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|   | (a) | A      “Change in Control” shall be deemed to occur upon the earliest to occur      after the date of this Agreement of any of the following      events: |
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|   | (a) | Notwithstanding      any limitation in Section 3 or      Section      4, the Company shall indemnify Indemnitee to the fullest extent      permitted by applicable law if Indemnitee is a party to or threatened to      be made a party to any Proceeding (including a Proceeding by or in the      right of the Company to procure a judgment in its favor) against all      Expenses, judgments, fines and amounts paid in settlement actually and      reasonably incurred by Indemnitee in connection with the      Proceeding. |
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|   | (b) | For      purposes of Section 6(a),      the meaning of the phrase “to the fullest extent permitted by applicable      law” shall include, but not be limitedto: |
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|   | (a) | for      which payment has actually been made to or on behalf of Indemnitee under      any insurance policy or other indemnity provision, except with respect to      any excess beyond the amount paid under any insurance policy or other      indemnity provision; or |
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|   | (b) | for      (i) an accounting of profits made from the purchase and sale (or sale and      purchase) by Indemnitee of securities of the Company within the meaning of      Section 16(b) of the Exchange Act (as defined in Section 2(a)),      or similar provisions of state statutory law or common law, or (ii) any      reimbursement of the Company by the Indemnitee of any bonus or other      incentive-based or equity-based compensation or of any profits realized by      the Indemnitee from the sale of securities of the Company, as required in      each case under the Exchange Act;or |
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|   | (c) | except      as provided in Section 12(d),      in connection with any Proceeding (or any part of any Proceeding)      initiated by Indemnitee, including any Proceeding (or any part of any      Proceeding) initiated by Indemnitee against the Company or its directors,      employees or other indemnitees, unless (i) the Board of Directors of the      Company authorized the Proceeding (or any part of any Proceeding) prior to      its initiation or (ii) the Company provides the indemnification, in its      sole discretion, pursuant to the powers vested in the Company under      applicable law. |
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|   | (a) | To      obtain indemnification under this Agreement, Indemnitee shall submit to      the Company a written request, including therein or therewith such      documentation and information as is reasonably available to Indemnitee and      is reasonably necessary to determine whether and to what extent Indemnitee      is entitled to indemnifica­tion following the final disposition of      such action, suit or proceeding.  The delay or omission to      notify the Company will not relieve the Company from any liability which      it may have to Indemnitee otherwise than under this      Agreement.  The Sec­retary of the Company shall, promptly      upon receipt of such a request for indemnification, advise the Board in      writing that Indemnitee has requested  indemnification. |
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|   | (b) | The      Company will be entitled to participate in the Proceeding at its own      expense. |
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|   | (a) | Upon      written request by Indemnitee for indemnification pursuant to the first      sentence of Section 9(a) or      for advances pursuant to the first sentence of Section 8, a      determination, if required by applicable law, with respect to Indemnitee’s      entitlement thereto shall be made in the specific case:  (i) if      a Change in Control shall have occurred, by Independent Counsel in a      written opinion to the Board of Directors, a copy of which shall be      delivered to Indemnitee; or (ii) if a Change in Control shall not have      occurred, (A) by a majority vote of the Disinterested Directors, provided      that such directors constitute a quorum of the Board, (B) if a quorum of      the Board cannot be obtained under the foregoing clause (A), by a      committee of two or more Disinterested Directors designated by a majority      vote of members of the Board (including directors other than Disinterested      Directors) constituting a quorum of the Board, (C) if there are not at      least two Disinterested Directors or, if such Disinterested Directors so      direct, by Independent Counsel in a written opinion to the Board, a copy      of which shall be delivered to Indemnitee or (D) if so directed by the      Board, by the stockholders of the Company (excluding shares owned by or      voted under the control of directors that are at the time parties to the      Proceeding); provided, however, that      if Independent Counsel makes the determination that Indemnitee is entitled      to indemnification under the DGCL, the authorization of indemnification      and the evaluation as to reasonableness of expenses shall be made by the      persons set forth in the foregoing clause (ii)(A) or, if necessary, clause      (ii)(B).  If, upon written request made by Indemnitee pursuant      to Section      9(a), it is so determined that Indemnitee is entitled to      indemnification under the DGCL, payment to Indemnitee of all authorized      indemnification amounts, including expenses determined to be reasonable,      shall be made within ten (10) days after such    determination. |
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|   | (b) | Indemnitee      shall cooperate with the person, persons or entity making the      determination with respect to Indemnitee’s entitlement to indemnification,      including providing to such person, persons or entity upon reasonable      advance request any documentation or information which is not privileged      or otherwise protected from disclosure and which is reasonably available      to Indemnitee and reasonably necessary to such      determination.  Any costs or expenses (including attorneys’ fees      and disbursements) incurred by Indemnitee in so cooperating with the      person, persons or entity making such determination shall be borne by the      Company (irrespective of the determination as to Indemnitee’s entitlement      to indemnification) and the Company hereby indemnifies and agrees to hold      Indemnitee harmless therefrom. |
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|   | (a) | In      making a determination with respect to entitlement to indemnification      hereunder, the person or persons or entity making such determination shall      presume that Indemnitee is entitled to indemnification under this      Agreement if Indemnitee has submitted a request for indemnification in      accordance with Section 9(a) of      this Agreement, and the Company shall, to the fullest extent not      prohibited by law, have the burden of proof to overcome that presumption      in connection with the making by any person, persons or entity of any      determination contrary to that presumption.  Neither the failure      of the Company (including by its directors or independent legal counsel)      to have made a determination prior to the commencement of any action      pursuant to this Agreement that indemnification is proper in the      circumstances because Indemnitee has met the applicable standard of      conduct, nor an actual determination by the Company (including by its      directors or independent legal counsel) that Indemnitee has not met such      applicable standard of conduct, shall be a defense to the action or create      a presumption that Indemnitee has not met the applicable standard of      conduct. |
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|   | (b) | Subject      to Section      12(e), if the person, persons or entity empowered or selected under      Section      10(a) to determine whether Indemnitee is entitled to      indemnification shall not have made a determination within sixty (60) days      after receipt by the Company of the request therefor, the requisite      determination of entitlement to indemnification shall, to the fullest      extent not prohibited by law, be deemed to have been made and Indemnitee      shall be entitled to such indemnification, absent (i) a misstatement by      Indemnitee of a material fact, or an omission of a material fact necessary      to make Indemnitee’s statement not materially misleading, in connection      with the request for indemnification, or (ii) a prohibition of such      indemnification under applicable law; provided, however, that such 60-day      period may be extended for a reasonable time, not to exceed an additional      thirty (30) days, if the person, persons or entity making the      determination with respect to entitlement to indemnification in good faith      requires such additional time for the obtaining or evaluating of      documentation and/or information relating thereto; and provided, further,      that the foregoing provisions of this Section 11(b)      shall not apply (i) if the determination of entitlement to indemnification      is to be made by the stockholders pursuant to Section 10(a)      and if (A) within fifteen (15) days after receipt by the Company of the      request for such determination the Board of Directors has resolved to      submit such determination to the stockholders for their consideration at      an annual meeting thereof to be held within seventy-five (75) days after      such receipt and such determination is made thereat, or (B) a special      meeting of stockholders is called within fifteen (15) days after such      receipt for the purpose of making such determination, such meeting is held      for such purpose within sixty (60) days after having been so called and      such determination is made thereat, or (ii) if the determination of      entitlement to indemnification is to be made by Independent Counsel      pursuant to Section      10(a). |
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|   | (c) | The      termination of any Proceeding or of any claim, issue or matter therein, by      judgment, order, settlement or conviction, or upon a plea of nolocontendere or      its equivalent, shall not (except as otherwise expressly provided in this      Agreement) of itself adversely affect the right of Indemnitee to      indemnification or create a presumption that Indemnitee did not act in      good faith and in a manner which he reasonably believed to be in or not      opposed to the best interests of the Company or, with respect to any      criminal Proceeding, that Indemnitee had reasonable cause to believe that      his conduct was unlawful. |
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|   | (d) | Reliance as Safe      Harbor.  For purposes of any determination of good faith,      Indemnitee shall be deemed to have acted in good faith if Indemnitee’s      action is based on the records or books of account of the Enterprise,      including financial statements, or on information supplied to Indemnitee      by the officers of the Enterprise in the course of their duties, or on the      advice of legal counsel for the Enterprise or on information or records      given or reports made to the Enterprise by an independent certified public      accountant or by an appraiser or other expert selected with the reasonable      care by  the Enterprise.  The provisions of this Section 11(d)      shall not be deemed to be exclusive or to limit in any way the other      circumstances in which the Indemnitee may be deemed to have met the      applicable standard of conduct set forth in this  Agreement. |
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|   | (e) | Actions of      Others.  The knowledge and/or actions, or failure to act,      of any director, officer, agent or employee of the Enterprise shall not be      imputed to Indemnitee for purposes of determining the right to      indemnification under thisAgreement. |
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|   | (a) | Subject      to Section      12(e), in the event that (i) a determination is made pursuant to      Section      10 that Indemnitee is not entitled to indemnification under this      Agreement, (ii) advancement of Expenses is not timely made pursuant to      Section 8,      (iii) no determination of entitlement to indemnification shall have been      made pursuant to Section 10(a)      within 90 days after receipt by the Company of the request for      indemnification, (iv) payment of indemnification is not made pursuant to      Section 4      or Section      5 or the last sentence of Section 10(a)      of this Agreement within ten (10) days after receipt by the Company of a      written request therefor, (v) payment of indemnification pursuant to Section 3 or      Section 6      is not made within ten (10) days after a determination has been made that      Indemnitee is entitled to indemnification, or (vi) in the event that the      Company or any other person takes or threatens to take any action to      declare this Agreement void or unenforceable, or institutes any litigation      or other action or Proceeding designed to deny, or to recover from, the      Indemnitee the benefits provided or intended to be provided to the      Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a      court of his entitlement to such indemnification or advancement of      Expenses.  Alternatively, Indemnitee, at his option, may seek an      award in arbitration to be conducted by a single arbitrator pursuant to      the Commercial Arbitration Rules of the American Arbitration      Association.  Indemnitee shall commence such proceeding seeking      an adjudication or an award in arbitra­tion within 180 days following      the date on which Indemnitee first has the right to commence such      proceeding pursuant to this Section 12(a);      provided,      however,      that the foregoing clause shall not apply in respect of a proceeding      brought by Indemnitee to enforce his rights under Section 4.  The      Company shall not oppose Indemnitee’s right to seek any such adjudication      or award in arbitration. |
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|   | (b) | In      the event that a determination shall have been made pursuant to Section 10(a)      that Indemnitee is not entitled to indemnification, any judicial      proceeding or arbitration commenced pursuant to this Section 12      shall be conducted in all respects as a denovo trial, or      arbitration, on the merits and Indemnitee shall not be prejudiced by      reason of that adverse determination.  In any judicial      proceeding or arbitration commenced pursuant to this Section 12 the      Company shall have the burden of proving Indemnitee is not entitled to      indemnification or advancement of Expenses, as the case may      be. |
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|   | (c) | If      a determination shall have been made pursuant to Section 10(a)      that Indemnitee is entitled to indemnification, the Company shall be bound      by such determination in any judicial proceeding or arbitration commenced      pursuant to this Section 12,      absent (i) a misstatement by Indemnitee of a material fact, or an omission      of a material fact necessary to make Indemnitee’s statement not materially      misleading, in connection with the request for indemnification, or (ii) a      prohibition of such indemnification under applicable  law. |
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|   | (d) | The      Company shall be precluded from asserting in any judicial proceeding or      arbitration commenced pursuant to this Section 12 that      the procedures and presumptions of this Agreement are not valid, binding      and enforceable and shall stipulate in any such court or before any such      arbitrator that the Company is bound by all the provisions of this      Agreement.  It is the intent of the Company that the Indemnitee      not be required to incur legal fees or other Expenses associated with the      interpretation, enforcement or defense of Indemnitee’s rights under this      Agreement by litigation or otherwise because the cost and expense thereof      would substantially detract from the benefits intended to be extended to      the Indemnitee hereunder.  The Company shall indemnify      Indemnitee against any and all Expenses and, if requested by Indemnitee,      shall (within ten (10) days after receipt by the Company of a written      request therefore) advance, to the extent not prohibited by law, such      expenses to Indemnitee, which are incurred by Indemnitee in connection      with any action brought by Indemnitee for indemnification or advance of      Expenses from the Company under this Agreement or under any directors’ and      officers’ liability insurance policies maintained by the Company,      regardless of whether Indemnitee ultimately is determined to be entitled      to such indemnification, advancement of Expenses or insurance recovery, as      the case may be. |
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|   | (e) | Notwithstanding      anything in this Agreement to the contrary, no determination as to      entitlement to indemnification under this Agreement shall be required to      be made prior to the final disposition of the  Proceeding. |
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|   | (a) | The      rights of indemnification and to receive advancement of Expenses as      provided by this Agreement shall not be deemed exclusive of any other      rights to which Indemnitee may at any time be entitled under applicable      law, the Certificate, the Company’s By-laws, any agreement, a vote of      stockholders or a resolution of directors, or otherwise.  No      amendment, alteration or repeal of this Agreement or of any provision      hereof shall limit or restrict any right of Indemnitee under this      Agreement in respect of any action taken or omitted by such Indemnitee in      his Corporate Status prior to such amendment, alteration or      repeal.  To the extent that a change in Delaware law, whether by      statute or judicial decision, permits greater indemnification or      advancement of Expenses than would be afforded currently under the      Company’s By-laws and this Agreement, it is the intent of the parties      hereto that Indemnitee shall enjoy by this Agreement the greater benefits      so afforded by such change.  No right or remedy herein conferred      is intended to be exclusive of any other right or remedy, and every other      right and remedy shall be cumulative and in addition to every other right      and remedy given hereunder or now or hereafter existing at law or in      equity or otherwise.  The assertion or employment of any right      or remedy hereunder, or otherwise, shall not prevent the concurrent      assertion or employment of any other right or  remedy. |
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|   | (b) | To      the extent that the Company maintains an insurance policy or policies      providing liability insurance for directors, officers, employees, or      agents of the Company or of any other corporation, partnership, joint      venture, trust, employee benefit plan or other enterprise which such      person serves at the request of the Company, Indemnitee shall be covered      by such policy or policies in accordance with its or their terms to the      maximum extent of the coverage available for any such director, officer,      employee or agent under such policy or policies.  If, at the      time of the receipt of a notice of a claim pursuant to the terms hereof,      the Company has director and officer liability insurance in effect, the      Company shall give prompt notice of the commencement of such proceeding to      the insurers in accordance with the procedures set forth in the respective      policies.  The Company shall thereafter take all necessary or      desirable action to cause such insurers to pay, on behalf of the      Indemnitee, all amounts payable as a result of such proceeding in      accordance with the terms of suchpolicies. |
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|   | (c) | In      the event of any payment under this Agreement, the Company shall be      subrogated to the extent of such payment to all of the rights of recovery      of Indemnitee, who shall execute all papers required and take all action      necessary to secure such rights, including execution of such documents as      are necessary to enable the Company to bring suit to enforce such      rights. |
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|   | (d) | The      Company shall not be liable under this Agreement to make any payment of      amounts otherwise indemnifiable (or for which advancement is provided      hereunder) hereunder if and to the extent that Indemnitee has otherwise      actually received such payment under any insurance policy, contract,      agreement or otherwise. |
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|   | (e) | The      Company’s obligation to indemnify or advance Expenses hereunder to      Indemnitee who is or was serving at the request of the Company as a      director, officer, employee or agent of any other corporation, limited      liability company, partnership, joint venture, trust, employee benefit      plan or other enterprise shall be reduced by any amount Indemnitee has      actually received as indemnification or advancement of expenses from such      other corporation, limited liability company, partnership, joint venture,      trust, employee benefit plan or other  enterprise. |
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|   | (a) | The      Company expressly confirms and agrees that it has entered into this      Agreement and assumed the obligations imposed on it hereby in order to      induce Indemnitee to serve as a director of the Company, and the Company      acknowledges that Indemnitee is relying upon this Agreement in serving as      a director of the Company. |
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|   | (b) | This      Agreement constitutes the entire agreement between the parties hereto with      respect to the subject matter hereof and supersedes all prior agreements      and understandings, oral, written and implied, between the parties hereto      with respect to the subject matter hereof; provided, however, that this      Agreement is a supplement to and in furtherance of the Certificate, the      By-laws of the Company and applicable law, and shall not be deemed a      substitute therefor, nor to diminish or abrogate any rights of Indemnitee      thereunder. |
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|   | (a) | If      to Indemnitee, at the address indicated on the signature page of this      Agreement, or such other address as Indemnitee shall provide to the      Company. |
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|   | (b) | If      to the Company to: Highbury      Financial, Inc.999      Eighteenth Street, Suite 3000Denver,      Colorado  80202Facsimile      No.: (303) 893-2902Attention:      Chief Executive Officer |
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| Highbury      Financial Inc. |   |   | INDEMNITEE: |                 |
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|                         |   |   |        |                 |   |   |
|                         |   |   |        |                 |   |   |
| By:                |   |   |        |                 |   |   |
|                         | Name:  |   |        | Name:                |   |
|                         | Title: |   |        |                 |   |   |
|                         |   |   |        |                 |   |   |
|                         |   |   |        | Address:   |   |   |
|                         |   |   |        |                 |   |   |
|                         |   |   |        |                 |   |   |

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