Document:

Exhibit 10.5

                   GREENHILL & CO., INC. EQUITY INCENTIVE PLAN

         Section 1. Purpose. The purposes of this Equity Incentive Plan (the
"PLAN") are to attract, retain and motivate key employees and directors of and
consultants and advisors to Greenhill & Co., Inc. (the "COMPANY") and its
subsidiaries and to align the interests of key employees, directors, consultants
and advisors with shareholders with equity-based compensation and enhanced
opportunities for ownership of shares of the Company's common stock.

         Section 2. Definitions. The following terms used in the Plan and any
agreement entered into pursuant to the Plan shall have the meaning set forth
below:

         "AFFILIATE" means (i) any Person that directly, or through one or more
intermediaries, controls, or is controlled by, or is under common control with,
the Company or (ii) any entity in which the Company has a significant equity
interest, as determined by the Committee.

         "AWARD" means any Option, award of Restricted Stock or Restricted Stock
Units, Performance Award, Other Stock-Based Award, or any other right, interest
or grant relating to Shares or other property granted pursuant to the Plan.

         "AWARD AGREEMENT" means any written agreement, contract or other
instrument or document evidencing any Award, which may, but need not be (as
determined by the Committee) executed or acknowledged by a Participant as a
condition to receiving an Award or the benefits under an Award.

         "BOARD" or "BOARD OF DIRECTORS" means the Board of Directors of the
Company.

         "CHANGE IN CONTROL" means the consummation of a merger, consolidation,
statutory share exchange or similar form of corporate transaction involving the
Company or the sale or other disposition of all or substantially all of the
assets of the Company to an entity that is not an affiliate or that, in each
case, requires shareholder approval under the laws of the Company's jurisdiction
of organization, unless immediately following such transaction, either: (i) at
least 50% of the total voting power of the surviving entity or its parent
entity, if applicable, is represented by securities of the Company that were
outstanding immediately prior to the transaction (or securities into which the
Company's securities were converted or exchanged in such transaction); or (ii)
at least 50% of the members of the board of directors (including directors whose
election or nomination was approved by the incumbent directors of the Board) of
the company resulting from the transaction were members of the Board at the time
of

the Board's approval of the execution of the initial agreement providing for the
transaction.

         "CODE" means the Internal Revenue Code of 1986, as amended.

         "COMMITTEE" means the Compensation Committee of the Board, or any
successor to such committee, or any other committee of our Board appointed or
designated by the Board, in each case, composed of no fewer than two directors
each of whom is a "non-Employee director" within the meaning of Rule 16b-3 of
the Securities and Exchange Act of 1934, as amended, and an "outside director"
within the meaning of Section 162(m) of the Code and the regulations promulgated
thereunder.

         "COVERED EMPLOYEE" means an individual who is both (i) a "covered
employee" within the meaning of Section 162(m)(3) of the Code, or any successor
provision thereto and (ii) expected by the Committee to be the recipient of
compensation (other than "qualified performance based compensation" as defined
in Section 162(m) of the Code) in excess of $1,000,000 for the tax year of the
Company with regard to which a deduction in respect of such individual's Award
would be allowed.

         "DISABILITY" means the disability of a Participant (i) such that the
Participant is considered disabled under any long term disability plan of the
Company, or otherwise (ii) as determined by the Committee in its sole
discretion.

         "ELIGIBLE PERSON" means any full time or part time employee (including
an officer or director who is also an employee), consultant or advisor of the
Company or any Affiliate selected by the Committee. Other than for awards of
Incentive Stock Options, "Eligible Person" shall also include any individual to
whom an offer of employment has been extended, a member of the Board or a member
of the board of directors of a Subsidiary. References to "employment" and
related terms in the Plan shall include the provision of services in any
capacity.

          "FAIR MARKET VALUE" means the closing sale price of the Shares, as
reported on the composite tape of New York Stock Exchange, or any other
reporting system selected by the Committee on the relevant dates, or, if no sale
of Shares is reported for that date, on the date or dates that the Committee
determines, in its sole discretion, to be appropriate for purposes of the
valuation.

         "INCENTIVE STOCK OPTION" means any Option designated as an incentive
stock option within the meaning of Section 422 of the Code and qualifying
thereunder.

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          "NON-QUALIFIED STOCK OPTION" means an Option that is not an Incentive
Stock Option.

         "OPTION" means an option to purchase a Share or Shares granted under
the Plan.

         "OTHER STOCK-BASED AWARD" means an Award granted pursuant to Section 9
of the Plan.

         "PARTICIPANT" means a person who has been granted an Award under the
Plan which remains outstanding, including a person who is no longer an Eligible
Person.

         "PERFORMANCE AWARD" means an Award granted pursuant to Section 10 of
the Plan.

         "PERFORMANCE PERIOD" means the period established by the Committee at
the time any Performance Award is granted or at any time thereafter during which
any performance goals specified by the Committee with respect to such Award are
measured.

         "PERSON" means an individual, corporation, partnership, association,
trust, limited liability company or any other entity or organization, including
a government or political subdivision or an agency, unit or instrumentality
thereof.

         "RESTRICTED STOCK" means an award of shares which are subject to
certain restrictions and to a risk of forfeiture.

         "RETIREMENT" means termination of employment on or after the date the
Participant has (i) attained age 65 and completed at least two years of service
following the Company's initial public offering; (ii) completed at least twelve
years of service as a managing director of the Company or its predecessors, or
(iii) has completed at least twenty years of service with the Company or its
predecessors.

         "SHARE" means a share of common stock of the Company, par value $0.01.

         "SUBSIDIARY" means a company where 50% or more of its issued stock or
other membership interests is owned directly or indirectly by the Company at the
time an Award is issued under the Plan.

         "SUBSTITUTE AWARD" means an Award granted in assumption of, or in
substitution for, an outstanding equity award previously granted by a business
or entity all or a portion of which is acquired by the Company or any Affiliate
or with which the Company or an Affiliate combines.

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         Section 3. Administration. (a) The Plan will be administered by the
Committee. Subject to and consistent with the provisions of the Plan, the
Committee will have full power and authority, in its discretion, and without
limitation, to: (i) select Eligible Persons to become Participants; (ii)
determine the type and number of Awards to be granted to each Participant; (iii)
determine the number of Shares to be covered by each Award; (iv) determine the
dates on which Awards may be exercised and on which the risk of forfeiture or
deferral period relating to Awards shall lapse or terminate, and the
acceleration of any such dates; (v) determine the expiration date of any Award;
(vi) determine whether, to what extent, and under what circumstances an Award
may be settled, or the exercise price of an Award may be paid, in cash, Shares,
other Awards, or other property; (vii) determine any other terms and conditions
of, and all other matters relating to, Awards; (viii) prescribe Award Agreements
(such Award Agreements need not be identical for each Participant) and
amendments thereto; (ix) construe and interpret the Plan and the respective
Award Agreements entered into pursuant to the Plan; and (x) make all other
determinations necessary or advisable for administering the Plan. All decisions
and determinations of the Committee with respect to the administration and
interpretation of the Plan shall be final, conclusive, and binding upon all
persons interested in the Plan, including Participants, beneficiaries, and other
persons claiming rights from or through a Participant, and shareholders.

         (b) To the fullest extent permitted by law, each member and former
member of the Committee and each person to whom the Committee delegates or has
delegated authority under this Plan shall be entitled to indemnification by the
Company against and from any loss, liability, judgment, damage, cost and
reasonable expense incurred by such member, former member or other person by
reason of any action taken, failure to act or determination made in good faith
under or with respect to this Plan.

         Section 4. Shares Subject To The Plan.

         (a) Shares to be issued under the Plan may consist, in whole or in
part, of authorized and unissued Shares, treasury Shares or Shares purchased by
the Company in the open market or otherwise. Subject to adjustment made in
accordance with Section 12 of the Plan, the maximum number of Shares that may be
issued under the Plan will not exceed 20,000,000 Shares. Notwithstanding the
foregoing and subject to adjustment as provided in Section 12 of the Plan, no
Covered Employee may be granted Options under this Plan in any calendar year
that relate to more than 700,000 Shares, and the maximum dollar value payable
with respect to Performance Awards and Other Stock-Based Awards that are valued
with reference to property other than Shares and granted to any Covered Employee
in any one calendar year is $10,000,000.

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         (b) Shares subject to an Award (other than a Substitute Award) that is
canceled, expired, forfeited, settled in cash or otherwise terminated without a
delivery of Shares to the Participant will again be available for Awards, and
Shares withheld in payment of the exercise price or taxes relating to an Award
and Shares equal to the number surrendered in payment of any exercise price or
taxes relating to an Award shall be deemed to constitute Shares not delivered to
the Participant and shall be deemed to again be available for Awards under the
Plan. Shares underlying Substitute Awards shall not reduce the number of Shares
available for delivery under the Plan.

         Section 5. Eligibility. Awards may be granted only to Eligible Persons
who are selected to be Participants by the Committee in accordance with the
provisions of the Plan. Holders of equity-based awards granted by a business or
entity all or a portion of which is acquired by the Company or any Affiliate or
with which the Company or an Affiliate combines are eligible to receive
Substitute Awards hereunder.

         Section 6. Options. The Committee is authorized to grant Options to
Participants on the following terms and conditions and with such additional
terms and conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine.

         (a) Exercise Price. The exercise price of each Option granted under the
Plan shall be determined by the Committee and shall not be less than the Fair
Market Value of a Share on the date of grant of such Option. Notwithstanding the
foregoing, any Substitute Award may be granted with an exercise price per Share
other than as required above.

         (b) Term and Termination of Options. The term of each Option, together
with the effect of termination of employment or service by a Participant on such
term, will be determined by the Committee, but in no event will an Option be
exercisable, either in whole or in part, after the expiration of ten years from
the date of grant of such Option.

         (c) Exercise of Option. Each Option shall be exercisable at such times
and subject to such terms and conditions as the Committee may, in its sole
discretion, specify in the applicable Award Agreement or thereafter. The
Committee may impose such conditions with respect to the exercise of Options,
including without limitation, any conditions relating to the application of
federal or state securities laws, as it may deem necessary or advisable and
shall determine the time in which Options shall be exercisable in whole or in
part and the methods by which such exercise price may be paid or deemed to be
paid and the form of such payment, including, without limitation, cash, Shares,
or other property (including notes and other contractual obligations of
Participants to make payment on a deferred basis, such as through "cashless
exercise" arrangements, to

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the extent permitted by applicable law), and the methods by or forms in which
Shares will be delivered or deemed to be delivered in satisfaction of Options to
Participants.

         Section 7. Incentive Stock Options. In accordance with rules and
procedures established by the Committee, the aggregate Fair Market Value
(determined as of the time of grant) of the Shares with respect to which
Incentive Stock Options held by any Participant which are exercisable for the
first time by such Participant during any calendar year under the Plan (and
under any other benefit plans of the Company or any Subsidiary) shall not exceed
$100,000 or, if different, the maximum limitation in effect at the time of grant
under Section 422 of the Code, or any successor provision, and any regulations
promulgated thereunder. Incentive Stock Options shall be granted only to
participants who are employees of the Company or a Subsidiary of the Company.
The terms of any Incentive Stock Option granted hereunder shall comply in all
respects with the provisions of Section 422 of the Code, or any successor
provision, and any regulations promulgated thereunder.

         Section 8. Restricted Stock and Restricted Stock Unit Awards. The
Committee is authorized to grant Restricted Stock and/or Restricted Stock Units
to Participants.

         (a) The Awards granted under this Section 8 shall be subject to such
restrictions as the Committee may impose (including, without limitation, any
limitation on the right to vote Shares underlying Restricted Stock Awards or the
right to receive any dividend, other right or property), which restrictions may
lapse separately or in combination at such time or times, in such installments
or otherwise, as the Committee may deem appropriate.

         (b) Any Award of Restricted Stock or Restricted Stock Units may be
evidenced in such manner as the Committee may deem appropriate, including,
without limitation, book-entry registration or issuance of a stock certificate
or certificates. In the event any stock certificate is issued in respect of
Shares underlying a Restricted Stock Award, such certificate shall be registered
in the name of the Participant and shall bear an appropriate legend referring to
the terms, conditions, and restrictions applicable to such Shares.

         Section 9. Other Stock-Based Awards. The Committee is authorized,
subject to limitations under applicable law, to grant to Participants such other
Awards that may be denominated or payable in, valued in whole or in part by
reference to, or otherwise based on, or related to, Shares or factors that may
influence the value of Shares, including, without limitation, convertible or
exchangeable debt securities, other rights convertible or exchangeable into
Shares, purchase rights for Shares, Awards with value and payment contingent
upon performance of the Company or business units thereof or any other factors

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designated by the Committee. The Committee shall determine the terms and
conditions of such Awards. Shares delivered pursuant to an Award in the nature
of a purchase right granted under this Section 9 shall be purchased for such
consideration, paid for at such times, by such methods, and in such forms,
including, without limitation, cash, Shares, other Awards, notes, or other
property, as the Committee shall determine. Cash awards, as an element of or
supplement to any other Award under the Plan, may also be granted pursuant to
this Section 9.

         Section 10. Performance Awards.

         (a) General. Performance Awards may be denominated as a cash amount,
number of Shares, or a combination thereof and are awards which may be earned
upon achievement or satisfaction of performance conditions specified by the
Committee. In addition, the Committee may specify that any other Award shall
constitute a Performance Award by conditioning the right of a Participant to
exercise the Award or have it settled, and the timing thereof, upon achievement
or satisfaction of such performance conditions as may be specified by the
Committee. The Committee may use such business criteria and other measures of
performance as it may deem appropriate in establishing any performance
conditions.

         (b) Performance Awards Granted to Covered Employees. If the Committee
determines that a Performance Award to be granted to an Eligible Person who is
designated by the Committee as likely to be a Covered Employee should qualify as
"performance-based compensation" for purposes of Section 162(m) of the Code, the
grant, exercise and/or settlement of such Performance Award shall be contingent
upon achievement of a preestablished performance goal and other terms set forth
in this Section 10(b). The Committee shall have the power to impose such other
restrictions on Awards subject to this Section 10(b) as it may deem necessary or
appropriate to ensure that such Awards satisfy all requirements for
"performance-based compensation" within the meaning of Section 162(m)(4)(C) of
the Code, or any successor provision thereto.

         (c) Performance Goals Generally. The performance goals for such
Performance Awards shall consist of one or more business criteria and a targeted
level or levels of performance with respect to each of such criteria, as
specified by the Committee consistent with this Section 10. The performance
goals shall be objective, shall be pre-established by the Committee and shall
otherwise meet the requirements of Section 162(m) of the Code and regulations
thereunder. The Committee may determine that such Performance Awards shall be
granted, exercised and/or settled upon achievement of any one performance goal
or that two or more of the performance goals must be achieved as a condition to
grant, exercise and/or settlement of such Performance Awards. Performance goals
may differ for Performance Awards granted to any one Participant or to different
Participants.

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         (d) Business Criteria. One or more of the following business criteria
for the Company, on a consolidated basis, and/or for specified subsidiaries or
affiliates or other business units of the Company shall be used by the Committee
in establishing performance goals for such Performance Awards: (i) earnings per
share, (ii) return on average common equity, (iii) pre-tax income, (iv) pre-tax
operating income, (v) net revenues, (vi) net income, (vii) profits before taxes,
(viii) book value per share, (ix) stock price, (x) earnings available to common
shareholders, (xi) ratio of compensation and benefits to net revenues and (xii)
execution and origination of assignments directly related to the individual
covered employee. Such targets may relate to the Company as a whole, or to one
or more units thereof, and may be measured over such periods, as the Committee
shall determine. The targeted level or levels of performance with respect to
such business criteria may be established at such levels and in such terms as
the Committee may determine, in its discretion, including in absolute terms, as
a goal relative to performance in prior periods, or as a goal compared to the
performance of one or more comparable companies or an index covering multiple
companies.

         (e) Settlement of Performance Awards; Other Terms. Settlement of
Performance Awards shall be in cash, Shares other Awards or other property, in
the discretion of the Committee. Performance Awards will be distributed only
after the end of the relevant Performance Period. The Committee may, in its
discretion, increase or reduce the amount of a settlement otherwise to be made
in connection with such Performance Awards, but may not exercise discretion to
increase any such amount payable to a Covered Employee in respect of a
Performance Award subject to Paragraph (b) above. Any settlement which changes
the form of payment from that originally specified shall be implemented in a
manner such that the Performance Award and other related Awards do not, solely
for that reason, fail to qualify as "performance-based compensation" for
purposes of Section 162(m) of the Code. The Committee shall specify the
circumstances in which such Performance Awards shall be paid or forfeited in the
event of termination of employment by the Participant.

         (f) Maximum Value of Performance Awards. The maximum value of any
Performance Award that may be earned under the Plan is $10,000,000.

         Section 11. Termination of Employment. Unless otherwise determined by
the Committee or provided by the Committee in the applicable Award Agreement,
the following provisions shall apply:

         (a) Upon a termination of employment as a result of death, Disability
or Retirement:

                  (i) any Award (other than Options) then held by the
         Participant will be immediately accelerated and become fully vested,
         exercisable and payable, and

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                  (ii) any Option then held by the Participant will be
         immediately accelerated and become fully vested, exercisable and
         payable and will expire on the earlier of (A) the date the option would
         have expired had the Participant continued in such employment and (B)
         one year after the date such Participant's service ceases.

         (b) Upon termination of employment by the Company for cause (as
determined by the Committee in its sole discretion):

                  (i) any Award then held by the Participant whose restrictions
         have not lapsed will automatically be forfeited in full and canceled by
         the Company upon such termination of employment, and

                  (ii) any Option then held by the Participant, to the extent
         exercisable, will automatically be forfeited in full and canceled by
         the Company upon such termination of employment.

         (c) Upon a termination of employment by the Company without cause (as
determined by the Committee in its sole discretion) within two years following
the occurrence of a Change in Control or upon a termination of employment by the
Company without cause (as determined by the Committee in its sole discretion)
six months prior to the occurrence of a Change in Control if the Committee
reasonably determines in its sole discretion that such termination was at the
behest of the acquiring entity (each such termination of employment deemed to be
a termination of employment "in connection with" the occurrence of a Change in
Control):

                  (i) any Award (other than Options) then held by the
         Participant will be immediately accelerated and become fully vested,
         exercisable and payable, and

                  (ii) any Option then held by the Participant will be
         immediately accelerated and become fully vested, exercisable and
         payable shall automatically expire on the earlier of (A) the date the
         Option would have expired had the Participant continued in such
         employment and (B) one year after the date such Participant's service
         ceases.

         (d) Upon termination of employment for any reason other than death,
Disability, Retirement or termination of employment by the Company for cause (as
determined by the Committee in its sole discretion) or in connection with the
occurrence of a Change in Control:

                  (i) any Award (other than Performance Awards) then held by the
         Participant whose restrictions have not lapsed will automatically be

                                       9

         forfeited in full and canceled by the Company upon such termination of
         employment,

                  (ii) any Option then held by the Participant, to the extent
         exercisable, shall automatically expire on the earlier of (A) the date
         the Option would have expired had the Participant continued in such
         employment and (B) one hundred and eighty days (or ninety days in the
         case of an Option that is intended to qualify as an Incentive Stock
         Option) after the date the such Participant's service ceases, and

                  (iii) any Performance Award then held by the Participant which
         is not then payable will be paid in accordance with its terms at the
         time the performance award would have been payable if the termination
         of employment had not occurred.

         Section 12. Adjustment. In the event that the Committee shall determine
that any dividend or other distribution (whether in the form of cash, Shares,
other securities, or other property), recapitalization, forward or reverse
split, reorganization, merger, consolidation, spin-off, combination, repurchase,
share exchange, liquidation, dissolution or other similar corporate transaction
or event affects Shares such that an adjustment is determined by the Committee
to be appropriate under the Plan, then the Committee shall, in such manner as it
may deem equitable, adjust any or all of (i) the number and kind of Shares which
may be delivered in connection with Awards granted thereafter, (ii) the number
and kind of Shares by which annual per person Award limitations are measured
under Section 4(a), (iii) the number and kind of Shares subject to or
deliverable in respect of outstanding Awards and (iv) the exercise price, grant
price or purchase price relating to any Award or, if deemed appropriate, the
Committee may make provision for a payment of cash or property to the holder of
an outstanding Option. In addition, the Committee is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards
(including Performance Awards and performance goals) in recognition of unusual
or nonrecurring events (including, without limitation, events described in the
preceding sentence, as well as acquisitions and dispositions of businesses and
assets) affecting the Company, any Subsidiary or Affiliate or other business
unit, or the financial statements of the Company or any Subsidiary or Affiliate,
or in response to changes in applicable laws, regulations, accounting
principles, tax rates and regulations or business conditions or in view of the
Committee's assessment of the business strategy of the Company, any Subsidiary
or Affiliate or business unit thereof, performance of comparable organizations,
economic and business conditions, personal performance of a Participant, and any
other circumstances deemed relevant.

         Section 13. Change In Control. Subject to Section 11 of this Agreement
and except as otherwise provided in the applicable Award Agreement, upon the

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occurrence of a Change in Control, the Committee shall determine whether
outstanding Options under the Plan shall become fully exercisable and whether
outstanding Awards (other than Options) under the Plan shall become fully vested
and payable.

         Section 14. Compliance With Laws; Transferability.

         (a) The Company may, to the extent deemed necessary or advisable by the
Committee, postpone the issuance or delivery of Shares or payment of other
benefits under any Award until completion of such registration or qualification
of such Shares or other required action under any federal or state law, rule or
regulation, listing or other required action with respect to any stock exchange
or automated quotation system upon which the Shares or other securities of the
Company are listed or quoted, or compliance with any other obligation of the
Company, as the Committee may consider appropriate, and may require any
Participant to make such representations, furnish such information and comply
with or be subject to such other conditions as it may consider appropriate in
connection with the issuance or delivery of Shares or payment of other benefits
in compliance with applicable laws, rules, and regulations, listing
requirements, or other obligations.

         (b) Limits on Transferability; Beneficiaries. Except as the Committee
may otherwise determine from time to time, (i) no Award and no right under any
Award shall be assignable, alienable, saleable or transferable by a Participant
otherwise than by will or by the laws of descent and distribution; provided,
however, that, if so determined by the Committee, a Participant may, in the
manner established by the Committee, designate a beneficiary or beneficiaries to
exercise the rights of the Participant, and to receive any property
distributable, with respect to any Award upon the death of the Participant; (ii)
each Award, and each right under any Award, shall be exercisable during the
Participant's lifetime only by the Participant or, if permissible under
applicable law, by the Participant's guardian or legal representative; and (iii)
no Award and no right under any such Award, may be pledged, alienated, attached,
or otherwise encumbered, and any purported pledge, alienation, attachment or
encumbrance thereof shall be void and unenforceable against the Company. The
provisions of this Section 14(b) shall not apply to any Award which has been
fully exercised, earned or paid, as the case may be, and shall not preclude
forfeiture of an Award in accordance with the terms thereof.

         Section 15. Certain Tax Provisions.

         (a) Withholding. The Company and any Subsidiary or Affiliate is
authorized to withhold from any Award granted, any payment relating to an Award
under the Plan, including from a distribution of Shares, or any payroll or other
payment to a Participant, amounts of withholding and other taxes due or

                                       11

potentially payable in connection with any transaction involving an Award, and
to take such other action as the Committee may deem advisable to enable the
Company and Participants to satisfy obligations for the payment of withholding
taxes and other tax obligations relating to any Award. This authority shall
include authority to withhold or receive Shares or other property and to make
cash payments in respect thereof in satisfaction of a Participant's withholding
obligations, either on a mandatory or elective basis in the discretion of the
Committee. Notwithstanding any other provision of the Plan, only the minimum
amount of Shares deliverable in connection with an Award necessary to satisfy
statutory withholding requirements will be withheld.

         (b) Requirement of Notification Upon Disqualifying Disposition Under
Code Section 421(b). If any Participant shall make any disposition of Shares
delivered pursuant to the exercise of an Incentive Stock Option under the
circumstances described in Section 421(b) of the Code, such Participant shall
notify the Company of such disposition within ten days thereof.

         Section 16. General Provisions.

         (a) Neither the Plan nor any action taken hereunder shall be construed
as (i) giving any Eligible Person or Participant the right to continue as an
Eligible Person or Participant or in the employ or service of the Company or a
Subsidiary or Affiliate, (ii) interfering in any way with the right of the
Company or a Subsidiary or Affiliate to terminate any Eligible Person's or
Participant's employment or service at any time (subject to the terms and
provisions of any separate written agreements), (iii) giving an Eligible Person
or Participant any claim to be granted any Award under the Plan or to be treated
uniformly with other Participants and employees, or (iv) conferring on a
Participant any of the rights of a shareholder of the Company unless and until
the Participant is duly issued or transferred Shares in accordance with the
terms of an Award or an Option is duly exercised. Except as expressly provided
in the Plan and an Award Agreement, neither the Plan nor any Award Agreement
shall confer on any person other than the Company and the Participant any rights
or remedies thereunder.

         (b) The prospective recipient of any Award under the Plan shall not,
with respect to such Award, be deemed to have become a Participant, or to have
any rights with respect to such Award, until and unless such recipient shall
have received or executed (if execution is required) an Award Agreement or other
instrument evidencing the Award and delivered a copy thereof to the Company, and
otherwise complied with the then applicable terms and conditions.

         (c) The Committee shall have full power and authority to determine
whether, to what extent and under what circumstances any Award shall be canceled
or suspended. In addition, all outstanding Awards to any Participant shall be
canceled if the Participant, without the consent of the Company, while

                                       12

employed by the Company or after termination of such employment, establishes a
relationship with a competitor of the Company or engages in activity which is in
conflict with or adverse to the interest of the Company, as determined under the
Company's non-competition policy, as in effect from time to time.

         (d) The Committee shall be authorized to establish procedures pursuant
to which the payment of any Award may be deferred, either automatically, or at
the election of the Committee or a Participant. Subject to the provisions of the
Plan and any Award Agreement, the recipient of the Award (including, without
limitation, any deferred Award) may, if so determined by the Committee, be
entitled to receive, currently or on a deferred basis, cash dividends, or cash
payments in amounts equivalent to cash dividends on Shares ("dividend
equivalents"), with respect to the number of Shares covered by the Award, as
determined by the Committee, in its sole discretion, and the Committee may
provide that such amounts (if any) shall be deemed to have been reinvested in
additional Shares or otherwise reinvested.

         (e) If any provision of this Plan is or becomes or is deemed invalid,
illegal or unenforceable in any jurisdiction, or would disqualify the Plan or
any Award under any law deemed applicable by the Committee, such provision shall
be construed or deemed amended to conform to applicable laws or if it cannot be
construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan, it shall be stricken and the
remainder of the Plan shall remain in full force and effect.

         (f) Awards may be granted to employees of the Company or any Subsidiary
or Affiliate who are foreign nationals or employed outside the United States, or
both, on such terms and conditions different from those applicable to Awards to
those employees employed in the United States as may, in the judgment of the
Committee, be necessary or desirable in order to recognize differences in local
law or tax policy. The Committee also may impose conditions on the exercise or
vesting of Awards in order to minimize the Company's obligation with respect to
tax equalization for employees of the Company or any Subsidiary or Affiliate on
assignments outside their home country.

         Section 17. Effective Date; Amendment And Termination.

         (a) The Plan shall become effective upon its adoption by the Board on
[____].

         (b) Unless the Plan will have been previously terminated by the Board,
the Plan will terminate ten years from the date of its adoption. The Board will
have the right, at any time to suspend, amend, alter, discontinue or terminate
the Plan, provided, however that no such action shall be made without
shareholder

                                       13

approval if such approval is necessary to qualify for or comply with any tax or
regulatory requirement for which or with which the Board deems it necessary or
desirable to qualify or comply. No termination of the Plan or action by the
Board in amending or suspending the Plan may materially impair the rights of a
Participant under any outstanding Award, without the consent of the affected
Participant, except any such amendment made to cause the Plan to comply with
applicable law, stock exchange rules and regulations or accounting or tax rules
and regulations.

         (c) The Committee may waive any conditions or rights under, amend any
terms of, or amend, alter, suspend, discontinue or terminate, any Award
theretofore granted, prospectively or retroactively, without the consent of any
Participant or holder of beneficiary of any Award, provided, however, that no
such action shall impair the rights of a Participant or holder of beneficiary
under any Award theretofore granted under the Plan.

         Section 18. Governing Law. The Plan will be governed by and construed
in accordance with the law of the State of New York.

                                       14Exhibit 10.7

     TAX INDEMNIFICATION AGREEMENT, dated as of _______ __ , 2004, among
Greenhill & Co., Inc. (the "COMPANY"), Greenhill & Co. Cayman Limited ("SUB"),
the current and former members of Greenhill & Co. Holdings, LLC ("US LLC") and
their respective partners and shareholders listed on Schedule I hereto (together
the "US INDEMNITEES"), and the current and former partners of Greenhill & Co.
International LLP ("UK LLP") listed on Schedule II hereto (the "UK
INDEMNITEES," together with the US Indemnitees, the "INDEMNITEES").

     NOW, THEREFORE, the parties agree as follows:

     1. Definitions.

          (a) "AFFILIATE" means any entity that at any time prior to the date
     hereof was consolidated with the US LLC and/or the UK LLP for financial
     reporting purposes, and any other entity specified by the Company, in its
     sole discretion.

          (b) "COVERED PERIOD" means, with respect to an Indemnitee, any taxable
     year of the Indemnitee for which, as of the date hereof, a taxing authority
     is not precluded by the applicable statute of limitations from assessing a
     liability for Tax with respect to an Indemnifiable Item.

          (c) "INCREASED TAXES" means, with respect to each Indemnitee, an
     amount, determined by the Company in its sole discretion, equal to the
     excess of (i) the excess of Taxes payable by the Indemnitee in respect of
     Indemnifiable Items for all Covered Periods over the Taxes in respect of
     Indemnifiable Items reflected on Returns for all such periods as originally
     filed (or as amended prior to the date hereof) over (ii) the amount of any
     Tax benefits (including deductions, credits or refunds) estimated by the
     Company, in its sole discretion, to be available to such Indemnitee in any
     period as a result of any excess described in clause (i) of this
     definition; provided, however, that, unless otherwise determined by the
     Company, in its sole discretion, any adjustments arising from (I) an
     Indemnitee's individual circumstances and (II) correlative adjustments
     resulting from Returns as originally filed, shall not be taken into account
     in determining Increased Taxes.

          (d) "INDEMNIFIABLE ITEM" means, with respect to an Indemnitee, any
     item of income, gain, loss, deduction, credit or credit recapture directly
     relating to any activity of the US LLC, the UK LLP or any Affiliate
     undertaken in the ordinary course of such entity's trade or business and
     reflected in a Return of the US LLC, UK LLP or Affiliate, but only if the
     item is required to be reflected in a Return of such Indemnitee.

          (e) "RETURN" means any report, information statement, partnership
     account or return relating to, or required to be filed in connection with,
     any Tax.

          (f) "TAX" means any tax, including any interest, penalty or addition
     to tax, imposed by any taxing authority,

          (g) "TAX RATE" means, with respect to US Indemnitees, 40% or such
     other rate as the Company shall determine in its sole discretion as being
     the effective rate at which a plurality of the US Indemnitees will be
     subject to US federal, state and local income tax on the amounts paid by
     the Company pursuant to this Agreement, and with respect to UK Indemnities,
     such Tax Rate as the Company shall in its sole discretion determine, based
     on an estimation of the effective tax rate of such Indemnitees on any
     amount paid by the Company pursuant to this Agreement provided, however,
     that in any event (i) the same Tax Rate shall apply to all US Indemnitees
     and (ii) the same Tax Rate shall apply to all UK Indemnitees.

          (h) "TRIGGER AMOUNT" means with respect to an Indemnitee the amount
     specified by the Company in writing to such Indemnitee.

     2. Indemnity Obligation. (a) The Company, in the case of a US Indemnitee,
or Sub, in the case of a UK Indemnitee, hereby agrees to indemnify each
Indemnitee against and to pay to, or on behalf of, each Indemnitee an amount
equal to such Indemnitee's Increased Taxes.

          (b) If the Company determines, in its sole discretion, that the
     initial determination of Increased Taxes was incorrect (whether by reason
     of a subsequent examination by a Taxing authority or otherwise), the
     Company or Sub, as the case may be, shall make an additional payment to the
     Indemnitee or the Indemnitee shall make a payment to the Company or Sub, as
     the case may be, equal to the difference between (i) the payment previously
     made pursuant to Section 2(a) hereof and (ii) the payment that would have
     been made had such original determination included the correct
     determination of Increased Taxes. If more than one payment is to be made
     pursuant to this Section 2(b), the later payments shall take into account
     the effect of any prior payments.

          (c) After the Company or Sub has made payments (as adjusted pursuant
     to Section 2(b) hereof) to, or on behalf of, an Indemnitee in respect of
     Increased Taxes that equal the Trigger Amount for such Indemnitee, any
     payments made by the Company or Sub pursuant to this Agreement in respect
     of any additional Increased Taxes shall equal the product of (i) such
     additional Increased Taxes and (ii) a fraction, the numerator of which is
     one and the denominator of which is one minus the Tax Rate.

                                       2

          (d) Notwithstanding anything to the contrary contained herein, the
     Company or Sub, as the case may be, shall be permitted, but not required,
     to advance the full amount of Taxes immediately payable by an Indemnitee in
     circumstances in which the Increased Taxes are less than the initial Tax
     payment (e.g. because the Tax payment gives rise to a tax benefit in the
     same or subsequent years) provided that the Indemnitee provides an
     undertaking to repay such advance as and when such tax benefit is realized.
     Any such advance shall be in an amount equal to the excess of the initial
     Tax payment over the Increased Taxes for which the Indemnitee is
     indemnified hereunder, or such lesser amount as the Company or Sub shall
     determine in its sole discretion.

     3. Procedural Matters. (a) To the extent permitted by law, any Indemnitee
hereby agrees to permit the Company's internal tax department (or, if the
Company elects, the Company's designee) to prepare such Indemnitee's personal
income tax Returns (including any amended Returns) for all Covered Periods and,
provided such Returns are true and accurate in all material respects, file such
Returns. The Indemnitee shall, if requested by the Company, pay to the Company
the reasonable costs (including allocable internal costs) of preparing such
Returns. Nothing in this Agreement shall require the Company to prepare personal
income tax Returns for any Indemnitee.

          (b) The Company (or its designee) shall, at the Company's expense,
     represent the US LLC, the UK LLP and each Affiliate in any examination of
     (or other proceeding relating to) a Return of the US LLC, UK LLP or
     Affiliate for all taxable years and, in the case of an Indemnitee, in any
     examination of (or other proceeding relating to) the Indemnitee's Returns
     for any Covered Period to the extent the examination relates to an
     Indemnifiable Item with respect to which the Company or Sub is required to
     indemnify the Indemnitee. Each Indemnitee shall, to the extent reasonably
     requested, promptly cooperate with the Company (or its designee) in such
     matters including, without limitation, by providing a duly executed
     Internal Revenue Service Form 2848 (or successor form) or similar form
     applicable for state, local, UK, or other Tax purposes.

          (c) To the extent permitted by law, the Company or Sub, as the case
     may be, may make all payments in respect of Taxes required to be made by
     them pursuant to this Agreement directly to the relevant taxing authority
     on behalf of the Indemnitee within the period prescribed by law. To the
     extent the Company or Sub, as the case may be, does not elect to make such
     Tax payments directly to the taxing authority, the Company or Sub, as the
     case may be, shall either make any required payments to the Indemnitee or
     deliver to the Indemnitee a check made out in the amount of the required
     payments payable to the applicable taxing authority, in either case within
     thirty (30) days of receiving notice that the Indemnitee has paid Increased
     Taxes.

                                       3

          (d) To the extent permitted by law, each Indemnitee shall direct the
     relevant taxing authority to pay any refund in respect of Taxes for any
     Covered Period directly to the Company or Sub, as the case may be, and
     these refunds shall be credited against the Indemnitee's obligation to make
     payments to the Company or Sub under Sections 2(b)[, 2(d)] and 3(e) (or the
     gross amount shall be returned to the Indemnitee if the Indemnitee does not
     owe any amounts to the Company or Sub, as the case may be). The Indemnitee
     shall notify the Company or Sub within thirty (30) days of the receipt by
     such Indemnitee of a refund of Taxes in respect of any Indemnifiable Item
     for any Covered Period.

          (e) Any Indemnitee will forfeit any right to receive any payments
     under this Tax Indemnification Agreement (and promptly refund to the
     Company or Sub, as the case may be, any amounts previously paid by the
     Company or Sub, as the case may be, to, or on behalf of, such Indemnitee
     under this Agreement) if such Indemnitee (i) takes any action independent
     of the Tax Matters Partner (as defined in Section 6231(a)(7) of the
     Internal Revenue Code) or the Company on any examination or other
     proceeding in respect of a Return of the US LLC, UK LLP, or any Affiliate,
     (ii) takes any position in any Return or other Tax filing inconsistent with
     the position taken by the US LLC, UK LLP, any Affiliate, or the Company,
     (iii) fails to cooperate fully with the Company or the Tax Matters Partner
     in pursuing any contest or other proceeding in respect of Taxes or fails to
     permit the Company or the Tax Matters Partner to file amended returns on
     behalf of such Indemnitee, if so requested by the Company in accordance
     with Section 3 hereof, (iv) fails to provide the Company or its designee
     upon request with a duly executed Internal Revenue Service Form 2848 (or
     successor form) or similar form applicable for state, local, UK or other
     Tax purposes or (v) fails to notify the Company of the receipt of a refund
     of Taxes as required by Section 3(d) hereof that is material in amount.

          (f) Subject to Section 3(a) hereof, each Indemnitee agrees to promptly
     and timely file Returns which are required to be filed by such Indemnitee
     and which include any Indemnifiable Item, and to timely pay the Taxes shown
     as due on such Returns. To the extent permitted by law, each Indemnitee
     agrees to report any item on such Returns, and to take positions in any
     other Tax filings, in a manner consistent with the positions taken by the
     US LLC, UK LLP, or any Affiliate.

     4. Character of Payment. Any payments made pursuant to this Agreement shall
be treated as adjustments to the consideration received upon the merger of US
LLC into the Company or upon the exchange of UK LLP interests for shares of Sub,
unless a final determination is made by the relevant taxing authority to treat
any such payment otherwise.

                                       4

     5. Determinations. The Company shall make all determinations necessary to
administer this Agreement including, without limitation, determinations of (i)
eligibility for payment, (ii) the amount of any payment to be made by the
Company or Sub and (iii) the amount of any refund to be paid to the Company or
Sub by an Indemnitee. Any such determinations by the Company shall, absent
manifest error, be final, binding and conclusive on the Indemnitee.

     6. Arbitration. (a) Without diminishing the finality and conclusive effect
of any determination by the Company of any matter under this Agreement which is
provided herein to be determined by the Company, and subject to the provisions
of paragraphs (b) and (c) below, any dispute, controversy or claim arising out
of or relating to or concerning the provisions of this Agreement shall be
finally settled by arbitration in New York City before, and in accordance with
the rules then obtaining of, the New York Stock Exchange, Inc. (the "NYSE") or,
if the NYSE declines to arbitrate the matter, the American Arbitration
Association (the "AAA") in accordance with the commercial arbitration rules of
the AAA.

          (b) Notwithstanding the provisions of Section 6(a), and in addition to
     its right to submit any dispute or controversy to arbitration, the Company
     may bring an action or special proceeding in a state or federal court of
     competent jurisdiction sitting in the City of New York, whether or not an
     arbitration proceeding has theretofore been or is ever initiated, for the
     purpose of temporarily, preliminarily, or permanently enforcing the
     provisions of this Agreement, or to enforce an arbitration award, and, for
     the purposes of this Section 6(b), each Indemnitee (i) expressly consents
     to the application of Section 6(c) to any such action or proceeding, (ii)
     agrees that proof will not be required that monetary damages for breach of
     the provisions of this Agreement would be difficult to calculate and that
     remedies at law would be inadequate and (iii) irrevocably appoints [ ] as
     the Indemnitee's agent for service of process in connection with any such
     action or proceeding, who shall promptly advise the Indemnitee of any such
     service of process.

          (c) (i) THE INDEMNITEE AND THE COMPANY HEREBY IRREVOCABLY SUBMIT TO
     THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN THE
     CITY OF NEW YORK OVER ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR
     RELATING TO OR CONCERNING THIS AGREEMENT THAT IS NOT OTHERWISE ARBITRATED
     OR RESOLVED ACCORDING TO SECTION 6(a) HEREOF. This includes any suit,
     action or proceeding to compel arbitration or to enforce an arbitration
     award. The Indemnitee and the Company acknowledge that the forum designated
     by this Section 6(c) has a reasonable relation to this Agreement, and to
     the Indemnitee's relationship to the Company. Notwithstanding the
     foregoing, nothing herein shall preclude the Company from bringing any
     action or proceeding in any other court for the purpose of enforcing the
     provisions of this Section 6.

                                       5

               (ii) The agreement of the Indemnitee and the Company as to forum
          is independent of the law that may be applied in the action, and the
          Indemnitee and the Company agree to such forum even if the forum may
          under applicable law choose to apply non-forum law. The Indemnitee and
          the Company hereby waive, to the fullest extent permitted by
          applicable law, any objection which the Indemnitee or the Company now
          or hereafter may have to personal jurisdiction or to the laying of
          venue of any such suit, action or proceeding brought in any court
          referred to in Section 6(c)(i). The Indemnitee and the Company
          undertake not to commence any action arising out of or relating to or
          concerning this Agreement in any forum other than a forum described in
          this Section 6(c). The Indemnitee and the Company agree that, to the
          fullest extent permitted by applicable law, a final and non-appealable
          judgment in any such suit, action, or proceeding in any such court
          shall be conclusive and binding upon the Indemnitee and the Company.

     7. Notices. Any notice under this Agreement shall be in writing and shall
be deemed to have been given upon the delivery or mailing thereof, as the case
may be, if delivered personally or sent by certified mail, return receipt
requested, postage prepaid, to the following address:

          Notice to the Company or Sub:

          Greenhill & Co., Inc.
          300 Park Avenue
          23rd Floor
          New York, NY 10022
          Attn:  Chief Financial Officer

          Notice to an Indemnitee:

          At the last address appearing on the Company's business records
          or as provided to the Company pursuant to Section 8 hereof.

     8. Indemnitee Addresses. Each Indemnitee hereby agrees to provide prompt
notice to the Company of any change in the address and telephone and telecopy
numbers of such Indemnitee.

     9. Entire Agreement. This Agreement represents the entire understanding
between the Company, Sub and each Indemnitee with respect to the subject matter
hereof and supersedes all prior negotiations among the parties hereto with
respect to such subject matter.

     10. Company Guarantee. To the extent that Sub has insufficient funds to
make any payment to a UK Indemnitee required to be made hereunder, the

                                       6

Company shall, whether through a loan, capital contribution, share subscription
or otherwise, put Sub in a position in which it is able to may such payment.

     11. Amendments. The Company will be permitted to amend this Agreement in
any respect, so long as such amendment does not materially adversely affect the
amount which an Indemnitee is entitled to receive from the Company pursuant to
this Agreement.

     12. Miscellaneous. (a) This Agreement shall inure solely to the benefit of
the Indemnitees and their respective heirs, executors, administrators and
successors, and no other person shall acquire or have any right under or by
virtue of this Agreement.

          (b) This Agreement will be governed by and construed in accordance
     with the laws of the State of New York, without regard to principles of
     conflicts of laws.

          (c) If any provision of this Agreement is finally held to be invalid,
     illegal or unenforceable (whether in whole or in part), such provision
     shall be deemed modified to the extent, but only to the extent, of such
     invalidity, illegality or unenforceability and the remaining provisions
     shall not be affected thereby.

     13. Execution in Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original, but all such
counterparts shall together constitute but one and the same instrument.

                                       7

     IN WITNESS WHEREOF, the Company and each Indemnitee have executed this
Agreement as of the day and year first above written.

                                      GREENHILL & CO., INC.

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

                                      GREENHILL & CO. CAYMAN LIMITED

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

                                      GREENHILL FAMILY LIMITED PARTNERSHIP

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

                                      By:
                                         --------------------------------
                                         Sarah B. Wildasin

                                      By:
                                         --------------------------------
                                         Robert F. Greenhill, Jr.

                                      By:
                                         --------------------------------
                                         Mary B. Greenhill

                                       8

                                      RIVERSVILLE AIRCRAFT CORPORATION II

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

                                      By:
                                         --------------------------------
                                         Robert F. Greenhill

                                      By:
                                         --------------------------------
                                         Peter C. Krause

                                      By:
                                         --------------------------------
                                         Timothy M. George

                                      By:
                                         --------------------------------
                                         Scott L. Bok

                                      By:
                                         --------------------------------
                                         Robert H. Niehaus

                                      By:
                                         --------------------------------
                                         Michael A. Kramer

                                      By:
                                         --------------------------------
                                         Bradley A. Robins

                                      By:
                                         --------------------------------
                                         Jeffrey F. Buckalew

                                       9

                                       By:
                                          --------------------------------
                                          Timothy M. Dwyer

                                       By:
                                          --------------------------------
                                          John Liu

                                       By:
                                          --------------------------------
                                          Harold J. Rodriguez, Jr.

                                       By:
                                          --------------------------------
                                          Gregory Randolph

                                       By:
                                          --------------------------------
                                          Gregory Miller

                                       By:
                                          --------------------------------
                                          Harvey Miller

                                       By:
                                          --------------------------------
                                          Frank Pottow

                                       By:
                                          --------------------------------
                                          Jeffrey Williams

                                       By:
                                          --------------------------------
                                          Simon Borrows

                                       By:
                                          --------------------------------
                                          James Lupton

                                       10

                                       By:
                                          --------------------------------
                                          Colin Roy

                                       By:
                                          --------------------------------
                                          David Wyles

                                       By:
                                          --------------------------------
                                          Brian Cassin

                                       By:
                                          --------------------------------
                                          Lord James Blyth of Rowington

                                       By:
                                          --------------------------------
                                          Richard Morse

                                       11

                                                                      SCHEDULE I

                                 US INDEMNITEES

Robert F. Greenhill
Greenhill Family Limited Partnership
Sarah B. Wildasin
Robert F. Greenhill, Jr.
Mary B. Greenhill
Riversville Aircraft Corporation II
Peter C. Krause
Timothy M. George
Scott L. Bok
Robert H. Niehaus
Michael A. Kramer
Bradley A. Robins
Jeffrey F. Buckalew
Timothy M. Dwyer
John Liu
Harold J. Rodriguez, Jr.
Gregory Randolph
Gregory Miller
Harvey Miller
Frank Pottow
Jeffrey Williams

                                       12

                                                                     SCHEDULE II

                                 UK INDEMNITEES

Simon Borrows
James Lupton
Colin Roy
David Wyles
Brian Cassin
Lord James Blyth of Rowington
Richard Morse

                                       13

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