Document:

Unassociated Document

    

      Exhibit
        10.7

       

      __________,
        2005

       

      Highbury
        Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver,
        Colorado 80202

       

      
        ThinkEquity
          Partners LLC

        31
          West
          52nd
          Street,
          17th
          Floor

        New
          York,
          New York 10019

         

        EarlyBirdCapital,
          Inc.

      

      275
        Madison Avenue, Suite 1203

      New
        York,
        New York 10016

       

      Re:  Initial
        Public Offering

       

      Ladies
        and Gentlemen:

       

      This
        letter is being delivered to you in accordance with the Underwriting Agreement
        (the “Underwriting Agreement”) entered into by and between Highbury Financial
        Inc., a Delaware corporation (the “Company”), ThinkEquity Partners LLC and
        EarlyBirdCapital, Inc. (the “Underwriters”), relating to an underwritten initial
        public offering (the “IPO”) of the Company’s units (the “Units”), each comprised
        of one share of the Company’s common stock, par value $0.0001 per share (the
“Common Stock”), and two warrants, each of which is exercisable for one share of
        Common Stock (each, a “Warrant”). Certain capitalized terms used herein are
        defined in paragraph 12 hereof.

       

      In
        order
        to induce the Company and the Underwriters to enter into the Underwriting
        Agreement and to proceed with the IPO, and in recognition of the benefit
        that
        such IPO will confer upon the undersigned as a stockholder of the Company,
        and
        for other good and valuable consideration, the receipt and sufficiency of
        which
        are hereby acknowledged, the undersigned hereby agrees with the Company and
        the
        Underwriter as follows:

       

      1.    If
        the
        Company solicits approval of its stockholders of a Business Combination,
        the
        undersigned will vote all shares of Common Stock owned by him or it
        in
        accordance with the majority of the votes cast by the holders of the IPO
        Shares.

       

      2.    In
        the
        event that the Company fails to consummate a Business Combination within
        18
        months from the effective date (“Effective Date”) of the registration statement
        relating to the IPO or 24 months under the circumstances described in the
        prospectus relating to the IPO (the first to occur of such dates, the
“Transaction Failure Date”), the undersigned will take all reasonable actions
        within his power to (i) cause the Trust Fund to be liquidated and
        distributed to the holders of the IPO Shares as soon as practicable but in
        no
        event later than 60 (sixty) calendar days after the Transaction Failure Date
        and
        (ii) cause the Company to dissolve and liquidate as soon as practicable
        (the earliest date on which the conditions in clauses (i) and (ii)
        are both
        satisfied being the “Liquidation Date”). The undersigned hereby waives any and
        all right, title, interest or claim of any kind in or to any distributions
        of
        the Trust Fund as a result of such distribution, or to any other amounts
        distributed in connection with a liquidating distribution of the Company
        with
        respect to his Insider Shares and his Insider IPO Shares (“Claim”) and hereby
        waives any Claim the undersigned may have in the future as a result of, or
        arising out of, any contracts or agreements with the Company and will not
        seek
        recourse against the Trust Fund for any reason whatsoever. The undersigned
        hereby agrees that the Company shall be entitled to reimbursement from the
        undersigned for any distribution of the Trust Fund, or any other amounts
        distributed by the Company in connection with a liquidating distribution,
        received by the undersigned in respect of such person’s Insider Shares.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3.    [The
        undersigned agrees to indemnify and hold harmless the Company, jointly and
        severally with R. Bruce Cameron/Richard S. Foote, against any
        and all
        loss, liability, claims, damage and expense whatsoever (including, but not
        limited to, any and all legal or other expenses reasonably incurred in
        investigating preparing or defending against any litigation, whether pending
        or
        threatened, or any claim whatsoever) which the Company may become subject
        as a
        result of (i) any claim by any vendor or other person who is owed
        money by
        the Company for services rendered or products sold, or (ii) any claim
        by
        any acquisition target that the Company did not pay, or reimburse, such target
        for the fees and expenses of third party providers of services (such as
        accountants, consultants and attorneys) to the target that the Company agreed
        in
        writing with the target to be liable for, in accordance with the terms of
        such
        agreement, but in each case only to the extent necessary to ensure that such
        loss, liability, claim, damage or expense does not reduce the amount in the
        Trust Fund (or, in the event that such claim arises after the distribution
        of
        the Trust Fund, to the extent necessary to ensure that the Company’s former
        stockholders other than the undersigned and Mr. Cameron/Foote are
        not
        liable for any amount of such loss, liability, claim, damage or
        expense).]1

       

      4.    In
        order
        to minimize potential conflicts of interest which may arise from multiple
        affiliations, the undersigned agrees to present to the Company for its
        consideration, prior to presentation to any other person or entity, any suitable
        opportunity to acquire all or substantially all of the outstanding equity
        securities of, or otherwise acquire or acquire control of (through merger,
        capital stock exchange, asset acquisition, stock purchase or other business
        combination), an operating business in the financial services industry, until
        the earlier of the consummation by the Company of a Business Combination,
        the
        distribution of the Trust Fund or until such time as the undersigned ceases
        to
        be an officer or director of the Company; provided,
        however,
        that
        the presentation of such opportunities to the Company shall in each case
        be
        subject to any fiduciary or contractual obligation of the undersigned arising
        from a fiduciary or contractual relationship.

       

      5.    The
        undersigned acknowledges and agrees that the Company will not consummate
        any
        Business Combination which involves a company which is affiliated with any
        of
        the Insiders or their respective affiliates unless the Company obtains an
        opinion from an independent investment banking firm that the business
        combination is fair to the Company’s stockholders from a financial
        perspective.

      ______________________

       

      1 This
        section of the agreement will
        appear only in the agreements executed by R. Bruce Cameron and Richard S.
        Foote.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      6.    Neither
        the undersigned, any member of the family of the undersigned, nor any affiliate
        of the undersigned will be entitled to receive and will not accept any
        compensation, including payments to related parties of the existing stockholders
        for performing due diligence, for services rendered to the Company prior
        to or
        in connection with the consummation of the Business Combination except as
        described in the registration statement with respect to Broad Hollow LLC,
        provided
        that
        commencing on the effective date of the IPO, Berkshire Capital Securities
        LLC
        (“Related Party”) shall be allowed to charge the Company $7,500 per month to
        compensate it for the Company’s use of Related Party’s offices, utilities and
        personnel. The undersigned shall also be entitled to reimbursement from the
        Company for his out-of-pocket expenses incurred in connection with seeking
        and
        consummating a Business Combination.

       

      7.    Neither
        the undersigned, any member of the family of the undersigned, nor any affiliate
        of the undersigned will be entitled to receive, or accept, a finder’s fee or any
        other compensation from the Company in the event the undersigned, any member
        of
        the family of the undersigned or any affiliate of the undersigned originates
        a
        Business Combination except as described in the Company’s registration
        statement. 

       

      8.    The
        undersigned shall not, and shall cause the members of such person's immediate
        family and the affiliates of such person to not, accept a finder's fee
or
        any
        other compensation in the event the undersigned, any member of such person's
        immediate family or any affiliate of such person originates our initial Business
        Combination
        except as described in the registration statement with respect to Broad Hollow
        LLC.

       

      9.    The
        undersigned will escrow his Insider Shares for the three year period commencing
        on the Effective Date subject to the terms of a Stock Escrow Agreement which
        the
        Company will enter into with an escrow agent acceptable to the
        Company.

       

      10.   The
        undersigned agrees to be [President and Chief Executive Officer, Treasurer
        and
        Director/Chairman of the Board of Directors] until the earlier of the
        consummation by the Company of a Business Combination or the Liquidation
        Date.
        The undersigned’s biographical information furnished to the Company and the
        Underwriters and attached hereto as Exhibit A is true and accurate in all
        respects, does not omit any material information with respect to the
        undersigned’s background and contains all of the information required to be
        disclosed pursuant to Section 401 of Regulation S-K, promulgated under the
        Securities Act of 1933. The undersigned’s questionnaires furnished to the
        Company and the Underwriters and attached hereto as Exhibit B are true and
        accurate in all respects. The undersigned represents and warrants
        that:

       

      (a)    the
        undersigned is not subject to or a respondent in any legal action for, any
        injunction, cease-and-desist order or order or stipulation to desist or refrain
        from any act or practice relating to the offering of securities in any
        jurisdiction;

       

      (b)    the
        undersigned has never been convicted of or pleaded guilty to any crime
        (i) involving any fraud or (ii) relating to any financial transaction
        or handling of funds of another person, or (iii) pertaining to any
        dealings
        in any securities and the undersigned is not currently a defendant in any
        such
        criminal proceeding; and

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (c)    the
        undersigned has never been suspended or expelled from membership in any
        securities or commodities exchange or association or had a securities or
        commodities license or registrations denied, suspended or revoked.

       

      11.   The
        undersigned has full right and power, without violating any agreement by
        which
        he is bound (including, without limitation, any non-competition or
        non-solicitation agreement with any employer or former employer), to enter
        into
        this letter agreement serve as [President and Chief Executive Officer, Treasurer
        and as a member of the Board of Directors of the Company/Chairman of the
        Board
        of Directors and hereby consents to being named in the registration statement
        as
        a[n] [officer] [director] of the Company.]

       

      12.   As
        used
        herein, (i) a “Business Combination” shall mean the initial acquisition by
        merger, capital stock exchange, asset acquisition, stock purchase,
        reorganization or otherwise, of or control of an operating business in the
        financial services industry selected by the Company; (ii) “Insiders” shall
        mean all officers, directors and stockholders of the Company immediately
        prior
        to the IPO; (iii) “Insider Shares” shall mean all of the shares of Common
        Stock of the Company owned by an Insider prior to the IPO; (iv) “IPO
        Shares” shall mean the shares of Common Stock issued in the Company’s IPO,
        excluding the 166,667 shares underlying the 166,667 Units that the Insiders
        have
        indicated that they intend to purchase in the IPO; (v) “Insider IPO
        Shares” shall
        mean the 166,667 shares underlying the 166,667 Units that the Insiders have
        indicated that they intend to purchase in the IPO; and (vi) “Trust
        Fund” shall mean the Trust Account established under that certain Investment
        Management Trust Agreement, dated as of the date hereof, between the Company
        and
        Continental Stock Transfer & Trust Company.

       

      The
        undersigned acknowledges and understands that the Underwriters and the Company
        will rely upon the agreements, representations and warranties set forth herein
        in proceeding with the IPO. Nothing contained herein shall be deemed to render
        the Underwriters a representative of, or a fiduciary with respect to, the
        Company, its stockholders, or any creditor or vendor of the Company with
        respect
        to the subject matter hereof.

       

      This
        letter agreement shall be binding on the undersigned and such person’s
        respective successors, heirs, personal representatives and assigns. This
        letter
        agreement shall terminate on the earlier of (i) the Business Combination
        Date and (ii) the Liquidation Date; provided that such termination
        shall
        not relieve the undersigned from liability for any breach of this agreement
        prior to its termination, [and provided further that Section 3 of this agreement
        shall survive a termination pursuant to clause (ii).]

       

      This
        letter agreement shall be governed by and interpreted and construed in
        accordance with the laws of the State of New York applicable to contracts
        formed
        and to be performed entirely within the State of New York, without
        regard to the conflicts of law provisions thereof to the extent such principles
        or rules would require or permit the application of the laws of another
        jurisdiction.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      No
        term
        or provision of this letter agreement may be amended, changed, waived, altered
        or modified except by written instrument executed and delivered by the party
        against whom such amendment, change, waiver, alteration or modification is
        to be
        enforced.

       

       

      ________________________________

      [Name
        of
        current stockholder]

       

      Accepted
        and agreed:

       

      Highbury
        Financial Inc.

       

      By:_______________________________

      Name:

      Title:

       

      ThinkEquity
        Partners LLC

       

      By:_______________________________

      Name:

      Title:

       

      EarlyBirdCapital,
        Inc.

       

      By:_______________________________

      Name:

      Title:

       

      
        
          
          

        

        
          5Exhibit
        10.9

       

      STOCK
        ESCROW AGREEMENT

       

      STOCK
        ESCROW AGREEMENT, dated as of September [__], 2005 (“Agreement”), by and among
        Highbury Financial Inc., a Delaware corporation, with offices at 999 Eighteenth
        Street, Suite 3000, Denver, Colorado 80202 (“Company”), R. Bruce Cameron,
        Richard S. Foote, R. Bradley Forth, Broad Hollow LLC, the Hillary Appel Trust
        and the Catey Lauren Appel Trust (collectively “Initial Stockholders”) and
        CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow
        Agent”).

       

      WHEREAS,
        the Company has entered into an Underwriting Agreement, dated September [__],
        2005 (“Underwriting Agreement”), with ThinkEquity Partners LLC and
        EarlyBirdCapital, Inc. (the “Underwriters”), pursuant to which, among other
        matters, the Underwriters have agreed to purchase 6,000,000 units (“Units”) of
        the Company. Each Unit consists of one share of the Company’s Common Stock, par
        value $.0001 per share, and two Warrants, each Warrant to purchase one share
        of
        Common Stock, all as more fully described in the Company’s final Prospectus,
        dated [_______________], 2005 (“Prospectus”) comprising part of the Company’s
        Registration Statement on Form S-1 (File No. 333-127272) under the Securities
        Act of 1933, as amended (“Registration Statement”), declared effective on
        [_______________], 2005 (“Effective Date”).

       

      WHEREAS,
        the Initial Stockholders have agreed as a condition of the sale of the Units
        to
        deposit the shares of Common Stock of the Company that they purchased prior
        to
        the filing of the Registration Statement, as set forth opposite their respective
        names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as
        hereinafter provided.

       

      WHEREAS,
        the Company and the Initial Stockholders desire that the Escrow Agent accept
        the
        Escrow Shares, in escrow, to be held and disbursed as hereinafter
        provided.

       

      IT
        IS
        AGREED:

       

      1.    Appointment
        of Escrow Agent.
        The
        Company and the Initial Stockholders hereby appoint the Escrow Agent to act
        in
        accordance with and subject to the terms of this Agreement and the Escrow
        Agent
        hereby accepts such appointment and agrees to act in accordance with and
        subject
        to such terms.

       

      2.    Deposit
        of Escrow Shares.
        On or
        before the Effective Date, each of the Initial Stockholders shall deliver
        to the
        Escrow Agent certificates representing his respective Escrow Shares, to be
        held
        and disbursed subject to the terms and conditions of this Agreement. Each
        Initial Stockholder acknowledges that the certificate representing his Escrow
        Shares is legended to reflect the deposit of such Escrow Shares under this
        Agreement.

       

      3.    Disbursement
        of the Escrow Shares.
        The
        Escrow Agent shall hold the Escrow Shares until the third anniversary of
        the
        Effective Date (“Escrow Period”), on which date it shall, upon written
        instructions from each Initial Stockholder, disburse each of the Initial
        Stockholder’s Escrow Shares to such Initial Stockholders; provided, however,
        that if the Escrow Agent is notified by the Company pursuant to Section 6.7
        hereof that the Company is being liquidated at any time during the Escrow
        Period, then the Escrow Agent shall promptly destroy the certificates
        representing the Escrow Shares; provided further, however, that if, after
        the
        Company consummates a Business Combination (as such term is defined in the
        Registration Statement), it (or the surviving entity) subsequently consummates
        a
        liquidation, merger, stock exchange or other similar transaction which results
        in all of the stockholder of such entity having the right to exchange their
        shares of Common Stock for cash, securities or other property, then the Escrow
        Agent will, upon receipt of a certificate, executed by the Chief Executive
        Officer or Chief Financial Officer of the Company, in form reasonably acceptable
        to the Escrow Agent, that such transaction is then being consummated, release
        the Escrow Shares to the Initial Stockholders upon consummation of the
        transaction so that they can similarly participate. The Escrow Agent shall
        have
        no further duties hereunder after the disbursement or destruction of the
        Escrow
        Shares in accordance with this Section 3.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      4.    Rights
        of Initial Stockholders in Escrow Shares.

       

      4.1.    Voting
        Rights as a Stockholder.
        Subject
        to the terms of the Insider Letter described in Section 4.4 hereof and except
        as
        herein provided, the Initial Stockholders shall retain all of their rights
        as
        stockholders of the Company during the Escrow Period, including, without
        limitation, the right to vote such shares.

       

      4.2.    Dividends
        and Other Distributions in Respect of the Escrow Shares.
        During
        the Escrow Period, all dividends payable in cash with respect to the Escrow
        Shares shall be paid to the Initial Stockholders, but all dividends payable
        in
        stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to
        the Escrow Agent to hold in accordance with the terms hereof. As used herein,
        the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends
        distributed thereon, if any.

       

      4.3.    Restrictions
        on Transfer.
        During
        the Escrow Period, no sale, transfer or other disposition may be made of
        any or
        all of the Escrow Shares except (i) by gift to a member of Initial Stockholder’s
        immediate family or to a trust, the beneficiary of which is an Initial
        Stockholder or a member of an Initial Stockholder’s immediate family, (ii) by
        virtue of the laws of descent and distribution upon death of any Initial
        Stockholder, (iii) pursuant to a qualified domestic relations order, or (iv)
        pursuant to either the Stockholder Call Agreement, dated as of August 1,
        2005,
        by and among Broad Hollow LLC and each of the Initial Stockholders or the
        Put-Call Agreement, dated as of August 1, 2005 by and between Broad Hollow
        LLC
        and R. Bradley Forth; provided,
        however,
        that
        such permissive transfers may be implemented only upon the respective
        transferee’s written agreement to be bound by the terms and conditions of this
        Agreement and of the Insider Letter signed by the Initial Stockholder
        transferring the Escrow Shares. During the Escrow Period, the Initial
        Stockholders shall not pledge or grant a security interest in the Escrow
        Shares
        or grant a security interest in their rights under this Agreement.

       

      4.4.    Insider
        Letters.
        Each of
        the Initial Stockholders has executed a letter agreement with the Underwriters
        and the Company, dated as indicated on Exhibit A hereto, the form
        of which
        is filed as an exhibit to the Registration Statement (“Insider Letter”),
        respecting the rights and obligations of such Initial Stockholder in certain
        events, including but not limited to the liquidation of the
        Company.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      5.    Concerning
        the Escrow Agent.

       

      5.1.    Good
        Faith Reliance.
        The
        Escrow Agent shall not be liable for any action taken or omitted by it in
        good
        faith and in the exercise of its own best judgment, and may rely conclusively
        and shall be protected in acting upon any order, notice, demand, certificate,
        opinion or advice of counsel (including counsel chosen by the Escrow Agent),
        statement, instrument, report or other paper or document (not only as to
        its due
        execution and the validity and effectiveness of its provisions, but also
        as to
        the truth and acceptability of any information therein contained) which is
        believed by the Escrow Agent to be genuine and to be signed or presented
        by the
        proper person or persons. The Escrow Agent shall not be bound by any notice
        or
        demand, or any waiver, modification, termination or rescission of this Agreement
        unless evidenced by a writing delivered to the Escrow Agent signed by the
        proper
        party or parties and, if the duties or rights of the Escrow Agent are affected,
        unless it shall have given its prior written consent thereto.

       

      5.2.    Indemnification.
        The
        Escrow Agent shall be indemnified and held harmless by the Company from and
        against any expenses, including counsel fees and disbursements, or loss suffered
        by the Escrow Agent in connection with any action, suit or other proceeding
        involving any claim which in any way, directly or indirectly, arises out
        of or
        relates to this Agreement, the services of the Escrow Agent hereunder, or
        the
        Escrow Shares held by it hereunder, other than expenses or losses arising
        from
        the gross negligence or willful misconduct of the Escrow Agent. Promptly
        after
        the receipt by the Escrow Agent of notice of any demand or claim or the
        commencement of any action, suit or proceeding, the Escrow Agent shall notify
        the other parties hereto in writing. In the event of the receipt of such
        notice,
        the Escrow Agent, in its sole discretion, may commence an action in the nature
        of interpleader in an appropriate court to determine ownership or disposition
        of
        the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
        appropriate court or it may retain the Escrow Shares pending receipt of a
        final,
        non-appealable order of a court having jurisdiction over all of the parties
        hereto directing to whom and under what circumstances the Escrow Shares are
        to
        be disbursed and delivered. The provisions of this Section 5.2 shall survive
        in
        the event the Escrow Agent resigns or is discharged pursuant to Sections
        5.5 or
        5.6 below.

       

      5.3.    Compensation.
        The
        Escrow Agent shall be entitled to reasonable compensation from the Company
        for
        all services rendered by it hereunder. The Escrow Agent shall also be entitled
        to reimbursement from the Company for all expenses paid or incurred by it
        in the
        administration of its duties hereunder including, but not limited to, all
        counsel, advisors’ and agents’ fees and disbursements and all taxes or other
        governmental charges.

       

      5.4.    Further
        Assurances.
        From
        time to time on and after the date hereof, the Company and the Initial
        Stockholders shall deliver or cause to be delivered to the Escrow Agent such
        further documents and instruments and shall do or cause to be done such further
        acts as the Escrow Agent shall reasonably request to carry out more effectively
        the provisions and purposes of this Agreement, to evidence compliance herewith
        or to assure itself that it is protected in acting hereunder.

       

      5.5.    Resignation.
        The
        Escrow Agent may resign at any time and be discharged from it duties as escrow
        agent hereunder by its giving the other parties hereto written notice and
        such
        resignation shall become effective as hereinafter provided. Such resignation
        shall become effective at such time that the Escrow Agent shall turn over
        to a
        successor escrow agent appointed by the Company, the Escrow Share held
        hereunder. If no new escrow agent is so appointed within the 60 day period
        following the giving of such notice of resignation, the Escrow Agent may
        deposit
        the Escrow Shares with any court it reasonably deems appropriate.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      5.6.    Discharge
        of Escrow Agent.
        The
        Escrow Agent shall resign and be discharged form its duties as escrow agent
        hereunder if so requested in writing at any time by the Company and a majority
        of the Initial Shareholders, jointly, provided, however, that such resignation
        shall become effective only upon acceptance of appointment by a successor
        escrow
        agent as provided in Section 5.5.

       

      5.7.    Liability.
        Notwithstanding anything herein to the contrary, the Escrow Agent shall not
        be
        relieved from liability hereunder for its own gross negligence or its own
        willful misconduct.

       

      6.    Miscellaneous.

       

      6.1.    Governing
        Law.
        This
        Agreement shall for all purposes be deemed to be made under and shall be
        construed in accordance with the laws of the State of New York.

       

      6.2.    Third
        Party Beneficiaries.
        Each of
        the Initial Stockholders hereby acknowledges that the Underwriters are third
        party beneficiaries of this Agreement and this Agreement may not be modified
        or
        changed without the prior written consent of ThinkEquity Partners LLC and
        EarlyBirdCapital, Inc.

       

      6.3.    Entire
        Agreement.
        This
        Agreement contains the entire agreement of the parties hereto with respect
        to
        the subject matter hereof and, except as expressly provided herein, may not
        be
        changed or modified except by an instrument in writing signed by the party
        to be
        charged.

       

      6.4.    Headings.
        The
        headings contained in this Agreement are for reference purposes only and
        shall
        not affect in any the meaning or interpretation thereof.

       

      6.5.    Binding
        Effect.
        This
        Agreement shall be binding upon and inure to the benefit of the respective
        parties hereto and their legal representatives, successors and
        assigns.

       

      6.6.    Notices.
        Any
        notice or other communication required or which may be given hereunder shall
        be
        in writing and either be delivered personally or be mailed, certified or
        registered mail, or by private national courier service, return receipt
        requested, postage prepaid, and shall be deemed given when so delivered
        personally or, if mailed, two days after the date of mailing, as
        follows:

       

      If
        to the
        Company, to:

       

      
        	 	
                Highbury
                  Financial Inc.

              
	 	
                999
                  Eighteenth Street, Suite 3000

              
	 	
                Denver,
                  CO 80202

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      If
        to a
        Stockholder, to his address set forth on Exhibit A.

       

      and
        if to
        the Escrow Agent, to:

       

      
        	 	
                Continental
                  Stock Transfer & Trust Company

              
	 	
                17
                  Battery Place

              
	 	
                New
                  York, NY 10004

              
	 	
                Attn:
                  Chairman

              
	 	 

      

      A
        copy of
        any notice sent hereunder shall be sent to:

       

      
        	 	
                Gusrae,
                  Kaplan & Bruno, PLLC

              
	 	
                120
                  Wall Street

              
	 	
                11th
                  Floor

              
	 	
                New
                  York, NY 10005

              
	 	
                Attn:
                  Scott M. Miller, Esq.

              
	 	 

      

      and:

       

      
        	 	
                ThinkEquity
                  Partners LLC

              
	 	
                31
                  West 52nd Street, 17th Floor

              
	 	
                New
                  York, NY 10019

              
	 	
                Attn:
                  John Boyle

              
	 	 

      

      and:

       

      
        
          	 	
                  EarlyBirdCapital,
                    Inc.

                
	 	
                  275
                    Madison Avenue, Suite 1203

                
	 	
                  New
                    York, NY 10016

                
	 	 

        

        and:

         

        
          	 	
                  Cooley
                    Godward LLP

                
	 	
                  One
                    Maritime Plaza, 20th
                    Floor

                
	 	
                  San
                    Francisco, CA 94111-3580

                
	 	
                  Attn:
                    Gian-Michele a Marca

                
	 	 

        

      

      The
        parties may change the persons and addresses to which the notices or other
        communications are to be sent by giving written notice to any such change
        in the
        manner provided herein for giving notice.

       

      6.7.    Liquidation
        of Company.
        The
        Company shall give the Escrow Agent written notification of the liquidation
        and
        dissolution of the Company in the event that the Company fails to consummate
        a
        Business Combination within the time period(s) specified in the
        Prospectus.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      WITNESS
        the execution of this Agreement as of the date first above written:

       

      
        
          	 	 	 
	 	
                  HIGHBURY
                    FINANCIAL INC.

                
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                  

                  Richard
                    S. Foote,

                  Chief
                    Executive Officer and President

                

        

         

        
          	 	 	 
	 	
                  INITIAL
                    STOCKHOLDERS:

                
	 	
                
	 	
                
	 	
                  
R.
                  BRUCE CAMERON
	 	
                
	 	
                
	 	
                  

                  RICHARD
                    S. FOOTE

                
	 	
                
	 	
                
	 	
                  

                  R.
                    BRADLEY FORTH

                
	 	
                
	 	
                
	 	
                  BROAD
                    HOLLOW LLC

                
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                  

                  Name:
                    
                    Title:

                  

                

        

         

      

      
        	 	 	 
	 	
                THE
                  HILLARY APPEL TRUST

              
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                

                Name:
                  
                  Title:

                

              
	 	 

      

      
        	 	 	 
	 	
                THE
                  CATEY LAUREN APPEL TRUST

              
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                

                Name:

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      
        	
                Name
                  and Address of

                Initial
                  Stockholder(1)

              	 	
                Number
                  
of Shares

              	 	
                Stock
                  Certificate 
Number

              	 	
                Date
                  of 

                Insider
                  Letter

              
	 	 	 	 	 	 	 
	
                R.
                  Bruce Cameron

              	 	
                150,000

              	 	
                1

              	 	
                ____________,
                  2005

              
	 	 	 	 	 	 	 
	
                Richard
                  S. Foote

              	 	
                450,000

              	 	
                2

              	 	
                ____________,
                  2005

              
	 	 	 	 	 	 	 
	
                The
                  Hillary Appel Trust

              	 	
                75,000

              	 	
                3

              	 	
                ____________,
                  2005

              
	 	 	 	 	 	 	 
	
                The
                  Catey Lauren Appel Trust

              	 	
                75,000

              	 	
                4

              	 	
                ____________,
                  2005

              
	 	 	 	 	 	 	 
	
                R.
                  Bradley Forth

              	 	
                75,000

              	 	
                5

              	 	
                ____________,
                  2005

              
	 	 	 	 	 	 	 
	
                Broad
                  Hollow LLC

              	 	
                675,000

              	 	
                6

              	 	
                ____________,
                  2005

              
	 	 	 	 	 	 	 

      

      
        	(1)	
                Each
                  stockholder's address is c/o Berkshire Capital Securities LLC,
                  

                535
                  Madison Avenue, New York, New York
                  10022

              

      

       

      
        
          
          

        

        
          7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}]]