--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 
EXHIBIT 10.36

 
 
ADDENDUM TO LETTER AGREEMENT DATED MAY 12, 2007
 
 
    In the event that, as a result of action by Company, Executive no longer
serves as Company’s Chief Financial Officer (“CFO”), or is assigned duties that
are materially inconsistent with the position of CFO or that constitute a
diminution of Executive’s authority, duties or responsibilities as CFO,
Executive may at his election resign from his employment with Company and
receive upon the termination of his employment a Severance Payment. For purposes
of this agreement, a “Severance Payment” shall be a lump-sum cash amount equal
to Five Hundred Twenty-Five Thousand Dollars ($525,000.00) less the market
value, as of the date of termination of Executive’s employment, of one share of
Company’s common stock multiplied by the number of Restricted Stock Units
granted to Executive that have vested before the date of termina­tion (adjusted
for any splits). As a condition to receiving a Severance Payment, Executive
shall deliver an irrevocable general release of claims against the Company, its
affiliates, and their current and former directors, officers and employees. The
Severance Payment shall be structured and paid in a manner that complies with
the requirements of Section 409A of the Internal Revenue Code, including any
requirement that the Severance Payment (or a portion thereof) be delayed by six
(6) months following termi­na­tion of employment in order to comply with Section
409A.
 
    For purposes of this Addendum, the assignment of duties that are materially
inconsistent with the position of CFO or that constitute a diminution of
Executive’s authority, duties or responsibilities as CFO would constitute a
termination by Company without cause.
 
    Executive shall receive reimbursement for relocation expenses as provided in
Section 4(e) of his Employment Agreement dated June 30, 2006.
 
 
AGREED AND ACCEPTED:
 
THIS 13 DAY OF MAY, 2007
 
BRIAN COAD                                     FIRST ALBANY COMPANIES, INC.
 
/s/ C. Brian Coad___________________                     By: /s/ George
McNamee__________
 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------