Document:

ttii8k10_3.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    VOTING
AGREEMENT

     

    This
VOTING AGREEMENT (the “Agreement”) is made and
entered into as of this 24th day of
April, 2009, by and among Tree Top Industries, Inc., a Nevada corporation (the
“Company”), BioEnergy
Systems Management, Inc., a Nevada corporation (“Bio”), Wimase Limited, a
Delaware corporation (“Wimase”), Energetic Systems,
Inc., LLC, a Nevada limited liability company (“Energetic”), Dr. Fortunato
Villamagna (“Dr.
Villamagna”) and any other stockholder of the Company who becomes a party
hereto (collectively, and together with Bio, Wimase and Energetic and their
respective successors and permitted assigns, the “Stockholders”).

     

    RECITAL

     

    On April
24th, 2009, the Com­pany, the Stockholders and BioEnergy Applied
Technologies, Inc, a Nevada corporation, entered into a stock exchange agreement
(the “Stock Agreement”)
providing for the exchange of shares of Common Stock (as defined in the Stock
Agreement) for shares of BAT Stock (as defined in the Stock Agreement), and in
connection with the Stock Agreement the parties desired to provide Dr.
Villamagna with the right to exercise all of the voting rights (the “Voting Rights”) attached to
the Shareholder Common Stock (as defined in the Stock Agreement) for a period of
two (2) years from the Closing Date (as defined in the Stock Agreement) in
accordance with the terms of this Agreement.

     

    NOW,
THEREFORE, the parties agree as follows:

     

    1.           Voting
Provisions.

    

    1.1           Exercise Rights.  Each Stockholder agrees
to vote, or cause to be voted, all shares of Shareholder Common Stock owned by
such Stockholder, or over which such Stockholder has voting control, from time
to time and at all times, in whatever manner as directed by Dr.
Villamagna.

     

    1.2           Failure to Vote.  In
the absence of the exercise of any Voting Rights by Dr. Villamagna, for any
reason whatsoever, when a shareholder vote is requested by the Board of
Directors of the Company, the Voting Rights shall automatically be transferred
to the Secretary of the Company, or to his or her
assignee.    

     

    2.           Remedies.

     

    2.1           Covenants of the Company.  The Company agrees to
use its best efforts, within the requirements of applicable law, to ensure that
the rights granted under this Agreement are effective and that the parties enjoy
the benefits of this Agreement.

     

    2.2           Specific Enforcement. Each
party acknowledges and agrees that each party hereto will be irreparably damaged
in the event any of the provisions of this Agreement are not performed by the
parties in accordance with their specific terms or are otherwise
breached.  Accordingly, it is agreed that each of the Company and the
Stockholders shall be entitled to an injunction to prevent breaches of this
Agreement, and to specific enforcement of this Agreement and its terms and
provisions in any action instituted in any court of the United States or any
state having subject matter jurisdiction.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.3           Remedies
Cumulative.  All remedies, either under this Agreement or by
law or otherwise afforded to any party, shall be cumulative and not
alternative.

     

    3.           Term.  This
Agreement shall be effective as of the date hereof and shall continue in effect
until and shall terminate two (2) years following the Closing
Date.  

     

    4.           Miscellaneous.

     

    4.1           Transfers. Each transferee or assignee
of any Shareholder Common Stock subject to this Agree­ment shall continue to
be subject to the terms hereof, and, as a condition precedent to the
Com­pany’s recognizing such transfer, each transferee or assignee shall
agree in writing to be subject to each of the terms of this Agreement by
executing and delivering an Adoption Agreement sub­stantially in the form
attached hereto as Exhibit
A.  Upon the execution and delivery of an Adoption Agreement by
any transferee, such transferee shall be deemed to be a party hereto as if such
transferee were the transferor and such transferee’s signature appeared on the
signature pages of this Agreement and shall be deemed to be a Stockholder for
all purposes under this Agreement.  The Company shall not permit the
transfer of the Shares subject to this Agreement on its books or issue a new
certificate representing any such Shares unless and until such transferee shall
have complied with the terms of this Section 4.1.  Each
certificate representing the Shares subject to this Agreement if issued on or
after the date of this Agreement shall be endorsed by the Company with the
legend set forth in Section 4.9.

     

    4.2           Successors and Assigns. The
terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties.  No
party to this Agreement may consolidate with, or merge with or into, or sell,
transfer, lease, convey or otherwise dispose of all or substantially all of its
property or assets to another Person or Persons (a “successor-in-interest”),
whether in a single transaction or series of related transaction, unless such
successor-in-interest expressly assumes such first party’s obligations under
this Agreement in accordance with Section 4.1 above.  Except as
provided in the immediately preceding sentence, no party hereto may assign its
rights or obligations under this Agreement without the prior written consent of
the other parties hereto.

     

    4.3           Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New
York, regardless of the laws that might otherwise govern under applicable
principles of conflicts of law.

     

    4.4           Counterparts; Facsimile.  This Agreement may be
executed and deliv­ered by facsimile or pdf. and in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     

    4.5           Titles and Subtitles. The titles and subtitles
used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.6           Notices.  All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given:  (a) upon
personal delivery to the party to be notified, (b) five days after having been
sent by registered or certified mail, return receipt requested, postage prepaid,
or (c) one business day after the business day of deposit with an
internationally recognized overnight courier, specifying next business day
delivery, with written verification of receipt.  All communications
shall be sent to the respective parties at their address as set forth on such
party’s signature page hereto, or to such address as subsequently modified by
written notice given in accordance with this Section 4.6.  If notice
is given (i) to the Company, a copy shall also be sent to Nannarone &
McMurdo, LLP, 501 Madison Avenue, Suite 501, New York, NY 10022, Facsimile:
(646) 390-7090, Attention:  Matthew McMurdo, Esq. or (ii) to the
Stockholders, a copy shall also be sent to Santoro, Driggs, Walch, Kearney,
Holley & Thompson, 400 South Fourth Street, Las Vegas, Nevada 89101,
Facsimile: (702)791-1912, Attention: Michael E. Kearney, Esq.

    

    4.7           Delays or Omissions. No delay
or omission to exercise any right, power or remedy accruing to any party under
this Agreement, upon any breach or default of any other party under this
Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach
or default, or an acquiescence therein, or of or in any similar breach or
default thereafter occurring; nor shall any waiver of any single breach or
default be deemed a waiver of any other breach or default previously or
thereafter occurring.  Any waiver, permit, consent or approval of any
kind or character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or
conditions of this Agreement, must be in writing and shall be effective only to
the extent specifically set forth in such writing.  All remedies,
either under this Agreement or by law or otherwise afforded to any party, shall
be cumulative and not alternative.

     

    4.8           Severability. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision.

     

    4.9           Legend on Share
Certificates.  Each certificate
representing any shares of Shareholder Common Stock issued on or after the date
hereof shall be endorsed by the Company with a legend reading substan­tially
as follows:

     

    “THE SHARES EVIDENCED HEREBY ARE SUBJECT
TO A VOTING AGREE­MENT, AS MAY BE AMENDED FROM TIME TO TIME, (A COPY OF
WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING
ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED
TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT VOTING
AGREEMENT, INCLUD­ING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET
FORTH THEREIN.”

     

    The
Company, by its execution of this Agreement, agrees that it will cause the
certificates evi­dencing the shares of Shareholder Common Stock issued on or
after the date hereof to bear the legend required by this Section 4.9 of this
Agreement, and it shall supply, free of charge, a copy of this Agreement to any
holder of a certificate evidencing shares of Shareholder Common Stock upon
written request from such holder to the Company at its princi­pal
office.  The parties to this Agreement do hereby agree that the
failure to cause the certificates evidencing the shares of Shareholder Common
Stock to bear the legend required by this Section 4.9 herein and/or the failure
of the Company to supply, free of charge, a copy of this Agreement as provided
hereunder shall not affect the validity or enforcement of this
Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.10           Manner of Voting.  The exercise of the
Voting Rights pursuant to this Agreement may be effected in person, by proxy, by
written consent or in any other manner permitted by applica­ble
law.

     

    4.11           Further Assurances. At any
time or from time to time after the date hereof, the parties agree to cooperate
with each other, and at the request of any other party, to execute and deliver
any further instruments or documents and to take all such further action as the
other party may reasonably request in order to evidence or effectuate the
consummation of the transactions contemplated hereby and to otherwise carry out
the intent of the parties hereunder.

     

    4.12           Dispute Resolution. The parties (a) hereby
irrevocably and unconditionally submit to the jurisdiction of New York County in
the State of New York for the purpose of an arbitration proceeding arising out
of or based upon this Agreement and (b) agree not to commence any suit or action
or other proceeding arising out of or based upon this Agreement.  If
arbitration is necessary to enforce or interpret the terms of any of this
Agreement, the prevailing party shall be entitled to reasonable attorney’s fees,
costs and necessary disbursements in addition to any other relief to which such
party may be entitled.

     

    4.13           Costs of Enforcement. If any
party to this Agreement seeks to enforce its rights under this Agreement by
legal proceedings, the non-prevailing party shall pay all costs and expenses
incurred by the prevailing party, including, without limitation, all reasonable
attorneys’ fees.

     

    4.14           No Third Party Beneficiaries.
Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns
any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

     

     {Remainder of page left intentionally
blank.  Signature page(s) to follow.}

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    COUNTERPART
SIGNATURE PAGE TO

    VOTING
AGREEMENT

    

    IN
WITNESS WHEREOF, the undersigned has executed this Voting Agreement as of the
date first written above.

    

    

    TREE TOP INDUSTRIES, INC.

    

    

    By:           

    

    Name:                                                                           

    

    Title:                                                                           

    

    

    

    Address
for Notice Purposes:

    

    511 Sixth
Avenue

    Suite
800

    New York,
New York 10011

    Facsimile
Number: 775-890-3823

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    COUNTERPART
SIGNATURE PAGE TO

    VOTING
AGREEMENT

    

    IN
WITNESS WHEREOF, the undersigned has executed this Voting Agreement as of the
date first written above.

    

    

    DR. FORTUNATO VILLAMAGNA

    

    ______                                                                           

    

    

    Address
for Notice Purposes:

    

    10805
Bernini Drive

    Las
Vegas, Nevada 89141

    Facsimile
Number: 702-897-8109

    

    

    

    

    

    BIOENERGY SYSTEMS MANAGEMENT,
INC.

    

    
 

    

    

    Address
for Notice Purposes:

    

    10805
Bernini Drive

    Las
Vegas, Nevada 89141

    Attention:
Dr. Fortunato Villamagna, President

    Facsimile
Number: 702-897-8109

    

    

    

    WIMASE LIMITED

    

    ______                                                                           

    

    

    Address
for Notice Purposes:

    

    9950
Claymore Drive

    Dallas,
Texas 75243

    Attention:
the President

    Facsimile
Number: 403-685-8814

    

    ENERGETIC SYSTEMS INC.,
LLC

    

    ______                                                                           

    

    

    Address
for Notice Purposes:

    

    2420
Springer Road

    Suite
110

    Norman,
Oklahoma 79063

    Facsimile
Number: 405-947-0768

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    ADOPTION
AGREEMENT

     

    This
Adoption Agreement (“Adoption
Agreement”) is executed on April 24th, by the
undersigned (the “Holder”) pursuant to the terms
of that certain Voting Agreement dated as of April 24th, 2009 (the “Agreement”), by and among Tree
Top Industries, Inc., a Nevada corporation (the “Company”), Dr. Fortunato
Villamagna and David Taylor, as such Agreement may be amended or amended and
restated hereafter.  Capitalized terms used but not defined in this
Adoption Agreement shall have the respective meanings ascribed to such terms in
the Agreement.  By the execution of this Adoption Agreement, the
Holder agrees as follows.

     

    1.1           Acknowledgement.  Holder
acknowledges that Holder is acquiring certain shares of the capital stock of the
Company (the “Stock”) by
transfer from a party bound by the Agreement and agrees to be bound by the
Agreement as a Stockholder.

     

    1.2           Agreement.  Holder
hereby (a) agrees that the Stock  shall be bound by and subject to the
terms of the Agreement and (b) adopts the Agreement with the same force and
effect as if Holder were originally a party thereto.

     

    1.3           Notice. Any notice required or
permitted by the Agreement shall be given to Holder at the address listed below
Holder’s signature hereto.

     

    _____________________________________________

    [PRINT
NAME OF HOLDER]

    

    By:           

    

    Name:                                                                           

    

    Title:                                                                           

    Address
for Notice Purposes:

    

    _____________________________________________________________________________________

    

    _____________________________________________________________________________________

    

    

    Accepted and
Agreed:

    

    TREE
TOP INDUSTRIES, INC.

    

    By:           

    

    Name:                                                                

    

    
      	 
      

    

    Title:Unassociated Document

    INDEMNIFICATION
AGREEMENT

    

    This Indemnification Agreement
(“Agreement”) is made as of April __, 2009 by and between Highbury Financial
Inc., a Delaware corporation (the “Company”), and [_______]
(“Indemnitee”).

    RECITALS

    

    WHEREAS, highly competent persons have
become more reluctant to serve corporations as independent directors unless they
are provided with adequate protection through insurance or adequate
indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the
corporation;

    

    WHEREAS, the Company maintains on an
ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities, the
Certificate of Incorporation of the Company (the “Certificate”) requires
indemnification of the directors, and Indemnitee may also be entitled to
indemnification pursuant to the Delaware General Corporation Law, as amended
(the “DGCL”);

    

    WHEREAS, the DGCL expressly provides
that the indemnification provisions set forth therein are not exclusive, and
thereby contemplates that contracts may be entered into between the Company and
members of the Board, and other persons with respect to
indemnification;

    

    WHEREAS, the Board of Directors of the
Company (the “Board”) has determined that the increased difficulty in attracting
and retaining independent directors, which is a result of the uncertainties
relating to insurance and statutory indemnification, is detrimental to the best
interests of the Company’s stockholders and that the Company should act to
assure such persons that there will be increased certainty of such protection in
the future;

    

    WHEREAS, it is reasonable, prudent and
necessary for the Company contractually to obligate itself to indemnify, and to
advance expenses on behalf of, the Indemnitee to the fullest extent permitted by
applicable law so that he will serve or continue to serve the Company free from
undue concern that he will not be so indemnified;

    

    WHEREAS, this Agreement is a supplement
to and in furtherance of the Certificate and any resolutions adopted pursuant
thereto, and shall not be deemed a substitute therefor, nor to diminish or
abrogate any rights of Indemnitee thereunder;

    

    WHEREAS, Indemnitee may not be willing
to continue to serve as a director without the protection of a contractual
obligation on the part of the Company to indemnify Indemnitee, and the Company
desires Indemnitee to serve in such capacity.  Indemnitee is willing
to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that he be indemnified as set forth in this
Agreement; and

    

    

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

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    Section
1.    Services to the
Company.  Indemnitee agrees to continue to serve as a director
of the Company.  Indemnitee may at any time and for any reason resign
from such position (subject to any other contractual obligation or any
obligation imposed by operation of law), in which event the Company shall have
no obligation under this Agreement to continue Indemnitee in such
position.  This Agreement shall not be deemed an employment contract
between the Company (or any of its subsidiaries or any Enterprise (as defined
below)) and Indemnitee.  Indemnitee acknowledges that he may be
removed as a director at any time in accordance with the Certificate, the
Company’s By-laws, and the DGCL.  The foregoing notwithstanding, this
Agreement shall continue in force after Indemnitee has ceased to serve as a
director of the Company.

     

    Section
2.    Definitions.   As
used in this Agreement:

     

    
      	 	
              (a)

            	
              A
      “Change in Control” shall be deemed to occur upon the earliest to occur
      after the date of this Agreement of any of the following
      events:

            

    

     

    i.    Acquisition of Stock by
Third Party.  Any Person (as defined below), is or becomes the
Beneficial Owner (as defined below), directly or indirectly, of securities of
the Company representing fifty percent (50%) or more of the combined voting
power of the Company’s then outstanding securities;

     

    ii.    Change in Board of
Directors.  During any period of two (2) consecutive years (not
including any period prior to the execution of this Agreement), individuals who
at the beginning of such period constitute the Board, and any new director
(other than a director designated by a person who has entered into an agreement
with the Company to effect a transaction described in Sections 2(a)(i),
2(a)(iii) or
2(a)(iv)) whose
nomination for election by the Company’s stockholders was approved by a vote of
at least two-thirds of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute at least
a majority of the members of the Board;

     

    iii.    Corporate
Transactions.  The effective date of a merger or consolidation
of the Company with any other entity, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately
prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity) more than 51% of the combined voting power of the voting
securities of the surviving entity outstanding immediately after such merger or
consolidation and with the power to elect at least a majority of the board of
directors or other governing body of such surviving entity;

     

    iv.    Liquidation.  The
approval by the stockholders of the Company of a complete liquidation of the
Company or an agreement for the sale or disposition by the Company of all or
substantially all of the Company’s assets; and

     

    
      
         

      

      
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    v.    Other
Events.  There occurs any other event of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or a response to any similar item on any similar schedule or form)
promulgated under the Exchange Act (as defined below), whether or not the
Company is then subject to such reporting requirement.

     

    For
purposes of this Section 2(a), the following terms shall have the following
meanings:

    

    (A)           “Affiliate”
shall have the meaning given to such term pursuant to Rule 12b-2 promulgated
under the Exchange Act (as defined below).

     

    (B)           “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the
Exchange Act; provided, however, that Beneficial Owner shall exclude any Person
otherwise becoming a Beneficial Owner by reason of the stockholders of the
Company approving a merger of the Company with another entity.

     

    (C)           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

     

    (D)           “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act; provided, however, that Person shall exclude (i) the Company, (ii) any
trustee or other fiduciary holding securities under an employee benefit plan of
the Company, and (iii) any corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company.

     

    (b)    “Corporate
Status” describes the status of a person who is or was a director, employee or
agent of the Company or of any other corporation, limited liability company,
partnership or joint venture, trust, employee benefit plan or other enterprise
which such person is or was serving at the request of the Company.

     

    (c)    “Disinterested
Director” means a director of the Company who is not and was not a party to, nor
an officer, a director or partner of a party to, the Proceeding in respect of
which indemnification is sought by Indemnitee.

     

    (d)    “Enterprise”
shall mean the Company and any other corporation, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of
which Indemnitee is or was serving at the request of the Company as a director,
employee, agent or fiduciary.

     

    (e)    “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees,
and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, or otherwise participating
in, a Proceeding.  Expenses also shall include (i) Expenses incurred
in connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost bond,
supersedeas bond, or other appeal bond or its equivalent, (ii) any federal,
state, local or foreign taxes imposed on Indemnitee as a result of the actual or
deemed receipt of any payments under this Agreement, (iii) all interest,
assessments and other charges paid or payable in connection with or in respect
of the Expenses, and (iv) for purposes of Section 12(d) only,
Expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement, by
litigation or otherwise.  Expenses, however, shall not include amounts
paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

     

    
      
         

      

      
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    (f)    “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither presently is, nor in the past five years
has been, retained to represent:  (i) the Company or Indemnitee in any
matter material to either such party (other than with respect to matters
concerning the Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding
giving rise to a claim for indemnification hereunder.  Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in
an action to determine Indemnitee’s rights under this Agreement.  The
Company agrees to pay the reasonable fees and expenses of the Independent
Counsel referred to above and to fully indemnify such counsel against any and
all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

     

    (g)    The term
“Proceeding” shall include any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative or investigative nature, in which Indemnitee was, is or
will be involved as a party or otherwise by reason of the fact that Indemnitee
is or was a director of the Company, by reason of any action taken by him or of
any action on his part while acting as director of the Company, or by reason of
the fact that he is or was serving at the request of the Company as a director,
employee or agent of another corporation, limited liability company,
partnership, joint venture, trust or other enterprise, in each case whether or
not serving in such capacity at the time any liability or expense is incurred
for which indemnification, reimbursement, or advancement of expenses can be
provided under this Agreement; except one initiated by an Indemnitee to enforce
his rights under this Agreement.

     

    (h)    References
to “other enterprise” shall include employee benefit plans; references to
“fines” shall include any excise tax assessed with respect to any employee
benefit plan; references to “serving at the request of the Company” shall
include any service as a director, officer, employee or agent of the Company
which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants or
beneficiaries; and a person who acted in good faith and in a manner he
reasonably believed to be in the best interests of the participants and
beneficiaries of an employee benefit plan shall be deemed to have acted in
manner “not opposed to the best interests of the Company” as referred to in this
Agreement.

     

    
      
         

      

      
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    Section
3.    ­Indemnity in
Proceedings.  The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 3 if
Indemnitee is, or is threatened to be made, a party to or a participant in any
Proceeding.  Pursuant to this Section 3, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against
all Expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by Indemnitee or on his behalf in connection with such
Proceeding or any claim, issue or matter therein; provided that it is determined
(in accordance with Section 10(a)) in the
specific case that indemnification of such person is permissible under the
circumstances because such person has met the standard of conduct for
indemnification specified in Section 145 of the DGCL.

     

    Section
4.    Indemnification for Expenses
of a Party Who is Wholly or Partly Successful. Notwithstanding any other
provisions of this Agreement, to the fullest extent permitted by applicable law
and to the extent that Indemnitee is a party to (or a participant in) and is
successful, on the merits or otherwise, in any Proceeding or in defense of any
claim, issue or matter therein, in whole or in part, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by him in
connection therewith.  If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall
indemnify Indemnitee against all Expenses actually and reasonably incurred by
him or on his behalf in connection with each successfully resolved claim, issue
or matter.  If the Indemnitee is not wholly successful in such
Proceeding, the Company also shall indemnify Indemnitee against all Expenses
reasonably incurred in connection with a claim, issue or matter related to any
claim, issue, or matter on which the Indemnitee was successful.  For
purposes of this Section and without limitation, the termination of any claim,
issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or
matter.

     

    Section
5.    ­Indemnification For Expenses
of a Witness.  Notwithstanding any other provision of this
Agreement, to the fullest extent permitted by applicable law and to the extent
that Indemnitee is, by reason of his Corporate Status, a witness in any
Proceeding to which Indemnitee is not a party, he shall be indemnified against
all Expenses actually and reasonably incurred by him or on his behalf in
connection therewith.

     

    Section
6.    Additional
Indemnification.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    
      	 	
              (a)

            	
              Notwithstanding
      any limitation in Section 3 or
      Section
      4, the Company shall indemnify Indemnitee to the fullest extent
      permitted by applicable law if Indemnitee is a party to or threatened to
      be made a party to any Proceeding (including a Proceeding by or in the
      right of the Company to procure a judgment in its favor) against all
      Expenses, judgments, fines and amounts paid in settlement actually and
      reasonably incurred by Indemnitee in connection with the
      Proceeding.

            

    

     

    
      	 	
              (b)

            	
              For
      purposes of Section 6(a),
      the meaning of the phrase “to the fullest extent permitted by applicable
      law” shall include, but not be limited
to:

            

    

     

    i. to the
fullest extent permitted by the provision of the DGCL that authorizes or
contemplates additional indemnification by agreement, or the corresponding
provision of any amendment to or replacement of the DGCL, and

     

    ii. to the
fullest extent authorized or permitted by any amendments to or replacements of
the DGCL adopted after the date of this Agreement that increase the extent to
which a corporation may indemnify its directors.

     

    Section
7.    Exclusions.   Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against
Indemnitee:

     

    
      	 	
              (a)

            	
              for
      which payment has actually been made to or on behalf of Indemnitee under
      any insurance policy or other indemnity provision, except with respect to
      any excess beyond the amount paid under any insurance policy or other
      indemnity provision; or

            

    

     

    
      	 	
              (b)

            	
              for
      (i) an accounting of profits made from the purchase and sale (or sale and
      purchase) by Indemnitee of securities of the Company within the meaning of
      Section 16(b) of the Exchange Act (as defined in Section 2(a)),
      or similar provisions of state statutory law or common law, or (ii) any
      reimbursement of the Company by the Indemnitee of any bonus or other
      incentive-based or equity-based compensation or of any profits realized by
      the Indemnitee from the sale of securities of the Company, as required in
      each case under the Exchange Act;
or

            

    

     

    
      	 	
              (c)

            	
              except
      as provided in Section 12(d),
      in connection with any Proceeding (or any part of any Proceeding)
      initiated by Indemnitee, including any Proceeding (or any part of any
      Proceeding) initiated by Indemnitee against the Company or its directors,
      employees or other indemnitees, unless (i) the Board of Directors of the
      Company authorized the Proceeding (or any part of any Proceeding) prior to
      its initiation or (ii) the Company provides the indemnification, in its
      sole discretion, pursuant to the powers vested in the Company under
      applicable law.

            

    

     

    Section
8.   Advances of
Expenses.  Notwithstanding any provision of this Agreement to
the contrary, upon (i) receipt of a written affirmation of Indemnitee’s good
faith belief that he has met the standard of conduct prescribed by the DGCL;
(ii) receipt of an undertaking of Indemnitee to repay the amount paid by the
Company if it is ultimately determined that Indemnitee is not entitled to
indemnification by the Company; and (iii) a determination (made in accordance
with Section
10(a)) that the facts then known to those making the determination would
not preclude indemnification under the DGCL, the Company shall advance, to the
extent not prohibited by law, the expenses incurred by Indemnitee in connection
with any Proceeding, and such advancement shall be made within 30 days after the
receipt by the Company of a statement or statements requesting such advances
from time to time, whether prior to or after final disposition of any
Proceeding.  Advances shall be unsecured and interest
free.  Advances shall be made without regard to Indemnitee’s ability
to repay the expenses and without regard to Indemnitee’s ultimate entitlement to
indemnification under the other provisions of this
Agreement.  Advances shall include any and all reasonable Expenses
incurred pursuing an action to enforce this right of advancement, including
Expenses incurred preparing and forwarding statements to the Company to support
the advances claimed.  This Section 8 shall not
apply to any claim made by Indemnitee for which indemnity is excluded pursuant
to Section
7.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

       

    

    Section
9.    Procedure for Notification
and Defense of Claim.

     

    
      	 	
              (a)

            	
              To
      obtain indemnification under this Agreement, Indemnitee shall submit to
      the Company a written request, including therein or therewith such
      documentation and information as is reasonably available to Indemnitee and
      is reasonably necessary to determine whether and to what extent Indemnitee
      is entitled to indemnifica­tion following the final disposition of
      such action, suit or proceeding.  The delay or omission to
      notify the Company will not relieve the Company from any liability which
      it may have to Indemnitee otherwise than under this
      Agreement.  The Sec­retary of the Company shall, promptly
      upon receipt of such a request for indemnification, advise the Board in
      writing that Indemnitee has requested
  indemnification.

            

    

     

    
      	 	
              (b)

            	
              The
      Company will be entitled to participate in the Proceeding at its own
      expense.

            

    

     

    Section
10.    Procedure Upon Application
for Indemnification.

     

    
      	 	
              (a)

            	
              Upon
      written request by Indemnitee for indemnification pursuant to the first
      sentence of Section 9(a) or
      for advances pursuant to the first sentence of Section 8, a
      determination, if required by applicable law, with respect to Indemnitee’s
      entitlement thereto shall be made in the specific case:  (i) if
      a Change in Control shall have occurred, by Independent Counsel in a
      written opinion to the Board of Directors, a copy of which shall be
      delivered to Indemnitee; or (ii) if a Change in Control shall not have
      occurred, (A) by a majority vote of the Disinterested Directors, provided
      that such directors constitute a quorum of the Board, (B) if a quorum of
      the Board cannot be obtained under the foregoing clause (A), by a
      committee of two or more Disinterested Directors designated by a majority
      vote of members of the Board (including directors other than Disinterested
      Directors) constituting a quorum of the Board, (C) if there are not at
      least two Disinterested Directors or, if such Disinterested Directors so
      direct, by Independent Counsel in a written opinion to the Board, a copy
      of which shall be delivered to Indemnitee or (D) if so directed by the
      Board, by the stockholders of the Company (excluding shares owned by or
      voted under the control of directors that are at the time parties to the
      Proceeding); provided, however, that
      if Independent Counsel makes the determination that Indemnitee is entitled
      to indemnification under the DGCL, the authorization of indemnification
      and the evaluation as to reasonableness of expenses shall be made by the
      persons set forth in the foregoing clause (ii)(A) or, if necessary, clause
      (ii)(B).  If, upon written request made by Indemnitee pursuant
      to Section
      9(a), it is so determined that Indemnitee is entitled to
      indemnification under the DGCL, payment to Indemnitee of all authorized
      indemnification amounts, including expenses determined to be reasonable,
      shall be made within ten (10) days after such
    determination.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

       

    

    
      	 	
              (b)

            	
              Indemnitee
      shall cooperate with the person, persons or entity making the
      determination with respect to Indemnitee’s entitlement to indemnification,
      including providing to such person, persons or entity upon reasonable
      advance request any documentation or information which is not privileged
      or otherwise protected from disclosure and which is reasonably available
      to Indemnitee and reasonably necessary to such
      determination.  Any costs or expenses (including attorneys’ fees
      and disbursements) incurred by Indemnitee in so cooperating with the
      person, persons or entity making such determination shall be borne by the
      Company (irrespective of the determination as to Indemnitee’s entitlement
      to indemnification) and the Company hereby indemnifies and agrees to hold
      Indemnitee harmless therefrom.

            

    

     

    Section
11. Presumptions and Effect of
Certain Proceedings.

     

    
      	 	
              (a)

            	
              In
      making a determination with respect to entitlement to indemnification
      hereunder, the person or persons or entity making such determination shall
      presume that Indemnitee is entitled to indemnification under this
      Agreement if Indemnitee has submitted a request for indemnification in
      accordance with Section 9(a) of
      this Agreement, and the Company shall, to the fullest extent not
      prohibited by law, have the burden of proof to overcome that presumption
      in connection with the making by any person, persons or entity of any
      determination contrary to that presumption.  Neither the failure
      of the Company (including by its directors or independent legal counsel)
      to have made a determination prior to the commencement of any action
      pursuant to this Agreement that indemnification is proper in the
      circumstances because Indemnitee has met the applicable standard of
      conduct, nor an actual determination by the Company (including by its
      directors or independent legal counsel) that Indemnitee has not met such
      applicable standard of conduct, shall be a defense to the action or create
      a presumption that Indemnitee has not met the applicable standard of
      conduct.

            

    

     

    
      	 	
              (b)

            	
              Subject
      to Section
      12(e), if the person, persons or entity empowered or selected under
      Section
      10(a) to determine whether Indemnitee is entitled to
      indemnification shall not have made a determination within sixty (60) days
      after receipt by the Company of the request therefor, the requisite
      determination of entitlement to indemnification shall, to the fullest
      extent not prohibited by law, be deemed to have been made and Indemnitee
      shall be entitled to such indemnification, absent (i) a misstatement by
      Indemnitee of a material fact, or an omission of a material fact necessary
      to make Indemnitee’s statement not materially misleading, in connection
      with the request for indemnification, or (ii) a prohibition of such
      indemnification under applicable law; provided, however, that such 60-day
      period may be extended for a reasonable time, not to exceed an additional
      thirty (30) days, if the person, persons or entity making the
      determination with respect to entitlement to indemnification in good faith
      requires such additional time for the obtaining or evaluating of
      documentation and/or information relating thereto; and provided, further,
      that the foregoing provisions of this Section 11(b)
      shall not apply (i) if the determination of entitlement to indemnification
      is to be made by the stockholders pursuant to Section 10(a)
      and if (A) within fifteen (15) days after receipt by the Company of the
      request for such determination the Board of Directors has resolved to
      submit such determination to the stockholders for their consideration at
      an annual meeting thereof to be held within seventy-five (75) days after
      such receipt and such determination is made thereat, or (B) a special
      meeting of stockholders is called within fifteen (15) days after such
      receipt for the purpose of making such determination, such meeting is held
      for such purpose within sixty (60) days after having been so called and
      such determination is made thereat, or (ii) if the determination of
      entitlement to indemnification is to be made by Independent Counsel
      pursuant to Section
      10(a).

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

       

    

    
      	 	
              (c)

            	
              The
      termination of any Proceeding or of any claim, issue or matter therein, by
      judgment, order, settlement or conviction, or upon a plea of nolo contendere or
      its equivalent, shall not (except as otherwise expressly provided in this
      Agreement) of itself adversely affect the right of Indemnitee to
      indemnification or create a presumption that Indemnitee did not act in
      good faith and in a manner which he reasonably believed to be in or not
      opposed to the best interests of the Company or, with respect to any
      criminal Proceeding, that Indemnitee had reasonable cause to believe that
      his conduct was unlawful.

            

    

     

    
      	 	
              (d)

            	
              Reliance as Safe
      Harbor.  For purposes of any determination of good faith,
      Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
      action is based on the records or books of account of the Enterprise,
      including financial statements, or on information supplied to Indemnitee
      by the officers of the Enterprise in the course of their duties, or on the
      advice of legal counsel for the Enterprise or on information or records
      given or reports made to the Enterprise by an independent certified public
      accountant or by an appraiser or other expert selected with the reasonable
      care by  the Enterprise.  The provisions of this Section 11(d)
      shall not be deemed to be exclusive or to limit in any way the other
      circumstances in which the Indemnitee may be deemed to have met the
      applicable standard of conduct set forth in this
  Agreement.

            

    

     

    
      	 	
              (e)

            	
              Actions of
      Others.  The knowledge and/or actions, or failure to act,
      of any director, officer, agent or employee of the Enterprise shall not be
      imputed to Indemnitee for purposes of determining the right to
      indemnification under this
Agreement.

            

    

     

    Section
12.    Remedies of
Indemnitee.

     

    
      	 	
              (a)

            	
              Subject
      to Section
      12(e), in the event that (i) a determination is made pursuant to
      Section
      10 that Indemnitee is not entitled to indemnification under this
      Agreement, (ii) advancement of Expenses is not timely made pursuant to
      Section 8,
      (iii) no determination of entitlement to indemnification shall have been
      made pursuant to Section 10(a)
      within 90 days after receipt by the Company of the request for
      indemnification, (iv) payment of indemnification is not made pursuant to
      Section 4
      or Section
      5 or the last sentence of Section 10(a)
      of this Agreement within ten (10) days after receipt by the Company of a
      written request therefor, (v) payment of indemnification pursuant to Section 3 or
      Section 6
      is not made within ten (10) days after a determination has been made that
      Indemnitee is entitled to indemnification, or (vi) in the event that the
      Company or any other person takes or threatens to take any action to
      declare this Agreement void or unenforceable, or institutes any litigation
      or other action or Proceeding designed to deny, or to recover from, the
      Indemnitee the benefits provided or intended to be provided to the
      Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a
      court of his entitlement to such indemnification or advancement of
      Expenses.  Alternatively, Indemnitee, at his option, may seek an
      award in arbitration to be conducted by a single arbitrator pursuant to
      the Commercial Arbitration Rules of the American Arbitration
      Association.  Indemnitee shall commence such proceeding seeking
      an adjudication or an award in arbitra­tion within 180 days following
      the date on which Indemnitee first has the right to commence such
      proceeding pursuant to this Section 12(a);
      provided,
      however,
      that the foregoing clause shall not apply in respect of a proceeding
      brought by Indemnitee to enforce his rights under Section 4.  The
      Company shall not oppose Indemnitee’s right to seek any such adjudication
      or award in arbitration.

            

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

    
      	 	
              (b)

            	
              In
      the event that a determination shall have been made pursuant to Section 10(a)
      that Indemnitee is not entitled to indemnification, any judicial
      proceeding or arbitration commenced pursuant to this Section 12
      shall be conducted in all respects as a de novo trial, or
      arbitration, on the merits and Indemnitee shall not be prejudiced by
      reason of that adverse determination.  In any judicial
      proceeding or arbitration commenced pursuant to this Section 12 the
      Company shall have the burden of proving Indemnitee is not entitled to
      indemnification or advancement of Expenses, as the case may
      be.

            

    

     

    
      	 	
              (c)

            	
              If
      a determination shall have been made pursuant to Section 10(a)
      that Indemnitee is entitled to indemnification, the Company shall be bound
      by such determination in any judicial proceeding or arbitration commenced
      pursuant to this Section 12,
      absent (i) a misstatement by Indemnitee of a material fact, or an omission
      of a material fact necessary to make Indemnitee’s statement not materially
      misleading, in connection with the request for indemnification, or (ii) a
      prohibition of such indemnification under applicable
  law.

            

    

     

    
      	 	
              (d)

            	
              The
      Company shall be precluded from asserting in any judicial proceeding or
      arbitration commenced pursuant to this Section 12 that
      the procedures and presumptions of this Agreement are not valid, binding
      and enforceable and shall stipulate in any such court or before any such
      arbitrator that the Company is bound by all the provisions of this
      Agreement.  It is the intent of the Company that the Indemnitee
      not be required to incur legal fees or other Expenses associated with the
      interpretation, enforcement or defense of Indemnitee’s rights under this
      Agreement by litigation or otherwise because the cost and expense thereof
      would substantially detract from the benefits intended to be extended to
      the Indemnitee hereunder.  The Company shall indemnify
      Indemnitee against any and all Expenses and, if requested by Indemnitee,
      shall (within ten (10) days after receipt by the Company of a written
      request therefore) advance, to the extent not prohibited by law, such
      expenses to Indemnitee, which are incurred by Indemnitee in connection
      with any action brought by Indemnitee for indemnification or advance of
      Expenses from the Company under this Agreement or under any directors’ and
      officers’ liability insurance policies maintained by the Company,
      regardless of whether Indemnitee ultimately is determined to be entitled
      to such indemnification, advancement of Expenses or insurance recovery, as
      the case may be.

            

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

    

    
      	 	
              (e)

            	
              Notwithstanding
      anything in this Agreement to the contrary, no determination as to
      entitlement to indemnification under this Agreement shall be required to
      be made prior to the final disposition of the
  Proceeding.

            

    

     

    Section
13.    Non-exclusivity; Survival of
Rights; Insurance; Subrogation.

     

    
      	 	
              (a)

            	
              The
      rights of indemnification and to receive advancement of Expenses as
      provided by this Agreement shall not be deemed exclusive of any other
      rights to which Indemnitee may at any time be entitled under applicable
      law, the Certificate, the Company’s By-laws, any agreement, a vote of
      stockholders or a resolution of directors, or otherwise.  No
      amendment, alteration or repeal of this Agreement or of any provision
      hereof shall limit or restrict any right of Indemnitee under this
      Agreement in respect of any action taken or omitted by such Indemnitee in
      his Corporate Status prior to such amendment, alteration or
      repeal.  To the extent that a change in Delaware law, whether by
      statute or judicial decision, permits greater indemnification or
      advancement of Expenses than would be afforded currently under the
      Company’s By-laws and this Agreement, it is the intent of the parties
      hereto that Indemnitee shall enjoy by this Agreement the greater benefits
      so afforded by such change.  No right or remedy herein conferred
      is intended to be exclusive of any other right or remedy, and every other
      right and remedy shall be cumulative and in addition to every other right
      and remedy given hereunder or now or hereafter existing at law or in
      equity or otherwise.  The assertion or employment of any right
      or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other right or
  remedy.

            

    

     

    
      	 	
              (b)

            	
              To
      the extent that the Company maintains an insurance policy or policies
      providing liability insurance for directors, officers, employees, or
      agents of the Company or of any other corporation, partnership, joint
      venture, trust, employee benefit plan or other enterprise which such
      person serves at the request of the Company, Indemnitee shall be covered
      by such policy or policies in accordance with its or their terms to the
      maximum extent of the coverage available for any such director, officer,
      employee or agent under such policy or policies.  If, at the
      time of the receipt of a notice of a claim pursuant to the terms hereof,
      the Company has director and officer liability insurance in effect, the
      Company shall give prompt notice of the commencement of such proceeding to
      the insurers in accordance with the procedures set forth in the respective
      policies.  The Company shall thereafter take all necessary or
      desirable action to cause such insurers to pay, on behalf of the
      Indemnitee, all amounts payable as a result of such proceeding in
      accordance with the terms of such
policies.

            

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    
      	 	
              (c)

            	
              In
      the event of any payment under this Agreement, the Company shall be
      subrogated to the extent of such payment to all of the rights of recovery
      of Indemnitee, who shall execute all papers required and take all action
      necessary to secure such rights, including execution of such documents as
      are necessary to enable the Company to bring suit to enforce such
      rights.

            

    

     

    
      	 	
              (d)

            	
              The
      Company shall not be liable under this Agreement to make any payment of
      amounts otherwise indemnifiable (or for which advancement is provided
      hereunder) hereunder if and to the extent that Indemnitee has otherwise
      actually received such payment under any insurance policy, contract,
      agreement or otherwise.

            

    

     

    
      	 	
              (e)

            	
              The
      Company’s obligation to indemnify or advance Expenses hereunder to
      Indemnitee who is or was serving at the request of the Company as a
      director, officer, employee or agent of any other corporation, limited
      liability company, partnership, joint venture, trust, employee benefit
      plan or other enterprise shall be reduced by any amount Indemnitee has
      actually received as indemnification or advancement of expenses from such
      other corporation, limited liability company, partnership, joint venture,
      trust, employee benefit plan or other
  enterprise.

            

    

     

    Section
14.    Duration of
Agreement.  This Agreement shall continue until and terminate
upon the later of: (a) 10 years after the date that Indemnitee shall have ceased
to serve as a director of the Company or (b) 1 year after the final termination
of any Proceeding then pending in respect of which Indemnitee is granted rights
of indemnification or advancement of Expenses hereunder and of any proceeding
commenced by Indemnitee pursuant to Section 12
relating thereto.  This Agreement shall be binding upon the Company
and its successors and assigns and shall inure to the benefit of Indemnitee and
his heirs, executors and administrators.

     

    Section
15.    Severability.  If
any provision or provisions of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including
without limitation, each portion of any Section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall not in any way be affected or impaired
thereby and shall remain enforceable to the fullest extent permitted by law; (b)
such provision or provisions shall be deemed reformed to the extent necessary to
conform to applicable law and to give the maximum effect to the intent of the
parties hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby.

     

    Section
16.    Enforcement.

     

    
      	 	
              (a)

            	
              The
      Company expressly confirms and agrees that it has entered into this
      Agreement and assumed the obligations imposed on it hereby in order to
      induce Indemnitee to serve as a director of the Company, and the Company
      acknowledges that Indemnitee is relying upon this Agreement in serving as
      a director of the Company.

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

       

    

    
      	 	
              (b)

            	
              This
      Agreement constitutes the entire agreement between the parties hereto with
      respect to the subject matter hereof and supersedes all prior agreements
      and understandings, oral, written and implied, between the parties hereto
      with respect to the subject matter hereof; provided, however, that this
      Agreement is a supplement to and in furtherance of the Certificate, the
      By-laws of the Company and applicable law, and shall not be deemed a
      substitute therefor, nor to diminish or abrogate any rights of Indemnitee
      thereunder.

            

    

     

    Section
17.    Modification and
Waiver.  No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties
thereto.  No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions of this Agreement
nor shall any waiver constitute a continuing waiver.

     

    Section
18.    Notice by
Indemnitee.  Indemnitee agrees promptly to notify the Company
in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification or advancement of Expenses covered
hereunder.  The failure of Indemnitee to so notify the Company shall
not relieve the Company of any obligation which it may have to the Indemnitee
under this Agreement or otherwise.

     

    Section
19.    Notices. All notices, requests,
demands and other communications under this Agreement shall be in writing and
shall be deemed to have been duly given if (a) delivered by hand and receipted
for by the party to whom said notice or other communication shall have been
directed, (b) mailed by certified or registered mail with postage prepaid, on
the third business day after the date on which it is so mailed, (c) mailed by
reputable overnight courier and receipted for by the party to whom said notice
or other communication shall have been directed or (d) sent by facsimile
transmission, with receipt of oral confirmation that such transmission has been
received:

     

    
      	 	
              (a)

            	
              If
      to Indemnitee, at the address indicated on the signature page of this
      Agreement, or such other address as Indemnitee shall provide to the
      Company.

            

    

     

    
      	 	
              (b)

            	
              If
      to the Company to:

               

              
                Highbury
      Financial, Inc.

                999
      Eighteenth Street, Suite 3000

                Denver,
      Colorado  80202

                Facsimile
      No.: (303) 893-2902

                Attention:
      Chief Executive Officer

              

            

    

    

    or to any
other address as may have been furnished to Indemnitee by the
Company.

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

       

    

    Section
20.    Contribution.  To
the fullest extent permissible under applicable law, if the indemnification
provided for in this Agreement is unavailable to Indemnitee for any reason
whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to
the amount incurred by Indemnitee, whether for judgments, fines, penalties,
excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in
connection with any claim relating to an indemnifiable event under this
Agreement, in such proportion as is deemed fair and reasonable in light of all
of the circumstances of such Proceeding in order to reflect (i) the relative
benefits received by the Company and Indemnitee as a result of the event(s)
and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and
Indemnitee in connection with such event(s) and/or transaction(s).

     

    Section
21.    Applicable
Law.  This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of
the State of Delaware, without regard to its conflict of laws
rules.

     

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

     

    Section
23.    Miscellaneous.    Use
of the masculine pronoun shall be deemed to include usage of the feminine
pronoun where appropriate.  The headings of the para­graphs of
this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction
thereof.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

       

    

    IN WITNESS WHEREOF, the parties have
caused this Indemnification Agreement to be signed as of the day and year first
above written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	Highbury
      Financial Inc.	 	 	INDEMNITEE:	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	By:  	
                                               

                                            	 	 	 	
                                               

                                            	 
	 	
                                              Name:

                                            	 	 	Name:	 
	 	
                                              Title:

                                            	 	 	 	
                                               

                                            	 
	 	 	 	 	 	 	 
	 	 	 	 	Address:  	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

                                    

                                     

                                    
                                      
                                         

                                      

                                      
                                        15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]