Document:

Exhibit 10.8

                             PHASE III MEDICAL, INC.

                        RESTRICTED STOCK GRANT AGREEMENT

               This Restricted Stock Grant Agreement (the "Agreement"), dated as
of the "Award Date" set forth in the attached Exhibit A, is entered into between
Phase III  Medical,  Inc.,  a  Delaware  corporation  (the  "Company"),  and the
individual identified in Exhibit A (the "Awardee").

               WHEREAS,  the Company desires to provide the Awardee an incentive
to participate in the success and growth of the Company through the holding of a
proprietatry interest in the Company; and

               WHEREAS, to give effect to the foregoing intentions,  the Company
desires to grant the Awardee a restricted stock award of shares of the Company's
common stock,  par value $0.001 per share (the "Common  Stock")  pursuant to the
Phase III Medical, Inc. 2003 Equity Participation Plan, as amended (the "Plan");

               NOW,   THEREFORE,   in  consideration  of  the  mutual  covenants
hereinafter set forth and for other good and valuable consideration, the parties
hereto agree as follows:

               1. Grant.  The  Company  hereby  grants the Awardee a  restricted
stock award (the  "Award")  with respect to the number of shares of Common Stock
set forth in Exhibit A (such shares being referred to herein as the  "Restricted
Shares").  The Award and the Restricted Shares shall be subject to the terms and
conditions set forth in this Agreement and the provisions of the Plan, the terms
of which are incorporated  herein by reference.  Capitalized  terms used but not
otherwise defined herein shall have the meanings as set forth in the Plan.

               2. Lapsing  Forfeiture  Provisions.  Subject to the terms of this
Agreement,  the Awardee  shall forfeit the  Restricted  Shares to the extent set
forth in  Exhibit  A  immediately  upon  Awardee's  termination  of  employment,
directorship  and/or consultancy with the Company prior to the date(s) set forth
in Exhibit A. Restricted  Shares, to the extent forfeited,  shall be immediately
returned to the Company.

               3.  Transfer  Restrictions.  Prior  to  the  satisfaction  of the
conditions set forth in Exhibit A, the Awardee shall not sell, assign, pledge or
otherwise transfer  (voluntarily or involuntarily) any of the Restricted Shares.
Upon  satisfaction  of the  conditions  set forth in  Exhibit A with  respect to
Restricted  Shares,  the transfer  restrictions  set forth in this Section shall
lapse with  respect to the  Restricted  Shares  for which  such  conditions  are
satisfied.  As a condition of the grant of this award, Awardee shall be required
to execute a stock power in blank in the form of Exhibit B hereto  with  respect
to any shares issued pursuant to this Agreement.

               4.  Adjustment  of  Shares.  Notwithstanding  anything  contained
herein to the contrary, in the event of any change in the Company's Common Stock
resulting  from a  corporate  transaction  including,  but  not  limited  to,  a
subdivision or consolidation,  reorganization,  recapitalization,  merger, share
split,  reverse share split,  share  distribution,  combination of shares or the
payment of a share dividend,  the Restricted Shares shall be treated in the same
manner in any such  transaction as other Common Stock. Any Common Stock or other
securities  received by the Awardee as a result of such transaction with respect
to the Restricted Shares shall be subject to the restrictions and conditions set
forth herein and in the attached Exhibit A.

               5. Rights as Stockholder. Except as provided by Section 3 hereof,
the Awardee shall be entitled to all of the rights of a stockholder with respect
to the Restricted  Shares as of the Award Date,  including,  but not limited to,
the right to vote such  shares and  receive  dividends  and other  distributions
payable with respect to same.

                                       22

<PAGE>

               6.  Escrow  of  Share   Certificates.   As  soon  as   reasonably
practicable after the Award Date, the Company shall issue stock  certificates in
the   Awardee's   name  that   correspond   to  the   Restricted   Shares   (the
"Certificates"),  and shall hold such  Certificates  in escrow for the Awardee's
benefit,  properly  endorsed  for  transfer,  until such time as the  Restricted
Shares are  forfeited  to the Company or all  restrictions  thereon  lapse.  The
Company  shall not be liable for any act it may do or fail to do with respect to
the holding of the Certificates in escrow  hereunder,  provided it acts or fails
to act in good faith and in the exercise of its sound judgment.

               7. Legend. The Certificates shall bear the following legend:

               THE SHARES OF STOCK  REPRESENTED  HEREBY ARE SUBJECT TO THE TERMS
               AND  CONDITIONS  (INCLUDING  FORFEITURE  CONDITIONS  AND TRANSFER
               RESTRICTIONS)  CONTAINED  IN A RESTRICTED  STOCK AWARD  AGREEMENT
               BETWEEN  PHASE III MEDICAL,  INC. AND THE HOLDER AND THE TERMS OF
               THE PHASE III MEDICAL,  INC. 2003 EQUITY  PARTICIPATION  PLAN, AS
               EACH MAY BE AMENDED FROM TIME TO TIME.  A COPY OF SUCH  AGREEMENT
               IS ON FILE IN THE  OFFICE  OF THE  GENERAL  COUNSEL  OF PHASE III
               MEDICAL, INC.

               8. Section 83(b) Election.  The Awardee hereby  acknowledges that
the Awardee has been informed that, with respect to the Restricted  Shares,  the
Awardee may file an election with the Internal Revenue  Service,  within 30 days
of the execution of this  Agreement,  electing  pursuant to Section 83(b) of the
Internal Revenue Code of 1986, as amended, (the "Code") to be taxed currently on
any difference  between the purchase  price of the  Restricted  Shares and their
fair market  value on the date of  purchase.  Absent such an  election,  taxable
income will be measured  and  recognized  by the Awardee at the time or times at
which the forfeiture restrictions on the Restricted Shares lapse. The Awardee is
strongly  encouraged to seek the advice of his own tax consultants in connection
with the issuance of the  Restricted  Shares and the  advisability  of filing an
election under Section 83(b) of the Code.  Upon filing an election under Section
83(b) of the Code, Awardee shall promptly provide a copy of such election to the
Company.  A form of Election under Section 83(b) is attached hereto as Exhibit C
for reference.

               THE AWARDEE ACKNOWLEDGES THAT IT IS NOT THE COMPANY'S, BUT RATHER
THE  AWARDEE'S  SOLE  RESPONSIBILITY  TO FILE THE ELECTION  UNDER  SECTION 83(b)
TIMELY.

               Circular 230 Disclaimer:  To ensure  compliance with requirements
imposed by the IRS,  any U.S.  federal tax advice  contained  in this  Agreement
(including any attachments) is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding  tax-related  penalties under the Internal
Revenue Code or (ii)  promoting,  marketing or recommending to another party any
transaction or tax-related matter(s) addressed herein.

               9. Government  Regulations.  Notwithstanding  anything  contained
herein  to  the  contrary,   the  Company's   obligation  to  issue  or  deliver
certificates  evidencing the Restricted  Shares shall be subject to the terms of
all  applicable  laws,  rules  and  regulations  and to  such  approvals  by any
governmental agencies or national securities exchanges as may be required.

               10.  Withholding  Taxes.  The  Company  shall  have the  right to
require the Awardee to remit to the Company, or to withhold from amounts payable
to the Awardee,  as compensation or otherwise,  an amount  sufficient to satisfy
all federal,  state and local withholding tax requirements  (including,  without
limitation,  any tax resulting from (i) the expiration of restrictions set forth
hereunder  that are applicable to any  particular  Restricted  Shares or (ii) an
election made by the Awardee under Section 83(b) of the Code).

               11. Investment Purpose.  The Awardee agrees not to sell, transfer
or otherwise  dispose of such shares unless they are either (1) registered under
the  Securities  Act of 1933 and all applicable  state  securities  laws, or (2)
exempt from such registration in the opinion of Company counsel, and consents to
the  Company's  placing  of the  legend  set  forth  in  Section  7 above on the
certificates summarizing such securities law restrictions.

                                       23

<PAGE>

               12.  Awardee  Representations.  The Awardee has reviewed with his
own tax advisors the federal,  state,  local and foreign tax consequences of the
transactions  contemplated by this  Agreement.  The Awardee is relying solely on
such advisors and not on any statements or representations of the Company or any
of its agents,  if any, made to the Awardee.  The Awardee  understands  that the
Awardee (and not the Company)  shall be  responsible  for the  Awardee's own tax
liability  arising  as  a  result  of  the  transactions  contemplated  by  this
Agreement.

               13.  Employment.  Neither  this  Agreement  nor any action  taken
hereunder  shall be  construed  as giving the  Awardee  any right of  continuing
employment by the Company.

               14. Notices. Notices or communications to be made hereunder shall
be in writing and shall be delivered in person, by registered mail, by confirmed
facsimile  or by a  reputable  overnight  courier  service to the Company at its
principal  office or to the Awardee at his address  contained  in the records of
the Company.

               15.  Governing Law. This Agreement  shall be construed  under the
laws of the State of New Jersey, without regard to conflict of laws principles.

               16.  Entire  Agreement.  This  Agreement  constitutes  the entire
agreement  between the parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and  understandings  relating to the subject
matter of this Agreement.

               17.  Binding  Effect.  This  Agreement  shall be binding upon and
inure to the  benefit  of the  Company  and the  Awardee  and  their  respective
permitted successors,  assigns, heirs,  beneficiaries and representatives.  This
Agreement  is  personal  to the  Awardee  and may not be assigned by the Awardee
without the prior consent of the Company.  Any attempted assignment in violation
of this Section shall be null and void.

               18. Amendment.  This Agreement may be amended or modified only by
a written instrument executed by both the Company and the Awardee.

               IN  WITNESS  WHEREOF,  the  parties  hereto  have  executed  this
Agreement or caused their duly  authorized  officer to execute this Agreement as
of the date first written above.

                                             PHASE III MEDICAL, INC.

                                             By: /S/ Catherine Vaczy
                                                 -------------------
                                                 Name: Catherine Vaczy
                                                 Title: EVP

                                             AWARDEE

                                             /S/ Mark Weinreb
                                             ----------------
                                             Mark Weinreb

                                       24

<PAGE>

                                    EXHIBIT A

1.       (a).  Awardee's Name:          Mark Weinreb
                              -----------------------------------

         (b).  Awardee's Social Security Number:
                                                -----------------

         (c).  Award Date:              July 20, 2005
                          ---------------------------------------

         (d).  Number of Restricted Shares Granted:   3,000,000
                                                   --------------

         (e).  Vesting Requirements: The Restricted Shares shall become vested,
               and the restrictions applicable to Restricted Shares shall lapse
               over a period of two years, as follows:

               -----------------------------------------------------------------
               Restrictions applicable to the       Shall lapse on the following
               following Number of Restricted       date; provided that the
               Shares:                              Awardee is in the employ of,
                                                    is a director of, or is a
                                                    consultant to, the Company
                                                    on such date:
               -----------------------------------------------------------------
                      1,000,000                          July 20, 2005
               -----------------------------------------------------------------
                      1,000,000                          July 20, 2006
               -----------------------------------------------------------------
                      1,000,000                          July 20, 2007
               -----------------------------------------------------------------

               Notwithstanding  the  foregoing,  in  the  event  of  a  complete
               liquidation or a merger or consolidation (as set forth in Section
               19 of the Plan) while the Awardee is in the employ of, a director
               of, or is a consultant to, the Company, the Board of Directors of
               the Company may provide  written  notice to the Awardee  that all
               non-vested  options and Restricted  Shares granted under the Plan
               shall thereupon be vested and the restrictions  applicable to all
               Restricted Shares shall thereupon lapse.

                                       25

<PAGE>
                                    EXHIBIT B

                                   STOCK POWER

               FOR VALUE  RECEIVED,  Mark Weinreb  hereby  sells,  assigns,  and

transfers unto Phase III Medical, Inc. 2,000,000 shares of common stock of Phase

III Medical,  Inc. issued pursuant to, and subject to the terms of, that certain

Restricted  Stock Grant  Agreement by and between the Company and Mark  Weinreb,

dated July 20, 2005,  standing in his/her name on the books of said  corporation

represented  by  Certificate  No.  ___  herewith,  and does  hereby  irrevocably

constitute  and appoint  _____________________  as his  attorney to transfer the

said stock on the books of said  corporation  with full power of substitution in

the premises.

Dated:
      --------------------

                                  ----------------------------------
                                  Mark Weinreb

In the presence of:

------------------------------

                                       26

<PAGE>
                                    EXHIBIT C

                          ELECTION UNDER SECTION 83(b)
                      OF THE INTERNAL REVENUE CODE OF 1986

     The undersigned taxpayer hereby makes an election pursuant to Section 83(b)
of the Internal Revenue Code of 1986, as amended,  and the Treasury  Regulations
thereunder (the  "Regulations"),  and in connection with this election  supplies
the following information:

1.   The name,  address and taxpayer  identification  number of the  undersigned
are:

               Name:
                       -----------------------------------
               Address:
                       ---------------------------------------------------------
               Social Security Number:   -  -
                                      --- -- ----

2.   The election is being made with respect to ________  shares of common stock
(the  "Stock")  of  Phase  III  Medical,   Inc.,  a  Delaware  corporation  (the
"Company").

3.   The  date on  which  the  Stock  was  transferred  to the  undersigned  was
____________,  200__.  The taxable year for which this election is being made is
calendar year 200__.

4.   The property is subject to the following restrictions:

     The  above-mentioned  shares  may not be  transferred  and are  subject  to
     forfeiture  under the terms of an  agreement  between the  taxpayer and the
     Company.   These  restrictions  lapse  upon  the  satisfaction  of  certain
     conditions contained in such agreement.

     Disposition  of the Stock is also  subject to  restrictions  imposed  under
     applicable  federal and state  securities  laws  regulating the transfer of
     unregistered securities.

5.   The fair  market  value of the  Stock at the time of  transfer  (determined
without  regard to any lapse  restriction,  as  defined in  ss.1.83-3(i)  of the
Regulations) was $___________.

6.   The  undersigned did not pay any amount for the Stock.  Therefore,  $______
(the full fair market  value of the Stock  stated  above) is  includible  in the
undersigned's gross income as compensation for services.

7.   A copy of this  election  has been  furnished to the Company as required by
ss.1.83-2(d) of the Regulations.

Dated:                                              ----------------------------
      -------------------------                     Taxpayer signature

<PAGE>

                 INSTRUCTIONS FOR FILING SECTION 83(B) ELECTION

     Attached is a form of election under section 83(b) of the Internal  Revenue
Code. If you wish to make such an election,  you should complete,  sign and date
the election and then proceed as follows:

1.  Execute  three  counterparts  of your  completed  election  (plus  one extra
counterpart for each person other than you, if any who receives property that is
the  subject  of your  election),  retaining  at least  one  photocopy  for your
records.

2. Send one  counterpart to the Internal  Revenue  Service Center with which you
will file your Federal income tax return for the current year (e.g., Holtsville,
New York for New Jersey residents) via certified mail, return receipt requested.
THE  ELECTION  SHOULD  BE SENT  IMMEDIATELY,  AS YOU ONLY  HAVE 30 DAYS FROM THE
ISSUANCE/PURCHASE/GRANT  DATE  WITHIN  WHICH TO MAKE THE  ELECTION - NO WAIVERS,
LATE FILINGS OR EXTENSIONS ARE PERMITTED.

3.  Deliver one  counterpart  of the  completed  election to the Company for its
files.

4. If anyone  other than you (e.g.,  one of your family  members)  will  receive
property that is the subject of your  election,  deliver one  counterpart of the
completed election to each such person.

5. Attach one  counterpart of the completed  election to your Federal income tax
return for this year when you file that return next.

                                       28Exhibit 10.4

             PURCHASE AGREEMENT BETWEEN EASTERN POINT ADVISORS, INC.
                       AND DIVIDEND GROWTH ADVISORS, LLC.

Eastern Point Advisors, Inc., a Massachusetts corporation (EPA), and Dividend
Growth Advisors, LLC, a South Carolina limited liability company (DGA), agree to
the following sale.

EPA agrees to sell to DGA, and DGA agrees to buy from EPA, the following
management contract:

Investment Advisory Agreement (the management contract) that Eastern Point
Advisors, Inc. currently maintains with the Eastern Point Advisors Funds Trust
(the Trust) dated September 23, 1999. (See Exhibit A). DGA's proposed new
investment advisory agreement was approved by shareholders at a Special Meeting
of Shareholders of the Trust on October 18, 2005 and will take effect the date
of this agreement. DGA will take over EPA's role as adviser to the Funds of the
Trust.

DGA agrees to honor the existing fund wholesaling agreements in place between
EPA/ICC and the broker dealers listed on Exhibit B.

Neither EPA nor DGA shall assume any of the liabilities or obligations of the
other that are not specifically detailed in this agreement. The purchase price
and additional consideration is reflected below and EPA agrees to assist in the
transfer of any ownership rights related to the management contract, if any, as
necessary

                             Attachment 1 - Page 1
<PAGE>

This is the entire agreement between the parties. It replaces and supersedes any
and all oral agreements between the parties, as well as any prior writings. This
agreement binds and benefits the heirs, successors and assignees of the parties.
This agreement will be governed by and construed in accordance with the laws of
the state of Massachusetts.

All notices must be in writing. A notice may be delivered to a party at the
address that follows a party's signature or to a new address that a party
designates in writing. A notice may be delivered:

      o  in person
      o  by certified mail, or
      o  by overnight courier.

The parties may sign several identical counterparts of this agreement. Any fully
signed counterpart shall be treated as an original. This agreement may be
modified only by a writing signed by the party against whom such modification is
sought to be enforced.

If one party waives any term or provision of this agreement at any time, that
waiver will be effective only for the specific instance and specific purpose for
which the waiver was given. If either party fails to exercise or delays
exercising any of its rights or remedies under this agreement, that party
retains the right to enforce that term or provision at a later time.

If any court determines that any provision of this agreement is invalid or
unenforceable, any invalidity or unenforceability will affect only that
provision and will not make any other provision of this agreement invalid or
unenforceable and shall be modified, amended or limited only to the extent
necessary to render it valid and enforceable.

                             Attachment 1 - Page 2
<PAGE>

SELLER

Eastern Point Advisors, Inc.,
a Massachusetts corporation
230 Broadway
Lynnfield, Massachusetts 01940

Dated: _________________________________________________________________________

By:    _________________________________________________________________________
       Timothy B. Murphy
       President, Eastern Point Advisors, Inc.

BUYER

Dividend Growth Advisors, LLC,
a South Carolina limited liability company
108 Traders Cross
Suite 105
Bluffton, South Carolina 29910

Dated: _________________________________________________________________________

By:    _________________________________________________________________________
       C. Troy Shaver, Jr.
       President, Dividend Growth Advisors, LLC

                             Attachment 1 - Page 3
<PAGE>

                                    EXHIBIT A

                          INVESTMENT ADVISORY AGREEMENT

      This Investment Advisory Agreement made as of the 23rd day of September,
1999, by and between Investors Capital Funds, a Delaware business trust
(hereinafter called the "Trust"), on behalf of each series of the Trust listed
in Schedule A hereto, as such may be amended from time to time (hereinafter
referred to individually as a "Fund" and collectively as the "Funds") and
Eastern Point Advisors, Inc. a Massachusetts Corporation (hereinafter called the
"Advisor").

      WHEREAS, the Trust is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act");
and
      WHEREAS, the Advisor is registered as an investment advisor under the
Investment Advisors Act of 1940, as amended;

      WHEREAS, the Trust desires to retain the Advisor to render investment
advisory services to the Funds pursuant to the terms and provisions of this
Agreement, and the Advisor is interested in furnishing said services;
      NOW, THEREFORE, in consideration of the mutual agreements and covenants
contained in this Agreement, the parties hereto agree as follows:

      1. Appointment. The Trust hereby appoints the Advisor to act as investment
advisor to the Funds for the period and on the terms and subject to the
conditions set forth in this Agreement. The Advisor accepts such appointment and
agrees to furnish the services herein set forth for the compensation herein
provided. Additional investment portfolios may from time to time be added to
those covered by this Agreement by the parties executing a new Schedule A that
shall become effective upon its execution and shall supersede any Schedule A
having an earlier date.

      2. Investment Advisory Services: Subject to the supervision of the Trust's
Trustees (the "Trustees"), the Advisor shall provide a continuous investment
program for each of the Funds, including investment, research and management
with respect to all securities and investments and cash equivalents in the
Funds. The Advisor shall determine from time to time what securities and other
investments will be purchased, retained or sold by the Trust with respect to the
Funds. The Advisor shall provide the services under this Agreement in accordance
with each of the Fund's investment objectives, policies, and restrictions as
stated in such Fund's most current Prospectus and

                                       A-1

================================================================================

Statement of Additional Information, including all amendments or supplements
thereto, and in such resolutions of the Trustees as may be adopted from time to
time. The Advisor further agrees that it:

                             Attachment 1 - Page 4
<PAGE>

     (a)  will use the same skill and care in providing such services as it uses
          in providing services to ( any fiduciary accounts for which it has
          investment responsibilities;

     (b)  will conform with all applicable rules and regulations of the U.S.
          Securities and Exchange Commission (the "Commission") and, in
          addition, will conduct its activities under this Agreement in
          accordance with any applicable regulations of any governmental
          authority pertaining to the investment advisory activities of the
          Advisor;

     (c)  will place orders pursuant to its investment determinations for the
          Funds either directly with the issuer or with any broker or dealer,
          including the Advisor. In placing orders with brokers and dealers, the
          Advisor will attempt to obtain and is hereby directed to obtain prompt
          execution of orders in an effective manner at the most favorable
          price. Consistent with this obligation, the Advisor may, in its
          discretion, purchase and sell portfolio securities to and from brokers
          and dealers who provide the Advisor with brokerage and research
          services (within the meaning of Section 28(e) of the Securities
          Exchange Act of 1934). Subject to the review of the Trustees from time
          to time with respect to the extent and continuation of this policy,
          the Advisor is authorized to pay a broker or dealer who provides such
          brokerage and research services a commission for effecting a
          securities transaction for any of the Funds which is in excess of the
          amount of commission another broker or dealer would have charged for
          effecting that transaction if, but only if, the Advisor determines in
          good faith that such commission was reasonable in relation to the
          value of the brokerage and research services provided by such broker
          or dealer, viewed in terms of either that particular transaction or
          the overall responsibilities of the Advisor with respect to the
          accounts as to which it exercises investment discretion. On occasions
          when the Advisor deems the purchase or sale of a security to be in the
          best interest of one or more of the Funds as well as of other clients,
          the Advisor, to the extent permitted by applicable laws and
          regulations, may aggregate the securities to be so purchased or sold
          in order to obtain the most favorable price or lower brokerage
          commissions and the most efficient execution. In such event,
          allocation of the securities so purchased or sold, as well as the
          expenses incurred in

                                       A-2

================================================================================

          the transaction, will be made by the Advisor in the manner it
          considers to be the most equitable tnd consistent with its fiduciary
          obligations to the Funds and to such other clients. In placing arders
          with the Advisor for the Trust, the Advisor will comply with the
          procedures adopted by ohe Trust pursuant to Rule 17e-1 under the 1940
          Act. t

    (d)   will maintain, or cause the Custodian to maintain, all books and
          records with respect to the ( securities transactions executed for the
          Funds; and

     (e)  will furnish the Trust's Board of Trustees such periodic and special
          reports with respect to ( each Fund's investment activities as the
          Trustees may reasonably request; and

                             Attachment 1 - Page 5
<PAGE>

     (f)  will advise and assist the officers of the Trust in taking such
          actions as may be necessary or ( appropriate to carry out the
          decisions of the Trustees and of the appropriate committees of the
          Trustees regarding the conduct of the business of the Funds.

      3. Expenses. During the term of this Agreement, the Advisor will pay all
expenses incurred by it in performing its services under this Agreement. The
Advisor shall not be liable for any expenses of the Trust, including without
limitation (a) its interest and taxes, (b) brokerage commissions and other costs
in connection with the purchase or sale of securities or other investment
instruments with respect to the Trust and (c) custodian fees and expenses.

      4. Compensation. For the services provided and the expenses assumed
pursuant to this Agreement, each of the Funds will pay the Advisor and the
Advisor will accept as full compensation therefor a fee set forth on Schedule A
hereto. The obligation to pay the fee to the Advisor will begin as of the
respective dates of the initial sale of shares in the Funds, including any
shares sold or exchanged in connection with a merger, consolidation or
reorganization involving one or more of the Funds. Such fee shall be paid
monthly based upon each respective Fund's average daily net assets calculated in
the manner provided in the Prospectus and Statement of Additional Information
then in effect.

      The fee shall be accrued daily by each Fund and paid to the Advisor within
five (5) business days after the end of each calendar month. If this Agreement
is terminated before the end of any month, the fee to the Advisor shall be
prorated for the portion of any month in which this Agreement is in effect and
shall be payable within ten (10) days after the date of termination.

                                       A-3

================================================================================

      5. Limitation of Liability. The Advisor shall not be liable for any error
of judgment or mistake of law or for any loss suffered by the Funds in
connection with the performance of this Agreement, except a loss resulting from
willful misfeasance, bad faith or gross negligence on the part of the Advisor in
the performance of its duties or from reckless disregard by it of its
obligations and duties under this Agreement.

      6. Duration and Termination. This Agreement shall become effective at the
time the Trust's initial Registration Statement under the Securities Act of 1933
with respect to the shares of the Trust is declared effective by the Commission
and shall remain in effect for a period of two (2) years, unless sooner
terminated as hereinafter provided. This Agreement shall continue in effect
thereafter for successive one year periods so long as such continuation is
approved for each Fund at least annually by (i) the Board of Trustees of the
Trust or by the vote of a majority of the outstanding voting securities of each
Fund, and (ii) the vote of a majority of the disinterested Trustees, cast in
person at a meeting called for the purpose of voting on such approval.

      Notwithstanding the foregoing, this Agreement may be terminated as to a
particular Fund at any time on sixty days' written notice, without the payment
of any penalty, by the Trust (by vote of the Trust's Board of Trustees or by
vote of a majority of the outstanding voting securities of such Fund) or by the
Advisor. This Agreement will automatically terminate in the event of its
assignment. Any notice under this Agreement shall be given in writing, addressed
and delivered or mailed to the other party at the principal office of such
party.

      As used in this Agreement, the terms "majority of the outstanding voting
securities," "interested persons" and "assignment" shall have the same meanings
as ascribed to such terms in the 1940 Act.

      7. Advisor's Representations. The Advisor hereby represents and warrants
that it is willing and possesses all requisite legal authority to provide the
services contemplated by this Agreement without violation of applicable laws and
regulations.

                             Attachment 1 - Page 6
<PAGE>

      8. Amendment of this Agreement. No provision of this Agreement may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought.

      9. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any

                                       A-4

================================================================================
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and shall be
governed by the laws of the Commonwealth of Massachusetts.

      IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.

                                      INVESTORS CAPITAL FUNDS

                                      By:  /S/    THEODORE E. CHARLES
                                           -------------------------------------

                                      Name:  Theodore E. Charles

                                      Title: President

                                      EASTERN POINT ADVISORS, INC.

                                      By:  /S/    TIMOTHY B. MURPHY
                                           -------------------------------------

                                      Name:  Timothy B. Murphy

                                      Title: President

                                       A-5

================================================================================

                             Attachment 1 - Page 7
<PAGE>

                          INVESTMENT ADVISORY AGREEMENT
                                     between
                       EASTERN POINT ADVISORS FUNDS TRUST
                                       and
                          EASTERN POINT ADVISORS, INC.

Name of Fund                                    Compensation*

----------------                                ------------------

Eastern Point Advisors Twenty Fund
                                                1.50% of the average daily net
                                                assets of the Fund

Rising Dividend Growth Fund
                                                .75% of the average daily net
                                                assets of the Fund

----------------

*  all fees are computed and paid monthly

                                              EASTERN POINT ADVISORS FUNDS TRUST

                                              By: /S/ THEODORE E. CHARLES
                                                  ------------------------------

                                              Name:  Theodore E. Charles

                                              Title: Chairman/CEO

                                              EASTERN POINT ADVISORS, INC.

                                              By: /S/ TIMOTHY B. MURPHY
                                                  ------------------------------

                                              Name:  Timothy B. Murphy

                                              Title: President

                                       A-6

                             Attachment 1 - Page 8
<PAGE>

                                    Exhibit B

This attachment is made by Dividend Growth Advisors, LLC, a South Carolina
limited liability company (Buyer), and Eastern Point Advisors, Inc., a
Massachusetts corporation (Seller).

Payment and Installment Schedule
DGA will pay Eastern Point Advisors affiliate, Investors Capital Corporation
(ICC), the full dealer reallowance on the sales charges for A shares of the
Trust's funds ICC sells.

DGA will pay ICC 10 basis points (.10%) on ICC raised assets at the time of sale
for a period of three years, commencing on the date of this agreement. This fee
will be paid on the last day of each quarter (every three months) with the
initial payment due on the last day of the quarter in which the attached
Purchase Agreement is signed.

DGA agrees to issue a promissory note to Eastern Point Advisors in the amount of
$747,617.00 The parties agree that the total amount of reimbursement recoverable
by EPA is the sum of all fees previously waived or remitted by EPA to a Fund
during any of the previous three years, less any reimbursement previously paid
by a Fund to EPA with respect to any waivers, reductions, and payments made with
respect to a Fund plus any other agreed to unreimbursed expenses.

                             Attachment 1 - Page 9
<PAGE>

The parties agree to execute the promissory note immediately following the
execution of this agreement. The note is attached as Exhibit C. The pertinent
terms of the note provide for a sixty-month term of interest only payments due
on the last day of each quarter (every three months) at an annualized rate of
5.5% on the total outstanding principal. The full outstanding principal amount
will be paid by DGA in one balloon payment due in full on the last day of
October, 2010. There is no penalty for pre-payment of principal or interest.

DGA agrees to honor the existing fund wholesaling agreements in place between
EPA/ICC and the broker dealers listed below:

      Investors Capital Corp.
      Advisory Financial Consultants
      American Portfolios
      Ameritas
      Atlantic Securities
      Cadaret Grant
      CBIZ Financial Solutions- Formerly BGS&G
      Concord Equity
      Buckman, Buckman &
      Cambridge Investment Research
      Capital Analysts
      Capitol Securities
      Clary Financial Planning Corporation
      Commonwealth Securities
      Compass Securities
      Community Bank - only for mutual funds, Dividend Growth Advisors does SMA
      Delta Equities
      Eagle Equities
      ePlanning Securities
      Essex Securities
      Fairport Capital
      Financial Services of New England
      Global Brokerage
      House of Securities
      H&R Block
      HD Vest
      Infinex
      Investor Strategies
      Jacques Financial

                             Attachment 1 - Page 10
<PAGE>

      Johnston, Lemon & Co.
      Lombard Securities
      Medallion Group
      Mass Mutual - only for mutual funds, Dividend Growth Advisors does SMA
      Maine Securities
      Montauk Securities
      Moors& Cabot
      Mutual Service Corp
      Newbridge Securities
      Next Financial
      Northeast Securities
      Prime Capital
      Princor
      PSA Equities
      Questar
      Sammons Securities
      Scott & Stringfellow
      Sigma Securities
      Spectrum Securities
      Sterne Agee & Leach
      Westminster Financial
      WH Colson Securities
      United Planners
      Wall Street Financial

END OF EXHIBIT B

                             Attachment 1 - Page 11
<PAGE>

                                    EXHIBIT C

                                 Promissory Note

1. Names

Borrower:

     Dividend Growth Advisors, LLC, a South Carolina limited liability company
     108 Traders Cross
     Suite 105
     Bluffton, South Carolina 29910

Lender:

     Eastern Point Advisors, Inc., a Massachusetts corporation
     230 Broadway
     Lynnfield, Massachusetts 01940

2. Promise to Pay

For value received, Borrower promises to pay Lender or its successors or assigns
$747,617.00 and interest at the yearly rate of 5.5% on the unpaid balance as
specified below.

3. Interest Payments Borrower will pay interest as follows:

Quarterly, on the 15th day of January, April, July and October, beginning
January 15, 2006. The amount of each quarterly interest payment will be
$10,279.73, except that the initial payment due on January 15, 2006 is
$9,913.60, reflecting 88 days of interest at a daily rate $112.65.

4. Principal Payment

Borrower will pay the principal in full on or before October 31, 2010, together
with any accrued interest.

                             Attachment 1 - Page 12
<PAGE>

5. Prepayment

Borrower may prepay all or any part of the principal at any time without
penalty.

6. Loan Acceleration

If Borrower is more than 60 days late in making any payment, Lender may declare
that the entire balance of unpaid principal is due immediately, together with
the interest that has accrued.

7. Security

Should the borrower fail to perform to the terms of this note it agrees to
assign its rights to its management contract with Eastern Point Advisors Funds
Trust (or its successors or assigns) back to Eastern Point Advisors Inc. (or its
successors or assigns), such assignment being subject to shareholder approval.

8. Collection Costs

If Lender prevails in a lawsuit to collect on this note, Borrower will pay
Lender's costs and lawyer's fees in an amount the court finds to be reasonable.

9. Entire Agreement

This is the entire agreement between the parties. It replaces and supersedes any
and all oral agreements between the parties, as well as any prior writings.

10. Successors and Assignees

This agreement binds and benefits the heirs, successors and assignees of the
parties.

11. Notices

All notices must be in writing. A notice may be delivered to a party at the
address that follows a party's signature or to a new address that a party
designates in writing. A notice may be delivered:

      o  in person
      o  by certified mail, or
      o  by overnight courier.

                             Attachment 1 - Page 13
<PAGE>

12. Governing Law

This agreement will be governed by and construed in accordance with the laws of
the state of Massachusetts.

13. Modification

This agreement may be modified only by a writing signed by the party against
whom such modification is sought to be enforced.

14. Waiver

If one party waives any term or provision of this agreement at any time, that
waiver will be effective only for the specific instance and specific purpose for
which the waiver was given. If either party fails to exercise or delays
exercising any of its rights or remedies under this agreement, that party
retains the right to enforce that term or provision at a later time.

15. Severability

If any court determines that any provision of this agreement is invalid or
unenforceable, any invalidity or unenforceability will affect only that
provision and will not make any other provision of this agreement invalid or
unenforceable and such provision shall be modified, amended or limited only to
the extent necessary to render it valid and enforceable.

16. Disputes

If a dispute arises, the parties will try in good faith to settle it through
mediation conducted by a mediator to be mutually selected. The parties will
share the costs of the mediator equally. Each party will cooperate fully and
fairly with the mediator and will attempt to reach a mutually satisfactory
compromise to the dispute. If the dispute is not resolved within 30 days after
it is referred to the mediator, it will be arbitrated by an arbitrator to be
mutually selected. Judgment on the arbitration award may be entered in any court
that has jurisdiction over the matter. Costs of arbitration, including lawyers'
fees, will be allocated by the arbitrator.

                             Attachment 1 - Page 14
<PAGE>

BORROWER

Dividend Growth Advisors, LLC,
a South Carolina limited liability company
108 Traders Cross
Suite 105
Bluffton, South Carolina 29910

Dated: October 24, 2005
      __________________________________________________________________________

By:   /s/ C. Troy Shaver, Jr.
      __________________________________________________________________________
      C. Troy Shaver, Jr.
      President, Dividend Growth Advisors, LLC

                             Attachment 1 - Page 15

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