      represent that my performance of all terms of this Agreement as an employee
      of
      the Company has not breached and will not breach any agreement to keep in
      confidence proprietary information, knowledge or data acquired by me prior
      or
      subsequent to the commencement of my Relationship with the Company, and I will
      not disclose to the Company and its subsidiaries or use any inventions,
      confidential or non-public proprietary information or material belonging to
      any
      current or former client or employer or any other party. I will not induce
      the
      Company and its subsidiaries to use any inventions, confidential or non-public
      proprietary information, or material belonging to any current or former client
      or employer or any other party. 

     

    (c) Third
      Party Information.
      I
      recognize that the Company and its subsidiaries have received and in the future
      will receive confidential or proprietary information from third parties subject
      to a duty on the Company’s and its subsidiaries' part to maintain the
      confidentiality of such information and to use it only for certain limited
      purposes. I agree to hold all such confidential or proprietary information
      in
      the strictest confidence and not to disclose it to any person, firm or
      corporation or to use it except as necessary in carrying out my work for the
      Company and its subsidiaries consistent with the Company’s and its subsidiaries'
      agreement with such third party.

     

    5. Inventions.

     

    (a) Inventions
      Retained and Licensed.
      I have
      attached hereto, as Exhibit
      A,
      a list
      describing with particularity all inventions, original works of authorship,
      developments, improvements, and trade secrets which were made by me prior to
      the
      commencement of the Relationship (collectively referred to as “Prior
      Inventions”),
      which
      belong solely to me or belong to me jointly with another, which relate in any
      way to any of the Company’s and its subsidiaries' proposed businesses, products
      or research and development, and which are not assigned to the Company
      hereunder; or, if no such list is attached, I represent that there are no such
      Prior Inventions. If, in the course of my Relationship with the Company, I
      incorporate into a Company product or its subsidiaries product, process or
      machine a Prior Invention owned by me or in which I have an interest, the
      Company is hereby granted and shall have a non-exclusive, royalty-free,
      irrevocable, perpetual, worldwide license (with the right to sublicense) to
      make, have made, copy, modify, make derivative works of, use, sell and otherwise
      distribute such Prior Invention as part of or in connection with such product,
      process or machine.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

       

    

    (b) Assignment
      of Inventions.
      I agree
      that I will promptly make full written disclosure to the Company, will hold
      in
      trust for the sole right and benefit of the Company, and hereby assign to the
      Company, or its designee, all my right, title and interest throughout the world
      in and to any and all inventions, original works of authorship, developments,
      concepts, know-how, improvements or trade secrets, whether or not patentable
      or
      registrable under copyright or similar laws, which I may solely or jointly
      conceive or develop or reduce to practice, or cause to be conceived or developed
      or reduced to practice, during the period of my Relationship with the Company
      (collectively referred to as “Inventions”),
      except as provided in Section 5(e) below. I further acknowledge that all
      Inventions which are made by me (solely or jointly with others) within the
      scope
      of and during the period of my Relationship with the Company are “works
      made for hire”
(to
      the
      greatest extent permitted by applicable law) and are compensated by my salary
      (if I am an employee), unless regulated otherwise by the mandatory law of Hong
      Kong.

     

    (c) Maintenance
      of Records.
      I agree
      to keep and maintain adequate and current written records of all Inventions
      made
      by me (solely or jointly with others) during the term of my Relationship with
      the Company. The records may be in the form of notes, sketches, drawings, flow
      charts, electronic data or recordings, laboratory notebooks, and any other
      format. The records will be available to and remain the sole property of the
      Company at all times. I agree not to remove such records from the Company’s
      place of business except as expressly permitted by Company policy which may,
      from time to time, be revised at the sole election of the Company for the
      purpose of furthering the Company’s business. I agree to return all such records
      (including any copies thereof) to the Company at
      the
      time of termination of my Relationship with the Company as provided for in
      Section 6.

     

    (d) Patent
      and Copyright Rights.
      I agree
      to assist the Company, or its designee, at its expense, in every proper way
      to
      secure the Company’s, or its designee’s, rights
      in
      the Inventions and any copyrights, patents, trademarks, mask work rights, moral
      rights, or other intellectual property rights relating thereto in any and all
      countries, including the disclosure to the Company or its designee of all
      pertinent information and data with respect thereto, the execution of all
      applications, specifications, oaths, assignments, recordations, and all other
      instruments which the Company or its designee shall deem necessary in order
      to
      apply for, obtain, maintain and transfer such rights, or if not transferable,
      waive such rights, and in order to assign and convey to the Company or its
      designee, and any successors, assigns and nominees the sole and exclusive
      rights, title and interest in and to such Inventions, and any copyrights,
      patents, mask work rights or other intellectual property rights relating
      thereto. I further agree that my obligation to execute or cause to be executed,
      when it is in my power to do so, any such instrument or papers shall continue
      after the termination of this Agreement until the expiration of the last such
      intellectual property right to expire in any country of the world. If the
      Company or its designee is unable because of my mental or physical incapacity
      or
      unavailability or for any other reason to secure my signature to apply for
      or to
      pursue any application for any United States or foreign patents, copyright,
      mask
      works or other registrations covering Inventions or original works of authorship
      assigned to the Company or its designee as above, then I hereby irrevocably
      designate and appoint the Company and
      its
      duly authorized officers and agents as my agent and attorney in fact, to act
      for
      and in my behalf and stead to execute and file any such applications and to
      do
      all other lawfully permitted acts to further the application for, prosecution,
      issuance, maintenance or transfer of letters patent, copyright or other
      registrations thereon with the same legal force and effect as if originally
      executed by me. I hereby waive and irrevocably quitclaim to the Company or
      its
      designee any and all claims, of any nature whatsoever, which I now or hereafter
      have for infringement of any and all proprietary rights assigned to the Company
      or such designee.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

       

    

    6. Company
      Property; Returning Company Documents.
      I
      acknowledge and agree that I have no expectation of privacy with respect to
      the
      Company’s telecommunications, networking or information processing systems
      (including, without limitation, stored company files, e-mail messages and voice
      messages) and that my activity and any files or messages on or using any of
      those systems may be monitored at any time without notice. I further agree
      that
      any property situated on the Company’s premises and owned by the Company,
      including disks and other storage media, filing cabinets or other work areas,
      is
      subject to inspection by Company personnel at any time with or without notice.
      I
      agree that, at the time of termination of my Relationship with the Company,
      I
      will deliver to the Company (and will not keep in my possession, recreate or
      deliver to anyone else) any and all devices, records, data, notes, reports,
      proposals, lists, correspondence, specifications, drawings, blueprints,
      sketches, laboratory notebooks, materials, flow charts, equipment, other
      documents or property, or reproductions of any of the aforementioned items
      developed by me pursuant to the Relationship or otherwise belonging to the
      Company, its successors or assigns. In the event of the termination of the
      Relationship, I agree to sign and deliver the “Termination
      Certification”
      attached hereto as Exhibit B;
      however, my failure to sign and deliver the Termination Certificate shall in
      no
      way diminish my continuing obligations under this Agreement.

     

    7. Notification
      to Other Parties.

     

    (a) Employees.
      In
      the
      event that I leave the employ of the Company, I hereby consent to notification
      by the Company to my new employer about my rights and obligations under this
      Agreement.

     

    (b) Consultants.
      I hereby
      grant consent to notification by the Company to any other parties besides the
      Company with whom I maintain a consulting relationship, including parties with
      whom such relationship commences after the effective date of this Agreement,
      about my rights and obligations under this Agreement.

     

    8. Solicitation
      of Employees, Consultants and Other Parties.
      I agree
      that during the term of my Relationship with the Company, and for a period
      of
      twenty-four (24) months immediately following the termination of my Relationship
      with the Company for any reason, whether with or without cause, I shall not
      either directly or indirectly solicit, induce, recruit or encourage any of
      the
      Company’s and its subsidiaries' employees or consultants to terminate their
      relationship with the Company and its subsidiaries, or attempt to solicit,
      induce, recruit, encourage or take away employees or consultants of the Company
      and its subsidiaries, either for myself or for any other person or entity.
      Further, during my Relationship with the Company and at any time following
      termination of my Relationship with the Company for any reason, with or without
      cause, I shall not use any Confidential Information of the Company and its
      subsidiaries to attempt to negatively influence any of the Company’s and its
      subsidiaries' clients or customers from purchasing Company products or services
      or to solicit or influence or attempt to influence any client, customer or
      other
      person either directly or indirectly, to direct his or its purchase of products
      and/or services to any person, firm, corporation, institution or other entity
      in
      competition with the business of the Company and its subsidiaries.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

       

    

    9. Representations
      and Covenants.

     

    (a) Facilitation
      of Agreement.
      I
      agree
      to execute promptly any proper oath or verify any proper document required
      to
      carry out the terms of this Agreement upon the Company’s written request to do
      so.

     

    (b) Conflicts.
      I
      represent that my performance of all the terms of this Agreement does not and
      will not breach any agreement I have entered into, or will enter into with
      any
      third party, including without limitation any agreement to keep in confidence
      proprietary information acquired by me in confidence or in trust prior to
      commencement of my Relationship with the Company. I agree not to enter into
      any
      written or oral agreement that conflicts with the provisions of this
      Agreement.

     

    (c) Voluntary
      Execution.
      I
      certify
      and acknowledge that I have carefully read all of the provisions of this
      Agreement and that I understand and will fully and faithfully comply with such
      provisions.

     

    10. General
      Provisions.

     

    (a) Governing
      Law.
      The
      validity, interpretation, construction and performance of this Agreement shall
      be governed by the laws of Hong Kong, without giving effect to the principles
      of
      conflict of laws.

     

    (b) Entire
      Agreement.
      This
      Agreement sets forth the entire agreement and understanding between the Company
      and me relating to the subject matter herein and merges all prior discussions
      between us. No modification or amendment to this Agreement, nor any waiver
      of
      any rights under this Agreement, will be effective unless in writing signed
      by
      both parties. Any subsequent change or changes in my duties, obligations, rights
      or compensation will not affect the validity or scope of this
      Agreement.

     

    (c) Severability.
      If one
      or more of the provisions in this Agreement are deemed void by law, then the
      remaining provisions will continue in full force and effect.

     

    (d) Successors
      and Assigns.
      This
      Agreement will be binding upon my heirs, executors, administrators and other
      legal representatives, and my successors and assigns, and will be for the
      benefit of the Company, its successors, and its assigns.

     

    (e) Survival.
      The
      provisions of this Agreement shall survive the termination of the Relationship
      and the assignment of this Agreement by the Company to any successor in interest
      or other assignee.

     

    (f) Remedies.
      I
      acknowledge and agree that violation of this Agreement by me may cause the
      Company irreparable harm, and therefore agree that the Company will be entitled
      to seek extraordinary relief in court, including but not limited to temporary
      restraining orders, preliminary injunctions and permanent injunctions without
      the necessity of posting a bond or other security and in addition to and without
      prejudice to any other rights or remedies that the Company may have for a breach
      of this Agreement.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

       

    

    (g) ADVICE
      OF COUNSEL.
      I
      ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO
      SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD
      ALL
      OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE
      CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION
      HEREOF.

     

    

     

    [Signature
      Page Follows]

    

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

       

    

    The
      parties have executed this Agreement on the respective dates set forth
      below:

     

    
       

        
          	COMPANY:	 	EMPLOYEE:
	 	 	 
	DIGUANG
                  INTERNATIONAL DEVELOPMENT
                  CO., LTD	 	SONG
                  HONG, an
                  Individual:
	 	 	 
	By: 
                  /s/ SONG YI	 	/s/
                  SONG HONG
	 	 	Signature
	Name: 
                  SONG YI	 	 
	 	 	 
	Title: 
                  CHIEF EXECUTIVE OFFICER	 	 
	 	 	 
	Date: 
                  APRIL 19, 2006	 	Date: APRIL
                  19, 2006
	 	 	 
	 	 	 
	
                  Address:   
                    8th Floor, Building 64,

                  Jinlong
                    Industry District Majialong

                  Nanshan
                    District, Shenzhen, PRC

                  Post
                    Code: 518052

                	 	
                  Address:   
                    Suite A, 12/F, Ritz Plaza

                  122
                    Austin Road

                  Tsimshatsui,
                    Kowloon

                  Hong
                    Kong SAR

                

        

       

    

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    LIST
      OF PRIOR INVENTIONS

    AND
      ORIGINAL WORKS OF AUTHORSHIP

    EXCLUDED
      UNDER SECTION 5

    

    
      	
               

                      Title        

            	 	
               

                 Date   

            	 	
              Identifying
                Number

              or
                Brief Description

            
	 	 	 	 	 

    

    

    

    

    

     

    

    

    

    

    

    

    

    

    

    ___
      No
      inventions or improvements

     

    ___
      Additional Sheets Attached

     

    Signature
      of Employee:_________________________________

     

    Print
      Name of Employee: _______________________________

     

    Date:
      ______________________________________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    TERMINATION
      CERTIFICATION

     

    This
      is
      to certify that I do not have in my possession, nor have I failed to return,
      any
      devices, records, data, notes, reports, proposals, lists, correspondence,
      specifications, drawings, blueprints, sketches, laboratory notebooks, flow
      charts, materials, equipment, other documents or property, or copies or
      reproductions of any aforementioned items belonging to the Company, its
      subsidiaries, affiliates, successors or assigns (together the “Company”).

     

    I
      further
      certify that I have complied with all the terms of the Company’s Confidential
      Information and Invention Assignment Agreement signed by me, including the
      reporting of any inventions and original works of authorship (as defined
      therein), conceived or made by me (solely or jointly with others) covered by
      that agreement.

     

    I
      further
      agree that, in compliance with the Confidential Information and Invention
      Assignment Agreement, I will preserve as confidential all trade secrets,
      confidential knowledge, data or other proprietary information relating to
      products, processes, know-how, designs, formulas, developmental or experimental
      work, computer programs, data bases, other original works of authorship,
      customer lists, business plans, financial information or other subject matter
      pertaining to any business of the Company or any of its employees, clients,
      consultants or licensees.

     

    I
      further
      agree that for twenty-four (24) months from the date of this Certificate, I
      shall not either directly or indirectly solicit, induce, recruit or encourage
      any of the Company’s employees or consultants to terminate their relationship
      with the Company, or attempt to solicit, induce, recruit, encourage or take
      away
      employees or consultants of the Company, either for myself or for any other
      person or entity. Further, I shall not at any time use any Confidential
      Information of the Company to negatively influence any of the Company’s clients
      or customers from purchasing Company products or services or to solicit or
      influence or attempt to influence any client, customer or other person either
      directly or indirectly, to direct his or its purchase of products and/or
      services to any person, firm, corporation, institution or other entity in
      competition with the business of the Company.

     

    
       

      
        	Date:  
                ___________________________	 	
              
	 	 	________________________________
	 	 	(Employee’s
                Signature)
	 	 	 
	 	 	SONG
                HONG                                                   
                
	 	 	(Type/Print
                Employee’s Name)

      

       

      
        
          
          

        

        
          2Unassociated Document

    EXHIBIT
      10.1

     

    ASSET
      PURCHASE AGREEMENT

     

    By
      and
      Among

     

    HIGHBURY
      FINANCIAL INC.,

     

    ASTON
      ASSET MANAGEMENT LLC

     

    and

     

    ABN
      AMRO
      ASSET MANAGEMENT HOLDINGS, INC.,

     

    ABN
      AMRO
      INVESTMENT FUND SERVICES, INC.,

     

    ABN
      AMRO
      ASSET MANAGEMENT, INC.,

     

    MONTAG
      & CALDWELL, INC.,

     

    TAMRO
      CAPITAL PARTNERS LLC,

     

    VEREDUS
      ASSET MANAGEMENT LLC

     

    and

     

    RIVER
      ROAD ASSET MANAGEMENT, LLC

     

    April
      20,
      2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Exhibit
                A-1

            	
              Target
                Funds

            
	
              Exhibit
                A-2

            	
              Separately
                Managed Accounts

            
	
              Exhibit
                A-3

            	
              Excluded
                Funds

            
	
              Exhibit
                B

            	
              Bill
                of Sale; Assignment and Assumption Agreement

            
	
              Exhibit
                C

            	
              Sub-Advisory
                License Agreement

            
	
              Exhibit
                D

            	
              Officer
                Certificate of Sellers

            
	
              Exhibit
                E

            	
              Secretary
                Certificate of Sellers

            
	
              Exhibit
                F

            	
              Officer
                Certificate of Purchaser

            
	
              Exhibit
                G

            	
              Secretary
                Certificate of Purchaser

            
	
              Exhibit
                H

            	
              Transition
                Services Agreement

            
	
              Exhibit
                I

            	
              Form
                of New Sub-Advisory Agreement

            
	
              Exhibit
                J

            	
              Legal
                Opinion of Sonnenschein Nath & Rosenthal LLP

            
	
              Exhibit
                K

            	
              Legal
                Opinion of Bingham McCutchen LLP

            
	
              Exhibit
                L

            	
              Fund
                Financial Statements and Most Recent Statements of
                Business

            
	
              Exhibit
                M

            	
              Investment
                Advisory Contract

            
	
              Schedule
                1.1

            	
              Acquired
                Assets

            
	
              Schedule
                1.2

            	
              Excluded
                Assets

            
	
              Schedule
                1.3

            	
              Assumed
                Liabilities

            
	
              Schedule
                1.4

            	
              Purchase
                Price Wire Transfer Instructions

            
	
              Schedule
                1.5

            	
              Permitted
                Liens

            
	
              Schedule
                1.7

            	
              Sellers’
                Closing Deliveries

            
	
              Schedule
                1.8

            	
              Purchaser’s
                Closing Deliveries

            
	
              Schedule
                2.1

            	
              No
                Violation

            
	
              Schedule
                2.2

            	
              Fund
                Contracts

            
	
              Schedule
                2.5

            	
              Financial
                Statements

            
	
              Schedule
                2.6

            	
              Proprietary
                Rights

            
	
              Schedule
                2.7

            	
              Title;
                Sufficiency of Assets

            
	
              Schedule
                2.8

            	
              Litigation

            
	
              Schedule
                2.9

            	
              Consents
                and Approvals

            
	
              Schedule
                2.10

            	
              Contracts

            
	
              Schedule
                2.11

            	
              Absence
                of Undisclosed Liabilities

            
	
              Schedule
                2.13

            	
              Tax
                Matters

            
	
              Schedule
                2.14

            	
              Conduct
                of Business Since Date of Most Recent Statement of
                Business

            
	
              Schedule
                2.15

            	
              Affiliate
                Transactions

            
	
              Schedule
                3.3

            	
              Consents
                and Approvals of Purchaser

            
	
              Schedule
                4.2(j)

            	
              Designated
                Employees

            
	
              Schedule
                4.13(a)

            	
              Non-Compete
                Payments

            
	
              Schedule
                4.13(b)

            	
              Designated
                Employee Payments

            
	
              Schedule
                5.3(a)

            	
              Retained
                Names and Marks

            
	
              Schedule
                5.5

            	
              Non-Solicitation

            
	
              Schedule
                5.6(b)

            	
              Additional
                Sub-Advisor Investments

            
	
              Schedule
                5.7

            	
              Seed
                Money

            
	
              Schedule
                8.1(d)

            	
              Consents

            
	
              Schedule
                9.17

            	
              Economic
                Terms of Investment Advisory Contracts and Investment Subadvisory
                Contracts

            

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSET
      PURCHASE AGREEMENT

     

    This
      Asset Purchase Agreement (this “Agreement”), dated as of April 20, 2006 (the
“Effective Date”), is made by and among Highbury Financial Inc., a Delaware
      corporation, and 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”). Except as otherwise defined, capitalized terms herein have their
      respective meanings set forth in Section 9.17.

     

    R
      E C
      I T A L S

     

    WHEREAS,
      Sellers are engaged in the business of providing investment advisory,
      administration, distribution and related services to the Target Funds and to
      the
      Separately Managed Accounts (collectively, the “Business”) and own certain
      assets and rights used in connection with the conduct of the
      Business;

     

    WHEREAS,
      Sellers desire to sell to Purchaser, and Purchaser desires to purchase from
      Sellers, in each case upon the terms and subject to the conditions set forth
      in
      this Agreement and in compliance with Section 15(f) of the 1940 Act, the
      Acquired Assets (the “Acquisition”);

     

    WHEREAS,
      the applicable board of directors or managers of Sellers and where applicable
      the shareholders or members of each Seller have each approved this Agreement
      and
      the transactions contemplated hereby and have determined that this Agreement
      and
      such transactions are advisable and in the best interests of Sellers and their
      shareholders;

     

    WHEREAS,
      the Board of Directors of Purchaser has approved this Agreement and the
      transactions contemplated hereby and has determined that this Agreement and
      such
      transactions are advisable and in the best interests of Purchaser and its
      shareholders;

     

    WHEREAS,
      the Parties hereto desire to make certain representations, warranties, covenants
      and agreements in connection with this Agreement;

     

    WHEREAS,
      concurrently with the execution of this Agreement, and as a condition and
      inducement to Purchaser’s willingness to enter into this Agreement, the Parties
      have entered into a Transition Services Agreement, attached hereto as
Exhibit
      H,
      which
      shall by its terms become effective upon the Effective Date; and

     

    WHEREAS,
      each Seller is willing to agree not to engage in certain activities following
      the consummation of the transactions contemplated hereby or to take certain
      other actions in connection therewith;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOW,
      THEREFORE, in consideration of the foregoing Recitals, the agreements hereafter
      set forth and other good and valuable consideration, the receipt and sufficiency
      of which are hereby acknowledged, the Parties agree as follows:

     

     

    ARTICLE
      1. PURCHASE
      AND SALE OF ASSETS AND ASSUMPTION OF LIABILITIES.

     

    1.1 Purchase
      and Sale of Assets.

     

    Upon
      the
      terms and subject to the conditions set forth in this Agreement, at the Closing,
      Sellers shall sell, convey, transfer, assign and deliver to Purchaser, free
      and
      clear of any Liens, and Purchaser shall purchase, acquire and accept from
      Sellers, all right, title and interest in and to each of the Acquired Assets
      (the “Purchase and Sale”).

     

    1.2 Excluded
      Assets.

     

    It
      is
      understood and agreed that Purchaser shall not acquire from Sellers, and Sellers
      shall retain ownership of, all right, title and interest in and to each of
      the
      Excluded Assets.

     

    1.3 Assumption
      of Liabilities.

     

    Effective
      as of the Closing, Purchaser shall assume, and shall become liable for, the
      Assumed Liabilities. At the Closing, Purchaser and Sellers shall execute and
      deliver an assignment and assumption agreement and such other documents as
      may
      be necessary in respect of Purchaser’s assumption of the Assumed Liabilities
      reasonably satisfactory in form and substance to counsel for Sellers and
      Purchaser. Sellers represent, warrant, covenant and agree with and to Purchaser
      that, with the exception of the Assumed Liabilities, Purchaser shall not assume
      any debts, obligations or liabilities, direct or indirect, contingent or
      otherwise, of any nature whatsoever of any Seller, the Targeted Funds, or their
      respective Subsidiaries or Affiliates, whether in connection with any of the
      Acquired Assets, the Business or otherwise, and Sellers shall retain ownership
      of and responsibility for all such debts, obligations and
      liabilities.

     

    1.4 Purchase
      Price.

     

    Subject
      to the terms and conditions set forth herein, Purchaser shall pay to AAAMHI
      at
      the Closing in cash an aggregate amount equal to $38,600,000 (the “Purchase
      Price”) by wire transfer of immediately available funds, which amount shall be
      paid to the account set forth on Schedule
      1.4.

     

    1.5 Contingent
      Adjustment Amount.

     

    (a) Not
      more
      than ten (10) business days after the Calculation Date, Purchaser shall deliver
      to AAAMHI a statement setting forth Purchaser’s good faith determination of the
      Calculation Date Revenue based on Purchaser’s books and records and other
      information then available (the “Purchaser Calculation Statement”). During the
      thirty (30) day period following delivery to AAAMHI of the Purchaser Calculation
      Statement, Purchaser shall give the Sellers and any accountants and authorized
      representatives of Sellers access at all reasonable times to the properties,
      books, records and personnel of the Business to the extent necessary to enable
      the Sellers to prepare, review and resolve any disputes relating to the
      calculation of the Calculation Date Revenue.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) If
      AAAMHI
      disagrees in good faith with Purchaser’s determination of the Calculation Date
      Revenue, AAAMHI shall, within thirty (30) days after receipt of the Purchaser
      Calculation Statement, notify Purchaser in writing of such disagreement (a
      “Disagreement Notice”), and Purchaser and AAAMHI thereafter shall negotiate in
      good faith to resolve any such disagreements. If Purchaser and AAAMHI are unable
      to resolve any such disagreements within thirty (30) days after AAAMHI delivers
      the Disagreement Notice, Purchaser and AAAMHI shall submit the dispute to the
      Independent Accounting Firm for resolution. The resolution of such disagreements
      and the determination of the Calculation Date Revenue by the Independent
      Accounting Firm shall be final and binding on Purchaser and Sellers. The first
      date upon which the Calculation Date Revenue has been definitively determined
      pursuant to this Section 1.5 shall be referred to herein as the “Resolution
      Date.” Fees and expenses of the Independent Accounting Firm shall be paid as
      follows: (i) to the extent the Independent Accounting Firm’s determination
      of the Calculation Date Revenue is less than 103% of the Calculation Date
      Revenue set forth in the Purchaser Calculation Statement, the fees shall be
      borne by AAAMHI; (ii) to the extent the Independent Accounting Firm’s
      calculated Contingent Adjustment Amount is at least 103% but not greater than
      107% of the Calculation Date Revenue as reflected in the Purchaser Calculation
      Statement, the fees shall be equally split between Purchaser and AAAMHI; and
      (iii) to the extent the Independent Accounting Firm’s calculated Contingent
      Adjustment Amount is 107% or more of the Calculation Date Revenue as reflected
      in the Purchaser Calculation Statement, the fees shall be paid by Purchaser.
      If
      Purchaser does not receive a Disagreement Notice within thirty (30) days of
      delivery of the Purchaser Calculation Statement, then the determination of
      the
      Calculation Date Revenue set forth in the Purchaser Calculation Statement shall
      be final.

     

    (c) If
      the
      Calculation Date Revenue is within $3,800,000 (the “TR Allowance”) of the Target
      Revenue, then the Contingent Adjustment Amount shall equal zero. If the
      Calculation Date Revenue is more than the Target Revenue by an amount greater
      than the TR Allowance, then Purchaser shall, within five (5) business days
      after
      the Resolution Date, pay to AAAMHI, in immediately available funds, an amount
      equal to the lesser of (1) the positive difference of (x) the Calculation Date
      Revenue minus (y) the sum of the Target Revenue and the TR Allowance and (2)
      the
      Purchaser Cap Amount. If the Calculation Date Revenue is less than the Target
      Revenue by an amount greater than the TR Allowance, then AAAMHI shall, within
      five (5) business days after the Resolution Date, pay to Purchaser, in
      immediately available funds, an amount equal to the lesser of (1) the positive
      difference of (x) the Target Revenue minus (y) the sum of the Calculation Date
      Revenue and the TR Allowance and (2) the Seller Cap Amount.

     

    (d) From
      the
      Closing Date to the Calculation Date, Purchaser, without AAAMHI’s prior written
      consent, which shall not be unreasonably withheld or delayed, shall not sponsor
      or make a proposal to the trustees or shareholder of any Target Fund to take
      any
      of the following actions, if doing so would be reasonably likely to materially
      reduce the Contingent Adjustment Amount payable by the Purchaser to AAAMHI:
      (i) change the fees assessed under the Investment Subadvisory Contracts;
      (ii) take any action primarily aimed at artificially decreasing the
      Calculation Date Revenue including, without limitation, by shifting revenues
      out
      of the Determination Period; (iii) directly or indirectly sell or transfer
      the Business or a material portion of the Acquired Assets outside of the
      ordinary course of business; or (iv) merge or dissolve any Target Fund;
      provided that Purchaser may propose to merge any Target Fund with another Target
      Fund; provided that the foregoing shall in no way limit the discretion of the
      trustees to take any action inconsistent with any of the forgoing sections
      or to
      otherwise act in a manner consistent with their fiduciary duties; provided
      further that nothing herein shall preclude the Purchaser from taking, or
      refraining to take, any action to the extent that Purchaser is specifically
      required to do so by the board of trustees of a Target Fund based upon the
      Board
      of Trustee’s independent determination which was not the result of any
      solicitation, proposal, request, encouragement or recommendation made by
      Purchaser or any of its employees, Affiliates, agents or advisors. Purchaser
      may, at any time in its sole discretion, pay to AAAMHI the Purchaser Cap Amount
      whereupon, notwithstanding any other provision of this Section 1.5 (or, after
      the first anniversary of the Closing Date, Section 5.8), Purchaser and Sellers
      shall be released from (1) the obligations set forth in this Section 1.5 (and,
      after the first anniversary of the Closing Date Section 5.8), (2) any and all
      liability with respect to any previous non-compliance with such provisions,
      and
      (3) any obligation then existing or thereafter arising to pay any Contingent
      Adjustment Amount.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e) To
      the
      extent that the board of trustees of any of the Target Funds elects to take
      an
      action which results in the occurrence of an event (a “Fund Change”) described
      in Section 1.5(d)(i)-(iv) above with respect to any of the Target Funds,
      Purchaser shall provide AAAMHI prompt written notice thereof, and AAAMHI and
      Purchaser hereto agree to negotiate in good faith the calculation (the “Amended
      Calculation”) for determining the Contingent Adjustment Amount to make such
      equitable adjustments as are appropriate to take into account such Fund Change.
      To the extent AAAMHI and Purchaser are unable to agree on the Amended
      Calculation within sixty (60) days after written notice was delivered by
      Purchaser regarding such Fund Change, AAAMHI and Purchaser agree to submit
      such
      determination to binding arbitration in Cook County, Illinois, in accordance
      with the then-prevailing Commercial Arbitration Rules of the American
      Arbitration Association. Judgment upon the award rendered by such arbitration
      may be entered in any court having jurisdiction. The Parties shall appoint
      one
      arbitrator (the “Arbitrator”). If the Parties cannot agree on the appointment of
      the Arbitrator within two (2) business days of the nomination by AAAMHI of
      an
      Arbitrator, then such Arbitrator shall be appointed pursuant to the
      International Arbitration Rules of the American Arbitration Association, but
      in
      no event shall the appointment of an Arbitrator take longer than five (5)
      business days after AAAMHI’s nomination of an Arbitrator. As soon as the
      Arbitrator has been appointed, a hearing date shall be set within ten (10)
      business days thereafter. Written submittals shall be presented and exchanged
      by
      the Parties five (5) days before the hearing date. At such time, the Parties
      also shall exchange copies of all documentary evidence upon which they will
      rely
      at the arbitration hearing and a list of the witnesses whom they intend to
      call
      to testify at the hearing. The Arbitrator shall make his/her determination
      within ten (10) days after the hearing. The fees and expenses of the Arbitrator
      shall be split evenly between Purchaser and AAAMHI, and each Party will bear
      the
      fees and expenses of its own attorneys and experts.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.6 Closing.

     

    Consummation
      of the transactions contemplated hereby (the “Closing”) shall take place at the
      offices of Sonnenschein Nath & Rosenthal LLP, 7800 Sears Tower, 233 South
      Wacker Drive, Chicago, Illinois 60606-6404, at 5:00 p.m., local time, on the
      last business day of the month in which all of the conditions set forth in
      Sections 8.1 and 8.2 have been either satisfied or waived, or at such other
      time
      and place and on such other date as Purchaser and Sellers shall agree (the
      “Closing Date”).

     

    1.7 Sellers’
      Closing Deliveries.

     

    Subject
      to the conditions set forth in this Agreement, at the Closing, simultaneous
      with
      Purchaser’s deliveries hereunder, Sellers shall deliver or cause to be delivered
      to Purchaser all of the documents and instruments set forth on Schedule
      1.7,
      all in
      form and substance reasonably satisfactory to Purchaser and its
      counsel.

     

    1.8 Purchaser’s
      Closing Deliveries.

     

    Subject
      to the conditions set forth in this Agreement, at the Closing, simultaneous
      with
      Sellers’ deliveries hereunder, Purchaser shall deliver or cause to be delivered
      to Sellers all of the documents and instruments set forth on Schedule
      1.8,
      all in
      form and substance reasonably satisfactory to Sellers and their
      counsel.

     

     

    ARTICLE
      2. REPRESENTATIONS
      AND WARRANTIES OF SELLER.

     

    AAAMHI
      and AAIFS, jointly and severally with respect to each other and each of the
      other Sellers, and each other Seller, severally but not jointly, hereby
      represent and warrant to Purchaser the following as of the Effective Date and
      as
      of the Closing (provided that a particular representation or warranty shall
      be
      deemed to be qualified by a particular item of disclosure set forth in the
      Schedules only if, and to the extent that, (i) the disclosure is set forth
      or
      incorporated by reference in the Schedule having the number corresponding to
      the
      subsection containing the representation or warranty being qualified or (ii)
      the
      applicability of such disclosure to the subsection containing the representation
      or warranty being qualified is reasonably apparent on its face):

     

    2.1 Corporate
      Organization; Capitalization; No Violation.

     

    (a) Seller
      is
      a corporation or limited liability company (as applicable) duly organized,
      validly existing and in good standing under the Laws of the applicable state
      of
      its organization and in each other jurisdiction except where the failure to
      so
      qualify could not reasonably be expected to have a Material Adverse Effect.
      Seller has all requisite corporate power and authority to (i) own, operate
      and lease its assets and to carry on the Business as currently conducted,
      (ii) make, execute and deliver this Agreement and the Transaction Documents
      to which it is a party, and (iii) perform all of its obligations to be
      performed by it hereunder and thereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) All
      of
      the issued and outstanding stock of AAIFS, AAAMI, and Montag is owned by AAAMHI.
      All of the issued and outstanding capital membership interests of TAMRO are
      owned by AAAMHI. Of the issued and outstanding membership interests of Veredus,
      50% of such interest is owned by AAAMHI and 50% is held by Persons who are
      or
      were employees of Veredus. Of the issued and outstanding membership interests
      of
      River Road, 45% of such interest is owned by AAAMHI and 55% of such interest
      is
      held by Persons who are or were employees of River Road.

     

    (c) Except
      as
      set forth on Schedule
      2.1,
      the
      execution, delivery and performance by Seller of this Agreement and the
      Transaction Documents to which it is a party does not and will not conflict
      with
      or result in any violation of, or constitute a breach or default under (or
      an
      event that with notice or lapse of time or both would become a default under):
      (i) any term of the charter documents, bylaws or other organizational
      documents of Seller, and (ii) except as individually or in the aggregate
      could not be considered material to the Business (A) any note, bond,
      mortgage, indenture, loan or indebtedness for borrowed money of Seller,
      (B) any agreement, permit or other instrument to which Seller is subject,
      or (C) any Law of any Governmental Entity to which Seller is
      subject.

     

    2.2 ABN
      AMRO Funds; Target Funds.

     

    (a) ABN
      AMRO
      Funds is an open-end management investment company duly registered under the
      1940 Act and duly recognized, validly existing and in good standing as a
      Delaware business trust and has full power, right and authority to own its
      properties and to carry on its business as it is now conducted, and is qualified
      to do business in each jurisdiction where it is required to do so under
      applicable Laws.

     

    (b) Each
      Target Fund as to which Seller is an investment advisor is a duly established
      series of ABN AMRO Funds.

     

    (c) No
      Target
      Fund as to which Seller is an investment advisor is in default in performing,
      observing or fulfilling the terms or conditions of its declaration of trust
      or
      bylaws and these documents are in full force and effect.

     

    (d) The
      shares of each Target Fund as to which Seller is an investment advisor
      outstanding at any time (i) have been issued and sold in compliance with
      requirements of Law in all material respects, (ii) are qualified for public
      offering and sale in each jurisdiction where offers are made to the extent
      required pursuant to the requirements of Law, and (iii) have been duly
      authorized and validly issued and are fully paid and, to the extent applicable,
      non-assessable.

     

    (e) Set
      forth
      in Exhibit
      A-1
      opposite
      each Target Fund as to which Seller is an investment advisor is the
      (i) authorized shares as of October 31, 2005 (the “Capitalization Date”),
      (ii) par value, and (iii) shares that were issued and outstanding (the
“Fund Shares”) as of the Capitalization Date. Fund Shares represent the only
      authorized capital stock of the Target Funds as of the Capitalization Date
      and
      issued and outstanding as of the Capitalization Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (f) No
      Seller
      or any “affiliated person” (as such term is defined in the 1940 Act) of Seller
      or the Target Funds receives or is entitled to receive any compensation directly
      or indirectly (i) from any Person in connection with the purchase or sale
      of securities or other property to, from or on behalf of any of the Target
      Funds, other than bona fide ordinary compensation as principal underwriter
      for
      the Target Funds or as broker in connection with the purchase or sale of
      securities in compliance with Section 17(e) of the 1940 Act or
      (ii) from the Target Funds or its shareholders for other than bona fide
      investment advisory, administrative or other services.

     

    (g) Seller
      has delivered or made available to the Purchaser copies of the following
      documents (“Fund Contracts”) in effect as of the date of this Agreement, each of
      which is listed in Schedule 2.2:

     

    
      	 	
              (i)

            	
              each
                advisor agreement in effect and related to the Target Funds as to
                which
                Seller is an investment advisor (“Existing Investment Advisor Agreements”)
                or sub-advisor agreement in effect and related to Target Funds (the
                “Subadvisory Agreements”);

            

    

     

    
      	 	
              (ii)

            	
              the
                custody agreements, transfer agent agreements, accounting services
                agreements, shareholder services agreements, administrative service
                and
                similar agreements by which a Target Fund is bound or under which
                it
                receives services;

            

    

     

    
      	 	
              (iii)

            	
              the
                prospectuses, statement of additional information and similar selling
                or
                offering documents distributed in connection with offering interests
                in a
                Target Fund;

            

    

     

    
      	 	
              (iv)

            	
              the
                declarations and all amendments thereto, the bylaws and all amendments
                thereto, and other organizational documents of a Target Fund;
                and

            

    

     

    
      	 	
              (v)

            	
              any
                other agreements, contracts and commitments material to a Target
                Fund’s
                business or operations, except for documents relating to the purchase
                of
                specific portfolio investments by or for a Target
                Fund.

            

    

     

    Except
      as
      disclosed in Schedule 2.2,
      there
      does not exist under any Fund Contract relating to any Target Fund as to which
      Seller is an Investment Advisor, an event of default or event or condition
      that,
      after notice or lapse of time or both, would constitute an event of default
      under it on the part of Seller or any of its Affiliates, the Target Fund party
      to it, or, to Seller’s Knowledge, on the part of any other party to it (except
      for defaults, events or conditions that, individually and in the aggregate,
      could not reasonably be expected to have a Material Adverse
      Effect).

     

    (h) To
      the
      Knowledge of Sellers, each Existing Investment Advisor Agreement and Subadvisory
      Agreement relating to any Target Fund or to which Seller is an Investment
      Advisor which is subject to Section 15 of the 1940 Act has been duly
      approved at all times and is in compliance in all material respects with
      Section 15 of the 1940 Act and all other applicable Laws. Each such
      Existing Investment Advisor Agreement and Subadvisory Agreement has been
      performed by Sellers in accordance with the 1940 Act and all other applicable
      Laws, except for such failures of performance which, individually or in the
      aggregate, have not had or could not reasonably be expected to have a Material
      Adverse Effect.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i) A
      copy of
      each distribution plan adopted by the board of trustees of the ABN AMRO Funds
      under Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”) with respect to each of
      the Target Funds as to which Seller is an Investment Advisor has been made
      available to Purchaser, and all distribution payments since January 1, 2002
      have
      been made in compliance with the related Rule 12b-1 Plan in all material
      respects and in conformity with applicable Law in all material respects. Any
      payments for distribution or shareholder servicing activities in excess of
      the
      amounts provided under the Rule 12b-1 Plans (“Revenue Sharing Payments”)
      have been paid by Seller or its Affiliates out of their past profits or other
      available sources. No Revenue Sharing Payments are obligations of or have been
      borne by any of the Target Funds as to which Seller is an Investment
      Advisor.

     

    (j) Since
      January 1, 2002, each Target Fund as to which Seller is an Investment
      Advisor has filed the prospectuses, annual information forms, registration
      statements, proxy statements, financial statements, other forms, reports,
      advertisements and other documents required to be filed with applicable
      regulatory authorities, except where the failure to file could not reasonably
      be
      expected to have a Material Adverse Effect. These documents were prepared in
      accordance with applicable Law in all material respects.

     

    (k) Each
      Target Fund as to which Seller is an investment advisor is, and since January
      1,
      2002 has been, in compliance in all material respects with its respective
      investment objectives and policies.

     

    (l) Each
      Target Fund as to which Seller is an investment advisor has (i) duly
      adopted written policies and procedures required by Rule 38a-1 under the 1940
      Act and (ii)
      designated and approved an appropriate chief compliance officer in accordance
      with such rule. All such policies and procedures comply in all material respects
      with applicable Laws and there have been no material violations or allegations
      of material violations of such policies and procedures.

     

    (m) Each
      Target Fund as to which Seller is an Investment Advisor is, and has been in
      compliance with, and has not received notice of a violation of, the Laws,
      regulations, ordinances and rules (including those of any non-governmental
      self-regulatory agencies) applying to it or its operations (except for failures
      to be in compliance and violations that could not reasonably be expected to
      have
      a Material Adverse Effect).

     

    (n) All
      authorizations needed to conduct the operations of the Target Funds as to which
      Seller is an Investment Advisor have been duly obtained and are in full force
      and effect. There are no proceedings pending or, to the Seller’s Knowledge,
      threatened that would result in the revocation, cancellation or suspension,
      or
      adverse modification, of any such authorizations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.3 Securities
      Activity Regulatory Compliance.

     

    (a) To
      the
      extent Seller is a Selling Registered Adviser, Seller is, and at all times
      required by the Advisers Act during the past five years has been, duly
      registered as an investment adviser under such act. Each Selling Registered
      Adviser is duly registered, licensed or qualified as an investment adviser
      in
      each jurisdiction where the conduct of its business requires such registration,
      licensing or qualification. Each Selling Registered Adviser has delivered to
      the
      Purchaser a true and complete copy of its Form ADV, as amended to date, filed
      by
      Selling Registered Adviser with the SEC, copies of all state notice filing
      forms, likewise as amended to date, and copies of all current reports required
      to be kept by Selling Registered Adviser pursuant to the Advisers Act. The
      information contained in such forms and reports was true and complete at the
      time of filing in all material respects. Each Selling Registered Adviser has
      filed all material amendments required to be filed to its
      Form ADV.

     

    (b) To
      the
      extent Seller is a Selling Registered Adviser, Seller (i) has adopted a
      formal code of ethics complying with Section 17(j) of the 1940 Act and Rule
      204A-1 promulgated under the Advisers Act; (ii) has adopted and implemented
      a written policy on insider trading complying with Section 204A of the Advisers
      Act; (iii) has adopted and implemented a written policy on allocations of
      initial public offerings of securities; (iv) has adopted and implemented written
      policies and procedures with respect to proxy voting complying with Rule
      206(4)-6 promulgated under the Advisers Act; and (v) has adopted and
      implemented written policies and procedures reasonably designed to prevent
      violations of the Advisers Act and the rules promulgated thereunder, and
      designated and approved an appropriate chief compliance officer, in accordance
      with Rule 206(4)-7 under the Advisers Act.

     

    2.4 Execution
      and Delivery; Authority.

     

    This
      Agreement and the other Transaction Documents to which Seller is a party have
      been duly and validly executed and delivered by Seller and, assuming due
      authorization, execution and delivery by Purchaser, constitute valid and binding
      obligations of Seller, enforceable against Seller in accordance with its terms,
      except to the extent that enforceability may be limited by bankruptcy,
      insolvency, reorganization, moratorium or other similar Laws affecting the
      enforcement of creditors’ rights in general and subject to general principles of
      equity and the discretion of courts in granting equitable remedies. The
      execution and delivery by Seller of this Agreement and the other Transaction
      Documents to which each is a party, the performance by Seller of its obligations
      hereunder and thereunder and the consummation by Seller of the transactions
      contemplated hereby and thereby have been duly authorized pursuant to and in
      accordance with the Laws governing Seller and no other proceedings on the part
      of Seller are necessary to authorize such execution, delivery and
      performance.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.5 Financial
      Statements.

     

    Attached
      hereto as Exhibit L
      are true
      and complete copies of the following financial statements: (x) audited
      statement of net assets as of October 31, 2005 of each of the Target Funds
      as to
      which Seller is an Investment Advisor (collectively, the “Fund Financial
      Statements”), and (y) unaudited statements which set forth the net revenues
      of the Business and payments on behalf of the Business to third parties for
      the
      twelve (12) month period ending December 31, 2005 and for the three-month period
      ended March 31, 2006 (such unaudited statements being referred to herein as
      the
“Most Recent Statement of Business”). Except as set forth on Schedule 2.5:
      (A) the
      Fund Financial Statements and the Most Recent Statement of Business, (i) have
      been derived from the accounting books and records of the Business or the Target
      Funds, as applicable; (ii) were prepared in all material respects in
      accordance with GAAP, except, in the case of interim financial statements,
      for
      the absence of notes thereto and normal year-end adjustments; (iii) in the
      case of the Fund Financial Statements, present fairly, in all material respects,
      the financial position of each Target Fund as of the date of the Fund Financial
      Statements and the results of operations and changes in net assets of each
      Target Fund during the period covered by the Fund Financial Statements in
      accordance with GAAP; and (iv) in the case of the Most Recent Statement of
      Business, present fairly, in all material respects, the net revenues of the
      Business and the payments on behalf of the Business to third parties for the
      applicable periods reflected on the Most Recent Statement of Business in
      accordance with GAAP; and (B) the Fund Financial Statements have been certified
      by Ernst & Young LLP.

     

    2.6 Proprietary
      Rights.

     

    (a) Schedule
      2.6(a)
      contains
      a complete and accurate list of all Proprietary Rights owned or, where indicated
      on such Schedule, licensed by any Seller and constitute all of the Proprietary
      Rights used, held for use or useful in or necessary to the Business of such
      Seller (the “Business Proprietary Rights”). Except as set forth on Schedule
      2.6(b),
      there
      exist no restrictions on the disclosure, transfer or, to the Knowledge of the
      Sellers, use of such Business Proprietary Rights, and Seller has not licensed
      or
      otherwise granted any rights to use any of the Business Proprietary Rights
      to
      any third party.

     

    (b) Except
      as
      set forth on Schedule
      2.6(b):

     

    
      	 	
              (i)

            	
              the
                Sellers own all right, title, and interest in and to all of the Business
                Proprietary Rights (in each case free and clear of all Liens, other
                than
                Permitted Liens);

            

    

     

    
      	 	
              (ii)

            	
              there
                have been no claims made against any Seller since January 1, 2002,
                asserting the invalidity, misuse or unenforceability of any of the
                Business Proprietary Rights or asserting that the conduct by any
                Seller
                with respect to its conduct associated with the Business has infringed
                or
                misappropriated any Business Proprietary Rights of any other
                Person;

            

    

     

    
      	 	
              (iii)

            	
              to
                the Knowledge of Sellers, the Business Proprietary Rights have not
                been
                infringed or misappropriated by any other Person;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                consummation of the transactions contemplated hereby will not have
                a
                Material Adverse Effect on any Business Proprietary
                Right.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.7 Title;
      Sufficiency of Assets.

     

    Except
      as
      set forth on Schedule
      2.7,
      Seller
      has good and marketable title to all of its Acquired Assets, free and clear
      of
      all Liens, other than Permitted Liens. At the Closing, Purchaser will be vested
      with good and marketable title in and to the Acquired Assets sold by Seller,
      free and clear of all Liens, other than Permitted Liens. Except as set forth
      on
Schedule
      2.7,
      on the
      Closing Date, Purchaser will own, possess, have a valid license to, have a
      valid
      lease in or otherwise have the right to use all of the rights, properties and
      assets necessary to conduct the Business of Seller in all material respects
      as
      currently conducted and as the same will be conducted on the Closing
      Date.

     

    2.8 Litigation.

     

    Except
      as
      set forth on Schedule
      2.8,
      there
      is no action, suit, proceeding, investigation or inquiry (i) pending against
      any
      Target Fund or to which Seller is an Investment Advisor or against Seller in
      respect of any Target Fund or Seller’s Business, (ii) to the Knowledge of any
      Seller, threatened against any Target Fund or against Seller in respect of
      any
      Target Fund, or (iii) to the Knowledge of Seller, pending or threatened against
      any sub-advisor of any Target Fund, in each case, before any arbitrator or
      before or by any Governmental Entity, official or self-regulatory body. There
      is
      no action, suit or proceeding pending or, to the Knowledge of any Seller,
      threatened against Seller, before any arbitrator or any Governmental Entity
      or
      official or self-regulatory body which in any manner challenges or seeks to
      prevent, enjoin, alter or materially delay the transactions contemplated by
      this
      Agreement. Except as set forth on Schedule 2.8,
      none of
      the Target Funds to which Seller is the Investment Advisor, Seller or, to the
      Knowledge of Seller, any sub-advisors of any Target Funds, have received any
      request from the SEC or any other governmental body or any self-regulatory
      authority for documents or information regarding (A) the practice of short-term
      buying or selling of any such Target Fund shares in order to exploit
      inefficiencies in the pricing of any Target Fund shares or (B) the receipt
      and
      transmission of orders to purchase or redeem any such Target Fund shares after
      4:00 p.m. Eastern time.

     

    2.9 Consents
      and Approvals.

     

    Except
      as
      set forth on Schedule
      2.9,
      no
      consent, approval, waiver, authorization, notice or filing with any Governmental
      Entity or other third Person is required to be made or obtained by Seller in
      connection with the execution, delivery and performance by Seller of this
      Agreement.

     

    2.10 Contracts.

     

    Seller
      represents that Schedule
      2.10
      lists
      the following contracts and other agreements related to the Business to which
      Seller is a party:

     

    
      	 	
              (i)

            	
              each
                agreement for the lease of personal property to or from any Person
                providing for lease payments in excess of $250,000 per
                annum;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              each
                agreement under which it has created, incurred, assumed or guaranteed
                any
                indebtedness for borrowed money or any capitalized lease obligation,
                in
                excess of $250,000, or under which it has imposed a Lien on any of
                its
                assets, tangible or intangible;

            

    

     

    
      	 	
              (iii)

            	
              each
                agreement that materially restricts the ability of any Seller to
                engage in
                the Business;

            

    

     

    
      	 	
              (iv)

            	
              each
                license agreement (as licensor or licensee), other than licenses
                of
                off-the-shelf software entered into in the ordinary course of
                business;

            

    

     

    
      	 	
              (v)

            	
              any
                indenture, mortgage, promissory note, loan agreement, guaranty or
                other
                agreement or commitment for the borrowing of money;
                and

            

    

     

    
      	 	
              (vi)

            	
              each
                material agreement with any Seller or their
                Affiliates.

            

    

     

    Seller
      has made available to Purchaser a correct and complete copy of each written
      agreement to which it is a party listed in Schedule 2.10.
      Each
      such agreement is valid, binding and enforceable by Seller, except to the extent
      that enforceability may be limited by bankruptcy, insolvency, reorganization,
      moratorium or other similar Laws affecting the enforcement of creditors’ rights
      in general and subject to general principles of equity and the discretion of
      courts in granting equitable remedies, or in the aggregate could not reasonably
      be expected to have a Material Adverse Effect. Seller is not in breach or
      default under any agreement, and no event has occurred which with notice or
      lapse of time or both would constitute a breach or default thereunder by Seller,
      or permit termination, modification, or acceleration by the other party thereto,
      except such as individually or in the aggregate could not reasonably be expected
      to have a Material Adverse Effect.

     

    2.11 Absence
      of Undisclosed Liabilities.

     

    Except
      as
      set forth on Schedule
      2.11
      hereto,
      to the Seller’s Knowledge, no Target Fund as to which Seller is an Investment
      Advisor has any indebtedness, obligation, expense, claim, deficiency, guaranty
      or endorsement of any type, whether accrued, absolute, contingent, matured,
      unmatured or other (whether or not required to be reflected in the Fund
      Financial Statements in accordance with GAAP) which (i) exceeds $50,000
      individually or in the aggregate and (ii) has (x) not been reflected on the
      Most Recent Statement of Business, or (y) arisen in the ordinary course of
      Business consistent with past practices since the date of the Most Recent
      Statement of Business.

     

    2.12 Licenses;
      Compliance with Laws.

     

    (a) Seller
      holds all licenses, franchises, permits and authorizations necessary for the
      lawful conduct of its Business, except such as individually or in the aggregate
      could not reasonably be expected to have a Material Adverse Effect. The Business
      is not being conducted by Seller in violation of any Laws of any Governmental
      Entity, except such as individually or in the aggregate could not reasonably
      be
      expected to have a Material Adverse Effect.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Neither
      Seller nor any of the Target Funds for which it is an Investment Advisor has
      any
      agreements or understandings (i) with any individual shareholder or group of
      shareholders to permit or encourage the practice of short-term buying or selling
      of Target Fund shares or (ii) relating to the receipt and transmission of orders
      to purchase or redeem Target Fund shares after 4:00 p.m. Eastern time, other
      than arrangements with financial intermediaries (including, without limitation,
      retirement plan administrators) who are to receive orders from investors prior
      to 4:00 p.m. Eastern time.

     

    (c) To
      the
      Knowledge of Seller, no hedge fund owned by Target Fund has (i) engaged in
      the
      practice of short-term buying or selling of shares of registered investment
      companies or (ii) placed orders to purchase or redeem such shares after 4:00
      p.m. Eastern time.

     

    2.13 Tax
      Matters.

     

    Except
      as
      set forth on Schedule
      2.13,
      all of
      Seller’s Tax Returns are true and complete in all material respects. Seller has
      paid all Taxes shown to be due and payable on such Tax Returns, except to the
      extent that such amounts are recorded as a liability or reserved against on
      the
      Most Recent Statement of Business and, except as set forth on Schedule
      2.13,
      have
      paid, or, as of the date of the Most Recent Statement of Business, have made
      adequate provision for and will pay when due, to the proper Governmental Entity
      all withholding amounts required to be paid to such Governmental Entity, except
      such as individually or in the aggregate could not reasonably be expected to
      have a Material Adverse Effect. Except as set forth on Schedule
      2.13,
      no
      agreements, waivers or other arrangements exist providing for an extension
      of
      time with respect to the filing of, payment by, or assessment against, Seller
      in
      respect of any Taxes. Except as set forth on Schedule
      2.13,
      Seller
      is not a party to nor bound by any Tax sharing or allocation agreement or has
      any current or potential contractual obligation to indemnify any other Person
      with respect to Taxes. Seller has not been a real property holding corporation
      within the meaning of Section 897(c)(2) of the Code during the applicable
      periods specified in such section. There are no Liens or security interests
      on
      any of the assets of Seller that arose in connection with any failure (or
      alleged failure) to pay any Tax. No claim has ever been made by an authority
      in
      a jurisdiction where Seller does not file Tax Returns that it is or may be
      subject to taxation by that jurisdiction. Seller does not expect any authority
      to assess any additional Taxes for any period for which Tax Returns have been
      filed. There is no dispute or claim concerning any Tax liability of Seller
      either claimed or raised by any authority in writing, or to the Knowledge of
      any
      Seller, threatened. Schedule 2.13
      lists
      all jurisdictions in which Tax Returns are filed with respect to Seller and
      indicates those Tax Returns that have been audited or that are currently the
      subject of audit. Except as disclosed in Schedule 2.13,
      (i) each Target Fund has made, or will make, the election in
      Section 851(b) of the Code for its first federal income tax year for which
      it represented to its shareholders that it was a registered investment company
      (a “RIC”); (ii) except for its current federal income tax year, each Target
      Fund has qualified as a RIC for that first federal income tax year and for
      each
      succeeding federal income tax year; and (iii) each Target Fund has properly
      filed the Tax Returns that it is required to file, and has paid all Taxes that
      it is required to pay. This Section 2.13 contains the sole and exclusive
      representations and warranties of Sellers with respect to Taxes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.14 Conduct
      of Business Since Date of Most Recent Statement of Business.

     

    Except
      as
      set forth on Schedule 2.14,
      since
      the date of the Most Recent Statement of Business:

     

    (a) the
      Business has not suffered a Material Adverse Effect;

     

    (b) Seller
      has not sold, leased or otherwise disposed of any properties or assets, except
      in the ordinary course of business;

     

    (c) Seller
      has not mortgaged, pledged or otherwise subjected any of the Acquired Assets
      to
      any Lien, other than Permitted Liens;

     

    (d) no
      event,
      change, condition or other matter has occurred with respect to Seller, the
      Business or the Target Funds for which any Seller is an Investment Advisor
      that
      has had or could reasonably be expected to have a Material Adverse Effect;
      and

     

    (e) except
      as
      expressly contemplated by this Agreement and the Transaction Documents, Seller
      has not agreed to take any of the foregoing actions.

     

    2.15 Affiliate
      Transactions.

     

    Except
      as
      identified on Schedule
      2.15,
      no
      officer, director, stockholder or Affiliate of any Seller (i) is a party
      directly or indirectly to any agreement, contract, commitment or transaction
      with any other Seller or (ii) directly or indirectly has any material
      interest in any material property used by any Sellers.

     

    2.16 Brokers
      and Finders.

     

    Except
      for amounts owed by Sellers to UBS Securities, LLC in connection with the
      transactions contemplated by this Agreement, there are no outstanding broker,
      finder or investment banker fees or commissions owed or to be owed by Sellers
      in
      connection with the transactions contemplated by this Agreement.

     

    2.17 Disclaimer
      of Warranties.

     

    EXCEPT
      AS
      EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE TRANSACTION DOCUMENTS (INCLUDING
      ALL EXHIBITS, SCHEDULES, CERTIFICATE AND ATTACHMENTS HERETO AND THERETO),
      SELLERS MAKE NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED,
      RELATING TO THE BUSINESS OR THE ACQUIRED ASSETS.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.18 Representations
      Complete.

     

    None
      of
      the representations or warranties made by any Seller in this Agreement or any
      Transaction Document, nor any Schedule, Exhibit, attachment or any certificate
      furnished by any Seller pursuant to this Agreement or any Transaction Document,
      when taken together, contains any untrue statement of a material fact, or omits
      to state any material fact necessary in order to make the statements contained
      herein or therein, in light of the circumstances under which they were made,
      not
      misleading.

     

    ARTICLE
      3. REPRESENTATIONS
      AND WARRANTIES OF PURCHASER.

     

    Purchaser
      hereby represents and warrants to Sellers the following:

     

    3.1 Organization;
      Authority.

     

    Purchaser
      is a corporation or a limited liability company (as applicable) duly organized,
      validly existing and in good standing under the Laws of the State of Delaware.
      Purchaser has the power and authority to execute and deliver this Agreement
      and
      the other Transaction Documents to which it is a party and to consummate the
      transactions contemplated hereby and thereby. The execution and delivery by
      Purchaser of this Agreement and the other Transaction Documents to which it
      is a
      party, the performance by Purchaser of its obligations hereunder and thereunder
      and the consummation by Purchaser of the transactions contemplated hereby and
      thereby have been duly authorized pursuant to and in accordance with the Laws
      governing Purchaser and no other proceedings on the part of Purchaser are
      necessary to authorize such execution, delivery and performance. This Agreement
      and the other Transaction Documents to which Purchaser is a party have been
      duly
      and validly executed and delivered by Purchaser and, assuming due authorization,
      execution and delivery by Sellers, constitute valid and binding obligations
      of
      Purchaser, enforceable against Purchaser in accordance with their terms, except
      to the extent that enforceability may be limited by the bankruptcy, insolvency,
      reorganization, moratorium or other similar Laws affecting the enforcement
      of
      creditors’ rights in general and subject to general principles of equity and the
      discretion of courts in granting equitable remedies.

     

    3.2 No
      Violation.

     

    The
      execution, delivery and performance by Purchaser of this Agreement and the
      transactions contemplated hereby do not and will not conflict with or result
      in
      any violation of, or constitute a breach or default under (or an event that
      with
      notice or lapse of time or both would become a default under), any term of
      the
      charter documents, bylaws or other organizational documents of Purchaser, any
      agreement, permit, indenture, deed of trust, mortgage, loan agreement or other
      instrument to which Purchaser is a party or by which Purchaser is subject,
      or
      any Law of any court or other Governmental Entity to which Purchaser is subject,
      except in each case such that individually or in the aggregate could not
      reasonably have a Material Adverse Effect on the ability of Purchaser to
      consummate the transactions contemplated by this Agreement (a “Purchaser
      Material Adverse Effect”).

     

    3.3 Consents
      and Approvals.

     

    Except
      as
      set forth on Schedule
      3.3,
      no
      consent, approval, waiver, authorization, notice or filing with any Governmental
      Entity is required to be made or obtained by Purchaser in connection with the
      execution, delivery and performance by Purchaser of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.4 Adequacy
      of Funds.

     

    Subject
      to receipt of Stockholder Approval, Purchaser currently has and as of the
      Closing will have all funds necessary to consummate the transactions
      contemplated by this Agreement and the other Transaction Documents to which
      it
      is a Party, including the payment at the Closing of the Purchase Price and
      all
      expenses incurred by Purchaser in connection with the transactions contemplated
      by this Agreement.

     

    3.5 Litigation.

     

    Purchaser
      has not received any notice of any action, suit, inquiry, judicial or
      administrative proceeding, arbitration or investigation that is pending and,
      to
      the Knowledge of Purchaser, none of the foregoing is threatened against or
      involving Purchaser before any court, arbitrator or Governmental Entity, nor
      is
      there any judgment, decree, injunction, rule or order of any court, arbitrator
      or Governmental Entity outstanding against Purchaser, in each case relating
      to
      the transactions contemplated by this Agreement or which, individually or in
      the
      aggregate, could reasonably be expected to have a Purchaser Material Adverse
      Effect.

     

    3.6 Brokers
      and Finders.

     

    There
      are
      no outstanding broker, finder or investment banker fees or commissions owed
      or
      to be owed by Purchaser in connection with the transactions contemplated by
      this
      Agreement.

     

    3.7 Statutory
      Disqualification.

     

    (a) Neither
      Purchaser nor any “affiliated person” thereof, as defined in the 1940 Act, (i)
      is ineligible pursuant to Section 9(a) of the 1940 Act to serve as an investment
      adviser to or principal underwriter of a registered investment company or (ii)
      has engaged or is currently engaging in any of the conduct specified in Section
      9(b) of the 1940 Act.

     

    (b) Neither
      Purchaser nor any “associated person” of Purchaser, as defined in the 1940 Act,
      is subject to any disqualification that, upon the consummation of the
      transactions contemplated hereby, would be a basis for censure, denial,
      suspension or revocation of registration of Purchaser or any Subsidiary as
      an
      investment adviser under Section 203(e) of the Advisers Act and there is no
      reasonable basis for, or proceeding or investigation, whether formal or
      informal, or whether preliminary or otherwise, that is reasonably likely to
      form
      the basis for, any such censure, denial, suspension or revocation.

     

    (c) Neither
      Purchaser nor any “associated person” of Purchaser (i) is subject to a
“statutory disqualification,” as such terms are defined in the Exchange Act, or
      (ii) is subject to a disqualification that, upon the consummation of the
      transactions contemplated hereby, would be a basis for censure, limitations
      on
      the activities, functions or operations of, or suspension or revocation of
      the
      registration of Purchaser or any Subsidiary of Purchaser as broker-dealer,
      municipal securities dealer, government securities broker or government
      securities dealer under Section 15, Section 15B or Section 15C of the Exchange
      Act and there is no reasonable basis for, or proceeding or investigation,
      whether formal or informal, or whether preliminary or otherwise, that is
      reasonably likely to form the basis for, any such censure, limitations,
      suspension or revocation. No fact relating to Purchaser or any “control
      affiliate” thereof, as defined in Form BD, requires any response in the
      affirmative to any question in Item 11 of Form BD.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.8 Acknowledgment
      of Delivery of Assets.

     

    Purchaser
      acknowledges that, except to the extent expressly set forth herein and in the
      Transition Services Agreement, although Seller is obligated to provide (through
      transfer of the Acquired Assets and certain obligations pursuant to the
      Transition Services Assets) sufficient assets to operate the Business, the
      design, integration, structuring and implementation of the Purchaser’s Business,
      the physical transfer (and if necessary reassembly) of any tangible Acquired
      Assets and the operation of the Business following the Closing Date, is the
      sole
      and absolute responsibility of the Purchaser.

     

     

    ARTICLE
      4. PRE-CLOSING
      COVENANTS.

     

    Each
      Seller and Purchaser hereby agree as follows between the Effective Date and
      the
      earlier to occur of the Closing Date and the termination of this Agreement
      in
      accordance with its terms:

     

    4.1 Satisfaction
      of Conditions.

     

    Purchaser
      shall use all commercially reasonable efforts to cause the conditions precedent
      to the obligations of Purchaser set forth in Section 8.1 to be fulfilled and
      each Seller shall use all commercially reasonable efforts to cause the
      conditions precedent to the obligations of such Seller set forth in
      Section 8.2 to be fulfilled. Purchaser shall use all commercially
      reasonable efforts to cooperate with Sellers to satisfy the conditions set
      forth
      in Section 8.2 and each Seller shall use all commercially reasonable
      efforts to cooperate with Purchaser to satisfy the conditions set forth in
      Section 8.1.

     

    4.2 Conduct
      of the Business.

     

    Except
      as
      reasonably contemplated as a result and in anticipation of the transactions
      contemplated hereby, each Seller shall use commercially reasonable efforts
      to
      continue to conduct the Business in the ordinary course and consistent with
      past
      practices, to keep the Business and operations intact and preserve its permits,
      rights, franchises, goodwill, retain the services of its key employees and
      to
      preserve its relationships with its clients, customers, landlords, suppliers
      and
      others with whom it does business. Without limiting the generality of the
      foregoing, each Seller covenants and agrees that it
      shall not propose to enter into, amend, modify, supplement or terminate, or
      assign any right, obligation or interest under, any contract or agreement
      relating to any Target Fund,
      or
      take, with respect to the Business and the Target Funds, any of the following
      actions:

     

    (a) incur
      any
      indebtedness for borrowed money, issue or sell any debt securities or prepay
      any
      debt, incur any liability or obligation (whether absolute, accrued, contingent
      or otherwise and whether direct or as guarantor or otherwise with respect to
      the
      obligations of others, except in the ordinary course of business consistent
      with
      past practice) which would be an Assumed Liability or liabilities of any of
      the
      Target Funds;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) declare,
      set aside, make or pay a dividend or other distribution in respect of its
      capital stock or other equity interests or otherwise purchase or redeem,
      directly or indirectly, any shares of its capital stock or other equity
      interests, except in the ordinary course of business consistent with past
      practice, or, in the case of any of the Sellers (but not the Target Funds),
      which would not materially impair the ability of such Seller to consummate
      the
      transactions contemplated hereby;

     

    (c) except
      in
      the ordinary course of business consistent with past practice, mortgage, pledge
      or otherwise subject to any Lien, any of its properties or assets which, if
      owned by the Sellers, are to be Acquired Assets, tangible or
      intangible;

     

    (d) take
      any
      action (other than in connection with the transactions contemplated hereby)
      other than actions in the ordinary course of business consistent with past
      practice;

     

    (e) forgive
      or cancel any debts or claims, or waive any rights, except in exchange for
      fair
      value or in the ordinary course of business consistent with past
      practice;

     

    (f) enter
      into any contract, agreement or other instrument that would be required to
      be
      disclosed to Purchaser pursuant to Section 2.10 if entered into prior to the
      date of this Agreement;

     

    (g) pay
      any
      bonus to any Designated Employee or grant to any such person any other increase
      in his or her rate of compensation in any form other than (i) commissions owed
      under such current sales commission plans; (ii) in accordance with this
      Agreement; and (iii) those amounts set forth on Schedule
      4.13(b);

     

    (h) except
      as
      may be required by applicable Laws and after notice to Purchaser, adopt, or
      amend any employment, collective bargaining, bonus, profit-sharing,
      compensation, stock option, pension, retirement, deferred compensation or other
      plan, agreement, trust, fund or arrangement for the benefit of officers,
      directors, trustees, partners, stockholders, employees, sales representatives
      or
      agents;

     

    (i) hire
      or
      engage any senior advisors or management, terminate any Designated
      Employee
      or
      encourage any Designated
      Employee
      to
      resign;

     

    (j) decrease
      the rate of compensation, in any form, of any Designated Employee;

     

    (k) amend
      its
      declaration of trust or bylaws or any other organizational
      documents;

     

    (l) terminate,
      amend, modify, change or waive any provision under any Non-Competition
      Agreement;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (m) change
      in
      any respect its accounting practices, policies or principles of the Business,
      except as may be required by applicable Laws or GAAP and after notice to
      Purchaser;

     

    (n) incur
      any
      liability or obligation (whether absolute, accrued, contingent or otherwise
      and
      whether direct or as guarantor or otherwise with respect to the obligations
      of
      others) which would be an Assumed Liability or liabilities of any of the Target
      Funds, except in the ordinary course of business consistent with past practice
      or as otherwise permitted hereunder;

     

    (o) make
      any
      changes in policies or practices relating to selling practices or other terms
      of
      sale or accounting therefore of the Business, including changes in fees, or
      in
      policies of employment unless required by applicable Laws or GAAP and after
      notice to Purchaser;

     

    (p) create
      or
      organize any subsidiary or enter into or participate in any joint venture or
      partnership in connection with the Business;

     

    (q) enter
      into any agreement or transaction with any Target Fund or make any amendment
      or
      modification to any agreement with a Target Fund unless required by applicable
      Laws or GAAP and after notice to Purchaser;

     

    (r) enter
      into any settlement of any lawsuit, proceeding, enforcement or government action
      against any Seller in connection with the Business; and

     

    (s) agree
      or
      commit to do any of the foregoing.

     

    In
      addition, each Seller covenants and agrees that it shall not propose or
      encourage any Target Fund to have any of the foregoing actions taken by the
      board of trustees of the Target Funds, other than actions in the ordinary course
      of business or actions that would not be reasonably expected to have a Material
      Adverse Effect on such Target Fund. Notwithstanding anything else contained
      in
      this section, this section shall not apply to the extent that the board of
      trustees of a Target Fund (i) independently determines to take any of the
      foregoing actions other than as a result of any solicitation, proposal, request,
      encouragement or recommendation made by any Seller or any of their respective
      employees, Affiliates, agents or advisors and (ii) specifically requires a
      Seller to carry out such action.

     

    4.3 Access.

     

    Subject
      to the terms of the Confidentiality Agreement between Purchaser and AAAMHI
      dated
      February 26, 2006 (the “Confidentiality Agreement”), Sellers shall permit
      representatives of Purchaser to have access at all reasonable times upon
      reasonable notice to all of Sellers’ properties, books and records of the
      Business in a manner that does not unreasonably interfere with the normal
      operations of the Business; provided, however, that all such requests for access
      shall be directed to AAAMHI or such other Person as AAAMHI may designate. Prior
      to the Closing, Purchaser shall not contact or otherwise communicate with the
      customers or suppliers of Sellers in connection with the transactions
      contemplated by this Agreement, directly or indirectly, without the prior
      written consent of AAAHMI, which consent shall not be unreasonably withheld
      or
      delayed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.4 Efforts;
      Consents; Regulatory and Other Authorizations.

     

    (a) Each
      Party to this Agreement shall use its commercially reasonable efforts to (i)
      take, or cause to be taken, all appropriate action, and do, or cause to be
      done,
      all things necessary, proper or advisable under applicable Laws or otherwise
      to
      promptly consummate and make effective the transactions contemplated by this
      Agreement; (ii) obtain all authorizations, consents, orders and approvals of,
      and give all notices to and make all filings with, all Governmental Entities
      and
      other third parties that may be or become necessary for the performance of
      its
      obligations under this Agreement and the consummation of the transactions
      contemplated by this Agreement, including those consents set forth in the
      Schedules; (iii) lift or rescind any injunction or restraining order or other
      order adversely affecting the ability of the Parties to this Agreement to
      consummate the transactions contemplated by this Agreement; and (iv) fulfill
      all
      conditions to such Party’s obligations under this Agreement as promptly as
      practicable. Each Party to this Agreement shall cooperate fully with the other
      Parties to this Agreement in promptly seeking to obtain all such authorizations,
      consents, orders and approvals, giving such notices, and making such filings.
      Notwithstanding the foregoing or anything to the contrary set forth in this
      Agreement, in connection with obtaining such consents from third parties, no
      Party to this Agreement shall be required to make payments, or commence
      litigation. The Parties to this Agreement shall not take any action that is
      intended to have the effect of unreasonably delaying, impairing or impeding
      the
      receipt of any required authorizations, consents, orders or approvals in
      connection with the transactions contemplated by this Agreement.

     

    (b) Each
      of
      Sellers and Purchaser agrees to supply promptly any additional information
      and
      documentary material that may reasonably be requested by any Governmental Entity
      (including the Antitrust Division of the United States Department of Justice
      and
      the United States Federal Trade Commission), and shall cooperate in connection
      with any filing required under applicable Laws in connection with the
      transactions contemplated by this Agreement, and in connection with resolving
      any investigation or other inquiry concerning the transactions contemplated
      by
      this Agreement commenced by any Governmental Entity, including the SEC or the
      office of any state attorney general.

     

    4.5 Publicity.

     

    Purchaser
      and Sellers shall cooperate with each other in the development and distribution
      of all news releases and other public disclosures relating to the transactions
      contemplated by this Agreement. Neither Purchaser or any of its Affiliates
      nor
      Sellers or any of their Affiliates shall issue or make, or allow to have issued
      or made, any press release or public announcement concerning the transactions
      contemplated by this Agreement without the advance approval in writing (which
      approval shall not be unreasonably withheld or delayed) of the form and
      substance thereof by the other Party, unless otherwise required by applicable
      legal requirements.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.6 Section
      15(f) of the 1940 Act; Covenants.

     

    (a) Purchaser
      acknowledges that Sellers have entered into this Agreement in reliance upon
      their belief that the transactions contemplated by this Agreement qualify for
      the benefits and protections provided by Section 15(f) of the 1940 Act.
      Purchaser shall not take, and shall use reasonable best efforts to cause its
      Affiliates not to take, any action not contemplated by this Agreement that
      would
      have the effect, directly or indirectly, of causing the requirements of any
      of
      the provisions of Section 15(f) of the 1940 Act not to be met in respect of
      this Agreement and the transactions contemplated hereunder.

     

    (b) Sellers
      acknowledge that Purchaser has entered into this Agreement in reliance upon
      their belief that the transactions contemplated by this Agreement qualify for
      the benefits and protections provided by Section 15(f) of the 1940 Act.
      Sellers shall not take, and shall use reasonable best efforts to cause their
      Affiliates not to take, any action not contemplated by this Agreement that
      would
      have the effect, directly or indirectly, of causing the requirements of any
      of
      the provisions of Section 15(f) of the 1940 Act not to be met in respect of
      this Agreement and the transactions contemplated hereunder.

     

    4.7 Shareholder
      and Stockholder Approvals.

     

    (a) Sellers
      shall use their respective reasonable best efforts to cause the Target Funds
      Shareholder Approval, including by preparing and mailing to the Target Funds
      Shareholders an information statement describing the transaction contemplated
      hereby (“Sellers’ Proxy Statement”) and by holding the shareholder meeting as
      promptly as practicable, but in no event later than November 30,
      2006.

     

    (b) Purchaser
      shall use its reasonable best efforts to cause the Stockholder Approval,
      including by preparing and mailing to Purchasers stockholders a proxy statement
      describing the transaction contemplated hereby (“Purchaser Proxy Statement”) and
      by holding a stockholders meeting as promptly as practicable, but in no event
      later than November 30, 2006.

     

    4.8 Proxy
      Statements; Shareholder Approval.

     

    Subject
      to Trustee Approval first being obtained, if applicable:

     

    (a) Promptly
      after the date hereof, Sellers shall cause to be filed with the SEC on behalf
      of
      the Target Funds one or more supplements to each Target Fund’s prospectus and
      SAI, in a form acceptable to Purchaser, reflecting the execution of this
      Agreement and other related matters.

     

    (b) Each
      Party covenants that any information or data provided by it that describes
      such
      Party or its Affiliates for inclusion in any document filed with the SEC or
      the
      National Association of Securities Dealers or any other regulatory body will
      not
      contain, at the time any such supplements or amendments become effective, any
      untrue statement of a material fact or omit to state any material fact required
      to be stated therein or necessary in order to make the statements made therein
      not misleading in the light of the circumstances under which they were
      made.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) All
      costs
      and expenses relating to (i) the Sellers’ Proxy Statement and (ii) the
      solicitation made in connection with the Target Funds Shareholder Approval,
      including, but not limited to, legal (other than legal fees and expenses of
      Purchaser’s counsel), printing, and mailing expenses, shall be paid by
      Sellers.

     

    (d) Sellers
      covenant to cooperate with Purchaser and provide all assistance reasonably
      requested by Purchaser including providing all information regarding the
      Sellers, the Target Funds and the Business reasonably necessary for Purchaser
      to
      prepare the Purchaser Proxy Statement and, solicit and obtain the Stockholder
      Approval. Purchaser covenants to cooperate with and provide all assistance
      reasonably requested by Sellers including providing all information regarding
      Purchasers reasonably necessary for Sellers to prepare the Seller’s Proxy
      Statements and supplements to the Target Funds’ prospectus and SAI.

     

    4.9 Delivery
      of Financial Information.

     

    Without
      limiting the provisions of Section 4.8, Sellers (i) shall use reasonable best
      efforts to deliver to Purchaser within thirty (30) days after the Effective
      Date
      (A) historical unaudited and, to the extent required, audited financial
      statements of the Target Funds and of the Business necessary for the Purchaser
      Proxy Statement (collectively, the “Requisite Financial Statements”) and shall
      cooperate with Purchaser in connection with the preparation of related pro
      forma
      financial statements, in each case that comply with either (1) the requirements
      of Regulation S-X under the rules and regulations of the SEC (as interpreted
      by
      the staff of the SEC) for financial statements that would be required to be
      included in a Definitive Proxy Statement filed pursuant to Regulation 14A of
      the
      Exchange Act or (2) the requirements set forth in clause 1 except as the staff
      of the SEC may permit Purchaser by waiver of such requirements (in either case
      (1) or (2), together with customary reports and “comfort” letters of Seller’s
      independent public accountants) and (B) an unaudited balance sheet of the
      Seller’s Business at March 31, 2006 (or any applicable subsequent periods), and
      the related unaudited statement of income and cash flows of Seller’s Business
      for the applicable-month period then ended prepared in conformity with Section
      2.5 and (ii) shall provide and make reasonably available upon reasonable notice
      the senior management employees of the Seller to discuss the materials prepared
      and delivered pursuant to this Section 4.9. To the extent that Ernst & Young
      is unable to or does not deliver its audit report with respect to the audited
      portion of the Requisite Financial Statements within forty-five (45) days of
      the
      Effective Date (the “E&Y Outside Delivery Date”), Purchaser’s obligations
      under Section 4.7 shall be tolled for a period of time equal to the number
      of
      days from the E&Y Outside Delivery Date to the actual date such audited
      Requisite Financial Statements are delivered to Purchaser. Notwithstanding
      the
      forgoing, to the extent Sellers are not able to cause delivery of all Requisite
      Financial Statements within ninety (90) days of the Effective Date, Purchaser
      shall have the right to terminate this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.10 Certain
      Proposals.

     

    Until
      the
      earlier of the Closing Date and the date of termination of this Agreement
      pursuant to Section 8.3 hereof, no Seller shall (nor shall any Seller permit
      any
      of its advisors, agents, representatives or Affiliates to), directly or
      indirectly, take any of the following actions with any Person other than
      Purchaser and its designees: (i) solicit, encourage, seek, entertain,
      support, assist, initiate or participate in any inquiry, negotiations or
      discussions, or enter into any agreement, with respect to any offer or proposal
      to acquire all or any material part of the Business, assets or interests of
      the
      Target Funds, whether by merger, purchase of assets, purchase of securities,
      tender offer, license or otherwise, or effect any such transaction (a
“Proposal”), (ii) disclose any Confidential Information to any Person
      concerning the Business, properties or assets of the Target Funds (other than
      in
      the ordinary course of business, as required by law or in response to the
      request of a Governmental Entity), or afford to any Person access to their
      respective properties, books or records, not customarily afforded such access
      except as required by law or in response to the request of a Governmental
      Entity, (iii) assist or cooperate with any Person to make any Proposal, or
      (iv) enter into any agreement with any Person with respect to a Proposal.
      The Sellers shall immediately cease and cause to be terminated any such
      negotiations, discussions or agreements (other than with any Purchaser or its
      designees) that are the subject matter of clause (i), (ii), (iii) or (iv)
      above. In
      the event that any Seller or any of the Sellers’ Affiliates shall receive, prior
      to the Closing Date or the termination of this Agreement, any offer,
proposal,
      or request, directly or indirectly, with respect to a Proposal, or any request
      for disclosure or access as referenced in clause (ii) above, such Seller shall
      immediately (x) suspend any discussions with such offeror or Person with regard
      to such offer, proposal,
      or request and (y) notify Purchaser thereof, including information as to the
      material terms of the Proposal. Notwithstanding anything else contained in
      this
      Section 4.10, Sellers shall not be bound by the provisions of this Section
      4.10
      to the extent the board
      of
      trustees
      of a Target Fund: (i) independently determines
      to take any of the foregoing actions other than as a result of any solicitation,
      proposal, request,
      encouragement
      or recommendation made by any Seller or any of their respective employees,
      Affiliates,
      agents
      or advisors and
      (ii) specifically requires a
      Seller to carry out such
      action.

     

    4.11 Separately
      Managed Account Consents.

     

    Sellers
      shall use commercially reasonable efforts to obtain the written consent of
      each
      Separately Managed Account client to a new Separately Managed Account
      Contract.

     

    4.12 Highbury
      Trust Account.

     

    Notwithstanding
      anything to the contrary, each Seller hereby acknowledges that Highbury
      Financial Inc. has established a trust account at Lehman Brothers, Inc.,
      maintained by Continental Stock Transfer & Trust Company acting as trustee
      (the “Trust Account”), for the benefit of the stockholders of Highbury Financial
      Inc. Each Seller hereby agrees that no Seller (including any Affiliate of any
      Seller) shall have any right, title, interest or claim of any kind in or to
      any
      monies in the Trust Account (“Claim”), to the extent such monies are in the
      trust account, and hereby waives any Claim such Seller or any of its Affiliates
      may have in the future as a result of, or arising out of, this Agreement and
      will not seek recourse against the Trust Account for any reason whatsoever.
      Without limiting the foregoing, each Seller hereby acknowledges and agrees
      that
      the Trust Account is not a party to this Agreement and shall have no liability
      pursuant hereto. Notwithstanding the forgoing, no provision contained herein
      shall limit Sellers’ right to make a Claim against such monies to the extent
      such monies are released from the Trust Account to Purchaser, directly or
      indirectly (including to the selling parties in a business
      combination).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.13 Payments
      by Sellers.

     

    (a) Non-Compete
      Payments.
      Immediately prior to the Closing Date, Sellers shall pay an aggregate amount
      equal to $2,500,000 in cash to the Persons listed on Schedule
      4.13(a)
      in the
      amounts as set forth next to each Person’s name pursuant to the terms of the
      Non-Competition Agreements. In the event that, prior to the Closing Date, any
      Person listed on Schedule
      4.13(a)
      ceases
      to be employed by Sellers by reason of death or disability, the amount otherwise
      payable by Sellers to such Person shall be reallocated and paid by Sellers
      on a
      pro rata basis to all other Persons listed on Schedule
      4.13(a)
      who had
      not died or become so disabled prior to the Closing Date.

     

    (b) Payments
      to Designated Employments.
      Prior
      to the Closing, Sellers shall pay in cash to each Designated Employee the
      amounts set forth on Schedule
      4.13(b)
      as set
      forth next to each Designated Employees name in consideration of accrued
      compensation payments to the extent such Designated Employee is employed by
      a
      Seller or their Affiliates on the day immediately preceding the Closing
      Date.

     

    4.14 Retirement
      Benefits of Designated Employees.

     

    For
      each
      Designated Employee who terminates their employment with a Seller to work for
      Purchaser, AAAMHI will, no later than the Closing Date and in accordance with
      Seller’s existing policies and Laws, use reasonable efforts to cause its
      Affiliates to provide a statement to each Designated Employee which contains
      their pension benefits, if any, including, without limitation, any applicable
      vesting, under any and all retirement plans of Sellers and their
      Affiliates.

     

    ARTICLE
      5. POST-CLOSING
      COVENANTS.

     

    5.1 Further
      Assurances.

     

    Upon
      the
      reasonable request of either Party at any time after the Closing, the other
      Party shall promptly execute and deliver such documents and instruments and
      take
      such additional action as the requesting Party may reasonably request to
      effectuate the purposes of this Agreement.

     

    5.2 Books
      and Records; Personnel.

     

    Each
      Party hereby covenants and agrees as follows:

     

    (a) Access
      to Records.
      Purchaser shall, for a period of seven (7) years after the Closing Date, allow
      Sellers reasonable access to all business records and files of the Business
      relating to the period prior to the Closing Date, upon prior written request
      of
      Sellers and during normal working hours at the principal places of business
      of
      Purchaser or at any location where such records and files are stored or at
      any
      location where Purchaser, at its sole discretion, shall make such files
      available to Sellers, and Sellers shall have the right, at their own expense,
      to
      make copies of any such records and files; provided, however, that any such
      access or copying shall be had or done in such a manner so as not to interfere
      with the normal conduct of the Business. Purchaser may reasonably limit the
      number of Sellers’ representatives who are given access to any physical location
      of Purchaser. All information obtained pursuant to this Section 5.2(a) shall
      be
      kept confidential pursuant to the terms of the Confidentiality Agreement. Each
      Seller acknowledges and agrees the Purchaser shall have no obligation to retain
      records or files related to the Business that at any time are over seven (7)
      years old and may discard such records or files without any notice to
      Sellers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Assistance
      with Records.
      Each
      Party (an “Assisting Party”) shall make available to each other Party,
      consistent with the reasonable business requirements of such other Party and
      at
      such other Party’s sole expense, (i) Assisting Party’s personnel to assist such
      Party in locating and obtaining records and files maintained by Purchaser,
      and
      (ii) any of Purchaser’s personnel whose assistance or participation is
      reasonably required by Sellers in anticipation of, or in preparation for, any
      existing or future litigation, Tax or other matters in which Sellers or any
      of
      their past, present or future Affiliates are involved and which are related
      to
      the Business.

     

    (c) Retention
      of Copies.
      The
      Parties hereby agree that following the Closing Date the Confidentiality
      Agreement shall remain in full force and effect. At the Closing Sellers shall
      deliver all copies of the Confidential Information of the Business to Purchaser;
      except that Sellers may, subject to the terms of the Confidentiality Agreement,
      retain a complete set of Confidential Information of the Business for the
      limited purpose of: (i) using such Confidential Information as may be
      expressly contemplated under this Agreement or the Transaction Documents; and
      (ii) producing such Confidential Information to the extent compelled by Law
      to disclose such Confidential Information pursuant to subsection (d) of this
      Section. At any time following the seven-year anniversary of the Closing Date,
      upon request of the Purchaser, Sellers shall promptly destroy all Confidential
      Information in their possession, including all copies.

     

    (d) Required
      Disclosure.
      In the
      event that either Purchaser or a Seller is compelled by Law to disclose any
      Confidential Information of any other Person, it is agreed that such Party
      will
      provide the other Parties to this Agreement with prompt notice of any such
      request or requirement so that the other Parties may seek an appropriate
      protective order or waive compliance with the provisions of this Section 5.2
      and
      the Confidentiality Agreement. If, failing the entry of a protective order
      or
      the receipt of a waiver hereunder, such Party is, in the opinion of its counsel,
      compelled to disclose Confidential Information, such Party may disclose only
      that portion of the Confidential Information which its counsel advises such
      Party that it is compelled by Law to disclose.

     

    5.3 Retained
      Names and Marks; Co-Branding.

     

    (a) Purchaser
      hereby acknowledges that all right, title and interest in and to the names
      set
      forth in Schedule
      5.3(a),
      together with all direct variations or known or obvious acronyms thereof,
      including without limitation any logos or trademarks thereof (the “Retained
      Names and Marks”), are owned exclusively by Sellers, and that, except as
      expressly provided in a Sub-Advisory License Agreement, any and all right,
      title
      and interest of Sellers in and to the Retained Names and Marks, along with
      any
      and all goodwill associated therewith, remain the property of Sellers following
      the Closing. Purchaser further acknowledges that it has no rights, and is not
      acquiring any rights, to use the Retained Names and Marks, except as provided
      herein or in a Sub-Advisory License Agreement. Each Seller represents and
      warrants that it has the right and authority to grant to Purchaser the licenses
      granted by such Seller in the Sub-Advisory License Agreement. The Purchaser
      represents and warrants that, together with its Affiliates, it has the right
      and
      authority to use the Licensee Marks (as such term is defined in the Sub-Advisory
      License Agreement).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) To
      the
      extent that the Sub-Advisory License Agreement does not then permit the use
      of
      any one or more of the Retained Names and Marks, Purchaser shall use
      commercially reasonable efforts to cause the Target Funds to file amended
      organizational documents with the appropriate authorities changing its corporate
      name to a corporate name that does not contain (i) such Retained Names and
      Marks or (ii) any such names or marks that include or incorporate the name
      ABN
      AMRO, and to supply copies of such amended organizational documents if requested
      by Sellers.

     

    (c) Sellers
      agree that Purchaser shall have no responsibility for claims made by third
      parties following the Closing Date arising out of, or relating to use by the
      Sellers of, any Retained Names or Marks and Sellers shall indemnify and hold
      harmless Purchaser and its Affiliates from any and all such claims.

     

    (d) Each
      Seller acknowledges that Purchaser shall be permitted to co-brand a Target
      Fund
      in the name of the Purchaser (including any of its Affiliates or assigns) and
      the Seller serving as the sub-advisor to such Target Fund.

     

    5.4 Covenant
      Not to Compete.

     

    (a) During
      the Restricted Period, Sellers and their Affiliates shall not:

     

    
      	 	
              (i)

            	
              Sponsor,
                advise or sub-advise, use or permit the use of any of the Retained
                Names
                or Marks with respect to, any 1940 Act registered mutual funds or
                other
                similar collective investment vehicles principally sold or marketed
                in the
                United States (“Mutual Funds”); provided that Sellers and their Affiliates
                (A) may continue to sponsor, advise or sub-advise the Excluded Funds;
                and
                (B) may provide sub-advisory services with respect to new Mutual
                Fund
                investment products which have been presented to and negotiated with
                Purchaser in good faith for sixteen (16) weeks (including the applicable
                Seller agreeing to provide seed capital) and as to which Purchaser
                and
                Seller were unable to mutually agree, following good faith negotiations,
                upon the terms by which Purchaser or its Affiliates would serve as
                the
                investment advisor and Seller or its Affiliates would serve as the
                sub-advisor with respect to such new product.  For purposes of
                clarification, “Mutual Funds” shall not include: (Y) an Alternative
                Investment Vehicle; or (Z) collective investments solely among
                related parties (i.e., collective investments limited to a company
                and its
                subsidiaries or family members of a single
                family).

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              Solicit,
                or if in Sellers’ control permit, a client of a Target Fund to withdraw
                all or any portion of such client’s investments from a Target Fund for the
                purpose of investing in any alternate investment product as to which
                Seller or any of its Affiliates provides investment advisory or
                sub-advisory services, except as permitted by (iii)
                below.

            

    

     

    
      	 	
              (iii)

            	
              Accept
                funds from clients of Target Funds for purposes of creating a separately
                managed account managed in the style of such Target Fund, unless
                such
                client and his, her or its Affiliates collectively provide Sellers
                not
                less than $40 million of total investment dollars to manage in such
                style,
                in which case Sellers and its Affiliates may permit the withdrawal
                of, and
                shall be permitted to accept for management in such style, any assets
                invested at such time by such client or its Affiliates in such Target
                Fund.

            

    

     

    (b) Intentionally
      omitted.

     

    (c) Notwithstanding
      any of the forgoing, Sellers and their Affiliates may acquire an interest in,
      purchase, merge with or into or engage in any other business combination
      (whether characterized as an acquisition or a disposition, and whether
      structured as a merger, consolidation, combination, sale of assets, sale of
      stock or other equity interests, joint venture or otherwise) (a “Business
      Combination”) with a third party (collectively with its Affiliates, the
“Target”), and continue to operate the business of the Target without
      restriction so long as one of the following three conditions is
      satisfied:

     

    
      	 	
              (i)

            	
              less
                than 20% of the net revenues of the Target for the most recent twelve
                (12)
                month period for which financial statements are reasonably available
                at
                the time of Sellers or its Affiliates entry into definitive agreements
                with respect to such Business Combination (the “Applicable Period”) are
                derived from the sponsorship, advising or sub-advising of Mutual
                Funds and
                principally sold or marketed in the U.S., excluding net revenues
                arising
                from the distribution of mutual funds advised by entities unaffiliated
                with Target and/or any Seller;

            

    

     

    
      	 	
              (ii)

            	
              Sellers
                use commercially reasonable efforts to sell or wind down the U.S.
                Mutual
                Fund portion of the Target’s business as soon as is commercially
                practicable to the extent that it represents more than 20% of the
                net
                revenues of the Target for the Applicable Period;
                or

            

    

     

    
      	 	
              (iii)

            	
              the
                total purchase price paid for Target’s business exceeds
                $2.5 billion.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d) Sellers
      and their Affiliates will not be deemed to engage in any of the businesses
      of
      any publicly traded corporation solely by reason of ownership of less than
      5% of
      the outstanding stock of such corporation.

     

    (e) Sellers
      may market funds that are not managed, advised or sub-advised by any Seller
      or
      any Affiliate of a Seller.

     

    5.5 Non-solicitation.

     

    (a) For
      a
      period of five (5) years following the Closing Date, each Seller agrees that
      no
      Seller nor any Affiliate of any Seller shall directly or indirectly employ
      or
      hire, or attempt to employ or hire, as an employee, consultant or advisor any
      of
      the Persons listed on Schedule
      5.5,
      or in
      any manner seek to solicit or induce any such Person to leave his or her
      employment or business relationship with the Purchaser, or assist in the
      recruitment or hiring of any such Person. Sellers agree that, following the
      Closing Date, Purchaser is free to hire any employee, consultant or advisor
      of
      any Seller, any Affiliate of any Seller, or any Target Fund. Each Seller further
      covenants and agrees that it shall release, and shall cause any Affiliate to
      release, (x) the Purchaser from any restriction or obligation imposed on the
      Purchaser, including, without limitation, any restrictions set forth in the
      Confidentiality Agreement, which might be breached or violated if the Purchaser
      were to solicit any Person listed on Schedule
      5.5
      to
      become an employee of or consultant to, or provide services to, Purchaser or
      if
      any Person listed on Schedule
      5.5
      were to
      become an employee of or consultant to, or provide services to, Purchaser and
      (y) each of the Persons listed on Schedule
      5.5
      from any
      restriction or obligation imposed on such Person which might be breached or
      violated if such Person were to become an employee of or consultant to, or
      provide services to, Purchaser.

     

    5.6 Investment
      Subadvisory Agreements.

     

    (a) Sellers
      covenant and agree that, notwithstanding the provisions of Investment
      Subadvisory Agreements, no Seller may terminate an Investment Subadvisory
      Agreement or take any action which results in a termination of an Investment
      Subadvisory Agreement without the prior written consent of Purchaser prior
      to
      the fifth anniversary of the Closing Date; provided that Sellers may terminate
      any Investment Subadvisory Agreement for any Selected Fund at any time following
      the Closing. The Sellers acknowledge that an Investment Subadvisory Agreement
      shall terminate automatically with respect to a Target Fund in the event the
      Investment Subadvisory Agreement is assigned (including a deemed assignment)
      and
      agree that any assignment (or deemed assignment) of an Investment Advisory
      Agreement shall constitute a breach by the applicable Seller of this Agreement.
      Notwithstanding anything in Article 7 to the contrary, the obligations of the
      Sellers and the rights of the Purchaser under this Section 5.6(a) shall
      survive for a period of five (5) years following the Closing Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) With
      respect to each of the Target Funds identified on Schedule
      5.6(b),
      to the
      extent that any Seller is serving as a sub-advisor of such Target Fund (or
      a
      successor thereto), such sub-advisor agrees to accept (to the extent that
      Purchaser’s customers seek to make investments in such Target Fund) for
      sub-advising additional investments in the Target Funds after the Closing Date
      in an aggregate amount not less than the net additional capacity amount
      specified in Schedule 5.6(b)
      with
      respect to such Target Fund (such net additional capacity amount available
      at
      any time being equal to the amount set forth in Schedule
      5.6(b)
      less the
      aggregate amount of additional investments made after the Closing Date plus
      the
      aggregate amount of investments withdrawn after the Closing Date).

     

    (c) No
      Seller
      shall take, nor permit any Affiliate to take, any action designed to violate
      or
      circumvent the provisions of this Section 5.6.

     

    5.7 Seed
      Money.

     

    The
      Sellers will cause the “seed money” currently invested in the Target Funds on
      behalf of the Sellers and/or their Affiliates as set forth on Schedule
      5.7
      to
      remain in the Target Funds until the earlier of (i) three (3) years after
      the Closing Date or (ii) with respect to any Target Fund, such time as the
      amount of seed money in such Target Fund comprises less than fifty percent
      (50%) of
      such
      Target Fund’s assets under management. The “seed money” amounts applicable to
      each Target Fund are as set forth in Schedule
      5.7.

     

    5.8 Subsequent
      Sale of the Business By Purchaser.

     

    (a) Purchaser
      and Sellers agree that if the Business is sold (whether by merger, stock sale,
      sale of all or substantially all of the assets of the Business or otherwise),
      other than to a Person who was an Affiliate of Purchaser (a “Subsequent Sale
      Transaction”) prior to the consummation of such transaction, prior to the first
      anniversary of the Closing Date for a Subsequent Price (as determined pursuant
      to Section 5.8(c) below) that exceeds the sum of the Purchase Price and the
      Purchaser Cap Amount, then the Purchaser shall pay AAAMHI, immediately following
      the consummation of such Subsequent Sale Transaction, 50% of the positive
      difference of the Subsequent Price and the Purchase Price.

     

    (b) In
      the
      event that a Subsequent Sale Transaction is consummated after the first
      anniversary, but prior to the second anniversary, of the Closing Date for a
      Subsequent Price that exceeds the Purchase Price, Purchaser shall at the closing
      of such transaction pay to AAAMHI the Purchaser Cap Amount, and the parties
      shall have no further obligations pursuant to Section 1.5
      hereunder.

     

    (c) For
      the
      purposes of this Section 5.8, the “Subsequent Price” shall equal:

     

    
      	 	
              (i)

            	
              in
                the case of a sale of assets or similar transaction, the fair market
                value
                as of the date of determination of aggregate net proceeds payable
                to the
                Purchaser (or any of its subsidiaries), after the payment of all
                corporate
                taxes and similar fees and charges, all transaction fees and expenses
                (including but not limited to accounting, legal and investment banking
                fees) and all costs and expenses incurred in connection therewith;
                or

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              in
                the case of a merger, stock sale or similar transaction, the sum
                of (x)
                the fair market value as of the date of determination of the aggregate
                consideration (whether cash, notes stock or other securities) actually
                received by Purchaser or its stockholders minus all transaction fees
                and
                expenses (including but not limited to accounting, legal and investment
                banking fees) and all costs and expenses incurred by Purchaser or
                its
                stockholders in connection therewith, plus (y) without any duplication
                of
                amounts included pursuant to clause (x), the fair market value as
                of the
                date of determination of all the capital stock not transferred, if
                any, by
                the stockholders of the Purchaser in connection
                therewith;

            

    

     

    provided,
      however, that in the event that after the Closing Date, but prior to the
      consummation of the Subsequent Sale Transaction, the purchaser has consummated
      additional material acquisitions, and the Subsequent Sale Transaction includes
      the businesses or assets acquired in such transactions, the “Subsequent Price”
shall be the portion of the amount determined pursuant to clause (i) or (ii),
      as
      applicable, which is allocable to the Business as mutually agreed by Purchaser
      and AAAMHI (subject to Section 5.8(d), in the event that they are unable to
      mutually agree). For the purpose of calculating the fair market value of (x)
      any
      publicly traded equity securities issued as consideration, the fair market
      value
      of such securities shall equal the average closing trading price of such
      securities over the thirty-day period prior to the date of the consummation
      and
      (y) any other assets, the fair market value of such assets shall be as mutually
      agreed by Purchaser and AAAMHI (subject to Section 5.8(d), in the event that
      they are unable to mutually agree). To the extent that the Subsequent Price
      includes any escrowed or contingent consideration, such consideration shall
      be
      included for the purposes of calculation herein when and if paid to the
      Purchaser, its subsidiaries or any of their respective stockholders, and payment
      pursuant to Section 5.8(a) shall be made with respect to such portion of the
      Subsequent Price simultaneously with such payment to the Purchaser, its
      subsidiaries or any of their respective stockholders.

     

    (d) The
      Purchaser shall deliver written notice of any Subsequent Sale not less than
      thirty (30) days prior to the consummation thereof, and to the extent that
      such
      transaction is contemplated to be consummated prior to the first anniversary
      of
      the Closing Date shall include, in reasonable detail, the terms and conditions
      of such transaction, including without limitation, the consideration to be
      received and the assets to be sold. If the contemplated closing of such
      Subsequent Sale is to occur prior to the first anniversary of the Closing Date,
      and either (x) the consideration to be received includes non-cash assets or
      (y)
      the sale includes subsequently acquired businesses of the Purchaser or its
      subsidiaries, then (1) Purchaser shall provide AAAMHI reasonable access (subject
      to an appropriate confidentiality agreement) to such information as necessary
      for it to determine the fair market value of any non-cash assets and/or the
      portion of the purchase price payable in such Subsequent Sale which is allocable
      to the Business and (2) the parties shall negotiate in good faith to resolve
      any
      issues regarding such fair market value and/or purchase price allocation (the
      “Disputed Items”). In the event that the parties are unable to agree within
      thirty (30) days of the delivery of the notice required by the first sentence
      of
      this Section 5.8(d) upon all Disputed Items, any such Disputed Items as to
      which
      they were unable to agree shall be determined by binding arbitration, subject
      to
      the same provisions as provided in Section
      1.5(e).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      6. TAX
      MATTERS.

     

    6.1 Tax
      Cooperation and Exchange of Information.

     

    AAAMHI
      and Purchaser shall provide each other with such cooperation and information
      as
      either of them reasonably may request of the other (and Purchaser shall cause
      the Business to provide such cooperation and information) in filing any Tax
      Return, amended Tax Return or claim for refund, determining a liability for
      Taxes or a right to a refund of Taxes or participating in or conducting any
      audit or other proceeding in respect of Taxes with respect to the Acquired
      Assets. Such cooperation and information shall include providing copies of
      relevant Tax Returns or portions thereof, together with related work papers
      and
      documents relating to rulings or other determinations by taxing authorities.
      Sellers and Purchaser shall make themselves (and their respective employees)
      reasonably available on a mutually convenient basis to provide explanations
      of
      any documents or information provided under this Section 6.1. Each of
      Sellers and Purchaser shall retain all Tax Returns, work papers and all material
      records or other documents in its possession (or in the possession of its
      Affiliates) relating to Tax matters of the Business for any taxable period
      that
      includes the Closing Date and for all prior taxable periods until the later
      of
      (i) the expiration of the statute of limitations of the taxable periods to
      which such Tax Returns and other documents relate, without regard to extensions,
      or (ii) six (6) years following the due date (without extension) for such
      Tax Returns. After such time, before Sellers or Purchaser shall dispose of
      any
      such documents in their or its possession (or in the possession of their or
      its
      Affiliates), the other Party shall be given an opportunity, after ninety (90)
      days’ prior written notice, to remove and retain all or any part of such
      documents as such other Party may select (at such other Party’s expense). Any
      information obtained under this Section 6.1 shall be kept confidential,
      except as may be otherwise necessary in connection with the filing of Tax
      Returns or claims for refund or in conducting an audit or other
      proceeding.

     

    6.2 Conveyance
      and Personal Property Taxes.

     

    (a) Sellers
      shall be liable for, shall hold Purchaser and its successors and permitted
      assigns and Affiliates harmless against, and agree to pay any and all sales,
      use, value-added, transfer, stamp, stock transfer, real property transfer or
      gains and similar Taxes that may be imposed upon, or payable or collectible
      or
      incurred in connection with, this Agreement and the transactions contemplated
      hereby.

     

    (b) Personal
      property Taxes for any taxable period that includes the Closing Date shall
      be
      prorated between Sellers and Purchaser according to the number of days in such
      taxable period before the Closing Date and the number of days in such taxable
      period on or after the Closing Date. As and when such personal property Taxes
      become due and payable, Purchaser shall pay Sellers’ portion on behalf of
      Sellers, and Sellers shall reimburse Purchaser for such amount within ten (10)
      days of receiving notice of payment from Purchaser.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.3 Allocation
      of Purchase Price.

     

    The
      Purchase Price shall be allocated among the Acquired Assets as subsequently
      agreed by Purchaser and AAAMHI, which shall reflect the allocation methodology
      required by Section 1060 of the Code and the rules and regulations thereunder.
      Each of Purchaser and Sellers hereby agrees to timely file IRS Form 8594 based
      on the fair market values and allocations of the Purchase Price as subsequently
      agreed by Purchaser and AAAMHI and to act in accordance with the allocation
      set
      forth therein in the filing of all other Tax Returns for the tax year that
      includes the Closing Date, and any other forms or statements required by the
      Code, Treasury Regulations, the Internal Revenue Service or any applicable
      state
      or local or foreign governmental authority, and in the course of any Tax
      proceeding.

     

    6.4 Miscellaneous.

     

    (a) For
      Tax
      purposes, the Parties agree to treat all payments made under this Article 6
      or under any other indemnity provisions contained in this Agreement, and for
      any
      breaches of representations, warranties, covenants or agreements, as adjustments
      to the Purchase Price.

     

    (b) For
      purposes of this Article 6, all references to Purchaser, Sellers,
      Affiliates and the Business include successors.

     

    ARTICLE
      7. INDEMNIFICATION.

     

    7.1 Indemnification
      by Sellers.

     

    Subject
      to the limitations set forth in this Article 7, AAAMHI and AAIFS, jointly
      and severally with each other and with each of the other Sellers, and each
      of
      the other Sellers, severally but not jointly, shall indemnify Purchaser and
      its
      successors, permitted assigns and their respective Affiliates, officers,
      directors, agents and employees (collectively, the “Purchaser Indemnified
      Parties”) from and against any and all losses, costs, fines, liabilities,
      claims, penalties, damages and expenses (including reasonable legal fees and
      expenses incurred in the investigation and defense of claims and actions)
      (collectively, “Losses”) resulting from, in connection with or arising out
      of:

     

    (a) any
      breach of any representation or warranty made by any Seller in Article 2 of
      this
      Agreement (including the Schedules) or in any closing certificate executed
      and
      delivered by any Seller in connection with this Agreement (disregarding, for
      purposes of this Section 7.1, any “materiality,” “in all material respects,”
“Material Adverse Effect,” or similar qualification contained therein or with
      respect thereto for purposes of determining whether there has been a breach
      thereof);

     

    (b) breach
      of
      any covenant made by any Seller in this Agreement;

     

    (c) any
      Excluded Liabilities;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d) regardless
      of any disclosure on the Schedules, arise from or relate to the LaSalle
      Litigation or the Trading Investigation;

     

    (e) if
      the
      Working Capital Amount is less than $3,500,000 (the amount by which the Working
      Capital Amount is less than $3,500,000 shall, for such purposes, be deemed
      a
      Loss); or

     

    (f) any
      action, suit or proceeding relating to any of the foregoing.

     

    7.2 Purchaser’s
      Indemnification.

     

    Subject
      to the limitations set forth in this Article 7 and Section 4.12, Purchaser
      shall
      indemnify and hold harmless Sellers and their respective successors, permitted
      assigns, Affiliates, officers, directors, agents and employees from and against
      and in respect of any and all Losses resulting from, in connection with or
      arising out of:

     

    (a) any
      breach of any representation or warranty made by Purchaser in Article 3 of
      this Agreement or in any closing certificate executed and delivered by Purchaser
      in connection with this Agreement (disregarding, for purposes of this Section
      7.1, any “materiality,” “in all material respects,” “Material Adverse Effect,”
or similar qualification contained therein or with respect thereto for purposes
      of determining whether there has been a breach thereof and for purposes of
      calculating Losses with respect to any breach);

     

    (b) any
      breach of any covenant made by Purchaser in this Agreement;

     

    (c) any
      Assumed Liabilities; or

     

    (d) any
      action, suit or proceeding relating to any of the foregoing.

     

    7.3 Indemnification
      Procedures.

     

    (a) Procedures
      Relating to Indemnification.
      In the
      event that a third party (including, without limitation, any Governmental
      Entity) files a lawsuit, enforcement action or other proceeding against a Person
      entitled to indemnification under this Article 7 (an “Indemnified Party”) or the
      Indemnified Party receives notice of, or becomes aware of, a condition or event
      that otherwise entitles such Party to the benefit of any indemnity hereunder
      in
      connection with a claim by a third party (including, without limitation, any
      Governmental Entity) (a “Third Party Claim”), the Indemnified Party shall give
      written notice thereof (the “Claim Notice”) promptly to each Party obligated to
      provide indemnification pursuant to this Article 7 (an “Indemnifying
      Party”). The Claim Notice shall describe in reasonable detail the nature of the
      claim, including an estimate, if practicable, of the amount of Losses that
      have
      been or may be suffered or incurred by the Indemnified Party attributable to
      such claim and the basis of the Indemnified Party’s request for indemnification
      under this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Conduct
      of Defense.
      An
      Indemnifying Party shall have the right to conduct at its expense the defense
      against such Third Party Claim in its own name, or, if necessary, in the name
      of
      the Indemnified Party, upon written notice thereof delivered to the Indemnified
      Party promptly after receipt of the applicable Claim Notice. When the
      Indemnifying Party conducts the defense, the Indemnified Party shall have the
      right to approve the defense counsel representing the Indemnifying Party in
      such
      defense, which approval shall not be unreasonably withheld or delayed. If the
      Indemnifying Party assumes the defense of any such Third Party Claim: (i) the
      Indemnifying Party shall proceed to defend such Third Party Claim in a diligent
      manner; and (ii) the Indemnifying Party shall be prohibited from compromising
      or
      settling the claim except in accordance with the provisions of Section 7(e)
      hereof. The Indemnifying Party shall have the right to withdraw from the defense
      of any Third Party Claim with respect to which the Indemnifying Party had
      previously delivered a notice at any time upon reasonable notice to the
      Indemnified Party.

     

    (c) Conduct
      by Indemnified Party.
      Notwithstanding Section 7.3(b) hereof, in the event that (i) the Indemnifying
      Party elects in writing not to assume the defense of the Third Party Claim
      pursuant to Section 7.3(b), (ii) the Indemnifying Party withdraws from the
      defense of a Third Party Claim as contemplated by Section 7.3(b), or (iii)
      a
      conflict of interest exists which, under applicable principles of legal ethics,
      could reasonably be expected to prohibit a single legal counsel from
      representing both the Indemnified Party and the Indemnifying Party in such
      proceeding, the Indemnified Party shall have the right to conduct such defense
      in good faith at the Indemnifying Party’s expense with counsel reasonably
      acceptable to the Indemnifying Party, which acceptance shall not be unreasonably
      withheld or delayed.

     

    (d) Cooperation.
      In the
      event that the Indemnifying Party elects to conduct the defense of such Third
      Party Claim in accordance with Section 7.3(b), the Indemnified Party shall
      cooperate with and make available to the Indemnifying Party (at such
      Indemnifying Party’s expense) such assistance, personnel, witnesses and
      materials as the Indemnifying Party may reasonably request. Regardless of which
      Party defends such Third Party Claim, the other Party shall have the right
      at
      its expense to participate in the defense assisted by counsel of its own
      choosing.

     

    (e) Settlements.

     

    
      	 	
              (i)

            	
              Without
                the prior written consent of the Indemnified Party (which consent
                shall
                not be unreasonably withheld or delayed), the Indemnifying Party
                shall not
                enter into any settlement of any Third Party Claim if, pursuant to
                or as a
                result of such settlement, such settlement would result in any liability
                on the part of the Indemnified Party for which the Indemnified Party
                is
                not entitled to indemnification hereunder. If a firm offer is made
                to
                settle a Third Party Claim, which offer the Indemnifying Party is
                permitted to settle under this Section 7.3, and the Indemnifying
                Party desires to accept and agree to such offer, the Indemnifying
                Party
                shall give written notice to the Indemnified Party to that effect.
                If the
                Indemnified Party objects to such firm offer within ten (10) days
                after
                its receipt of such notice, the Indemnified Party may continue to
                contest
                or defend such Third Party Claim and, in such event, the maximum
                liability
                of the Indemnifying Party as to such Third Party Claim shall not
                exceed
                the amount of such settlement offer, plus other Losses paid or incurred
                by
                the Indemnified Party up to the point such notice had been
                delivered.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              Regardless
                of whether the Indemnifying Party assumes the defense of a Third
                Party
                Claim, the Indemnified Party shall not enter into any settlement
                of any
                Third Party Claim without the prior written consent of the Indemnifying
                Party (which consent shall not be unreasonably withheld or
                delayed).

            

    

     

    7.4 Nature
      of Other Liabilities.

     

    In
      the
      event any Indemnified Party should have a claim against any Indemnifying Party
      hereunder that does not involve a Third Party Claim, the Indemnified Party
      shall
      promptly transmit to the Indemnifying Party a written notice describing in
      reasonable detail the nature of the claim and the basis of the Indemnified
      Party’s request for indemnification under this Agreement.

     

    7.5 Certain
      Limitations on Remedies; Consequential Damages.

     

    No
      Indemnified Party shall be entitled to assert any claim or claims for
      indemnification or reimbursement pursuant to this Article 7 (other than a claim
      under Section 7.1(e)) until such time as the aggregate amount of all claims
      by
      such Indemnified Party hereunder exceeds $300,000 (the “Basket”), at which time
      all such claims (including the Basket amount) may be asserted, subject to the
      other limitations set forth in this Article 7. In no event shall any Indemnified
      Party be entitled to indemnification or reimbursement pursuant to this Article
      7
      in an amount which, together with all previously indemnified amounts paid
      hereunder to such Indemnified Party and/or its Affiliates, exceeds the sum
      of
      $9,000,000 (the “SubCap”) plus, after final determination of the adjustment of
      the Purchase Price pursuant to Section 1.5, any Contingent Adjustment Remainder.
      Notwithstanding anything to the contrary in this Agreement, each Party
      acknowledges that (i) the foregoing limitations do not apply to any fraud by
      or
      on behalf of an Indemnifying Party or to any claim under Section 7.1(d) or
      7.1(e) and (ii) except in the case of fraud, the indemnification provisions
      set
      forth in this Article 7 constitute the sole and exclusive recourse and remedy
      of
      the Indemnified Parties with respect to the breach of any representation,
      warranty, covenant or agreement contained in this Agreement or in any closing
      certificate executed and delivered in connection herewith or otherwise in
      connection with the transactions contemplated hereby. Notwithstanding anything
      contained herein to the contrary, no Party shall be liable to any Indemnified
      Party with respect to any exemplary or punitive damages other than with respect
      to any such damages claims by, or awards to, a third party other than any Party
      hereto or its Subsidiaries or Affiliates. For the purposes of calculating any
      consequential damages component of Losses, the Parties agree that such
      calculation shall be made with reference to a comparison between the value
      of
      the Business as of the Effective Date and the amounts paid to Sellers pursuant
      to Article 1 hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.6 Subrogation.

     

    After
      any
      indemnification payment is made to any Indemnified Party pursuant to this
      Article 7, the Indemnifying Party shall, to the extent of such payment, be
      subrogated to all rights (if any) of the Indemnified Party against any third
      party in connection with the Losses to which such payment relates. Without
      limiting the generality of the preceding sentence, any Indemnified Party
      receiving an indemnification payment pursuant to the preceding sentence shall
      execute, upon the written request of the Indemnifying Party, any instrument
      reasonably necessary to evidence such subrogation rights.

     

    7.7 Survival
      of Representations and Warranties.

     

    The
      respective representations and warranties of each of the Parties to this
      Agreement shall survive the Closing and the consummation of the transactions
      contemplated hereby and shall remain in full force and effect for a period
      of 24
      months after the Closing Date (the “Survival Period”); provided that if
a
      Claim Notice or written notice pursuant to Section 7.4 setting forth in
      reasonable detail an alleged breach relating to any representation or warranty
      is given to an Indemnifying Party during the Survival Period, then,
      notwithstanding anything to the contrary contained in this Section 7.7, the
      Indemnified Party shall be entitled to receive indemnification for the subject
      matter of such Claim Notice or written notice if such claim is resolved in
      favor
      of the Indemnified Party, even if the time of when such Claim Notice has been
      fully and finally resolved occurs after the Survival Period; provided, further,
      that in the event that a claim is limited because it exceeds the SubCap prior
      to
      determination of the Contingent Adjustment Remainder, such claim may be asserted
      and reserved prior to the end of the Survival Period pending final calculation
      of the Contingent Adjustment Remainder and affirmatively determined promptly
      thereafter.

     

     

    ARTICLE
      8. CONDITIONS
      TO CLOSING; TERMINATION.

     

    8.1 Conditions
      to Obligations of Purchaser.

     

    The
      obligation of Purchaser to consummate the Purchase and Sale under this Agreement
      is subject to the fulfillment, at or prior to the Closing, of the following
      conditions:

     

    (a) Representations
      and Warranties of Sellers.
      The
      representations and warranties made by Sellers in this Agreement (including
      the
      Schedules), the Transaction Documents and in any certificate delivered by any
      Seller hereunder shall be true and correct on and as of the Effective Date
      and
      on and as of the Closing Date, as if again made by Sellers on and as of such
      date (in the case of this clause (a) without regard to any “material,” “in all
      material respects,” “Material Adverse Effect,” dollar amount, “$” or similar
      qualification contained therein or with respect thereto), except for
      inaccuracies that individually or in the aggregate could not reasonably be
      expected to have a Material Adverse Effect.

     

    (b) Performance
      of Sellers’ Obligations.
      Each
      Seller shall have delivered all documents and instruments described in Section
      1.7 and shall have performed in all material respects all obligations required
      under this Agreement by Sellers on or prior to the Closing Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) Pending
      Proceedings.
      No
      injunction, restraining order or other ruling or order issued by any court
      of
      competent jurisdiction or Governmental Entity or other legal restraint or
      prohibition preventing the consummation of the transactions contemplated by
      this
      Agreement shall be in effect.

     

    (d) Consents
      and Approvals.
      Those
      consents, waivers, authorizations and approvals set forth in Schedule
      8.1(d)
      shall
      have been obtained (the “Consents”), and Sellers shall have delivered a copy of
      documents evidencing each such Consent to Purchaser.

     

    (e) Advisory
      Contracts.
      The
      requisite approvals shall have been obtained for the Investment Advisory
      Contract and each Investment Subadvisory Contract. The Investment Advisory
      Contract and each Investment Subadvisory Contract shall have been executed
      and
      delivered to the Purchaser, and shall by its terms become effective upon the
      Closing Date.

     

    (f) Trustee
      and Target Funds Shareholder Approvals.
      The
      Trustee Approval and Target Funds Shareholder Approval shall have been obtained
      for Target Funds having assets under management representing at least 90% of
      the
      assets under management of all Target Funds (calculated in each case, as of
      the
      Effective Date), and each such Target Fund shall have executed and delivered
      to
      Purchaser an Investment Advisor Agreement.

     

    (g) Material
      Adverse Effect.
      No
      event, change, condition or other matter shall have occurred that has had or
      could reasonably be expected to have a Material Adverse Effect with respect
      to
      any Seller or any Target Fund.

     

    (h) Trustee
      Resignation.
      Julian
      Ide shall have resigned as Fund Trustee.

     

    (i) Stockholder
      Approvals.
      The
      Stockholder Approvals shall have been obtained.

     

    (j) Working
      Capital Amount.
      The
      Working Capital Amount shall be equal to or greater than
      $3,500,000.

     

    8.2 Conditions
      to Obligations of Sellers.

     

    The
      obligations of Sellers to consummate the Purchase and Sale under this Agreement
      are subject to the fulfillment, at or prior to the Closing, of the following
      conditions:

     

    (a) Representations
      and Warranties of Purchaser.
      The
      representations and warranties made by Purchaser in this Agreement (including
      the Schedules), the Transaction Documents and in any Certificate delivered
      by
      the Purchaser hereunder shall be true and correct in all material respects
      on
      and as of the Effective Date and the Closing Date, as if again made by Purchaser
      on and as of such date (in the case of this clause (a) without regard to any
      “material,” “in all material respects,” “Material Adverse Effect,” dollar
      amount, “$” or similar qualification contained therein or with respect thereto),
      except to the extent the failure to be so true and correct would not reasonably
      be expected to impair the ability of Purchaser to consummate the Purchase and
      Sale.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Performance
      of Purchaser’s Obligations.
      Purchaser shall have delivered all documents and instruments described in
      Section 1.8 and shall have otherwise performed in all material respects all
      obligations required under this Agreement to be performed by Purchaser on or
      prior to the Closing Date.

     

    (c) Pending
      Proceedings.
      No
      injunction, restraining order or other ruling or order issued by any court
      of
      competent jurisdiction or Governmental Entity or other legal restraint or
      prohibition preventing the consummation of the transactions contemplated by
      this
      Agreement shall be in effect.

     

    (d) Consent
      and Approvals.
      The
      Consents shall have been obtained.

     

    (e) Trustee
      and Target Funds Shareholder Approvals.
      The
      Trustee Approval and Target Funds Shareholder Approval shall have been obtained
      for Target Funds having assets under management representing at least 90% of
      the
      assets under management of all Target Funds (calculated in each case, as of
      the
      Effective Date), and Purchaser shall have executed and delivered to each such
      Target Fund, an Investment Advisor Agreement .

     

    (f) Stockholder
      Approvals.
      The
      Stockholder Approvals shall have been obtained.

     

    8.3 Termination.

     

    (a) Methods
      of Termination.
      This
      Agreement may, by written notice, be terminated and the transactions
      contemplated hereby may be abandoned at any time prior to the
      Closing:

     

    
      	 	
              (i)

            	
              by
                mutual consent of AAAMHI and
                Purchaser;

            

    

     

    
      	 	
              (ii)

            	
              by
                either Purchaser or Sellers, if a Governmental Entity shall have
                issued an
                order, decree or ruling or taken any other action, in each case
                permanently restraining, enjoining or otherwise prohibiting the
                transactions contemplated by this Agreement, and such order, decree,
                ruling or other action shall have become final and
                nonappealable;

            

    

     

    
      	 	
              (iii)

            	
              by
                Purchaser, at any time when any Seller is in breach of any covenant
                pursuant to this Agreement or in any schedule or documents delivered
                in
                connection herewith or if any representation or warranty of any Seller
                is
                false or misleading (except such as individually or in the aggregate
                could
                not reasonably be expected to have a Material Adverse Effect); provided
                that such condition is not the result of any breach of any covenant,
                representation or warranty of Purchaser set forth herein or in any
                closing
                certificate delivered pursuant to the terms hereof; and provided
                further
                that such breach shall not have been cured, in the case of a covenant,
                within ten (10) business days following receipt by the breaching
                Party of
                notice of such breach or, in the case of a representation or warranty
                which is reasonably capable of a cure without any adverse consequences
                with respect to the Business, the Acquired Assets, the Target Funds,
                the
                Acquisition or the rights of the Purchaser hereunder, on or prior
                to the
                date on which the conditions other than the accuracy of the representation
                and warranty in question would be satisfied for the
                Closing;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iv)

            	
              by
                AAAMHI, at any time when Purchaser is in breach of any of its material
                covenants pursuant to this Agreement or if any representation or
                warranty
                of Purchaser is false or misleading in any material respect; provided
                that
                such condition is not the result of any breach of any covenant,
                representation or warranty of Sellers set forth in any Transaction
                Document; and provided further that such breach shall not have been
                cured,
                in the case of a covenant, within ten (10) business days following
                receipt
                by the breaching Party of notice of such breach or, in the case of
                a
                representation or warranty which is reasonably capable of a cure
                without
                any adverse consequences with respect to the Business, the Acquired
                Assets, the Target Funds, the Acquisition or the rights of the Sellers
                hereunder, on or prior to the date on which the conditions other
                than the
                accuracy of the representation and warranty in question would be
                satisfied
                for the Closing;

            

    

     

    
      	 	
              (v)

            	
              by
                Purchaser as permitted pursuant to Section
                4.9;

            

    

     

    
      	 	
              (vi)

            	
              by
                either Purchaser or AAAMHI if the Closing has not occurred on or
                before
                December 31, 2006; provided, however, that the right to terminate
                this
                Agreement shall not be available to any Party whose breach (or breach
                by
                any Affiliate of such Party) of any covenant or agreement pursuant
                to this
                Agreement has been the cause of, or resulted in, the failure of the
                Closing to occur on or before such date;
                or

            

    

     

    
      	 	
              (vii)

            	
              by
                either Purchaser or AAAMHI if the Trustee Approval or Target Funds
                Shareholder Approval shall not have been obtained for all Target
                Funds on
                or before December 31, 2006.

            

    

     

    (b) Procedure
      and Effect of Termination.
      In the
      event of termination of this Agreement and abandonment of the transactions
      contemplated hereby pursuant to this Section 8, this Agreement shall become
      void
      and have no effect except that (a) the Confidentiality Agreement shall survive
      any termination of this Agreement, and (b)
      notwithstanding anything to the contrary contained in this Agreement, no Party
      shall be relieved or released from any liability or damages arising out of
      any
      breach of any covenant or agreement set forth in this Agreement by any Party
      prior to the date of termination, unless the termination is effected pursuant
      to
      Section 8.3(a)(i).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
      9. MISCELLANEOUS
      PROVISIONS.

     

    9.1 Successors
      and Assigns.

     

    This
      Agreement shall inure to the benefit of, and be binding upon, the Parties hereto
      and their respective successors and permitted assigns; provided, however, that
      neither Party shall assign or delegate this Agreement or any of its rights
      or
      obligations created hereunder, except to an Affiliate, without the prior consent
      of the other Party, which consent shall not be unreasonably withheld or
      delayed.

     

    9.2 Remedies.

     

    Article
      7
      contains the exclusive remedies for all claims by and between the Parties
      relating to this Agreement (other than those pursuant to Section 5.4) and any
      closing certificate executed and delivered by the Parties in connection herewith
      and the transactions contemplated hereby, all of which claims shall be made
      pursuant to, and subject to, Article 7. Notwithstanding the foregoing, each
      of
      the Parties acknowledges and agrees that the other Parties would be damaged
      irreparably in the event any of the provisions of this Agreement are not
      performed in accordance with their specific terms or are otherwise breached.
      Accordingly, each of the Parties agrees that the other Parties shall be entitled
      to an injunction or injunctions to prevent breaches of the provisions of this
      Agreement and to enforce specifically this Agreement and the terms and
      provisions hereof in any action instituted in any court having jurisdiction
      over
      the Parties and the matter in addition to any other remedy to which they may
      be
      entitled pursuant hereto.

     

    9.3 Notices.

     

    All
      notices, requests, consents, instructions and other communications required
      or
      permitted to be given hereunder shall be in writing and hand delivered, sent
      by
      nationally recognized, next-day delivery service or mailed by certified or
      registered mail, return receipt requested, postage prepaid, addressed as set
      forth below; receipt shall be deemed to occur on the date of actual receipt.
      All
      such communications shall be addressed as follows:

     

    (a) if
      to
      Purchaser, as follows:

     

    Highbury
      Financial Inc.

    535
      Madison Avenue, 19th
      Floor

    New
      York,
      New York 10022

    Attention:
      Richard Foote

    Fax:
      (212) 688-2343

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    with
      a
      copy (which shall not constitute notice) to:

     

    Bingham
      McCutchen, LLP

    150
      Federal Street

    Boston,
      MA 02110

    Attention:
      Michael A. Conza, Esq.

    Fax:
      (617) 951-8736

     

    (b) if
      to
      Sellers:

     

    ABN
      AMRO
      Asset Management Holdings, Inc.

    161
      North
      Clark Street, 9th
      Floor

    Chicago,
      Illinois 60601-2468

    Attention:
      Seymour A. Newman

    Fax:
      (312) 884-2449

     

    with
      a
      copy (which shall not constitute notice) to:

     

    Sonnenschein
      Nath & Rosenthal LLP

    7800
      Sears Tower

    233
      South
      Wacker Drive

    Chicago,
      Illinois 60606-6404

    Attention:
      Michael D. Rosenthal, Esq.

    Fax:
      (312) 876-7934

     

    or
      to
      such other address or Persons as the Parties may from time to time designate
      in
      writing in the manner provided in this Section 9.3.

     

    9.4 Entire
      Agreement.

     

    This
      Agreement, together with the Schedules and Exhibits attached hereto, the
      Confidentiality Agreement and the other Transaction Documents represent the
      entire agreement and understanding of the Parties hereto with respect to the
      transactions contemplated herein and therein, and no representations, warranties
      or covenants have been made in connection with this Agreement, other than those
      expressly set forth herein and therein, or in the certificates delivered in
      accordance herewith or therewith. Except for the Confidentiality Agreement,
      this
      Agreement supersedes all prior negotiations, discussions, correspondence,
      communications, understandings and agreements among the Parties relating to
      the
      subject matter of this Agreement and such other agreements and all prior drafts
      of this Agreement and such other agreements, all of which are merged into this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9.5 Amendments
      and Waivers.

     

    This
      Agreement may be amended, superseded, cancelled, renewed or extended, and the
      terms hereof may be waived, only by a written instrument signed by Purchaser
      and
      Sellers or, in the case of a waiver, by the Party waiving compliance or by
      such
      Party’s representative. No delay on the part of either Party in exercising any
      right, power or privilege hereunder shall operate as a waiver thereof; nor
      shall
      any waiver on the part of either Party of any such right, power or privilege,
      nor any single or partial exercise of any such right, power or privilege,
      preclude any further exercise thereof or the exercise of any other such right,
      power or privilege.

     

    9.6 Severability.

     

    This
      Agreement shall be deemed severable and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provision hereof.

     

    9.7 Headings.

     

    The
      article and section headings contained in this Agreement are solely for
      convenience of reference and shall not affect the meaning or interpretation
      of
      this Agreement or of any term or provision hereof.

     

    9.8 Terms.

     

    All
      references herein to Articles, Sections, Schedules and Exhibits shall be deemed
      references to such parts of this Agreement, unless the context shall otherwise
      require. All references to singular or plural shall include the other as the
      context may require. Unless otherwise expressly stated, the words “herein,”
“hereof,” and “hereunder” and other words of similar import refer to this
      Agreement as a whole and not to any particular Section, Subsection or other
      subdivision. The words “include” and “including” shall not be construed as terms
      of limitation. The word “or” shall mean “and/or” unless the context requires
      otherwise.

     

    9.9 Reference
      to Sellers and Selected Funds.

     

    (a) Notwithstanding
      anything herein, no Seller (other than AAAMHI and AAIFS) shall be deemed to
      have
      made any representation or warranty regarding, or any covenant or agreement
      with
      respect to, any other Seller or any portion of the Business, assets,
      liabilities, condition (financial and otherwise), prospects, relationships
      or
      operations of, or the Target Fund advised by, any other Seller, it being
      acknowledged and agreed that each Seller (other than AAAMHI and AAIFS) is making
      the representations and warranties and covenants and agreements contained herein
      on a several and not a joint basis solely as to such Seller and its business,
      assets, liabilities, condition (financial and otherwise), prospects,
      relationships and operations and with respect to the Target Funds which it
      advises. AAAMHI and AAIFS are making the representations and warranties and
      covenants and agreements contained herein, jointly and severally, regarding
      AAAMHI, AAIFS and all of the other Sellers and their respective, businesses,
      assets, liabilities, conditions (financial and otherwise), prospects,
      relationships and operations and with respect to the Target Funds which any
      of
      them advises.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) The
      Parties acknowledge and agree that the Sellers do not currently employ or engage
      an investment manager with respect to the Selected Funds. The Parties agree
      that
      the Seller shall have no obligations hereunder to employ an investment manager
      or following the Closing Date to otherwise take or refrain from taking any
      actions in connection with the operation, advising or sub-advising of the
      Selected Funds (including, without limitation, compliance with the covenants
      set
      forth in Section 4.2 hereof); provided, however, that Sellers agree to consult
      with Purchaser prior to taking any action specified in Section 4.2 with respect
      to the Selected Funds.

     

    9.10 Governing
      Law; Jurisdiction and Venue.

     

    This
      Agreement shall be governed by and construed in accordance with the Laws of
      the
      State of New York, without giving effect to choice of Law principles. Each
      Party
      hereto hereby agrees that any proceeding relating to this Agreement and the
      transactions contemplated hereby shall be brought in a state court located
      in
      the borough of Manhattan in New York, New York or a federal court located in
      the
      borough of Manhattan in New York, New York. Each Party hereto hereby consents
      to
      personal jurisdiction in any such action brought in any such state or federal
      court, consents to service of process by registered mail made upon such Party
      and such Party’s agent and waives any objection to venue in any such state or
      federal court and any claim that any such state or federal court is an
      inconvenient forum.

     

    9.11 Schedules
      and Exhibits.

     

    The
      Schedules and Exhibits attached hereto are a part of this Agreement as if fully
      set forth herein.

     

    9.12 No
      Third-Party Beneficiaries.

     

    Except
      as
      expressly contemplated in this Agreement, this Agreement shall be binding upon
      and inure solely to the benefit of each Party hereto and nothing in this
      Agreement is intended to confer upon any other Person any rights or remedies
      of
      any nature whatsoever under or by reason of this Agreement.

     

    9.13 Expenses.

     

    Except
      as
      expressly provided otherwise in this Agreement, Sellers and Purchaser each
      shall
      bear its own respective transaction fees and expenses (including fees and
      expenses of legal counsel, accountants, investment bankers, brokers, finders
      or
      other representatives and consultants) incurred in connection with the
      preparation, execution and performance of this Agreement and the transactions
      contemplated hereby. Sellers agree to defend, indemnify and hold Purchaser
      harmless from and against any claim, demand, or cause of action for broker,
      finder or investment banker fees or commissions asserted by any Person or entity
      engaged by or claiming to be engaged by Sellers or any of their Affiliates
      in
      connection with the transactions contemplated hereby.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9.14 Construction.

     

    The
      language used in this Agreement shall be deemed to be the language chosen by
      the
      Parties to express their mutual intent and no rule of strict construction shall
      be applied against either Party.

     

    9.15 Counterparts.

     

    This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which together shall be considered one and the
      same agreement.

     

    9.16 Knowledge.

     

    The
      representations, warranties, covenants and obligations of the Sellers, and
      the
      rights and remedies that may be exercised by the Purchaser Indemnified Parties
      based on such representations, warranties, covenants and obligations, will
      not
      be limited or affected by any investigation conducted by Purchaser or any agent
      of Purchaser with respect to, or any knowledge acquired (or capable of being
      acquired) by Purchaser or any agent of Purchaser at any time, whether before
      or
      after the execution and delivery of this Agreement or the Closing, with respect
      to, the accuracy or inaccuracy of or compliance with any such representation,
      warranty, covenant or obligation. The waiver by Purchaser of any of the
      conditions set forth in Section 8.1 will not affect the provisions of this
      Section.

     

    9.17 Definitions.

     

    “1940
      Act”
shall
      mean the Investment Company Act of 1940, as amended.

     

    “ABN
      AMRO Funds”
shall
      mean a registered open-end management investment company organized as a Delaware
      business trust and operating as a series fund, formed on September 10, 1993,
      and
      formerly known as the Alleghany Funds.

     

    “Acquired
      Assets”
shall
      mean all of the assets used or useful in, or otherwise related to, the Business,
      including, without limitation: (i) all of Sellers’ interest in all customer
      lists, prospectuses and marketing lists with respect to the Target Funds,
      (ii) those assets listed on Schedule
      1.1,
      (iii)
      all of Sellers’ interest in the Separately Managed Accounts including all books
      and records and related contracts, and (iv) the assigned contracts,
      Business Proprietary Rights (other than the Retained Names and Marks), books
      and
      records related to the servicing of the Target Funds and the furniture, fixtures
      and equipment used in the Business; provided that Acquired Assets shall not
      include the Excluded Assets.

     

    “Advisers
      Act”
shall
      mean the Investment Advisers Act of 1940, as amended.

     

    “Affiliate”
of
      any
      Person shall mean a Person that directly or indirectly, through one or more
      intermediaries, controls, is controlled by, or is under common control with,
      such Person.

     

    “Alternative
      Investment Vehicle”
shall
      mean (i) any collective investment vehicle (such as a hedge fund, venture
      capital fund or private equity fund) in which a material portion of the
      consideration to be received by the investment adviser, manager, or general
      partner consists of an interest in the profits of the vehicle and (ii) any
      collective investment vehicle (such as a side car, side-by-side or friends
      and
      family fund) which is managed on a parallel basis with any of the foregoing
      but
      which may not provide the investment adviser, manager, or general partner an
      interest in the profits thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Approved
      Target Funds”
means
      those Target Funds for which the Trustee Approval and the Target Funds
      Shareholder Approval has been obtained and is in effect as of the Closing,
      and
      new funds or classes of funds which are advised by Purchaser and sub-advised
      by
      Sellers following the Closing.

     

    “Assumed
      Liabilities”
shall
      mean those liabilities of the Business specifically identified on Schedule
      1.3
      hereto.

     

    “Calculation
      Date”
      shall
      mean the last day of the
      month
      during
      which
      the
      second anniversary of the
      Closing Date
      occurs.

     

    “Calculation
      Date Revenue”
      means
      two
      times the aggregate investment advisory fees generated under the Investment
      Advisory Contract applicable to the Approved Target Funds during the
      Determination Period, less two times the aggregate amount of any fee waivers,
      reimbursement obligations and/or similar offsets or arrangements effected during
      the Determination Period.

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended.

     

    “Confidential
      Information”
shall
      mean all trade secrets and other proprietary or confidential information of
      the
      Business including, without limitation, all (i) financial statements, cost
      reports and forecasts of the Business, (ii) contract proposals, bidding
      information and negotiating strategies of the Business, (iii) pricing
      structures of the Business, (iv) policies and procedures of the Business,
      (v) management systems and procedures of the Business, (vi) business
      plans and projections of the Business, (vii) lists of, or other nonpublic
      information regarding, actual or potential products and customers of the
      Business, (viii) the terms of this Agreement or any other contract or
      agreement of Sellers relating solely to the Business, (ix) inventions and
      discoveries, (x) all information related to the Business the
      confidentiality of which Sellers are required (whether by law, contract or
      otherwise) to maintain, and (xi) other documents, writings, memoranda,
      illustrations, designs, plans, processes, programs, computer software, reports,
      customer lists, trade secrets and all other valuable or unique information
      and
      techniques acquired, developed or used by Sellers solely with respect to the
      Business relating to their respective operations, employees and customers that
      is (a) sufficiently secret to derive economic value, actual or potential,
      from not being generally known to other Persons who can obtain economic value
      from its disclosure or use and (b) the subject of efforts that are
      reasonable under the circumstances to maintain its secrecy or confidentiality.
      Notwithstanding the foregoing, the following will not constitute “Confidential
      Information” for purposes of this Agreement: (w) Confidential Information
      which was legally already in Purchaser’s possession prior to its receipt from
      Seller; (x) Confidential Information which is legally obtained by Purchaser
      from a third person; (y) Confidential Information which is required to be
      disclosed by Law, a court or other Governmental Entity; and
      (z) Confidential Information which is or becomes publicly available through
      no fault of Purchaser.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Contingent
      Adjustment Amount”
      shall mean the amount calculated pursuant to Section 1.5(c).

     

    “Contingent
      Adjustment Remainder”
shall
      mean the amount, if any, equal to $3,800,000 less any amount paid by Sellers
      to
      Purchaser pursuant to Section 1.5.

     

    “Designated
      Employee”
shall
      mean those Persons listed on Schedule
      4.2(j).

     

    “Determination
      Period”
means
      the six (6) month period ending on, and including, the Calculation
      Date.

     

    “Exchange
      Act”
shall
      mean the Securities and Exchange Act of 1934, as amended.

     

    “Excluded
      Assets”
shall
      mean (i) the rights of Sellers under this Agreement and any other agreement
      or
      document executed by Sellers in connection with this Agreement, (ii) all of
      Sellers’ consolidated cash and cash equivalents, other than the cash included in
      the Acquired Assets necessary to provide the Working Capital Amount of
      $3,500,000, (iii) all of Sellers’ receivables accrued through the close of
      business on the day preceding the Closing Date, (iv) the minute books and stock
      ledgers of the Sellers, (v) all rights, demands, claims, actions and causes
      of
      action (whether for personal injuries or property, consequential or other
      damages of any kind) that Sellers or any of their Affiliates may have, on or
      after the date hereof, against any Governmental Entity for refund or credit
      of
      any type with respect to Taxes for any pre-Closing tax period, (vi) the capital
      stock of Sellers and their Affiliates, (vii) any contracts of Sellers
      evidencing funded indebtedness of Sellers, (viii) any and all rights
      accruing and/or payments received or receivable under any director’s and
      officer’s liability policies that name the Sellers as beneficiaries,
      (ix)  rights, assets and contracts that are not in any manner related
      to, or used in, the Business, (x) any investment advisory and sub-advisory
      contracts and agreements which do not directly or indirectly relate to the
      Target Funds, (xi) rights under insurance policies maintained by, or for the
      benefit of, Sellers or their Affiliates (other than the Target Funds), and
      (xii) such other assets of Sellers specifically listed on Schedule
      1.2
      hereto.

     

    “Excluded
      Funds”
      shall
      mean those funds held, advised or subadvised by any Seller as of the Closing
      Date that are listed on Exhibit
      A-3
      hereto; provided that in order to remain an Excluded Fund pursuant to this
      Agreement such fund must be
      continuously operated
      in substantially
      the
      same manner,
      and
      must be of substantially the same nature, in each case as it is as
      of the Effective Date,
      including
      that
      such fund
      must (i) if a money market fund, remain
      a
      money market fund; (ii) be marketed to the same class
      of investors and
      in
      the same geographic area as on the Effective Date; and (iii) maintain
substantially
      similar investment
      objectives as
      are
in
      effect on the Effective Date.

     

    “Excluded
      Liabilities”
shall
      mean all of the liabilities, obligations and duties of Sellers of any kind
      whatsoever, whether or not accrued or fixed, absolute or contingent, or
      determined or determinable, other than the liabilities specifically included
      in
      the definition of Assumed Liabilities. Without limiting the generality of the
      foregoing, Excluded Liabilities shall include all liabilities, obligations
      and
      duties of Sellers that are not Assumed Liabilities.

     

    “Exhibits”
shall
      mean the exhibits attached hereto and made a part of this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “GAAP”
shall
      mean generally accepted accounting principles in effect in the United States
      of
      America at the time of determination, and which are consistently
      applied.

     

    “Governmental
      Entity”
means
      the United States of America or any other nation, any state or other political
      subdivision thereof, or any entity exercising executive, legislative, judicial
      (including courts), regulatory or administrative functions of
      government.

     

    “Income
      Tax”
means
      any Tax imposed on, or measured by, net income.

     

    “Income
      Tax Return”
means
      any return, declaration, report, claim for refund or information return or
      statement relating to Income Tax, including any schedule or attachment thereto,
      and including any amendment thereof.

     

    “Independent
      Accounting Firm”
means
      PriceWaterhouseCoopers LLP.

     

    “Investment
      Advisory Contract”
or
      “Investment
      Advisory Contracts”
shall
      mean individually or collectively those fee generating agreements entered into
      between Purchaser and each Target Fund in connection with the transactions
      contemplated by this Agreement substantially in the form attached hereto as
      Exhibit
      M,
      with
      such economic terms as set forth in Schedule 9.17
      hereto.

     

    “Investment
      Subadvisory Contract”
or
      “Investment
      Subadvisory Contracts”
shall
      mean individually or collectively those fee generating agreements entered into
      between Purchaser and each Selling Registered Adviser in connection with the
      transactions contemplated by this Agreement substantially in the form attached
      hereto as Exhibit
      I,
      with
      such economic terms as set forth in Schedule 9.17
      hereto.

     

    “Knowledge”
(or
      any
      form of such term, such as “Knows,” “Known,” etc.) as used in this Agreement
      with respect to Sellers’ awareness of the presence or absence of a fact, event
      or condition shall mean actual, then present knowledge of Stuart Bilton, Kenneth
      Anderson, Gerald Dillenburg, Christine Dragon and Seymour Newman or any facts
      or
      circumstances that would be known after due inquiry or with respect to
      Purchaser’s awareness of the presence or absence of a fact, event or condition
      shall mean actual, then present knowledge of Bruce Cameron, Richard Foote,
      and
      Bradley Forth or any facts or circumstances that would be known after due
      inquiry.

     

    “LaSalle
      Litigation”
shall
      mean any liabilities or obligations of any nature, whether accrued, absolute,
      contingent or otherwise arising out of, or relating to the conversion of LaSalle
      Bank, N.A. individual managed accounts and/or common trust funds to the
      Rembrandt Funds family of mutual funds (the “Conversion”), including but not
      limited to the Hughes
      federal
      litigation (Hughes
      v. LaSalle Bank, N.A.,
      02 Civ.
      684 (S.D.N.Y.)) and related state action (Hughes
      v. LaSalle Bank, N.A.,
      Index
      No. 105423/01 (N.Y. Supreme Ct., N.Y. County)) or any regulatory, administrative
      or legal proceedings, including without limitation arbitrations, shareholder
      class actions, derivative actions or other litigation arising out of or related
      to the Conversion.

     

    “Law”
or
      “Laws”
means
      any federal, state and foreign laws, statutes, regulations, rules, ordinances,
      decrees, injunctions, orders and judgments.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Lien”
shall
      mean any mortgage, pledge, lien, security interest or other
      encumbrance.

     

    “Material
      Adverse Effect”
means,
      with respect to Sellers, any change, event or effect (a) that is materially
      adverse to the Business or to the assets, financial condition, liabilities,
      results of operations or prospects of the Business taken as a whole, or (b)
      that
      would have a material adverse effect on the ability of Sellers to consummate
      the
      transactions contemplated by this Agreement, in each case other than, solely
      for
      purposes of Sections 8.1(a) and 8.1(h), any change, event or effect to the
      extent arising from or relating to (i) the United States or the global
      economy or securities markets in general, (ii) acts of terrorism or war
      (whether or not declared) occurring after the date hereof, (iii) the industry
      in
      which Sellers operate generally (and which are not specific to the Business
      and
      which do not affect the Business disproportionately as compared to other
      companies which compete with the Business), or (iv) changes in any applicable
      Law or accounting principles after the date hereof.

     

    “Non-Competition
      Agreements”
means
      those certain Employee Noncompetition, Nonsolicitation and Nondisclosure
      Agreements between AAAMHI or AAIFS and those Persons listed on Schedule
      4.13(a)
      which
      shall be assigned to the Purchaser as of the Closing Date.

     

    “Party”
and
      “Parties”
mean
      a
      party or the parties to this Agreement set forth on the signature page
      hereof.

     

    “Permitted
      Liens”
as
      used
      in this Agreement shall mean those Liens listed on Schedule
      1.5,
      consisting of (i) Liens that are purchase money, workmen’s or similar Liens
      arising in the ordinary course of business, and (ii) Liens reflected in the
      Fund
      Financial Statements (which have not been discharged).

     

    “Person”
shall
      mean any individual, partnership, corporation, company, limited liability
      company, trust or other entity.

     

    “Proprietary
      Rights”
means
      all patents, patent applications, patent disclosures, technology and inventions;
      trademarks, service marks, trade dress, logos, trade names, corporate names
      and
      Internet domain names, together with all goodwill associated therewith
      (including all translations, adaptations, derivations and combinations of the
      foregoing); copyrights and copyrightable works; and registrations, applications
      and renewals for any of the foregoing; provided that Proprietary Rights do
      not
      include any Retained Names and Marks.

     

    “Purchaser
      Cap Amount”
shall
      mean $3,800,000.

     

    “Record
      Date”
means
      the applicable determination date, as determined by the trustees for each
      applicable Target Fund, for which the holders of the shares of such Target
      Fund
      are declared for purposes of voting on whether to approve the transaction
      proposals contemplated by this Agreement.

     

    “Restricted
      Period”
shall
      mean (y) for each Seller (or any of their Subsidiaries) the longer of five
      (5)
      years or one (1) year after its termination as a sub-adviser of the applicable
      Target Funds and (z) for all other Affiliates of Seller, five (5)
      years.

     

    “SAI”
means
      Statement of Additional Information.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Schedules”
means
      the disclosure schedules attached hereto and made a part of this
      Agreement.

     

    “SEC”
shall
      mean the United States Securities and Exchange Commission.

     

    “Selected
      Funds”
shall
      mean the Target Funds which are indicated to be Selected Funds on Exhibit A-1.

     

    “Seller
      Cap Amount”
shall
      mean $3,800,000.

     

    “Selling
      Registered Adviser”
shall
      mean each of the Sellers other than AAAMHI and AAIFS.

     

    “Separately
      Managed Accounts”
shall
      mean a group of smaller client accounts for which AAMI and its subadvisors
      provide portfolio design and construction which are listed on Exhibit
      A-2.

     

    “Separately
      Managed Account Contract” shall
      mean individually
      or collectively those fee generating agreements entered into between Purchaser
      and the clients of the Separately Managed Accounts.

     

    “Stockholder
      Approval”
means
      the approval of the transactions contemplated by this Agreement by the
      stockholders of Purchaser holding the requisite number of shares necessary
      to
      approve such transactions; provided however
      that
      Stockholder Approval shall not be deemed to have been obtained if public
      stockholders of Highbury Financial Inc. owning twenty percent (20%) or more
      of
      the shares purchased by such public stockholders both vote against the
      transactions contemplated by this Agreement and exercise their conversion rights
      to convert their stock into an allocable share of the Highbury Financial Inc.
      trust account.

     

    “Sub-Advisory
      License Agreements”
means
      those License Agreements between Purchaser and each Seller serving as a
      subadvisor, executed, delivered and effective as of the Closing, in the form
      attached hereto as Exhibit
      C.

     

    “Subsidiary”
of
      any
      Party shall mean (a) a corporation, a majority of the voting or capital
      stock of which is, at the time, directly or indirectly owned by such Party
      and
      (b) any other Person (other than a corporation) in which such Party,
      directly or indirectly, (i) owns a majority of the equity or other interest
      thereof and (ii) has the power to elect or direct the election of a
      majority of the members of the governing body of such Person or otherwise has
      control over such Person (e.g., as the managing partner of a
      partnership).

     

    “Target
      Fund”
or
      “Target
      Funds”
shall
      mean those series of the ABN AMRO Funds set forth on the attached Exhibit A-1.

     

    “Target
      Funds Shareholders”
means
      those shareholders holding shares in Target Funds as of the Record
      Date.

     

    “Target
      Funds Shareholder Approval”
means,
      with respect to any Target Fund, the approval of the transactions contemplated
      by this Agreement by Target Funds Shareholders holding the requisite number
      of
      shares necessary to approve such transactions, including, without limitation,
      the approval of the Investment Advisory Contracts and Investment Subadvisory
      Contracts.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Target
      Revenue”
shall
      mean $38,000,000.

     

    “Tax”
and
      “Taxes”
means
      any federal, state, local or foreign net income, alternative or add-on minimum,
      gross income, gross receipts, property, sales, use, transfer, gains, goods
      and
      services, value-added, registration, stamp, recording, commodity, documentary,
      franchise, license, excise, employment, employee health, payroll, withholding
      or
      minimum tax, or any other tax of any kind whatsoever, together with any interest
      or any penalty, addition to tax or additional amount imposed by any Governmental
      Entity.

     

    “Tax
      Return”
means
      any return, report or similar statement required to be filed with respect to
      any
      Taxes (including any attached Schedules), including any information return,
      claim for refund, amended return and declaration of estimated Tax.

     

    “Trading
      Investigation”
shall
      mean any liabilities or obligations of any nature, whether accrued, absolute,
      contingent or otherwise arising out of, or relating to any frequent trading
      or
      late trading in any of the Target Funds occurring prior to the Closing Date,
      including but not limited to any actions brought by the New York Attorney
      General or any shareholder class actions, derivative actions or other litigation
      arising out of the same or similar allegations.

     

    “Transaction
      Documents”
means
      this Agreement, the Confidentiality Agreement, Transition Services Agreement,
      Investment Advisory Contracts, the Separately Managed Account Contracts, the
      Investment Subadvisory Contracts, the Sub-Advisory License Agreements and all
      other agreements, instruments, certificates and other closing documents entered
      into or delivered by either Party pursuant to the terms of this
      Agreement.

     

    “Trustee
      Approval”
shall
      mean the approval of the transactions contemplated by this Agreement (including,
      without limitation, the Investment Advisory Contracts and the Investment
      Subadvisory Contracts) by the requisite percentage of the trustees of each
      of
      the Target Funds, including a majority of the directors who are not “interested
      persons” (as defined in the 1940 Act) of the Target Funds, in accordance with
      the charter and bylaws of the ABN AMRO Funds and the applicable provisions
      of
      the 1940 Act.

     

    “Working
      Capital”
shall
      mean the current assets less the current liabilities of the Business immediately
      after the Closing as calculated according to GAAP; provided that all assets
      and
      liabilities of the Purchaser existing immediately prior to the Closing shall
      be
      ignored for purposes of such calculation and provided further that any non-cash
      assets will be included in “Working Capital” only if and to the extent approved
      by Purchaser in writing.

     

    [THE
      REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly
      executed and delivered as of the date first above written.

     

    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

     

    ABN
      AMRO ASSET MANAGEMENT HOLDINGS, INC.

     

    By:
      /s/
      Nancy J. Holland

    Name:
      Nancy J. Holland

    Title:
      President

     

    ABN
      AMRO INVESTMENT FUND SERVICES, INC.

     

    By:
      /s/
      Seymour A. Newman

    Name:
      Seymour A. Newman

    Title:
      Treasurer

     

    ABN
      AMRO ASSET MANAGEMENT, INC.

     

    By:
      /s/
      Nancy J. Holland

    Name:
      Nancy J. Holland

    Title:
      President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TAMRO
      CAPITAL PARTNERS LLC

     

    By:
      /s/
      Seymour A. Newman

    Name:
      Seymour A. Newman

    Title:
      Treasurer

     

    VEREDUS
      ASSET MANAGEMENT LLC

     

    By:
      /s/
      James R. Jenkins

    Name:
      James R. Jenkins

    Title:
      Vice President and Chief Operating Officer

     

    RIVER
      ROAD ASSET MANAGEMENT, LLC

     

    By:
      /s/
      R. Andrew Beck

    Name:
      R.
      Andrew Beck

    Title:
      President

     

    MONTAG
      & CALDWELL, INC.

     

    By:
      /s/
      William A. Vogel

    Name:
      William A. Vogel

    Title:
      Chief Executive Officer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Asset
        Purchase Agreement

       

      Exhibit
        A-1

       

      TARGET
        FUNDS

       

      
        	
                Legal
                  Fund Name

              	 	
                Fund
                  #

              	 	
                Ticker

              	 	
                CUSIP

              	 	
                Authorized
                  Capital Stock as of the Capitalization Date

              	 	
                Par
                  Value

              	 	
                Issued
                  and Outstanding Stock as of the Capitalization
                  Date

              	 
	
                ABN
                  AMRO / Balanced Fund - Class N*

              	 	 	
                131

              	 	 	
                CHTAX

              	 	 	
                00078H364

              	 	 	
                Unlimited

              	 	 	
                10.84

              	 	 	
                15,956,854

              	 
	
                ABN
                  AMRO / Bond Fund-Class I*

              	 	 	
                220

              	 	 	
                CTBIX

              	 	 	
                00078H331

              	 	 	
                Unlimited

              	 	 	
                9.69

              	 	 	
                7,521,683

              	 
	
                ABN
                  AMRO / Bond Fund-Class N*

              	 	 	
                120

              	 	 	
                CHTBX

              	 	 	
                00078H323

              	 	 	
                Unlimited

              	 	 	
                9.69

              	 	 	
                14,324,323

              	 
	
                ABN
                  AMRO / Growth Fund-Class I

              	 	 	
                233

              	 	 	
                CTGIX

              	 	 	
                00078H398

              	 	 	
                Unlimited

              	 	 	
                22.97

              	 	 	
                19,571,803

              	 
	
                ABN
                  AMRO / Growth Fund-Class N

              	 	 	
                133

              	 	 	
                CHTIX

              	 	 	
                00078H380

              	 	 	
                Unlimited

              	 	 	
                22.66

              	 	 	
                39,203,490

              	 
	
                ABN
                  AMRO / Growth Fund-Class R

              	 	 	
                933

              	 	 	
                CCGRX

              	 	 	
                00078H422

              	 	 	
                Unlimited

              	 	 	
                22.53

              	 	 	
                49,807

              	 
	
                ABN
                  AMRO / High Yield Bond Fund - Class I

              	 	 	
                222

              	 	 	
                ABHBX

              	 	 	
                00078H166

              	 	 	
                Unlimited

              	 	 	
                9.95

              	 	 	
                1,014,187

              	 
	
                ABN
                  AMRO / High Yield Bond Fund - Class N

              	 	 	
                122

              	 	 	
                AHBNX

              	 	 	
                00078H174

              	 	 	
                Unlimited

              	 	 	
                9.95

              	 	 	
                1,107,315

              	 
	
                ABN
                  AMRO / Investment Grade Bond Fund - Class I*

              	 	 	
                221

              	 	 	
                IOFIX

              	 	 	
                00078H455

              	 	 	
                Unlimited

              	 	 	
                9.14

              	 	 	
                3,547,129

              	 
	
                ABN
                  AMRO / Investment Grade Bond Fund - Class N*

              	 	 	
                121

              	 	 	
                ANVGX

              	 	 	
                00078H182

              	 	 	
                Unlimited

              	 	 	
                9.14

              	 	 	
                397,565

              	 
	
                ABN
                  AMRO / Mid Cap Fund-Class I

              	 	 	
                232

              	 	 	
                ABMIX

              	 	 	
                00078H158

              	 	 	
                Unlimited

              	 	 	
                23.30

              	 	 	
                3,145,915

              	 
	
                ABN
                  AMRO / Mid Cap Fund-Class N

              	 	 	
                132

              	 	 	
                CHTTX

              	 	 	
                00078H315

              	 	 	
                Unlimited

              	 	 	
                23.21

              	 	 	
                23,633,216

              	 
	
                ABN
                  AMRO / Mid Cap Growth Fund - Class N

              	 	 	
                147

              	 	 	
                ABMGX

              	 	 	
                00080Y306

              	 	 	
                Unlimited

              	 	 	
                n/a

              	 	 	
                n/a

              	 
	
                ABN
                  AMRO / Municipal Bond Fund - Class N*

              	 	 	
                110

              	 	 	
                CHTMX

              	 	 	
                00078H356

              	 	 	
                Unlimited

              	 	 	
                10.25

              	 	 	
                6,737,272

              	 
	
                ABN
                  AMRO / Real Estate Fund-Class I

              	 	 	
                243

              	 	 	
                AARIX

              	 	 	
                00080Y108

              	 	 	
                Unlimited

              	 	 	
                16.23

              	 	 	
                2,015,976

              	 
	
                ABN
                  AMRO / Real Estate Fund-Class N

              	 	 	
                143

              	 	 	
                ARFCX

              	 	 	
                00078H620

              	 	 	
                Unlimited

              	 	 	
                16.23

              	 	 	
                3,379,786

              	 
	
                ABN
                  AMRO / Value Fund - Class I

              	 	 	
                240

              	 	 	
                AAVIX

              	 	 	
                00080Y207

              	 	 	
                Unlimited

              	 	 	
                12.16

              	 	 	
                15,847,421

              	 
	
                ABN
                  AMRO / Value Fund - Class N

              	 	 	
                140

              	 	 	
                RVALX

              	 	 	
                00078H844

              	 	 	
                Unlimited

              	 	 	
                12.15

              	 	 	
                7,870,288

              	 
	
                ABN
                  AMRO / Montag & Caldwell Balanced Fund - Class N

              	 	 	
                130

              	 	 	
                MOBAX

              	 	 	
                00078H273

              	 	 	
                Unlimited

              	 	 	
                16.41

              	 	 	
                2,971,503

              	 
	
                ABN
                  AMRO / Montag & Caldwell Growth Fund-Class N

              	 	 	
                134

              	 	 	
                MCGFX

              	 	 	
                00078H299

              	 	 	
                Unlimited

              	 	 	
                23.35

              	 	 	
                42,491,792

              	 
	
                ABN
                  AMRO / Montag & Caldwell Growth Fund - Class R

              	 	 	
                934

              	 	 	
                MCRGX

              	 	 	
                00078H414

              	 	 	
                Unlimited

              	 	 	
                23.23

              	 	 	
                30,250

              	 
	
                Montag
                  & Caldwell Balanced Fund - Class I

              	 	 	
                230

              	 	 	
                MOBIX

              	 	 	
                00078H265

              	 	 	
                Unlimited

              	 	 	
                16.39

              	 	 	
                1,196,640

              	 
	
                Montag
                  & Caldwell Growth -Class I

              	 	 	
                234

              	 	 	
                MCGIX

              	 	 	
                00078H281

              	 	 	
                Unlimited

              	 	 	
                23.44

              	 	 	
                73,705,906

              	 
	
                ABN
                  AMRO / River Road Dynamic Equity Income Fund - Class N

              	 	 	
                161

              	 	 	
                ARDEX

              	 	 	
                00078H133

              	 	 	
                Unlimited

              	 	 	
                9.91

              	 	 	
                537,264

              	 
	
                ABN
                  AMRO / River Road Small Cap Value Fund - Class N

              	 	 	
                160

              	 	 	
                ARSVX

              	 	 	
                00078H125

              	 	 	
                Unlimited

              	 	 	
                10.28

              	 	 	
                612,567

              	 
	
                ABN
                  AMRO / TAMRO Large Cap Value Fund - Class N

              	 	 	
                139

              	 	 	
                ATLVX

              	 	 	
                00078H224

              	 	 	
                Unlimited

              	 	 	
                12.40

              	 	 	
                1,741,693

              	 
	
                ABN
                  AMRO / TAMRO Small Cap Fund-Class I

              	 	 	
                238

              	 	 	
                ATSIX

              	 	 	
                00078H141

              	 	 	
                Unlimited

              	 	 	
                15.67

              	 	 	
                729,705

              	 
	
                ABN
                  AMRO / TAMRO Small Cap Fund-Class N

              	 	 	
                138

              	 	 	
                ATASX

              	 	 	
                00078H216

              	 	 	
                Unlimited

              	 	 	
                15.63

              	 	 	
                9,529,315

              	 
	
                ABN
                  AMRO / Veredus Aggressive Growth Fund-Class I

              	 	 	
                235

              	 	 	
                AVEIX

              	 	 	
                00078H240

              	 	 	
                Unlimited

              	 	 	
                18.57

              	 	 	
                8,417,786

              	 
	
                ABN
                  AMRO / Veredus Aggressive Growth Fund-Class N

              	 	 	
                135

              	 	 	
                VERDX

              	 	 	
                00078H257

              	 	 	
                Unlimited

              	 	 	
                18.35

              	 	 	
                29,938,438

              	 
	
                ABN
                  AMRO / Veredus SciTech Fund - Class N

              	 	 	
                137

              	 	 	
                AVSTX

              	 	 	
                00078H232

              	 	 	
                Unlimited

              	 	 	
                7.11

              	 	 	
                640,396

              	 
	
                ABN
                  AMRO / Veredus Select Growth Fund - Class N

              	 	 	
                144

              	 	 	
                AVSGX

              	 	 	
                00078H489

              	 	 	
                Unlimited

              	 	 	
                11.88

              	 	 	
                1,116,878

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

      

      
        
          

        

      

      
        	*	
                Selected
                  Funds

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]