Document:

Exhibit
        10.10

       

      INVESTMENT
        MANAGEMENT TRUST AGREEMENT

       

      This
        Agreement is made as of ____________, 2005 by and among Highbury Financial
        Inc. (the “Company”), ThinkEquity Partners LLC, EarlyBirdCapital, Inc.
        (collectively, the “Underwriters”)
and
        Continental
        Stock Transfer & Trust Company (“Trustee”).

       

      WHEREAS,
        the Company’s Registration Statement on Form S-1, No. 333-127272 (“Registration
        Statement”), for its initial public offering of securities (“IPO”) has been
        declared effective as of the date hereof by the Securities and Exchange
        Commission (“Effective Date”); and

       

      WHEREAS,
        the Underwriters are acting as the underwriters in the IPO;
        and

       

      WHEREAS,
        as described in the Company’s Registration Statement, and in accordance with the
        Company’s Restated Certificate of Incorporation, $32,080,000 of the gross
        proceeds of the IPO ($37,156,000 if the underwriters’ over-allotment option is
        exercised in full) will be delivered to the Trustee to be deposited and held
        in
        a trust account for the benefit of the Company, the Underwriters and the
        holders
        of the Company’s common stock, par value $.0001 per share, issued in the IPO as
        hereinafter provided and in the event the Units are registered in Colorado,
        pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy
        of the
        Colorado Statute is attached hereto and made a part hereof (the amount to
        be
        delivered to the Trustee will be referred to herein as the “Property,” the
        stockholders for whose benefit the Trustee shall hold the Property will be
        referred to as the “Public Stockholders,” and the Public Stockholders, the
        Company and the Underwriters will be referred to together as the
“Beneficiaries”); and

       

      WHEREAS,
        the Company, the Underwriters and the Trustee desire to enter into
        this
        Agreement to set forth the terms and conditions pursuant to which the Trustee
        shall hold the Property.

       

      IT
        IS
        AGREED: 

       

      1. Agreements
        and Covenants of Trustee.
        The
        Trustee hereby agrees and covenants to: 

       

      (a) Hold
        the
        Property in trust for the Beneficiaries in accordance with the terms of this
        Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute,
        in a segregated trust account (“Trust Account”) established by the Trustee at a
        branch of JPMorgan Chase NY Bank selected by the Trustee;

       

      (b) Manage,
        supervise and administer the Trust Account subject to the terms and conditions
        set forth herein;

       

      (c) In
        a
        timely manner, upon the instruction of the Company, invest and reinvest the
        Property in money market funds meeting the conditions of the Investment Company
        Act of 1940 or in any “Government Security.” As used herein, Government Security
        means any security issued or guaranteed by the United States;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (d) Collect
        and receive, when due, all principal and income arising from the Property,
        which
        shall become part of the “Property,” as such term is used herein;

       

      (e) Notify
        the Company and the Underwriters of all communications received by it with
        respect to any Property requiring action by the Company;

       

      (f) Supply
        any necessary information or documents as may be requested by the Company
        in
        connection with the Company’s preparation of the tax returns for the Trust
        Account;

       

      (g) Participate
        in any plan or proceeding for protecting or enforcing any right or interest
        arising from the Property if, as and when instructed by the Company or the
        Underwriters to do so;

       

      (h) Render
        to
        the Company and to the Underwriters, and to such other person as the Company
        may
        instruct in writing, monthly written statements of the activities of and
        amounts
        in the Trust Account reflecting all receipts and disbursements of the Trust
        Account;

       

      (i) If
        there
        is any income tax obligation relating to the income of the Property in the
        Trust
        Account, at the written instruction of the Company, issue a check directly
        to
        the taxing authorities designated by the Company, out of the Property in
        the
        Trust Account, in the amount indicated by the Company as owing to each such
        taxing authority; and

       

      (j) Commence
        liquidation of the Trust Account only after receipt of and only in accordance
        with the terms of a letter (“Termination Letter”), in a form substantially
        similar to that attached hereto as either Exhibit A or Exhibit B, signed
        on
        behalf of the Company by its President or Chairman of the Board and Secretary,
        and on behalf of the Underwriters by an authorized representative of ThinkEquity
        Partners LLC and complete the liquidation of the Trust Account and distribute
        the Property in the Trust Account only as directed in the Termination Letter
        and
        the other documents referred to therein provided, however, that in the event
        that a Termination Letter has not been received by _______, 2007 (or the
        date
        that is the sixth month anniversary of such date, in the event that (i) a
        letter
        of intent, agreement in principle or definitive agreement has been executed
        prior to such date in connection with a Business Combination (as defined
        in the
        Termination Letter attached hereto as Exhibit A) that has not been consummated
        by ______, 2007 and (ii) the Company has complied with Section 2(d) hereof
        prior
        to such date), the Trust Account shall be liquidated in accordance with the
        procedures set forth in the Termination Letter attached as Exhibit B to the
        stockholders of record on the record date; provided, further, that the record
        date shall be within ten (10) days of _______, 2007 (or the date that is
        the
        sixth month anniversary of such date, in the event that (i) a letter of intent,
        agreement in principle or definitive agreement has been executed prior to
        such
        date in connection with a Business Combination that has not been consummated
        by
        _______, 2007 and (ii) the Company has complied with Section 2(d) hereof
        prior
        to such date), or as soon thereafter as is practicable. In all cases, the
        Trustee shall provide the Underwriters with a copy of any Termination Letters
        and/or any other correspondence that it receives with respect to any proposed
        withdrawal from the Trust Account promptly after it receives same.

       

      2. Agreements
        and Covenants of the Company.
        The
        Company hereby agrees and covenants to: 

       

      (a) Give
        all
        instructions to the Trustee hereunder in writing, signed by the Company’s
        President, Chairman of the Board or Secretary. In addition, except with respect
        to its duties under paragraph 1(j) above, the Trustee shall be entitled to
        rely
        on, and shall be protected in relying on, any verbal or telephonic advice
        or
        instruction which it in good faith believes to be given by any one of the
        persons authorized above to give written instructions, provided that the
        Company
        shall promptly confirm such instructions in writing;

       

      
        
          
          

        

        
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            2
            -

          
            

          

        

        
          
          

        

         

      

      (b) Hold
        the
        Trustee harmless and indemnify the Trustee from and against, any and all
        expenses, including reasonable counsel fees and disbursements, or loss suffered
        by the Trustee in connection with any action, suit or other proceeding brought
        against the Trustee involving any claim, or in connection with any claim
        or
        demand which in any way arises out of or relates to this Agreement, the services
        of the Trustee hereunder, or the Property or any income earned from investment
        of the Property, except for expenses and losses resulting from the Trustee’s
        gross negligence or willful misconduct. Promptly after the receipt by the
        Trustee of notice of demand or claim or the commencement of any action, suit
        or
        proceeding, pursuant to which the Trustee intends to seek indemnification
        under
        this paragraph, it shall notify the Company in writing of such claim
        (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the
        right to conduct and manage the defense against such Indemnified Claim,
        provided, that the Trustee shall obtain the consent of the Company with respect
        to the selection of counsel, which consent shall not be unreasonably withheld.
        The Company may participate in such action with its own counsel;

       

      (c) Pay
        the
        Trustee an initial acceptance fee of $1,000 and a monthly fee of $300 (it
        being
        expressly understood that the Property shall not be used to pay such fee).
        The
        Company shall pay the Trustee the initial acceptance fee and the fee for
        the
        first twelve months at the consummation of the IPO and thereafter on the
        anniversary of the Effective Date. The Trustee shall refund to the Company
        the
        fee (on a pro rata basis) with respect to any period after the liquidation
        of
        the Trust Fund. The Company shall not be responsible for any other fees or
        charges of the Trustee except as may be provided in paragraph 2(b) hereof
        (it
        being expressly understood that the Property shall not be used to make any
        payments to the Trustee under such paragraph);

       

      (d) Provide
        to the Trustee any letter of intent, agreement in principle or definitive
        agreement that is executed prior to _________, 2007 in connection with a
        Business Combination, together with a certified copy of a unanimous resolution
        of the Board of Directors of the Company affirming that such letter of intent,
        agreement in principle or definitive agreement is in effect; and

       

      (e) In
        connection with the vote of the Company’s stockholders regarding a Business
        Combination, provide to the Trustee an affidavit or certificate of a firm
        regularly engaged in the business of soliciting proxies and tabulating
        stockholder votes (which firm may be the Trustee) verifying the vote of the
        Company’s stockholders regarding such Business Combination.

       

      3. Limitations
        of Liability.
        The
        Trustee shall have no responsibility or liability to: 

       

      (a) Take
        any
        action with respect to the Property, other than as directed in paragraph
        1
        hereof and the Trustee shall have no liability to any party except for liability
        arising out of its own gross negligence or willful misconduct;

       

      
        
          
          

        

        
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            3
            -

          
            

          

        

        
          
          

        

         

      

      (b) Institute
        any proceeding for the collection of any principal and income arising from,
        or
        institute, appear in or defend any proceeding of any kind with respect to,
        any
        of the Property unless and until it shall have received instructions from
        the
        Company given as provided herein to do so and the Company shall have advanced
        or
        guaranteed to it funds sufficient to pay any expenses incident
        thereto;

       

      (c) Change
        the investment of any Property, other than in compliance with paragraph
        1(c);

       

      (d) Refund
        any depreciation in principal of any Property;

       

      (e) Assume
        that the authority of any person designated by the Company to give instructions
        hereunder shall not be continuing unless provided otherwise in such designation,
        or unless the Company shall have delivered a written revocation of such
        authority to the Trustee;

       

      (f) The
        other
        parties hereto or to anyone else for any action taken or omitted by it, or
        any
        action suffered by it to be taken or omitted, in good faith and in the exercise
        of its own best judgment, except for its gross negligence or willful misconduct.
        The Trustee may rely conclusively and shall be protected in acting upon any
        order, notice, demand, certificate, opinion or advice of counsel (including
        counsel chosen by the Trustee), statement, instrument, report or other paper
        or
        document (not only as to its due execution and the validity and effectiveness
        of
        its provisions, but also as to the truth and acceptability of any information
        therein contained) which is believed by the Trustee, in good faith, to be
        genuine and to be signed or presented by the proper person or persons. The
        Trustee shall not be bound by any notice or demand, or any waiver, modification,
        termination or rescission of this agreement or any of the terms hereof, unless
        evidenced by a written instrument delivered to the Trustee signed by the
        proper
        party or parties and, if the duties or rights of the Trustee are affected,
        unless it shall give its prior written consent thereto;

       

      (g) Verify
        the correctness of the information set forth in the Registration Statement
        or to
        confirm or assure that any acquisition made by the Company or any other action
        taken by it is as contemplated by the Registration Statement; and

       

      (h) Pay
        any
        taxes on behalf of the Trust Account (it being expressly understood that,
        as set
        forth in Section 1(i), if there is any income tax obligation relating to
        the
        income of the Property in the Trust Account, then, at the written instruction
        of
        the Company, the Trustee shall issue a check directly to the taxing authorities
        designated by the Company, out of the Property in the Trust Account, in the
        amount indicated by the Company as owing to each such taxing
        authority).

       

      4. Termination.
        This
        Agreement shall terminate as follows: 

       

      (a) If
        the
        Trustee gives written notice to the Company and the Underwriters that it
        desires
        to resign under this Agreement, the Company and the Underwriters shall
        use their reasonable efforts to locate a successor trustee. At such
        time
        that the Company and the Underwriters notify the Trustee that a successor
        trustee has been appointed by the Company and has agreed to become subject
        to
        the terms of this Agreement, the Trustee shall transfer the management of
        the
        Trust Account to the successor trustee, including but not limited to the
        transfer of copies of the reports and statements relating to the Trust Account,
        whereupon this Agreement shall terminate; provided, however, that, in the
        event
        that the Company and the Underwriters do not locate a successor trustee within
        ninety days of receipt of the resignation notice from the Trustee, the Trustee
        may submit an application to have the Property deposited with the United
        States
        District Court for the Southern District of New York and upon such deposit,
        the
        Trustee shall be immune from any liability whatsoever;

       

      
        
          
          

        

        
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            4
            -

          
            

          

        

        
          
          

        

         

      

      (b) At
        such
        time that the Trustee has completed the liquidation of the Trust Account
        in
        accordance with the provisions of paragraph 1(j) hereof, and distributed
        the
        Property in accordance with the provisions of the Termination Letter, this
        Agreement shall terminate except with respect to Paragraph 2(b); or

       

      (c) On
        such
        date after                          ,
        2007
        when the Trustee deposits the Property with the United States District Court
        for
        the Southern District of New York in the event that, prior to such date,
        the
        Trustee has not received a Termination Letter from the Company and the
        Underwriters pursuant to paragraph 1(j).

       

      5. Miscellaneous.

       

      (a) The
        Company, the Underwriters and the Trustee each acknowledge that the
        Trustee
        will follow the security procedures set forth below with respect to funds
        transferred from the Trust Account. Upon receipt of written instructions,
        the
        Trustee will confirm such instructions with an Authorized Individual at an
        Authorized Telephone Number listed on the attached Exhibit C. The Company,
        the
        Underwriters and the Trustee will each restrict access to confidential
        information relating to such security procedures to authorized persons. Each
        party must notify the other parties immediately if it has reason to believe
        unauthorized persons may have obtained access to such information, or of
        any
        change in its authorized personnel. In executing funds transfers, the Trustee
        will rely upon account numbers or other identifying numbers of a beneficiary,
        beneficiary’s bank or intermediary bank, rather than names. The Trustee shall
        not be liable for any loss, liability or expense resulting from any error
        in an
        account number or other identifying number, provided it has accurately
        transmitted the numbers provided.

       

      (b) This
        Agreement shall be governed by and construed and enforced in accordance with
        the
        laws of the State of New York, without giving effect to conflict of laws.
        It may
        be executed in several counterparts, each one of which shall constitute an
        original, and together shall constitute but one instrument.

       

      (c) This
        Agreement contains the entire agreement and understanding of the parties
        hereto
        with respect to the subject matter hereof. This Agreement or any provision
        hereof may only be changed, amended or modified by a writing signed by each
        of
        the parties hereto; provided that such action shall not materially adversely
        affect the interests of the Public Stockholders. Any other change, waiver,
        amendment or modification to this Agreement shall be subject to approval
        by a
        majority of the Public Stockholders. As to any claim, cross-claim or
        counterclaim in any way relating to this Agreement, each party waives the
        right
        to trial by jury.

       

      (d) The
        parties hereto consent to the jurisdiction and venue of any state or federal
        court located in the City of New York for purposes of resolving any disputes
        hereunder.

       

      
        
          
          

        

        
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            5
            -

          
            

          

        

        
          
          

        

         

      

      (e) Any
        notice, consent or request to be given in connection with any of the terms
        or
        provisions of this Agreement shall be in writing and shall be sent by express
        mail or similar private courier service, by certified mail (return receipt
        requested), by hand delivery or by facsimile transmission:

       

      If
        to the
        Trustee, to:

       

      Continental
        Stock Transfer

      &
        Trust Company

      17
        Battery Place

      New
        York,
        NY 10004

      Attn:
        Steven G. Nelson

      Fax
        No.:
        (212) 509-5150

       

      If
        to the
        Company, to:

       

      Highbury
        Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

      Attn:
        Richard S. Foote

      

      If
        to
        the Underwriters, to: 

       

      ThinkEquity
        Partners LLC

      31
        West
        52nd
        Street,
        17th
        Floor

      New
        York,
        NY 10019

      Attn:
        John Boyle

       

      in any
        case with a copy to:

       

      EarlyBirdCapital,
        Inc.

      275
        Madison Avenue, Suite 1203

      New
        York,
        NY 10016

      Attn:
        Steven Levine

       

      (f) This
        Agreement may not be assigned by the Trustee without the prior written consent
        of the Company and the Underwriters.

       

      (g) Each
        of
        the Trustee, the Underwriters and the Company hereby represents that
        it has
        the full right and power and has been duly authorized to enter into this
        Agreement and to perform its respective obligations as contemplated hereunder.
        The Trustee acknowledges and agrees that it shall not make any claims or
        proceed
        against the Trust Account, including by way of set-off, and shall not be
        entitled to any funds in the Trust Account under any circumstance.

       

      (h) The
        Trustee hereby waives any and all right, title, interest or claim of any
        kind
        ("Claim") in or to any distribution of the Trust Account, and hereby agrees
        not
        to seek recourse, reimbursement, payment or satisfaction for any Claim against
        the Trust Account for any reason whatsoever. 

      
        
          
          

        

        
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            6
            -

          
            

          

        

        
          
          

        

      

       

      (i) The
        Trustee hereby consents to the inclusion of Continental Stock Transfer &
        Trust Company in the Registration Statement and other materials relating
        to the
        IPO. 

       

      
        
          
          

        

        
          - 7
            -

          
            

          

        

        
          
          

        

      

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

      
        	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	&
                TRUST COMPANY, as Trustee
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:

	 	Title:
                

      

       

      
        
          	 	 	 
	 	HIGHBURY FINANCIAL INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:
                  Richard S. Foote 
	 	Title:
                  President and Chief Executive
                  Officer

        

      

      
         

        
          	
                   

                	 	 
	 	THINKEQUITY
                  PARTNERS LLC
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:

	 	Title:
                  

        

         

        
          
            	 	 	 
	 	EARLYBIRDCAPITAL, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
Name:

	 	Title:
                    

          

        

        

      

      
        
          
          

        

        
          - 8
            -

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      [Letterhead
        of Company]

      [Insert
        date]

       

      Continental
        Stock Transfer

      &
        Trust Company

      17
        Battery Place

      New
        York,
        New York 10004

      Attn:
        Steven Nelson

       

      Re:
        Trust
        Account No. Termination Letter

       

      Gentlemen:
        

       

      Pursuant
        to paragraph 1(j) of the Investment Management Trust Agreement between Highbury
        Financial Inc. (“Company”), ThinkEquity Partners LLC, and EarlyBirdCapital, Inc.
        and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                         ,
        2005
        (“Trust Agreement’), this is to advise you that the Company has entered into an
        agreement (“Business Agreement”) with                          
        (“Target
        Business”) to consummate a business combination with Target Business (“Business
        Combination”) on or about [insert date]. The Company shall notify you at least
        48 hours in advance of the actual date of the consummation of the Business
        Combination (“Consummation Date”).

       

      In
        accordance with the terms of the Trust Agreement, we hereby authorize you
        to
        commence liquidation of the Trust Account to the effect that, on the
        Consummation Date, all of the funds held in the Trust Account will be
        immediately available for transfer to the account or accounts that the Company
        shall direct on the Consummation Date.

       

      On
        the
        Consummation Date (i) counsel for the Company shall deliver to you written
        notification that (a) the Business Combination has been consummated and (b)
        if
        applicable, the provisions of Section 11-51-302(6) and Rule 51-3.4 of the
        Colorado Statute have been met, and (ii) the Company shall deliver to you
        written instructions with respect to the transfer of the funds held in the
        Trust
        Account (“Instruction Letter”). You are hereby directed and authorized to
        transfer the funds held in the Trust Account immediately upon your receipt
        of
        the counsel’s letter and the Instruction Letter, in accordance with the terms of
        the Instruction Letter. In the event that certain deposits held in the Trust
        Account may not be liquidated by the Consummation Date without penalty, you
        will
        notify the Company of the same and the Company shall direct you as to whether
        such funds should remain in the Trust Account and distributed after the
        Consummation Date to the Company. Upon the distribution of all the funds
        in the
        Trust Account pursuant to the terms hereof, the Trust Agreement shall be
        terminated.

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

         

      

      In
        the
        event that the Business Combination is not consummated on the Consummation
        Date
        described in the notice thereof and we have not notified you on or before
        the
        original Consummation Data of a new Consummation Date, then the funds held
        in
        the Trust Account shall be reinvested as provided in the Trust Agreement
        on the
        business day immediately following the Consummation Date as set forth in
        the
        notice.

      
        
          	 	 	 
	 	Very truly yours,
	 	 
	 	HIGHBURY FINANCIAL INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                
	 	 

        

      

       

      
        	 	 	 
	 	THINKEQUITY
                PARTNERS LLC, as representative of the Underwriters
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	 

      

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        B

       

      (Letterhead
        of Company)

      (Insert
        date)

       

      Continental
        Stock Transfer

      &
        Trust Company

      17
        Battery Place

      New
        York,
        New York 10004

      Attn:
        Steven Nelson

       

      Re:
        Trust
        Account No. Termination Letter

       

      Gentlemen:
        

       

      Pursuant
        to paragraph 1(j) of the Investment Management Trust Agreement between Highbury
        Financial Inc. (“Company”), ThinkEquity Partners LLC, EarlyBirdCapital, Inc. and
        Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                   ,
        2005 (“Trust
        Agreement”), this is to advise you that the Board of Directors of the Company
        has voted to dissolve and liquidate the Trust Account. Attached hereto is
        a copy
        of the minutes of the meeting of the Board of Directors of the Company relating
        thereto, certified by the Secretary of the Company as true and correct and
        in
        full force and effect.

       

      In
        accordance with the terms of the Trust Agreement, we hereby (a) certify to
        you
        that, if applicable, the provisions of Section 11-51-302(6) and Rule 51-3.4
        of
        the Colorado Statute have been met and (b) authorize you, to commence
        liquidation of the Trust Account. You will notify the Company and JPMorgan
        Chase
        NY Bank (“Designated Paying Agent”) in writing as to when all of the funds in
        the Trust Account will be available for immediate transfer (“Transfer Date”).
        The Designated Paying Agent shall thereafter notify you as to the account
        or
        accounts of the Designated Paying Agent that the funds in the Trust Account
        should be transferred to on the Transfer Date so that the Designated Paying
        Agent may commence distribution of such funds in accordance with the Company’s
        instructions. You shall have no obligation to oversee the Designated Paying
        Agent’s distribution of the funds. Upon the payment to the Designated Paying
        Agent of all the funds in the Trust Account, the Trust Agreement shall be
        terminated.

      
        
          
            	 	 	 
	 	Very truly yours,
	 	 
	 	HIGHBURY FINANCIAL INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                    

                  
	 	 

          

        

         

        
          
            	 	 	 
	 	THINKEQUITY
                    PARTNERS LLC, as representative of the Underwriters
	 
 	 
 	 
 
	 	By:  	 
	 	
                    

                  
	 	 

          

           

        

      

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        C

       

      
        	
                AUTHORIZED
                  INDIVIDUAL(S) FOR TELEPHONE CALL BACK

              	 	
                AUTHORIZED
                  TELEPHONE NUMBER(S)

              
	 	 	 
	
                Company:

              	 	 
	 	 	 
	
                Highbury
                  Financial Inc.

                999
                  Eighteenth Street

                Denver,
                  CO 80202

                Attn:
                  Richard S. Foote or R. Bradley Forth

              	 	
                303-357-4802

              
	 	 	 
	
                Trustee:
                  

              	 	 
	 	 	 
	
                Continental
                  Stock Transfer

                &
                  Trust Company

                17
                  Battery Place

                New
                  York, New York 10004

                Attn:
                  Steven G. Nelson, Chairman

              	 	
                [Telephone]

              
	 	 	 
	Underwriters:	 	
              
	 	 	 
	
                THINKEQUITY
                  PARTNERS LLC

                As
                  representative of the Underwriters

                31
                  West 52nd Street, 17th Floor

                New
                  York, New York 10019

                Attn:
                  John Boyle, Managing Director

              	 	
                [Telephone]

              

      

      

      

      
        
          
          

        

        
          C-1Exhibit
        10.18

       

      REGISTRATION
        RIGHTS AGREEMENT

       

      THIS
        REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the
                  day
        of
                      ,
        2005, by and among Highbury Financial Inc., a Delaware corporation (the
“Company”), and the undersigned parties listed under Investors on the signature
        page hereto (each, an “Investor” and collectively, the
“Investors”).

       

      WHEREAS,
        the Investors currently hold all of the issued and outstanding securities
        of the
        Company and have indicated that they intend to purchase an aggregate of 166,667
        Units in the IPO, which Units include 166,667 underlying shares of Common
        Stock
        and 333,334 Warrants;

       

      WHEREAS,
        the Investors and the Company desire to enter into this Agreement to provide
        the
        Investors with certain rights relating to the registration of shares of Common
        Stock held by them;

       

      NOW,
        THEREFORE, in consideration of the mutual covenants and agreements set forth
        herein, and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the parties hereto agree as
        follows:

       

      1.    DEFINITIONS.
        The following capitalized terms used herein have the following
        meanings:

       

      “Agreement”
        means
        this Agreement, as amended, restated, supplemented, or otherwise modified
        from
        time to time.

       

      “Commission”
        means
        the Securities and Exchange Commission, or any other federal agency then
        administering the Securities Act or the Exchange Act.

       

      “Common
        Stock”
        means
        the common stock, par value $0.0001 per share, of the Company.

       

      “Company”
        is
        defined in the preamble to this Agreement.

       

      “Demand
        Registration”
        is
        defined in Section 2.1.1.

       

      “Demanding
        Holder”
        is
        defined in Section 2.1.1.

       

      “Exchange
        Act“
        means
        the Securities Exchange Act of 1934, as amended, and the rules and regulations
        of the Commission promulgated thereunder, all as the same shall be in effect
        at
        the time.

       

      “Form
        S-3”
        is
        defined in Section 2.3.

       

      “Indemnified
        Party”
        is
        defined in Section 4.3.

       

      “Indemnifying
        Party”
        is
        defined in Section 4.3.

       

      “Investor”
        is
        defined in the preamble to this Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      “Investor
        Indemnified Party”
        is
        defined in Section 4.1.

       

      “IPO”
        means the initial public offering of the Units of the Company pursuant to
        a
        Registration Statement on Form S-1 (File No. 333-127272) under the Securities
        Act declared effective on December [14], 2005 (the “Initial Registration
        Statement”).

       

      “Maximum
        Number of Shares”
        is
        defined in Section 2.1.4.

       

      “Notices”
        is
        defined in Section 6.3.

       

      “Piggy-Back
        Registration”
        is
        defined in Section 2.2.1.

       

      “Purchase
        Option”
        means
        the options to purchase an aggregate of 300,000 Units (each consisting of
        one
        share of common stock and two warrants) issued to ThinkEquity Partners LLC
        and
        EarlyBirdCapital, Inc., or their respective designees in connection with
        the
        Company’s initial public offering (as transferred from time to time in
        accordance with their terms).

       

      “Register,” “registered”
        and
“registration”
        mean a
        registration effected by preparing and filing a registration statement or
        similar document in compliance with the requirements of the Securities Act,
        and
        the applicable rules and regulations promulgated thereunder, and such
        registration statement becoming effective.

       

      “Registrable
        Securities”
        mean
        all of the shares of Common Stock, all Warrants and all shares of Common
        Stock
        issuable upon exercise of the Warrants, owned or held by Investors. Registrable
        Securities include any warrants, shares of capital stock or other securities
        of
        the Company issued as a dividend or other distribution with respect to or
        in
        exchange for or in replacement of such shares of Common Stock. As to any
        particular Registrable Securities, such securities shall cease to be Registrable
        Securities when: (a) a Registration Statement, except for the Initial
        Registration Statement, with respect to the sale of such securities shall
        have
        become effective under the Securities Act and such securities shall have
        been
        sold, transferred, disposed of or exchanged in accordance with such Registration
        Statement; (b) such securities shall have been otherwise transferred, new
        certificates for them not bearing a legend restricting further transfer shall
        have been delivered by the Company and subsequent public distribution of
        them
        shall not require registration under the Securities Act; (c) such securities
        shall have ceased to be outstanding, or (d) the Registrable Securities are
        salable under Rule 144(k) of the Securities Act.

       

      “Registration
        Statement”
        means a
        registration statement filed by the Company with the Commission in compliance
        with the Securities Act and the rules and regulations promulgated thereunder
        for
        a public offering and sale of Common Stock (other than a registration statement
        on Form S-4 or Form S-8, or their successors, or any registration statement
        covering only securities proposed to be issued in exchange for securities
        or
        assets of another entity).

       

      “Release
        Date”
        means
        the date on which shares of Common Stock are disbursed from escrow pursuant
        to
        Section 3 of that certain Stock Escrow Agreement dated as of [______], 2005
        by
        and among the parties hereto and Continental Stock Transfer & Trust
        Company.

       

      “Securities
        Act”
        means
        the Securities Act of 1933, as amended, and the rules and regulations of
        the
        Commission promulgated thereunder, all as the same shall be in effect at
        the
        time.

       

      “Underwriter”
        means a
        securities dealer who purchases any Registrable Securities as principal in
        an
        underwritten offering and not as part of such dealer’s market-making
        activities.

       

      
        “Units”
          means
          the units of the Company consisting of one share of Common Stock and two
          Warrants.

         

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

        
           

          “Warrants”
            means
            the warrants of the Company, which entitle the holder to purchase one
            share of
            the Company’s Common Stock at a price of $5.00.

           

        

      

      2.    REGISTRATION
        RIGHTS.

       

      2.1.   Demand
        Registration.

       

      2.1.1.   Request
        for Registration.
        At any
        time and from time to time on or after the Release Date, the holders of a
        majority-in-interest of the Registrable Securities held by the Investors
        or the
        transferees of the Investors, may make a written demand for registration
        under
        the Securities Act of all or part of their Registrable Securities (a
“Demand
        Registration”).
        Any
        demand for a Demand Registration shall specify the number of shares of
        Registrable Securities proposed to be sold and the intended method(s) of
        distribution thereof. The Company will notify all holders of Registrable
        Securities of the demand within five (5) business days, and each holder of
        Registrable Securities who wishes to include all or a portion of such holder’s
        Registrable Securities in the Demand Registration (each such holder including
        shares of Registrable Securities in such registration, a “Demanding
        Holder”)
        shall
        so notify the Company within fifteen (15) days after the receipt by the holder
        of the notice from the Company. Upon any such request, the Demanding Holders
        shall be entitled to have their Registrable Securities included in the Demand
        Registration, subject to Section 2.1.4 and the provisos set forth in Section
        3.1.1. The Company shall not be obligated to effect more than an aggregate
        of
        two (2) Demand Registrations under this Section 2.1.1 in respect of Registrable
        Securities.

       

      2.1.2.   Effective
        Registration.
        A
        registration will not count as a Demand Registration until the Registration
        Statement filed with the Commission with respect to such Demand Registration
        has
        been declared effective and the Company has complied with all of its obligations
        under this Agreement with respect thereto; provided,
        however,
        that
        if, after such Registration Statement has been declared effective, the offering
        of Registrable Securities pursuant to a Demand Registration is interfered
        with
        by any stop order or injunction of the Commission or any other governmental
        agency or court, the Registration Statement with respect to such Demand
        Registration will be deemed not to have been declared effective, unless and
        until, (i) such stop order or injunction is removed, rescinded or otherwise
        terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter
        elect to continue the offering; provided,
        further,
        that
        the Company shall not be obligated to file a second Registration Statement
        until
        a Registration Statement that has been filed is counted as a Demand Registration
        or is terminated.

       

      2.1.3.   Underwritten
        Offering.
        If a
        majority-in-interest of the Demanding Holders so elect and such holders so
        advise the Company as part of their written demand for a Demand Registration,
        the offering of such Registrable Securities pursuant to such Demand Registration
        shall be in the form of an underwritten offering. In such event, the right
        of
        any holder to include its Registrable Securities in such registration shall
        be
        conditioned upon such holder's participation in such underwriting and the
        inclusion of such holder's Registrable Securities in the underwriting to
        the
        extent provided herein. All Demanding Holders proposing to distribute their
        securities through such underwriting shall enter into an underwriting agreement
        in customary form with the Underwriter or Underwriters selected for such
        underwriting by a majority-in-interest of the holders initiating the Demand
        Registration.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      2.1.4.   Reduction
        of Offering.
        If the
        managing Underwriter or Underwriters for a Demand Registration that is to
        be an
        underwritten offering advises the Company and the Demanding Holders in writing
        that the dollar amount or number of shares of Registrable Securities which
        the
        Demanding Holders desire to sell, taken together with all other shares of
        Common
        Stock or other securities which the Company desires to sell and the shares
        of
        Common Stock, if any, as to which registration has been requested pursuant
        to
        written contractual piggy-back registration rights held by other security
        holders of the Company who desire to sell, exceeds the maximum dollar amount
        or
        maximum number of shares that can be sold in such offering without adversely
        affecting the proposed offering price, the timing, the distribution method,
        or
        the probability of success of such offering, (such maximum dollar amount
        or
        maximum number of shares, as applicable, the “Maximum
        Number of Shares”),
        then
        the Company shall include in such registration: (i) first, the Registrable
        Securities as to which Demand Registration has been requested by the Demanding
        Holders (pro
        rata
        in
        accordance with the number of shares of Registrable Securities which such
        Demanding Holder has requested be included in such registration, regardless
        of
        the number of shares of Registrable Securities held by each Demanding Holder)
        that can be sold without exceeding the Maximum Number of Shares; (ii) second,
        to
        the extent that the Maximum Number of Shares has not been reached under the
        foregoing clause (i), the shares of Common Stock for the account of other
        persons that the Company is obligated to register pursuant to the terms of
        the
        Unit Purchase Option and that can be sold without exceeding the Maximum Number
        of Shares; (iii) third, to the extent that the Maximum Number of Shares has
        not
        been reached under the foregoing clauses (i) and (ii), the shares of Common
        Stock or other securities that the Company desires to sell that can be sold
        without exceeding the Maximum Number of Shares; and (v) fourth, to the extent
        that the Maximum Number of Shares have not been reached under the foregoing
        clauses (i), (ii), and (iii), the shares of Common Stock that other shareholders
        desire to sell that can be sold without exceeding the Maximum Number of
        Shares.

       

      2.1.5.   Withdrawal.
        If a
        majority-in-interest of the Demanding Holders disapprove of the terms of
        any
        underwriting or are not entitled to include all of their Registrable Securities
        in any offering, such majority-in-interest of the Demanding Holders may elect
        to
        withdraw from such offering by giving written notice to the Company and the
        Underwriter or Underwriters of their request to withdraw prior to the
        effectiveness of the Registration Statement filed with the Commission with
        respect to such Demand Registration. If the majority-in-interest of the
        Demanding Holders withdraws from a proposed offering relating to a Demand
        Registration, then such registration shall not count as a Demand Registration
        provided for in Section 2.1.1.

       

      2.2.   Piggy-Back
        Registration.

       

      2.2.1.   Piggy-Back
        Rights.
        If at
        anytime on or after the Release Date the Company proposes to file a Registration
        Statement under the Securities Act with respect to an offering of equity
        securities, or securities or other obligations exercisable or exchangeable
        for,
        or convertible into, equity securities, by the Company for its own account
        or
        for shareholders of the Company for their account (or by the Company and
        by
        shareholders of the Company including, without limitation, pursuant to Section
        2.1), other than a Registration Statement (i) filed in connection with any
        employee stock option or other benefit plan, (ii) for an exchange offer or
        offering of securities solely to the Company’s existing shareholders, (iii) for
        an offering of debt that is convertible into equity securities of the Company
        or
        (iv) for a dividend reinvestment plan, then the Company shall (x) give written
        notice of such proposed filing to the holders of Registrable Securities as
        soon
        as practicable but in no event less than ten (10) days before the anticipated
        filing date, which notice shall describe the amount and type of securities
        to be
        included in such offering, the intended method(s) of distribution, and the
        name
        of the proposed managing Underwriter or Underwriters, if any, of the offering,
        and (y) offer to the holders of Registrable Securities in such notice the
        opportunity to register the sale of such number of shares of Registrable
        Securities as such holders may request in writing within fifteen (15) days
        following receipt of such notice (a “Piggy-Back
        Registration“).
        The
        Company shall cause such Registrable Securities to be included in such
        registration and shall use its best efforts to cause the managing Underwriter
        or
        Underwriters of a proposed underwritten offering to permit the Registrable
        Securities requested to be included in a Piggy-Back Registration to be included
        on the same terms and conditions as any similar securities of the Company
        and to
        permit the sale or other disposition of such Registrable Securities in
        accordance with the intended method(s) of distribution thereof. All holders
        of
        Registrable Securities proposing to distribute their securities through a
        Piggy-Back Registration that involves an Underwriter or Underwriters shall
        enter
        into an underwriting agreement in customary form with the Underwriter or
        Underwriters selected for such Piggy-Back Registration.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      2.2.2.   Reduction
        of Offering.
        If the
        managing Underwriter or Underwriters for a Piggy-Back Registration that is
        to be
        an underwritten offering advises the Company and the holders of Registrable
        Securities in writing that the dollar amount or number of shares of Common
        Stock
        which the Company desires to sell, taken together with shares of Common Stock,
        if any, as to which registration has been demanded pursuant to written
        contractual arrangements with persons other than the holders of Registrable
        Securities hereunder, the Registrable Securities as to which registration
        has
        been requested under this Section 2.2, and the shares of Common Stock, if
        any,
        as to which registration has been requested pursuant to the written contractual
        piggy-back registration rights of other shareholders of the Company, exceeds
        the
        Maximum Number of Shares, then the Company shall include in any such
        registration:

       

      (i)   If
        the
        registration is undertaken for the Company’s account: (A) first, the shares of
        Common Stock or other securities that the Company desires to sell that can
        be
        sold without exceeding the Maximum Number of Shares; (B) second, to the extent
        that the Maximum Number of Shares has not been reached under the foregoing
        clause (A), the shares of Common Stock, if any, including the Registrable
        Securities, as to which registration has been requested pursuant to written
        contractual piggy-back registration rights of security holders (pro rata
        in
        accordance with the number of shares of Common Stock which each such person
        has
        actually requested to be included in such registration, regardless of the
        number
        of shares of Common Stock with respect to which such persons have the right
        to
        request such inclusion) that can be sold without exceeding the Maximum Number
        of
        Shares; and

       

      (ii)   If
        the
        registration is a “demand” registration undertaken at the demand of persons
        other than the holders of Registrable Securities pursuant to written contractual
        arrangements with such persons, (A) first, the shares of Common Stock for
        the
        account of the demanding persons that can be sold without exceeding the Maximum
        Number of Shares; (B) second, to the extent that the Maximum Number of Shares
        has not been reached under the foregoing clause (A), the shares of Common
        Stock
        or other securities that the Company desires to sell that can be sold without
        exceeding the Maximum Number of Shares; and (C) third, to the extent that
        the
        Maximum Number of Shares has not been reached under the foregoing clauses
        (A)
        and (B), the Registrable Securities as to which registration has been requested
        under this Section 2.2 (pro rata in accordance with the number of shares
        of
        Registrable Securities held by each such holder); and (D) fourth, to the
        extent
        that the Maximum Number of Shares has not been reached under the foregoing
        clauses (A), (B) and (C), the shares of Common Stock, if any, as to which
        registration has been requested pursuant to written contractual piggy-back
        registration rights which other shareholders desire to sell that can be sold
        without exceeding the Maximum Number of Shares.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

      2.2.3.   Withdrawal.
        Any
        holder of Registrable Securities may elect to withdraw such holder’s request for
        inclusion of Registrable Securities in any Piggy-Back Registration by giving
        written notice to the Company of such request to withdraw prior to the
        effectiveness of the Registration Statement. The Company may also elect to
        withdraw a registration statement at any time prior to the effectiveness
        of the
        Registration Statement. Notwithstanding any such withdrawal, the Company
        shall
        pay all expenses incurred by the holders of Registrable Securities in connection
        with such Piggy-Back Registration as provided in Section 3.3.

       

      2.3.   Registrations
        on Form S-3.
        The
        holders of Registrable Securities may at any time and from time to time after
        the Release Date, request in writing that the Company register the resale
        of any
        or all of such Registrable Securities on Form S-3 or any similar short-form
        registration which may be available at such time (“Form
        S-3”);
        provided,
        however,
        that
        the Company shall not be obligated to effect such request through an
        underwritten offering. Upon receipt of such written request, the Company
        will
        promptly give written notice of the proposed registration to all other holders
        of Registrable Securities, and, as soon as practicable thereafter, effect
        the
        registration of all or such portion of such holder’s or holders’ Registrable
        Securities as are specified in such request, together with all or such portion
        of the Registrable Securities of any other holder or holders joining in such
        request as are specified in a written request given within fifteen (15) days
        after receipt of such written notice from the Company; provided,
        however,
        that
        the Company shall not be obligated to effect any such registration pursuant
        to
        this Section 2.3: (i) if Form S-3 is not available for such offering; or
        (ii) if
        the holders of the Registrable Securities, together with the holders of any
        other securities of the Company entitled to inclusion in such registration,
        propose to sell Registrable Securities and such other securities (if any)
        at any
        aggregate price to the public of less than $500,000. Registrations effected
        pursuant to this Section 2.3 shall not be counted as Demand Registrations
        effected pursuant to Section 2.1.

       

      3.   REGISTRATION
        PROCEDURES.

       

      3.1.   Filings;
        Information.
        Whenever the Company is required to effect the registration of any Registrable
        Securities pursuant to Section 2, the Company shall use its best efforts
        to
        effect the registration and sale of such Registrable Securities in accordance
        with the intended method (s) of distribution thereof as expeditiously as
        practicable, and in connection with any such request:

       

      3.1.1.   Filing
        Registration Statement.
        The
        Company shall, as expeditiously as possible and in any event within sixty
        (60)
        days after receipt of a request for a Demand Registration pursuant to Section
        2.1, prepare and file with the Commission a Registration Statement on any
        form
        for which the Company then qualifies or which counsel for the Company shall
        deem
        appropriate and which form shall be available for the sale of all Registrable
        Securities to be registered thereunder in accordance with the intended method(s)
        of distribution thereof, and shall use its best efforts to cause such
        Registration Statement to become and remain effective for the period required
        by
        Section 3.1.3; provided, however, that the Company shall have the right to
        defer
        any Demand Registration for up to ninety (90) days, and any Piggy-Back
        Registration for such period as may be applicable to deferment of any demand
        registration to which such Piggy-Back Registration relates, in each case
        if the
        Company shall furnish to the holders a certificate signed by the Chief Executive
        Officer of the Company stating that, in the good faith judgment of the Board
        of
        Directors of the Company, it would be materially detrimental to the Company
        and
        its shareholders for such Registration Statement to be effected at such time;
        provided further, however, that the Company shall not have the right to exercise
        the right set forth in the immediately preceding proviso more than once in
        any
        365-day period in respect of a Demand Registration hereunder.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

         

      

      3.1.2.   Copies.
        The
        Company shall, prior to filing a Registration Statement or prospectus, or
        any
        amendment or supplement thereto, furnish without charge to the holders of
        Registrable Securities included in such registration, and such holders’ legal
        counsel, copies of such Registration Statement as proposed to be fled, each
        amendment and supplement to such Registration Statement (in each case including
        all exhibits thereto and documents incorporated by reference therein), the
        prospectus included in such Registration Statement (including each preliminary
        prospectus), and such other documents as the holders of Registrable Securities
        included in such registration or legal counsel for any such holders may request
        in order to facilitate the disposition of the Registrable Securities owned
        by
        such holders.

       

      3.1.3.   Amendments
        and Supplements.
        The
        Company shall prepare and file with the Commission such amendments, including
        post-effective amendments, and supplements to such Registration Statement
        and
        the prospectus used in connection therewith as may be necessary to keep such
        Registration Statement effective and in compliance with the provisions of
        the
        Securities Act until all Registrable Securities and other securities covered
        by
        such Registration Statement have been disposed of in accordance with the
        intended method(s) of distribution set forth in such Registration Statement
        (which period shall not exceed the sum of one hundred eighty (180) days plus
        any
        period during which any such disposition is interfered with by any atop order
        or
        injunction of the Commission or any governmental agency or court) or such
        securities have been withdrawn.

       

      3.1.4.   Notification.
        After
        the filing of a Registration Statement, the Company shall promptly, and in
        no
        event more than two (2) business days after such filing, notify the holders
        of
        Registrable Securities included in such Registration Statement of such filing,
        and shall further notify such holders promptly and confirm such advice in
        writing in all events within two (2) business days of the occurrence of any
        of
        the following: (i) when such Registration Statement becomes effective; (ii)
        when
        any post-effective amendment to such Registration Statement becomes effective;
        (iii) the issuance or threatened issuance by the Commission of any stop order
        (and the Company shall take all actions required to prevent the entry of
        such
        stop order or to remove it if entered); and (iv) any request by the Commission
        for any amendment or supplement to such Registration Statement or any prospectus
        relating thereto or for additional information or of the occurrence of an
        event
        requiring the preparation of a supplement or amendment to such prospectus
        so
        that, as thereafter delivered to the purchasers of the securities covered
        by
        such Registration Statement, such prospectus will not contain an untrue
        statement of a material fact or omit to state any material fact required
        to be
        stated therein or necessary to make the statements therein not misleading,
        and
        promptly make available to the holders of Registrable Securities included
        in
        such Registration Statement any such supplement or amendment; except that
        before
        filing with the Commission a Registration Statement or prospectus or any
        amendment or supplement thereto, including documents incorporated by reference,
        the Company shall furnish to the holders of Registrable Securities included
        in
        such Registration Statement and to the legal counsel for any such holders,
        copies of all such documents proposed to be filed sufficiently in advance
        of
        filing to provide such holders and legal counsel with a reasonable opportunity
        to review such documents and comment thereon, and the Company shall not file
        any
        Registration Statement or prospectus or amendment or supplement thereto,
        including documents incorporated by reference, to which such holders or their
        legal counsel shall reasonably object.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

      

      3.1.5.   State
        Securities Laws Compliance.
        The
        Company shall use commercially reasonable efforts to (i) register or qualify
        the
        Registrable Securities covered by the Registration Statement under such
        securities or “blue sky” laws of such jurisdictions in the United States as the
        holders of Registrable Securities included in such Registration Statement
        (in
        light of their intended plan of distribution) may request and (ii) take such
        action necessary to cause such Registrable Securities covered by the
        Registration Statement to be registered with or approved by such other federal
        or state authorities as may be necessary by virtue of the business and
        operations of the Company and do any and all other acts and things that may
        be
        necessary or advisable to enable the holders of Registrable Securities included
        in such Registration Statement to consummate the disposition of such Registrable
        Securities in such jurisdictions; provided,
        however,
        that in
        no event shall the Company be required to register the Registrable Securities
        in
        a jurisdiction in which such registration would cause the Company to be
        obligated to qualify to do business in any such jurisdiction, or would subject
        the Company to taxation as a foreign corporation doing business in such
        jurisdiction.

       

      3.1.6.   Agreements
        for Disposition.
        The
        Company shall enter into customary agreements (including, if applicable,
        an
        underwriting agreement in customary form) and take such other actions as
        are
        reasonably required in order to expedite or facilitate the disposition of
        such
        Registrable Securities. The representations, warranties and covenants of
        the
        Company in any underwriting agreement which are made to or for the benefit
        of
        any Underwriters, to the extent applicable, shall also be made to and for
        the
        benefit of the holders of Registrable Securities included in such registration
        statement. No holder of Registrable Securities included in such registration
        statement shall be required to make any representations or warranties in
        the
        underwriting agreement except, if applicable, with respect to such holder’s
        organization, good standing, authority, title to Registrable Securities,
        lack of
        conflict of such sale with such holder’s material agreements and organizational
        documents, and with respect to written information relating to such holder
        that
        such holder has furnished in writing expressly for inclusion in such
        Registration Statement. Holders of Registrable Securities shall agree to
        such
        covenants and indemnification and contribution obligations for selling
        stockholders as are customarily contained in agreements of that type. Further,
        such holders shall cooperate fully in the preparation of the registration
        statement and other documents relating to any offering in which they include
        securities pursuant to Section 2 hereof. Each holder shall also furnish to
        the
        Company such information regarding itself, the Registrable Securities held
        by
        such holder, and the intended method of disposition of such securities shall
        be
        reasonably required to effect the registration of the Registrable
        Securities.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

        
           

          3.1.7.   Cooperation.
            The
            principal executive officer of the Company, the principal financial officer
            of
            the Company, the principal accounting officer of the Company and all
            other
            officers and members of the management of the Company shall cooperate
            fully in
            any offering of Registrable Securities hereunder, which cooperation shall
            include, without limitation, the preparation of the Registration Statement
            with
            respect to such offering and all other offering materials and related
            documents,
            and participation in meetings with Underwriters, attorneys, accountants
            and
            potential investors.

           

        

      

      3.1.8.   Records.
        The
        Company shall make available for inspection by the holders of Registrable
        Securities included in such Registration Statement, any Underwriter
        participating in any disposition pursuant to such registration statement
        and any
        attorney, accountant or other professional retained by any holder of Registrable
        Securities included in such Registration Statement or any Underwriter, all
        financial and other records, pertinent corporate documents and properties
        of the
        Company, as shall be necessary to enable them to exercise their due diligence
        responsibility, and cause the Company’s officers, directors and employees to
        supply all information requested by any of them in connection with such
        Registration Statement.

       

      3.1.9.   Opinions
        and Comfort Letters.
        The
        Company shall furnish to each holder of Registrable Securities included in
        any
        Registration Statement a signed counterpart, addressed to such holder, of
        (i)
        any opinion of counsel to the Company delivered to any Underwriter and (ii)
        any
        comfort letter from the Company’s independent public accountants delivered to
        any Underwriter. In the event no legal opinion is delivered to any Underwriter,
        the Company shall furnish to each holder of Registrable Securities included
        in
        such Registration Statement, at any time that such holder elects to use a
        prospectus, an opinion of counsel to the Company to the effect that the
        Registration Statement containing such prospectus has been declared effective
        and that no stop order is in effect.

       

      3.1.10.   Earnings
        Statement.
        The
        Company shall comply with all applicable rules and regulations of the Commission
        and the Securities Act and make available to its shareholders, as soon as
        practicable, an earnings statement covering a period of twelve (12) months,
        beginning within three (3) months after the effective date of the registration
        statement, which earnings statement shall satisfy the provisions of Section
        11(a) of the Securities Act and Rule 158 thereunder.

       

      3.1.11.   Listing.
        The
        Company shall use its best efforts to cause all Registrable Securities included
        in any registration to be listed on such exchanges or otherwise designated
        for
        trading in the same manner as similar securities issued by the Company are
        then
        listed or designated or, if no such similar securities are then listed or
        designated, in a manner satisfactory to the holders of a majority of the
        Registrable Securities included in such registration.

       

      3.2.   Obligation
        to Suspend Distribution.
        Upon
        receipt of any notice from the Company of the happening of any event of the
        kind
        described in Section 3.1.4(iv), or, in the case of a resale registration
        on Form
        S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
        to a written insider trading compliance program adopted by the Company’s Board
        of Directors, of the ability of all “insiders” covered by such program to
        transact in the Company’s securities because of the existence of material
        non-public information and holder would be deemed an “insider” under such
        program, each holder of Registrable Securities included in any registration
        shall immediately discontinue disposition of such Registrable Securities
        pursuant to the Registration Statement covering such Registrable Securities
        until such holder receives the supplemented or amended prospectus contemplated
        by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact
        in the Company’s securities is removed or is inapplicable to such holder, as
        applicable, and, if so directed by the Company, each such holder will deliver
        to
        the Company all copies, other than permanent file copies then in such holder’s
        possession, of the most recent prospectus covering such Registrable Securities
        at the time of receipt of such notice.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

      3.3.   Registration
        Expenses.
        The
        Company shall bear all costs and expenses incurred in connection with any
        Demand
        Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant
        to
        Section 2.2, and any registration on Form S-3 effected pursuant to Section
        2.3,
        and all expenses incurred in performing or complying with its other obligations
        under this Agreement, whether or not the Registration Statement becomes
        effective, including, without limitation; (i) all registration and filing
        fees;
        (ii) fees and expenses of compliance with securities or “blue sky” laws
        (including fees and disbursements of counsel in connection with blue sky
        qualifications of the Registrable Securities); (iii) printing expenses; (iv)
        the
        Company’s internal expenses (including, without limitation, all salaries and
        expenses of its officers and employees); (v) the fees and expenses incurred
        in
        connection with the listing of the Registrable Securities as required by
        Section
        3.1.11; (vi) National Association of Securities Dealers, Inc. fees; (vii)
        fees
        and disbursements of counsel for the Company and fees and expenses for
        independent certified public accountants retained by the Company (including
        the
        expenses or costs associated with the delivery of any opinions or comfort
        letters requested pursuant to Section 3.1.9); (viii) the fees and expenses
        of
        any special experts retained by the Company in connection with such registration
        and (ix) the reasonable fees and expenses of one legal counsel selected by
        the
        holders of a majority-in-interest of the Registrable Securities included
        in such
        registration. The Company shall have no obligation to pay any underwriting
        discounts or selling commissions or transfer taxes, if any, attributable
        to the
        Registrable Securities being sold by the holders thereof, which underwriting
        discounts or selling commissions or transfer taxes, if any, shall be borne
        by
        such holders. Additionally, in an underwritten offering, all selling
        shareholders and the Company shall bear the expenses of the underwriter pro
        rata
        in proportion to the respective amount of shares each is selling in such
        offering.

       

      3.4.   Information.
        The
        holders of Registrable Securities shall provide such information as may
        reasonably be requested by the Company, or the managing Underwriter, if any,
        in
        connection with the preparation of any Registration Statement, including
        amendments and supplements thereto, in order to effect the registration of
        any
        Registrable Securities under the Securities Act pursuant to Section 2 and
        in
        connection with the Company’s obligation to comply with federal and applicable
        state securities laws.

       

      3.5.   Holder
        Obligations.
        No
        holder of Registrable Securities may participate in any underwritten offering
        pursuant to this Section 3 unless such holder (i) agrees to sell only such
        holder’s Registrable Securities on the basis reasonably provided in any
        underwriting agreement, and (ii) completes, executes and delivers any and
        all
        questionnaires, powers of attorney, custody agreements, indemnities,
        underwriting, agreements and other documents reasonably required by or under
        the
        terms of any underwriting agreement or as reasonably requested by the
        Company.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

         

      

      4.   INDEMNIFICATION
        AND CONTRIBUTION.

       

      4.1.   Indemnification
        by the Company.
        The
        Company agrees to indemnify and hold harmless each Investor and each other
        holder of Registrable Securities, and each of their respective officers,
        employees, affiliates, directors, partners, members and agents, and each
        person,
        if any, who controls an Investor and each other holder of Registrable Securities
        (within the meaning of Section 15 of the Securities Act or Section 20 of
        the
        Exchange Act) (each, an “Investor
        Indemnified Party”),
        from
        and against any expenses, losses, judgments, claims, damages or liabilities,
        whether joint or several, arising out of or based upon any untrue statement
        (or
        allegedly untrue statement) of a material fact contained in any Registration
        Statement under which the sale of such Registrable Securities was registered
        under the Securities Act, any preliminary prospectus, final prospectus or
        summary prospectus contained in the Registration Statement, or any amendment
        or
        supplement to such Registration Statement, or arising out of or based upon
        any
        omission (or alleged omission) to state a material fact required to be stated
        therein or necessary to make the statements therein not misleading, or any
        violation by the Company of the Securities Act or any rule or regulation
        promulgated thereunder applicable to the Company and relating to action or
        inaction required of the Company in connection with any such registration;
        and
        the Company shall promptly reimburse the Investor Indemnified Party for any
        legal and any other expenses reasonably incurred by such Investor Indemnified
        Party in connection with investigating and defending any such expense, loss,
        judgment, claim, damage, liability or action; provided, however, that the
        Company will not be liable in any such case to the extent that any such expense,
        loss, claim, damage or liability arises out of or is based upon any untrue
        statement or allegedly untrue statement or omission or alleged omission made
        in
        such Registration Statement, preliminary prospectus, final prospectus, or
        summary prospectus, or any such amendment or supplement, in reliance upon
        and in
        conformity with information furnished to the Company, in writing, by such
        selling holder expressly for use therein. The Company also shall indemnify
        any
        Underwriter of the Registrable Securities, their officers, affiliates,
        directors, partners, members and agents and each person who controls such
        Underwriter on substantially the same basis as that of the indemnification
        provided above in this Section 4.1.

       

      4.2.   Indemnification
        by Holders of Registrable Securities.
        Each
        selling holder of Registrable Securities will, in the event that any
        registration is being effected under the Securities Act pursuant to this
        Agreement of any Registrable Securities held by such selling holder, indemnify
        and hold harmless the Company, each of its directors and officers and each
        underwriter (if any), and each other person, if any, who controls such selling
        holder or such underwriter (within the meaning of Section 15 of the Securities
        Act or Section 20 of the Exchange Act), against any losses, claims, judgments,
        damages or liabilities, whether joint or several, insofar as such losses,
        claims, judgments, damages or liabilities (or actions in respect thereof)
        arise
        out of or are based upon any untrue statement or allegedly untrue statement
        of a
        material fact contained in any Registration Statement under which the sale
        of
        such Registrable Securities was registered under the Securities Act, any
        preliminary prospectus, final prospectus or summary prospectus contained
        in the
        Registration Statement, or any amendment or supplement to the Registration
        Statement, or arise out of or are based upon any omission or the alleged
        omission to state a material fact required to be stated therein or necessary
        to
        make the statement therein not misleading, if the statement or omission was
        made
        in reliance upon and in conformity with information furnished in writing
        to the
        Company by such selling holder expressly for use therein, and shall reimburse
        the Company, its directors and officers, and each such controlling person
        for
        any legal or other expenses reasonably incurred by any of them in connection
        with investigation or defending any such loss, claim, damage, liability or
        action. Each selling holder’s indemnification obligations hereunder shall be
        several and not joint and shall be limited to the amount of any net proceeds
        (after payment of all underwriting fees, discounts, commissions and taxes)
        actually received by such selling holder from the sale of Registrable Securities
        which gave rise to such indemnification obligation.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

         

      

      4.3.   Conduct
        of Indemnification Proceedings.
        Promptly after receipt by any person of any notice of any loss, claim, damage
        or
        liability or any action in respect of which indemnity may be sought pursuant
        to
        Section 4.1 or 4.2, such person (the “Indemnified
        Party”)
        shall,
        if a claim in respect thereof is to be made against any other person for
        indemnification hereunder, notify such other person (the “Indemnifying
        Party”)
        in
        writing of the loss, claim, judgment, damage, liability or action; provided,
        however,
        that
        the failure by the Indemnified Party to notify the Indemnifying Party shall
        not
        relieve the Indemnifying Party from any liability which the Indemnifying
        Party
        may have to such indemnified Party hereunder, except and solely to the extent
        the Indemnifying Party is actually prejudiced by such failure. If the
        Indemnified Party is seeking indemnification with respect to any claim or
        action
        brought against the Indemnified Party, then the Indemnifying Party shall
        be
        entitled to participate in such claim or action, and, to the extent that
        it
        wishes, jointly with all other Indemnifying Parties, to assume control of
        the
        defense thereof with counsel reasonably satisfactory to the Indemnified Party.
        After notice from the Indemnifying Party to the Indemnified Party of its
        election to assume control of the defense of such claim or action, the
        Indemnifying Party shall not be liable to the Indemnified Party for any legal
        or
        other expenses subsequently incurred by the Indemnified Party in connection
        with
        the defense thereof other than reasonable costs of investigation; provided,
        however,
        that in
        any action in which both the Indemnified Party and the Indemnifying Party
        are
        named as defendants, the Indemnified Party shall have the right to employ
        separate counsel (but no more than one such separate counsel) to represent
        the
        Indemnified Party and its controlling persons who may be subject to liability
        arising out of any claim in respect of which indemnity may be sought by the
        Indemnified Party against the Indemnifying Party, with the fees and expenses
        of
        such counsel to be paid by such Indemnifying Party if, based upon the written
        opinion of counsel of such Indemnified Party, representation of both parties
        by
        the same counsel would be inappropriate due to actual or potential differing
        interests between them. No Indemnifying Party shall, without the prior written
        consent of the Indemnified Party, consent to entry of judgment or effect
        any
        settlement of any claim or pending or threatened proceeding in respect of
        which
        the Indemnified Party is or could have been a party and indemnity could have
        been sought hereunder by such Indemnified Party, unless such judgment or
        settlement includes an unconditional release of such Indemnified Party from
        all
        liability arising out of such claim or proceeding.

       

      4.4.   Contribution.

       

      4.4.1.   If
        the
        indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is
        unavailable to any Indemnified Party in respect of any loss, claim, damage,
        liability or action referred to herein, then each such Indemnifying Party,
        in
        lieu of indemnifying such Indemnified Party, shall contribute to the amount
        paid
        or payable by such Indemnified Party as a result of such loss, claim, damage,
        liability or action in such proportion as is appropriate to reflect the relative
        fault of the Indemnified Parties and the Indemnifying Parties in connection
        with
        the actions or omissions which resulted in such loss, claim, damage, liability
        or action, as well as any other relevant equitable considerations. The relative
        fault of any Indemnified Party and any Indemnifying Party shall be determined
        by
        reference to, among other things, whether the untrue or alleged untrue statement
        of a material fact or the omission or alleged omission to state a material
        fact
        relates to information supplied by such Indemnified Party or such Indemnifying
        Party and the parties’ relative intent, knowledge, access to information and
        opportunity to correct or prevent such statement or omission.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

         

      

      4.4.2.   The
        parties hereto agree that it would not be just and equitable if contribution
        pursuant to this Section 4.4 were determined by pro rata allocation or by
        any
        other method of allocation which does not take account of the equitable
        considerations referred to in the immediately preceding Section 4.4.1. The
        amount paid or payable by an Indemnified Party as a result of any loss, claim,
        damage, liability or action referred to in the immediately preceding paragraph
        shall be deemed to include, subject to the limitations set forth above, any
        legal or other expenses incurred by such Indemnified Party in connection
        with
        investigating or defending any such action or claim. Notwithstanding the
        provisions of this Section 4.4, no holder of Registrable Securities shall
        be
        required to contribute any amount in excess of the dollar amount of the net
        proceeds (after payment of all underwriting fees, discounts, commissions
        and
        taxes) actually received by such holder from the sale of Registrable Securities
        which gave rise to such contribution obligation. No person guilty of fraudulent
        misrepresentation (within the meaning of Section 11(f) of the Securities
        Act)
        shall be entitled to contribution from any person who was not guilty of such
        fraudulent misrepresentation.

       

      5.   UNDERWRITING
        AND DISTRIBUTION.

       

      5.1.   Rule
        144.
        The
        Company covenants that it shall file any filings required to be filed by
        it
        under the Securities Act and the Exchange Act and shall take such further
        action
        as the holders of Registrable Securities may reasonably request, all to the
        extent required from time to time to enable such holders to sell Registrable
        Securities without registration under the Securities Act within the limitation
        of the exemptions provided by Rule 144 under the Securities Act, as such
        Rules
        may be amended from time to time, or any similar rule or regulation hereafter
        adopted by the Commission but not Rule 144A.

       

      6.   MISCELLANEOUS.

       

      6.1.   Other
        Registration Rights.
        The
        Company represents and warrants that, other than the rights granted in the
        Purchase Option, no person, other than a holder of the Registrable Securities,
        has any right to require the Company to register any shares of the Company’s
        capital stock for sale or to include shares of the Company’s capital stock in
        any registration filed by the Company for the sale of shares of capital stock
        for its own account or for the account of any other person.

       

      6.2.   Assignment;
        No Third Party Beneficiaries.
        This
        Agreement and the rights, duties and obligations of the Company hereunder
        may
        not be assigned or delegated by the Company in whole or in part. This Agreement
        and the rights, duties and obligations of the holders of Registrable Securities
        hereunder may be freely assigned or delegated by such holder of Registrable
        Securities in conjunction with and to the extent of any permitted transfer
        of
        Registrable Securities by any such holder. This Agreement and the provisions
        hereof shall be binding upon and shall inure to the benefit of each of the
        parties and their respective successors and the permitted assigns of the
        Investor or holder of Registrable Securities or of any permitted assignee
        of the
        Investor or holder of Registrable Securities. This Agreement is not intended
        to
        confer any rights or benefits on any persons that are not party hereto other
        than as expressly set forth in Article 4 and this Section 6.2.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

         

      

      6.3.   Notices.
        All
        notices, demands, requests, consents, approvals or other communications
        (collectively, “Notices”)
        required or permitted to be given hereunder or which are given with respect
        to
        this Agreement shall be in writing and shall be personally served, delivered
        by
        reputable air courier service with charges prepaid, or transmitted by hand
        delivery, telegram, telex or facsimile, addressed as set forth below, or
        to such
        other address as such party shall have specified most recently by written
        notice. Notice shall be deemed given on the date of service or transmission
        if
        personally served or transmitted by telegram, telex or facsimile, provided,
        that
        if such service or transmission is not on a business day or is after normal
        business hours, then such notice shall be deemed given on the next business
        day.
        Notice otherwise sent as provided herein shall be deemed given on the next
        business day following timely delivery of such notice to a reputable air
        courier
        service with an order for next-day delivery.

       

      To
        the
        Company:

       

      Highbury
        Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

      Attention:
        Richard S. Foote, Chief Executive Officer

       

      To
        an
        Investor, to:

       

      the
        addresses listed on Exhibit A hereto

       

      6.4.   Severability.
        This
        Agreement shall be deemed severable, and the invalidity or unenforceability
        of
        any term or provision hereof shall not affect the validity or enforceability
        of
        this Agreement or of any other term or provision hereof. Furthermore, in
        lieu of
        any such invalid or unenforceable term or provision, the parties hereto intend
        that there shall be added as a part of this Agreement a provision as similar
        in
        terms to such invalid or unenforceable provision as may be possible and be
        valid
        and enforceable.

       

      6.5.   Counterparts.
        This
        Agreement may be executed in multiple counterparts, each of which shall be
        deemed an original, and all of which taken together shall constitute one
        and the
        same instrument.

       

      6.6.   Entire
        Agreement.
        This
        Agreement (including all agreements entered into pursuant hereto and all
        certificates and instruments delivered pursuant hereto and thereto) constitute
        the entire agreement of the parties with respect to the subject matter hereof
        and supersede all prior and contemporaneous agreements, representations,
        understandings, negotiations and discussions between the parties, whether
        oral
        or written.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

         

      

      6.7.   Modifications
        and Amendments.
        No
        amendment modification or termination of this Agreement shall be binding
        upon
        any party unless executed in writing by such party,

       

      6.8.   Titles
        and Headings.
        Titles
        and headings of sections of this Agreement are for convenience only and shall
        not affect the construction of any provision of this Agreement.

       

      6.9.   Waivers
        and Extensions.
        Any
        party to this Agreement may waive any right, breach or default which such
        party
        has the right to waive, provided that such waiver will not be effective against
        the waiving party unless it is in writing, is signed by such party, and
        specifically refers to this Agreement. Waivers may be made in advance or
        after
        the right waived has arisen or the breach or default waived has occurred.
        Any
        waiver may be conditional No waiver of any breach of any agreement or provision
        herein contained shall be deemed a waiver of any preceding or succeeding
        breach
        thereof nor of any other agreement or provision herein contained. No waiver
        or
        extension of time for performance of any obligations or acts shall be deemed
        a
        waiver or extension of the time for performance of any other obligations
        or
        acts.

       

      6.10.   Remedies
        Cumulative.
        In the
        event that the Company fails to observe or perform any covenant or agreement
        to
        be observed or performed under this Agreement, the Investor or any other
        holder
        of Registrable Securities may proceed to protect and enforce its rights by
        suit
        inequity or action at law, whether for specific performance of any term
        contained in this Agreement or for an injunction against the breach of any
        such
        term or in aid of the exercise of any power granted in this Agreement or
        to
        enforce any other legal or equitable right, or to take any one or more of
        such
        actions, without being required to post a bond. None of the rights, powers
        or
        remedies conferred under this Agreement shall be mutually exclusive, and
        each
        such right, power or remedy shall be cumulative and in addition to any other
        right, power or remedy, whether conferred by this Agreement or now or hereafter
        available at law, in equity, by statute or otherwise.

       

      6.11.   Governing
        Law.
        This
        Agreement shall be governed by, interpreted under, and construed in accordance
        with the internal laws of the State of Delaware applicable to agreements
        made
        and to be performed within the State of Delaware, without giving effect to
        any
        choice-of-law provisions thereof that would compel the application of the
        substantive laws of any other jurisdiction.

       

      6.12.   Waiver
        of Trial by Jury.
        Each
        party hereby irrevocably and unconditionally waives the right to a trial
        by jury
        in any action, suit, counterclaim or other proceeding (whether based on
        contract, tort or otherwise) arising out of, connected with or relating to
        this
        Agreement, the transactions contemplated hereby, or the actions of the Investor
        in the negotiation, administration, performance or enforcement
        hereof.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
        to
        be executed and delivered by their duly authorized representatives as of
        the
        date first written above.

       

      HIGHBURY
        FINANCIAL INC.

      A
        Delaware Corporation

      

      

      By:
        ________________________________

      Name:
        Richard S. Foote

      Title:
        President and Chief Executive Officer

      

      

      INVESTORS:

      

      ____________________________________

      R.
        Bruce
        Cameron

      

      ____________________________________

      Richard
        S. Foote

      

      ____________________________________

      R.
        Bradley Forth

      

      

      BROAD
        HOLLOW LLC

      

      

      ____________________________________

      By:

      Name:

      

      

      THE
        HILLARY APPEL TRUST

      

      

      ____________________________________

      By:

      

      THE
        CATEY
        LAUREN APPEL TRUST

      

      

      ____________________________________

      By:

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      1.    Richard
        S. Foote, Chief Executive Officer

      c/o
        Highbury Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

      

      2.    R.
        Bruce
        Cameron, Chairman

      c/o
        Highbury Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

      

      3.    R.
        Bradley Forth, Executive Vice President , Chief Financial Officer and
        Secretary

      c/o
        Highbury Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

      

      4.    The
        Hillary Appel Trust

      c/o
        Highbury Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

      

      5.    The
        Catey
        Lauren Appel Trust

      c/o
        Highbury Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

      

      6.    Broad
        Hollow LLC

      c/o
        Highbury Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        CO 80202

       

       

      
        
          
          

        

        
          17

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