Exhibit 10.20

LABRANCHE & CO INC.  SENIOR EXECUTIVE BONUS PLAN

1.Purpose.The purpose of the LaBranche & Co Inc. Senior Executive Bonus Plan (the "Plan") is to
attract, motivate and retain certain "Executive Officers" (as defined in Rule 3b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of
LaBranche & Co Inc. (the "Company") and its subsidiaries and affiliates (collectively with the Company, the "Firm") in order to promote the Firm's long-term growth and
profitability. It is intended that all bonuses payable under the Plan be considered "performance-based compensation" within the meaning of Section 162(m)(4)(C) of the Internal Revenue Code of
1986, as amended (the "Code"), and the Treasury Regulations issued thereunder, and the Plan shall be interpreted and construed accordingly.

2.Administration.



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3.Fiscal Periods.The Plan shall operate for successive fiscal year periods (each, a "Fiscal Period"). The
first Fiscal Period shall commence on January 1, 2003 and shall terminate on December 31, 2003. The duration of each Fiscal Period commencing thereafter shall be one full fiscal year,
provided, however, that to the extent consistent with Treasury Regulation Section 1.162-27(e)(2), in the case of an individual who becomes an Executive Officer of the Firm after the
Establishment Date (as defined in Section 4 hereof) for the then-current Fiscal Period and is designated as a Participant (a "New Participant") in accordance with Section 4
hereof, the Committee may, in its discretion, establish a special Fiscal Period applicable solely to such New Participant commencing as of
the date on which such Executive Officer becomes a New Participant and ending on the following December 31.

4.Participation.No later than the 90th day after the beginning of a Fiscal Period (or, in the case of a New
Participant, by such other date as may be required or permitted under Treasury Regulation Section 1.162-27(e)(2)) (the "Establishment Date"), the Committee shall designate the
Participants for such Fiscal Period. The names of the Participants shall be set forth in the written record of the proceedings in which such designation occurs which, in the case of the first Fiscal
Period and, unless otherwise determined by the Committee, each subsequent Fiscal Period, shall be the Executive Officers listed on Schedule A hereto. No Participant for any particular Fiscal
Period shall be eligible to receive any amount under the LaBranche & Co Inc. Annual Incentive Plan (the "Annual Incentive Plan") for any portion of the same Fiscal Period. The Committee
shall have the authority to (1) to remove Participants from the Plan for a Fiscal Period at any time during the Fiscal Period, and (2) add Participants to the Plan for a Fiscal Period
prior to the Establishment Date for such Fiscal Period.

5.Bonus Amounts.



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6.Payment of Bonus Amount; Deferral.Each Participant's bonus shall be payable by such Participant's
Participating Employer (as defined in Section 8(j) hereof), or in the case of a Participant employed by more than one Participating Employer, by each such employer as determined by the
Committee. Bonuses hereunder shall be payable, in the discretion of the Committee, in cash and/or equity-based awards (including unrestricted shares of Common Stock, restricted shares of Common Stock,
options to purchase shares of Common Stock, restricted stock units or any other equity-based award permitted under the LaBranche & Co Inc. Equity Incentive Plan or any successor or
future plan or any combination thereof). The cash portion of the bonus shall be paid at such time as bonuses are generally paid by the Participating Employer(s) for the relevant Fiscal Period. Any
equity-based awards shall be subject to such terms and conditions (including vesting requirements) as the Committee and the administrative committee of the plan under which such equity-based award is
granted may determine. Subject to such terms and conditions as may be imposed by the Committee, each Participant may be permitted or required to defer receipt of part or all of any bonus otherwise
payable to him or her under the Plan.

7.Amendment; Termination.The Board reserves the right at any time and from time to time to modify, alter,
amend, suspend, discontinue or terminate the Plan in any respect whatsoever, provided that no such action may reduce the amount of any bonus previously determined by the Committee pursuant to
Section 5(c) hereof (including any bonus (and any earnings thereon) deferred pursuant to Section 6 hereof) that is then owed by the Firm to a Participant without such Participant' s
consent, and no modification, amendment or alteration that would require stockholder approval in order for bonuses paid pursuant to the Plan to constitute "performance-based compensation" within the
meaning of Section 162(m)(4)(C) of the Code shall be effective without the approval of the stockholders of the Company as required by Section 162(m) of the Code and the Treasury
Regulations issued thereunder, unless the Board determines that the qualification of such bonuses as "performance-based compensation" within the meaning of Section 162(m)(4)(C) of the Code is
no longer necessary or desirable.

8.General Provisions.



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Schedule A

The Compensation Committee has determined that the following Executive Officers of the Company shall be participants in the Senior Executive Bonus Plan for the
Fiscal Period commencing January 1, 2003 and, unless and until otherwise determined by the Compensation Committee, each Fiscal Period commencing thereafter:



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