Document:

Administrative, Compliance and Marketing Services Agreement

 EXHIBIT 10.21 
 ADMINISTRATIVE, COMPLIANCE AND MARKETING 
 SERVICES AGREEMENT 
 This Administrative, Compliance and Marketing Services Agreement (this “Agreement”) between ABN AMRO Asset Management, Inc., an Illinois
corporation (“AAAMI”), and Aston Asset Management LLC, a Delaware limited liability company (“Aston”) is dated as of this 1st day of September, 2006. AAAMI and Aston are sometimes individually referred to as a
“Party” and collectively as the “Parties”. 
 PRELIMINARY STATEMENT 
 AAAMI, certain of its affiliates and Aston entered into that certain Asset Purchase Agreement (the “Purchase Agreement”) dated as of
April 21, 2006, pursuant to which the Sellers, including AAAMI, agreed to sell, assign, transfer, convey and deliver to Aston and Aston agreed to purchase and acquire from the Sellers, including AAAMI, the certain assets, including those assets
set forth on Schedule 2.7 to the Purchase Agreement, previously used by AAAMI and the other Sellers in the conduct of their United States mutual fund business. 
 Notwithstanding the transactions contemplated by the Purchase Agreement, AAAMI continues to serve as investment advisor to the funds listed on Schedule A hereto (the “Covered Funds”).

 In order to permit AAAMI to continue to fulfill its duties as investment advisor to the Covered Funds, notwithstanding the transfer of
certain assets to Aston which are required for the performance of such duties, AAAMI desires to receive certain services from Aston and Aston is willing to provide such services to AAAMI pursuant to the terms of this Agreement. 
 AGREEMENT 
 The Parties, intending to
be legally bound, agree as follows: 
 ARTICLE 1 
 AGREEMENT TO PROVIDE AND ACCEPT SERVICES 
 1.1 SERVICES 
 On the terms and subject to the conditions set forth in this Agreement, Aston agrees to provide to AAAMI all of the services and support functions of the
types listed on Schedule B to this Agreement (collectively, “Services”). 
 ARTICLE 2 
 AGREEMENTS RELATING TO SERVICES 
 2.1 SCOPE OF
SERVICES 
 Unless otherwise agreed by the Parties, Aston shall be required to perform the Services in a manner that is substantially
similar to the manner in which such Services were performed with respect to the Covered Funds before the Effective Date (as hereinafter defined), including with respect to level of service, priority of service, timeliness, quality and other relevant
standards. AAAMI shall use such Services for substantially the same purposes and in substantially the same manner as it used such Services with respect to the Covered Funds before the Effective Date. 
  

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 2.2 PERSONNEL RESOURCES 
 (a) All employees and agents of Aston involved in providing Services to Aston pursuant to this Agreement (the “Service Personnel”) shall be under the exclusive authority and control of Aston and AAAMI
shall not have any authority or responsibility with respect to any such employee or agent. Except as otherwise expressly provided herein, the Parties agree and acknowledge that Aston shall not be required to (i) maintain any specific employees
or consultants for the purposes of performing any of the Services, (ii) add computing capacity in order to perform any such Services or (iii) undertake any other extraordinary expenditures in order to provide any such Services. 

(b) Notwithstanding the foregoing, Aston agrees that it shall at all times during the term of this agreement provide (i) one full time employee
equivalent for servicing customers of the Covered Funds and (ii) approximately two full-time employee equivalents to provide compliance and operations services for the Covered Funds and (iii) maintain a level and quality of operational and
compliance support to the Covered Funds that is (a) at least equivalent to the level and quality currently provided by ABN AMRO Fund Services Inc and (b) meets or exceeds all operational and compliance requirements of the Investment
Company Act of 1940 and all operational and compliance requirements of the SEC for the Covered Funds. 
 (c) Aston will provide AAAMI written
notice of (i) any recommendation by the Trustees of the Aston Funds to change Administrator or Custodian of the Covered funds, (ii) any change in the employee(s) who provide customer service for the Covered Funds or (iii) any change
in the Chief Compliance Officer of Aston and to the extent practicable will inform AAAMI in advance of any such recommendation or changes. 
 2.3 ACCESS

 AAAMI shall make available on a timely basis to Aston all information and materials reasonably requested by Aston to enable it to
provide Services. AAAMI shall provide to Aston reasonable access to AAAMI’s premises during normal business hours and upon advance written notice to the extent necessary for the purpose of providing the Services. 
 2.4 COOPERATION 
 The Parties shall use their best
efforts to reasonably cooperate with each other in all matters relating to the provision and receipt of Services. Such cooperation shall include both Parties using their best efforts to obtain any consents, licenses or approvals necessary to permit
each such Party to perform its obligations under this Agreement. If either Party believes any such consent, license or approval is necessary, it shall promptly advise the other Party in writing and the Parties shall share equally any fees or
expenses required to be paid to obtain any such consent, license or approval. 
 2.5 INDEPENDENT CONTRACTOR STATUS 
 Aston shall act under this Agreement solely as an independent contractor and not as an agent of AAAMI. This Agreement is not intended to, and does not,
create any joint venture or partnership between the Parties hereto, and merely establishes an independent contractor relationship (and not an employee-employer or other fiduciary relationship) between the Parties hereto. 
 ARTICLE 3 
 PAYMENT FOR SERVICES

 AAAMI agrees to pay Aston a monthly fee, in cash, equal to $45,833.33 plus 1/12th of .01% of the amount, if any, by which the Covered Fund’s average daily assets under management for such month exceeds $3 billion; provided, that if the
assets under management in the Covered Funds ever exceed $15 billion for a consecutive 90 day period, AAAMI and Aston will renegotiate the fee. The fee will be due and payable in arrears, not more than fifteen days after the end of the applicable
month. 
  

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 ARTICLE 4 
 CONFIDENTIALITY 
 Each Party shall keep confidential any information relating to the other
party’s business (“Confidential Information”). Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited
to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future
business activities of AAAMI or Aston, their respective subsidiaries and affiliated companies and the customers, clients and suppliers of any of them; (b) any scientific or technical information, design, process, procedure, formula, or
improvement that is commercially valuable and secret in the sense that its confidentiality affords AAAMI or Aston a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data,
specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding the
foregoing, information shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving Party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the
receiving Party; (c) is rightfully received from a third party who, to the best of the receiving Party’s knowledge, is not under a duty of confidentiality; (d) is released by the protected Party to a third party without restriction;
(e) is required to be disclosed by the receiving Party pursuant to a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the receiving Party will provide the other party written notice of such requirement,
to the extent such notice is permitted); (f) is relevant to the defense of any claim or cause of action asserted against the receiving Party; or (g) has been or is independently developed or obtained by the receiving Party. Upon
termination of this Agreement, Aston agrees to return to AAAMI all Confidential Information (and written or electronic manifestations thereof) relating to the Covered Funds delivered or provided to it in connection herewith as well as any other
records and materials that are necessary to manage the business and service the accounts. 
 ARTICLE 5 
 WARRANTIES; INDEMNITY; LIMITATION OF LIABILITY 
 5.1
WARRANTIES 
 Aston warrants that the Services shall conform to the service descriptions set forth in this Agreement (including
Schedule B) and that Aston shall use its commercially reasonable efforts to perform the Services in the manner and quality substantially similar to the services provided with respect to the Covered Funds immediately prior to the Effective
Date, except to the extent such Services are changed as requested or directed by AAAMI. EXCEPT AS PROVIDED IN THIS SECTION 5, ASTON HEREBY DISCLAIMS ANY AND ALL WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICES AND THIS
AGREEMENT, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
 5.2 INDEMNITY AAAMI Indemnity. AAAMI shall
defend, indemnify and hold harmless Aston and its Subsidiaries and Affiliates (each as defined in the Purchase Agreement, and including, without limitation, their respective officers, directors, employees, shareholders, and agents) (each, an
“Aston Party”) from and against any and all liabilities, damages, losses, and expenses (including, without limitation, costs of collection and reasonable attorneys’ fees) arising out of or resulting from any third-party demand,
claim, lawsuit or other cause of action brought by a third-party against any Aston Party as a result of or in connection with the Services rendered after the date hereof by any Aston Party or the right of access provided pursuant to this Agreement,
provided that no Aston Party shall be entitled to indemnification in respect of its own gross negligence or willful misconduct, or to the extent AAAMI is entitled to indemnification pursuant to Section 5.2(b) below. Nothing herein shall serve
to limit or effect Aston’s warranty to AAAMI as set forth in Section 5.1 above. 
  

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 (b) Aston Indemnity. Aston shall defend, indemnify and hold harmless AAAMI and its Subsidiaries
and Affiliates (including, without limitation, their respective officers, directors, employees, shareholders, and agents) (each, a “AAAMI Party”) from and against any and all liabilities, damages, losses, and expenses (including,
without limitation, costs of collection and reasonable attorneys’ fees) arising out of or resulting from any third-party demand, claim, lawsuit or other cause of action brought by a third-party against any AAAMI Party as a result of or in
connection with (i) the gross negligence or willful misconduct of any employee of Aston or (ii) any violation of federal, state or local laws, rules or regulations by Aston in the provision of the Services hereunder. 
 (c) The indemnification provided for herein shall be subject to the following terms and conditions: (i) the Party claiming indemnification
(“Indemnified Party”) must notify the other Party (“Indemnifying Party”) promptly in writing of any notice of the claim subject to indemnification; provided, however, that no failure by an Indemnified Party to
provide prompt notice shall diminish the Indemnifying Party’s indemnification obligation hereunder, except and to the extent the Indemnifying Party is prejudiced by such delay; (ii) the Indemnifying Party shall have sole control over such
defense and all negotiations for the settlement and compromise of such claim; (iii) for so long as the Indemnifying Party is diligently conducting such defense, it shall not be liable for any attorneys’ fees of the Indemnified Party; and
(iv) the Indemnified Party shall cooperate with the Indemnifying Party in the defense and settlement of any such claim provided that the Indemnifying Party shall not be liable hereunder for any settlement or compromise negotiated by the
Indemnified Party unless the Indemnifying Party agrees in writing to be so bound. If the Indemnified Party provides notice of a claim in accordance with clause (i) above and is not notified within 10 days thereafter that the Indemnifying Party
intends to defend the claim, the Indemnified Party shall be entitled to defend such claim, and settle or compromise such claim, subject to the indemnification provided for herein. 
 5.3 LIMITATION OF LIABILITY 
 IN NO EVENT SHALL EITHER PARTY OR ITS SUBSIDIARIES AND AFFILIATES BE
LIABLE TO THE OTHER PARTY OR ITS SUBSIDIARIES AND AFFILIATES FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR INJURY TO THE GOODWILL IN CONNECTION WITH ANY PERFORMANCE, MISFEASANCE OR
NONFEASANCE HEREUNDER. 
 ARTICLE 6 
 FORCE MAJEURE 
 Aston shall not be liable for any interruption of Services or delay or failure to perform under this
Agreement if such interruption, delay or failure results from causes beyond its reasonable control, including any strikes, lockouts or other labor difficulties, acts of any government, war, terrorism, riot, insurrection or other hostilities,
embargo, fuel or energy shortage, fire, flood, lightning, earthquake, storm, hurricane, tornado, explosion, acts of God, wrecks or transportation delays. In any such event, Aston’s obligations hereunder (and AAAMI’s obligations to pay fees
for such period) shall be postponed for such time as its performance is suspended or delayed on account thereof. Aston shall promptly notify AAAMI, in writing, upon learning of the occurrence of such event of force majeure. Upon the cessation of the
force majeure event, Aston shall resume its performance with the least practicable delay. 
  

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 ARTICLE 7 
 TERM AND TERMINATION 
 7.1 TERM OF SERVICES 
 Except as otherwise provided in Section 7.2 below, this Agreement and the availability of Services shall commence on the date following the Closing
(as defined in the Purchase Agreement) (the “Effective Date”) and shall terminate on the earlier of (i) the fifth anniversary of the date hereof and (ii) the date specified in written notice of termination delivered by AAAMI to
Aston, which date shall be no less than six months after the date of such notice (the “Term”); notwithstanding the foregoing, AAAMI may terminate this Agreement at any time by delivery of written notice to Aston and payment of a
termination fee, payable in cash, equal to $275,000 (the “Termination Fee”), in which case this Agreement shall terminate upon the later of (x) the date specified for termination in such notice and (y) the date upon which the
Termination Fee is paid and (iii) the date specified in written notice of termination delivered by Aston to AAAMI, which date shall be no less than six months after the date of such notice. 
 7.2 TERMINATION FOR BREACH 
 If AAAMI is in material
breach of any of its material obligations under this Agreement, including any failure to make payments when due, and does not cure such breach in all material respects within 30 days after receiving written notice thereof from Aston, Aston may
terminate this Agreement, including the provision of Services hereunder, immediately by providing written notice of termination. If Aston is in material breach of any of its material obligations under this Agreement and does not cure such breach in
all material respects within 30 days after receiving written notice thereof from AAAMI, AAAMI may terminate this Agreement immediately by providing written notice of termination. 
 7.3 PAYMENT FOR SERVICES BEFORE TERMINATION 
 In the event of a termination of this Agreement, Aston
shall be entitled to prompt payment of the Service Fee through the date of termination; provided, however, that if such termination is due to material breach by Aston, AAAMI shall not be obligated to make any such payments to Aston for Services
directly related to, or impacted by, the material breach. 
 7.4 EFFECT OF TERMINATION 
 Article 4, Article 5, this Article 7 and Article 8 shall survive any termination of this Agreement. 
 ARTICLE 8 
 GENERAL PROVISIONS

 8.1 ASSIGNMENT, SUCCESSORS AND NO THIRD-PARTY RIGHTS 
 Neither Party may assign any of its rights or delegate any of its obligations under this Agreement without the prior written consent of the other parties; provided, however, that Aston and AAAMI each may, without such
prior written consent, assign its rights and delegate its obligations hereunder to an affiliated entity of such assignor. This Agreement shall apply to, be binding in all respects upon, and inure to the benefit of each of AAAMI’s and
Aston’s heirs, executors, administrators, assignees or successors. Nothing expressed or referred to in this Agreement shall be construed to give any Person, other than the Parties, any legal or equitable right, remedy or claim under or with
respect to this Agreement or any provision of this Agreement except such rights as may inure to a successor or permitted assignee pursuant to this Section 8.1. 
  

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 8.2 WAIVER 
 The rights and remedies of the Parties are cumulative and not alternative. Neither is any failure nor any delay by either Party in exercising any right, power or privilege under this Agreement. 
 8.3 NOTICES 
 All notices, demands and other
communications relating to this Agreement shall be given as provided in the Purchase Agreement. 
 8.4 INCORPORATION OF SCHEDULES AND EXHIBITS

 The schedules identified in this Agreement are incorporated herein by reference and made a part of this Agreement. 
 8.5 ENTIRE AGREEMENT AND MODIFICATION 
 This Agreement
supersedes all prior agreements between the Parties with respect to its subject matter and constitutes (along with the documents delivered pursuant to this Agreement) a complete and exclusive statement of the terms of the agreement between the
Parties with respect to its subject matter. This Agreement may not be amended, supplemented or otherwise modified except in a written document executed by the party against whose interest the modification shall operate. Notwithstanding any other
provisions in this Agreement to the contrary, in the event and to the extent that there is a conflict between the provisions of this Agreement and the provisions of the Purchase Agreement, this Agreement shall control. This Agreement is not intended
to, and shall not, create any rights in or confer any benefits upon any person other than the Parties. 
 8.6 SEVERABILITY 
 If a court of competent jurisdiction holds any provision of this Agreement invalid or unenforceable, the other provisions of this Agreement shall remain
in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable and the Parties shall replace such provision with a
provision that most closely approximates the intent of the Parties. 
 8.7 REPRESENTATIVES 
 The Parties each shall appoint a representative (a “Representative”) to facilitate communications and performance under this Agreement.
Each Party may treat an act of a Representative of the other Party as being authorized by such other Party without inquiring about such act or ascertaining whether such Representative had authority to so act. The initial Representatives shall be
appointed within 10 days after the date hereof. Each Party shall have the right at any time and from time to time to replace any of its Representatives by giving notice in writing to the other Party setting forth the name of (a) each
Representative to be replaced and (b) the replacement, and certifying that the replacement Representative is authorized to act for the Party giving the notice in all matters relating to this Agreement. 
 8.8 GOVERNING LAW 
 This Agreement shall be governed
by and construed under the laws of the State of Illinois without regard to conflicts of laws principles that would require the application of any other Law. 
 8.9 CONSTRUCTION AND INTERPRETATION 
 As used in this Agreement, the terms defined herein shall have the meanings specified
or referred to herein and shall be equally applicable to both the singular and plural forms. Any reference in this Agreement to an 

  

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“Article,” “Section” or “Schedule” refers to the corresponding Article, Section or Schedule of or to this Agreement, unless the
context indicates otherwise. The headings of Articles and Sections are provided for convenience of reference only and should not affect the construction or interpretation of the terms and provisions of this Agreement. All words used in this
Agreement should be construed to be of such gender or number as the circumstances require. The terms “include” and “including” indicate examples of a foregoing general statement and not a limitation on that general statement. Any
reference to a statute refers to the statute, any amendments or successor legislation, and all regulations promulgated under or implementing the statute, as in effect at the relevant time. Any reference to a contract or other document as of a given
date means the contract or other document as amended, supplemented or modified from time to time through such date. 
 8.10 COUNTERPARTS 

This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one Party, but
all such counterparts taken together shall constitute one and the same agreement. 
 Remainder of Page is Intentionally Left Blank
Signature Page Follows 
  

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 The Parties have executed and delivered this Agreement as of the date indicated in the first sentence of
this Agreement. 
  

			
	ABN AMRO ASSET MANAGEMENT, INC.
		
	By:	 	/S/    SEYMOUR A. NEWMAN
	Name: Title:	 	Seymour A. Newman
Executive Vice President and CFO
	
	ASTON ASSET MANAGEMENT LLC
		
	By:	 	/S/    STUART D. BILTON

	Name: Title:	 	Stuart D. Bilton
Chairman and CEO

 Administrative, Compliance and Marketing Services Agreement 
  

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 Schedule A 
  

	
	Covered Funds
	
	 ABN AMRO Investor Money Market Fund
 ABN AMRO Money
Market Fund
 ABN AMRO Treasury Money Market Fund
 ABN AMRO
Government Money Market Fund
 ABN AMRO Tax Exempt Money Market Fund
 ABN AMRO Institutional Prime Money Market Fund

  

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 Schedule B 
 Services 
 Marketing and Customer Relations 
  

	•	 	Development, oversight and administration of the marketing and sales efforts of the Covered Funds, including, without limitation: 

  

	 	•	 	Preparation and distribution of marketing materials (including brochures). 

  

	 	•	 	Review of all sales material and advertising 

  

	 	•	 	Coordinate all aspects of the printing and mailing process with outside printers for all shareholder publications 

  

	 	•	 	Maintenance and updating of the website with respect to the Covered Funds. 

  

	 	•	 	Management and placing of advertisements with respect to the Covered Funds (with the actual cost of any advertisement to be paid by the Advisor and/or the Fund, as applicable)

  

	 	•	 	Client servicing and administration 

  

	 	•	 	Coordination of communications with rating agencies. 

  

	 	•	 	Acquisition and provision of iMoneyNet’s customized comparative data regarding performance, assets and expenses. 

  

	•	 	Process new accounts, verify completeness of application forms; establish new account records with standard abbreviations and registration formats, including proper account
identification codes. 

  

	•	 	Examine and process contributions and invest monies received in accordance with the written instructions of the Shareholders. 

  

	•	 	Process transactions upon receipt of proper documentation and in accordance with the terms of the IRA documentation. 

  

	•	 	Reinvest income dividends and capital gains distributions. 

  

	•	 	Send a confirmation to the proper person(s) with respect to each transaction in the account. 

  

	•	 	Examine and process requests for distributions, subject to receipt of required legal documents; verify eligibility of the recipient and make payments. 

  

	•	 	Establish a record of types and reasons for distributions (i.e., attainment of age 59-1/2, disability, death, return of excess contributions, etc.). 

  

	•	 	Record method of distribution requested and/or made. 

  

	•	 	Distribute the account in the event of death as required in writing by the Shareholder/Beneficiary, subject to receipt of required legal documents. 

  

	•	 	Receive and process designation of the beneficiary forms. 

  

	•	 	Examine and process requests for direct transfers between custodians/trustees, transfer and pay over the successor assets in the account and records pertaining thereto as requested.

  

	•	 	Send to each Shareholder/Beneficiary/Employer notices, prospectuses, account statements, proxies and other documents or communications relating to fund shares; send such other
notices, documents or other communications to Shareholders/Beneficiaries/Employees as the fund may direct. 

  

	•	 	Maintain records of contributions, distributions, and other transactions. 

  

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	•	 	Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Plan, including but not limited to, an annual fair market value report, Forms 1099R
and 5498 and file with the IRS and provide to Shareholder/Beneficiary. 

  

	•	 	Send shareholder/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. 

  

	•	 	Answer Shareholder/Beneficiary telephone, written or other inquiries concerning the IRA. 

  

	•	 	Process requested changes to account information. 

  

	•	 	Retain original source documents, such as applications and correspondence, microfilm original source documents, as required. 

  

	•	 	Respond to research inquiries from fund or as requested by Custodian if Custodian is directed by the fund. 

  

	•	 	Perform applicable withholding for accounts. 

  

	 	•	 	Purge “closed” accounts as directed by the fund. 

 Routine
Projects 
  

	•	 	Daily, weekly, and monthly reporting 

  

	•	 	Portfolio and general ledger accounting 

  

	•	 	Daily pricing of all securities 

  

	•	 	Daily valuation and NAV calculation 

  

	•	 	Comparison of NAV to market movement 

  

	•	 	Review of price tolerance/fluctuation report 

  

	•	 	Research items appearing on the price exception report 

  

	•	 	Weekly costs monitoring along with mark-to-market valuations in accordance with Rule 2a-7 

  

	•	 	Preparation of monthly ex-dividend monitor 

  

	•	 	Daily cash reconciliation with the custodian bank 

  

	•	 	Daily updating of price and rate information to the Transfer Agent/Insurance Agent 

  

	•	 	Daily support and report delivery to Portfolio Management 

  

	•	 	Daily calculation of fund adviser fees and waivers 

  

	•	 	Daily calculation of distribution rates 

  

	•	 	Daily maintenance of each fund’s general ledger including expense accruals 

  

	•	 	Daily price notification to other vendors as required 

  

	•	 	Calculation of 30-day adjusted SEC yields 

  

	•	 	Preparation of month-end reconciliation package 

  

	•	 	Monthly reconciliation of fund expense records 

  

	•	 	Preparation of monthly pay down gain/loss summaries 

  

	•	 	Preparation of all annual and semi-annual audit work papers 

  

	•	 	Preparation and printing of financial statements 

  

	•	 	Providing shareholder tax information to Transfer Agent 

  

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	•	 	Producing drafts of IRS and state tax returns 

  

	•	 	Treasury Services including: 

  

	 	•	 	Provide Officer for the Company 

  

	 	•	 	Expense Accrual Monitoring 

  

	 	•	 	Determination of Dividends 

  

	 	•	 	Prepare materials for review by the board, e.g., 2a-7, 10f-3, 17a-7, 17e-1, Rule 144a 

  

	 	•	 	Tax and Financial Counsel 

  

	•	 	Monthly compliance testing including Section 817H 

 Distribution
and Legal, Regulatory and Board of Trustees Support 
  

	•	 	Prepare agenda and background materials for legal approval at Board Meetings, make presentations where appropriate; prepare minutes; follow up on issues 

  

	•	 	Coordinate presentations by AAAMI to the Board 

  

	•	 	Review and file Form N-SAR 

  

	•	 	Review and file annual and semi-annual financial reports 

  

	•	 	Assist in preparation of fund Registration Statements for the Covered Funds 

  

	•	 	Support for all quarterly board meetings 

  

	•	 	Preparation of proxy materials for one meeting per two year period 

  

	•	 	Annual update of Post-Effective Amendment (PEA) 

  

	•	 	Prospectus supplements, as needed 

  

	•	 	Consultations regarding legal issues with respect to management of the Covered Funds as needed 

  

	•	 	SEC audit report 

  

	•	 	Arrange insurance and fidelity bond coverage 

  

	•	 	Support for one special board meetings, if necessary 

  

	•	 	One additional PEA (other than annual update) 

  

	•	 	One exemptive order application 

  

	•	 	Assist with marketing strategy and product development 

 Any Other
Services Currently Provided by PFPC (which may be provided by subcontract with PFPC) 
  

 12Form of Investment Advisory Agreement

 EXHIBIT 10.22 
 FORM OF INVESTMENT ADVISORY AGREEMENT 
 AGREEMENT made this     
day of             , 2006 by and between Aston Funds, a Delaware statutory trust (the “Trust”), on behalf of each series of the Trust set forth on Schedule A hereto as may
be amended from time to time (each, a “Fund” and collectively, the “Funds”) and ASTON ASSET MANAGEMENT LLC, a Delaware limited liability company (the “Adviser”). 
 WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management
investment company; and 
 WHEREAS, the Trust wishes to retain the Adviser to render investment advisory services to each Fund, and
the Adviser is willing to furnish such services to each Fund. 
 NOW THEREFORE, in consideration of the promises and mutual covenants
herein contained, it is agreed between the Trust and the Adviser as follows: 
 1. Appointment. The Trust hereby
appoints the Adviser to act as investment adviser to each Fund for the periods and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to furnish the services herein set forth, for the compensation herein
provided. 
 2. Duties of Adviser. As investment adviser, the Adviser shall: (i) manage the investment and
reinvestment of the assets of each Fund, (ii) continuously review, supervise and administer the investment program of each Fund, (iii) determine in its discretion, the assets to be held uninvested, (iv) provide the Trust with records
concerning the Adviser’s activities which are required to be maintained by the Trust and (v) render regular reports to the Trust’s officers and Board of Trustees concerning the Adviser’s discharge of the foregoing
responsibilities. The Adviser shall discharge the foregoing responsibilities subject to the oversight of the officers and the Board of Trustees of the Trust and in compliance with the objectives, policies and limitations set forth in each
Fund’s then effective prospectus and statement of additional information. The Adviser shall determine from time to time what securities and other investments will be purchased, retained, sold or exchanged by each Fund and what portion of the
assets of the Fund’s portfolio will be held in the various securities and other investments in which the Fund invests, and shall implement those decisions, all subject to the provisions of the Trust’s Declaration of Trust and By-Laws, as
amended from time to time, the 1940 Act, and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “SEC”) and interpretive guidance issued thereunder by the SEC staff and any other
applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund referred to above, and any other specific policies adopted by the Board and communicated to the Adviser. Subject to applicable provisions
of the 1940 Act and direction from the Board, the investment program to be provided hereunder may entail the investment of all or substantially all of the assets of a Fund in one or more investment companies. The Adviser shall also provide advice
and recommendations with respect to other aspects of the business and affairs of the Funds, shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to a Fund’s portfolio securities subject to such
direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board. 
 3. Delegation of Duties. Subject to the Board’s approval, the Adviser and/or a Fund may enter into contracts with one or more investment subadvisers, including without limitation, affiliates
of the Adviser, in which the Adviser delegates to such investment subadvisers any or all its duties specified hereunder, on such terms as the Adviser will determine to be necessary, desirable or appropriate, provided that in each case the Adviser
shall supervise the activities of each such subadviser and further provided that such contracts are entered into in accordance with and meet all applicable requirements of the 1940 Act and rules thereunder. Any such delegation shall not relieve the
Adviser of any of its duties hereunder. 
  

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 4. Manager of Managers Structure. The Adviser shall also have the authority, upon
the approval of the Board and subject to applicable provisions of the 1940 Act and the regulations thereunder, to select one or more subadvisers to provide day-to-day portfolio management with respect to all or a portion of the assets of any of the
Funds and to allocate and reallocate the assets of a Fund between and among any subadvisers so selected pursuant to a “manager of managers” structure. The Fund acknowledges that the Adviser would have the authority to retain and terminate
subadvisers, engage new subadvisers and make material revisions to the terms of the subadvisory agreements subject to approval of the Board of Trustees, but not shareholder approval, under this structure. 
 5. Portfolio Transactions. The Adviser shall select and monitor the selection of the brokers or dealers that will execute the
purchases and sales of securities for the Funds and is directed to use its best efforts to ensure that the best available price and most favorable execution of securities transactions for the Funds is obtained. Subject to policies established by the
Board of Trustees of the Trust and communicated to the Adviser, it is understood that the Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Trust or in respect of a Fund, or be in breach of any
obligation owing to the Trust or in respect of a Fund under this Agreement, or otherwise, solely by reason of its having caused a Fund to pay a member of a securities exchange, a broker or a dealer a commission for effecting a securities transaction
for the Fund in excess of the amount of commission another member of an exchange, broker or dealer would have charged if the Adviser determines in good faith that the commission paid was reasonable in relation to the brokerage or research services
(as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 and interpretive guidance issued by the SEC thereunder) provided by such member, broker or dealer, viewed in terms of that particular transaction or the
Adviser’s overall responsibilities with respect to the accounts, including the Funds, as to which it exercises investment discretion. The Adviser will promptly communicate to the officers and Trustees of the Trust such information relating to
Fund transactions as they may reasonably request. 
 6. Expenses. The Adviser shall bear all expenses, and shall furnish
all necessary services, facilities and personnel, in connection with its responsibilities under this Agreement. Other than as herein specifically indicated, the Adviser shall not be responsible for a Fund’s expenses, including, without
limitation: advisory fees; distribution fees; interest; taxes; governmental fees; voluntary assessments and other expenses incurred in connection with membership in investment company organizations; organizational costs of the Fund; the cost
(including brokerage commissions, transaction fees or charges, if any) in connection with the purchase or sale of the Fund’s securities and other investments and any losses in connection therewith; fees and expenses of custodians, transfer
agents, administrators, registrars, independent pricing vendors or other agents; legal expenses; loan commitment fees; expenses relating to share certificates; expenses relating to the issuing and redemption or repurchase of the Fund’s shares
and servicing shareholder accounts; expenses of registering and qualifying the Fund’s shares for sale under applicable federal and state law; expenses of preparing, setting in print, printing and distributing prospectuses and statements of
additional information and any supplements thereto, reports, proxy statements, notices and dividends to the Fund’s shareholders; costs of stationery; website costs; costs of meetings of the Board or any committee thereof, meetings of
shareholders and other meetings of the Fund except as otherwise determined by the Trustees; Board fees; audit fees; travel expenses of officers, Trustees and employees of the Trust who are not officers, employees or directors of the Adviser or its
affiliates, if any; and the Trust’s pro rata portion of premiums on any fidelity bond and other insurance covering the Trust and its officers, Trustees and employees; litigation expenses and any non-recurring or extraordinary expenses as may
arise, including, without limitation, those relating to actions, suits or proceedings to which the Fund is a party and the legal obligation which the Fund may have to indemnify the Trust’s Trustees and officers with respect thereto. 

The Adviser shall authorize and permit any of its directors, officers and employees, who may be elected as Trustees or officers of the Trust, to serve
in the capacities in which they are elected. No officer or employee of the Trust or a Fund shall receive from the Trust or a Fund any salary or other compensation as such Trustee, officer or employee while he is at the same time a director, officer,
or employee of the Adviser or any affiliated company of the Adviser, except as the Board may decide. 
  

 2 

 7. Compensation of the Adviser. For the services to be rendered by the Adviser as
provided in this Agreement, each Fund shall pay to the Adviser within five business days after the end of each calendar month a monthly fee of one-twelfth the annual rate set forth opposite the Fund’s name on Schedule B hereto based on the
Fund’s average daily net assets for that month. For the purposes of this Agreement, each Fund’s “net assets” shall be determined as provided in the Fund’s then-current Prospectus and Statement of Additional Information.

 In the event of termination of this Agreement, the fee provided in this Section 6 shall be paid on a pro-rata basis, based on the
number of days during which this Agreement was in effect. 
 8. Reports. The Trust, on behalf of each Fund, and the
Adviser agree to furnish to each other such information regarding their operations with regard to their affairs as each may reasonably request. Information and reports furnished by the Adviser to the Board and the officers of the Trust shall be at
the Adviser’s expense. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Adviser hereby agrees that any records that it maintains for a Fund are the property of the Fund, and further agrees to surrender promptly to the
Fund any of such records upon the Fund’s request; provided, however, that the Adviser may retain for its records copies of the records so surrendered. The Adviser further agrees to arrange for the preservation of any such records for the
periods prescribed by Rule 31a-2 under the 1940 Act. 
 9. Status of Adviser. The services of the Adviser to the Funds
are not to be deemed exclusive, and the Adviser shall be free to render similar services to others so long as its services to the Funds are not impaired thereby. In addition, nothing in this Agreement shall limit or restrict the right of any
director, officer or employee of the Adviser who may also be a Trustee, officer or employee of the Trust or a Fund, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other
business, whether of a similar nature or a dissimilar nature. 
 10. Liability of Adviser. In the absence of willful
misfeasance, bad faith, gross negligence or reckless disregard by the Adviser of its obligations and duties hereunder, the Adviser shall not be subject to any liability whatsoever to a Fund, or to any shareholder of a Fund, for any error of
judgment, mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder including, without limitation, for any losses that may be sustained in connection with the purchase, holding, redemption or sale
of any security on behalf of the Fund. 
 11. Duration and Termination. The term of this Agreement shall commence with
respect to a Fund on the date set forth opposite the Fund’s name as set forth on Schedule A hereto (the “Effective Date”), provided that first it is approved by the Board of Trustees of the Trust, including a majority of those
Trustees who are not parties to this Agreement or interested persons of any party hereto, in the manner provided in Section 15(c) of the 1940 Act, and by the holders of a majority of the outstanding voting securities of the Fund, and shall
continue in effect for the initial term set forth in Schedule A. This Agreement shall continue in effect with respect to a Fund after its initial term, provided such continuance is approved at least annually by (i) the Trust’s Board of
Trustees or (ii) the vote of a majority of the outstanding voting securities of the Fund; and in either event by a vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party
in the manner provided in Section 15(c) of the 1940 Act. Notwithstanding the foregoing, this Agreement may be terminated with respect to a Fund: (a) at any time without penalty by the Fund upon the vote of a majority of the Trustees or by
vote of the majority of the Fund’s outstanding voting securities, upon sixty (60) days’ written notice to the Adviser or (b) by the Adviser at any time without penalty, upon sixty (60) days’ written notice to the Fund.
This Agreement will also terminate automatically in the event of its assignment (as defined in the 1940 Act). Any notice under this Agreement shall be given in writing, addressed and delivered or mailed postpaid, to the other party at the principal
office of such party. 
 As used in this Section 10, the terms “assignment,” “interested person” and “a vote of
a majority of the outstanding voting securities” shall have the respective meanings set forth in Section 2(a)(4), Section 2(a)(19) and Section 2(a)(42) of the 1940 Act and Rule 18f-2 thereunder, subject to such exemptions as may
be granted by the SEC by any rule, regulation, order or interpretive guidance. 
  

 3 

 12. Declaration of Trust. The Adviser agrees that for services rendered to a Fund,
or for any claim by it in connection with services rendered to a Fund, it shall look only to assets of that Fund for satisfaction and that it shall have no claim against the assets of any other portfolios of the Trust. 
 13. Governing Law. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of
the State of                     . 
 14. Severability. If any provisions 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. 
 15. Amendments. 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, and with such approvals as required by applicable law. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. 
  

							
	 ATTEST
	 		 	ASTON FUNDS on behalf of the
series set forth in Schedule A
				
	  	 		 	 By:
	 	  
		 		 	Title:	 	
			
	 ATTEST
	 		 	ASTON ASSET MANAGEMENT LLC
				
	  	 		 	 By:
	 	  
		 		 	Title:	 	

  

 4

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