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                                                                   EXHIBIT 10.15

                           THE ADVISORY BOARD COMPANY
                              DIRECTORS' STOCK PLAN

1.      PURPOSE

        The purpose of The Advisory Board Company Directors' Stock Plan (the
        "Plan") is to advance the interests of The Corporate Executive Board
        Company, a Delaware corporation (hereinafter the "Company"), by enabling
        the Company to attract, retain and motivate qualified individuals to
        serve on the Company's Board of Directors and to align the financial
        interests of such individuals with those of the Company's stockholders
        by providing for or increasing their proprietary interest in the
        Company. Any stock options granted pursuant to this Plan shall not
        qualify under Section 422 of the Internal Revenue Code of 1986, as
        amended (the "Code"), as incentive stock options. The plan is intended
        to operate in a manner that exempts grants of Common Stock under the
        Plan from Section 16(b) of the Securities Exchange Act of 1934, as
        amended.

2.      DEFINITIONS

        (a) "Board" means the Board of Directors of the Company.

        (b) "Committee" means the Board and/or the Compensation Committee of the
        Board acting pursuant to its authorization to administer this Plan under
        Section 7.

        (c) "Common Stock" means the Company's Class B Non-Voting Common Stock,
        par value $.01 per share, subject to adjustment as provided in Section
        9.

        (d) "Market Value" means, as of any date, and unless the Committee shall
        specify otherwise, the closing sale price of the Common Stock as
        reported for such date pursuant to the consolidated quotation system or
        any other transaction reporting plan under Section 11A of the Securities
        Exchange Act of 1934, as amended (the "Exchange Act"), or, if there have
        been no sales so reported for such date, the average of the best bid and
        best offer prices quoted under the consolidated quotation system or any
        other such transaction reporting plan as of 4:00 p.m., New York time, on
        such date, or if on any date the Common Stock is not so quoted, the
        average of the best bid and best offered prices on such day in the
        domestic over-the-counter market as reported by the National Quotation
        Bureau, Incorporated, or any similar successor or comparable
        organization. If at any time the Common Stock is not listed on any
        domestic securities exchange or quoted under a transaction reporting
        plan or in the domestic over-the-counter market, the "Market Value"
        shall be the fair value thereof determined by the Committee.

        (e) "Options" shall mean the stock options granted to a Participant with
        respect to shares of Common Stock pursuant to the terms of this Plan.

        (f) "Stock Grant" shall mean the award of shares of Common Stock to a
        Participant pursuant to the terms of this Plan.

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3.      SHARES SUBJECT TO THE PLAN

        Subject to adjustment as provided in Section 9, the maximum number of
        shares of Common Stock which may be issued pursuant to this Plan shall
        not exceed 842,000. Shares issued under this Plan may be authorized and
        unissued shares of Common Stock or shares of Common Stock reacquired by
        the Company. All or any shares of Common Stock subject to an Option or a
        Stock Grant which for any reason are not issued, do not become vested or
        are reacquired pursuant to the Plan or the terms of an Option or Stock
        Grant may again be made subject to an Option or Stock Grant under the
        Plan.

4.      PARTICIPANTS

        Any person who is, or is elected to be, a director of the Company or any
        of its subsidiaries shall be eligible for the award of Options and/or
        Stock Grants hereunder. The Committee shall determine to which directors
        any such Options and/or Stock Grants shall be awarded hereunder (any
        such director and his or her authorized transferees hereinafter referred
        to as a "Participant").

5.      DIRECTOR AWARDS

        The Committee may provide for Options and/or Stock Grants to be awarded
        to Directors in consideration for their service to the Company. The
        Committee shall specify the number of shares subject to each Option or
        Stock Grant provided for under this Section 5, or the formula pursuant
        to which such number shall be determined, the Participants to receive
        any such award, the date of award and the vesting and expiration terms
        applicable to such Option or Stock Grant. The award of Options or Stock
        Grants hereunder may, but need not, be conditioned on the Director
        electing to forego his or her right to all or any part of his or her
        cash retainer or other fees. Subject to adjustment pursuant to Section
        9, the maximum number of shares of Common Stock subject to Options and
        Stock Grants awarded under this Plan during any calendar year to any
        person on account of his or her service as a director shall not exceed
        145,800 shares.

6.      TERMS AND CONDITIONS OF OPTIONS AND STOCK GRANTS

        (a) General Terms and Conditions: Options and Stock Grants awarded
        pursuant to the Plan need not be identical but each Option and Stock
        Grant shall be subject to the following general terms and conditions:

                (1) Terms and Restrictions Upon Shares: The Committee may
                provide that the shares of Common Stock issued upon exercise of
                an Option or receipt of a Stock Grant shall be subject to such
                further conditions, restrictions or agreements as the Committee
                in its discretion may specify prior to the exercise of such
                Option or receipt of such Stock Grant, including without
                limitation, manner of sale, deferrals on issuance, conditions on
                vesting or transferability, and forfeiture or repurchase
                provisions.

                (2) Transferability: Unless otherwise provided by the Committee,
                awards of Options or Stock Grants under the Plan shall be
                nontransferable by the Participant other than by will or the
                laws of descent and distribution and Options shall be
                exercisable only by the Participant during his or her lifetime.

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                (3) Other Terms and Conditions: No holder of an Option or Stock
                Grant shall have any rights as a stockholder with respect to any
                shares of Common Stock subject to an Option or Stock Grant
                hereunder until said shares have been issued. Options and Stock
                Grants may also contain such other provisions, which shall not
                be inconsistent with any of the foregoing terms, as the
                Committee shall deem appropriate. The Committee may waive
                conditions to and/or accelerate exercisability of an Option or
                Stock Grant, either automatically upon the occurrence of
                specified events (including in connection with a change of
                control of the Company) or otherwise in its discretion. No
                Option or Stock Grant, however, nor anything contained in the
                Plan, shall confer upon any Participant any right to serve as a
                director of the Company or any of its subsidiaries.

        (b) Option Terms: The Committee may establish the terms, provisions and
        conditions applicable to awards of Options (including, but not limited
        to, exercise price, exercisability and vesting) to the extent such
        terms, provisions and conditions are consistent with the express
        provisions of the Plan. The exercise price for each Option shall be
        established by the Committee or under a formula established by the
        Committee. Notwithstanding the forgoing, the exercise price shall not be
        less than the Market Value of the Common Stock on the date of grant of
        the Option, unless the Participant pays or foregoes compensation in the
        amount of any discount. The exercise price of an Option shall be payable
        (i) in cash, (ii) by payment under an arrangement with a broker where
        payment is made pursuant to an irrevocable direction to the broker to
        deliver all or part of the proceeds from the sale of the Option shares
        to the Company, (iii) by tendering (either physically or by attestation)
        shares of Common Stock owned by the Participant exercising the Option
        and having a Market Value on the date of exercise equal to the exercise
        price but only if such will not result in an accounting charge to the
        Company, or (iv) by any combination of the foregoing. In addition, the
        exercise price may be payable in such other form(s) of consideration as
        the Committee in its discretion shall specify, including without
        limitation by loan (as described in Section 8) or by techniques that may
        result in an accounting charge to the Company.

        (c) Stock Grant Terms: Stock Grants under the Plan may, in the sole
        discretion of the Committee, but need not, be conditioned upon the
        Participant paying cash or cash-equivalent consideration or agreeing to
        forego other compensation for the shares of Common Stock covered by the
        Stock Grant. Stock Grants under the Plan may be subject to terms,
        provisions and conditions (including, but not limited to, vesting) as
        are established in the sole discretion of the Committee, provided such
        terms, provisions and conditions are consistent with the express
        provisions of the Plan. The terms, provisions and conditions may be
        contingent upon the passage of time, continued service or achievement of
        Company or individual performance goals, as specified by the Committee.

7.      ADMINISTRATION OF THE PLAN

        The Plan shall be administered by the Board, except to the extent the
        Board designates that the Plan shall be administered by the Compensation
        Committee of the Board (the Board or any such designated committee, the
        "Committee"). The Committee shall act pursuant to a majority vote or
        unanimous written consent.

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        Subject to the express provisions of this Plan, the Committee shall be
        authorized and empowered to do all things necessary or desirable in
        connection with the administration of this Plan, including, without
        limitation: (a) to prescribe, amend and rescind rules relating to this
        Plan and to define terms not otherwise defined herein; (b) to prescribe
        the form of documentation used to evidence any Option or Stock Grant
        awarded hereunder, including provision for such terms as it considers
        necessary or desirable, not inconsistent with the terms established by
        the Committee; (c) to establish and verify the extent of satisfaction of
        any conditions to exercisability applicable to Options or to receipt or
        vesting of Stock Grants; (d) to determine whether, and the extent to
        which, adjustments are required pursuant to Section 9 hereof; and (e) to
        interpret and construe this Plan, any rules and regulations under the
        Plan and the terms and conditions of any Option or Stock Grant awarded
        hereunder, and to make exceptions to any procedural provisions in good
        faith and for the benefit of the Company.

        All decisions, determinations and interpretations by the Committee
        regarding the Plan, any rules and regulations under the Plan and the
        terms and conditions of any Option or Stock Grant awarded hereunder,
        shall be final and binding on all Participants and holders of Options
        and Stock Grants. The Committee may consider such factors as it deems
        relevant, in its sole and absolute discretion, in making such decisions,
        determinations and interpretations including, without limitation, the
        recommendations or advice of any officer or other employee of the
        Company and such attorneys, consultants and accountants as it may
        select.

8.      LOANS

        The Company may, if authorized by the Committee, make loans for the
        purpose of enabling a Participant to exercise Options and, if
        applicable, receive Common Stock awarded under the Plan and to pay the
        tax liability resulting from an Option exercise or Stock Grant under the
        Plan. The Committee shall have full authority to determine the terms and
        conditions of such loans. Such loans may be secured by the shares of
        Common Stock received upon exercise of such Option or receipt of such
        Stock Grant.

9.      ADJUSTMENT OF AND CHANGES IN THE STOCK

        If the outstanding securities of the class then subject to this Plan are
        increased, decreased or exchanged for or converted into cash, property
        or a different number or kind of shares or securities, or if cash,
        property or shares or securities are distributed in respect of such
        outstanding securities, in either case as a result of a reorganization,
        reclassification, dividend (other than a regular, quarterly cash
        dividend or an issuance of the class of securities then subject to this
        Plan as part of a public or private offering thereof) or other
        distribution, stock split, reverse stock split, spin-off or the like, or
        if substantially all of the property and assets of the Company are sold,
        then, unless the terms of such transaction shall provide otherwise, the
        maximum number and type of shares or other securities that may be issued
        under this Plan shall be appropriately adjusted. The Committee shall
        determine in its sole discretion the appropriate adjustment, if any, to
        be effected pursuant to the immediately preceding sentence. In addition,
        in connection with any such change in the class of securities then
        subject to this Plan, the Committee may make appropriate and
        proportionate adjustments in the number and type of shares or other
        securities or cash or other property that may be acquired pursuant to
        Options and Stock Grants theretofore

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        awarded under this Plan and the exercise price of such Options or price,
        if any, of such Stock Grants.

        No right to purchase or receive fractional shares shall result from any
        adjustment in Options or Stock Grants pursuant to this Section 9. In
        case of any such adjustment, the shares subject to the Option or Stock
        Grant shall be rounded up to the nearest whole share of Common Stock.

10.     REGISTRATION, LISTING OR QUALIFICATION OF STOCK

        In the event that the Committee determines in its discretion that the
        registration, listing or qualification of the shares of Common Stock
        issuable under the Plan on any securities exchange or under any
        applicable law or governmental regulation is necessary as a condition to
        the issuance of such shares under the Option or Stock Grant, the Option
        or Stock Grant shall not be exercisable or exercised in whole or in part
        unless such registration, listing, qualification, consent or approval
        has been unconditionally obtained.

11.     TAXES

        The Committee may make such provisions or impose such conditions as it
        may deem appropriate for the withholding or payment by a Participant of
        any taxes which it determines are necessary or appropriate in connection
        with any issuance, exercise or vesting of any Options, Stock Grants or
        shares under this Plan, and the rights of a holder of an Option or Stock
        Grant or shares are subject to satisfaction of such conditions. The
        Company shall not be required to issue shares of Common Stock or to
        recognize the disposition of such shares until such obligations are
        satisfied. At the Participant's election, any such obligations may be
        satisfied by having the Company withhold a portion of the shares of
        Common Stock that otherwise would be issued to the holder of the Option
        or Stock Grant upon exercise of the Option or vesting or receipt of the
        Stock Grant or by surrendering to the Company shares of Common Stock
        previously acquired, provided that such will not result in an accounting
        charge to the Company. The Company and any affiliate of the Company
        shall not be liable to a Participant or any other persons as to any tax
        consequence expected, but not realized, by any Participant or other
        person due to the receipt of any Options or shares awarded hereunder.

12.     GOVERNING LAW

        The Plan and any agreements or other documents hereunder shall be
        interpreted and construed in accordance with the laws of the District of
        Columbia and applicable federal law. Any reference in this Plan or in
        the agreement or other document evidencing any Options to a provision of
        law or to a rule or regulation shall be deemed to include any successor
        law, rule or regulation of similar effect or applicability.

13.     ARBITRATION OF DISPUTES

        In the event a Participant or other holder of an Option believes that a
        decision by the Administrator with respect to such person was arbitrary
        or capricious, the Participant or optionholder may request arbitration
        with respect to such decision. The review by the arbitrator shall be
        limited to determining whether the Administrator's decision was
        arbitrary or capricious. This arbitration shall be the sole and
        exclusive review permitted of

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        the Administrator's decision. Participants and optionholders explicitly
        waive any right to judicial review.

        Notice of demand for arbitration shall be made in writing to the
        Administrator within thirty (30) days after the applicable decision by
        the Administrator. Any such arbitration shall be heard in the District
        of Columbia, before a panel consisting of one arbitrator. Except as the
        parties to the arbitration may otherwise agree, the arbitrator shall be
        appointed in the first instance by the appropriate official in the
        District of Columbia office of the American Arbitration Association or,
        in the event of his or her unavailability by reason of disqualification
        or otherwise, by the appropriate official in the New York City office of
        the American Arbitration Association. The arbitrator and shall be an
        individual who is an attorney licensed to practice law in the District
        of Columbia. Such arbitrator shall be neutral within the meaning of the
        Commercial Rules of Dispute Resolution of the American Arbitration
        Association; provided, however, that the arbitration shall not be
        administered by the American Arbitration Association. Any challenge to
        the neutrality of the arbitrator shall be resolved by the arbitrator
        whose decision shall be final and conclusive. The arbitration shall be
        administered and conducted by the arbitrator pursuant to the Commercial
        Rules of Dispute Resolution of the American Arbitration Association. The
        decision of the arbitrator on the issue(s) presented for arbitration
        shall be final and conclusive and may be enforced in any court of
        competent jurisdiction.

14.     EFFECTIVE DATE, AMENDMENT AND TERMINATION OF PLAN

        This Plan was adopted by the Board of Directors and approved by the
        stockholders of the Company on June 1, 2001 (the "Effective Date"). Any
        Options and Stock Grants awarded prior to the such date shall be
        contingent on such approval and, if such approval is not obtained, shall
        be null and of no effect.

        The Plan shall remain available for the grant of Options and Stock
        Grants until the tenth anniversary of the Effective Date. The Board may
        periodically amend the Plan as it determines appropriate, without
        further action by the Company's stockholders except to the extent
        required by applicable law. Any amendment to the Plan will not affect
        the rights and obligations arising under Options or Stock Grants
        theretofore awarded and then in effect. Notwithstanding the foregoing,
        and subject to adjustment pursuant to Section 9, the Plan may not be
        amended to increase the number of shares of Common Stock authorized for
        issuance under the Plan, unless any such amendment is approved by the
        Company's stockholders. The Plan may be earlier terminated at such
        earlier time as the Board may determine. Termination and expiration of
        the Plan will not affect the rights and obligations arising under
        Options or Stock Grants theretofore awarded and then in effect.

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                                                                   EXHIBIT 10.33

                               INDEMNITY AGREEMENT

         This INDEMNITY AGREEMENT (this "Agreement") is made and entered into
this ____ day of October, 2001, by and between The Advisory Board Company, a
Delaware corporation (the "Company"), and __________________________ (the
"Indemnitee").

         WHEREAS, the Board of Directors of the Company (the "Board") has
determined that the inability to attract and retain qualified persons as
officers, employees and directors is detrimental to the best interests of the
Company's stockholders and that the Company should act to assure such persons
that there will be increased certainty of protection through insurance and
indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the Company;

         WHEREAS, the Company has adopted provisions in its Certificate of
Incorporation and By-laws providing for indemnification of its officers,
employees and directors to the fullest extent permitted by applicable law, and
the Company wishes to clarify the rights and obligations of the Company and the
Indemnitee with respect to indemnification;

         WHEREAS, Section 145 of the Delaware General Corporation Law, which
sets forth certain provisions relating to the mandatory and permissive
indemnification of officers, employees and directors of a Delaware corporation
by such corporation is specifically not exclusive of other rights to which those
indemnified thereunder may be entitled under any charter, by-law, agreement,
contract, vote of stockholders or disinterested directors, or pursuant to the
direction (howsoever embodied) of any court of competent jurisdiction or
otherwise, and thus does not by itself limit the extent to which the Company may
indemnify persons serving as its officers, employees and directors;

         WHEREAS, in order to induce and encourage highly experienced and
capable persons such as the Indemnitee to serve and continue to serve as
officers, employees and directors of the Company and in other capacities with
respect to the Company, and to otherwise promote the desirable end that such
persons will resist what they consider unjustified lawsuits and claims made
against them in connection with the good faith performance of their duties to
the Company, with the knowledge that certain expenses, judgments, penalties,
fines, liabilities and losses incurred by them in their defense of such
litigation are to be borne by the Company and they will receive the maximum
protection against such risks and liabilities as may be afforded by law, the
Board has determined, after due consideration and investigation of the terms and
provisions of this Agreement and the various other options available to the
Company and the Indemnitee in lieu hereof, that this Agreement is not only
reasonable and prudent but necessary to promote and ensure the best interests of
the Company and its stockholders; and

         WHEREAS, the Company desires to have the Indemnitee continue to serve
as an officer, employee or director of the Company and in such other capacities
with respect to the Company as the Company may request, free from undue concern
for unpredictable, inappropriate or unreasonable legal risks and personal
liabilities by reason of his acting in good faith in the performance of his duty
to the Company; and the Indemnitee desires to continue so to serve the

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Company, provided, and on the express condition, that he is furnished with the
indemnity set forth herein.

         NOW, THEREFORE, in consideration of the premises and the covenants
contained herein, the Company and the Indemnitee do hereby covenant and agree as
follows:

         SECTION 1. Service by the Indemnitee. During the term of the
Indemnitee's service to the Company as an officer, employee or director, he
shall perform the duties associated with such office, position or directorship
faithfully and to the best of his ability. Nothing in this Agreement shall
confer upon the Indemnitee the right to continue in any position with the
Company or affect any rights of the Company to terminate or remove the
Indemnitee from a position with the Company.

         SECTION 2. Indemnification. The Company shall indemnify the Indemnitee
to the fullest extent permitted by applicable law in effect on the date hereof
or as such laws may from time to time be amended. Without diminishing the scope
of the indemnification provided by this Section 2, the rights of indemnification
of the Indemnitee provided hereunder shall include but shall not be limited to
those rights hereinafter set forth, except that no indemnification shall be paid
to the Indemnitee:

         (a)      on account of any Proceeding (defined below) in which judgment
is rendered against the Indemnitee for an accounting of profits made from the
purchase or sale by the Indemnitee of securities of the Company pursuant to the
provisions of Section 16(b) of the Securities Exchange Act of 1934 and
amendments thereto or similar provisions of any federal, state or local
statutory law;

         (b)      on account of the Indemnitee's conduct which is finally
adjudged to have been knowingly fraudulent or deliberately dishonest, or to
constitute willful misconduct;

         (c)      to the extent expressly prohibited by applicable law;

         (d)      for which payment is actually made to the Indemnitee under a
valid and collectible insurance policy or under a valid and enforceable
indemnity clause, by-law or agreement, except in respect of any indemnity
exceeding the payment under such insurance, clause, by-law or agreement; or

         (e)      if a final decision by a court having jurisdiction in the
matter shall determine that such indemnification is not lawful (and, in this
respect, both the Company and the Indemnitee have been advised that the
Securities and Exchange Commission believes that (i) indemnification for
liabilities arising under the federal securities laws is against public policy
and is, therefore, unenforceable and (ii) claims for indemnification should be
submitted to the appropriate court for adjudication).

         SECTION 3. Indemnification in Proceedings Other than those by or in the
Right of the Company. The Indemnitee shall be entitled to the indemnification
rights provided in this Section 3 if he is a party or is threatened to be made a
party to any Proceeding (other than an action by or in the right of the Company)
by reason of the fact that he is or was an officer, employee or director of the
Company, or is or was an officer, employee or director of the

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Company serving at the request of the Company as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, or by reason of anything done or not done by
him in any such capacity. Pursuant to this Section 3, the Indemnitee shall be
indemnified against all Expenses (defined below), judgments, penalties, Fines
(defined below), liabilities and losses actually and reasonably incurred by him
in connection with such Proceeding, if he acted in Good Faith (defined below)
and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, and with respect to any criminal action or Proceeding,
had no reasonable cause to believe his conduct was unlawful.

         SECTION 4. Indemnification in Proceedings by or in the Right of the
Company. The Indemnitee shall be entitled to the indemnification rights provided
in this Section 4 if he was or is a party or is threatened to be made a party to
any Proceeding brought by or in the right of the Company to procure a judgment
in its favor by reason of the fact that he is or was an officer, employee or
director of the Company, or is or was an officer, employee or director of the
Company serving at the request of the Company as a director or officer, employee
or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, or by reason of anything done or not done by
him in any such capacity. Pursuant to this Section 4, the Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by him in
connection with the defense or settlement of such Proceeding if he acted in Good
Faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company; provided, however, that no such indemnification shall
be made in respect of any claim, issue, or matter as to which the Indemnitee has
been adjudged to be liable to the Company, unless and only to the extent that
the Court of Chancery of the State of Delaware or the court in which such
Proceeding was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, the
Indemnitee is fairly and reasonably entitled to Indemnification for such
Expenses as the court shall deem proper.

         SECTION 5. Indemnification in Proceedings Against the Company.

         (a)      Notwithstanding anything to the contrary in this Agreement,
the Company shall not be obligated to indemnify Indemnitee with respect to any
Expenses, judgments, penalties, Fines, liabilities and losses or to pay or to
advance Expenses with respect to any claim asserted by the Indemnitee initially
or by cross-claim, counter-claim, or third-party claim, in any Proceeding
against the Company, except for Proceedings to enforce rights to indemnification
(including rights to advancement of Expenses), unless, prior to the initiation
of such Proceeding, the initiation of such Proceeding is approved by the Board
by a majority vote of a quorum of Disinterested Directors (defined below), or,
if such quorum cannot be obtained, by a majority vote of a committee duly
designated by the Board (in which designation all directors may participate),
consisting solely of two or more Disinterested Directors.

         (b)      Proceedings to enforce rights to indemnification (including
rights to advancement of Expenses), shall be governed by the procedures set
forth in Section 10 of this Agreement.

         SECTION 6. Partial Indemnification. If the Indemnitee is entitled under
any provision of this Agreement to indemnification by the Company for some or a
portion of the Expenses,

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judgments, penalties, Fines, liabilities or losses actually and reasonably
incurred by him in connection with a Proceeding described in Section 3 or 4, but
not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify the Indemnitee for the portion of such Expenses,
judgments, penalties, Fines, liabilities and losses actually and reasonably
incurred by him to which the Indemnitee is entitled.

         SECTION 7. Determination of Entitlement to Indemnification.

         (a)      Any indemnification under Section 3 or 4 of this Agreement
(unless ordered by a court) shall be made by the Company only as authorized in
the specific case upon a determination (in accordance with this Section 7) that
indemnification of the Indemnitee is proper in the circumstances because he has
met the applicable standard of conduct set forth in Section 3 or 4, as the case
may be; provided, however, that to the extent that the Indemnitee has been
successful, on the merits or otherwise, in defense of any Proceeding referred to
in Section 3 or 4, or in defense of any claim, issue or matter therein,
including, without limitation, the dismissal of any action without prejudice, or
if it is ultimately determined that the Indemnitee is otherwise entitled to be
indemnified against Expenses, the Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by him in connection therewith,
without the necessity of authorization in the specific case.

         (b)      A determination of entitlement to indemnification shall be
made by (i) the Board by a majority vote of Disinterested Directors, whether or
not such majority constitutes a quorum; (ii) if the Board, by the majority vote
of Disinterested Directors, so directs or if there are no Disinterested
Directors, by Independent Counsel (defined below) in a written opinion to the
Board, a copy of which shall be delivered to the Indemnitee; or (ii) the
stockholders of the Company. The Independent Counsel shall be selected by the
Board and approved by the Indemnitee. Upon failure of the Board so to select
such Independent Counsel or upon failure of the Indemnitee so to approve, such
Independent Counsel shall be selected upon application of Indemnitee by the
Chancellor of the State of Delaware or such other person as the Chancellor shall
designate to make such selection.

         (c)      A determination of entitlement to indemnification shall be
made by written request of the Indemnitee. The request shall include
documentation or information which is necessary for such determination and which
is reasonably available to the Indemnitee, and shall include a statement that
the Indemnitee has met the applicable standard of conduct set forth in Section 3
or 4 of this Agreement, as the case may be. Promptly upon receipt of the
Indemnitee's request for indemnification, the Secretary of the Company shall
advise in writing the Board or such other person or persons empowered to make
the determination of entitlement to indemnification that the Indemnitee has made
a written request for indemnification. A determination of entitlement to
indemnification shall be made promptly thereafter and not later than 65 days
after receipt by the Company of a written request.

         (d)      If it is determined that the Indemnitee is entitled to all or
part of the indemnification with respect to which the Indemnitee has made a
request, the amount of the indemnification to which the Indemnitee is entitled
shall be paid in full within 90 days after receipt by the Company of the written
request for indemnification.

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         (e)      Any Expenses incurred by the Indemnitee in connection with his
request for indemnification hereunder shall be borne by the Company. The Company
hereby agrees to indemnify the Indemnitee for any such Expense and agrees to
hold the Indemnitee harmless therefrom irrespective of the outcome of the
determination of the Indemnitee's entitlement to indemnification. If the person
making such determination shall determine that the Indemnitee is entitled to
indemnification as to part (but not all) of the application for indemnification,
such person shall reasonably prorate such partial indemnification among such
claims, issues or matters.

         SECTION 8. Presumptions and Effect of Certain Proceedings. Upon making
a written request for indemnification, the Indemnitee shall be presumed to be
entitled to indemnification hereunder and the Company shall have the burden of
proof in the making of any determination contrary to such presumption. The
person or persons empowered to make the determination of entitlement to
indemnification shall within 65 days after receipt by the Company of the
request, specifically determine that the Indemnitee is so entitled, unless it or
they make a determination that (i) sufficient evidence exists to rebut the
presumption that the Indemnitee has met the applicable standard of conduct set
forth in Section 3 or 4 hereof, as the case may be or (ii) that the request
relates to one of the matters with respect to which Section 2 of this Agreement
prohibits indemnification. The termination of any Proceeding described in
Section 3 or 4 by judgment, order, settlement conviction, or upon a plea of nolo
contendere or its equivalent, shall not, of itself, create a presumption that
the Indemnitee did not meet the applicable standard of conduct set forth in
Section 3 or 4 or otherwise adversely affect the rights of the Indemnitee to
indemnification except as may be provided herein.

         SECTION 9. Advancement of Expenses.

         (a)      All Expenses incurred by the Indemnitee in defending or
investigating a Proceeding shall be paid by the Company, in advance of the final
disposition of the Proceeding, provided that the Company has approved in advance
the Indemnitee's selection of legal counsel, which approval shall not be
unreasonably withheld. Such Expenses shall be paid in full within 20 days after
the receipt by the Company of a statement or statements from the Indemnitee
requesting such advance or advances from time to time. Upon making a request for
advancement of expenses, the Indemnitee shall be presumed to be entitled to the
advancement hereunder and the Company shall have the burden of proof in the
making of any determination contrary to such presumption. The Indemnitee's
entitlement to such Expenses shall include those incurred in connection with any
Proceeding by the Indemnitee seeking an adjudication or award in arbitration
pursuant to this Agreement. Such statement or statements shall reasonably
evidence the Expenses incurred by him in connection therewith and shall include
or be accompanied by an undertaking by or on behalf of the Indemnitee to repay
such amount if it is ultimately determined that the Indemnitee is not entitled
to be indemnified against such Expenses by the Company as provided by this
Agreement or otherwise. Indemnitee's undertaking to repay any such amounts is
not required to be secured.

         (b)      In the case of a suit brought by the Company to recover an
advancement of expenses pursuant to the terms of an undertaking, the Company
shall have the burden of proof in showing that the Indemnitee is not entitled to
such advancement of expenses. The Company shall be entitled to recover such
Expenses upon a final adjudication that the Indemnitee (i) has

                                        5

<PAGE>

not acted in Good Faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company, or (ii) with respect to any
criminal action or Proceeding, had reasonable cause to believe his conduct was
unlawful.

         SECTION 10. Remedies of the Indemnitee in Cases of Determination not to
Indemnify or to Advance Expenses.

         (a)      In the event that a determination is made under Section 7 of
this Agreement that the Indemnitee is not entitled to indemnification hereunder,
or if a request for indemnification is not paid in full within 90 days after
receipt by the Company of a written request for indemnification, or if Expenses
have not been paid in full within 20 days after receipt by the Company of a
statement requesting an advance of Expenses, the Indemnitee shall be entitled to
a final adjudication in any court of competent jurisdiction in the State of
Delaware of his entitlement to such indemnification or advance. Alternatively,
the Indemnitee at his option may seek an award in arbitration to be conducted by
a single arbitrator pursuant to the rules of the American Arbitration
Association, such award to be made within 60 days following the filing of the
demand for arbitration.

         (b)      Notice of any application for indemnification pursuant to this
Section 10 shall be given to the Company promptly upon the filing of such
application. The Company shall not oppose the Indemnitee's right to seek any
such adjudication or award in arbitration. Such judicial proceeding or
arbitration shall be made de novo and neither an actual determination by the
Board under Section 7 of this Agreement that the Indemnitee has not met the
applicable standard of conduct for indemnification set forth in Section 3 or 4
of this Agreement, as the case may be, nor the absence of any determination
thereunder, shall be a defense to such application or create a presumption that
the Indemnitee has not met any applicable standard of conduct.

         (c)      If a determination is made or deemed to have been made
pursuant to the terms of Section 7 that the Indemnitee is entitled to
indemnification, the Company shall be bound by such determination and is
precluded from asserting that such determination has not been made or that the
procedure by which such determination was made is not valid, binding and
enforceable. The Company further agrees to stipulate in any such court or before
any such arbitrator that the Company is bound by all the provisions of this
Agreement and is precluded from making any assertions to the contrary.

         (d)      If the court or arbitrator shall determine that the Indemnitee
is entitled to any indemnification hereunder, the Company shall pay all Expenses
actually and reasonably incurred by the Indemnitee in connection with such
adjudication or award in arbitration (including, but not limited to, any
appellate Proceedings).

         SECTION 11. Notification and Defense of Claim. Promptly after receipt
by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a claim
in respect thereof is to be made against the Company under this Agreement,
notify the Company in writing of the commencement thereof; but the omission so
to notify the Company will not relieve the Company from any liability that it
may have to the Indemnitee. Notwithstanding any other provision of this
Agreement, with respect to any such Proceeding as to which the Indemnitee
notifies the Company:

                                        6

<PAGE>

         (a)      the Company shall be entitled to participate therein at its
own expense; and

         (b)      except as otherwise provided in this Section 11(b), to the
extent that it may wish, the Company, jointly with any other indemnifying party
similarly notified, shall be entitled to assume the defense thereof, with
counsel satisfactory to the Indemnitee. After notice from the Company to the
Indemnitee of its election so to assume the defense thereof, the Company shall
not be liable to the Indemnitee under this Agreement for any Expenses
subsequently incurred by the Indemnitee in connection with the defense thereof
other than costs of investigation or as otherwise provided below. The Indemnitee
shall have the right to employ his own counsel in such Proceeding, but the fees
and expenses of such counsel incurred after notice from the Company of its
assumption of the defense thereof shall be at the expense of the Indemnitee
unless (i) the employment of counsel by the Indemnitee has been authorized by
the Company, (ii) the Indemnitee shall have reasonably concluded that there may
be a conflict of interest between the Company and the Indemnitee in the conduct
of the defense of such action or (iii) the Company shall not in fact have
employed counsel to assume the defense of the action, in each of which cases the
fees and expenses of Indemnitee's counsel shall be at the expense of the
Company. The Company shall not be entitled to assume the defense of any
Proceeding brought by or on behalf of the Company or as to which the Indemnitee
shall have made the conclusion provided for in (ii) above.

         (c)      The Company shall not be liable to indemnify the Indemnitee
under this Agreement for any amounts paid in settlement of any Proceeding
effected without its written consent. The Company shall not settle any
Proceeding in any manner that would impose any penalty or limitation on or
disclosure obligation with respect to the Indemnitee without the Indemnitee's
written consent. Neither the Company nor the Indemnitee will unreasonably
withhold its consent to any proposed settlement.

         SECTION 12. Other Rights to Indemnification. The indemnification and
advancement of Expenses provided by or granted pursuant to this Agreement shall
not be deemed exclusive of any other rights to which the Indemnitee may now or
in the future be entitled under the Company's Certificate of Incorporation or
any By-laws, agreement, contract, vote of stockholders or Disinterested
Directors, or pursuant to the direction (howsoever embodied) of any court of
competent jurisdiction or otherwise, both as to action in his official capacity
and as to action in another capacity while holding such office.

         SECTION 13. Expenses to Enforce Agreement. In the event that the
Indemnitee is subject to or intervenes in any Proceeding in which the validity
or enforceability of this Agreement is at issue or seeks an adjudication or
award in arbitration to enforce his rights under, or to recover damages for
breach of, this Agreement, the Indemnitee, if he prevails in whole or in part in
such action, shall be entitled to recover from the Company and shall be
indemnified by the Company against any actual Expenses incurred by him.

         SECTION 14. Duration of Agreement. This Agreement shall terminate upon
the later of: (a) ten years after the Indemnitee has ceased to occupy any of the
positions or have any relationships described in Section 1, and (b) the final
termination of all pending or threatened Proceedings to which the Indemnitee may
be subject by reason of the fact that he is or was an officer, employee or
director of the Company or is or was an officer, employee or director of the

                                        7

<PAGE>

Company serving at the request of the Company as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, or by reason of anything done or not done by
him in any such capacity. The indemnification provided under this Agreement
shall continue as to the Indemnitee even though he may have ceased to be an
officer, employee or director of the Company. This Agreement shall be binding
upon the Company and its successors and assigns and shall inure to the benefit
of the Indemnitee and his heirs, executors and administrators.

         SECTION 15. Merger, Consolidation or Sale of Assets. In the event that
the Company shall be a constituent corporation in a consolidation or merger,
whether the Company is the resulting or surviving corporation or is absorbed,
the Indemnitee shall stand in the same position under this Agreement with
respect to the resulting or surviving corporation as he would have with respect
to the Company if its separate existence had continued. For purposes of this
Agreement, references to "the Company" shall include, in addition to the
resulting or surviving corporation, any constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger which, if
its separate existence had continued, would have had power and authority to
indemnify its officers, employees and directors.

         SECTION 16. Severability. If any provision or provisions of this
Agreement shall be held invalid, illegal or unenforceable for any reason
whatsoever (a) the validity, legality and enforceability of the remaining
provisions of this Agreement (including, without limitation, all portions of any
sections of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby, and (b) to
the fullest extent possible, the provisions of this Agreement (including,
without limitation, all portions of any section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that are not
themselves invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifest by the provision held invalid, illegal or
unenforceable.

         SECTION 17. Identical Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall for all purposes be deemed to be
an original but all of which together shall constitute one and the same
Agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced as evidence of the existence of
this Agreement.

         SECTION 18. Headings; References; Pronouns. The headings of the
sections of this Agreement are inserted for convenience only and shall not be
deemed to constitute part of this Agreement or to affect the construction
thereof. References herein to section numbers are to sections of this Agreement.
All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as appropriate.

         SECTION 19. Definitions. For purposes of this Agreement:

         (a)      "Disinterested Director" means a director of the Company who
is not or was not a party to the Proceeding in respect of which indemnification
is being sought by the Indemnitee.

                                        8

<PAGE>

         (b)      "Expenses" includes, without limitation, expenses of
investigations, judicial or administrative proceedings or appeals, amounts paid
in settlement by or on behalf of Indemnitee, attorneys' fees, witness fees and
expenses, fees and expenses of accountants and other advisors, retainers and
disbursements and advances thereon, and any expenses of establishing a right to
indemnification under Section 7 but shall not include the amount of judgments,
Fines or penalties actually levied against Indemnitee.

         (c)      "Fines" includes any excise taxes or penalties assessed on
Indemnitee with respect to any employee benefit plan.

         (d)      "Good Faith" means the good faith of the Indemnitee for
purposes of any determination required under Section 7 of this Agreement as to
the Indemnitee's Good Faith. The Indemnitee shall be deemed to have acted in
good faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the Company, or, with respect to any criminal action or
Proceeding, to have had no reasonable cause to believe his conduct was unlawful,
if his action is based on the records or books of account of the Company or
another enterprise, or on information supplied to him by the officers of the
Company or another enterprise in the course of their duties, or on the advice of
legal counsel for the Company or another enterprise or on information or records
given or reports made to the Company or another enterprise by an independent
certified public accountant or by an appraiser or other expert selected with
reasonable care by the Company or another enterprise. If the Indemnitee acted in
good faith and in a manner he reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan, he shall be deemed
to have acted in a manner "not opposed to the best interests of the Company" as
referred to in this Agreement. The term "another enterprise" as used in this
definition means any other corporation or any partnership, joint venture, trust,
employee benefit plan or other enterprise of which the Indemnitee is or was
serving at the request of the Corporation as a director, officer, employee or
agent. This definition shall not be deemed to be exclusive or to limit in any
way the circumstances in which the Indemnitee may be deemed to have met the
applicable standard of conduct set forth in Section 3 or 4 of this Agreement.

         (e)      "Independent Counsel" means a law firm or a member of a law
firm that neither is presently nor in the past five years has been retained to
represent (i) the Company or the Indemnitee in any matter material to either
such party, or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term "Independent
Counsel" shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in
representing either the Company or the Indemnitee in an action to determine the
Indemnitee's right to indemnification under this Agreement.

         (f)      "Proceeding" includes any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative (including an action by or in the right of the Company), and
including, but not limited to, actions, suits or proceedings brought under
and/or predicated upon the Securities Act of 1933, as amended, and/or the
Securities Exchange Act of 1934, as amended, and/or their respective state
counterparts and/or any rule or regulation promulgated thereunder, in which
Indemnitee may be or may have been involved as a party or otherwise, by reason
of the fact that he is or was an officer, employee or director of the

                                        9

<PAGE>

Company, or is or was an officer, employee or director of the Company serving at
the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, or by reason of anything done or not done by him in any such
capacity, whether or not such service or action or inaction occurred or is
alleged to have occurred prior to or after the date of this Agreement and
whether or not he holds such position or is serving in such capacity at the time
any liability or expense is incurred for which indemnification or reimbursement
can be provided under this Agreement.

         SECTION 19. Modification and Waiver. Subject to Section 12 hereof, this
Agreement contains the entire agreement of the parties relating to the subject
matter hereof and shall supersede all other agreements and understandings, if
any, between the parties with respect to the matters contemplated herein. This
Agreement may be modified only by an instrument in writing signed by both
parties hereto. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provisions hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver.

         SECTION 20. Notices. All notices, requests, demands or other
communications hereunder shall be in writing and shall be deemed to have been
duly given and received (a) if delivered by hand, on the date so delivered, or
(b) if sent by overnight courier, on the next business day after being so sent,
or (c) if sent by facsimile, on the day so sent:

         (i)  If to the Indemnitee, to:

         (ii)  If to the Company, to:        The Advisory Board Company
                                             The Watergate
                                             600 New Hampshire Avenue, NW
                                             Washington, D.C.  20037
                                             Attention:  Chief Executive Officer
                                             Facsimile:  (202) 339-6570

         with a copy to:                     Gibson, Dunn & Crutcher LLP
                                             200 Park Avenue
                                             New York, NY 10166-0193
                                             Attention: Steven R. Finley
                                             Facsimile: (212) 351-4035

or to such other address as may be furnished to the Indemnitee by the Company or
to the Company by the Indemnitee, as the case may be.

         SECTION 21. Governing Law. The parties hereto agree that this Agreement
shall be governed by, construed and enforced in accordance with, the laws of the
State of Delaware.

                                       10

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the day and year first above written.

                           THE ADVISORY BOARD COMPANY

                                             By:
                                                 -------------------------------
                                             Name:
                                             Title:

                                             INDEMNITEE

                                             -----------------------------------
                                             Name:

                                       11

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